My son played tee ball this past Spring. I was pleased that none of the kids sustained injuries because at practice the kids would pick up bats and start swinging wantonly, never thinking to look around to see if others were close by.
I’d tell them to stop, be careful and look around to make sure they didn’t hit anyone with the bat. They’d give me a look of bewilderment. They were clueless as to how they could hurt anybody.
The looks on their faces remind me of the looks on the faces of our political leaders. They are clueless as to how their bat swinging could cause damage.
Here’s a great example from The Wall Street Journal commentary, The Banker Baiters:
After Congress created the Consumer Financial Protection Bureau as part of Dodd-Frank, President Obama said the government would prevent “hidden penalties and fees” and ensure “clear and concise information.” He promised banks that “unless your business model depends on cutting corners or bilking your customers, you’ve got nothing to fear from reform.”
Flash forward to today, and the full weight of Mr. Obama’s Washington is coming down on a bank for making perhaps the most transparent pricing change in the history of American finance. Is there any consumer who hasn’t heard that Bank of America will start charging a $5 monthly fee on debit cards? Could there be a simpler communication to allow consumers to consider other debit cards or other payment options?
For doing exactly what President Obama claimed that he wanted, the bank was rewarded by the President with an assault on national television. Mr. Obama told ABC television that the proposed fee “is exactly why we need this consumer finance protection bureau that we set up that is ready to go.”
When ABC host George Stephanopoulos asked if the fee could be stopped, Mr. Obama replied, “Well, you can stop it because it—if you—if you say to the banks, ‘You don’t have some inherent right just to, you know, get a certain amount of profit if your customers are being mistreated.'”
Some folks can’t seem to believe that an overreaching, meddling government is contributing to the bad economy by causing businesses to be less likely to invest, which in turn hurts new business and job creation.