PreviewThe people shape their own destiny
-- either as free people or as slaves.

If they remain self-reliant, they stay free.
Ever expanding state power destroys lives.

Government panacea is a defective idea.
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Saturday, January 23, 2010

Quote of the Week

“We should no longer allow banks to stray too far from their central mission of serving their customers,” said President Obama in a recent statement, “My resolve to reform the system is only strengthened when I see record profits at some of the very firms claiming that they cannot lend more to small business, cannot keep credit card rates low and cannot refund taxpayers for the bailout. If these folks want a fight, it’s a fight I’m ready to have.”

“If financial firms want to trade for profit, that’s something they can do... but these firms should not be allowed to run [sic] these hedge funds and private equity funds while running a bank backed by the American people.”

-- Obama

But - but - but  Mr Obama... you ain't thinking straight.

Consumer banks serve consumers. Commercial banks serve commercial customers and their investors. The two types of banks are completely different. Mr Obama, you offer your "solution" to the wrong problem. You personally caused the current collapse in the stock market with your willingness to act with a lack of comprehension.

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