President Obama's Weekly Address, June 26, 2010 (Video, Transcript)

With Congress having finalized a strong Wall Street reform bill, the President urges Congress to finish the job and send the bill to his desk. The legislation reflects 90% of what the President originally proposed, including the strongest consumer financial protections in history with an independent agency to enforce them. It ensures that the trading of derivatives, which helped trigger this crisis, will be brought into the light of day, and enacts the “Volcker Rule,” which will make sure banks protected by safety nets like the FDIC cannot engage in risky trades. It also creates a resolution authority to wind down firms whose collapse would threaten the entire financial system. Wall Street reform will end taxpayer funded bailouts and make sure Main Street is never again held responsible for Wall Street’s mistakes.



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RESIGNATION TIME: Tim Geithner, Larry Summers, Rahm Emanuel must go

First off, I am glad that President Obama has decided to challenge banks, it is ABOUT TIME. Is it too late? For me, too early to decide, but devil is always in the details and until we see BOLD ACTION, it is another wait and see time for this White House.

Action against these banks should have happened DAY ONE when he stepped into the White House, not Day Two of Year Two.

Poll numbers and losing that senate seat in Massachusetts can be a huge wake up call that you can not ignore. Public anger is real, so the eyes are on President Obama and his action on this. Not words, ACTION. This means calling congress out by NAME if need be, going all over this country to make sure the public KNOWS what all this mean, no more too cute by half words, but this in lay man speak so my average Joe neighbor GET IT, it means using the power of the presidency as never before.

If Obama does not do this, the Democratic Party will be painted (as it already is starting to be) as the friends of Wall Street. Who wants to run on that one?

Tim Geithner needs to go. He never should have been confirmed. Today's revelation has shown us that maybe, just maybe, this White House is starting to NOT LISTEN TO GEITHNER. The move to back the Paul Volcker populist plan on reigning in these banks was a much needed breath of fresh air. Again, elections have consequences and I am really hoping it means the end of Geithner. Tim Geithner is compromised, always has been. His alliance has always been with Wall Street and these banks. It has been his bad advice to this administration and lack of movement that has now painted this White House as "Friends of Wall Street". He has not been honest or forthcoming of his past with this industry and it has spilled over to the street. He needs to go and I mean yesterday.

President Obama ask for his resignation and let the door knob hit him.

Larry Summers has advised this White House and President in horrible fashion. He and Geithner works in tandem, that means protecting the big banks and Wall Street. Remember, it was the arrogance of Larry Summers who proclaimed the "recession is over".



For this statement alone, he should have been ASKED, PRONTO for his resignation. How in the holy hell can you go to the American Public whose lives are in turmoil with unemployment, home loss, money loss, wages loss, no jobs around and have your number one man say this? HE NEED TO GO.

President Obama ask for his resignation and just remind yourself, "A bad choice for these times."

Rahm Emanuel has been NOT LIKED by many Democrats. Let's put it this way, for me, I tolerated him because President Obama has the right to pick and choose who he puts in his White House and Cabinet. But when they don't deliver, turn on members of the party with nasty rhetoric, misread the populus on what they wanted for healthcare, it is time to go. I state this because healthcare was to be Barack Obama's signature piece, we all know this, look at it now? Whether you agree with what it is about, if you even understand it, it was handled atrociously. And who is left with egg on his face? The President of the United States.

President Obama ask for his resignation and tell him good luck in running for Mayor of Chicago

I am a former member of the Navy, a proud member, when 16:30 arose on the 1MC one word was stated, "Sweepers".

It is time for President Obama to perform sweepers, instill and put people in these jobs that will serve him justice, pick up the pieces, listen to the public and move on.

Having a president out of touch when the anger is so intense is not a good thing, especially for us, but retooling and some fucking firing is a step in a right direction to getting his message back on track.

Finally, President Obama, taking your suit coat off and rolling up your sleeves to start fighting is not only justified but much NEEDED right now from you, FOR US.

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President Obama's remarks after meeting with Bank CEOs (Video)

Transcript

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The banks continue to make record profits on the taxpayer's back (Video)

Tim Geithner, a fan of I AM NOT, again continues to protect his Wall Street friends, but why shouldn't he? In this aspect, the Obama Administration is no different than any other administration that has sat in the Oval Office, for that is not change anyone can believe in. And progress? What progress? What happened to the transparency? That word is starting to be a joke. And the disparity of Wall Street to Main Street continues to erode. Folks, as the rich gets richer, the average joe/joesetta continues to be on the unemployment dole and unable to find a job. That is what 2010 forward will be all about. Many Americans don't follow the nitty gritty of politics, but they know EXACTLY what they had 5 years ago versus today, for that they understand they have gotten the bad end of the stick.

