Washington (CNN) – On the eve of a White House meeting where President Obama is expected to encourage the nation’s largest lenders to loosen up credit, personal finance expert Suze Orman says Obama should not get all of the blame for how some banks have behaved in the last year.
“It’s not all the president’s fault,” Orman said Sunday on CNN’s State of the Union.
“You can pass every law that you want. You can try to do anything in the world – give these institutions money - if they don’t help their customers, what are you going to do about it?” Orman told CNN Chief National Correspondent John King.
Related: Obama adviser slams Wall Street
“I think a big part of this problem falls right back to the banks especially those with credit cards,” Orman also told King.
Asked what she would say if she had a seat at Monday’s meeting with the heads of the nation’s largest banks, Orman let loose.
“I would say: ‘Bankers, what in the world is the matter with you? You took taxpayers’ dollars in order to survive. You are giving out bonuses now. You are acting like nothing is wrong. Some of your stocks have increased in value from their low[s]. However, you are not serving the people that you should be serving.
“In my opinion, bankers,” Orman continued, “you are serving your own bottom lines and shame on you! And if you don’t get your act together, if you don’t start helping those that need loan modifications, if you don’t start helping those that need [small business] loans. . . if you don’t help those that really need you, then we’re going to have to do something about it.’”
Orman added that she did not know what the solution was to get banks to loosen up credit for consumers and small businesses but she suggested the possibility of a windfall profits tax. That, she said, might provide the incentive necessary to get lenders to do what the White House and many members of Congress want them to do to help turn the economy around.
It's not just republicans that hate Obama. I am a proud democrat and hate what Obama is doing. It is clear that we elected an idiot with no experience or knowledge of what to do. We should have at least listened to the republicans or even Hillary Clinton when they said that Obama would have no idea of how to lead a country.
It's not only ALL his fault, I believe that NONE of it is Obama's fault. Every problem we have is Bush's fault and will continue to be Bush's fault for at least 30 or 40 years. We all know that Obama INHERITED every thing that is happening that is bad like the deficit and unemployment from the previous administration. If you don't believe me, listen to cable channels like MSNBC. Oh, BTW, now if anything good is accomplished, Obama and the Democrats get 100% of the credit.
I took my emergency fund and paid off my two credit cards in November, I'm done doing banks the favors, now it's time for the banks to work hard with new and existing small business professionals. The President is in a no win position, it wouldn't matter what economic, and social strategy he employs, the criticisms would remain volatile, and fueled by mindless emotion. Obama is doing what every other President started but never finished because they felt the scavengers feeding on their toes before the dinner bell rang, and it hurt. Obama isn't working on the problems that are new, it's just that the problems started breaching the poorly constructed levees of our social and economic infrastructures. The banks are up at bat, what's their strategy, friend or foe?
Why in the world doesn't Suze Orman have a seat at the table?? I really wish congress and the President would listen to some of the financial experts that have the good of the people in mind.
It looks like even Suze Orman is blinded by Barack Obama's teleprompter speeches. Get a life. We are going down the hole as quickly as possible in front of our eyes. Wake up America. This president has no knowledge and experience to handle it. He can blame George Bush or anybody else. He has been in office more than a year and he had plenty of time to get us back on track.
This isn't Obama's fault!!!! Why aren't the repubs taking responsibility!!! This is not the dems fault!!!! This is all George W. Bush's fault!!!! Why can't people see that???????
The dems have owned the money From 2006 . But can't a dictator just order the banks he owns to just do it ?
I hope she mean's its not all President Bush's fault.
You people realize that TARP was not Obama's don't you? Obama had the equally huge but far more ridiculous "stimulus" package. Two bills both close to 800 billion, but please let's try to keep them straight.
Suze is an idiot. Obama is spending more than collected in tax revenue, basic financial planning Suze! The banks have done wrong, but Obama is doing more damage and if not stopped, we will see the end of our financial markets as we know it.
Gee, this seems familiar.. best nation on earth...not representing the people..spending like their Dubai..right wing...world disliking them!
Then the wall fell and the US took over. Time to start learning Chinese or Hindi!
Not to worry, the rich got richer in Russia, only the middle and lower classes suffered.
Prop them up!
No this is not Obama's fault. Clearly, years of bad business and government decisions led to this. However, the problem is that he is fighting the fire with gasoline. He should have simply let the idiots fail and pick up the pieces later.
You go girlfriend!
it is not obama, nor george w.'s fault....it was whoever decided to give mortgages to people that cant afford them...
suze, these banks initially failed by giving loans to people that cant afford them...i was always taught to learn from mistakes.
Let's face it, it is not the banks fault that they found a way to make money on consumer greed. They did not hold a gun to peoples head and force them to borrow more than they could afford. Why should they be forced to restart risky loans now that many of the vehicles they used to protect themselves are gone. Banks are businesses not charities, they exist to make money.
This president and congress are printing money like there is no tomorrow. The result is a devalued dollar and an international credit rating that is its lowest in history. Combine that will the fact that our childern and their grandchildern will carry this debt to the grave and you have one of the worst crimes that has been committed against the voter in America.
It is Obama's responsibility to end the practices of his administration and the democratic congress that have led us down this insane path of self destruction.
If you don't want to pay high rates on your credit cards, here's a novel idea: don't charge anything you can't afford to pay for each month! Voila-no greedy banks making money off you.
/Really, I can't believe the headline. Suze Orman, really, Obama taking advice from Suze Orman, are you kidding. Suze Orman does not know how to tie her shoes. Really, have you followed her advice over the years Really? She is the worst. The absolute worst. Her advice is so bad, so self serving, so full of shiiii....., really, she is Cramer without any backup bs
IF Suze is very good in her advice, how come she's not as rich as Bill Gates? That tells you something, theory and application are two different matters! Excellent in theory, FAILURE in application. That goes with OBOWMA, good in talk FAILURE in action.
Until the bankers and the business leaders see real economic policies come out of this administration, how can you blame them for not lending... the risk for default is still too high to even their best customers.
We need gaurentees of lower taxes and reasonable interest rates before we can see growth in the near term. The President needs to realize he needs a new group of advisors who lived in the business world and not only in the books of theory.
when it was Bush, everything was his fault, now the apologists are out to clear the president. Would be more credible if they would say what was and was not the president's fault in earlier crises and during Bush and Clinton time. Over politicizing economic explanation makes the " self proclaimed experts" look stupid!
I'm sick of the ridiculous attempts by Republicans to blame poor people buying houses for the financial meltdown. The blame goes to crooked bankers who falsified loan applications so they could approve as many loans as possible. Then the loans would be sold and bundled as securities, which the credit rating agencies then gave worthless triple A rating to. Of course a large percentage of these bundled mortgages turned out not to be worth the paper they were printed on, but then the bankers knew that when they approved the mortgages, but they didn't care; their only interest was in making a short-term profit on the selling the mortgages. All the bankers who approved these bad mortgages should be prosecuted for fraud.
ok, then, It's MOSTLY Obama's fault.
Good job Suzy,
Way to talk and say nothing. Did you ever think of running for office.
Too bad our country didn't stick with God-ly principles...10% towards God's work (feed the hungry, help the widows, those in prison, etc);
5% put away for a rainy day; and the rest to address the other needs.
It's never too late....and everyone could benifit.