How refreshing is it when what you’re thinking manifests itself into the national spotlight? That’s what happened when Scott Brown of Massachusetts was elected as the 41st Republican in the United States Senate, potentially slowing down what was looking like a steamroller Congress, rolling over the American people.
Politics are often local, but people I know of all political stripes have been extraordinarily concerned about the philosophy that is driving policy in Washington, D.C. and the impact this philosophy and policy is having on their lives. The best we can hope for is that President Obama got the message last Tuesday. Wasn’t the message from Massachusetts that Republicans, Independents and even many Democrats think the federal government is getting too involved in their lives? And isn’t the public’s highest priority economic revival and job creation? One thing is clear. We won’t know if Obama received this message by his words. He’s expected to pivot to the economy in his upcoming State of the Union address, but if we’ve learned anything over the past year it’s that we have to focus on his deeds.
So far it doesn’t look promising. The polls must be telling the White House that demonizing Wall Street and bankers still plays well politically, even if the nationalization of health care does not. Obama immediately went on offense, promising strong financial regulation against banks and Wall Street. This initiative is purely political. That’s why it came from the White House and not from the Treasury. How will this improve business and consumer confidence, improve the economy and put people back to work? It won’t. A recent poll showed that 77% of investors believe the Obama administration is anti-business and 80% are not confident in his ability to handle a financial emergency.
Going after Wall Street and banks might have short-term political benefit, but it makes me feel like either they just don’t get what’s most important or they’re back on there quest to take control of as much of the private economy as they can. Just for the record, Wall Street didn’t cause the financial collapse we experienced — government did. What undermined the financial system more than anything else was a fanatical application of rules aimed at getting banks to lend as much money as possible to facilitate homeownership among minorities. An admirable thought, but disastrous policy. Remember the Community Reinvestment Act? The government created the subprime market by compelling banks to make bad loans and urging Fannie Mae and Freddie Mac to cash out the banks by putting more and more of the toxic mortgages on their balance sheets. Despite the huge executive bonuses given out at Fannie and Freddie, I’ve heard nothing about limiting or blocking the proposed expansion of these programs. No mention of reform or regulation.
How is taxing and bullying business supposed to promote jobs in the private sector? Who in his right mind would be hiring in an environment like this, with the government taking control or clamping down on one industry after another and submitting proposal after proposal that will certainly require higher taxes in the future?
People with common sense understand the concept of rewarding what you want more of and penalizing that which you want less of. Either the President and Democrats in congress don’t understand this fundamental truth, which is scary, or they do, which is scarier.
We all need to stay engaged and demand that our elected officials get back to the fundamental common sense approaches that create a strong economy. We must encourage and promote those who believe in the dreams and aspirations of the American People. It is individuals, pursuing their passions and personal interests who will spark economic revival and be responsible for innovative solutions to problems we face. We need less, not more government intrusion. Let’s continue to send that message at the ballot box.