"It’s time to apply the same rules from top to bottom: No bailouts, no handouts, and no copouts."

[ProSense]

Obama: ‘I Intend To Fight Obstruction With Action’

<...>

Let’s never forget: Millions of Americans who work hard and play by the rules every day deserve a Government and a financial system that do the same. It’s time to apply the same rules from top to bottom: No bailouts, no handouts, and no copouts. An America built to last insists on responsibility from everybody.

We’ve all paid the price for lenders who sold mortgages to people who couldn’t afford them, and buyers who knew they couldn’t afford them. That’s why we need smart regulations to prevent irresponsible behavior. Rules to prevent financial fraud, or toxic dumping, or faulty medical devices, don’t destroy the free market. They make the free market work better.


<...>

So if you’re a big bank or financial institution, you are no longer allowed to make risky bets with your customers’ deposits. You’re required to write out a “living will” that details exactly how you’ll pay the bills if you fail - because the rest of us aren’t bailing you out ever again. And if you’re a mortgage lender or a payday lender or a credit card company, the days of signing people up for products they can’t afford with confusing forms and deceptive practices are over. Today, American consumers finally have a watchdog in Richard Cordray with one job: To look out for them.

We will also establish a Financial Crimes Unit of highly trained investigators to crack down on large-scale fraud and protect people’s investments. Some financial firms violate major anti-fraud laws because there’s no real penalty for being a repeat offender. That’s bad for consumers, and it’s bad for the vast majority of bankers and financial service professionals who do the right thing. So pass legislation that makes the penalties for fraud count.

And tonight, I am asking my Attorney General to create a special unit of federal prosecutors and leading state attorneys general to expand our investigations into the abusive lending and packaging of risky mortgages that led to the housing crisis. This new unit will hold accountable those who broke the law, speed assistance to homeowners, and help turn the page on an era of recklessness that hurt so many Americans.


http://news.talkingpointsmemo.com/2012/01/obama-i-intend-to-fight-obstruction-with-action.php

[ProSense]

1. Kick for

the AGs Cordray (former) and Schneiderman.

Cordray’s first target: The housing crisis
http://www.democraticunderground.com/1002163578

SOTU: Schneiderman will co-chair mortgage probe
http://www.democraticunderground.com/1002217724

[JDPriestly]

2. Loved the speech, but the best part was

And tonight, I am asking my Attorney General to create a special unit of federal prosecutors and leading state attorneys general to expand our investigations into the abusive lending and packaging of risky mortgages that led to the housing crisis. This new unit will hold accountable those who broke the law, speed assistance to homeowners, and help turn the page on an era of recklessness that hurt so many Americans.

It's going to be very hard for Obama to carry through on that promise. He challenged himself and his AG. And what a challenge.

I happen to have seen several cases of utter fraud by mortgage companies. And I must add that another area in which fraud can be perpetrated quite easily is equipment rentals. The party that actually provides the equipment is not the party that loans the money on the rental/purchase. That practically invites fraud. And it does happen on occasion. Usually the victim of the fraud is a small business owner or non-profit.

I hope I won't be disappointed again. Obama's speech was really great.

What I liked was that Obama proposed quite a number of programs or policies that he can realize without the cooperation of Congress. It was as though he was saying to Boehner and the Republicans: Look, guys, here is what I am going to do. And you can't stop me. I will do it through executive order within the limits of the Constitution. You can't stop me. So there.

[Electric Monk]

4. He is an excellent speaker.

[Luminous Animal]

8. Yes. The working poor, the homeless, the chronic un(der)employed are cheering these words...

"No bailouts, no handouts, and no cop outs." What the fuck does that even mean? No bailouts for whom? The financial district already got all that we can give so the rest of you suckers are on your own?

We've gone from an economic bill of rights to the war on poverty to the war on the poor... working, nonworking, and a step away from both.

[ProSense]

12. Maybe

Yes. The working poor, the homeless, the chronic un(der)employed are cheering these words...

"No bailouts, no handouts, and no cop outs." What the fuck does that even mean? No bailouts for whom? The financial district already got all that we can give so the rest of you suckers are on your own?

...he's talking about the Government and the financial system?

