So the volatility in the market finally finds a cause.
It was just revealed that Obama met with U.S. financial regulators at the White House. Uh oh.
Someoooones in trouble. Ohhoohhhh. (Thanks, Chelsea).
“In a meeting Monday morning at the White House,” writes the Wall Street Journal, “Mr. Obama urged regulators ‘to consider additional ways to prevent excessive risk-taking across the financial system, including as they continue to work on compensation rules and capital standards,’ White House press secretary Josh Earnest said during a press briefing Monday.”
Okay… this should end well.
Obama’s a guy whose most sophisticated finance experience involves selling t-shirts at a loss.
So, think Ebola for the financial system.
And this time we’ll need a much bigger, bluer pill.
Or ISIS for the housing sector-- with the junior varsity at the White House Office of Fairness making sure that unbelievers at private banks get beheaded.
Gosh just when the market was needing to thread the October needle.
This must be an attempt for Obama to grandstand for some Senator or another who’s in trouble. Because, ha, this really can’t be about controlling risky bank behavior.
With the government already making a legal guarantee that they will bailout the banks whenever they get in trouble, who needs risk control?
Remember this is the administration that thinks a nuclear Iran is a human rights issue. Never mind my right to live.
This is an administration that told you they need a trillion dollars to create…zero jobs.
This is an administration that thinks the only democratic government with a functioning economy in the Middle East, Israel, is a part of the problem.
This is an administration that calls looters in Ferguson, MO, “activists.”
This is an administration that makes Kim Jung Next look like a model of modesty.
This is an administration that is so devoid of humility that it has no problem guaranteeing solar loans for big political donors while talking with a straight face about reform.
This is an administration that pilloried George W. Bush of interrogation of enemy combatants and GITMO, but thinks it’s perfectly fine to spy on journalists who might embarrass Obama.
This is an administration that thinks that the voting rights act ensures the rights of only black citizens rather than all citizens.
This is an administration that promised you could keep your doctor if you liked you doctor when they knew it was a lie.
This is an administration that killed the DC voucher program while sending their own children to private schools in DC.
This is an administration that once said it would rather be president of China than president of the United States. Or was that emperor of China?
This is an administration that sees nothing unseemly in asking nuns to distribute abortions, birth control and pornography.
This is an administration that refused to vote for the debt ceiling increase when in the Senate, yet decided anyone who even thought about it under his presidency was a terrorist.
This is an administration that so re-wrote the banking laws that despite a record amount of money supply and historically low interest rates, banks aren't loaning any money…except to people who don’t need it.
This is an administration that caterwauls against income inequality yet presided over the worst recovery for income on record.
This is an administration that in a suspiciously large number of cases where landmark legislation and regulation was enacted it had the exact opposite effect than advertised.
Note to liberals: The last time the government tried to spend its way to prosperity -- the Great Depression-- the economy did so poorly that we use it as a benchmark for craptastic government performance.
So excuse me while I cringe as Obama rails against undue risk, and greed in banking.
With his track record, it’s time for me to go to cash, I’m afraid.And I’m not kidding.