Tuesday, November 8, 2011

Lousy Socialist

One of the many mantras of the right wing is that President Obama is anti-business and his administration has done everything it possibly can to force Wall Street banks to cut their profits. That’s why the economy won’t grow.

Yeah, except it’s crap.

The largest banks are larger than they were when Obama took office and are nearing the level of profits they were making before the depths of the financial crisis in 2008, according to government data.

Wall Street firms — independent companies and the securities-trading arms of banks — are doing even better. They earned more in the first 2 1/2 years of the Obama administration than they did during the eight years of the George W. Bush administration, industry data show.

If Barack Obama is a socialist, he’s doing it wrong.