Friday, January 30, 2009

Obama's outrage over Wall Street bonsues doesn't fool me; he and Democrats have been largest beneficiaries of largess of financial fatcats

If you can still remember the movie classic "Casablanca", a favorite scene involves the French police chief who has Rick's place raided for gambling -- while a dealer brings him his winnings for the night.

It's the same with President Obama's outrage over Wall Steet bonuses to executives and employees.

No party has been more of a beneficiary from the largess of Wall Street than Democrats. The Clinton administration allowed for the deregulation of the industry that unleashed the damning derivatives tied to bad home loans.

Obama was the top recipient of campaign donations from Fannie Mae and Freddie Mac. Both institutions have been bailed out by taxpayers.

Obama also supported the failed TARP plan that has gone to the same bonus baby executives and their companies. The president is now preparing to spend another $350 billion on these financial fools.

If Obama really objected to the bonuses, then he would not spend a cent more of TARP. He'd return the money to the federal coffers to pay for the massive stimulus plan.

He won't. And his objections to the bonuses ring false and hypocritical. Change still has not come to Washington. And Obama is making Rush Limbaugh credible again.

1 comment:

Anonymous said...

You are correct. The President is waging in class warfare. This panders to his base but does nothing to solve the problems we are facing. He still seems to me to be running an election and not a Country.