Michele Bachmann continues her brave, lifelong battle with reality by claiming that the Dodd-Frank financial regulation bill is killing the banking industry:
ThinkProgress makes the obvious response:
Some banks would be surprised to learn that they are on the verge of death, as they keep on reporting record profits. As ThinkProgress’ Alex Seitz-Wald noted when Newt Gingrich claimed that the banking industry was being killed by Dodd-Frank, “‘bank profits rose substantially‘ in the first quarter of the year, with banks showing the biggest profits since before the recession. Things were sunny in the second quarter as well”:
– Profits at JPMorgan Chase, the nation’s second largest bank, were up 13 percent.
– Third-largest Citigroup’s profits soared 23 percent.
– Fourth-largest Wells Fargo’s profits shot up 29 percent.– Fifth-largest Goldman Sachs, meanwhile, “disappointed investors” when it merely “more than doubled its profits.”
–Sixth-largest Morgan Stanley’s profits were up an impressive 17 percent.
JP Morgan Chase, in fact, is posting record profits.
We keep hearing from the right how the arch-commie Obama is so terribly anti-business, at a time when big business is making record profits while still cutting jobs. The distance between rhetoric and reality can only be measured in light-years.