Wednesday, April 21, 2010

President Obama’s Wall Street Friends All Benefit From The Democrats’ Bailout Bill

Ron Paul makes a really good point here. We believe Obama's a Marxist and a Corporatist. Does Obama do this to fund his radical agenda while collapsing the economy? We think so...

Ron Paul would have been real 'hope and change.' Obama is nothing more than a radical, corrupt, charming con artist.

President Obama likes to say we need to clean up Wall Street. But let’s be clear: He is pushing a job-killing bailout bill for Wall Street that benefits his top financial contributor from the 2008 campaign – a firm that just happens to be under investigation by the SEC for defrauding investors.

Despite the President’s rhetoric, his support for the Democrats’ bailout bills gives big Wall Street banks a permanent, taxpayer-funded safety net by designating them “too big to fail.” Just whose side is President Obama on? Here are the facts:


• Goldman Sachs, recently charged with defrauding investors, was President Obama’s top Wall Street contributor during the 2008 election cycle, donating nearly $1 million to his campaign.

• Securities & investment firms in general were the fifth largest contributor to President Obama’s 2008 campaign, donating nearly $15 million.

• Big banks also donated more than $3 million to Obama during the 2008 election cycle.


“We will hold Wall Street accountable. We will protect and empower consumers in our financial system. That’s what reform is all about. That’s what we’re fighting for.” (Weekly Address, 4/17/10)


• The Dodd Gives Wall Street a Pre-Existing $50 Billion Bailout Slush Fund. Sen. Dodd’s financial bailout bill would create a $50 billion ‘orderly resolution fund’ ($150 billion in Rep. Barney Frank’s bill) that could be repeatedly replenished from industry assessment.

• The Dodd Bill Gives Wall Street a Treasury-Backed Credit Line. The FDIC would be authorized to borrow from Treasury up to the amount of cash left in the ‘resolution fund’ plus 90 percent of the value of the assets of any and all too-big-to-fail firms in its control.

• The Dodd Bill Provides a Government-Guaranteed to Wall Street Debt. The FDIC would be authorized to guarantee the debt of any solvent bank, bank holding company, or affiliate in any amount subject only to an aggregate debt limit set by the Treasury Department.

• The Dodd Bill Institutionalizes Unlimited Wall Street Bailouts. The FDIC, as the resolution agency for too-big-to-fail firms, would be given wide latitude to use resources to make payments to anyone in any amounts, at their own discretion.

• The Dodd Bill Gives Wall Street Bridge Bank Authority. The FDIC would be authorized to create a bridge institution as part of resolving a covered institution and vest the FDIC with broad authority to use the orderly resolution fund in connection with the bridge institution.

While President Obama and congressional Democrats push job-killing legislation that gives permanent bailouts to their top campaign contributors, Republicans are fighting to end the bailouts and create jobs for families and small businesses. Republicans believe the best way to protect taxpayers is by reforming Fannie Mae and Freddie Mac, the government-sponsored companies that sparked the meltdown by giving high-risk loans to people who couldn’t afford it. READ MORE...


  1. Back in March of 2009 during the stock market lows, the Federal Reserve, the Treasury and the criminal mega banks met and conspired to create a recovery by manipulating the stock market.

    The government gave these banks $700 billion of Tarp Funds and the Federal Reserve loaned them money at basically zero per cent and told them to have their traders buy the market---the mega banks did so with a gusto. All the profits generated by these banks have come mostly from trading stocks.

    They now take home hundreds of millions in bonuses for doing the bidding of the Federal Reserve with no risk of losing----they are losing money out of the yazoo from mortgage lending, credit cards, and commercial lending. They have been able to generate a stock market rally of about 50% using FREE MONEY.

    The banks then issued hundreds of billions in new stock in order to improve their insolvent balance sheets-----who were the buyers in this new stock? It was the financial institutions who were advised to buy it by the Federal Reserve using free money----do you get it Anonymous----it's one big ponzi scheme fraud

    The Federal Reserve logged a record windfall of $52.1 billion---of that total a record of $46.1 billion was turned over to the Treasury Department-----

  2. When you live in the haze of hope-and-change fantasy, reality is always unexpected.