You are currently browsing the category archive for the ‘bank failures’ category.
Roosevelt’s Inauguration 3/4/33
Courtesy of CSpan.
Franklin Delano Roosevelt’s Inauguration Day. (It was the last before the 20th Amendment moved it to January 21st.) It is hard for us to see though the old film clips but here are some additional notes from H.W. Brand’s biography of Franklin Roosevelt, titled “Traitor To His Class”….
In 1933, the pervading bitterness was similar to that experienced by today’s Republicans. They had talked themselves into believing Herbert Hoover was a shoo in. Instead it was a rout for Roosevelt. Hoover was not a social person to begin with, and his awkwardness continued though out the inauguration….
It was customary at that time, to have the outgoing president host a dinner for the incoming President. Hoover refused, and instead, settled on an awkward afternoon tea… When Mr. Roosevelt tried to mitigate the awkwardness and offer Hoover an early exit, Hoover aggravated the discomfort. “Mr. President” said Roosevelt. “as you know it is rather difficult for me to move in a hurry. It takes me a little while to get up and I know how busy you must be. So please don’t wait for me.” Hoover stood up and affixed Roosevelt with a glare. “Mr. Roosevelt. After you have been President for a while, you will learn that the President of the United States waits for no one…” and stormed off, leaving his wife to say the goodbyes..
Roosevelt began what later becoming tradition, of spending the morning at a private service, this time at St. John’s Episcopal Church. At 11 o’clock the car swung by the Mayflower Hotel and picked up both Franklin and Eleanor, then swung by the White House to pick up Hoover. Hoover surveyed the White House grounds then climbed in and scarcely looked at the Roosevelts…
As the open car pulled down Pennsylvania Avenue, Franklin politely acted like the cheers were for the actual president at that moment, the outgoing one, and declined to acknowledge them… But within blocks the fiction became unattainable and he began acknowledging the crowd by tipping his silk hat and smiling and the anger radiated by Hoover, intensified stronger.
In the Capitol he watched the swearing in of the Senators, and the Vice President John Nance Garner and watched what would be the last adjournment of a Lame Duck Congress. At one o’clock all moved outdoors and in front of a crowd of 100,000, began the ceremonies. Roosevelt was uncharacteristically serious. Many of his staff were surprised by his somber character…
As you can see in the beginning of the clip above, upon taking the oath of office Franklin took the unusual step of repeating back the entire part read from the Constitution, before saying “I do.”
This is a day of national consecration and I am certain that my fellow Americans expect that on my induction into the Presidency I will address them with a candor and a decision which the present situation of our nation impels.”
Hoover was standing next to Roosevelt and his dour expression became a grimace as he anticipated another attack upon his administration… But Roosevelt proceeded with words of encouragement and hope.
“This great nation will endure as it has endured, and will revive and prosper. Let me assert my firm belief that the only thing we have to fear is fear itself.– nameless, unreasoning, unjustified terror, which paralyzes needed efforts to convert retreat into advance.”
This line did not resonate as it does now, as the famous line we now know from our study of history. At the time, it was patiently false. Americans did have a lot to fear. Banks were closed. There was massive unemployment. Hunger was widespread, and a financial system could barely get up onto its knees.. If you notice in the clip above, to the line… there is no applause.
More noticed and featured in the following day’s headlines, were these lines assailing “unscrupulous money changers” of Wall Street as those responsible for America’s plight. “Plenty is at our doorstep, but a generous use of it languishes in the very sight of the supply”.. “Primarily this is because the rulers of the exchange of mankinds’ goods have failed through their own stubbornness and incompetence.” Waxing eloquently, “the money changers have fled from their high seats in the temple of our civilization. We may not restore that temple to the ancient truths…”
Other applause lines: “our greatest primary task is to put people to work.” This would be accomplished in part by the “direct recruiting of the government itself; treating the task as we would the emergency of war.”
“We must frankly recognize the overabundance of population in our industrial centers and, by engaging on a national scale in a redistribution , endeavor to provide a better use of the land for those best fitted for the land.”
