By Douglas V. Gibbs
The recent bank shakedown by the Obama administration of the five largest banks is reminiscent of Obama's treatment of BP. Like the big bad oil company, complete with the liberal accusation of making greedy profits, the big five banks have been found guilty of crimes against the poor, defenseless consumers, and have been shackled with the dubious distinction of being at fault for the economic crunch we've been experiencing since the Democrats gained control of Congress in 2006.
According to the Democrats, the banks are guilty of unsavory lending practices by forcing unsuspecting consumers into bank loans they did not fully understand, nor could repay. Hansel and Gretel were faced with a house of candy, they claim, too hard to resist, and with the help of those mean ol' predatory lenders, and unknowing of the consequences should they sign the dotted line, bought the house without being able to afford it.
We have been provided an image of cigar smoking predators rubbing their bulbous hands together, as they stuff more dollar bills into their bulging pockets. They have been accused of offering these loans to unsuspecting buyers, while tweaking the numbers, and well knowing that the consumers were unable to repay it. "Who cares if the new homeowners wind up with bad credit, or wind up homeless," we imagine these three-piece suited bankers snarling. "We got ours."
The fact is, the banks had no choice. Under the weight of the Community Reinvestment Act, and other similar federal government mandates, the banks were required to make bad loans under the feel-good intention that begs us to understand that "everyone deserves a home in a fair society." The lending institutions were required to make these loans work, no matter what it takes, or (in the words of Janet Reno) risk investigation and exposure for anything that can be found (or made up by) federal investigators.
Never mind that the federal government has no constitutional authority for this kind of intrusion into any private industry. The ends justify the means according to the liberal left, and a few strong arm strategies by the federal government may be necessary to force fairness and equity.
That's right, they are willing to try to force you to play nice, whether you like it or not.
During George Bush's presidency the republicans saw the shenanigans going on, and promptly recommended that the federal government pull back from the heavy regulation of the banks, and for tighter controls to be put on Fannie Mae and Freddie Mac, two unconstitutional Government Sponsored Enterprises. The democrats argued that there was no danger of an economic downturn, that the mortgage industry was ironclad safe, and that the evil republicans were only doing this because they hated the fact that the poor minorities were getting access to home ownership.
Those racist bastards!
No actions were taken, and shortly after, as the republicans had predicted if nothing was done, the financial crunch plunged us into recession. Then, after causing the collapse, the democrats promptly blamed it all on Bush, and the republicans, and vowed to punish those "fat-cat bankers".
True to his promise, Obama has zeroed in on the bankers, targeting the five largest lenders, and is penalizing them with a demand for a $25 billion settlement to be paid to those poor, unsuspecting consumers that should have known exactly what they were signing, and should have taken enough personal responsibility to say to themselves, "Hmmm, I can't afford this loan right now, so perhaps I should wait until I am more prepared to take on this kind of financial obligation."
The destructive actions by the liberal democrats caused this mess, and they have pointed their fingers in all directions except at themselves. And then, for political reasons, and I am sure because of a deep-seeded hate for private corporations like the big banks, the democrats have used the executive branch to not only presume the banks guilty, but to issue a punitive action against them. Without Congress the Obama administration has created new rules for the industry, and without the courts, the liberal democrats have found the banks guilty and have applied punishment ($25 billion settlement).
Article I, Section 9 of the U.S. Constitution prohibits Congress from issuing Bills of Attainder, which are judgments and penalty against someone without the benefit of due process. Obama has taken the idea of an attainder to the next level, not only bypassing the courts, but Congress too. Obama has set himself, and his administration, up as judge, jury and jailer. The banks were allowed no defense against the accusations, and are being strong-armed into paying retribution for poor lending practices that were not only not their fault, but lending practices they were forced to do by the federal government.
Obama doesn't care about the Law of the Land, or constitutional authority. He believes the sky's the limit when it comes to what he can do. The Constitution, Congress, and even the courts, are simply obstacles that need only be ignored or pushed aside.
Such are the actions of oppressive authoritarians.
-- Political Pistachio Conservative News and Commentary
Shocking Video: Democrats in their Own Words Covering Up Fannie Mae and Freddie Mac Crisis
Video: Barney Frank in 2005 "What Housing Bubble?"
USAToday: Feds, States, Banks Agree to $26 Billion Mortgage Settlement
No comments:
Post a Comment