December 13th, 2009
03:57 PM ET
8 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. Peter s

    I hate to bring this up! if majority of them are Republicans! their main goal iis to see your Government fail!!.

    December 13, 2009 03:26 pm at 3:26 pm |
  2. bobby

    get tough on the banks..

    December 13, 2009 03:28 pm at 3:28 pm |
  3. TCM

    Orman's wrong; it's absolutely his responsibility...he takes credit for many things that are good, that he's had nothing to do with...but, he owns this one..he owns the debt, and the wreckless, irresponsible spending...he owns the fact that he's contributing heavily to destroying the very fiber that makes this country great.

    December 13, 2009 03:28 pm at 3:28 pm |
  4. howie

    Obama has become the largest spending president in history, at a time when America has no money, explain that!!!!!!!!!!!!!!

    December 13, 2009 03:34 pm at 3:34 pm |
  5. Ted

    A windfall profits tax and a 50% tax rate on income above say $20 million in a year. They want big fat bonuses? Fine, but half gets returned to America.

    December 13, 2009 03:36 pm at 3:36 pm |
  6. Always Conservative!

    I don't have much faith in Orman either. I have listened to her programs and my wife purchased some of her books and tapes prior to us meeting. We gave the stuff to Goodwill! Once we did that my wife began making money! So, beware!

    December 13, 2009 03:43 pm at 3:43 pm |
  7. Libertarian

    I don't believe there's anything our President can say to change the way these folks do business. Bush gave them all a parting gift with NO STIMPULATIONS and now we want to modify that? Greed will drive their behaviour and not Gov't policy.

    December 13, 2009 03:44 pm at 3:44 pm |
  8. Preston kathy

    40 mm quad 50 go get them suzi wells farco bank stoped chargeing for calls when you want to talk to a person working at a bank it is a nice start

    December 13, 2009 03:44 pm at 3:44 pm |
  9. Hugh MacLellan

    I find it unconscionable that all these financial institutions can not seem to understand their obligation to the country is.

    In my view they are just as much a traitor and fail any patriotism tests as a person who would give away classified military information. They are sucking the blood out of the american people for there on personal financial gain and ultimately causing serious damage to the country as a whole.

    I say take all the fat cat CEO and give them flack jackets with a free ticket for a flight directly to Afghanistan. A little reality check and a lesson in patriotism would do them a bit of good.

    December 13, 2009 03:50 pm at 3:50 pm |
  10. cjl

    How ludacris is this article? The banks should tell the president to take a hike and stick to their instincts based on common sense and mathematics. If someone doesn't deserve a loan, don't give it to them. If the economy is not favorable and they may lose money on a loan, don't make it. Its that simple. Give me a break.

    December 13, 2009 03:50 pm at 3:50 pm |
  11. Shaun in WI

    I usually think of Suze as a annoying scag, but amen to that! The banks are giving the American public the finger and ripping is off and the sad thing is there's nothing we can do about it. The banks will not be happy until the entire economy crashes, we're all penniless and they control every aspect of this country...

    December 13, 2009 03:56 pm at 3:56 pm |
  12. Steve, New York City

    I agree with Suze Orman. It's not all Obama's fault. However, reckless speculation is not 100% the banks' fault either. Banks are easy targets, as politicians feed off of populist anger.

    Looking out a year from now, maybe we'll all be railing on the ridiculous market speculation that occurred, as a result of Washington pushing the deficit (and the dollar) into oblivion!!!

    December 13, 2009 03:58 pm at 3:58 pm |
  13. JD in Moraga

    Get a clue, large part, the banks did not take "taxpayers’ dollars" and for the most part are trying to make the best of a bad situation. TARP was essentially rammed down the banks' throats, with at least one official (Wells Fargo's Dick Kovacevich) labeling the progam (appropriately) as "asinine." At least she admits that she doesn't know what the solution if some of the nay-sayers out there would likewise get over themselves and admit they don't have drive-thru-window solutions, maybe some constructive dialogue could occur.

