Rebuild our Economy

**Palooka** · 12-14-2009, 02:59 PM

http://money.cnn.com/2009/12/14/news...kers/index.htm

"My main message in today's meeting was very simple: America's banks received extraordinary assistance from American taxpayers to rebuild their industry," Obama said. "Now that they're back on their feet, we expect an extraordinary commitment from them to help rebuild our economy."

The president was expected to pressure the nation's top dozen bank chief executives to open up the lending spigots to help the economic recovery. He was also said to be urging execs to curb compensation, and to stop gouging customers with high credit card rates and hidden overdraft fees.

Discuss and how do you feel about it?

**Russ** · 12-14-2009, 03:10 PM

yeah, he wants us to spend our way out of a recession.

Well with no jobs, how are we expected to pay for the loans?

**Greebo** · 12-14-2009, 03:17 PM

Read it.

Think the article said basically there was a whole lot of hot air passed in that meeting.

**Palooka** · 12-14-2009, 03:24 PM

I love this part.

Several of the New York chief executives at the largest Wall Street banks didn't make an appearance in Washington, saying fog in Washington delayed their flights. Attending via teleconference were Goldman Sachs (GS, Fortune 500) Chief Executive Lloyd Blankfein, Morgan Stanley (MS, Fortune 500) Chief Executive John Mack, and Citigroup (C, Fortune 500) Chairman Dick Parsons.

Citigroup Chief Executive Vikram Pandit also skipped the meeting, citing his work negotiating Citgroup's repayment of of the federal bailout, said Citigroup spokesman Jon Diat.

**Inkstain82** · 12-14-2009, 03:31 PM

We live in the largest, most complex economy the world has ever seen.

I don't think anyone really understands it, or how actions affect it. It's just too big and complicated.

**NcsstyBrdsIngnty** · 12-14-2009, 04:55 PM

Meanwhile, back at the Fed, Bernanke asks Paulson "What are we going to do tonight, Brain?".

Paulson: "Same thing we do every night Bernanke. Take over the world, one bank at a time! AHAHAHAHAHAHAHAHA."

**frugalwarrior2** · 12-14-2009, 05:08 PM

Isn't that a bit like giving a huge expensive xmas gift to the greediest kid on the block and coming back later and saying "oh, and i expect you to share it w/ everyone". Good luck

I keep grappling w/ this - Is he naive (as to how the real human race can be) (how the real world works?) or what.
He seems to me over educated and lacking in any street smarts at the same time. Sorry I have been holding that one in for a long time.

**bumplett** · 12-14-2009, 07:21 PM

Originally Posted by NcsstyBrdsIngnty

Meanwhile, back at the Fed, Bernanke asks Paulson "What are we going to do tonight, Brain?".

Paulson: "Same thing we do every night Bernanke. Take over the world, one bank at a time! AHAHAHAHAHAHAHAHA."

thanks- now I have that tune stuck in my head!

[ame="http://www.youtube.com/watch?v=e_mPrhwpZ-8"]YouTube- Pinky & The Brain Theme Song[/ame]

**Palooka** · 12-14-2009, 07:22 PM

Originally Posted by frugalwarrior2

Isn't that a bit like giving a huge expensive xmas gift to the greediest kid on the block and coming back later and saying "oh, and i expect you to share it w/ everyone". Good luck

I keep grappling w/ this - Is he naive (as to how the real human race can be) (how the real world works?) or what.
He seems to me over educated and lacking in any street smarts at the same time. Sorry I have been holding that one in for a long time.

Well I'm sure he is referring to Obama. My intentions was not to dish on him and lets not forget Bush signed/ passed a heck of a nice bailout before he left office....

It's just that this whole bailout bank thing didn't work and it's sad that we have to have meetings to coach these banks to get their butts in gear. And how this is suppose to get the economy rolling back in the first place.

Well the whole thing is sad all around.

**Imarachne** · 12-14-2009, 07:44 PM

I think a lot of our congressmen don't realize it yet, but when election time rolls around--they'll be out of a job. All of us know that when we overspend, we don't go out and spend more-we conserve. Why don't they ?

**NikoSan999** · 12-14-2009, 08:10 PM

They do what they want, when they want, how they want...when they want to

**Preston** · 12-15-2009, 09:53 AM

Originally Posted by Palooka

Well I'm sure he is referring to Obama. My intentions was not to dish on him and lets not forget Bush signed/ passed a heck of a nice bailout before he left office....

It's just that this whole bailout bank thing didn't work and it's sad that we have to have meetings to coach these banks to get their butts in gear. And how this is suppose to get the economy rolling back in the first place.

Well the whole thing is sad all around.

there is no nice way for me to say this

but he really needs to grow some balls about this. Too much we are watching 'play-it-safe politics.' instead of doing what is right. I think Obama is really smart and if he did what he truly wanted to do, we would be in better shape. Instead, he is watering down his ideals to appease the other side, which is not cooperating on any level.

Congress is such a problem too because all the money that has been used to buy them off.

The problems we face now are the same things Jimmy Carter was screaming about 30 years ago, but now those problems have 30 years of interests and entitlements to go along with them.

**JanieD** · 12-15-2009, 05:07 PM

Before I even clicked on the article, I was thinking how will banks lending help the economy? Sorry, but I can't see us spending our way out of this mess. Of course, the government continues to spend & spend money they do not have. Why should any of us be expected to only spend what we make? Oh that's right, the government can't bail me out because they get their money from me (aka Ms. Taxpayer).

Honestly, I can't see the fat cat bankers deciding they have enough $$$$$$$$ & its time to help out anyone but themselves. I think the point in the article I'd agree with is there is way too much fog in Washington.

**Luckybustert** · 12-15-2009, 10:52 PM

Originally Posted by Palooka

Well I'm sure he is referring to Obama. My intentions was not to dish on him and lets not forget Bush signed/ passed a heck of a nice bailout before he left office....

What people fail to remember is that Bush signed that bailout before he left office because Obama asked him to.

**Luckybustert** · 12-15-2009, 11:06 PM

Indeed, the president said he pressured the nation's top dozen bank chief executives to open up the lending spigots to help the economic recovery.

What is he thinking? Do the American people really need to be up to their eyeballs in debt? Isn't that part of the problem to begin with? In order for credit to be available, you also have to have people who are saving. Their savings are used to make loans to those who are borrowing, and the borrowers in turn pay those monies back with interest. BUT NO ONE WAS SAVING! Everyone was riding the credit card gravy train....is it any wonder the economy collapsed? And he wants us to continue as we were? Sorry, don't think that's the answer.