Geithner: ‘It’s Inexplicable’ Why Banks Are Now Against Obama
- Posted on October 6, 2011 at 8:14pm by
Becket Adams
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Treasury Secretary Timothy Geithner was interviewed by James Bennet at The Atlantic’s Washington Ideas Forum, and said “it’s inexplicable“ why the same bankers who supported Obama in 2008 are now ”doing everything in their power to undermine his presidency,” reports the Wall Street Journal.
In The Atlantic interview, Geithner said:
I think it’s inexplicable. They — people resent when they need help. It’s a natural thing. …They resent the huge amount of public anger they’ve been subjected to because they caused the crisis — they sometimes claim, they think it was created by us, which I think is a deeply unfair judgment. And they react to what is pretty modest, common-sense observations about the system as if they’re deep affronts to the dignity of their profession.And I don‘t understand why they’re so sensitive. But they’re very wounded, and they‘ve seen a huge amount of damage to peoples’ confidence in their capacity to not just manage risk and to meet the needs of their customers, but in the broader public consciousness. And they’d like us to heal that for them, and they ask me all the time, Why can’t you heal that for us? And I say to them, I think reasonably, that‘s something you’ve got to earn back yourself. We can’t do that for you.
“Some people resent needing help,” he continued, claiming that the proposals the Obama administration advocates are because of the failings in the banking system that almost collapsed it in 2008.
But is Wall Street’s alleged reaction to the administration really all that “inexplicable?”
Maybe it‘s the critical tone President Obama’s adminstration has taken toward banks—personally calling them “fat cat bankers” in 2009, and now the criticism of Bank of America’s decision to impose a $5 fee on checking accounts (”We will prevail“).
And it is fairly obvious that both those with an invested interest in Wall Street as well as those who are currently protesting the aforementioned “fat cats” are unhappy with the administration. Henry Blodget at Business Insider sums it up nicely:
Earlier this week . . . Obama pandered to Main Street by blasting Bank of America for its debit-card fee, while saying nothing about the ongoing Bush-era bailout policies that continue to reward banks just for being banks (The Federal Reserve continues to pay BOFA and other banks “interest on excess reserves,” for example, and helps them replenish their balance sheets by perpetuating zero percent interest rates.)
Of course, aggressively addressing capital requirements and restructuring zombie banks three years ago would have turned Wall Street against Obama—but Wall Street’s now against Obama anyway. Meanwhile, blaming Wall Street for its contribution to the country’s problems—and actually backing up the talk with action—would have won over the rest of the business community and Main Street.
Instead, Obama has infuriated both sides for his ineffectiveness on this issue—and Wall Street remains unchanged.
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Comments (65)
yooperjo
Posted on October 7, 2011 at 10:22amGee, maybe they resent being forced to take a bailout they did not want or need!
Report Post »lukerw
Posted on October 7, 2011 at 10:35amAnd, maybe… they understand that Obama is a serious socialist, intent upon Economic Destruction!
Report Post »its_time_to_arrest_our_government
Posted on October 7, 2011 at 6:31pmtwo words (frank dodd) another commie grab for cash and power. its time to cut off the hands and heads of a few of these traitors.
Report Post »kenboo1
Posted on October 7, 2011 at 9:00pmAwh… that happened under the Bush administration….
Report Post »elosogrande
Posted on October 7, 2011 at 10:09amOther guy who is always described as “the smartest guy in the room”. If this description is accurate, than he must also be the biggest liar in the room.
I believe that he’s just another phoney dumb ass.
Report Post »KSherrell
Posted on October 7, 2011 at 10:04amHey Timmy, you’re such a liar. You know full well that it wasn’t the banks that caused this collapse. Barney Frank and Chris Dodd FORCED Fannie Mae and Freddie Mac to change there lending guidelines and then force the Banks to do the “NoNo” loans. If the Banks didn’t make these loans, Dodd/Frank threatened steep penalties and harsh regulations. This fraud perpetrated on the Americans comes straight from Liberal members of Congress and Fannie & Freddie who were literally IN BED with them. Barney Franks boyfriend was the head of Fannie Mae. Timmy STOP THE LIES
Report Post »Cosmos102
Posted on October 7, 2011 at 9:48amThe banks took bail out money and gave huge donations to the Dem Party. That’s what happens when you dance with the devil. They knew it was bad when the Government started forcing them to make unsecured loans. They were in denial.
Report Post »the point
Posted on October 7, 2011 at 9:33amI’m not taking up for the banks , but Obama is against them because they don’t lick his boots.
