Friday, August 13, 2010

Jason Tolbert reports that Bill Clinton made the following comment in a speech at Springdale recently:
“Since we are on the dole, we can’t enforce our own trade agreements,” Clinton said.  He stressed that Washington needs to focus on corporate treasuries and banks. Corporations need to invest more and banks need to loan more money to small businesses and individuals to stimulate the economy.
“We need to figure out whatever is needed to get that done,” he said. “What would make bankers feel good? Until that happens we aren’t going back” to a balanced and thriving economy.
Two things about this statement standout to me.  First, if this had been a prominent Republican in the state appearing with Rep. John Boozman, then that quote would be appearing in the press releases from the DSCC or the Lincoln campaign as another example of the Republicans supporting the fat cat bankers.
Second, if the goal for stimulating the economy is to make bankers “feel good” and make more loans to small businesses, then the recently passed Financial Reform Bill – which was heavily supported by Sen. Lincoln – needs to be scraped.  There was a universal groan from the banking community when that was passed and a general consensus that this would tighten up their ability to make more loans.

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