George Stephanoupolos asked Barack Obama about banks and their new fees. Of course, Obama could not accept any responsibility for that at all. And along the way he said something pretty damn amazing.This:
“You don’t have some inherent right just to– you know, get a certain amount of profit.
Actually, in the free market, on the supply and demand curve, you do have an inherent right to get a certain amount of profit — that certain amount of profit that you derive from your business practices that draw in the maximum amount of profit possible before customers decide you are charging too much or they are not getting value enough to justify their continued business with you.Barack Obama has spent three years as President punishing those who take risks and taking from those whose risk leads to reward.In this one quote we see everything wrong with Barack Obama’s world view and how it has broken the American job creation engine.By the way, pretty much every major critic of the Dodd-Frank legislation predicted the banks would do just what they are doing with this debit card charge. Banks aren’t making money off of lending or anything else. They’ll find a way to make money. And yet again consumers get hurt.Obama’s solution? It is not to scale back the law so banks have incentive to scale back the service charge. Instead he wants more government.He’s not just a political loser, he seems more and more an economic dolt.