Obama To Wall Street: "I Do Think At A Certain Point You've Made Enough Money"

[ZDL]

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[montanadave]

Gimme a break! These Wall Street ****s can't have it both ways--they game the system so they can privatize all the profits but "socialize" the losses by screaming "the sky is falling!" when their house of cards starts to collapse and expect the rest of us to bail 'em out.

And what choice do we have? My retirement accounts (and those of about a hundred million other folks) were gonna go up in smoke if somebody didn't try to put out the fire these greedy pricks started because they needed a second heliport for their beach house in the Hamptons or a hockey rink with a Zamboni garage on their Greenwich estate.

When these SOBs decided to game the system, package bundles of shit for client A and then sell it with a straight face to client B, taking a commission on the sale while actively betting against their own product, and then begging for bailouts so they could hand out multi-million dollar bonuses to the very bastards that created this steaming pile of shit, guess what? I think they've made enough money, too!

[Irish]

Naaaaahhhhh, he's not a socialist.....

Or a multi-millionaire himself. Hypocritical to say the least.

[ZDL]

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[HK51Fan]

+++++

[SHIVAN]

I think they've made enough money, too!

Let me know how your 401k does when they "stop making money", ok?

[Trajan]

Well then he should push for a lower wage on his salary.

And what is with all the people clapping when he states something? He hasn't fixed any "problems", he's just acknowledging that they "exist".

Is this what our society is now?

[Irish]

I work in banking, I've worked in banking for 10yrs and I can tell you there are a lot of shady practices going on......

So you're guilty of profiting off of a corrupt institution? Fractional reserve banking trumps debit card charges in my book.

[Aray]

If you're a scumbag making 60million - 100million a year and you lay off 25% of your workforce just to keep the walstreet analysts, who don't know their heads from their asses, happy then yeah I think you're a douche bag. I work in banking, I've worked in banking for 10yrs and I can tell you there are a lot of shady practices going on......I think the shadiest is the over draft fees on debit cards....those cards and the software that supports them are setup to hit you with big overdrafts....i'm not talking 1 or 2 but in groups of 4 and 5. You see what they do is when you go over they pay the largest of first...this is because if you over have 5 charges of say 3.25, 5.00, 2.50, 50.00, and 2.25. That's 63.00 and let's say you have 45.00 in your account..well wouldn't it make sense to pay the 3.25,5.00,2.50,and the 2.25 first...then your overdrawn for the 50.00 and you're charged 38.00 dollars.....OUCH that sucks, my bad...I'll try to keep a better eye on my money. Well they don't do that.
Here's what the bank does: they take the 45.00 in your account and pay the 50.00 first, but hey there's not enough to cover this, so your get hit with a 38.00 overdraft and you still have the 3.25,5.00.2.50, and the 2.25 showing....well those are all overdrawn as well, so you get charged 38.00 bucks per over draft.....count em that's (5) OVERDRAFTS totaling 190.00 dollars!!! WOW it's amazing how just changing that one formula can make a bank 5 times more money!! Now let's put into the equations some more tricky shit, like the fact that the two most frequent charges on your card are for gas and food or drink.....did you notice that most gas charges show up initially as 1.00 dollar? Even if you bought 70.00 bucks in gasoline the charge on your card will be for 1.00 while it's pending....and then it will hit your account for the full 70.00 when it posts...hmm...if you buy anytihng else at teh gas station it's not going to show as a dollar, so why gas...it's to make you fail and hopefully overdraw your account. The same as food and drink charges where there is a tip space...when you put your tip on they run the charges to make sure it clears your account.....they get paid at the end of the night so you know the bar or restaurant has verified the funds through your card, but the card will show as a pending charge just the amount of the meal or the bar tab....and then when it posts..it will be for the full amount plus the tip.....they hope that with these shady practices you will not keep track of every charge and mess up once in while...and then WHAM they get you! To the tune of several BILLION a year.....yes BILLIONS of dollars of your hard earned money paid in FEES that were put in place to make you fail!!! These are institutions that are crying foul rigth now and trying to make changes so that congress doesn't put new laws on the books to force them to stop their underhanded silly shit. Hell I'm sitting here writing this on a bank owned computer as I'm revieiwing loan applications and putting notes in the system on how my bankers in my district can cross sell new bank products to these people....I hate what I do and I think banks are the biggest crooks in the world....

Don't spend money you don't have.

Be responsible, get a rewards credit card and pay it off at the end of the month. Get the rewards and pay no fees.

[montanadave]

The rest: Personal responsibility doesn't end when it comes to stuff you aren't familiar with. You bear the burden to make sure you know what's going on with your money and that includes your retirement/investments etc. Just like I expect no one to feel sorry for me when I wade into something I'm unfamiliar with and get burned in the process, I don't feel a thing for those who didn't see this coming. Why do people involve their hard earned money in things they know absolutely nothing about and then feign surprise when it doesn't work out........? It is a shit situation to be sure but it's one of personal creation.

I appreciate your reply but disagree with the conjecture that the "shit situation" which I and countless others found themselves was "one of personal creation." I didn't invest in any collateralized debt obligations or credit default swaps. I own my home free and clear and sure as shit didn't buy or sell any sub-prime mortgages. I just put my money away in my retirement accounts like my dad, my president and my financial advisor said I should, and spread it around in a half dozen no-load mutual funds comprised of stocks and bonds. Nothing exotic going on here. No get rich quick schemes. In fact, a fairly conservative investment portfolio, by most standards.

A portfolio that got shot to shit when the financial markets exploded and make no mistake about it--these Wall Street ****s lit the fuse. Honest folks (of which I am one) play by the rules and work towards securing their financial future, only to have pricks like these set the whole house on fire, indiscriminately taking down the good and the bad. And we couldn't try to salvage the "good" without saving the "bad" as well, as they had permeated the entire system with their "toxic" assets.

I've got nothing against people making money but I think we should make money by creating wealth, using capital to create tangible assets of proven worth. When it becomes nothing more than a zero-sum game and I can only make money by stealing someone else's, now that's a shit situation and one I want no part in creating or perpetuating.