Obama's pen stroke Soviet style economic fatwa to banks and lenders

[1still_waters]

This is something I'd expect from a Soviet style dictatorship.

Today President Obama issued a Soviet style economic fatwa with the stroke of a pen to banks and lenders.

Concerning an executive order about student loans Obama said...

In this year of action, wherever I’ve seen ways I can act on my own to expand opportunity to more Americans, I have. And today, I’m going to take three actions to help more young people pay off their student loan debt.

The second action is to renegotiate contracts with private companies like Sallie Mae that service our student loans. And we’re going to make it clear that these companies are in the business of helping students, not just collecting payments, and they owe young people the customer service, and support, and financial flexibility that they deserve. That’s number two.

First of all, who is the president to think he can dictate like this to banks and lenders? Yes it would be nice if banks and lenders played nice, but is it really within the job of POTUS to make such demands upon private banks and lenders? Especially when it's from the stroke of a pen, and not through the full democratic rigors of Congress?

We've truly lost our free markets when a president thinks he can put his demands upon banks with the stroke of a pen and a speech from his bully pulpit.

Remarks by the President on Opportunity for All: Making College More Affordable | The White House

 

[JesusChica1991]

I see him trying to win the hearts of college students over. I'm not taking the bait. XD

 

[PennEd]

HE TOLD US HE WAS GOING TO DESTROY AMERICA! Why oh why didn't we listen!

[video=youtube;71dD-2tRjv8]https://www.youtube.com/watch?v=71dD-2tRjv8[/video]

 

[Stephen63]

I think it's a bunch of hogwash. The banks tell him what to do, not the other way around.

 

[GodIsSalvation]

A Soviet-styled fatwa....

Well ye all know my position on Islam/Sharia Islam. As for Soviets that's even better for me on that. Seeing as Soviet model was no religion besides atheist state or cult of leader religion at all, Soviet Fatwa seems sort of an oxymoron.

As for the banks seeing as they cause much mess in 2008 and got bailed out for it, it's surprising to me it has taken this long to get them to forgive the poor and vulnerable of their debts when their own banks were bailed out by the people. However, always better late than never I suppose. Good move by Obama. If the banks punish their own consumers after what America has done for them to earn a few billion more a year in their usuries let the fault be on them.