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Bankers form SuperPAC to strike against the industry's "enemies"


By Kim Miller - Posted on 05 April 2012

This quote is just priceless...

"Frustrated by a lack of political power and fed up with blindly donating to politicians who consistently vote against the industry's interests, a handful of leaders are determined to shake things up."

http://www.americanbanker.com/issues/177_66/SuperPAC-banking-Howard-Headless--Friends-of-Traditional-Banking-1048138-1.html?zkPrintable=1&nopagination=1

I don't think the mood of this country is going to tolerate that very much....

I think Wall Street will give big to Romney, even though they are not excited by his candidacy. They know Romney and Republicans will let them run wild with no regulations, will probably overturn Wall Street reform (which is quite weak anyway!) and will keep working for the 1%, making the Middle Class and poor pay for extra tax breaks and sloppy regulations.

I saw this article from CNN yesterday highlighting how Wall Street is hoping for a Republican president & Congress, even though stocks historically do much better under Democrats. It sounds ridiculous-betting against the guy under whose leadership the stock market grew 75%?? Which just proves that they don't care about the success of any one business, jobs created, etc. They only care about the bottom line: how much top CEO's can profit and how much they can get away with via sneaky scams and loopholes. In other words, they do not support the idea of "country first." How revealing this survey is! I think President Obama should keep connecting the greediness of Wall Street with Mitt Romney and his 1%-friendly policies which keep the rest of us down.

NEW YORK (CNNMoney) -- The stock market may be up more than 75% since President Obama moved into the White House, but Wall Street is looking for a change come November.

Stocks have historically performed better during a Democratic administration, yet a whopping 70% of investment strategists and money managers say a Republican president will be better for the stock market going forward, according to an exclusive CNNMoney survey.

"The Republican party is better suited to drive positive economic and financial-market growth," said Phil Orlando, chief equity market strategist at Federated Investors, adding that President Obama doesn't deserve full credit for the improvements in the economy and financial markets during this term.

Rather, the Federal Reserve's "aggressive" monetary policy decisions that have added cheap liquidity to the markets have been the bigger drivers over the past three years, he said.

Under the leadership of Ben Bernanke, the Fed has held it key interest rate at a record low of between 0% and 0.25% since December 2008. It has also executed several other stimulus programs, including two rounds of bond purchases.

In terms of policies, some of the experts surveyed said a Republican president would have a more favorable tax plan, along with regulatory policies that would encourage business to hire, and in turn, spur further economic growth.

For example, most Republican tax plans call for lowering the tax rate on capital gains, or eliminating taxes on investment gains entirely, while President Obama seeks to raise them for high-income households.

Similarly, Republican presidential candidates have used the rejection of the Keystone pipeline as a hammer when attacking the Obama administration over high gas prices, and note that building Keystone would create much needed jobs.

A Republican win for the White House would also lift the general mood on Wall Street, said Mark Frey, vice president at Cambridge Mercantile Group.

"I think the desire for a Republican president has as much to do with general investor sentiment as it has to do with actual policy," he said. "Republican are considered to be more business friendly, and more focused on the individual rather than the collective."

A handful of those surveyed, however, are hoping the Obamas stay on in Washington.

"All Republicans want to do is cut government spending, but you can't stimulate the economy without it," said Donald Selkin, chief market strategist at National Securities.

Plus, Obama has to be given credit for saving the auto industry, which has been a big factor in increasing manufacturing jobs, he added.

"Wall Street is just interested in its own pocketbook," said Selkin. "They want a Republican because it could mean lower taxes and less regulation. But special exemptions bother me, and without regulation, banks go crazy."

Of course, some say who wins the presidency hardly matters, and that the key to the market's performance lies in the hands of Congress -- and not one that is so divided that nothing gets done.

"Gridlock is typically good for the markets since it means less change in the regulatory and legislative environment allowing greater clarity for businesses and investors," said Jeffery Kleintop, chief market strategist at LPL Financial. "But that is not the case as we look to 2013."

