Obama vs the Banks
Posted by Warren Peterson on January 27, 2010
Maybe I’m becoming paranoid or turning into a conspiracy theorist, but I wonder if any of Obama’s friends shorted bank stocks just before he announced his plan to increase regulation and taxes on banks? The market, bank stocks in particular, may have been poised on a correction cliff but the President’s rhetoric – populist, self righteous anger – certainly pushed it over the edge.
Didn’t one of Obama’s Chicago advisors once say, “You never want a serious crisis to go to waste.”?
Let me take off my tinfoil hat and say there are probably two more likely reasons for his public bank bashing. He may believe attacking the banks, who everyone loves to hate, will take the heat off the Massachusetts Revolution and/or his far left ideology blinds him to the consequences of his policies.
This is not to say that banks don’t deserve condemnation but once again politics and spin trump rational discussion and transparency. For another view on the subject, read the commentary by LA Times writer Michael Hiltzik.