In Geithner, we trust...

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These Wall Street Big Bonuses are BAD NEWS

Yay, Whoop-de-dooo, the Dow Jones hit 10,000!!! Yay!!! The fat cat, thieves, company rapers have replenished their cash!!!! Yay!!!

That is the problem.

The average Joe and Joesetta don't give a mickey-fick about the Dow Jones hitting 10,000 points, THEY DON'T, but they understand that the rich people on Wall Street got over AGAIN.

That is the real problem.

Former President George W. Bush and current President Barack Obama forged ahead by bailing these crooked banks and Wall Street out with the tax payers dollars. We sat back this time last year and saw the bonuses out of this world, thanks to us, the tax payers making it so. Now we have to deal with this again?

The Obama Administration can talk all day and all night until the cows come home about Wall Street and greed, but until they fully are BEHIND regulatory measures to change what has happened to banking and this crooked industry, it will continue to be talk. And the public does understand the rich raking it up with a 10,000 Dow Jones and unemployment at 10%. Yeah, they get that picture fully.

It may be hard to believe but there was a time, almost 25 years ago, when Wall Street and Main Street weren't so far apart -- at least when it came to the average worker's salary and the average financial industry employee's annual bonus.
Back in 1985, the average annual salary for all workers across the country was actually a bit higher than the average bonus ($19,000 to $13,970). (Note: these numbers are not adjusted for inflation)

How times have changed - while the average bonus soared almost 14 times higher (by 2006), the average salary has essentially been stagnant sine the mid-1980s.

Though bonuses slipped sharply in 2008 amid the financial crisis, they're rebounding this year and Wall Street firms are set to pay out record amounts to their employees. Treasury Secretary Tim Geithner recently told reporters that banks will be making "significant changes" to the way they pay their employees, and called bonuses being paid out by bailed-out firms "deeply offensive." read more here...

Well, Geithner said significant changes would be made when all this went down early in the year, and as we see it the game still remains the SAME with the banking industry.

Again, until the Obama Administration is for real about real banking regulatory changes, it is just words going in one ear and out the other.

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Bank of America to change policies on overdraft fees

I have written about Bank of America (BofA) a few times. This bank was outrageous in its overdraft fees and I had to have it out with them to reverse the charges on what happened to me.

The atmosphere is toxic to banks from the public right now and rightly so. These companies have been complicit with Wall Street in the housing crisis and have had to have OUR MONEY to save their asses.

I was not a fan of Obama bailing these banks out because they chose to get in the predicament that these institutions were in, but to repeatedly shaft the public is just too much. Now change is in the air.

Bank of America Corp. said Tuesday it's capping the fees it charges customers for overdrawing their accounts, backpedaling on the hikes the company imposed just this year.

Starting Oct. 19, Bank of America said it will no longer charge overdraft fees when a customer's account is overdrawn by less than $10 in one day. A $35 fee will still be levied if the account isn't brought into balance within five days.

The Charlotte, N.C.-based bank also will limit to four the number of times an overdraft fee can be charged on an account per day. Just this year, the bank had raised that cap from five to 10. It also raised the fee this year for the first overdraft in a 12-month period to $35 from $25 — a hike that still stands. read the rest here...

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Banks continue to gouge its depositors

Well, I bank with Bank of America. I have had issues with this bank for not posting checks in a timely basis, which ended up in huge bank fees. I was able to get everything reversed and from that incident, I watch everything like a hawk with this bank.

But, Bank of America is not the only one who gouges its customers, most of these banks do. This brings me to why the American Public is very angry at bailing these banks out and definitely do not want ANY MORE TAX PAYERS DOLLARS going to the banking industry, period. This industry tied with Wall Street is the reason the housing market is HOSED.

So, like a cheap suit, when you need money you try to get it the best way you can, even if it means abusing your depositors.

A backlash is brewing on Capitol Hill against banks that charge large fees for overdrafts without asking or telling customers, the latest sign that the financial crisis is shifting the balance of power from banks toward borrowers.

Banks struggling to survive have become increasingly reliant on the fees, which could total $38.5 billion this year.

But congressional Democrats, who pushed through new restrictions on credit cards this spring, now are promising a crackdown on overdraft fees, using words like "criminal" and "rip-off" to describe the practice of letting people overspend and then charging them fees without warning. Most overdrafts are now incurred on debit card transactions. read more here....

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Obama announcing overhaul of financial regulatory system (Video)

Obama plan would cut number of US bank regulators

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