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To: Kaslin

The Bush bailout of Wall Street in 2008 set the stage for Obama and the media to sell the concept of class warfare. Overwhelmingly the American people opposed the bailout. In fact the Republican House of Representatives first voted it down and then after being scared by Paulson and Bernanke, went along to avoid being blamed for a crash. As a result the crash fell on the American middle class instead of the banks.

The Fed and the US Treasury then rigged the treasury securities market to allow the Wall Street banks to return to profitability borrowing from the Fed at 1% and lending to the US Treasury at 3%. The 2% difference was no risk pure profit to the banks on billions of dollars of transactions. The banks went back to reporting billions of dollars in profits during a severe economic depression and paying tens of millions in bonuses. No shame here.

The middle class paid the price in high unemployment, huge losses in their retirement savings, a collapse in the housing market. No one went to jail except Bernie Madoff who made the mistake of stealing from wealthy people instead of the poor and middle class.

Obama is just taking advantage of a situation created by greed on Wall Street and government collusion in protecting the wealthy at the expense of the American public. The American people sympathize with the Wall Street protestors because they have zero respect for the executives on Wall Street and rightly so.

Certainly Obama’s use of class warfare is shameful. However, the behavior of the banks and their government protectors including Barney Frank, Chris Dodd, Bernanke, Greenspan, Paulson, and yes George W. Bush was just as shameful if not criminal. Bush must share the blame because his Treasury Secretary allowed the banks to raid the Treasury and the entire concept of TARP was developed on his watch. He also could have taken administrative action to reign in Freddie and Fannie when Congress wouldn’t act or he could have taken the case against Fannie and Freddie to the American people. He did not.

The American people will not support a “free enterprise” system where the wealthy protect themselves and exploit the middle class. The American sense of fair play and accountability has been violated. It will take a long time for business to regain respect. Based on the behavior of Immelt, Buffett, and the bank CEO’s this won’t happen anytime soon.


5 posted on 10/18/2011 6:43:26 PM PDT by Soul of the South (When times are tough the tough get going.)
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To: Soul of the South
Bush and others tried to pull in Fanny and Freddy....

It's documented.

Most business's in America are honest and up and up. Don't paint with a broad brush....

7 posted on 10/18/2011 6:47:50 PM PDT by Osage Orange (Si Vis Pacem, Para Bellum)
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To: Soul of the South
Overwhelmingly the American people opposed the bailout. In fact the Republican House of Representatives first voted it down and then after being scared by Paulson and Bernanke, went along to avoid being blamed for a crash.

What year are you talking about?
13 posted on 10/18/2011 7:24:44 PM PDT by PA Engineer (Time to beat the swords of government tyranny into the plowshares of freedom.)
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To: Soul of the South
Bush must share the blame because his Treasury Secretary allowed the banks to raid the Treasury and the entire concept of TARP was developed on his watch.

Really?

Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown
14 posted on 10/18/2011 7:33:05 PM PDT by PA Engineer (Time to beat the swords of government tyranny into the plowshares of freedom.)
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