Bank On It
Bank On It
On 21 January, 2010 my wife and I combined lost roughly $6500 in our 401K / IRA accounts. Thank you very much Barack Obama.
That morning, our socialist President unveiled a plan that would prevent or limit the size of banks in relation to the overall financial sector. It would also prevent banks from investing in, owning or sponsoring a hedge fund or private equity fund. It would also bar institutions from proprietary trading operations not related to customer service, for their own profit.
The announcement scared off investors and caused a sharp sell off in the US and Asia markets. Britain, France and Germany also took hits but were able to recoup some of what they lost.
Hasn’t this President and this administration figured out yet that what Americans and even world markets want is less government regulations, not more. The reaction around the world is a direct result of this administration’s intentions of pushing more government regulations and controls on the free market.
So far, the market has survived several blows and keeps bouncing back. This is not because of the stimulus package or government regulations. The markets around the world keep coming back in spite of them. The GAO, CBO and every major economist not friends with or associated with the current or previous administration agree that government should have done nothing when the markets tanked last year. The blow would have been a little harder but the end result would be better and recovery would be swifter without government intrusion.
Something good though did come out later on that day. The Supreme Court declared that banks, unions and corporations have a constitutional right under the first amendment to spend freely on political advertising so long as the funds do not go directly to a political party or individual politician.
This administration has constantly beaten up on Wall Street Executives, CEO’s of major companies and “fat cat” bankers, blaming them and capitalism for everything that is wrong financially with America. What they can’t blame on these individuals, they fall back to the old standard, Blame Bush.
The administration and the left are up in arms as to how to get around this court ruling and limit campaign funds from these organizations. This is just another attempt by the Obama administration to further circumvent the Constitution for political gain.
The unions have been getting around the McCain Feingold Campaign Finance Law since its inception with some rather creative trickery. Banks and other corporations have not been able to because of the way they are structured. Now this opens the field for all to come and play and because this will level the playing field, the administration does not like it.
It’s bad enough to just announce a plan and have everyone lose money in their retirement investments. Open their mouths and spout an idea and see banks take major financial hits. Make an announcement and manage to scare off investments from Wall Street and Main Street. Then later on after the markets show a reaction to a plan, come before the public and try to defend it by saying they are looking out for the general public’s best interest.
The Obama administration would better serve the public if they learn and implement a few simple ideas: Deregulate, Down Size, Simplify, Constitutional Rights, Stop Spending, Stop Taxing and last but not least, Accept Responsibility. John F. Kennedy and Ronald Reagan recognized the need more most or all of these and the country prospered as a result.
This administration has proven time and again that it will not lead, can not follow and sure as hell refuses to get out of the way. Come January, 2013, the end result will be them being thrown out of the way by the very people they have been stepping on and ignoring for the past year.