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  • Obama On Cutting Red Tape: No We Can't

    For the past week or so, President Obama has been trying to jawbone banks into lending more in order to jump start the economy. He continued the push yesterday, meeting with a group of small community bankers to urge them to open up the spigots. Interestingly, he acknowledged that federal regulation is itself a barrier to increased lending. According to a report in the Wall Street Journal, he said the White House is working on ways to decrease that red tape, but warned that: “We don’t have direct influence over our independent regulators.”

    That’s a surprisingly diffident response from a president who campaigned under the theme “yes, we can.” A president who is trying to remake the American health care system, refound the U.S. auto industry, and regulate the earth’s climate can’t clear up some red tape on loans?

    Of course, the issue isn’t that simple. No one wants the White House pressuring bank examiners to go easy on banks for political reasons. There are reasons for the rules, and reasons why regulators have a good deal of independence in the area.

    But that doesn’t mean the president is powerless. After making increased financial regulation a priority, can he really maintain with a straight face the level of regulation is outside his job description? Is the president’s authority a ratchet that allows him to consider expanding rules, but not trimming them?

    It’s not clear at all that bank lending rules are indeed a problem. And the last thing we need is for politicians to encourage banks to again make irresponsible loans. But to shrug off the question, claiming a lack of influence, is simply a dodge. If there is a problem, the president has a responsibility to address it.

    Posted in Economics [slideshow_deploy]

    10 Responses to Obama On Cutting Red Tape: No We Can't

    1. Peggy Jacksonville says:

      So banks are supposed to lend to businesses and the businesses have few customers because the customers have no jobs or are underemployed. Right Obama, great thought processes.

    2. Freedom of Speech, T says:

      We do not have influence over our independent regulators?

      Kind of like saying, "We do not have influence over the Attorney General's independent decisions on who to prosecute."

      Yeah, right.

    3. LibertyAtStake says:

      The problem with the Obama admin is this: EVERYTHING is seen through a short-term political prism. That's why they've earned their credibility gap on everything from banking to healthcare to defense. The credibility gap will never go away, it will only deepen as these clowns spin and spin on.

    4. Bobbie Jay says:

      The president is saying, "no we won't."

      He's really got everything covered! EVERYTHING! All he has to do is play dumb and everybody makes him an exception, cover up and continue with the obama plans to destroy America. He knows exactly what he is doing and has the patience to see it get done.

      American children will continue to be deprived of education and their true potential, in governments hands. It's become dangerous. Don't worry. Obama has his neighborhood military force ready and able.

      Satan laughing with delight, the day the music died…

    5. Pingback: Obama drowning in a Sea of Socialist Discontent; Senate ObamaCare in trouble with House of Reps « VotingFemale Speaks!

    6. Whicket Williams Kin says:

      guerrilla politics taking back america one politician at a time

    7. Bill, Kansas City, M says:

      Unfortunatly, it is not the music that is dying here, it is our freedom and liberty. We need to demand that Congress stop all of its wayward spending and stop Obama's plan to make this a socialist nation. WE NEED TERM LIMITS FOR CONGRESS.

    8. dave, dayton says:

      I guess OB wants the banks to "re-distribute the wealth" you know," just lend ACORN some money. It's ok, if they don't pay it back and you may have to shut your doors, we'll get Congress to bail you out!" Fredie May and Freddie Mac, here we go again.What's really disappointing, (why am I surprised)is that somebody is not investigating those agencies to see how much graft, waste and fraud occured? Bonuses? Talk about Congressional oversight, yep, over the sight of Barney Frank, Pelosi,Reed. There will be a revolution, it may be political, it may have to come to physical, but I do believe there will be a revolution.

    9. joan, connecticut says:

      If the Washington politicians, will not heed the wishes of the American citizen, then the only recourse we have as voting Americans is to hit them where it hurts in the next election.The loss of their political office, will also hit them in the pocketbook, because they wont be cutting deals with the lobbyists who own them. That political Plum, they so cherish will be gone. They have proven time and time again, how deceitful and uncaring they are, to the people who voted for them. House member, Joe Wilson's statement to President Obama "You lie" was the truth, and applies to almost every Washington politician.

    10. Drew Page, IL says:

      My Dad used to say "if you want to get rid of cockroaches, turn on the lights and watch them scatter."

      Thanks to Fox News Network and talk radio hosts such as Hannity, O'Reilly and Limbaugh for turning on the lights. If NBC, CBS and ABC were doing their jobs, we wouldn't have to rely on Fox and talk show hosts to find out what the left is doing. I do not recall any investigative reporting done on ACORN's voter registration fraud charges, nor the filmed attempts of some of ACORN's office staffs' to help those who would set up prostitution rings with illegal immigrant female children as young as 12 years old. ACORN's response was to file a lawsuit against the two people who did the filming, claiming their rights to privacy were violated. I guess that criminals that hold up banks and 7-11 stores should also file similar lawsuits, claiming their rights to privacy were violated when they were caught on tape robbing these places.

      Were there any attempts on the part of NBC, ABC, CBS, the NY times or the Washington Post to report on ACORN's claim that their staff's rights to privacy were violated when giving instrucions

      to a pimp and a prostitute on how to set up their business, import illegal immigrant girls as young as 12 years old and how to shield their illgotten gains from taxes? I guess that really wasn't such a big story, huh?

      And if it weren't for Glen Beck, reporting on the background of President Obama's czars, (like Jennings, Sunstein and Jones) we wouldn't know much about them and their agendas. These appointees, each with considerable policy making power, were not vetted in the press or in Congress, nor were the appointments approved by Congress and they report only to the President. Since Congress doesn't see fit to read the legislation they vote on, it is not surprising that they know nothing about these 'czars' and care even less.

      And the rest of the media wonders why their circulation and viewership is down and people are flocking to Fox and the talk shows for information. The reason is pretty simple, the public can't find out what's going on anywhere else. So thanks Fox and thanks Bill O'Reilly, Sean Hannity, Rush Limbaugh, Laura Ingram and Michelle Malkin for turning the lights on.

      To the other networks and 'news' papers, keep on cheer leading for the left and stay in the tank for them. Everyone knows what to expect from you.

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