Once again, quote machine Emanuel Cleaver is leading the charge of criticism against his president. This time, Cleaver is upset that President Obama’s loan modification program for homeowners facing foreclosure has only helped 31,000 people so far. Since the program was started in March, lenders have made loan modification offers to just 680,000 borrowers, far short of the administration’s goal of up to 4 million.

“We haven’t spanked anybody. I think they’ve come to the conclusion that spankings are not on the agenda …Why can’t we do something to one of them.”

Cleaver clearly demonstrates with this latest quote that he’s clueless and why he has no business on the banking committee. Noted financial analyst (and Democrat) Jim Cramer of “Mad Money” fame said yesterday on Chris Matthews’ Hardball program, that the delay in lending by the banks is mainly caused by all the uncertainty coming out of Washington. (Cap & Tax Trade, Healthcare reform, potential higher taxes)

The politicians are telling them to lend more money while government regulators are telling them to increase their cash reserves. How do you increase your cash reserves when your remodifying loans for people who should have never gotten their loans in the first place and who will probably end up defaulting on the loan anyway?

Related:

OpenSecrets.org: Cleaver Accepted $5,000 from Bailout Recipient

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