This morning, the financial world awakened to a wonderful sight — a record $3 billion first quarter projected profit from Wells Fargo.
The Democrats must be pissed.
Any signs of recovery–or, more accurately, any sign that a perceived “crisis” may be waning–translates into a more difficult task for our resident lefties in Washington, D.C., in that the radical, power-grabbing measures they’ve already been advocating and the rest of the government expansion they’ve been hoping for might be more difficult to pass by the American people if those people aren’t quite as scared as they were before.
Vladimir Lenin was known to say, “the worse, the better.” Conversely, according to the same logic, the better things are, the worse for anyone pushing a collectivist agenda.
Perhaps this is the reason that the Treasury Department, is hesitant to publicize the results of the banking industry “stress tests” until after earnings reports are in, despite the measure being hailed by experts on the political right and left as a good idea and step in the right direction to assess potential long-term pitfalls among Wall Street giants.
The Treasury argues that the decision to maintain silence until after the earnings season was made in order to avoid spooking the markets, but that line of thinking only works if the result is negative and one or more banks revealed itself to be in truly dire straits. For some reason, I get the feeling that the news might be on the positive side, that every single institution passed the federal “stress test,” and despite not necessarily being out of the woods, proved themselves to be far more solvent than previously thought.
See, by the same logic advanced by Rahm Emanuel, Hillary Clinton, Barack Obama and Vladimir Lenin, if the crisis wanes, so does the easy path to expanded power. Timothy Geithner and Barack Obama want to maintain control over banks and business–that’s why the federal government is refusing to accept TARP money being returned by those institutions–and, as always, good news for America translates into bad news for Democrats.