I really do want to get back to writing about beauty. Writing about beauty is like writing about cooking, restaurants, movies, books, sports and other non-essential stuff that diverts our attention from reality. It makes us feel better and these days, that’s important.

But Obama has now got his focus on banks and financial companies and he wants to crush them. He alone thinks he has the answer to avoid another financial meltdown. Never mind that government had the biggest role in the meltdown but like the drunken sailor that crashes his boat and blames the storm, Obama is charting himself in unknown territory.

Small and big businesses need banks. TNG needs its bank, Comerica, to borrow money to pay for assets, investments, inventory and other needs. If Comerica told us, sorry, we can’t give you any more money, what do you think would happen to us?

Obama wants to put in so many restrictions to big banks that big banks (which loan more than 80% of all money to businesses) will be even more hesitant to loan money. And if businesses can’t get money, where to you think the economy is going to head from this point?

TNG is in business to make a profit. The more money we make, the more money our employees make and the more investments we can make into the business. If Obama told us that if we made more than 10% profit and that we would have to give 70% anything over 10% to the government in taxes, where do you think the incentive to grow our business would go? Out the door.

America was built on capitalism. Renowned economist Milton Friedman said it best, "If you put the federal government in charge of the Sahara Desert, in 5 years there’d be a shortage of sand." We need risk takers, entrepreneurs, venture capitalists, Warren Buffet’s, and we need banks to make money and lots of it.

Obama hates big banks, big oil, big drugs, big autos, big business. I’m not here to discuss what Obama likes but if you do a little research, it’s not want made America great.

Obama will breed more fear, more uncertainty, and for business, that’s the worse combination. He lost MA and now he thinks the American public wants his vision on banks to help restore his "popularity." He couldn’t be more wrong.

Happy Friday!

 

This entry was posted on Friday, January 22nd, 2010 at 10:15 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.