Instead we got bankrupt solar companies and fat-wallet bankers who still won't lend money.
Yes, you are correct. Good people can differ on whether the federal govt should be borrowing money to spend on infrastructure projects or not. But the federales borrowed for “shovel ready infrastructure projects” and we didn’t get them!
This has all the appearances of making the Teapot Dome Scandal into childs-play!
And it is an IMMENSE amount of money!
Ok well, the kids and grandkids will pay it back for the rest of their lives.
That is, if there are any jobs left.
(PS: The banks won’t lend because of all the political pressure preventing them from collecting on the loans they’ve already made. Similarly, lending to corporations (at least, big ones) is no longer safe because of how BHO stole the money the GM.Chrysler bond holders already lent to keep those companies afloat.
In short, the politicians have made mortgage loans much more risky (certainly far riskier than current interest rates would support), and the politicians have made business loans much more risky, and the politicians have forbid the banks from making any more student loans.... SO about all the bankers can do is invest in a broadly-diversified portfolio of stocks, including many foreign corporations whose business operations are, largely at least, outside the reach of Washington DC politicians.
AND IF YOU WERE A BANKER RIGHT NOW YOU WOULD HAVE TO BE DOING just about the same thing, at least until the heightened “political risk” in America is, hopefully, reduced.
Thank our politicians (or at least, those in charge these past few years) for most of the problem borrowing funds.
(And thusly, the downward direction of the economy, or much of it, in general).
There are always “unintended consequences” of any political policy or action. In this case, the consequences were SO PREDICTABLE, so OBVIOUS, that they could only have been intentional. All of the politicians’ protestations and press releases aside.