December 14, 2009

Straight From the Horse's Mouth

(Or perhaps the other end.)

Barack H. Obama held a meeting today with top bankers and financial mavins, the CEOs at such corporations as American Express, US Bancorp, JP Morgan Chase, Capital One, Bank of America, Goldman Sachs, Wells Fargo, and others; at this gathering of the world's financiers, Obama issued a proclamation of what noble sacrifice the very universe demands of them:

The president said it is not his intent to vilify one person or industry -- to not dictate to them or micromanage their compensation practices.

"My job is to ensure that consumers and the larger economy are protected from risky speculation and predatory practices, that credit is flowing, that businesses can grow, and jobs are once again being created at the pace we need."

In working together towards a lasting recovery, Mr. Obama said, "we rise and fall together: banks and small businesses, consumers and large corporations. And we have a shared interest in working together to ensure a lasting recovery that will benefit all of us and not just some of us."

Very well then; we take the president at his word: We must never again make risky, speculative loans to poor people who cannot pay them back.

• Such loans, generally at usurous rates, clearly qualify as "predatory practices."
• They bring the free-flow of actual credit to a screeching halt by diluting it with ersatz "credit" that is in fact welfare.
• They stifle the growth of businesses by sucking all the credit oxygen out of the room and blowing it at unqualified borrowers instead of credit-worthy companies, small and large.
• And they damage the economy so that jobs are lost, not created -- and not "saved" -- at a stunning rate... as we have seen since the inauguration of one Barack Obama.

Taking the man at his word, I can only conclude that President Obama now calls upon Congress to repeal the Community Reinvestment Act of 1977, along with every act, amendment, or regulatory "reform" since then that has driven banks and other financial institutions to pound sand down a rathole, lending too much money to people with too little credit, too much debt, and too little ability to meet a mortgage payment.

Thank goodness Obama has finally come to his senses!

Either that, or... well, there's always the faint possibility that he doesn't really mean what he says. But surely no President of the United States could be so despicable as to gallop into the history books, at least those written by liberals, across the shattered dreams of the undeserving poor, lured into believing they can purchase spectacular homes despite having insufficient income.

After all, they are all honorable men, these well-meaning do-gooders; all, all honorable men.

Cross-posted on Hot Air's rogues' gallery...

Hatched by Dafydd on this day, December 14, 2009, at the time of 11:58 PM

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Tracked on December 15, 2009 12:09 AM

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