President Obama, having taken a look at his latest poll numbers, is now proposing that the federal government revoke over 5,000 federal regulations thought to be hampering business expansion. In keeping with Obama's typical "foggy" math, no one has come forth to identify just what regulations will be revoked, yet somehow, Obama and his minions have projected the revocation of these business regulations will yield as much as $10 billion dollars in savings for American business.
The U.S. Chamber of Congress yawned and walked on, ignoring Obama's latest gesture as just another political ploy to somehow capture the votes of moderate Democrats and Independent voters.
Why would business react so callously to Obama's grand gesture? Because frankly, the business community has been telling Obama what is hampering business expansion and costing Americans their jobs: they are scared to death of the explosive costs of Obamacare and the strangling of business credit expansion brought about by the restrictive Dodd-Frank Financial Reform Bill which sets the marker for bank reserves so high that they are afraid to lend.
Of course President Obama has made no move to revoke either Obamacare or Dodd Frank, so he has once again set himself up for another defeat.
I sometimes wonder if Obama is stupid or stubborn or both. I fear both are true. Surely, in the quiet of evening, as he lays his head on the pillow to sleep, he must contemplate the effect his socialist policies have had on the American economy. Any reasonable person, given the quietude of nocturnal contemplation, would see their mistakes, awaken to a fresh new mornng, and vow to correct them.
President Obama seems incapable of doing so...and we are all paying the price for electing someone so severely lacking in logical reasoning and so incapable of providing leadership to our nation.
Now we must console ourselves with the dreams of Hope and Change...hope that November 2012 comes quickly...and we can change leadership
2 comments:
You think "the marker for bank reserves [is] so high that they are afraid to lend"? So whence the credit crisis of 2007?
Fractional banking creates money out of thin air just like the Fed does. Restricting/rescinding their profligacy is not the problem. Unless you think another bubble economy is the solution.
I would urge you to further your education on this; the financial crisis was brought about by two things; the major brokerage houses (not the nation's community banks) were trading CDO's (credit default swaps) as well as lousy mortgages brought about by Frank and Dodd's negligence in managing Freddie Mac and Fannie Mae. It is ironic that all the banks paid back the federal loans while Dodd and Frank's Fannie Mae and Freddie MAC are costing taxpayers billion of dollars per year. The Dems won't attack Freddie and Fannie because they were regulating it and any investigation will make them look bad. The thousands of community banks that had no role in the financial crisis are now paying the price for Wall Street and Federal crimes.
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