    December 13, 2009 03:59 pm at 3:59 pm |
  14. DJ

    As simplistic as it may sound, the Administration should raise the prospect of nationalizing banks. This will get the banks attention.

    December 13, 2009 04:01 pm at 4:01 pm |
  15. Love it or leave it

    You go girl and get on their faces. If the banks eco's and others that do not want to help fix our problems should get the hell out of our country.

    December 13, 2009 04:03 pm at 4:03 pm |
  16. roscoe

    Why does the Obama not tell the "expert" Bernanke to stop giving money to these guys for 0% interest. This is not rocket science. They get it for 0 and buy treasuries. Think billions!!!

    December 13, 2009 04:03 pm at 4:03 pm |
  17. Otto

    Ms. Orman, right or wrong; don't you try to tell the Republicans that it's not Obama's fault. The President cause the financial markets to crash, he was responsible for the bad trades, the housing bubble, AIG, Merrill Lynch, Goldman Sacks and all the things leading up to the worst crisis in 60 years. He was the president and it was his policies that caused the hardship on everyone today. He did so badly that not only affected the United States but spawn a worldwide meltdown.
    This I think is what the Republicans are saying and they refuse to take blame for their disastrous government over the past 8 years.

    They certainly will say the House and Senate were controlled by the DEMS since 2006 but they won't say they have blocked every bill that does not include war spending or tax cuts.

    See the latest article that states; the Republicans are firmly together to kill the healthcare bill. Since this president took office; they (Republicans) have only agreed on a few bills and they all are bills including wars and spending on the military machine. These people are not humans; rather, people who believe killing is the only justified reason to spend tax payers money. As long as I live, I will never support a Republican!

    December 13, 2009 04:03 pm at 4:03 pm |
  18. JeremyK

    "if you don’t help those that really need you, then we’re going to have to do something about it.’” -Suze Orman

    "From each according to his ability, to each according to his needs"
    – Karl Marx

    Sounds similar, doesn't it? Businesses are not here to SERVE anybody. They exist to make a profit.

    December 13, 2009 04:04 pm at 4:04 pm |
  19. Pragmatic

    TCM whines "Orman's wrong; it's absolutely his responsibility...he takes credit for many things that are good, that he's had nothing to do with..."


    Specific details with documentation or just another broadside salvo that has no basis in reality ???

    December 13, 2009 04:05 pm at 4:05 pm |
  20. Fooled Again

    Suzy.. Read creature from jekyl island and then you'll know why it IS Obama's fault and every president's before.
    The Federal reserve is a printing cartel that services the needs of the political party in office. Everyone knows it. They print money for their friends, donate some of that money to politicians and by the time the people get the money it's worthless.

    December 13, 2009 04:06 pm at 4:06 pm |
  21. Right wingnuts are as dumb as a woonsocket

    Even a wingnut has to admit that our country was in the crapper before Obama was sworn in.

    December 13, 2009 04:06 pm at 4:06 pm |
  22. D. Tree

    If Obama was any harder on the banks, people would be claiming Socialism and Dictatorship.

    December 13, 2009 04:06 pm at 4:06 pm |
  23. giniajim

    The banks are playing us for suckers. Ripping money from us every way they can, through outrageous fees, and accepting the dole from the government. I understand that they're just doing what capitalism wants them to do, but we have regulation too to make sure they serve the public like they're supposed to!

    December 13, 2009 04:06 pm at 4:06 pm |
  24. Woonsocket

    The disaster we are in now is because the Obamists in control of Congress during the Bush administration strong armed the banks into doing stupid things. I no longer have any respect for Suze Orman. If you don't want to pay high credit card rates then DONT USE CREDIT CARDS.

    December 13, 2009 04:12 pm at 4:12 pm |
  25. David

    Suze Orman has no idea what she is talking about. It is a shame that people take advise from her. People need to educate themselves about investing!!!!

    December 13, 2009 04:12 pm at 4:12 pm |
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