Never has Presidential economic illiteracy been so clearly defined as it has in the past couple of days in the statements President Obama has made in regards to the Banking industry.

The first statements came in the interview Obama gave on 60 minutes on Sunday.

In that interview, President Obama attacked saying:

“They’re still puzzled why is it that people are mad at the banks. Well, let’s see, You guys are drawing down $10, $20 million bonuses after America went through the worst economic year that it’s gone through in — in decades, and you guys caused the problem. And we’ve got 10% unemployment.”

Excuse me, Mr. President, but you are attacking the wrong “Guys”.

The “Guys” responsible for the current economic problems were primarily the politicians in Washington.  Those “Guys” pressured these banks to give those loans, loans that the banks were reluctant to give out.

When they refused to give them out, you people accused them of being racist.  (Remember the term “redlining?)

They starting giving those loans out to avoid bad publicity and lawsuits, and then rebundled them in an attempt to lower the risk.

Then those “Guys” in Washington change accounting rules, making those rebundled loans worth nothing for accounting purposes.  Forcing the banks holding those rebundled loans to ignore the fact that only a portion of the loans were actually worthless.

You really think Washington telling banks to treat assets that had value as if they had none played no portion in the meltdown?

I can understand why you want to ignore Washington’s role in the crises, since you were in the Senate when President Bush tried to head it off and opposed his attempt to do so.

That means, Mr. Obama, YOU are one of those Guys responsible for the current economic problem.

This is doubly true when you consider the fact that you have been President for nearly a year.  What economic policies have you enacted that would boost the economy and create jobs.

Mr. President, stop blaming other people for the problems that you are responsible for.  It’s unpresidential.

To paraphrase the President from my home town, the buck stops with you.
Stop pushing the blame for the economy onto someone else.  And stop telling them they are responsible for creating economic growth by giving out more loans. The reason they aren’t giving these loans out, is because they are risky.  Stop telling bankers they are responsible for creating an economic disaster by giving out risky loans, then turn around and tell them to give out loans they consider risky in order to create economic growth.  That is just shear idiocy.

Bankers are not responsible for stimulating the economy.  The responsibility of Bankers is to ensure the safety of the money deposited in their financial institution.  By insisting that they (again) give that money out in the form of risky loans (after all, if they weren’t risky they would already be giving these loans out) you are actually insisting that the abandon their responsibilities.

Mr President, the person responsible for creating economic growth, is you.

Clearly, you have absolutely no idea how to do this.

Hopefully your replacement will.