December 14th, 2009
01:09 PM ET
3 months ago

Obama to banks: 'Rebuild our economy'


NEW YORK (CNNMoney.com) – President Obama pressed Wall Street bankers at the White House on Monday, urging them to make more loans and modify mortgages to help taxpayers who propped their banks up with federal bailouts.

"My main message in today's meeting was very simple: America's banks received extraordinary assistance from American taxpayers to rebuild their industry," Obama said. "Now that they're back on their feet, we expect an extraordinary commitment from them to help rebuild our economy."

Updated: 1:18 p.m.

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Filed under: President Obama • TARP
soundoff (56 Responses)
  1. terry,va

    Great!!! Here we go again. Obummie is twisting arms to give unqualified people loans just like Franks and Dodd did. That is what got us into this mess to begin with.

    December 14, 2009 01:52 pm at 1:52 pm |
  2. Enough

    Well someones gotta do it...........cause Obama has no clue what to do. Wake up this isn't the key to job recovery!!!

    December 14, 2009 01:53 pm at 1:53 pm |
  3. Mitch

    With BIG bonuses they award themselves I highly doubt Bankers have our/America's economy on their agenda.

    December 14, 2009 01:56 pm at 1:56 pm |
  4. Mark

    Obama is now blaming the banks for not lending aggressively enough. The same situation he is blaming them for putting us here.

    December 14, 2009 01:56 pm at 1:56 pm |
  5. Jillie

    i feel like we've just been "used".

    December 14, 2009 01:56 pm at 1:56 pm |
  6. aneanderthal

    Sounds like he is telling the bankers to do again what got us in to this mess in the first place doesn't it? Barrack Hussein Obama has already spent trillions of dollars on this and it hasn't made a dent. Has he spent any money on teaching those who support him anything about personal responsibility? I doubt it, the unions and ACORNS would oppose that.

    December 14, 2009 02:01 pm at 2:01 pm |
  7. alvy singer

    Thank you President Obama!

    December 14, 2009 02:13 pm at 2:13 pm |
  8. yuri

    Our fond and fervent faith in the banking system is that they lend their full ears to this exhortation from BHO, besides just lending loans (or not).

    December 14, 2009 02:13 pm at 2:13 pm |
  9. Dar

    Well Odumbo just doesnt get it, He wants the banks to go back to what got them in trouble in the first place.
    IM through bailing out people that keep screwing up and Odumbo just cant understand why he cant make this country thrive again. He now has to do the unthinkable for him, he now has to act like a republican and get tax cuts out for busniess so they can grow and hire people.
    He has to start huge projects like building Dams, power plants, Oil drilling for pipe lines to be built, ect ect ect
    This isnt that hard but he would rather just keep throwing our money away because this is all he has ever done, he is a community leader and that is all they do is get free money and spend it. He is in hog heaven right now and cant stop himself.
    But in 2012 he going to stop:)

    December 14, 2009 02:21 pm at 2:21 pm |
  10. RahmAxleRod SuperTroopers

    Banks to Obama: you paid of goldman... pay us off...

    Obama to banks: whoops.

    December 14, 2009 02:24 pm at 2:24 pm |
  11. Enough

    Does Obama REALLY think this is the answer to the economy? If so this country is in BIG trouble with this weak, naive and out of touch with reality man................he is so clueless when it comes to jobs, the economy, spending............etc.

    December 14, 2009 02:28 pm at 2:28 pm |
  12. Chanel

    Extrodinary commitment yes, but not so much that they end up with massive forclosures like last time. We need a good incentive to get people with good credit into new homes, taking out business loans, ect. But extending credit to just anyone is a mistake that should have been learned from.

    December 14, 2009 02:29 pm at 2:29 pm |
  13. Peter E

    But America only believes in socialism in the reverse, and calls it 'free market.' If there is trouble, then we all have to pay, but if there is profit, only the wealthy get to keep it! There is a redistribution of wealth in this country! But it is from the poor to the rich, not the other way around!

