The financial industry, lead by banks, predators all, have spent an astonishing $300 million in 2009 with lobbyists trying to hold updated regulation as bay.
In his weekly radio and Internet address Saturday, President Barack Obama said the economy is only now beginning to recover from the: “irresponsibility of Wall Street institutions that gambled on risky loans and complex financial products…”. This in pursuit of short-term profits and big bonuses with little regard for long-term consequences.
It’s been awhile since I’ve agreed withObama on much of anything. But, this is me adding a nod where it’s due.
By the way… The Obama also speaks up on 60 Minutes this Sunday night. The fifteen families (Prudent Society) have an advanced screening of the Sunday interview. But he says: “the people on Wall Street still don’t get it. They’re still puzzled why it is that people are mad at the banks. Well, let’s see. You guys are drawing down $10 million, $20 million bonuses after America went through the worst economic year in decades, and you guys caused the problem.”
I’d prefer he not use the terms “you guys”. But, the point is appreciated.
How many of you readers know able-bodied businesses that have been eviscerated by their banks closing lines-of-credit (they need it to fund their lobbying efforts), only because they can, and, given the current bail-out plan?
Little known fact #42: There is a growing number of foreclosures driven by banks closing those lines that may be tied to 2nd mortgages (this is what many true entrepreneurs do, mind you).
How many of you have a form letter from a credit card company changing terms, and compromising your best interests?
It makes more sense, if you are a banker sorting out ways to optimize bonuses, for banks to be part of the problem as opposed to a solution.
Americans don’t choose to be victimized by mysterious fees, changing terms and pages and pages of fine print.
We are not being represented with and by truth and light.
And, while innovation should be encouraged, risky schemes that threaten our entire economy should not. We can’t afford to let the same phony arguments and bad habits of Washington kill financial reform and leave American consumers and our economy vulnerable to another meltdown.
All Prudent and optimistic Gentlemen should be at the ready. Look for our signal.
Peace be to my Brothers and Sisters.
Brian Patrick Cork