Obama Regulate Banks Not Congress That Caused The Economic Collapse

Socialist Barack Hussein Obama singled out financial institutions for causing much of the economic tailspin and criticized their opposition to tighter federal oversight of their industry.  Obama failed to point out that banks did what Congress forced them to do.

Obama also told CBS' "60 Minutes" that "the people on Wall Street still don't get it. ... They're still puzzled why it is that people are mad at the banks. Well, let's see. You guys are drawing down $10, $20 million bonuses after America went through the worst economic year ... in decades and you guys caused the problem," Obama said in an excerpt released in advance of Sunday night's broadcast of his interview.

No one will disagree that huge bonuses paid to anyone that didn’t perform is wrong.  Yet I haven’t heard Obama or any Democrat say that movie stars whose movie bombs should pay back any of the exorbitant amount they made in making the movie.  I haven’t heard Obama or any Democrat say that a baseball player whose stats drop to give back some of the millions they make.

The House bill, which passed 223-202, would grant the government new powers to split up companies that threaten the economy, create an agency to oversee consumer banking transactions and shine a light into shadow financial markets that have escaped federal oversight.

"Americans don't choose to be victimized by mysterious fees, changing terms and pages and pages of fine print. And while innovation should be encouraged, risky schemes that threaten our entire economy should not," he said. "We can't afford to let the same phony arguments and bad habits of Washington kill financial reform and leave American consumers and our economy vulnerable to another meltdown."

Obama contended that the worst economic downturn since the Depression wouldn't have happened if the rules governing Wall Street had been clearer and enforcement tougher.  The problem is that the heart of the problem was a socialist Congress that was forcing banks and lending institutions to make subprime loans.

Specifically: Wall Street should fall in line with Obama and back a proposal for a consumer protection agency that cleared the House last week.

"I did not run for office to be helping out a bunch of fat cat bankers on Wall Street," Obama told CBS's "60 Minutes" in an interview that broadcast Sunday.

Banks have made horrendous mistakes.  Multimillion dollar bonuses for these bankers are also horrendous.  But, Congress was the biggest culprit in the economic collapse.  Obama if he wants to bully should be bullying Congress not banks.  Congress is the last people we want to ‘fix’ the problem.  They caused the problem.

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