In his weekly address President Obama addressed the new fees that will be assessed to Wall Street banks:
"Those who oppose this fee have also had the audacity to suggest that it is somehow unfair. That's because these firms have already returned what they borrowed directly, their obligation is fulfilled. But this willfully ignores the fact that the entire industry benefited not only from the bailout, but from the assistance extended to AIG and homeowners, and from the many unprecedented emergency actions taken by the Federal Reserve, the FDIC, and others to prevent a financial collapse. And it ignores a far greater unfairness: sticking the American taxpayer with the bill."
"That is unacceptable to me, and to the American people. We're not going to let Wall Street take the money and run. We're going to pass this fee into law. And I'm going to continue to work with Congress on common-sense financial reforms to protect people and the economy from the kind of costly and painful crisis we've just been through. Because after a very tough two years, after a crisis that has caused so much havoc, if there is one lesson that we can learn, it's this: we cannot return to business as usual."
Amen! In the meantime, Move Your Money!
10 comments:
Hi Judith,
Great points made in this post. Ariana Huffington also mentioned such an initiative for Americans to put their money into smaller banks. And I agree that they should all be held accountable for their actions. We shall see how this all plays out. Will you be moving your money? I am considering it.
Hi Katina - I have long moved my money. Arianna does indeed make some great points. Moving your money puts the power back into the hands of the depositors. Banks make money off of your money. Yes, Move Your Money! You can go to the Move Your Money website to find a community bank with FDIC protection in your area.
I moved a big chunk of my money two months ago to a small local bank - a move that undoubtedly increased their asset base considerably. :-)
The rest of my cash is going to Swiss banks. (That's just between you and me of course.)
Hey, remember when I said - on a different thread - that after getting calls from Obama and Clinton to vote Democrat on Tuesday's Senate election I fully expected Joe Biden to come knocking on my door next? Well, that didn't happen. But he DID just call. (I wish I were kidding.)
Great, John! The comment is quite funny too! :-)
What happened today when President Obama attended a rally for Coakley? Were teaparty members among the group?
Business as usual wasn't business, it was profiteering, piracy and squandering. What is the law that allows the wealthy to plunder the poor?
"Business as usual wasn't business, it was profiteering, piracy and squandering. What is the law that allows the wealthy to plunder the poor?"
I agree, DB. Has this not happened since the beginning of time? These don't care about the law, especially when the law seems to bend towards them via lobbying and legislation.
This is the bible story about the rich man who took the poor man's calf to entertain his friend instead of one of his own, a calf that had grown up with the poor man's children.
But then, who cares what the Bible says. Right?
DB - Lacking compassion is a serious thing.
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