President Barack Hussein Obama today opened fire on the biggest single source of capital aggregation and job creation in the world - Wall Street.
Obama criticized the bonuses and earnings of Wall Street executives, an easy target in a down market and one that isn't likely to fire back.
President Barack Obama issued a withering critique Thursday of Wall Street corporate behavior, calling it "the height of irresponsibility" for employees to be paid more than $18 billion in bonuses last year while their crumbling financial sector received a bailout from taxpayers. "It is shameful," Obama said from the Oval Office. "And part of what we're going to need is for the folks on Wall Street who are asking for help to show some restraint, and show some discipline, and show some sense of responsibility."
Obama's savvy enough to know a defenseless opponent when he sees one, and that's exactly what's happening. The media parrots the socialist calls for more and more regulation and demonizes the filthy lucre earned by the financial sector, but they never tell the real story of how Wall Street, and financial firms in general, were sabotaged by poor regulation in the first place.
It's important to remember when the socialists in government and their allies in the press start to condemn Wall Street for its irresponsibility, that the SAME people who "regulated" Fannie Mae and Freddie Mac and let the entire industry go to hell in a handbasket are the ones proimising better and more efficient oversight than before. "We didn't do our jobs properly last time... but we know better now. It's really the fault of those scheming bankers."
Obama's strong words overshadowed the other part of his message, that he wants to roll out, in the coming weeks, new plans to regulate Wall Street and get more credit flowing to consumers again. The president considers such steps to work in tandem with the economic stimulus measures unfolding in Congress.
One idea under consideration by the Obama administration is the creation of a "bad bank" that could take over the soured debt, like defaulting mortgages, that have corroded the balance sheets of banks and helped choke off lending. The president did not talk about that proposal or any others.
I call BS on that. The same activist left-wingers in government that gave us the disastrous Community Reinvestment Acts of 1997 and 1977, berated anyone questioning the sagacity of Fannie Mae's seriously flawed business model, and whose best solution to our current economic crisis has been to print money like it's only so much paper, deserve to be challenged on this. All this government help is killing us.
I think the shortest route to recovery is for activist do-gooders like President Obama to butt out, and let the scheming capitalists do their thing as unfettered as possible, regulated only to ensure a fair playing field for all investors. After all, I can't think of even one product that Barack Hussein Obama has brought to market successfully, except maybe himself.
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