So, after nearly eight years of a know-it-all, power-stoned narcissist and his politicized and weaponized administration bullying, picking and choosing ‘winners’ and ‘losers’ in this country’s economy and business world, we now have a shit-paper-thin economy that is like that kid’s slow-leak raft out in the middle of the deep pool that needs constantly blown-up, fearful of all the air suddenly shooting out to a dangerous sink-age level the next time the valve is opened to puff it back up.
The Washington DC has been nothing but an East Coast Las Vegas for Barack Obama and his minions, and the Oval Office his own slot machine chair where he yanks the lever…
One of President Barack Obama’s former top Justice Department officials behind Operation Choke Point said Thursday the program had “unintended but collateral consequences” on banks and U.S. consumers.
“Unfortunately, as the investigations continue, so too have one of the unintended but collateral consequences of such vigilance: mass de-risking,” wrote Michael J. Bresnick, who previously served as executive director of Obama’s Financial Fraud Enforcement Task Force, under which Operation Choke Point was created. “Members of the industry have raised their hands in frustration and simply avoided lines of business typically associated with higher risk. This reaction to [the Justice Department’s] enforcement initiative, and similar matters brought by the Federal Trade Commission and the Consumer Financial Protection Bureau, is certainly understandable.”
Bresnick addressed the issue in an op-ed for American Banker.
According to government documents, Operation Choke Point was designed by the Justice Department in 2012 to “attack Internet, telemarketing, mail, and other mass market fraud against consumers, by choking fraudsters’ access to the banking system.”
Critics of the program say it was used to put the financial squeeze on entire industries the Obama administration doesn’t like, such as firearms sellers and payday lenders.
In addressing what he referred to as “consequences” of Operation Choke Point, Bresnick called for government officials to work “closely” with banks to solve problems he says the program created.
“Only when the government truly understands the consequences of its actions (especially the unintended consequences), acknowledges those concerns to those directly affected, and works closely with them to address the challenges they face, can we expect that the multitude of good actors who desperately want to avoid the last resort of de-risking will be able to do so with relative comfort,” he wrote.
The concept of “de-risking” refers to banks’ decision not to do business with industries that federal regulators flag as “high risk” for fraud…
The fact is guns and ammunition and its sales are legal and already regulated by all levels of government in the U.S. The Obama administration has used the politically whorish banks in this country to do his disarming bidding by having them throw the flaming torches on the Second Amendment by doing this shit in the name of whatever socialist/Progressive tactic to obliterate our gun rights by running the industry out of business. Picking and choosing.
Meanwhile, as another democrat demagogue, New York’s governor, tries to strike out at and punish states for fighting to keep male and female public bathroom privacy and safety rights a given for its majority sane and sexually-designated citizens in this era of bullshit ‘gender fluidity’ he and the others joining this unbelievable social justice crazy train have no qualms about doing business with countries that actuall not only discriminate against LGBTXYZs but severely punish them: 8 Questions for PayPal on Its Decision to Boycott North Carolina
This also goes for the NY governor who believes in Obama’s new policies toward Cuba and Iran, and NYC’s commie mayor who honeymooned in Cuba who joins the state’s governor in this crap move.