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President Barack Obama Bashes financial Giants for Squandering Bailout Funds; Vows Crackdown

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posted on Jan, 25 2009 @ 05:43 PM
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The Fed and the Government remind me of a doctor who will not believe the patient has already died. They want to keep pumping in medicine to fix the patient, and the whole time experts are telling them it`s way to late. Yet, in the end when the doctor does understand that it will do no good, they will be more then happy to make out the bill for all of the wasted medication they dumped into the patients system. And what a bill it`s going to be. The system died a long time back, but the doctor said, oh no, we can`t live without it, you can`t live without it. I say we need to live without it because it stinks to high heaven and needs to be buried so we can move on with all our lives. Rip up the bill and get on with life.




posted on Jan, 25 2009 @ 05:46 PM
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reply to post by Cio88
 


Congress was lied to by those Fascists Hank Paulson, and Ben Bernake. They were told that they could see a Great Depression if this bill didn't pass. It was another 9/11 to scare people into passing this crappy plan.

I dropped support for Obama because of the vote for the bill, and because of Joe Biden, he's one of the architects of the Patriot act.

But they still mislead Congress. And I am willing to allow for the possibility that Obama and McCain were mislead into approving such a travesty...But you never know.



posted on Jan, 25 2009 @ 05:50 PM
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He very well may be good for America.
s



posted on Jan, 25 2009 @ 06:13 PM
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If Obama didn't know about the misuse of bailout funds by recipients, I wonder what planet he's on. If I can learn the details using my little home computer why can't he? Particularly since the big Paulson bailout was not the first one, just the biggest. None of them have worked. Funds have been regularly squandered. Both parties were behind this policy all the way because it always includes the bits of pork each wants for constituents (translate: big contributors). Pork buys votes, bailouts get passed. The people of this country did protest. Don't you remember? The entire communication system crashed with people trying to call, email, mail protests. I personally wrote daily to my elected officials on the subject including the last bit of squandering outrage. I repeat, if I knew, surely Obama with his Dream Team must have known. So why do they keep thinking it's going to work one of these times?



posted on Jan, 25 2009 @ 06:15 PM
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He knew it was going to be passed no matter what he did. That was already set in stone .. and that's why it was done by secret of night. Now that he's in, isn't this one of the first few things he says he's going to take care of? I think he probably knew it was not going to be spent the way it should be spent, but it needed to be passed. If he got in, he could make sure it got to where it should go. And he is doing it quickly. At least that what is being said ... let's see where it leads.

[edit on 25-1-2009 by hebegbes]



posted on Jan, 25 2009 @ 06:15 PM
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I forgot to ask: what kind of accountability is being suggested? So far all I've heard is they ought to stop it. Are there to be any consequences? Don't you think consequences would help? So far the only consequences are that they get more money when they run out.



posted on Jan, 25 2009 @ 06:19 PM
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Pelosi is the worst house speaker ever! She has remained squarely on the wrong side of very issue and she does far more for big business and big finance ,and big government than the whole GOP,put together

I'm done listening to any our hands were tied excuses for such things ,try someone ! Put some corrupt CEOs and lackey government bureaucrats ,in federal prison! Then I will believe


Don't tell me they can jail Martha Stewart,but they can't find any illegality in this whole biggest scam ever!

for Pete's Sake



posted on Jan, 25 2009 @ 06:24 PM
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We here in ATS knew about this scam call bail out to the financial institutions.

We here in ATS talked about it, debated and were on top of everything that came out of the whole squandering.

I am glad that now this coming from our own president, we now know that has not gone unnoticed, if our president is taking this serious it means that is worst that we think.



posted on Jan, 25 2009 @ 06:32 PM
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This is from a Barney Franks hearing on July 10, 2008 where Paulson is explaining that they need more power. Franks agreed they needed more power.


Rep. Barney Frank stated that he hoped legislation could be completed “early next year” that would pave the way for a new approach to financial regulation. In his testimony, Chairman Bernanke asked Congress to write legislation that would give the Fed greater authority over investment banks. Both Paulson and Bernanke called for clearer Fed authority over payment and settlement systems in financial markets.


www.theassetmanager.com...

Franks Praised Paulson and Bernanke for their job.


Barney Frank, chairman of the House committee, argued that the era of deregulation was over, and that "regulation done right" was in fact pro-market. He praised Paulson and Bernanke for their handling of the credit crisis and the Bear Stearns collapse.


www.cfo.com...

The oversight plan of the Committee of Financial Services. A plan that I feel they did not take seriously.

PDF file

The entire transcript of the meeting held on that day for those interested. I feel this report shows that Congress knew more about what was happening then they were admitting.

Click on the bottom on 110-127

Congress was aware of this problem, including Obama. Congress wrote and approve the bailout bill, including Obama. To be outraged about something that is happening because of what they wrote up and approved is simply ridiculous.

They should have taken their time to ensure the bill would actually address the problem or they should have done what the majority of Americans said--Pass nothing at all.



posted on Jan, 25 2009 @ 06:35 PM
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reply to post by earlywatcher
 


From MarketWatch.com: Frank's bill would require any existing or future recipient of Treasury cash infusions to provide quarterly public reporting on any increase or decrease in lending. The provision also seeks to have the participating institution reach an agreement with its primary regulator about how the funds are to be used.
The measure also prohibits golden parachute payments and requires executives of participating financial institutions to return income obtained based on materially inaccurate statements.

