Yet more weak shit on the banksters from Obama
Obama: Time for big banks to help small businesses
"[OBAMA] These are the very taxpayers who stood by America's banks in a crisis, and now it's time for our banks to stand by creditworthy small businesses and make the loans they need to open their doors, grow their operations and create new jobs," Obama said.
Never mind that whatever actual program or policy, if any, that Obama has in mind will be, if results of his mortgage refinancing program are any guide, pathetically weak and unhelpful to those in need. Let's focus on the question of fact:
Here's where the bailout money went and how much of it there was:
These bailout programs for the banksters could add up to as much as $24 trillion, according to Inspector General Barofsky. And these bailouts were done, starting in early 2008, by the Fed and the Treasury acting completely outside the public eye; there was no accountability and transparency whatever.
Only a small portion -- $700 billion -- of that $24 trillion was ever put before Congress: That was TARP, for which Obama whipped, and whose goal in retrospect was to provide retrospective legitimacy and cover for all that had gone before.
In no sense whatever did the American people "stand by" the banksters. Rather, the administrations -- both administrations -- orchestrated the largest transfer of wealth in world history, from American taxpayers to the banksters, without any democratic input.
Obama is, quite simply, lying. Worse, he's lying in a way that shows that either he has no understanding of the issue, or no intention of doing anything about it.