Going to War with the Banks?

Yesterday, President Obama announced that he was going to war with the banks. According to the Wall Street Journal, this is “a populist stance.” I don’t know yet if I agree that it’s populist stance. I might be optimistic, but I’d at least like to believe that the President has finally heard the American people: they don’t want the government involved in their healthcare and they are pissed about bailing out the banks and despite the bailout, the banks continue to take their homes.

I think there are two main reasons he made this announcement: first of all, the Democrats had their you-know-whats handed to them in Massachusetts this week when voters elected a Republican to a seat that has long been a Democratic seat. This has now upset the balance in Congress and weakens the President’s ability to push through legislation, particularly the health care reform bill.

As Josh said to me the other day, the President has been given a gift — a chance to step back and listen to Americans. They have spoken loud and clear and maybe he’s starting to get it now that the Dems lost that seat in Massachusetts.

The other reason I think he made this announcement is that he and everyone else have FINALLY heard the American people with regard to the housing mess. It’s evident to EVERYONE that the banks took the bailout money to shore up their balance sheets and now that they’re profitable again, they’ve paid themselves fat bonuses while everyone is struggling to keep a roof over their head.

I honestly hope that he means business with this stance. I would love to see some meaningful change in favor of the American taxpayers/homeowners. I would encourage all of you to keep writing to your elected officials and let them know your thoughts on these issues.

At least for now it seems to be working! Let’s hope the President’s remarks actually mean something.

What do you think? Are you hopeful? Convinced the announcement was posturing only? Let us know what you think!

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