Obama is trying to capitalize on our frustrations with the economy. Supposedly, the Banks, Corporations and Wall Street are the bogeymen responsible for our present economic morass. You have the occupy [Name Your] Street crowd out demanding the demise of our financial system as we know it because they aren't getting free college...or something. Now we have President Zero weighing in on the issue and yep, he's blaming those evil Wall Street Bankers. In other words, he's biting the hands that fed him last election, but that's for another time, perhaps. Here is a praphrase (according to the LA TIMES) of what President Disconnect said:
Obama said he used "a lot of political capital" to prevent a financial meltdown and ensure banks remained solvent after he took office. He also touted the financial reform legislation he and Democrats in Congress moved through in 2010.
It was that very law that forced, not just the Bank of America, but others (soon to be following suit) as well to start charging a fee. Why, because they capped what the banks could charge the merchants for a debit transaction. So, instead of you paying a few pennies more for something at the store, the banks will charge you 60 dollars a years to use your card.
Don't get me wrong. We need to keep a reasonable rein on the financial sector. We need to keep them as honest as we can. No one disagrees. What we disagree on is how it should be done. Since I'm no banking expert, I'm not even going to pretend I know.
What I will say is this: If you think destroying banks, Wall Street and Corporations will get you a job, you just might be too stupid to even have a job. If it wasn't for all of those entities, you would not have a computer, an internet or any one a myriad of modern conveniences that you enjoy today. If it wasn't for the profit motive, the idea that you can better yourself and make yourself a millionaire, there would be little in the way of comfort and mobility. Profit powers innovation. Innovation powers the world. There are bad banks, corporations and rogue Wall Street Traders. There will always be a conman, a thief and a power hungry crook willing to take what isn't theirs. These are the ones that we must always be watching.
Let's take the late Steve Jobs for an example. The entire world is mourning the loss of this larger than life guy who literally changed how we think and interact with our world. He was one of those "corporate" guys. He bought and sold different companies, developing products and made more money than he could ever spend in two lifetimes. Good for him. He created a ton of jobs by providing us with goods and services that we decided we needed to have. That is is legacy. But he could not have done that on his own as a 20 something kid with his buddy Wozniak. If it wasn't for the banks, other corporations and the stock market, we would have never even heard of this guy. You wouldn't be reading this.
Oh, and just like every other corporation in America, no one forced you to give him and his companies your money. No one got poorer to make Steve Jobs richer.
Jobs created jobs and got rich by making things we wanted to buy. Take away the ability of others to do the same and you will destroy America.
VW







