OPINION_ Obama made the big banks rich and now he wants a 'thank you'

WASHINGTON EXAMINER

OPINION


Obama made the big banks rich and now he wants a 'thank you'

by Philip Wegmann 
November 28, 2018 04:53 PM


Former President Barack Obama wants a "thank you" from Wall Street.

Obama: "Suddenly America is the largest oil producer, that was me people ... say thank you." pic.twitter.com/VfQfX1SR0x

— Tom Elliott (@tomselliott) November 28, 2018


“Sometimes you go to Wall Street and folks will be grumbling about anti-business,” Obama said during an event hosted by Rice’s University Baker Institute. “And I say, ‘Have you checked where your stocks were when I came into office and where they are now? What are you talking about, what are you complaining about? Just say thank you, please.’”

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READ MORE: https://www.washingtonexaminer.com/opinion/obama-made-the-big-banks-rich-and-now-he-wants-a-thank-you

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Dodd-Frank rewrote the rules and Obama’s marquee financial regulation actually helped the big banks. This is because financial giants can easily comply with the new standards while their smaller competitors struggle. And so Obama watched as community banks, institutions that certainly didn’t create the financial crisis, were inevitably crushed under the demanding weight of his regulators.

According to the National Credit Union Administration, 1,250 federally insured credit unions shut their doors between 2010 and 2015, 17 percent of the industry. That meant billions in business for the institutions that could survive Dodd-Frank, and that means a grateful Wall Street.

For all of this, Wall Street should at least say thanks. The next time they cut Obama a check for a couple hundred thousand dollars for a brief speech, they ought to let the former president know how much his presidency meant to them.

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