Obama administration clears banks to accept funds from legal marijuana dealers

[Halcyon Daze]

Obama administration clears banks to accept funds from legal marijuana dealers

http://www.washingtonpost.com/business/economy/obama-administration-clears-banks-to-accept-funds-from-legal-marijuana-dealers/2014/02/14/55127b04-9599-11e3-9616-d367fa6ea99b_story.html

The Obama administration on Friday gave the banking industry the green light to finance and do business with legal marijuana sellers, a move that could further legitimize the burgeoning industry.

For the first time, legal distributors will be able to secure loans and set up checking and savings accounts with major banks that have largely steered clear of those businesses. The decision eliminates a key hurdle facing marijuana sellers, who can now legally conduct business in 20 states and the District.

Edited February 15, 2014 by Halcyon Daze

[Foo]

*sorta

[Halcyon Daze]

Things will only keep progressing if people keep fighting for it. Those who think everything is gonna just land in their lap are sadly mistaken. There are groups rallying against the recent reforms and people need to keep getting up of their asses and fighting these zealots.

Any progress is good in my opinion, it could all vanish in a puff of smoke -literally.

[-RC-]

Apparently quite a few members of the US Congress have been pushing Obama/Holder to remove the current scheduling of cannabis, which sees it classified as more harmful than meth with no medicinal value.

Fuckin idiots

[ThunderIdeal]

^ how does that work?

is it simply because meth can be prescribed as medicine?

[-RC-]

The only way I think it works is big pharma keeps paying the government to suppress cannabis in terms of medicine, and the whole sold out and corrupt government keeps pretending that there is some other science which proves cannabis is super harmful of of no medicinal benefit.

Oh and also Obama gets in on the back of claims he isn't going to pursue medicinal users and that he'll have a more relaxed legal approach towards cannabis. Which of course he turns around and does the opposite of. Change you can believe in is no change at all. Don't believe a fucking word any of them, including our politicians, say about the topic. If you ain't payin, they aint sayin.

[Halcyon Daze]

Obama doesn't have the numbers to make major reforms on anything. He can only wish that he was able to make change but people didn't vote for it. He had the numbers (only just) up until the mid term elections of his first term. But that was a highly tumultuous and bipartisan time anyway with the GFC and all. Ever since then he has simply not had the numbers to pass anything through congress.

And they are officially the most obstructionist congress ever in the history of American politics, with no plans to allow any progress, even if it might be good for people. Obstructionist purely for political gain, just like Tony Abbott was in opposition here in Australia.

Just take the US healthcare reforms for example. Congress would rather commit economic suicide than have universal healthcare for the people. (i.e. recent government shutdown)

Obama could only spruik for change during the election battle, but when people voted the Republicans back into congress it was all lost, that was the end of hope and change. Don't blame Obama if he didn't get enough votes. The Republican congress is owned by the big banks, oil companies, pharmas, and insurance companies, and they are doing a great job at stopping change in it's tracks. "THANKS MISINFORMED REDNECK VOTERS!"

So now Obama is trying to bypass congress completely and do what he can to enable change through his government administration's powers only. Hence the latest adjustments to allow banks to deal with medical marijuana businesses.

I applaud every small step that is being made, it's quite a feat considering the circumstances.

America doesn't deserve someone like Obama as pres, he was wasted on those iced-out rednecks.

Edited February 16, 2014 by Halcyon Daze

[-RC-]

I would counter that and say this:

I does not matter who gets in, or what they say. They will do the same shit at the end of the day. Our carbon tax is an example of that. Was never going to happen, now we have it. Whether you think that is a good thing or not is irrelevant,

Politicians lie, and to be honest I am coming around to the view that this bullshit charade that we call democracy, and the fucking ridiculous situation that sees us given the 'choice' out of two fucking idiotic parties, is simply that, an illusion.

Both parties march to the beat of the same drum. They are directed by external forces, so it doesn't matter who is in; the external steering mechanism prevails.

If this is not true, then how come we get virtually the same shit from both sides, regardless of their professed 'promises'?

We as a society have gotten used to acquiescing to our government, and when they do what they said they wouldn't, or when they don't do what they said they would, we go "Fucking government! Ah, what can you do? Oooh, look, the footy's on! Fuckin blues/maroons/insert bullshit distraction here"

Shit happens we don't like, the people who supposedly work for us don't, and we do fuck all. Then we display our insanity by going through the exact same motions again and expect a different result. "Nah, not going to vote for those idiots again, guess I'll go with this mob who I have little to no connection with anyway".

Then look at the fucking idiots who we get as our leaders. Not one single one of them in the last 20 years (at least) is someone who, in the not so distant past, would've garnered nearly enough respect to be put in a position of power. Can you imagine Abbot, Gillard or Howard leading ANY ancient civilization of note? But they're good enough for us, and so are their prepared, soul-less speeches, and their constant avoidance of real issues and answering tough questions with a single fucking "YES/NO"

They are sell out bitches, and all of them can get fucked, ESPECIALLY Obama. Biggest sell out EVER!

Let's not make excuses for them, they are experts at doing that themselves.

[-RC-]

Case in point:

http://www.washingtontimes.com/news/2014/feb/14/banks-warned-they-risk-prosecution-if-they-follow-/

[Halcyon Daze]

“Bankers had expected the guidance to relieve them of the threat of prosecution should the open accounts for marijuana businesses, but the guidance does not do that,” said the CBA statement. “Instead, it reiterates reasons for prosecution and is simply a modified reporting system for banks to use. It imposes a heavy burden on them to know and control their customers’ activities, and those of their customers. No bank can comply.”

Michael Elliott, executive director of the Marijuana Industry Group, said he was “pleased” that the Obama administration takes seriously “the banking crisis and the public safety issues it has created.”

The banks would say something like that though wouldn't they.

At the same time, “While we believe today’s guidance should provide banks some of the assurances they need to begin doing business with the marijuana industry, it doesn’t solve all the problems,” said Elliott in a statement.

Childears and Elliott agreed that a congressional fix is needed, either to revise the banking laws, such as by passing the Marijuana Business Access to Banking Act, or to remove marijuana as a Schedule 1 drug under the Controlled Substances Act.

Once again, the banks want it to go through congress which has zero chance of happening thanks to the Republicans blocking everything. Especially marijuana reform.

Edited February 16, 2014 by Halcyon Daze