Bankers Pledge on their "HONOR" to do Better

leftchick

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Wed Feb-11-09 01:48 PM
Original message

Bankers Pledge on their "HONOR" to do Better

Edited on Wed Feb-11-09 02:09 PM by leftchick

omfg. We are still sticking to the honor system with these fucking crooks when we should be nationalizing the banks, firing them, and instituting new regulations across the board. Somebody is begging for a revolution.

:banghead:

Bankers vow to work for financial system reform

WASHINGTON � Facing a disgusted public and Congress, bank CEOs agreed with demands for greater accountability Wednesday in the first testimony on how they're spending money from the taxpayer-funded $700 billion bailout.

"Both our firm and our industry have far to go to regain the trust of taxpayers, investors and public officials," John J. Mack, head of Morgan Stanley, told the House Financial Institutions Committee.

Added JP Morgan Chase & Co.'s Jamie Dimon: "We stand ready to do our part going forward."

In general, the eight top bankers appearing before the panel were contrite and conceded they have work to do to win over a bitter public and an exasperated Congress. They had little choice but to acknowledge as much, given intense anger and anxiety as the troubled financial system continues to spiral downward in an ever-worsening recession.

<snip>

"I urge you going forward to be ungrudgingly cooperative," said Rep. Barney Frank, chairman of the panel, said as the hearing opened. "There has to be a sense of the American people that you understand their anger ... and that you're willing to make some sacrifices to get this working."

Frank also asked banks to impose a moratorium on mortgage foreclosures until Treasury Secretary Timothy Geithner comes up with a systemwide mortgage modification.

http://news.yahoo.com/s/ap/20090211/ap_on_go_co/bailout_banks/print

What? Can no one mention the "R" word for REGULATION?? It is time for democrats to make a choice, US or THEM.

Well here is another R word, REVOLUTION...

Gerald Celente

In 2009 we�re going to see the worst economic collapse ever, the �Greatest Depression�, says Gerald Celente, U.S. trend forecaster. He believes it�s going to be very violent in the U.S., including there being a tax revolt.

http://www.russiatoday.com/guests/detail/2114

RT: What are we going to see happening to the society, to people�s day-to-day lives in terms of how they treat one another, how they behave, crime?

G.C.: When I say it�s going to be worse than the Great Depression, we call it the Greatest Depression. By the way, to be using 1930s models to get the U.S. out of this is really stupid. Back then when we first crashed most people didn�t have homes. There was no such thing as home equity loan. And back then, people didn�t have credit cards. The consumer wasn�t 14 trillion dollars in debt. We had a manufacturing base that built the world out of the Great Depression following World War Two. We no longer have that.

Now people are at the edge. They�re stressed out. Look, the Americans are the most depressed nation on the world already. They take more antidepressant drugs than anybody, plus the other kinds of drugs that they are taking. You�re going to see crime levels in America that are going to rival the third world. Welcome Mexico City. You�re going to start seeing people being kidnapped in this country like they do in other underdeveloped nations. So it�s going to be very violent in America.

RT: You�re not exaggerating?

G.C.: I�m not exaggerating, the facts are there. I have a saying: when people lose everything and they have nothing to lose, they lose it. You�re going to see people saying, off with their heads. There�s going to be another revolution in this country.

RT: When will this revolution that you have forecasted in your Trends journal happen and what will ignite it?

G.C.: It�s going to be a tax revolt. We�re going to start seeing a tax revolt in the United States. People are one job away from losing everything. We�re seeing more and more closures, people are being laid off. People are stretched to the limits. And what do they do in New York State? Some130 new taxes are being proposed, they�re raising sales taxes. There�s going to be a tax revolt in this country from property taxes first and school taxes second. That�s what we�re going to see start to happen.