The President Rages Against the Banking Machine

This administration, like the last, helped bail out the nation’s biggest banks. That was then, this is now. A year later the biggest banks are increasingly paying back the tax payer loans and freeing themselves of the strings that came with the lifeline. Specifically, the rules that restricted how much they could pay their people.

It’s good they are paying back the loans (ahead of schedule and with interest) but the President is still mad. What’s got him mad is the lack of loans he is seeing flow out of the banks to small businesses. The administration is also angry that more homeowners – the ones who applied for help in staving off a foreclosure -- are not getting help with new, re-worked mortgages.

Last night on 60 Minutes here is what Obama had to say: "I did not run for office to be helping out a bunch of, you know, fat-cat bankers on Wall Street…”

"These same banks who benefited from taxpayer assistance ... are fighting tooth and nail with their lobbyists up on Capitol Hill, fighting against financial regulatory control…"

Today, at the White House, the President will meet with the heads of the banks and express his thoughts in person.

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