Meet the New Boss, Obama; Same as the Old Boss, Bush

Bush/Obama Policies Helped Biggest Wall Street Firms Get Even Bigger
Sunday, October 18, 2009



Washington’s response to the economic crisis that began last year has done little to help the average American get going again, but it has helped some of Wall Street’s most powerful institutions become stronger than ever. Reducing interest rates to near zero has not loosened lending to allow small businesses to thrive, but it has helped Goldman Sachs and JPMorgan Chase finance their high-risk trading, which has yielded big returns this year. These banks are also benefiting from fewer or weaker competitors who aren’t in a position to challenge these revitalized behemoths.

Because Goldman Sachs and Morgan Stanley were allowed to reinvent themselves as bank holding companies, they were able to borrow money cheaply and issue bonds, guaranteed by the Federal Deposit Insurance Corporation, worth tens of billions of dollars.

“All of this is facilitated by the Federal Reserve and the government, who really want financial institutions to get back to lending,” Gary Richardson, a research fellow at the National Bureau of Economic Research, told The New York Times. “But we have just shown them that they can have the most frightening things happen to them, and we will throw trillions of dollars to protect them.”
-Noel Brinkerhoff

http://www.allgov.com/ViewNews/Bush...ggest_Wall_Street_Firms_Get_Even_Bigger_91018

 

bush throws a better strike though.

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i would take bush back in a nano sec

 

i wish the obama haters could get some gratification for saying I told you so to all the "change" supporters, but it's not even worth it at this point. it wont get us anywhere.

 

I know...its like getting in a car crash with a driver you told to slow down 20 times before he wrecked. No point saying I told you so...you both have broken arms and legs now.

 

Good thing you vehemently supported Obama bin lyin' during his campaign.

 

Maybe it will. If we BITCH enough and keep pointing out all of his LIES AND CRAP... perhaps his "term" in office will get cut short. Or if not, he might become an impotent lame duck figure head.

 

Yes, they are both in the "bush leagues" when it comes to big money center institutions.

 

Scat and you too Lucrum.

Please enlighten us as to how things would be better if McCain were in office.

The Republicans did not enforce the regulations on the books, and the DOJ took action to keep individual states from interfering with companies writing loans with no docs, and balloon payments etc.
So the Rethugs actually actually enabled the fraud printed money like it was going out of style, cut taxes for people that send the money overseas

(by gosh I wonder why GDP RISES when taxes are higher????? The Chicago school has spent a lot of time spinning it the other way, but plot it for yourself. Pretty good evidence that people in the over-million tax bracket DON'T and HAVN'T invested in GDP raising activities in the past. .. So much for trickle down.... They invested in buyouts and takeovers that actually DESTROYED JOBS IN THIS COUNTRY.
AND hanged the pres of the only country in the Middle East that was actually secular.
So how are the thugs going to make things better?

Tools.

 

Whereas I gave Bush a final grade of "F" for his 8 years in office, Obama has a "C-", and is sinking rapidly. His rethoric all had us believing that things could get better, but he is nothing more than a slick salesman, with little substance. Bush, IMO, was totally inept, and criminal in some of his war decisions. Where is Ralph Nader when you need him ?