Report Post »R2
Posted on October 7, 2011 at 9:13amWhat is happening on Wall St is obama telling the banks support me or this is what we will be doing to you. This is typical community organizing.
The banks are turning against obama because it is like a dog, you smack them enough eventually they bite you and that is what is happening. obama caused this whole mess in the middle east and here.
He is out in 2012 and will be heading home on 1-20-2013 at 12:30PM
Report Post »Nepenthe
Posted on October 7, 2011 at 8:41amWell, it is not really that hard to understand. These national banks may say they resent the hostility, but the truth is they are as happy as can be. Their taxes are the lowest they have been in decades and the administration has allowed them to committ outright fraud against the American people. So while they may say one thing, they are utterly happy with what is going on in D.C.. Both the Democrat and Republican party will ensure that the highest level of bank leadership will be able to retain their multi-millino dollar compensation packages while laying off thousand of workers and imposing higher fees.
Report Post »hempstead1944
Posted on October 7, 2011 at 8:27amSeems clear to the rest of America…….what is Geithner missing?
Report Post »DanWesson455
Posted on October 7, 2011 at 8:21amI have to ask just one thing here. Would you buy a used car from this guy?
Report Post »SFsuper49er
Posted on October 7, 2011 at 8:11amI knew it would happen before he got sworn in…………..Who ever voted his way were fools….. And pulled the rest of us in to drowned.
Report Post »Nobummer
Posted on October 7, 2011 at 8:11amActually, Wall St. is not against Obummer little Timmy. Follow the money…they are Obama. The stupid protests on Wall St. are a shakedown for more campaign contributions. One-third of Obama’s contributions are from the Wall St. “Fat Cats” he espouses to detest. Anyone that doesn’t see the Democrat money laundering scheme is blind. Taxpayer “investments” in liberal causes/companies are parsed to unions, campaign bundlers and any other corruptocrat that Democrats can find. Wall St. handles the transactions for a modest bonus and favorable bailouts, legislation, etc. This money is funneled back to Obama and the Democrats for his $1 billion fundraising goal. Mexican drug cartels wish they could launder this well.
I would venture a guess that upwards of 99% of “news” (from anywhere) is packaged propaganda. Everything is a sales pitch with an underlying purpose. With liberals, there are no accidents…except occasional lapses of judgment in which they espouse the truth.
Report Post »PoliticalJunkieToo
Posted on October 7, 2011 at 8:05amThat horrible financial bill the democrats with the help of RINO Scott Brown are WHY banks are angry at Obama and why consumers are angry. All those costs are being passed onto consumers just like anyone with a BRAIN knew they would.
Report Post »willbedone
Posted on October 7, 2011 at 7:34amTherell be bluebirds over The white cliffs of Dover Tomorrow Just you wait and see
I’ll never forget the people I met Braving those angry skies I remember well as the shadows fell
The light of hope in their eyes
And though I’m far away I still can hear them say Bombs up… But when the dawn comes up
Therell be bluebirds over The white cliffs of Dover Tomorrow Just you wait and see
Therell be love and laughter And peace ever after Tomorrow When the world is free
The shepherd will tend his sheep The valley will bloom again And Timmy will go to sleep
In his own little room again
Therell be bluebirds over The white cliffs of Dover Tomorrow Just you wait and see
Report Post »Therell be bluebirds over The white cliffs of Dover Tomorrow Just you wait and see…
Fina Biscotti
Posted on October 7, 2011 at 7:26amTimothy Geithner the tax cheat – and now fraudster – claiming banks are against Obama.
Geithner should be prosecuted along with Ben Bernanke – and Obama – for looting the US Treasury – to provide bail-outs to these banks – under the guise of stimulating the economy – but yet Geithner gave banks of his choice – US taxpayer money at .01%.
Report Post »Cat
Posted on October 7, 2011 at 7:15amI’ll explain it for you Timmy …
First off, not only are you a cheater, a liar, a socialist and an incompetent boob, you’re a dumbass.
Second, our Federal Government is riddled with a virus called, Marxism.
Massachusetts needs to kick Barney Frank out on his ***** butt, and Connecticut needs to drop Chris Dodd’s keester in a garbage can.
Those two fools are mental cases who should have never been in government in the first place.
I’d go on, but you don’t give a damn about America.
Report Post »old white guy
Posted on October 7, 2011 at 7:24amwhy will someone not do something about these idiots?????
Report Post »raderby
Posted on October 7, 2011 at 7:00amYou can’t figure this out Timmy? I am not that surprised. What is surprising is how crappy a liar you are. Look in the mirror for the answer, Tiny Tim.
