One of the most irritating things about President Obama's "professorial" air is that he doesn't actually know very much, and what he does "know," he tends to get dead wrong. In his recent diatribe against bankers, he demonstrates this very clearly; on the one hand, he's blaming "irresponsible lending" for the current economic difficulties, and on the other, he's beating on bankers to get them to loosen lending standards and make more loans. Either he is unaware, or doesn't care, that these statements--made in the same speech--are contradictory. They used to teach "logic" at Harvard Law, but that's not apparent in Dear Leader's rantings--or TOTUS's, if that be the case.
In the same way, he's blithely "forgotten" that TARP (or more accurately, "TRAP") was not wanted by most sound banks, who literally had to be forced by former Treasury Secretary Paulson to take the money. Not exactly the kind of "help" that the financial industry needed, and hence it's no surprise that another seven million people lost their jobs even after "TRAP" was passed and implemented.
And now he's mad that bankers--who also warned about the CRA, Fannie Mae, Freddie Mac and other issues--are also against the "reform" plan for financial services. Given his accuracy rate in the rest of his speech, I'm inclined to think that the surest way to be right is to disagree with him.
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