President Barack Obama will require banks to boost lending to consumers and companies in return for taxpayer aid from the $700 billion bailout fund, in a departure from Bush administration policy, a key lawmaker said.All seriousness - any media member worthy of the title journalist should be all over this asking questions. Anyone who shrugs it off should be fired on the spot. This is idiocy at its best.
“You’re going to see the Obama administration,” learning lessons from the first phase of the program, “push for much more lending,” House Financial Services Committee Chairman Barney Frank, who helped write the financial-rescue law, said yesterday on ABC television’s This Week program. “There are going to be some real rules in there.”
Also interesting: Change* we can believe in.
This is beyond cool---to use the same people and policies that created this horrible problem to solve that same problem.
ReplyDeleteThis is because to Democratic leaders the actual problem to solve is something else: namely, that voters often vote the Democrats out of power. So these leaders search for effective ways to use taxpayer money to buy the allegiance of enough voters to stay in power forever. The original, bad loan policies were developed in the context of this search, and the Democrats believe these were enough of a success in that sense to warrant trying more of the same.
I mean, everyone knows that making banks give out loans beyond what they would normally do is smart.
ReplyDeleteIt's the taxpayers' money the banks would be lending.
...which is even worse, JA!
ReplyDelete