December 13th, 2009
03:57 PM ET
9 years ago

'It's not all the president's fault,' Suze Orman says

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.

Filed under: Extra • Popular Posts • President Obama • State of the Union • TARP
soundoff (188 Responses)
  1. Get real!

    Let's all remember one thing; when a business has increases in expenses they pass the increase to the consumer. So yes, lets put a big windfall tax on the banks but be ready to pay more fees and more for services.

    I guess the next thing you people will want is to make all banks non-profit like healthcare. You all need to be careful what you wish for; just ask anyone from the former U.S.S.R.!!

    December 13, 2009 08:28 pm at 8:28 pm |
  2. Scot

    Everything Suzie Orman knows about finance you can pick up in a few hours reading. But then thats probably asking too much of most Americans.

    December 13, 2009 08:29 pm at 8:29 pm |
  3. Eileen

    Why do you keep blaming Bush when Congress was under Dem control while he was president? You can not spend your way out of debt and Obama has spent more than all other presidents put together. Obama is amateur in chief.

    The problem with republicans is that they keep giving in to the crying Dems.

    December 13, 2009 08:30 pm at 8:30 pm |
  4. Get real!

    Oh, and let's not forget that Clinton signed into law the de-regulation Congress passed near the end of his second term. It's not hard to figure out things started going down hill a few years after this!

    December 13, 2009 08:34 pm at 8:34 pm |
  5. Bev

    Obama and the Democrats are destroying our economy and our country!!!

    We will NOT see any "real" relief/improvement-–until the power/control is taken away from Obama and the Democrats through the 2010 elections!!!!

    December 13, 2009 08:37 pm at 8:37 pm |
  6. Borkenstein

    Obama already "knew" Cheney and Bush were all wrong 2 years ago during the campaign. He purported that he knew all the right answers back then and obviously didn't or he would have done something by now. What he did know was that his gullible followers who endless glut themselves with style over substance would defend him and his fraud without inspection of facts or introspection of their own delusions.

    December 13, 2009 08:45 pm at 8:45 pm |
  7. ASMA

    Obama has been trying so hard to fix it and have these bankers held reponsible... The GOP has been and is still protecting wall street greed... To those blaming Omaba I say enough of this dishonest rehtoric and lie and point your fingers where you should... Bankers and Insurance companies that have been sucking the blood out of the nation and the citizens and hid behind their idiot GOP cronies to get re-elected (yes there are some democrat too, but the majority it GOP).

    December 13, 2009 08:47 pm at 8:47 pm |
  8. Ken

    If credit card fees are so obviously evil, why do so many people continue to use credit cards? Seems some of the rocket scientist voters out there would figure out that it hurts to touch the burning stove eventually?

    December 13, 2009 08:47 pm at 8:47 pm |
  9. J of K

    what is this, missing the op to say its all Bush's fault? Maybe some realizes that that old line isn't gonna fly really is Obuma's fault. First you get people jobs so they can pay the bills they are behind on, then you help out the banks – if at all. If every tax payer had gotten part of the TARP $$$ then they could have paid off all the bills in default, and the banks would not have needed to be bailed out. Mr. Prez. needs to take Econ 101.

    December 13, 2009 08:48 pm at 8:48 pm |
  10. RobTNA

    It will be difficult to solve our problems as long as Republicans are so extremely partisan. Until they learn to put their country before their party, I don't see things getting much better.

    December 13, 2009 08:53 pm at 8:53 pm |
  11. J of K

    Truth be known, any President is limited in what they can do. CONGRESS, namely the donkeycrats are the ones that have created this mess!. Social Security was solvent until they decided to move the money into the general fund – cause there was so much $$$. They are also responsible for the lending of 'everyone' regardless of ability to repay. That is what caused the housing collapse, people buying out of their ability to repay ! But with this PC climate we have here, few were denied a loan. The Dems have been in control since 2006. THEY ARE THE ONES REALLY AT FAULT, and the Repubs didn't stop them so they are guilty as well.

    December 13, 2009 08:56 pm at 8:56 pm |
  12. DD

    Why would a random commentary by someone who is not an economist by used here? How about quoting a professor rather than Suze Orman, I feel the quality of CNN articles has diminished substantially over the last year or two.

    December 13, 2009 08:56 pm at 8:56 pm |
  13. Bill Sanford

    Let's face it.

    This is CNN... one of the original "in the tank for Obama" news pieces; NOTHING is going to be Obama's fault.

    The trouble with being a biased news agency is they become unbelievable; that is what we have here. Suzy Orman is simply NOT going to find Obama at fault. It just makes one wonder... what the story is going to be in 2011 – who are they going to blame then?

    December 13, 2009 08:56 pm at 8:56 pm |
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