Another Job Killing Idea From Obama

This article from the Wall Street Journal is very dismaying.

Some quotes from an interview Obama gave to “60 Minutes” on Sunday.

“I did not run for office to be helping out a bunch of fat cat bankers on Wall Street,”

“You guys are drawing down $10, $20 million bonuses after America went through the worst economic year that it's gone through in -- in decades, and you guys caused the problem. And we've got 10% unemployment."

Obama just doesn’t get it. He is focused on some sense of class struggle and fairness more than getting the economy going again. The easy reaction is to look for someone to blame and divide the nation by pitting the “fat cats” against the “working man”. This is a false dichotomy and by making such divisive, negative remarks, Obama is ensuring that uncertainty, lack of trust, and downright contempt continue from both sides. Indeed there wouldn’t even be something like “both sides” if Obama stopped perpetuating it. No wonder banks aren’t lending.

Said one, “I am a CPA. My clients are unable or unwilling to jump through the ‘hoops’ the regulators have established. Hence they are just sitting on the sidelines rather than investing and creating jobs”

Uncertainty in the financial and business industry causes business to hunker down and wait it out. Obama increasingly talks about raising taxes on companies’ profits or cutting salaries that are tied to company performance. Why would any business take a risk by investing and hopefully turning a profit when all their benefits from doing so will be undercut by the government?

In the Great Depression FDR caused so much business uncertainty by constantly changing the rules and adding new regulations and oversights and taxes that it virtually killed business investment, thus prolonging the depression.

We’re seeing much the same thing happen now. No politician will ever see that it’s government causing the problem. Mr. Obama, it wasn’t the banks that caused the mortgage crisis, it was excessive regulations on the banks that forced them to lend to risky borrowers that caused the mortgage crisis.

Now, by removing all incentive for banks and big business to branch out, invest and hire more workers, and instead forcing them to lend when it doesn’t make financial sense to do so, you’re going to solve the problem? How can we solve a problem by repeating the very same mistakes that caused it? Does that make any sense?