Their demigod is a defacto employee of the Banks, an amazing reality about which they are clearly blind.
Here in the U.S., the people elected Barack Obama in 2008 on the implicit promise that the politically dominant financial sector would be limited in some meaningful fashion. Instead, President Obama immediately nixed any meaningful reform.
Many will claim that Obama was stymied by a Republican Congress. But the primary policy framework Obama put in place -- the bailouts --took place during the transition and the immediate months after the election, when Obama had enormous leverage over the Bush administration and then a dominant Democratic Party in Congress.In fact, during the transition itself, Bush’s Treasury Secretary Hank Paulson offered a deal to Barney Frank, to force banks to write down mortgages and stem foreclosures if Barney would speed up the release of TARP money. Paulson demanded, as a condition of the deal, that Obama sign off on it. Barney said fine, but to his surprise, the incoming president vetoed the deal.
Yup, you heard that right-- the Bush administration was willing to write down mortgages in response to Democratic pressure, but it was Obama who said no, we want a foreclosure crisis. And with Neil Barofsky’s book Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street, we see why.
Tim Geithner said, in private meetings, that the foreclosure mitigation programs were not meant to mitigate foreclosures, but to spread out pain for the banks...
There’s even worse out there:
Murray Energy’s layoffs exemplify the economic dysfunction we must overcome
http://blogs.courier-journal.com/betterlife/2012/11/12/murray-energys-layoffs-exemplify-the-economic-dysfunction-we-must-overcome/