Let’s never forget: Millions of Americans who work hard and play by the rules every day deserve a Government and a financial system that do the same. It’s time to apply the same rules from top to bottom: No bailouts, no handouts, and no copouts. An America built to last insists on responsibility from everybody.

You can read about the President's initiative to address homelessness here: http://www.democraticunderground.com/100249786
Maybe the overly concerned members of Congress can pump some funding into that worthy cause. At the very least, approve the funding requested by the President.

[SunsetDreams]

3. Did I bold the wrong thing?

seeing deja vu

http://www.democraticunderground.com/1002217801

[ProSense]

5. Ha ha!

I was watching the video, but it froze so I found another and forgot that I was in your thread.

[SunsetDreams]

6. LOL

No problem, I happen to like your words in bold too

I updated the video, after it was pointed out to me.

[Luminous Animal]

7. I find the bolded words incredibly depressing...

Reading them made me cry. Where is the compassion for the working poor? Where is the compassion for those who cannot thrive in a capitalist system?

[ProSense]

13. Luckily

I find the bolded words incredibly depressing...

Reading them made me cry. Where is the compassion for the working poor? Where is the compassion for those who cannot thrive in a capitalist system?

...not everyone is searcing for "WTF" implications and doom in uplifting words.
http://sync.democraticunderground.com/1002218306

If it will help, I repeat, you can read about the President's initiative to address homelessness here: http://www.democraticunderground.com/100249786

[Luminous Animal]

9. It is time now to let you, the 99%, suffer. We gave it all to the 1%.

Bailouts for them but not for you. Handouts for them but not for you. From this day forward, it will be shared responsibility of suffering. For the 1%, their great great great great grandchildren might sleep on inferior sheets. For the 99%, your children may not sleep on sheets at all.

[Skittles]

10. WTF

We’ve all paid the price for lenders who sold mortgages to people who couldn’t afford them, and buyers who knew they couldn’t afford them.

this is bullshit - this is NOT what caused the economic meltdown

[ProSense]

11. WTF?

We’ve all paid the price for lenders who sold mortgages to people who couldn’t afford them, and buyers who knew they couldn’t afford them.

this is bullshit - this is NOT what caused the economic meltdown

I'm trying to find what you're referring to. Where did the President say that this "caused the economic meltdown"?

Also, are you seriously arguing that the mortgage crisis wasn't a factor?

[RegieRocker]

16. Oh but it's an excellent justification for deregulation and less government

even though the problem was derivatives right?
Meant for skittles.

[Skittles]

18. CORRECT

this is ALL bullshit - these folk all bow to the same economic masters

[coalition_unwilling]

14. But still no investigation or prosecution of the Bush Junta

for war crimes and crimes against humanity. That means these are empty words, utterly devoid of any meaning.

[ProSense]

15. True,

But still no investigation or prosecution of the Bush Junta for war crimes and crimes against humanity. That means these are empty words, utterly devoid of any meaning.

...investing mortgage fraud has nothing to do with prosecuting war crimes. That means equating an announcement about the former to the latter is utter nonsense.

[coalition_unwilling]

17. Look, I'm going to hold my nose and vote for Obama because it's

my civic duty to do so, given how absolutely wretched the Repukes are. But that doesn't mean that I won't call out cheap sloganeering for what it is. Even if we limit the scope of the remark to only financial matters, Obama said just a few months ago that he thought no crimes had been committed by bankers (although they had behaved 'unethically'). So, come on, why only now are these financial investigations beginning? Color me deeply cynical.

[Skittles]

19. it's all a dog and pony show

I am SO grateful when I see other people who do not fall for it

[ProSense]

20. Well,

"Look, I'm going to hold my nose and vote for Obama because..."

...thanks for sharing, but doesn't change the fact that the comment was nonsense.

Even if we limit the scope of the remark to only financial matters, Obama said just a few months ago that he thought no crimes had been committed by bankers (although they had behaved 'unethically'). So, come on, why only now are these financial investigations beginning? Color me deeply cynical.

If you're going to hang on every word the President says, you have to weigh them in context.

I mean, prosecutions are underway, and have been for two years: http://www.stopfraud.gov/news-index.html

The mortgage crisis had its own unique angle with the AGs of every state negotiating a settlement and how to proceed. Obviously, this new unit means they've made headway.