Another Outrageous Claim By Obama

By now, you should be used to some of the most ridiculous and outrageous claims ever given by a President. Last year, Obama claimed that if your kid was sick with a sore throat, the doctor would yank the kid's tonsils so he/she could make more money. Then, there was the physician who would arbitrarily cut a diabetic's foot off to make more bucks.

Now, last Thursday, when he gave his address to Wall Street on reform, he made the statement that for every dollar that is traded on Wall Street there is a family who needs to buy a new home or family who wants to send their kid to college. This, like the outrageous doctors acting badly examples of last year, is just as absurd and the mainstream media again ignored it. The intent of that statement, in typical Obama thuggery style, was to demonize Wall Street by making it seem like "all" their activities are taking money from families so they can't buy a new house or send their kid to college. That is just B.S.

My father was able to pay for my college tuition because of the profits he was able to make in the stock market. That is true for many families today who used their investments to grow their kid's college funds. Believe me, a bank that gives you 1% interest on your savings against a dollar that loses value at a faster rate than 1% isn't going to send anybody to college. Additionally, Wall Street investments have helped millions of Americans grow their savings to buy a newer, bigger home. Further, it is stock market investments (over the long haul) that have made retirement possible for millions.

Lastly, it wasn't Wall Street that was the genesis of the collapse of the housing and mortgage market and the subsequent recession. It was the mortgage industry who gave out shaky, no money down and sub-prime loans that was at fault. More than anyone, it was those federal affiliated mortgage loan agencies like Freddie Mac and Fannie Mae and FHA who gave out more than 55% of the faulty loans who were most at fault, and this Congress, and this President has ignored that completely and decided, instead, to go after Wall Street. Because of that, we are not solving the problem and another housing collapse is probably well on its way to happening.