Bachmann on the Death of Banks

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.

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  • dingojack

    One can almost hear the ghost of Mark Twain reacting to his own obit.

    Dying due to over regulation*? Banks are laughing all the way to themselves! – Dingo


    * OBTW Michelle, didja ever hear of this thing called the GFC?

  • ManOutOfTime

    Killing the banks in the sense it would be killing your dog to give him unrestricted access to his kibble.

  • unbound

    One thing positive about Bachmann, she is obviously very loyal to the money being paid to her to make those statements. She doesn’t let a little thing like a conscience get in her way at all…

  • Pieter B

    Michele Bachmann continues her brave, lifelong battle with reality

    You made my officemate look at me funny. Good thing I finished my coffee a few minutes ago.

    I can see the Democratic campaign slogan now — “How stupid do they think you are?”

  • Larry

    Ah, but do these bank regulations cause mental retardation in 12 year old girls?

  • Michael Heath

    Rep. Bachmann’s peculiar defense when her claim was renounced that the HPV vaccine causes mental retardation in some people suggests that she might find it politically advantageous to act as if the conservative viral emails in circulation are empirically true. These politicians don’t just appear to use those emails to get a sense of what particular issues are firing up their base, but seem to think its also prudent to argue as if those emails were true. [I’ve received hundreds and have yet to find even one that is objectively true; instead every single one of them attempted to misinform their readers, normally in a manner that also enraged them or created fear.]

    I continue to think the enormous influence I perceive these emails have is one of the most under-reported stories of our time. Especially given that Fox News and conservative talk radio exploit them while also providing source material which provides an amplifying feedback effect coupled to a false veneer of credibility.

  • Is this the same Michele Bachmann that attacked the president over the bank bailouts (actually implemented by his predecessor) that saved them from complete ruin?

    I’m sure one can have a principled objection to both the bailouts and to Dodd-Frank. But it’s wildly inconsistent to complain about the law “killing the banks” when if you had your way, most would have gone bankrupt in 2008.

  • juice

    How did she get to national office being so politically stupid?

    The correct attack is to point out that banks are doing better than ever because of their cronies in congress, democrats Dodd and Frank. They wrote the bill to help their friends out.

    Damn it, Bachmann, is it that hard?

  • dingojack

    Michael Heath, Area Man, Larry & unbound –

    Bachmann: The Truth Doesn’t Matter

    ’nuff said.

    🙁 Dingo

  • Aquaria

    How did she get to national office being so politically stupid?

    Because the people who vote for her are just as stupid–or worse.