Posted on 03/03/2020 7:25:09 AM PST by karpov
It is no secret that the political Left’s wish list overflows with radical proposals that are far too unpopular to pass into law. Extreme, socialist ideas such as free college tuition, outlawing fossil fuels, speech restrictions, universal Medicare, open borders, firearm bans, and guaranteed income are just some of the menu items they dream of serving up to the American people. Thankfully, the vast majority of voters still find these ideas too hard to swallow.
But liberals have never been known to let a little thing like democracy stand in the way of their grand schemes, or, as Democrat Rep. Alexandria Ocasio-Cortez put it, “There’s more than one way to skin a cat, and not everything has to be done through legislation explicitly.” This end-around the democratic process has proven an effective tactic for the far Left to achieve their agenda by other means, and nowhere has this strategy succeeded more so than in the U.S. banking industry, the legacy of a covert operation under the Obama administration known as “Operation Choke Point.”
Under this program, hidden largely from the public and congressional view, President Obama directed the Department of Justice, the FDIC, and the Consumer Financial Protection Bureau to coordinate pressure on banks to stop lending to industries the Left finds ideologically offensive. These include firearms makers, check cashers, short-term lenders, and others under penalty of fine or restriction of their depositor insurance. This clear abuse of power turned banks into political pawns of the administration, doing their dirty work to penalize lawful and credit-worthy businesses through the denial of banking services for purely political reasons.
Operation Choke Point was ended by President Trump, but its abusive tactics are sadly rising from the ashes.
Large national banks [...] are continuing to bow to pressure from Washington Democrats
(Excerpt) Read more at spectator.org ...
The banks opened themselves to this when they had to come to Uncle Sugar asking for a bailout.
The Left WILL extract their pound of flesh in revenge. Count on it.
The banks deserve whatever is coming their way.
Which is precisely why I don't do business with them.
My bank is a small locally owned and operated bank. And I would't have it any other way.
The money, at least a large percentage of it, stays right here in town to help businesses with loans and folks with mortgages.
The local banks here in my area (Seattle/Puget Sound) seem more “woke” than the big national banks.
Neither Wells Fargo nor Chase deserve Conservative support.
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