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Posts Tagged ‘Barack Obama’

Sense on Cents Endorses Elizabeth Warren for Consumer Financial Protection Agency

Posted by Larry Doyle on July 17th, 2010 11:20 AM |

Elizabeth Warren

Truth, transparency, and integrity!

If our nation is to have any chance to recover from the throes of the worst economic crisis since the 1930s, it had better start elevating and embracing these aforementioned virtues. Time and time again, when we review business practices and political decisions at the center of our crisis, we have seen a glaring lack of these prized virtues. Why and how were these principles compromised? The pursuit of short term profit. Regrettably, this pursuit came at the expense — if not total violation — of these principles. The ultimate long term costs are now being borne by the nation as a whole.

Sense on Cents abhors those who would compromise these core values. Similarly, Sense on Cents embraces those who cherish these values. To that end, I strongly endorse Elizabeth Warren to head the Consumer Financial Protection Agency. (more…)

Barack Obama vs. David Cameron

Posted by Larry Doyle on June 8th, 2010 12:15 PM |

Is Barack Obama listening to the political winds blowing across Europe? With European central bankers turning away from ongoing fiscal stimulus in an attempt to avert a sovereign currency crisis, political leaders in Europe are singing from the same sheet of music. If you don’t think so, let’s listen to the recently elected British Prime Minister David Cameron. What does Cameron have to say? The Financial Times sheds real insights into the future for the UK in writing, Cameron Warns on Impact of Cuts:

David Cameron, Britain’s prime minister, yesterday put the country on notice that his plan to cut the £156bn deficit would have “enormous implications”, warning that public sector pay, pensions and state benefits would all face cuts.

Mr Cameron’s new coalition government has prioritised deficit reduction and is preparing Britain for what is expected to be a bruising “emergency Budget” on June 22. The prime minister said the cuts would hit “every single person in our country”.

What does Barack think about that? (more…)

Indict, Prosecute, Convict the Fraudsters…Or Else!!

Posted by Larry Doyle on June 2nd, 2010 1:20 PM |

Has America lost the courage to aggressively address those who commit fraud? Is the American public even aware of the massive fraud perpetrated by those in our financial system which led to our current economic crisis? Are those in Washington willing to take a stand, risk their own skins, call out those engaged in fraud, even if some of the fraudsters occupy neighboring seats at nearby regulatory bodies?

Unless we find people in our government who are willing to make these calls, repeat them publicly in a long, loud fashion, and compel prosecutors to issue indictments, then I fear our union will pay a price and incur a cost that may be immeasurable.

Why so strong? Why so strident? (more…)

Obama Political Pandering on AZ Immigration Law Represents Real Risk to U.S. Dollar

Posted by Larry Doyle on May 20th, 2010 6:41 AM |

Somebody in Washington might want to pull President Obama aside and inform him that he is the President of the “United States,” not the President of North America or the President of a future Mexican-American Federation. Putting pure party politics aside, when a leader of a nation openly and brazenly turns his back on that nation’s laws and its citizens, sovereign risk increases.

Sense on Cents is not a political site, but developments over the last few days warrant my remarks on how the Obama administration and Obama himself represent increased risk to the value of our dollar and our sovereign integrity. To what do I refer?   (more…)

Volcker: American ‘Lack of Urgency’ Will Cripple Us

Posted by Larry Doyle on May 19th, 2010 11:30 AM |

Paul Volcker

We’re different, right? The economic problems in Greece and other nations within the EU are their problems and not ours. Really? In my opinion, Americans are far too complacent regarding our economic problems. We shouldn’t be.

Will the economic, political, and civil waves of unrest rolling across Europe come ashore here in America? It is only a matter of time unless those in Washington charged with addressing the underlying issues take swift action. I have seen zero inclination and political will to do just that. Our Washington elite are so used to feeding at the trough that they would not know how to pull themselves away. How is America responding to these fat pigs?

