Weak grandstanding. If this is the best clip you can cobble together, everyone in all 50 states should vote their reps. out on their asses. The problem here is much larger than bonuses and increased credit card fees; capital has failed us now:
The moment I was born I opened my eyes
I reached out for my credit card
I know I never did my own suit
Capital it fails us now come and let us seize the time
On the first day of my life I opened my eyes
Guess where with superstars surrounded by luxury-eagers
I need a prison I need a hot fire
No credit no goods
Come on back I say
They say we're bankrupt
Capital it fails us now come and let us seize the time
@nycheartbreaker: Gang of Four is my hero! Like their song says, open the till, bring me the change you said would do me good, refund the cost, you said you're cheap but you're too much!! Anyone interested in what the house committee on financial services does for fun in their spare time, check out the comments by Michael Everett Capuano, who knows a mob when he sees one, the rep for Massachusetts l8th district including part of Boston and Cambridge. He once chaired a task group on congressional ethics enforcement and was he the master of the great quotes today.
He said, you bankers come here on your bicycles, buy girl scout cookies, and help mother teresa, and swear you're sorry and you'll never do it again, but you know what? He said, I got constituents in my district who have ROBBED the banks you're from, and they're all sorry too, and I hope to see you guys in court one day. And then the ultimate kicker, Capuano said he did not have One Cent in any of thier banks! Because the American people did not trust them any more.
Jamie Dimon was cool though as always. When some congress lady complained about card rate raises he said, send them to me. I will take care of this on a case by case basis. Boy is his staff gonna be Busy !!
Great stuff. Bloomberg had it with no commercials during the hot parts. Of course the problem is that Congress looked the other way for so many years and let the bank guys get away with it all for so long that now the blame game is all they got left.
Hope everyone here is fine and still has a job and a place to live.
@krismry: Um, I meant Mike Capuano is a dem rep for the eighth district, not 18 or whatever it was I typed originally in my total glee at finding a guy in congress who really knew how to yell like an Italian dad.
@HowardRoarkLaughed: Ah, but Mr. Strawman's house has been foreclosed and his cars repossessed. The whole Strawman family is living in a crappy apartment and riding bikes now.
However, the banker who traded their bad mortgage, along with a bunch of others, creating a pyrrhic profit, is now holding his hand out, saying, "Give me a bonus, or I swear someone else will hire me." I'd rather yell at him. It's easier to find him since he's still living in the fancy house with the fancy car.
what the congress people don't seem to realize is that when that family of four with a gross income of 37k wanted to carry 15 large on their credit card at a low low rate (prolly something like prime plus 3 or 4), there was a flip side to BENEFITTING from a low rate...that is, you miss payments, the rates are going to go up!
now, one could also question the banks for giving a family of 4 with a gross income of 37k a credit card line of more than 2500 bucks.
hell, i remember back when i was a newcomer to america, from that crazy land to the north, gottdamn citibank would only give me a credit card with a $500 limit. wasn't even enough to book a flight home to Canadia, if i'd had a night out at the pub and bought a round or two for the friends. Took me almost three years to get to a limit of 2000 bucks. and i worked for the freakin' mayor back then. oh wait, that meant i only made 35k. yeah, ya see, lending was prudent back in the crazy late nineties.
@Artur Van Asinine: My first credit card limit was $300. IIRC, it made it to $3500 after about 5 years. They recently canceled that card on me, I assume for inactivity.
Wow, what useless grandstanding. If they really want to do something, they should set to work on setting up some national healthcare and increasing taxes on the billionaires that Bush lowered, the money from which they would subsequently invest in schools, tuition assistance for families with children who are heading off to college and rebuilding the safety net. That is what they could do that would be more effective than yelling at bankers when they don't have their facts straight.
Eh, I actually didn't think the senators were as annoyingly preening and blustery as they usually are during these things ... and a bunch of them totally came off as fully clueless about how anything works.
Was priceless when Ken Lewis said to the crazy lady: "Um ... I have no idea what you're talking about." Stupid women!
@Mount_Prion: The bankers take the members of congress to 1oak and make them watch as they pick up girls from Jersey despite smaller bonuses. Take THAT, screamy congressperson.
02/11/09
The moment I was born I opened my eyes
I reached out for my credit card
I know I never did my own suit
Capital it fails us now come and let us seize the time
On the first day of my life I opened my eyes
Guess where with superstars surrounded by luxury-eagers
I need a prison I need a hot fire
No credit no goods
Come on back I say
They say we're bankrupt
Capital it fails us now come and let us seize the time
Capital it fails us now…
Oh no! I left it in my other suit!
One day all will be living on credit
Bankrupt
I'm still in credit-just
One day all men are living on credit…
Andy Gill, Gang of Four (1982)
02/11/09
He said, you bankers come here on your bicycles, buy girl scout cookies, and help mother teresa, and swear you're sorry and you'll never do it again, but you know what? He said, I got constituents in my district who have ROBBED the banks you're from, and they're all sorry too, and I hope to see you guys in court one day. And then the ultimate kicker, Capuano said he did not have One Cent in any of thier banks! Because the American people did not trust them any more.
Jamie Dimon was cool though as always. When some congress lady complained about card rate raises he said, send them to me. I will take care of this on a case by case basis. Boy is his staff gonna be Busy !!
Great stuff. Bloomberg had it with no commercials during the hot parts. Of course the problem is that Congress looked the other way for so many years and let the bank guys get away with it all for so long that now the blame game is all they got left.
Hope everyone here is fine and still has a job and a place to live.
02/11/09
02/11/09
Seriously.
They need just as much of a bitch-slapping.
02/12/09
However, the banker who traded their bad mortgage, along with a bunch of others, creating a pyrrhic profit, is now holding his hand out, saying, "Give me a bonus, or I swear someone else will hire me." I'd rather yell at him. It's easier to find him since he's still living in the fancy house with the fancy car.
02/11/09
02/11/09
now, one could also question the banks for giving a family of 4 with a gross income of 37k a credit card line of more than 2500 bucks.
hell, i remember back when i was a newcomer to america, from that crazy land to the north, gottdamn citibank would only give me a credit card with a $500 limit. wasn't even enough to book a flight home to Canadia, if i'd had a night out at the pub and bought a round or two for the friends. Took me almost three years to get to a limit of 2000 bucks. and i worked for the freakin' mayor back then. oh wait, that meant i only made 35k. yeah, ya see, lending was prudent back in the crazy late nineties.
02/11/09
02/11/09
02/11/09
02/11/09
Was priceless when Ken Lewis said to the crazy lady: "Um ... I have no idea what you're talking about." Stupid women!
02/11/09
02/11/09
02/11/09
02/11/09
Not another &^%#-ing Billy...
02/11/09
02/11/09
*shoots self in exasperation*
02/11/09
02/11/09
02/11/09
And the bank execs, too.
02/12/09
02/11/09
02/11/09
02/11/09
02/11/09