RUSH: You know, Snerdley just had an interesting observation. Would it be fair to call this financial regulatory reform bill ‘voodoo economics’? Because, after all, the press is under a spell and everybody is expecting magic to happen from this. Yeah, I like it. Obama: Voodoo economics.
El Rushbo, behind the Golden EIB Microphone. 800-282-2882. E-mail address, ElRushbo@eibnet.com.
From Anne Kornblut and Michael D. Shear at the Washington Post. I need a magnifying glass to read this. It printed out small. I mean, I literally do, but here’s the headline: ‘Obama Urges CEOs to Abandon ‘Furious Effort’ to Block Financial Overhaul — Bringing his case for financial reform directly to the industry’s epicenter, President Obama urged Wall Street executives Thursday to join with consumer advocates in urging lawmakers to pass stricter regulations.’ Now, listen to this. This is Obama. ‘Unless your business model relies on bilking people, there’s little to fear from these new rules.’ In other words, it’s sort of like the Ben Roethlisberger approach to women in a bar. ‘Just shut up, just relax, and eventually you’re gonna enjoy it — and don’t tell anybody. Shut up, relax, you’ll enjoy it eventually.’ Look, does this not betray everything Obama believes? ‘Unless your business model relies on bilking people, there’s little to fear from these new rules’? That’s how he views the entire private sector: People get bilked, and of course the people that get bilked are the true owners, the rightful owners of the nation’s wealth.