Report Post »beekeeper
Posted on October 7, 2011 at 6:55amThankfully, running the US Treasury is not as complex as TurboTax…
Report Post »designbyinspiration
Posted on October 7, 2011 at 6:42amThese people are insane. They are liars. They are rotten crooks. They set up the banks and ultimately the American people! NEVER LET THEM IN AGAIN!
Report Post »blownaway
Posted on October 7, 2011 at 4:27amHow on earth did these incompetent, lying, greedy bastards end up in charge of this country? The corruption is astounding… and when it’s time to face the music, they talk to us like we are gullible children! TIme to clean house…
Report Post »chazman
Posted on October 7, 2011 at 6:21am… do your own research Geithner, instead of listening to those who tell you what they want you to hear. Americans don‘t like you and they don’t like that commie, OBAMMY! There! Understand? now, if you want to know why then do your research, MORON!!
Report Post »Polwatcher
Posted on October 7, 2011 at 6:29amWhat is inexplicable is how a stupid and vile crook like Geithner ended up running the U.S. Treasury.
Report Post »Windsong
Posted on October 7, 2011 at 4:23amAnd, it’s inexplicable that the SEIU, the Teachers Union and the Auto Workers Unions, ALL of whom recieved the same baleouts as the banks, are all now ‘marching’ on Wall Street carrying signs that say they want to do away with Wall Street and the banks.
Report Post »And, it’s inexplicable that the President, who gave the banks a bale-out, then accepted their campaign contributions, then decided to campaign on class warfare, can’t understand why the banks might be a bit testy now.
And, it’s inexplicable that Dodd and Frank, through Fanny and Freddy, forced the banks to lend to those risky loans (many Banks didn’t want to), then proceeded to apply regulations and constraints on every bank transaction, then claimed all was well when Preisdent Bush warned about Freddy and Fanny, then asked for bale-out after bale-out, then accused the banks of being the problem.
Mr. Geitner, your downfall is that the majority of the Americans people know the facts, some were even victims of your little games, and none of them blame the banks half as much as they blame Dodd, Frank, and the current administration for standing by idly as disaster to occurred. You, Sir could have stopped it years ago.
And, in inexplicable that you, or anyone in this administration, is admonishing Wall Street when you and many others were ‘hired’ from there to take positions in your cabinet.
Am I angry with banks? Yes. But I’d trust their word over yours anyday. You’ve lied and misrepresented the actual facts on
csb51
Posted on October 7, 2011 at 8:05pmYou are right on the money. Everything you say is true. Keep on telling it like it is.
Report Post »One Man Progressive Wrecking Crew
Posted on October 7, 2011 at 4:08am“‘It’s Inexplicable’ Why Banks Are Now Against Obama” It’s not that hard to understand idiot. Everyone’s against Obama at this point and the only reason liberals are voting for him is because they hate conservatives more than they hate which in both cases is quite a bit.
But they can rest easy because there’s many many conservatives out here who hate them equally as much if not more and they can count ME at the top of that list.
They make the mistake of taking Conservative‘s Christian beliefs and kindness for weakness and I like to smack them around whenever possible to remind them that’s not the case and if they push much further they‘re gonna get a countrywide azzzkicking they’ll remember for a lifetime.
Report Post »glenng2
Posted on October 7, 2011 at 4:08amMan is this clown that stupid?
Report Post »patriotteapress
Posted on October 7, 2011 at 6:05amUh, yeah!
Report Post »Drive_it_like_u_stole_it
Posted on October 7, 2011 at 8:19amNo he thinks we’re stupid.
Report Post »DallyWama
Posted on October 7, 2011 at 3:26amDont be deceived. Clearly an attempt to distance themselves from the record money Obama took from Wall St. Then, they will claim the GOP is tied in with Wall St. The money will still be bundled to Obama, as it should. Most companies donate to both sides so they dont face retaliation.
Report Post »mad_hatter
Posted on October 7, 2011 at 1:51amNEXT QUESTION, Why America is now against Obama??? You have to wonder???
Latest Breaking Shocker Headline: Feds to design their own health insurance for the masses, that’s 68 million citizens (and non-citizens) ( source: http://tiny.cc/5oakg )
Report Post »gypsyd
Posted on October 7, 2011 at 1:51amWhat they resent is Obama and his class warfare. They are sick of Obama trying to use the federal government to put them out of business.It is time for the banks to help the American people to put Obama and his felonious cohorts out of business.
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