In early 2009, large U.S. banks have been received at the White House for a meeting with the President: it told them that the only way he could justify the measures taken in their favor was through their participation in the effort for economic recovery. To be clear: I will support you if you use the means that I give you to help me revive the economy. From my side I count on your restraint in pay.

For a Democratic president, it was indeed possible to support financial institutions that if they contributed to the national recovery effort. So they had to use the resources obtained by lending on terms less onerous because their cost of funding was lower. And they had to continue to lend to the real economy.

Banks came out of that meeting indicate their agreement on the requests of the President. Instead, they are eager to embark on a hectic activity in the bond markets: 3000 emissions for $ 1.400 billion double and triple from 2007 to 2006. In doing so, large companies, having learned the lessons of the crisis, have reduced their dependence on banks and massively repaid loans, and it has worldwide. Decidedly, the bankers continue to remove the umbrella when it rains.

In addition, measures to support banks have reduced interest rates through monetary policy, Federal Reserve, which lent them $ 2,000 billion at an interest rate close to zero. This activity was so far from having the genius of its development but has allowed traders to harvest without risk, manna from $ 300 billion in commissions that bankers chose not to use to strengthen their capital, but to distribute as bonus exorbitant. Even Goldman Sachs has announced the fall of his bonuses of $ 21.06 to $ 16 billion … little excuse!

Outstanding loans for consumption and for their part, SMEs have plummeted by nearly a quarter and banks have systematically cut the lines of credit cards to consumers and increased rates in a massive and blatant: an average of 20% when one takes a zero%, it looks like a margin sharking. It is true that the South Dakota where they are displaced does not forbid usury rates.

And in recent weeks are reports of a resurgence of activity “prime broker” and the stock of banks with hedge funds….

Obama is right in front of a lack of respect for his word, refusing to participate  national recovery, the financing of speculation and appropriation of profits as a bonus, it must strike a blow.

The measures proposed will effectively cut banks filing of any speculative use their own funds, and non-banking activities such as private equity and hedge funds. In short the end of speculative activities of banks Inside filing. “More banks will never be able to force taxpayers to intervene,” said the President.

We are thus faced with a tug of iron inevitable that only the obtuse bankers did not see coming. They probably rely on the help of the Supreme Court has ruled that illegal limitation of “corporate political contributions.

At stake is nothing less than American democracy: Will it sell or the White House she will succeed in maintaining a balance threatened from all sides. That is why, more than ever, the success of the Presidency of Barack Obama is crucial to American democracy, and indirectly through the world.

As for the banks they can not hope to regain consumer confidence (that is to say the general public) if they do not redefine a policy that favors their economic and social responsibility before redistribution abuse has some amount of “obscene” described them as U.S. President.

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