“My administration is the only thing between you and the pitchforks.” That’s the message the President gave to bank CEOs during a meeting at the White House. This is interesting and sheds light into this administration’s psyche.
First, the administration thinks it is rescuing the banks and serving the people. Nobody disagrees that the banks are in trouble. Many people are angry. But the actions of the administration so far really does not have Americans’ interest in mind. The Treasury is pouring money into an ailing financial system, what many thinks is just propping up a dead body. The government is removing the risk from the banks, and that is detrimental to a healthy capitalism. Wall Street rose to become a world financial center not because the entrepreneurs and executives avoided risk, but how they took risks and reaped the rewards.
The trillions of dollars injected into the system are sending the country into an abyss of debt, and ironically Communist China is the one hoarding U.S. treasuries. The well-being of future American generations now lay in the hands of Red China.
Secondly, it is clear the administration, along with the liberal Democrats’ control of the Legislative branch, are taking advantage of our financial vulnerability to expand their powers. Congress has passed laws that members and the public had no time to scrutinize, giving the Treasury unprecedented powers over corporations receiving government money. Executive compensations are limited, and CEOs and board members are appointed by Washington.
Third, the fear mongering has driven some people to irrationally despise everything Wall Street. Never mind how Wall Street has helped the country to become a world economic power. Never mind how Wall Street has made money for countless investors. And never mind how Wall Street has provided the millions of jobs for Americans and even foreigners. The fear mongering merely deflects the attention that should be given to the perils of government intervention, namely Freddie Mac and Fannie Mae. This two-headed monster in the course of a few decades brought the housing market to its knees today. And not surprisingly, the main political benefactors from Freddie and Fannie and from this crisis, have been Democrats and their sprawling entitlement programs…
Sorry, President Obama. You are arrogant to think that your administration is protecting these CEOs from the population.
