Friday, January 22, 2010

The President backs Kanjo

Or maybe he can be accused of plagiarism. President Obama backs Kanjo's proposal to break up banks that are 'too big to fail.'

The President said:

So if these folks want a fight, it's a fight I'm ready to have. And my resolve is only strengthened when I see a return to old practices at some of the very firms fighting reform; and when I see soaring profits and obscene bonuses at some of the very firms claiming that they can't lend more to small business, they can't keep credit card rates low, they can't pay a fee to refund taxpayers for the bailout without passing on the cost to shareholders or customers -- that's the claims they're making. It's exactly this kind of irresponsibility that makes clear reform is necessary.

Kanjorski's statement:

I applaud President Obama for joining me in working to end the era of reckless financial institutions that have become so large and interconnected that they could be deemed ‘too big to fail’,” said Chairman Kanjorski. “A year and a half ago, Congress took drastic, but necessary action, to prevent an economic disaster that would have severely affected every American and set back our financial system by decades. But, many of the financial companies do not seem to have learned their lessons from that harrowing experience. In November, I took the first action in Congress to prevent companies from becoming too interconnected and risky by introducing an amendment, which was included in the House-passed Wall Street reform bill, to prevent companies from becoming ‘too big to fail.’ Now that the President has put forward a similar proposal, I hope that we can work to enact Wall Street reform that will better protect every American and ensure that no single company can pose a risk to the entire economy. We owe it to the American people to make these ideas a reality.”


Big Dan said...

Everyone's got to watch this, about the Supreme Court decision to let corporations throw unlimited $$$ at politicians:

Big Dan said...

Say "Bye Bye" to America. The activist "conservative" supreme court.

Big Dan said...

Don't worry: YOU can give unlimited $$$ too, just like Wal-Mart. Unions can, too! So it's "even". It's just that Wal-Mart has a BILLION to give, and you and unions have about a millionth of that to give. Corporations can use their tax cuts to give even MORE $$$. Corporations just bought our government. I hope everyone realizes the ramifications of this Supreme Court decision. Wake up and smell the coffee of what just happened.

Pope George Ringo I said...

Democracy's goose is cooked. If only we could get two neo con retirements and Obama can put men/women of reason in those seats; then the issue can be readdressed. Only in a perfect world.