Saturday, June 20, 2009

Obama's CFPA is lipstick on a pig

President Obama and his Masters-of-the-Universe economic team of Bernanke, Geithner and Summers have a plan. It was announced this week that they want to create a Consumer Financial Protection Agency.

Obama's goal?

Reported by the APs Ben Feller:

"It will have the power to set tough new rules so that companies compete by offering innovative products that consumers actually want and actually understand," Obama said.

Yet only four months ago on February 24, CNNs Political Ticker reported on Obama's address to Congress:

"People bought homes they knew they couldn't afford"

So in February, the President admitted that people knew they couldn't afford certain mortgages. Yet in June, Obama suggests that people didn't understand the mortgages they were entering.


My guess is that Obama doesn't have any clue about what he's saying. His economic team of crooks and liars is feeding him a load of garbage. And Obama simply does not have the experience necessary to look at financial services in any sort of critical manner.

Worse yet, the two people who should have a similar interest in addressing the shortcomings of the financial services industry - Dodd & Frank - are equally clueless. In turn, the whole country is being taken down a path of further financial destruction... all to benefit their cronies in the Political Class.

When it comes to banking, Obama is in way over his head... and he doesn't even realize it.

As for a solution to address our problems, I offer:

1) a transition from fiat money to sound money;
2) a transition from fractional reserve banking to full reserve banking; and
3) the death of the Federal Reserve.

Or in even simpler terms, we could start by legalizing the Constitution. Article I, Section 8 is fairly clear:

The Congress shall have Power... To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures

But we're not going to get an intelligent, rational fix to the problems. Instead, we'll get the Consumer Financial Protection Agency. Nothing but lipstick on a pig.

I hope Obama realizes sooner, rather than later, that he's being advised by people who need to be fired. Unfortunately, as with Bush and so many other Chief Executives... many of them actually believe they can do no wrong.

Tim White

No comments: