Wednesday, September 21, 2016

Bi-Partisan Embarrassment

Congress made a fool of itself yesterday grilling John Stumpf, CEO of Wells Fargo.  It was a bi-partisan circus.  As if Congress has any idea of how banks work and the problems they face in the post Dodd-Frank world.

Having outlawed many of the legitimate bank businesses, Congress has forced banks to look elsewhere for profits.  Some will overreach.  Were there no government over-reach, this likely never would have happened.

Congress should look in the mirror.  Congress has reduced US commercial banking to a shell of its former self.  Congress should be condemning itself, not the Wells Fargo CEO.  Leave Wells Fargo business up to the shareholders of Wells Fargo.  Keep big government out of this.

The US government should leave the private sector alone.  Now, the banks will have to spend another fortune trying to avoid the slings and arrows of politicians instead of focusing on what is left of their core businesses.

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