President Obama in his editorial piece in the Wall Street Journal talks about the necessity of regulations. The administration has placed more regulations on the American business than since FDR. He states the following “Sometimes, those rules have gotten out of balance, placing unreasonable burdens on business—burdens that have stifled innovation and have had a chilling effect on growth and jobs.” What does he think ObamaCare is going to do with all of the new regulations that are in that JOB KILLING BILL? Look at all of the new regulations that will come along with this bill. What about all of the new regulations on Oil and Gas Operators in the Gulf of Mexico after the spill? His own folks have determined that the error was more of human error. Now most companies are not going to be able to afford working in the Gulf of Mexico because of potential new cost associated with the new regulations.
Then once again he seems to blame the Bush administration for the recession/depression. Not taking any blame like way overspending, making government anti-business, pro union and more regulation on airlines and financial companies. He states “At other times, we have failed to meet our basic responsibility to protect the public interest, leading to disastrous consequences. Such was the case in the run-up to the financial crisis from which we are still recovering. There, a lack of proper oversight and transparency nearly led to the collapse of the financial markets and a full-scale Depression” Granted there was some oversight that was needed but no one has even looked at Fannie Mae and Freddie Mac. We just keep pouring more money down that pit and have not solved the problem. When you have collusion among Banks and government agencies and find out money is being given to NINJA loans (no income, no job, or assets) then we are facing major problems. And Barney Frank in 2008 stated that Fannie and Freddie were solvent and a good investment.
We are not going to turn this economy around until we get rid of the unnecessary regulations and become pro-business environment. President Obama at some point needs to take responsibility for his actions, those regulations that he passed and if he wants better credit, regulations that he gets rid of.