President Obama “invited” credit card company executives to the White House and threatened them today.
Egged on by market-hating liberal activist groups, Obama implied if lenders don’t play ball, there’s going to be trouble. Meanwhile, lawmakers are tripping over each other in a competition to see who’s best at denouncing the evil capitalist money lenders.
So, on the one hand the government is giving money to banks to help keep them afloat, and then with the other hand it wants to kneecap them by hindering their ability to make a profit.
And we recently learned that perpetual bumbler Treasury Secretary Timothy Geithner is refusing to allow banks to pay back emergency aid because letting them do so would reduce the administration’s leverage over them. If banks pay the money back, then the government can’t squeeze them any more for the vig.
Is the Obama administration serious about economic recovery or is this approach inspired by the Cloward-Piven Strategy of orchestrated crisis? Making the banks the bad guys for decades to come would certainly serve the left’s political purposes.
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