(more…)

Barack Obama Has Ben Bernanke by the Balls

Posted by Larry Doyle on March 16th, 2010 3:32 PM |

Is the White House now in charge of both fiscal and monetary policy?

The Federal Reserve just released its March statement confirming no change in its monetary policy and little change in economic outlook. A brief overview of the Fed’s statement includes the following:

>> Maintains the Fed Funds range at 0-.25% for an extended period.

>> The quantitative easing program used to purchase $1.25 trillion in mortgage-backed securities and $125 billion in federal agency debt is nearing completion at the end of this month. The Fed will monitor economic conditions and employ policy tools as necessary to promote economic recovery and price stability.

>> Economic activity is generally improving. The overall pace of economic recovery is moderate. (more…)

Fannie Mae Blight Plagues America

Posted by Larry Doyle on February 26th, 2010 6:22 PM |

Is it any surprise that the next drawdown in a multi-billion dollar ongoing bailout gets posted at 5pm on a Friday afternoon? Not in this economy where Uncle Sam, that’s you and me boys and girls, continues to pay for the woefully mismanaged financial and legislative practices of those in Washington.

The gutless typically prefer to operate under a veil of darkness.

I am referring to the sinkhole that is the organization known as Fannie Mae, as it comes back to the well for another $15 billion. Bloomberg highlights this ongoing bleeding in writing, Fannie Seeks $15 Billion in U.S. Aid After 10th Straight Loss:

Fannie Mae, the mortgage-finance company under federal conservatorship, said it will seek $15.3 billion in aid from the U.S. Treasury after posting a 10th straight quarterly loss. (more…)

Elizabeth Warren Calls for New Bank Stress Tests

Posted by Larry Doyle on February 11th, 2010 9:34 AM |

The initial Bank Stress Tests run by Treasury Secretary Geithner were largely a sham. I questioned as much last April in writing, “Bank Stress Tests: Major Sham?”:

As with any test, the results are only meaningful if the process and proctor have unquestioned integrity. The proctors for the Bank Stress Test are none other than Treasury Secretary Tim Geithner and Fed chair Ben Bernanke. Why is a testing authority of the magnitude of FDIC, led by Sheila Bair, not more involved in the process? Ms. Bair is the one individual in our country with the greatest level of interaction with and understanding of the student body, that being the banking industry as a whole and individual banks specifically.

What does the FDIC, led by Ms. Bair, have to say about the upcoming Bank Stress Tests? The New York Post provides a CHILLING perspective: (more…)

President Obama and Robert Wolf

Posted by Larry Doyle on February 2nd, 2010 3:02 PM |

I have debated writing about Robert Wolf.

Who is Robert Wolf? The CEO of UBS Group Americas and one of if not the closest adviser President Obama has on Wall Street. Wolf was profiled in The Wall Street Journal on January 23rd, Obama’s Lead Blocker on Wall Street:

Mr. Obama has at least one buddy in the banking business: a former University of Pennsylvania fullback and ex-Salomon Brothers bond trader who now serves as an outside White House adviser. (more…)

Will Obama Whack Geithner and Anoint Volcker?

Posted by Larry Doyle on January 21st, 2010 8:54 AM |

Geithner, Obama, Volcker

One year into his presidency, Barack Obama is losing support from many corners. The American public is clearly sending Obama specifically and Washington at large a strong message of disapproval. Obama’s liberal base of support within the Democratic Party is growing increasingly disenchanted. Individual supporters such as The New York Times’ Paul Krugman are backing away from Obama.

Obama and team have nobody to blame but themselves. They were elected to bring real change to Washington. The American public defined that change as embracing real truth, transparency, and integrity. To this point, Obama has fallen woefully short on all these fronts and proven himself to be ‘just another politician.’

Obama has tried to scale Mt. Everest when in fact the American public and economy were merely and are still trying to get back to sea level. As Obama looks to regroup and reconnect with the American public, what will he do? (more…)

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