Banks Report Loss: Barack Obama at 11:00


Barack Obama has refined the art of turned profit making into an evil horrible endeavor.

If you are a bank that makes money, you are the evil rich taking advantage of middle class America, who is suffering through the worst recession since the flood.

Oil company?  Corporate greed destroying the planet all the while taking billions in tax payer money to fund their record breaking profits*.

It never ends.  Well, actually, it does.  It ends when Obama actually LIKE a company and would enjoy that company to reap profits.  Like windmill farms, battery corporations and other green firms that go bankrupt in months after Obama comes calling.

After the recession ended and the banks began to report their earnings, Obama was on the news reporting their profits.  “Record breaking and excessive.”

I expect that he’ll be on the same bully pulpit expressing concern for our brothers on Wall Street:

Bank of America reported a second-quarter net loss of $8.8 billion, or 90 cents a share, against a profit of $3.1 billion, or 27 cents a year ago. Economists had forecast a loss of 85 cents a share.

$8.8 billion.  That’s “illion” with a “B”!

I don’t expect Obama to announce this or perhaps even notice this.  But I find it interesting and even irritating that he continues class warfare even as that class he hates drives, or tries to drive, our economy.

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7 comments
  1. The banks got a deal that was too cushy for their own good, and a big reason for their stocks going down is this news of their checks and balances re: “robo-signers” and their handling of foreclosures, as I understand it. Either way, let the buggers finally eat a $hitburger from an economy that they played a big part in causing. I’ll be happy to serve it to them on a silver platter.

    As for Obama being hypocritical on all the issues you mentioned, I agree. He just goes with the prevailing wind at the time. A politician more concerned about popularity than practicality? Shocker! 🙂

    • pino said:

      let the buggers finally eat a $hitburger from an economy that they played a big part in causing. I’ll be happy to serve it to them on a silver platter.

      No doubt.

  2. Alan Scott said:

    So every bank is guilty ? There are no innocent ones ? Screw em all ? What if some banks have new management that wasn’t even there during the crisis, screw em anyway ?

    • pino said:

      So every bank is guilty ? There are no innocent ones ? Screw em all ?

      Nah, I think its safe to say just the ones that were knowingly pushing these bad loans.

    • Many smaller, community banks were doing relatively fine compared to their larger counterparts because they didn’t get into (or as much into) the bad loan business. If they’re publicly traded, they’re subject to the sentiments/whims of the market just like everyone is. If they’re not publicly traded, their success will rely more upon their unique selling proposition and their efficiency in delivering it.

      • pino said:

        Many smaller, community banks were doing relatively fine compared to their larger counterparts because they didn’t get into (or as much into) the bad loan business.

        I think you’re right. Those smaller banks took smaller loans, fewer of them and they held their own paper. As such, they were motivated to make sure the loans were stronger.

      • “…motivated to make sure the loans were stronger.” Gee (far left), I wonder what motivated them to do that! 😉

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