Posts Tagged ‘bailouts’
The Federal Reserve kept Congress in the dark about billions in profits generated by big Wall Street firms that used taxpayer dollars to take advantage of below-market interest rates, Bloomberg Markets reported this week.
Firms took advantage of the below-market interest rates offered by the Fed amid President George W. Bush’s bailout program, secretly leveraging $13 billion off taxpayer money, they found.
Posted in Economics, Politics, Uncategorized, tagged "income redistribution" "corporate welfare", bailouts, banksters, Blue Cross, Distribution of income, Impeach, mortgage backed securities, Obamacare, President Obama, Rich, wealth on Jam6000000amTue, 07 Jun 2011 10:25:59 +000011 10, 2010 | Leave a Comment »
Every program Obama has enacted, whether it be the enactment of Obamacare or bailing out banks, has gone toward ensuring the wealthy get richer while bleeding the mass of citizens dry.
Take Obamacare. The bill was written by representatives of the health insurance industry. Guess what? There’s nothing in the bill that will stop the upward spiral of health insurance prices. Natually, since Obamacare was enacted, Blue Cross Blue Shield has jacked up its rates often by double digits and in many cases by 20 percent or more. Of course, representatives of Blue Cross helped draft the legislation.
The legislation allows the government to force millions of people without insurance to buy it, and then the taxpayers will subsidize these people. And their insurance premiums will go up and up and away. Obamacare may send the United States into the equivalent of bankruptcy. But it will be very profitable for Blue Cross and its shareholders, as well as every other health insurance corporation. In other words, Obamacare is another income redistribution scam, from the bottom 98 percent of citizens, straight to the top. It’s another corporate welfare scheme for the rich.
Likewise, Obama chose to save the banksters rather than homeowners, perhaps because they’re the people he can count on to provide him with campaign contributions. People earning less than eighty grand don’t have a lot of extra money to give the president.
Obama could have saved the homeowners, like FDR once did. But the banksters and other rich investors held hundreds of billions of dollars of mortgage backed securities. Had Obama elected to save the homeowners by establishing a program that would’ve allowed them to renegotiate their mortgages to reflect their new lower value, the value of the bonds held by the rich would’ve been depressed even more than they already have been.
There was no way Obama was going to allow the richest of investors to take a hit even if it meant saving the American economy and rescuing millions of families. In other words, this too was another redistribution scam for the rich.
Obama should be impeached for that.