“All Talk; No Action”

The President invited the Top Dogs of the Big Banks to the White House on Monday.

Or did he summon them?

Our favorite banker, Lloyd Blankfein, though capable of doing God’s work, was unable to make it from New York to Washington, DC. You’d think God would have given him a couple of Angels to insure he made this important meeting. I guess he’s only doing God’s work when it leads to profits.

On the President’s agenda was tough talk and ultimatums directed at the very group that caused the global financial meltdown.

The Fat Cats needed to be straightened out, chastised for their complicity in the financial crisis, even if it took whips and chains. They needed to be forcefully reminded that they could not continue to steal from the people who bailed their greedy asses out of the mess they found themselves in; those that prevented their failure; the American taxpayers.

This long needed whuupping from the Commander in Thief would surely shake these pillars of the community to their foundations.

Humbled by the Prez’s admonition the previous night on 60 Minutes, they would be ready to commit, without hesitation, to becoming the good corporate citizens necessary in turning around this dead and decaying economy.

But it appears there was no beating, no tough talk, no character building ass whuuppings, and no floggings from the people’s Commander in Grief. No Teddy Roosevelt ‘speak softly, and beat them into submission with a with a big stick.’

Instead, Mr. Obama politely requested their help in providing money for small business; modifying home loans to slow the rate of foreclosures—helping millions remain in their humble abodes; and lowering interest rates and fees on credit cards and home equity loans, affecting millions more Americans.

Oh, and telling their high-paid lobbyists to quit fighting the regulations that Congress was trying to pass. Or…trying to weaken them till they have little affect at all.

Congress was already good at that on their own.

Obama should have been threatening the break-up of these bloated, over-stuffed behemoths that continue to benefit from the largesse of the government.

These arrogant bastards sat politely in the White House, nodding their heads, smiles on their faces, while they continue to hide toxic assets, borrow money from the Fed at nothing—and buy America’s debt making 2% return, make risky bets in the market, and bet against the dollar. The same model that got us into this mess, but now backed by the full faith and credit of the U.S. Government.

The greed of the Big Banks, and their executives, got us into this economic morass and they continue to undermine the recovery of the American middle-class.

Big banks serve no purpose but their gluttonous own. It is time to reinstate a Glass-Steagall statute taking back control of the banks that the 106th Congress and President Clinton took from the people 10 years ago.

Representative Peter DeFazio, (D, Oregon, 4th District) is trying to do that, introducing legislation to break up these selfish, unpatriotic, self-serving financial institutions, reinstating Glass-Steagall type regulation that will separate the banks and protect hard-working Americans.

The Commander in Brief, and that’s what he’ll be if he doesn’t get his ass in gear for the people, should have emphasized support for Representative DeFazio’s legislation to the Fat Cats in the room and the three who could only be bothered to do a phone in: Lloyd Blankfein-Goldman Sachs, John Mack-Morgan Stanley, and Dick Parsons-Citigroup.

While Congress works on weak, slow, compromised consumer protection legislation, banks continue to abuse their customers. While the President chats with the Chief Executive Offenders, their underlings are back at headquarters plotting new ways to squeeze blood from the American people.

The only way to rein in these self-important, narcissistic, egomaniacs is to break up their perceived kingdoms.

President Obama could learn from the vision of Thomas Jefferson. Our third president saw the potential destruction caused by big banks and corporations in 1802. He was wary of their potential power over government  and the erosion of democracy.

The American people can protect themselves from the predatory practices of big banks by withdrawing from the ten or fifteen biggest banks and putting their hard-earned money in a good community bank.

This country, in fact the entire world, is in financial trouble. And truthfully, the world’s biggest banks and other gargantuan financial institutions have changed nothing!

It is imperative that we bring stability, on our own, back to the financial services sector. We will never do that if we continue to support the banks that have not paid any price for their misdeeds and continue to take risks that can still cause our downfall.

Do something! Resolve to do something to protect yourself in 2010. Our survival depends on it.

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