I cannot understand the mentality of someone who slams Wall Street while they simultaneously ask for its support.
A position like this usually indicates an avoidance of a point. That point in this case would be acknowledging the federal government’s interference and what affect it has. Under George Bush, the regulators didn’t stop Bernie Madoff. Regulators are federal employees paid for with our tax dollars. When the United States Government chooses to assert themselves as “Master” instead of “Servant,” the consequences are never far behind.
We saw it happen with the collapse of the banking industry. When is someone going to confront the president with the fact that it was government interference which lead to the creation of Fannie and Freddie? What did these government entities do? They used taxpayer money to back bad loans. This practice — along with regulation — enabled corruption all across the land. As with most government “assistance,” it enabled the corrupt and punished the worthy. No moral hazard whatsoever. Big homes with no money down! Subprime mortgages for everyone! A sweetheart Countrywide deal for Chris Dodd and a scratch on the back from Barney Frank’s “acquaintance” sitting on the top of the banking institution’s panel.
It makes one wonder why “the last eight years” was referenced as Obama’s boneheaded hypocrisy (damning Wall Street while asking them to be your friend) shines through it all.
The good news is that Americans are inheriting a lot of important wisdom right now and November is right around the corner.