Obama has had a recurring theme that private sector banks are greedy. He’s held true to that philosophy the entire time he campaigned and has as President as well. Lots of other people jumped on the bandwagon:
And Obama turned up the heat even more:
"I did not run for office to be helping out a bunch of fat cat bankers on Wall Street," Mr. Obama said in an interview on CBS’s "60 Minutes" program on Sunday.
They’re still puzzled why is it that people are mad at the banks. Well, let’s see," he said. "You guys are drawing down $10, $20 million bonuses after America went through the worst economic year that it’s gone through in — in decades, and you guys caused the problem. And we’ve got 10% unemployment.
And economists dutifully chimed in:
Remember, it was Lehman — not Citi or B of A — that brought the world to the brink.
Bottom line, Obama is a socialist. Why do I draw that conclusion after that line of events? Very, very, simple. It wasn’t Lehman Brothers, “you guys”, that started all this. It was Fannie Mae and Freddie Mac going bankrupt that started it all. Anyone remember that? Obama and Paul Krugman don’t want you to. They’re blaming all this on the private sector only. And, to cap it off:
Unlike Citigroup (C), Bank of America (BAC), AIG (AIG), Chrysler, and GM, Congress deemed that Fannie Mae and Freddie Mac had not received "exceptional assistance" and therefore did not have to have their pay decisions scrutinized by the pay czar.
Top executives of Fannie and Freddie could get paid as much as $6 million for 2009, despite the companies’ horrendous performances this year.
Fannie Mae and Freddie Mac remained bankrupt throughout 2009. The only thing keeping them afloat is Congress continuing to add more and more to their debt limits. All of the “fat cat” banks except one paid back their share of TARP. To date, Fannie Mae and Freddie Mac have not paid back one single penny. And given the way they are bleeding cash, don’t ever expect them to. For that total ineptitude and complete inability to manage a company nets Fannie Mae and Freddie Mac executives huge bonuses. For successfully restructuring and eliminating the public burden CAUSED BY FANNIE AND FREDDIE MAC, the private sector banks get publicly slandered.
So, why do YOU suppose Obama’s not saying one single word about Freddie and Fannie’s bonuses?
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