Must read: Obama in the Tank for Pritzker
oday’s banking crisis demonstrates that keeping our banks safe is the President’s highest responsibility. If our banks are collapsing, we can’t pay our bills, and our government can’t fund health care, fight wars to defend us, rebuild our roads, or make our cities safe from hurricanes and other natural disasters.
Franklin Roosevelt’s first “fireside chat” famously began, “I want to talk for a few minutes with the people of the United States about banking.” Our next President’s first words to the nation are also likely to be “about banking.” So which man do we want to be talking to us about banking in January 2009? Obviously, we want someone who understands why banks fail, because he’ll be able to keep our banks safe.
Which makes it all the more significant that Barack Obama has posted on his campaign website a naive and ignorant defense* of his campaign finance chair, Penny Pritzker, concerning her key leadership involvement in the largest bank failure in the 18 years between the last great banking crisis (the 1980s S&L debacle) and today’s even-more-massive banking crisis. The excuses, misdirections, and spin Senator Obama offers in defense of this billionaire failed bank executive are Pritzker spin from start to finish, and expose Obama’s profound inability to understand why banks fail and how to keep banks safe.
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