Posted on 10/08/2011 9:56:15 AM PDT by Sub-Driver
Pelosi: Wall Street protests are a Main Street reaction to bank bailouts By Jamie Klatell - 10/08/11 12:08 PM ET
House Minority Leader Nancy Pellosi (D-Calif.) said the Occupy Wall Street protests are a reaction government putting "Main Street at the mercy of Wall Street" by bailing out failing financial institutions.
In an interview for Sunday's "This Week" on ABC, Pelosi said that the Troubled Asset Relief Program (TARP), which was passed in 2008 when she was House Speaker and signed by President George W. Bush, was one of the causes for the demonstrations.
"I think one of the most angry responses I've seen to actions in Washington came after we passed the TARP bill. And that was the bill that pulled us back from a - a financial crisis that we - and this was during the presidency of President Bush," Pelosi said. "The thought was that when we did that, there would be capital available and Main Street would benefit from the resources that went largely to Wall Street. It didn't happen."
She said since those bailouts didn't help revive the economy, financial centers like Wall Street were a logical outlet for frustration.
"I do think that, from what we saw after TARP, that the focus on Wall Street was one that they thought was a legitimate place to go. Don't do this again; don't put Main Street at the mercy of Wall Street," she said. "Not to paint everyone on Wall Street with the same brush. That would not be fair. But actions were taken that risked our economy and we don't want that to happen again."
Democratic lawmakers began to embrace the Occupy Wall Street protests as they spread to Washington, with some likening the movement to a Tea Party of the left.
Several liberal House lawmakers endorsed the protests Wednesday, and the leaders of the Congressional Progressive Caucus said they had been inspired by demonstrators who have been arrested by the hundreds in New York City.
"I support the … the message to the establishment, whether it's Wall Street or the political establishment and the rest, that change has to happen," Pelosi said on ABC. "We cannot continue in a way that does not - that is not relevant to their lives."
Some Republicans have spoken out in opposition to the demonstrations.
House Majority Leader Eric Cantor (R-Va.) described Wall Street protesters as a mob on Friday and implied Democrats were egging them on.
"I didn't hear him say anything when the Tea Party was out demonstrating, actually spitting on members of Congress right here in the Capitol," Pelosi said. "And he and his colleagues were putting signs in the windows encouraging them. But let's not get down to that."
A question for Pelosi voters: are you embarrassed yet?
Seems like on Main Street in the real world, people are kind of laughing at the Occupants. As in, don’t they have anything better to do than pout and make messes?
Well, from what I have read the banks have essentially paid back what they got in the bail out.
And whatever else they have received in aid has not come from Obumer or the Congress critters but from the printing presses of the Federal Reserve.
The wonderful “gifts” they have received from Obumer and the Congress critters were wrapped up together and called “Frank-Dodd” and included dozens of new ways to turn the financial services industry into a public utility managed by the Federal government. Call it a gift of maximum unknown expectations filled with every disincentive not to take risks.
So what was it Pelosi was expecting the banks to do once they paid back their “bail out” money - resuscitate the sub-prime mortgage industry, spin the risk out again into derivatives and support Federal money to “affordable housing” organizers like ACORN?
That is the essential complaint of Pelosi and Obumer. “The banks” (not their stock holders, not their depositors) were “bailed out” and now the banks are not contributing to Mr. Obama’s socialized economic agenda, by putting money back into chasing after Marxist social agendas, instead of looking for value on return of capital put to risk.
No, Pelosi and Obumer have made looking ahead for the next few years riskier and far less certain than anyone could have, and after they created that uncertainty “Wall Street” is too blame for their reticence to buy into it.
Didn’t this b!tch vote in favor of the bailouts? And now she has the balls to act as though she was not involved in that fiasco, and nobody in the media is calling her out?
What the fugg?!
She’s still lying about the spitting incident that never happened.
VERY GOOD POINT
Let us turn this around and use the protests to denounce obama and his admin and all the money he took off Wall street especially Goldman, GE etc.
“I didn’t hear him say anything when the Tea Party was out demonstrating, actually spitting on members of Congress right here in the Capitol,” Pelosi said.
They just keep telling this lie and nobody calls them on it! Incredible!
Bailouts which she (and a majority of Democrats in both houses) voted for!
Which she will NEVER EVER mention.
Nor the fact that they keep voting for bailouts to this very day.
Pelosi has absolutely convinced her pea brain that the spitting incident occurred, altho there is no evidence on any video from that day & place.
She is as delusional or worse than Barry the Imposter.
Question. Did Miss Nancy vote in the House to bail out the banks? Did Miss Nancy vote in favor of the war against Afghanistan and/or Iraq? Did Miss Nancy support the Bush initiatives to resolve financial problems in the past?
Sorry, Miss Nancy, but before you have ANY credibility, you have a few questions to answer.
Good memory.
It’s never been about jobs. It is pure politics and getting reelected.
You’re right on all statements. Your “goals” represent the praise and the saving grace for the next election.
Of course! It’s the irony that sticks in my craw...
And those ‘rats like Pelosi get re-elected time and again and look where we are today! Grrrr!
This is what we have to deal with today. It sticks in my craw as well, daily.
After 11-06-2012 I believe we will have different issues on our plate.
I hope you also visit the FR Sunday Thread which critiques the various Sunday talk shows.
Tell us again, Nancy, how you weren’t in favor of these bailouts.
Because it’s a sin against God.
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