Yes folks it is sad for when a country came together en mass and supported a candidate who promised change, transparency, accountability and reform, only to look at the the solutions offered and see they are the same one's put forth by the previous Administration with just a few steps changed. Or as Paul Krugman put it, the same ole "cash for trash" plan of Henry Paulson that even Paulson abandoned. With his assumption of the Presidency, what change has Barack Obama offered us? Granted we got SCHIP and stem cell research. Many of the rule changes that Bush put into effect for idealogical reasons rather then practical or scientific reasons have either been reversed, halted or are in the slow government mixer to be rewritten. However we have one big issue affecting us all, and the people Obama has selected to supposedly right the wayward ship of state are the same friggin idiots that got us here in the first place!
More after the fold:
Rather then scour the country for new fresh faces President Obama has selected people like Treasury Secretary Timothy Geithner and crew to reinvent the wheel so to speak, and for his efforts Obama should be shouting out the immortal line of Ceaser, " Et tu Brutus"! Arrianna Huffington in her opinion piece today outlines clearly the problem the Obama Administration is facing, with people like Geithner at the helm. It basically boils down to there is no change we are still going to let Wall Street and the bankers that greedily brought us to our knees supposedly get us back out and on our feet again, but there's something missing. The change we were promised.
So far the American tax payer has sunk over two trillion dollars of our taxes into the recovery plan, with an expectation of possibly another seven trillion dollars. Congress, who is supposed to monitor the expenditures and budget is getting by passed in some situations as the Fed just decides to dump a trillion dollars into the economy because the Fed (Treasury) can. While in his recent stimulus package Obama allocated billions for jobs such as those rebuilding our infrastructure, trillions have gone to Wall Street and banks in an effort to boost the credit market and get banks lending again, which they for some reason seem reluctant to do. The irony is the banks are refusing to lend the tax payer their money, and seem content to hold on to it.
So where's the change Mr. Obama? I'm not talking about the cosmetic changes offered so far, I am talking about real change such as reform of the deregulation done over the past ten years that got us here? Maybe we could reinstate the Glass- Segall Act? This was a bankers biggest wet dream come true and caused the collapse of a major portion of the over sight banks once had. Why hasn't that Act been put back in place? Including the repeal of the Glass-Segall Act how about the other legislation introduced by Phil Graham, and passed into law by the then Republican controlled Congress that essentially made it impossible to monitor and regulate any of the Wall Street and banking interests that eventually collapsed. This includes a lucrative derivatives market that AIG played in and lost not only it's shirt, but pants, shoes, socks and underwear. Trillions have been given to banks yet Geithner and crew can't (or won't ) press the recipients to tell us where the money went.
The Real Story lies in the day to day living of every day people and I will use my family as an example. Let's say I have a little money to put away and save`( can't spent it Mr. President, my wife got notice last week she was being laid off, that's 40% of our income). I look around and might get lucky to find some long term CD's paying 2.5% interest, not a lot but something. I then get my credit card bill which we are desperately trying to pay down and they are charging us 29% interest. What the hell? During the fall of the economy credit cards (especially those issued by Citibank) somehow had their limits cut to the amount that was on the card, the letters came late that informed customers of the change and as a result many went over their limit and got hit with all types of charges. As a result, credit scores fell often several times because the bank's action of lowering a credit limit cost the individual their credit rating, then going over the limit, and God forbid someone missed a payment. Folks that were once worthy credit risks now somehow became toxic credit risks and now the banks have an excuse not to lend them any money for say a used car they needed after their car was stolen. Or if they got the loan it was at an inflated interest rate which then did their credit rating no good based on the loan value verses their income. (That's what happened to me in November so this isn't made up).
Why after all the discussion haven't you and Congress curbed the banks license to steal through credit cards? So now my wife and I have our income halved and struggle to make our financial obligations. Oh did I tell you she had our family's health insurance so now we must pay COBRA rates to stay covered which are astronomical (I can't be without health insurance because I am a transplant patient and need coverage). We struggle while she tries to find a job (which is a little hard to do right now just so you know) and somehow get behind in our bills. As time passes and things don't get better we find ourselves unable to maintain our payments (no we didn't buy a house at inflated value or price, we've lived there nine years) and lose our home so we try to file for bankruptcy. Oh yeah, some where during the past eight years those laws changed to favor the banks as well so I guess we are screwed. Are you getting the picture here Mr. President?
Timothy Geithner and crew are Wall Street bankers and the financial team you've assembled are of the same ilk. Your brand new plan to relieve banks of their "toxic assets" is just a government run hedge fund with the tax payer assuming most of the risk. To add insult to injury the plan relies on only the wealthy select invited few to participate and profit from it. Some guy or gal with say fifty thousand to invest can't even get a crumb because you are looking for millions. But the so called Masters of the Universe are allowed to continue their game, without regulation or oversight while we the people give the banks our money to save them from bankruptcy, which they then turn around and return to you guys in the form of political contributions, and continue to fund their exclusive "members only" lavish life style while complaining "they do not understand why they (corporate CEO's) are vilified." (Here's an idea, why don't you take my family's place in a few months in a homeless shelter and we crash in your mansion?).
Frankly Mr. President I am tired of you and all the rest spending my money like a drunken sailor on indefinite liberty. You put the money into the hands of the same people that got us in this mess, then feign outrage and indignation when it becomes public that your corporate masters decided to give themselves lavish bonuses, yet you and yours made it possible for this to happen. After my family like so many others who have lost or are losing more do you look about and say we need to reign this bunch in? No, you continue to throw money at them, you fail to offer oversight just excuses and the sabotage to the public's invested interest comes from within your own Administration.
You have done many good things and have the ability to do more. Those of us who stood with you during your campaign are willing to stand with you once again. There is though one accommodation you must make, and that is put us on an equal playing field with those who brought this debacle on. Frankly, in my own humble opinion we should be elevated because it is our pockets that is paying for the misdeeds of these children. Just like a parent of a teenage child oft pays for the recklessness of that child, so to are we the tax payers put in the role of parent to a bunch of spoiled brats that need the rod without hesitation.</div>