We live under Obamao regime. He will continue to do this as long as he is in power.
That usually means cancellation of all or part of the debt.
*sigh* I’m a mere 30 years old, and I could run a bank better than these idiots.
Actually, the bankers are doing a pretty good job of playing the hand that was dealt them by this administration. Obama, Bernake and Paulson have threatened the banks with takeover, while keeping interest rates at basically zero, and complained about them not lending to small businesses while forcing them to make bad real estate loans.
The banks have been countering by taking the interest free money from the Federal Reserve and buying U.S. Treasury notes for a higher yield rather than risking it in an economy the administration seems determined to destroy. The banks are basically laundering the money back through the Treasury Department rather than risk it in an uncertain economy. Yet, they are profiting handsomely from this operation with a minimum of risk.
When they are forced to make bad mortgage loans they pass the responsibility on to Fannie Mae or Freddie Mac while still making a nice commission for making the loan. A win-win for the banks.
Was that Obama's plan or an unintended consequence?
Personally, I think it was a plan. There are rarely unintended consequences in liberal policies, they only use that as an excuse.
He keeps his financial fat cats happy while redistributing wealth from the upper and middle classes to the failed class. He makes sure the failed class stays failed, or is even increased, by destroying the economy with these same policies.
Why? To transform our economy from free enterprise to a centrally controlled one. I call it Communism but that term is out of favor at the moment so call it what you will. Keep in mind that Obama was raised and mentored by Communists and keeps himself surrounded by them until today.
However, human nature favors free enterprise and it always finds a way around government regulations like water seeking its own level through the path of least resistance.