    December 14, 2009 02:45 pm at 2:45 pm |
  14. Professor GOFORIT

    Banks can help in the revitalization of our nation - BUT, it will take a strong manufacturing expasion in the US to actually rebuild our economy and put people back to work. Whenm will Obama and the poltiicans learn that?

    December 14, 2009 02:46 pm at 2:46 pm |
  15. Kevin in Ohio

    Obama.... it is not up to banks to rebuild the economy. Maybe if you and the liberals in Congress quit spending and stealing more and more of our hard-earned tax dollars, the economy will start to rebuild. But until that happens, I'm keeping my money away from you by investing in Gold. It makes no sense to invest in companies and free enterprise these days as the government is trying to destroy them all.

    December 14, 2009 02:47 pm at 2:47 pm |
  16. No loans for Obamarites......

    banks should hang onto their money and not lend it to all the losers who will never pay it back.......

    December 14, 2009 02:50 pm at 2:50 pm |
  17. Jillie

    They've slapped us with sky-high fees on everything from ATM, credit cards, checking and loan fees, and the list goes on and on and on. It'll never stop.....bankers need their bonuses!!!!

    December 14, 2009 02:52 pm at 2:52 pm |
  18. Matthew

    I wouldn't trust a banker anymore.

    December 14, 2009 02:52 pm at 2:52 pm |
  19. T'SAH from Virginia

    TRUE THAT!!! They got their BONUSES as a result of our taxes NOW it's time to GIVE BANK!!

    And they need not worry because what they give back WILL NOT exceed or interfere with their bonuses!!!

    December 14, 2009 02:58 pm at 2:58 pm |
  20. Obamalism

    He's an absolute idiot if he's putting his trust in the banking cartel to do what's in the best interest of the public over themselves.

    December 14, 2009 02:59 pm at 2:59 pm |
  21. Obama-to-Banks

    Please. I beg you tell your lobbist on the hill to cool it I (we)need to regulate you.....Banks you don't get it !! I'm desperate.......!!!!!!!!!!!!!!!

    December 14, 2009 03:06 pm at 3:06 pm |
  22. unemployed by Obama

    Oh wow obama, you are going to fight, sure, more lies. Just like you werent going to rest till there were jobs. Obama LIES like a traitor which he exactly is, a traitor to the American people. Promised change, well we got it, change for the worse. IMPEACH OBAMA NOW.

    December 14, 2009 03:10 pm at 3:10 pm |
  23. Hammerer

    Right! ALCORN needs more capital. Small business with poor credit want money.
    Want to bet where Obama wants the money to go. The housing is still in trouble from policies just like this.
    Some people never give up. Spend more money on high risks and blame someone else when it fails.

    December 14, 2009 03:20 pm at 3:20 pm |
  24. Jerry Coltrane

    What Obama is demanding, in other words, is for the lending institutions to go back to doing the very same thing that caused all the downturn last year = loan/loan/loan without being careful whether the loanee can repay.

    December 14, 2009 03:21 pm at 3:21 pm |
  25. George Guadiane - Austerlitz, NY

    If things go badly for banks again, LET THEM FAIL, no matter what!!!
    Bankers, the entire financial/insurance industry, in fact, have demonstrated their intent to continue as before, making as much profit as possible, no matter how badly it impacts the economy at lage, and, making as much personal gain as possible, with a complete disregard for how it looks, feels or impacts the larger community.
    When bankers act like HUMANS and treat other humans with a modicum of humanity, dignity, RESPECT, then, and ONLY then should we even CONSIDER giving them any assistance.
    They act as if they live in a feudal society, and treat us as serfs who are OBLIGATED to help them, no matter what.
    Makes me wonder if "First Night" privileges are not on their Christmas wish list.

    December 14, 2009 03:23 pm at 3:23 pm |
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