Posted by Oil and insurance companies are placed on the back burner, as the Obama administration ushers in a new boogeyman – the banking industry. Sure, Bush, Cheney and Rove are still the reasons why the economy tanked in 08 and 09, if you believe the left, but for now, the White house will focus its blame on the bankers. So, listen up, America, the President is trying to communicate a message – it is the banking industry’s fault for the bad economy.
Does the President really expect the American people to believe now that regulating banks will prevent another economic meltdown?
Two weeks ago if Congress did not pass healthcare “reform” America would have been unable to contain its debt; two months ago if Congress did not pass Cap and Trade carbon dioxide would have burned up the earth; four months ago FOX news was not a real news organization; and ten months ago, if Congress did not pass the Stimulus bill, unemployment would have risen above 8%. (Do you see the scare tactic pattern?)
The latest attacks on the banking industry is just a poor excuse to tax the hell out of the industry so that the Federal government can have more money to spend, and can control how bankers do business. Even worse than that, it mixes politics with money.
The tax proposal on the banking industry, initiated by the White house, is capricious, lacks conformity and opens the door to a new special interest donating group. Here’s how. If one banking institution supports a politician’s policies and/or campaign, their institution may be exempt from certain taxes. Whereas if another banking institution supports an opposing strategy, regulation can be effectuated. And the vicious cycle continues!
Listen up, Mr. President; this is not the type of change Americans were looking for.
This is just another scheme from this White house to regulate the free market from the false premise that the government can do a better job and wealth can be fairly distributed. Until they realize that the American people would rather take their chances with the free market, than have government regulate their lives to death, the White house will continue inventing new industries to blame.
When the President said on live television that his policies are unpopular because he failed to convey his message and not that he failed to listen to the American people, he obviously is out of touch. Even in the face of devastating losses for the Democrat party in Massachusetts, New Jersey and Virginia, this rhetoric of immunity coming from the Whitehouse shows its arrogance and conceit.
Americans are left in the odd situation of trying to convince the President that we are sophisticated enough to comprehend his policy vision, but we want something different and something quite simple. We want the Federal government to stop spending, stop borrowing, stop regulating, stop taxing, and stop growing government. In our eyes, the Federal government is the boogeyman!
Maybe the President should start listening and stop explaining.
Thrilled about Mass. victory! You can fool some of the people some of the time – witness Obama , but not all of the people all of the time. Hoorah for the voters of Mass! Let them be a warning to anyone who doubts the power of this Democracy.
By Freda on Jan 22, 2010
Something has to happen fast, Freda, because the debt is at 50% GDP. The country cannot sustain much more of this wild spending.
http://www.wnd.com/index.php?fa=PAGE.view&pageId=122416
By Raquel on Jan 22, 2010
Great article, Raquel! Obama’s agenda is to take-over America, reform it to look like Western Europe in order to usher us into the New World Order. The only way to do that is take-over…he has been stopped at every turn but he will not stop trying. He has a higher calling than pleasing “nothing” Americans. We’d better find out who he is beholden too and quick!
By Sheryl on Jan 22, 2010
I agree with you about Obama, but the banking industry is something like a group of welfare mothers. Bush gave them a trillion last year and Obama upped it this year. So Obama gave them trillions and now he says he’s their enemy. Would you say that he is talking out of both sides of his mouth?
It is true that the banking industry is responsible for the business cycle, the cycle up caused by credit expansion the crash caused by excessive loans. This in turn is funded through the Federal Reserve Bank.
The best way to stop the corruption in the banking industry is to stop giving them counterfeit money from the Federal Reserve Bank. Also, the banks have the power to counterfeit money themselves. Most of the money in the economy is created by banks.
The power to create money leads to the business cycle. If the amount of money were stable then the business cycle would not exist or would be considerably muted. If that were the case, deflation would be a natural part of life. Goods and services would continuously become cheaper because the amount of money is increasing slowly or not at all.
That is how the American economy was when my great grandparents came here in the late 19th century. There were increasing real (inflation adjusted) wages and decreasing prices.
The banking industry convinced Woodrow Wilson to establish the Fed and give them unlimited power to create money. The result is that for most of my life there has been a stagnant real wage (no growth in 40 years) and repeated recessions.
The solution that Obama offers is absurd. Obama does not hate the banks. They are his bosses. Rather, he has to seem to hate them because his dim witted left wing supporters will stop liking him otherwise. So he gives them a few trillion dollars (along with Bush), the biggest example of corruption in the history of the world, and he encourages them to print much more money than they ever have before. Under Bernanke the Fed has tripled the monetary base. Then, he goes around telling everyone that he’s going to tax them. That’s funny because if you triple their counterfeiting rights and then tax them 10% you’ve increased their counterfeiting rights by 290%, which is what Bush-Obama have done.
I must say this, he’s right about the banks. They are not an industry. They are an extension of the federal government. They would not exist without the Fed. Much like welfare mothers, they live off the public. But welfare mothers received loot in the billions. Banks receive loot in the multi-trillions. They are super-sized welfare mothers. Jumbo welfare mothers.
By Mitchell Langbert on Jan 23, 2010
Thanks Mitch, it’s difficult to comprehend how money works and is exchanged via government, business, banks, loans, and printing machines.
It sounds pretty corrupt to me, and if future elected officials could concentrate on innovative ways to fix what seems to be a money grab by the rich and influential, maybe we could get things corrected.
I am confident that bright minds can figure all this out, I just wish those minds were the ones working for us in Washington.
By Raquel on Jan 23, 2010