In a pot calling the kettle black moment, president Obama lectured Wall Street about “responsibility, not recklessness.” Obviously the president, like the rest of Congress, never bothered reading the so-called stimulus bills he signed, not mention the Democrats’ other perverse pieces of legislation from Obamacare to Cap and Trade. Nor did the Washington elite seem to notice the sea of angry citizens who marched against them on 9/12. But government recklessness and irresponsibility with taxpayers’ money apparently isn’t a problem.

In his speech, Obama said: “We will not go back to the days of reckless behavior and unchecked excess that was at the heart of this crisis. … Those on Wall Street cannot resume taking risks without regard for consequences.”

What the president fails to understand, or won’t admit, is that the entire mortgage meltdown that initiated the financial crisis can be traced in large part to government policies. While there is plenty of blame to go around, for Obama to present it as though the government has clean hands and just wants to help is extremely disingenuous. An entire book has been written on this topic called The Housing Boom and Bust by Thomas Sowell.

No need to worry America, because the House Financial Services Committee, led by Barney Frank, D-Mass., is coming to our rescue. The panel has already passed legislation designed to curb excessive compensation at financial institutions (as though that had anything to do with the problem). Prior to the meltdown, Barney Frank was a person who defended Fannie Mae and Freddie Mac as sound government-sponsored enterprises. Frank said, “‘These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis. …The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.” He also added, “I do not see any possibility of serious financial losses to the treasury.” It was liberal Democrats like Dodd and Frank who for years pressed Fannie and Freddie to promote subprime mortgage loans. Barney Frank was also a recipient of more than $40,000 in campaign donations from Fannie since 1989.

We are definitely living in surreal times when Obama would have us believe that the corrupt officials in his administration will be the watchdogs for corruption in Wall Street.