Thanks for coming by. Thanks too for taking the time to make a comment.

You could be right about to whom Obama is referring. Neither you nor I know what he might have meant, because he’s never defined himself. I wrote this based strictly on what I heard him say. He didn’t specify any particular industry, i.e., banking for instance, he only said that this was not a time for profits.

As for the lenders being “stupid”, I’m sure some were. There are always stupid people all around us, in every line of work. But, I imagine that many of them were trying to be in compliance with the Community Reinvestment Act of 1977, under Carter, and then its toughening up under Clinton in 1995, which allowed community groups to keep a close eye on banks and to protest if there weren’t enough loans being made to “high risk borrowers.”

These bankers were probably just trying to keep their banks open for business and not draw the ire of groups such as ACORN, who sometimes held loud protests right outside the bank doors protesting what they perceived as “not enough” loans made to high risk borrowers.

I almost didn’t approve your comment, as the wording is rude, but I thought that someone else might have had your same thoughts, and this gives me a chance to answer them too.

I think that part of what Obama said is true, but he could maybe have spoken more carefully. Maybe he didn’t mean to use the word “profits.” Part of his job now is to clearly communicate with us, I hope he starts doing a better job at that.

Thanks!