Wall Street, Banks NOT the Problem
Here are two news items, the first from AP/News.yahoo.com on November 3, 2011:
‘WASHINGTON (AP) — Government-controlled mortgage giant Freddie Mac (the Federal Home Loan Mortgage Corporation) has requested $6 billion in additional aid after posting a wider loss in the third quarter ….Taxpayers have spent about $169 billion to rescue Fannie (the Federal National Mortgage Association) and Freddie, the most expensive bailout of the 2008 financial crisis. The government estimates it could cost up to $51 billion more to support the companies through 2014.’
Meanwhile The Wall Street Journal reported on March 11, 2011:
‘Six banks repaid nearly half a billion dollars in funds they received from the government bailout of Wall Street, the Treasury Department said, bringing the total bank repayment under the Troubled Asset Relief Program to 99%. …Through the repayments announced Wednesday, as well as dividends and interest, taxpayers have recovered about $244 billion of the $245 billion in TARP funds disbursed to banks, the Treasury said. The Treasury currently estimates that bank programs within TARP will ultimately provide a lifetime profit of nearly $20 billion to taxpayers.’
So as the Wall Street occupier lunatics protest “the banks” over their bailout, and “corporations” and “Wall Street”, the fact is that the bank bailout is going to provide an actual profit for the taxpayer.
Meanwhile the former government-sponsored agencies (now controlled totally by the government) of Fannie and Freddie not only are deeply in debt to the taxpayer and will never repay, but they actually caused the collapse in the first place by guaranteeing and securitizing trillions in subprime loans made to “poor people” under Democrat policies.
Yet when Republicans repeatedly demanded reform of Fannie and Freddie, Democrats – including Obama – opposed it.
Thus the ‘occupiers’ are using a classic Democrat tactic – shift the spotlight from the real problem, like the $800 billion that has disappeared into thin air under Obama’s ‘stimulus’.
So – more than a $1 trillion loss in stimulus, Fannie and Freddie compared to a $20 billion profit from the bank bailout.
See how demented these people are? And how much they lie?
But just look at them in their tents and living in filth and talking like crazy people and you understand that they have no interest in the facts, just as the entire Democrat party does not.
In fact if you look at the overall economy, you will understand how Democrat policies are making America poorer and poorer while corporations, banks and Wall Street are trying to give us prosperity.
Imagine you live in rural New York state and your town is suffering. Is Wall Street to blame? No. Is ExxonMobil to blame? No.
Imagine that you want to start harvesting trees from the millions of acres of wild forest land in New York state to create jobs for yourself and others. Is Wall Street going to stop you? Will a bank obstruct your plans?
No, but modern-day environmentalism from the Democrat left is going to stop you. And this is going on among tens of millions of citizens all over rural and small-town America where people have little political power against the government (which is working hand-in-hand with the enviro movement) and against wealthy environmental groups. These groups are bankrolled in large part by billionaire and multimillionaire liberals and rich corporations and are headquartered in left-wing cities as the Sierra Club is in San Francisco.
These environmentalists are the ones who really should be targeted as one of the main impediments to the creation of new prosperity for tens of millions of Americans. Why aren’t the New York protesters camped outside the headquarters of the Natural Resources Defense Council?
Answer: Because the protesters have no clue about the real cause of our national economic crisis, or will never know what the real problem is because they only read propaganda pamphlets.
How about our national debt, to which Obama has contributed massively while Republicans have sought to halt any further debt accumulation.
This debt is ruining our economy. The US spent a whopping $197 billion in 2010 just to pay interest on that debt and not even to pay off one penny!
Where are the kooks to ‘occupy’ Washington to protest the devastating effect that our $14 trillion debt is having on American job creation? How do they explain that everything in Europe is heavily taxed, that Europe spends little on its militaries, yet Europe is deep in debt and dragging down the whole world?
No, it must be the banks…
Nonsense. The cause of the crisis is the greediest entity of all – corrupt governments worldwide and socialists who are taking trillions from the taxpayers via these governments.
Here’s another fact: Over and over we have heard the Wall Street protesters complain about their big student debts. Yet they never seem to mention that the universities are run lock, stock and barrel by hard-left academics and that tuitions have been rising three times faster than the rate of inflation over the last 30 years.
But somehow those leftists are not blamed for those big debts. No, it must be George Bush and the banks…
Then protester kooks in Oakland, California set fires and shut down the port. So how is destroying property and halting the economy through blockades and strikes going to help people?
They will not. They will hurt people. Because these protesters are radicals, ignoramuses and pathological liars.
How about government regulation like ObamaCare and a thousand other rules and mandates that are stopping businesses from hiring? There is no protest from ‘occupiers’ there…
No, of course not. But we know who these ‘occupiers’ really are – just pawns who are being manipulated by a radical communist elite. And that is the heart of the issue.
Please visit my blog at www.nikitas3.com for more conservative insights.