Kleintop says "substantive action is necessary and only a unified Congress is likely to be able to take that action." Since the Republican party already controls the House of Representatives, investors will likely welcome a Republican-dominated Senate as well, he said.

Wall Street bets big on Romney

I am absolutely amazed at this Referendum on the President!! I hope the American people’s memory aren’t that short!---- The GOP is making their narrative that America has not transformed into paradise yet!--- Lol I guess they are going to promise the American working class that they will have their freedom from a tyrant and the government will not intrude in their lives lol ---if this Ryan bill pass, then more middle class Americans will struggle to pay for college, the poor and mentally ill will suffer abject poverty; the elderly  will not be able to afford their medications and those who do not have a job with good health  insurance will be left out in the cold.   

I am stunned at how people relished and enjoyed some semblance of the American dream about 15 years  ago (financial aid assistance, the safety net, health insurance, affordable housing and etc.)  but today it is supposedly against the American values  for Americans to expect to be treated humanely. The previous administration went into an illegal war in Iraqi (WMD lie!!), continued with the war in Afghanistan ( which depleted the economy), then the unregulated financial system which created a domino effect with housing and the automobile market which led to the stock market plummeting to historical lows!!  --- However, here we have the GOP blaming the poor economy on Medicare, Medicaid, and social security; therefore, they are gutting the systems that were not responsible for the down fall in the economy. Instead of targeting the source of this problem (big corporations and financial institutions), they are expecting and demanding that the poorest in society pay for what Wall Street is responsible for!!---

It is startling how the GOP has reversed the story on what caused this debt!! The debt was not caused by the safety net but it was caused by unscrupulous, greedy Corporate giants!! But now the GOP is blaming the debt issue on the poor!!----! Unfortunately, if the President talks about the untamed corporate America and their abuse of the financial institutions, he will be accused of class warfare and divisiveness!  It is unpopular to shine the light on the big shot but it is okay to call poor Americans who expect to be treated humanely, entitled!!--- The GOP is promising to create jobs (how?) and balancing the budget by gutting all the programs for the poor.

However, a segment of Americans don’t mind all the cuts as long as President Obama is sent packing. Sadly, some Americans already have a twisted and distorted view about race relations and they are willing to sacrifice EVERYTHING in order to see President Obama gone! -----Well I hope the American people are really paying  attention to how the right wing are distorting, meandering and misleading the facts.

Feds cut pay of execs at bailed out firms

Source: CBS

The federal government has ordered executives at three companies bailed out by U.S. taxpayers during the 2008 financial crisis to take a pay cut.

The Treasury Department says nearly 70 executives at American International Group Inc. (AIG), Ally Financial Inc., and General Motors Co. (GM) had their annual compensation reduced by 10 percent. The CEOs of each company had their pay frozen at 2011 levels.

All three companies have yet to repay what they received from the $700 billion bailout and therefore are subject to pay cuts.

Morgan Stanley CEO Gorman paid $13 million in 2011
JPMorgan Chase CEO Dimon paid $23 million in 2011

Since it was rescued under the Troubled Asset Relief Program after the housing crash, AIG has reduced what it owes the U.S. government by more than 75 percent, according to the Treasury. The insurance company still owes taxpayers around $50 billion.

The government has recovered nearly half of the funds invested in GM, which owes about $25 bill.

Banks repaying TARP Money: $245 billion invested, $263 billion paid so far

 

This is true the American people bailed the industry out but we are still paying for the weakened economy thru high unemployment rates, dried up  factories, and weakened small business!!--  The BIG industries are raking in profits. The American people did stabilize the economy with our tax dollars but  we are still paying the price for funding unnecessary wars; the banks have not really started dong any real lending, and the housing market is still lagging due to forecloses. Until Americans can thrive in the housing market, and these financial institutions don't charge outrageous interest rates for student loans and credit cards, then we can start to make some gains, but corporate America is till playing possum.  We need to see some loosening in credit so small businesses can move forward and people can build their lives without being burden with these outrageous interest rates!!

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