Article

2010-01-22 Economy

Bloomberg Hammers Obama, Congress Over Bank Plan

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Posted by tu3031 2010-01-22 00:00|| || Front Page|| [11131 views ] Top

#1 I love the idea.

Posted by Redneck Jim 2010-01-22 01:04|| 2010-01-22 01:04|| Front Page Top

#2 Where's the similar tax on Fannie Mae and Freddie Mac? Anyone? Bueller?

Posted by Black Bart Ebberens7700 2010-01-22 08:34|| 2010-01-22 08:34|| Front Page Top

#3 Wall Street is not reacting kindly to Barry's latest move.

Posted by Besoeker 2010-01-22 09:27|| 2010-01-22 09:27|| Front Page Top

#4 A different Bloomberg article today: The proposals highlight the difficulties the administration has faced in dealing with institutions that have grown so big and risky that their failure could rock the financial system. Until thats resolved, the U.S. will be forced to use taxpayer money to rescue failed firms or risk the same sort of global financial panic that occurred in the wake of Lehman Brothers Holdings Inc.s collapse in September 2008. Of course Wall Street is reacting unfavorably, their appropriation of taxpayer money is in doubt.

Posted by Anguper Hupomosing9418 2010-01-22 13:36|| 2010-01-22 13:36|| Front Page Top

#5 "proposal of his own for members of Congress. 'Maybe we should hold back their salaries for a decade or so and see whether the laws they pass work out,' Bloomberg said."

Works for me.

Posted by Barbara Skolaut 2010-01-22 13:45|| 2010-01-22 13:45|| Front Page Top

#6 Karl Denninger's view of Wall Street's elevated opinion of itself, prior to Obama's announcement: a huge number of issues in the S&P 500 are trading with P/Es over 60 - in clear bubble territory having no relationship of any sort to fundamental value or forward earnings potential. Employment is still in the tank, spending ex-government has not recovered and real-time indicators of forward demand continue to be extremely weak

Posted by Anguper Hupomosing9418 2010-01-22 13:46|| 2010-01-22 13:46|| Front Page Top

#7 Janet Tavakoli's view of Wall Street's recent stumble: Some bank stocks fell in price after the President's remarks yesterday. That was because savvy investors knew that speculators might no longer be able to report high risk-based earnings subsidized with taxpayer dollars. In this case, a fall in stock prices for banks driving down Wall Street should be viewed as a healthy sign. A few bank stocks rose, because they rely on traditional banking backed by sound financial principles.

Posted by Anguper Hupomosing9418 2010-01-22 13:49|| 2010-01-22 13:49|| Front Page Top

#8 Wall Street is not reacting kindly to Barry's latest move.

How many of them have had to come to terms with the reality of the man they voted into office, Besoeker?

Posted by trailing wife 2010-01-22 13:56|| 2010-01-22 13:56|| Front Page Top

#9 TW they not only voted for him, they bought and paid for him. He paid them back with 100s of billions of our tax dollars.

But now he thinks he can bad mouth them. That sort of back stabbing double dealing has a way of biting you in the end.

In this case they deserve each other.

Posted by AlanC 2010-01-22 15:49|| 2010-01-22 15:49|| Front Page Top

#10 President Obama launched his Harness the Anger tour today in Ohio. When he bellowed campaign style about still fighting the good fight for healthcare reform you could have heard a fart in the balcony. Of course, he couldnt miss an opportunity to remind America how ignorant we all are. In his patented off the cuff manner he told how he and the other politicians on the way to the rally mused how the average person cant distinguish between the TARP bailout and the Stimulus Package. Oh but he saved his real timber for his Wall Street/Main street Fat Cat screed. He shouted We want our money backWe want our money back!(I shit you not.) But before he opened it up for canned questions he Tilted at the windmills to say he can guarentee that people are going to fight him on his proposals. You can bet theres an I told yall so statement already penned for an upcomming speech.

Posted by DepotGuy 2010-01-22 16:32|| 2010-01-22 16:32|| Front Page Top

#11 Wall Street is not reacting kindly to Barry's latest move

And less kindly to threats of not renewing Bernanke. The Obama administration hasn't clued into the fact that businesses don't like uncertainty. It makes planning very difficult. But since Obama and his cohorts know nothing about either business or planning, it's not surprising.

Posted by DMFD 2010-01-22 19:02|| 2010-01-22 19:02|| Front Page Top

#12 "The Obama administration hasn't clued into the fact that businesses don't like uncertainty."

That's because Bambi and his minions know absolutely nothing about running a business.

Posted by Barbara Skolaut 2010-01-22 19:17|| 2010-01-22 19:17|| Front Page Top

#13 Wall Street is not reacting kindly to Barry's latest move

step into my conspiratorial mind: The Donks DO want to tap your 401K balances with the promise to pay your retirement annuities from Gubbamint funds (which don't exist - as your 401K $ will go into their free-spending general fund). What better way to get people to agree to this than if their stock holdings plummet in value and banking crashes?

Uh huh

Posted by Frank G 2010-01-22 19:28|| 2010-01-22 19:28|| Front Page Top

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