I believe this is the bill that is going to be presented on the next released bailout funds, unless I'm outdated.



posted on Jan, 25 2009 @ 06:35 PM
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As I have said in some other posts.. this will be a term of " I had no prior knowledge ... "

This is just silly.



posted on Jan, 25 2009 @ 06:44 PM
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[edit on 25-1-2009 by Cio88]



posted on Jan, 25 2009 @ 09:59 PM
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Originally posted by Cio88

If McCain or any other republican would have been in office it would be on their hands.



That is because, being of the same party as the previous administration it would appear as if they were in simpatico together




But with Obama in office .. if he says he is mad at this , then everyone agrees and sides with him.


Well, obviously not everyone... you don't seem to.

But yes, currently he has a Mandate





There will be no words in opposition to Obama.



Well your words are in opposition to Obama...

But as I mentioned.. he does have a Mandate.



[edit on 25-1-2009 by HunkaHunka]



posted on Jan, 25 2009 @ 10:39 PM
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reply to post by resistor
 


Oh sorry I should have thought through my post more clearly or explained it more. The reason it would have helped them get elected is through MSM if one of them did not vote for it, I bet you MSM would have had to say something about it. Like if McCain didn't he would have been seen as a Herbert Hoover. Mainly the media would have painted them as do nothing politicians. Not to mention they were threatened with Martial Law if they didn't vote for it.
I am saying that I think it's hypocritical for Obama to criticize a result of something he voted for.



posted on Jan, 25 2009 @ 10:52 PM
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Originally posted by asmall89
reply to post by resistor
 


Oh sorry I should have thought through my post more clearly or explained it more. The reason it would have helped them get elected is through MSM if one of them did not vote for it, I bet you MSM would have had to say something about it. Like if McCain didn't he would have been seen as a Herbert Hoover. Mainly the media would have painted them as do nothing politicians.


Not to mention they were threatened with Martial Law if they didn't vote for it.


I am saying that I think it's hypocritical for Obama to criticize a result of something he voted for.



Whoa!

Ok first off, I don't think it's hypocritical for Obama to criticize the result of something which came off completely different than what was voted on.

But either way... you mentioned that "they" were threatened with Martial Law if they didn't vote for it...

That really sparked my interest... do you have support for this?



posted on Jan, 25 2009 @ 11:46 PM
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My beliefs are:

* The rich bankers that control us set up the "Global Financial Crisis" as part of their agenda.

* Attempt to "save" the country by lending more to it and increasing it's debt.

* The country gives the "bailout" money back to them.

* They squander it on luxuries instead of using it what it was for.

* Nancy Pelosi states the billions "may not be enough" (eg, they may need more).

Can you smell what the elite are cooking?



Originally posted by resistor
And what's hypocritical is for Obama to act outraged after having supported the theft.


At least you and I know that. Many think he's not an actor.


[edit on 25/1/09 by NuclearPaul]



posted on Jan, 26 2009 @ 01:47 PM
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The squandering continues. Citigroup just bought a new jet with TARP money.
NY Post reveals Citigroup jet purchase

It is unbelievable that these people continue this behavior. Will the president do anything? Is there any way to stop this squandering of taxpayer funds?



posted on Jan, 26 2009 @ 01:53 PM
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Cracking down on the lower-level guys is just a cover for all the high-level guys. They're just being thrown to the wolves to satiate the people.

IMO

Peace



posted on Jan, 26 2009 @ 03:08 PM
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It is much too soon to know whether the bailout is working or not.

If the major banks fail entirely credit will not longer flow, the stock market will crash, people will stop spending money and the result would be a depression as bad as the one in the 1930's or worse. It's not just the shareholders who will lose enormously if the banks and other financial institutions collapse, but the average person. That's what the first bailout is intended to address.

There are three other courses of action which could be taken:

1). Do nothing (I think the most popular option on ATS), and let the chips fall where they may.

2). Take the hit up front by putting toxic assets into a "bad bank" that the government supports.

3). Outright nationalization of all the banks that are going bad, which would include all of the investment banks. This option would be the least popular in the U.S. as it would sound too much like socialism to a lot of people.

It's hard to know which one will work the best--unfortunately there are no guarantees that any of them will work at all.

What the banks are doing now with their stimulus money is saving it in order to stave off bankruptcy and not lending it as they were supposed to do. The outcry over executive extravagance is just a means of finding a relatively little "fall guy" for the banks' failure to lend enough.

I agree with Barney Frank that what is needed is more oversight of the stimulus money. The automakers had to agree to many conditions in order to get theirs and there have been no accusations that the money has been misspent. Deregulation got us into this mess in the first place; it's time for stricter regulation.


[edit on 26-1-2009 by Sestias]



posted on Jan, 26 2009 @ 03:36 PM
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Originally posted by earlywatcher
If Obama didn't know about the misuse of bailout funds by recipients, I wonder what planet he's on.



Well, for one, he was on the campaign trail at that time. He probably did hear about the squandering, but it wasn't like he was sitting in Washington and could start doing something about it!



If I can learn the details using my little home computer why can't he?

I repeat, if I knew, surely Obama with his Dream Team must have known.


And I'm sure that he did know, but again, he WAS a little busy at that time!

And now that he's become president and is in a position to do something about it, it surely looks like he's taking the right steps to try to nip this in the butt.

[edit on 1/26/2009 by Keyhole]



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