He calls for “definite efforts to raise the values of agriculture products” for insistence that the “federal, state, and local governments act forthwith on the demand that their cost be drastically reduced”, and he spoke for an “adequate but sound currency”… He set the agenda with this: “The international trade regulations though vastly important, are, in point of time and necessity, secondary to the establishment of a sound national economy.”
If you didn’t get the gist of it, Roosevelt’s words were purposefully vague. They were crafted to inspire confidence that action was forthcoming, without belying that on one yet knew what action or actions would begin to take place. “We must act, and we must act quickly.”
“I shall not evade the clear course of duty that will then confront me. I shall ask the Congress for the one remaining instrument to meet the crises– broad executive power to wage a war against the emergency as great as the power that would be given to me if we were in fact invaded by a foreign foe.“
No president, not even Lincoln, had spoken boldly of the power he would require. The American people were demanding much, and they deserved all that government could accomplish for them.
“They asked for discipline and direction under leadership. They have made me the present instrument of their wishes. In the spirit of their gift….. I take it.“
He had an amazing 100 days.
There is a huge irony that on this same date, 80 years later, we are facing our first full day of sequestration; the exact opposite of what Franklin Delano Roosevelt ran against, won against, and fought against the entire length of his presidency. And his policies would still be in effect today. if it weren’t for the Republicans and the presidency of George W. Bush.
Courtesy of Bloomberg
Bloomberg published a report showing how a Federal subsidy of 0.8th of one percent, costs the US Treasury $83 billion dollars a year.
Ironically we are arguing about how to fill almost that exact amount with sequestration. $83 billion; either by taxes or cuts.
But what Bloomberg points out, by deducting the subsidies from the reported profits of the top five banks, that without the subsidies, there would be no profits.
The bonuses being paid to all top bank executives, are our money that we are subsidizing. The dividend payouts being received by every stockholder, is a give-you-something-free right from the US Treasury….
So, how does it make you feel, Mr. Middle Class, to have bankers flaunting $43 million paychecks, fleeced out of taxing you, while you pay $3.00 for every automatic teller transaction….
Oh, I’m sure you don’t mind. These banks are too big to fail… They bankrolled almost the entire Republican Party, and now, as long as Boehner runs the House, they are completely protected and can keep living off your subsidies…. You know what? They probably won’t even say thank you… Because in their eyes, their bonuses? They built that…..
Republicans, so devious … you gotta love them.
Of course one schedules a big announcement at an opportune time to divert attention from everything else. Suddenly not turning in tax returns is old. “Why you bringing up that shit for, you creepy old loser?” Suddenly, Bain Capital’s fortunes made at the expense of working class heroes, is like last years Mason Jar-d green beans…..
But, did you know, (and it will get lost today for sure), did you know that NOT SINCE EISENHOWER, HAS THE STOCK MARKET EVER PERFORMED AS WELL AS IT HAS THIS PAST TERM OF PRESIDENT OBAMA?
Not during the Republican years of Richard Nixon
Not during the Republican years of Gerald Ford
Not during the Republican years of Ronald Reagan….
Not during the Republican years of George HW. Bush….
Not during the Republican years of George W. Bush……
(ok, ok, in order just to be considered fair here…)
Not during the Democratic years of John F. Kennedy…
Not during the Democratic years of Lyndon Baines Johnson….
Not during the glorious years of Jimmy Carter….
Not during the most amazing years in American History, of William Jefferson Clinton……
Not since Eisenhower…
Let that sink in….. Not since Eisenhower…..
If this were the Philadelphia Eagles and we’d had three back to back Superbowl wins…..we’d be jumping up and down for joy… These results are absolutely awesome. Obama/Biden is really the best team we have seen in our lifetimes…..
Of course, you would never know it if all you listened to, was the Dallas Cowboy’s …..
You see guys…. That’s America today…. And you are listening only to the Dallas Cowboy’s Network……
So if you want to see all the good news that got buried by today’s Ryan grabbing headlines…… and it is definately worth it, I have a link for you here……..
Look through the collection and tell me, does Romney’s choice really matter? REALLY?
Paul Ryan’s budget is up today. And Republicans are using it to promote fiscal responsibility. But, it balloons the deficit, making Republicans look like big spending Democrats, and Democrats look like tight fisted Republicans…..
