Thursday, January 28, 2010

Barrack Obama, Reckless Lending, The State Of The Union and Punishing Banks.

There are lots of people out there taking the President's State Of The Union Speech to pieces. It lends itself easily to that task. It really is a stinking pile.

The part that I would like to highlight is a few of President Obama's comments about Banks.

Our most urgent task upon taking office was to shore up the same banks that helped cause this crisis.

The Banks are to blame?

Look, I am not interested in punishing banks. I'm interested in protecting our economy. A strong, healthy financial market makes it possible for businesses to access credit and create new jobs. It channels the savings of families into investments that raise incomes. But that can only happen if we guard against the same recklessness that nearly brought down our entire economy.

Barrak Obama's interests in banks goes way back. Punishing banks is not a new thing to him. I suspect that from a certain point of view, he really isn't particularly interested in “punishing” banks per say, but punishing them is not a new thing for him.

From A Poisonous Cocktail by Peter Schweizer

Obama's battle against banks has a long history. In 1994, freshly out of Harvard Law School, he joined two other attorneys in filing a lawsuit against Citibank, the giant mortgage lender. In Selma S. Buycks-Roberson v. Citibank, the plaintiffs claimed that although they had ostensibly been denied home loans "because of delinquent credit obligations and adverse credit," the real culprit was institutional racism. The suit alleged that Citibank had violated the Equal Credit Opportunity Act, the Fair Housing Act and, for good measure, the 13th Constitutional Amendment, which abolished slavery. The bank denied the charge, but after four years of legal wrangling and mounting legal bills, elected to settle. According to court documents, the three plaintiffs received a total of $60,000. Their lawyers received $950,000.

Barrack Obama has been a major player in our current banking problem for a long time.

He is offering the people of the United States solutions to a problem that can substantively be laid at his feet. It would be unfair to lay the blame exclusively on Barrack Obama. Lots of people were helping “punish” the banks. He was just one of many.

And now he offers to help fix the problem.

A problem that he helped create.

What a guy.

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