If Congress cannot take this essential step, however, no amount of additional authority--given to a purported "world class regulator"--will significantly change the course of events. Fannie and Freddie will continue to grow, and one day--as Alan Greenspan has predicted--there will be a massive default with huge losses to the taxpayers and systemic effects on the economy. Peter Wallison, American Enterprise Institute, May 13th, 2005
In the late summer Jonathan Alter mistakenly asked for empirical proof that Obama was a bad president, as if everything said about Obama’s tenure was just a compilation of ad hominem attacks on the president.
I, along with a host of other writers took up the task to answer Alter.
You can read that column here.
But from time to time another person makes a case that Obama is a bad president, and I would like to afford him the opportunity right here in this space to be heard.
That person is Barack Obama.
Between now and the election I intend to let Obama speak for himself on these pages as often as possible and thereby show how unfit he is for the presidency.
So here we go:
Mistakes happened, said Obama regarding the financial crisis of 2008, as he defended the lack of prosecution for any of the acts that brought us the final sequel- so far- of the mortgage meltdown that started in 2006.
“Some of the most damaging behavior on Wall Street, some of the most unethical behavior on Wall Street, wasn’t illegal,” Obama told 60 Minutes which aired on Sunday. “That’s why we had to change the laws,” regarding banking regulation that were enacted by the Democrats, he continued.
Thus Obama made the case to the whole country, on broadcast TV, in the most concrete terms as to why he should not be reelected to office of president of the United States.
Because nothing is as characteristic of this president’s tenure, as his ignorant defense of the misguided, so-called banking reform measures that the Democrats took under the Dodd-Frank legislation currently being enacted. Nothing also better illustrates the Democrats' lack of responsibility for how the financial system came apart.