Obama’s budget just got scored by the CBO (Congressional Budget Office) at a $3.5 Trillion Deficit by 2022…..
Ryan’s budget, will yield a whopping $36.5 Trillion by deficit by that same year. THAT IS OVER 10 TIME MORE !!!!
More details later, but it looks like Republicans are not only looney when they stick their heads up women’s privates, but are just as looney when it comes to the math of putting numbers to paper.
Since when is a deficit 10 times bigger, called “cutting back?”
It’s supposed to be a joke…….. right?
They are calling their loans….
The one being touted across the nation, is a California company who was told to settle his loan by Jan. 25 to the tune of $96,000….
After the initial shock, the B Of A representative provided an additional alternative… including paying off the debt at 12% interest over two years. That’s about $4,500 a month, nearly 10 times his current interest-only payment.
Smaller local banks and credit unions, are not applying this tactic as are the big banks…
If you still have an account in B of A, you should get out right now…. If you own stock in B of A, (you’re still that stupid?) you should get out now… If you owe money to B of A, you should start bankruptcy proceedings right now….
It is time to let B of A fail… No more bailouts for that bank…. They earned the privilege to fail….
It is a simple vote…
Should we or should we not put this man in an administrative function.
Please vote yes…. or no…..
(It should be open cut because a majority have already said they would support Cordray as head of the Consumer Financial Agency.) Just get it done…
But, it never goes to vote. In a motion to stop debate requiring 60 votes, 53 are found….
There is nothing more to debate. Vote yes or no… The argument has been on the table for months… But no… it cannot go forward because the Republican Party (all of it) had 45 members who voted against it…
The agency still has no one at the top to get it rolling. There is no one regulating Wall Street as we speak, simply because the entire block of Republicans, who voters put into minority receivership based on their previous track record, voted NOT to stop debate.
There will be no government until there are no Republicans.
There will be no Congress, until there are no Republicans.
There will be no Democracy. until there are no Republicans.
There will be no United States of America, until there are no Republicans.
(Sad thing this is not hyperbole. This is not campaign rhetoric. This is not hateful bantering. This is what is really happening. Makes a veteran want to cry)
The recession has popped a lot of dreams… It has forced a re-evaluation of priorities. It has put reality in the forefront.
So wiping off the table of everything, everything, and sitting down to a blank space, and asking myself, … what do I want, by the time I die.
A country where working people can earn enough to raise a family, build a modest savings, own a home and secure their retirement,”
After watching “It’s a Wonderful Life” you can be sure it can’t happen on a Republican’s watch….. For that dream to happen, we need protection from corporations and Big Money; not giving them more and more of what we make.
We need more money funneled away from big business, to be reinvested into the Middle Class… Since they haven’t done it voluntarily, we’ll have to force it.
Republicans can’t force anyone to do anything. They are putz’s. It will take a government of all Democrats to make Americans who die, at least die happy that they were able to secure:
“A country where working people can earn enough to raise a family, build a modest savings, own a home and secure their retirement”.
I see no problem with Wilmington issuing bonuses and then charging the big banks extra next year to pay for it…
After all, the big banks have been charging me to make bonuses that make Wilmington’s look pale in comparison…
It should be done.
Banks should love to pay the city just as much as we love paying them.
On May 4, 2010, Geithner visited Kaufman in his Capitol Hill office. As president of the New York Fed in 2007 and 2008, Geithner helped design and run the central bank’s lending programs. The New York Fed supervised four of the six biggest U.S. banks and, during the credit crunch, put together a daily confidential report on Wall Street’s financial condition. Geithner was copied on these reports, based on a sampling of e- mails released by the Financial Crisis Inquiry Commission.
At the meeting with Kaufman, Geithner argued that the issue of limiting bank size was too complex for Congress and that people who know the markets should handle these decisions, Kaufman says. According to Kaufman, Geithner said he preferred that bank supervisors from around the world, meeting in Basel, Switzerland, make rules increasing the amount of money banks need to hold in reserve. Passing laws in the U.S. would undercut his efforts in Basel, Geithner said, according to Kaufman.
Anthony Coley, a spokesman for Geithner, declined to comment.