I Eat Bear

I don't believe my eyes. The Obama administration got SOMETHING RIGHT. Ok, well, anyone can blunder into one, and that leaves their total AT one.

But, without further ado, that ONE was the assault on banks. And, I applaude it. Specifically, two things about it. One, and most importantly, it keeps banks from trying to control the stock market. It would allow them to invest for clients only! BRAVO! Finally, maybe the market can get back to what it was intended to do. The market was designed to be an investment vehicle for INDIVIDUAL INVESTORS, and to get rid of the likes of Goldman Sach's computer programs to control market prices can only be a good thing. Will it do it? No, unfortunately, this bill will not go far enough for that, but it IS a good start. Why won't it stop Goldman Sachs? They simply will cease to have any relationship with anything to relate them to a bank. The plans of the administration did catch the culprits, but it left the door open for them to escape. And, escape, they will. You heard it here first.

Secondly, it is close to being the first thing done to deal with the "too big to fail", which was the Obama administration's ALIBI for the bailouts (to the undeserving) provided last year to the likes of AIG, BAC, CIT, GM, and others. Ok, you have to start somewhere. Admittedly, this is the tiniest of steps, but it is a step.

But, this fool just does NOT learn. He still has YET to understand. The government does not belong in the PRIVATE SECTOR. His idea of salary caps is just short of insanity, even if it does need doing. He is not the one to do it. The SHAREHOLDERS are the ones to do it.

Being an "out of the closet socialist", it is too much to hope for that Obama will do what needs doing, which is to reduce the impact of GOVERNMENT on the people, but as long as he persists in doing what he has no business doing, he did FINALLY get one thing right.

Limit BANKS to banking, and limit how big they get, even then.

Does this make up for the PLETHORA of errors he made last year? Not even remotely. Then again, he did start his administration in difficult times, which may have required drastic measures. He does have one thing going for him. This is NOT an election year!

Well, one in a row does not a trend make. But, personally, I did LIKE this one, even if the market had a negative reaction to it. With roughly 21% of the stock market in banking/investment related activities, did you expect the market to applaude today? I did not expect that, but if anything GOOD comes from this, it may well have been the best money I have spent in MANY years! It was the first time I can recall taking a loss, and liking it. And, I hope that does not become a trend either, but the cause was JUST!

Comments: View Comments |  Thursday January 21, 2010