US president Obama is meeting soon with executives from some of the biggest banks in the country. The article is not completely clear on what Obama expects to happen in the meeting, but two goals are hinted at.
One is for the banks to submit to greater regulatory control. You might have thought that was one of the conditions for getting 700 billion in bail-out money last year.
Another goal is less clear, but probably more important, and that is getting the banks to start getting money out in the communities, encouraging spending and investment. Not sure how the government can leverage that kind of policy with the banks. Say, “Pretty please?”
It was also reported that Obama’s approval rating has dropped below 50%. At least he seems to understand some of the criticism.
“I did not run for office to be helping out a bunch of fat cat bankers on Wall Street,” Obama said.