BofA CEO to DC (Obliquely): Pound Sand

Previously I noted politicians' desire for banks to lend in order to kick start the economy (as if that was the magic bullet for economic growth...it's not, but let's leave that aside) represented by the public comments of noted bank expert Chuck Schumer. Well, our political class has received an answer to their pleadings...and the answer is "pound sand." Newly promoted CEO of Bank of America, Brian Moynihan (who owes his new job to the government's vendetta against Ken Lewis) got on the stump and let it be known that politicians can't have it both ways: “As an industry, we over-lent and customers over-borrowed, and that led to a fairly significant bubble,” and “[w]e have to help lead the economic recovery...At the same time, we have to be responsible lenders.” The political class can't heap the blame on the banking industry (and thus the punishment) and expect bankers to do its bidding by repeating mistakes just because DC has changed its talking points. Washington DC is out of bullets as they say...if they can't mau-mau the banks anymore, where are they going to find growth? Same place they always found it...in the spirit of Americans who want to achieve for themselves. Unleashing the great American entrepreneurial spirit by getting out of the way is the last remaining policy available. Question is, when will we get it? Not with the current gang of pygmies. Only when we choose it.