Obama and Geithner Hand over Home Loans to Same Banks that Destroyed the Economy: Robert Scheer

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Friday, February 18, 2011

Obama and Geithner Hand over Home Loans to Same Banks that Destroyed the Economy: Robert Scheer

What one Democrat created to further the American dream, another Democrat is trying to destroy, says political journalist Robert Scheer.

Scheer is maddened by a new policy issued by President Barack Obama that would eliminate public support for Americans seeking home ownership. Institutions like Fannie Mae, which was created as part of President Franklin Roosevelt’s New Deal, would vanish under Obama’s plan, and in its place would step the same private banks that nearly ruined the country three years ago.

“Instead of punishing the banks that sabotaged the American ideal of a nation of stakeholders by ‘securitizing’ our homesteads into poker chips to be gambled away in the Wall Street casino, Barack Obama now proposes to turn over the entire mortgage industry to those same banks,” Scheer writes.

The consequence of this proposal, which Treasury Secretary Timothy Geithner had a big hand in developing, will be the establishment of “a two-tiered America in which the masses are content to be mere renters of the American Dream,” and not owners.

-Noel Brinkerhoff

Home Sweet Wall Street (by Robert Scheer, Truthdig)

Comments

Henry H. Rhode 13 years ago

from the revolutionary war through the iraq war over 1,184,000 service personnel have given their lives to establish,improve and defend this great country called america. one man, in the person of barack obama has nearly destroyed it in a short 15 months. looking back at his (lack of)accomplishments, it seems that everything he has done has been detrimental to the welfare of this nation. how in the world could we, the electorate, have thought that this man, who had no real credentials, could guide and manage this country's very complicated business. consider for example that as commander in chief of the greatest military force in the world,he never served a day in the military. if we can survive the remainder of his term, let's do all we can to assure that he is a one term president.

MK Ultra 13 years ago

Not only is Obama a consummate liar but he is also a duplicitous traitor. Imagine that! Where in the world but in the US circa 2000s, does a tax cheat get appointed as head of the Treasury Department? ~palm to forehead~

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Obama and Geithner Hand over Home Loans to Same Banks that Destroyed the Economy: Robert Scheer

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