Reckless fiscal policy

President
Obama and Elizabeth Warren are out to destroy the financial sector in
their effort to deflect blame from government intervention. 
 

In the wake of the financial crisis, politicians cast financial-industry
giants as scapegoats, while their misguided cohorts who tanked
our financial markets continued to promote reckless fiscal policy. One of the outcomes of the crisis was the creation of the Consumer Financial Protection Bureau (CFPB). 
 
Elizabeth Warren, another lawyer and Harvard Law professor, sidestepped
the confirmation process by being appointed “Assistant to the President
and Special Adviser to the Secretary of the Treasury on the CFPB,” a
title only a politician could love. Warren is another case of Obama
using academia to teach the real word a lesson. She is an aggressive
anti-business proponent of the CFPB, and has already met with
influential industry leaders on the direction of financial reform. She
wants to “level the playing field.” Considering that the MoveOn.org
crowd loves her, we can all guess what that means — punish achievement
and reward those who can’t make anything for themselves.
 
Financial firms are justifiably worried the CFPB will decrease
efficiency and thwart growth. She believes the Bureau would have been
valuable during the mortgage crisis. Well, would the Bureau have told Democrats not to offer mortgages to people who can’t afford them as
some form of government aid? Now she wants the CFPB to take control of
the credit unions, even though they are not at risk of bankruptcy. 
 
For decades, many have argued that incentives are misplaced in the
financial industry. The industry attracts the best and brightest our
Universities have to offer. Why would they want to go into finance if
the government creates an anti-business committee to oversee them, one
that takes away the freedom to make entrepreneurial decisions and the
ability to make the money that such risk entails? Hey, don’t worry,
China is more than happy to aggressively push venture capitalism and
reap the brains and profit it attracts. Chalk up another case of the
politicians doing their best to make America No. 2. 
 
Face it, America, the CFPB and Warren are just another link in the chain Obama is using to bind the American capitalist spirit.

Armstrong Williams is on Sirius/XM Power 169, 7-8 p.m. and 4-5 a.m., Monday through Friday. Become a fan on Facebook at www.facebook.com/arightside, and follow him on Twitter at www.twitter.com/arightside.