Operation Choke Point: Obama as the Real New Hitler
6th November 2018
The Obama administration didn’t like firearms merchants, payday loan services, and some other businesses. Operation Choke Point was the Federal Deposit Insurance Corporation’s plan to shut them down by choking off their access to the banking system. Regulators repeatedly threatened bankers with tighter scrutiny if they did business with these so-called “high risk” accounts—absurdly comparing payday lenders to porn shops and Ponzi schemes.
“I don’t like this product and I don’t believe it has anyplace in our financial system,” said a senior Federal Deposit Insurance Corporation regulator to a banker, whose sin was to consider a lawful business relationship with a payday lender. “Your decision to move forward will result in an immediate unplanned audit of your entire bank.”
In other words: Do something legal that we don’t like, and I’ll inflict extraordinary and excessive harassment.