Tuesday, December 15, 2009

Try, Try Again

President Barack Hussein Obama is back on the attack against the banking industry, (which he blamed for his "inherited" economic woes) beseeching them to "help the economy" by restarting the very same practices that are responsible for the state in which we now languish. Incredibly, he reiterates the lies that helped get him elected, and no one in a position to effectively refute his nonsense has uttered a word.

Near the end of the Bush 43 administration, our banking system nearly crashed. With the inevitable economic cycle sliding toward recession, the problem was exacerbated by a rash of loan defaults that wreaked havoc on the housing industry and the banks themselves. Democrats - true to form - eagerly seized on the opportunity to exploit the misery of others for political gain, while successfully casting the blame on the opposition party with the aide of a compliant media and a myopic constituency.

Way back in late September 2008, I wrote about the criminal machinations of Congress regarding the Fannie Mae and Freddie Mac debacles in a piece titled Champions Of The Poor. In that article - which contains some useful links - I spelled out how the Democrats engineered the collapse by pretending to care for the downtrodden while effectively kicking the legs out from under our economy. It now seems that they have left the job incomplete and are intent on finishing it once and for all.

After magnanimously taking taxpayer money and riding to the rescue of the banks, Obama is beginning to yank the many strings he assumed were attached to those bailouts. Though he tried to resist, those banks have repaid the money they received, with interest. They wanted no part of the fiscal oppression being foisted upon them and, as a result, Obama has been pulling up empty lines. Not to worry, he is nothing if not persistent and cunning. And the masses who have been conditioned to despise success mindlessly cheer his version of "progress".

After the disaster of Fannie Mae and Freddie Mac succeeded only in slowing the pace of America's economic juggernaut, Obama seems to have decided that the only way to acheive our ultimate ruination is to apply a fresh round of the same insanity. See the video below to hear him demand that banks begin anew to lend on a willy nilly basis:

Am I the only one who interprets this president's actions as akin to telling people to "douse this fire while I pour lighter fluid on it"? To demand that banks revert to the same practices that Congress insisted upon five years ago, and to ignore the lesson learned from that course of action, seems to me to be the definitive description of insanity.

In his press conference - which is part of the video - Obama pressed banks to refinance failing mortgages, despite the fact that many of those failures are due to the insistence of Barney Frank and Maxine Waters that Fannie and Freddie were "not in trouble". I can only equate this to telling your friend to hit his toe with a hammer.

"Did it break"?

Friend: "No."

"Hit it again, harder".

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