Sunday, January 27, 2013

Obama's Orwellian radio address on "irresponsible behavior"

From the Weekly Standard:
"Here in America, we know the free market is the greatest force for economic progress the world has ever known. But we also know the free market works best for everyone when we have smart, commonsense rules in place to prevent irresponsible behavior," Obama began.

"That’s why we passed tough reforms to protect consumers and our financial system from the kind of abuse that nearly brought our economy to its knees. And that’s why we’ve taken steps to end taxpayer-funded bailouts, and make sure businesses and individuals who do the right thing aren’t undermined by those who don’t.

"But it’s not enough to change the law – we also need cops on the beat to enforce the law. And that’s why, on Thursday, I nominated Mary Jo White to lead the Securities and Exchange Commission, and Richard Cordray to continue leading the Consumer Financial Protection Bureau.

"Mary Jo White has decades of experience cracking down on white-collar criminals and bringing mobsters and terrorists to justice. At the SEC, she will help complete the task of reforming Wall Street and keep going after irresponsible behavior in the financial industry so that taxpayers don’t pay the price."
It is so perfectly and completely the opposite of reality that I find it difficult to find the words.

I can't think of one major financial industry executive that was prosecuted for irresponsible behavior. I haven't seen any tough reforms to protect consumers. I haven't seen any cops enforcing financial laws, just coddling of banks and wrist slaps. There were monstrous bailouts by Bush, approved and extended by Obama. The federal government still owns a large piece of Citibank and General Motors. Taxpayers are still paying for the bailouts of Fannie, Freddie, Bear Stearns, Bank of America, Goldman Sachs, Merrill Lynch, Morgan Stanley, and more. The statements in the radio address seem to go much farther than just spin. It is calling white, black and vice versa. I can only shake my head in disbelief.

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