March 2009 Archives

If America doesn't pursue Pres. Obama's agenda, there is no agenda to follow to meet America's crises and challenges. And if there is no agenda to follow for the next 4 years, America will fail. This is a reality of current events which critics of Obama and his administration refuse to acknowledge, rendering all their criticism irrelevant. Let's examine the veracity and logic of these statements.

This afternoon, at his televised California town hall meeting, Obama said he knows folks are angry about the AIG bonuses. He said he is angry about them. He says blame is flying everywhere, at Treasury, Democrats, and Republicans. He said if folks need to blame someone, blame him. He said, ultimately, I am responsible. I am the president. All well and good as far as it goes. His words, however, don't allude to the depth of the first major black mark on his presidency.

A number of folks are trying to affix responsibility for this recession and financial crisis on home buying borrowers. That is illogical, and here is why.

First, for as long as there has been credit, a couple thousand years at least, it has been the lender who bore the responsibility for the quality of the loans they chose to issue. It is the lenders with the experience and mathematical expertise to assess the credit worthiness of potential borrowers. Not the sharecropper, cobbler, or Indian Chief. In a society which functions along lines of specialization of labor, it is the creditors specialized in assessing risk, not their potential borrowers.


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