Memo to Occupy Wall St: Obama's Your Man!

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This guy gets it.
Seen at an Occupy protest in Jersey City yesterday:
[Source: UK’s Daily Mail]
After the 2008 $700 billion bailout of the fat cats of Wall Street — which increased the U.S. federal debt ceiling to $11.3 trillion from  $10.6 trillion — the Obama administration supported a second bailout of Wall Street  even bigger than what Congress wanted — than the bailout already approved by the House, the Wall Street Reform and Consumer Protection Act., sponsored by those two fat-cats-loving Democrats Barney Frank and Chris Dodd.
The Obama administration wanted the Federal Reserve to have unlimited amounts of money in the form of “loans” to failing businesses deemed to be friends of the Fed and “too big to fail.” The House bill contains an authorization for the Federal Reserve for $4 trillion in “secured loans” to bailout individuals, partnerships or corporations in financial distress. See page 506 of the House passed bill. [Source: Big Government, April 21, 2010]
I’ll write more on that $4 trillion in a future post.
On April 21, 2010, the Congressional Budget Office released a cost-estimate of enacting the legislation. The CBO admitted it “has not determined whether the estimated costs under the Act would be smaller or larger than the costs of alternative approaches to addressing future financial crises and the risks they pose to the economy as a whole.”
Despite that, Obama signed the second Wall St. bailout act into law on July 21, 2010.
A Wall Street Journal opinion piece speculated that the law would make it more expensive for startups to raise capital and create new jobs.
~Eowyn

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0 responses to “Memo to Occupy Wall St: Obama's Your Man!

  1. Obamanomics: When One Bailout Is Never Enough!

     
  2. It’s vampire capitalism — and it sucks!

     
  3. Crony capitalism… they figured out how Soros, Buffet and co. (like Solyandra) work.

     
  4. It’s like wading through the truth and not having a clue.
    Minions of the Elite who Know (gnosis), do you.?

     

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