Site for Free Markets and Free People

Thursday, February 19, 2009

HUD Secretary to Banks: "Step Up"

The HUD Secretary says that banks must "step up" to make sure Obama's mortgage plan succeeds. Excuse me - what in the world is that supposed to mean? I assume it is precisely why Obama wants to nationalize the banks.

Why must banks implement Obama's socialism? Banks are in business to lend money to those who can pay it back. They are in business to make money for shareholders. They are NOT in business to make sure a president's policies succeed. If it makes economic sense to restructure someone's mortgage, the bank should do it. If it makes economic sense to foreclose and sell the property at a steep discount, the bank should do that.

What is wrong with this administration? The (tax evading) Treasury secretary and the President are scaring businesses into massive layoffs with their talk of armageddon and nationalization. The attorney general says we're all cowards for not talking about race (what are we supposed to talk about, by the way? How it feels to be black or white?) and now the HUD secretary says that private businesses have to change their policies to make the president succeed in his socialism.

Is anyone out there upset about all this stuff?