Quote:
Originally Posted by
mantisman51 http:///t/393135/quiet-here-today/20#post_3495223
See, this is what makes me laugh and vomit at the same time. You cry over cutting taxes on the "greedy rich and corporations", but you haven't a single word for the $800 billion handout to the big banks by Obama? Money that never went to helping the poor and middle class, just profit for the "greedy rich and corporations". You can't muster one word of outrage at Obama's $800 billion welfare to big banks? And, since you are so oblivious to that corrupt payoff to Obama's biggest campaign contributors of 2008, the Fed is loaning money to the big, greedy banks at .15-.5% interest, while borrowing money to pay for that handout to "big, greedy corporations" at 8%. Meanwhile, where's the help to stop the poor and middle class save their homes from foreclosure? Oh, the 1-3% of underwater homeowners who are getting loan modifications through a Federal program that PAYS THE BIG, GREEDY BANKS to not foreclose after Obama gave them hundreds of billions of $. Come on Bionic, where's the outrage at Obama's epic fail at corporate welfare that has bankrupted our economy and helped no one but "greedy rich and corporations"? At least tax cuts encourage financial productivity, Obama's corporate welfare merely gave them pure profit after they destroyed our economy. Where's your outrage?
Dude, that $800 million was from a program that BUSH created. It landed on the books in 2009. Same thing with the housing collapse. Remember Fannie Mae/Freddie Mac (oh yeah, those stinking Democrats in Congress). Interesting how you blame Democrats in Congress during Bush years, but it's all Obama's fault even though the Republicans have controlled the House the last two years. Again, where this "encouraging financial productivity" since 2002 when the Bush tax Credits went into effect?
Bank Bailouts
The Claim: Mitt Romney said the Dodd-Frank Act of 2010 designated five U.S. banks as too big to fail and gave them “a blank check,” contributing to the collapse of smaller banks. “We need to get rid of that provision because it’s killing regional and small banks,” he said, asserting it has contributed to the closing of 122 community banks.
The Background: The Dodd-Frank financial overhaul was enacted in July of 2010 to impose regulation on some of the riskiest practices that contributed to the financial meltdown. One provision created a protocol under which the largest, most complex financial institutions would be wound down safely, without lasting taxpayer burden, should they fail. Nine banks -- including five of the largest U.S. banks -- have submitted so- called “living wills” to U.S. banking regulators to map out how they would be dismantled under bankruptcy. If their bankruptcies threatened the financial system, Dodd-Frank gave the Federal Deposit Insurance Corp. authority to liquidate them itself.
The Facts: Romney was off base. There is no connection between the failure of community banks and the provision in Dodd-Frank designed to contain the harm from the failure of a big bank. FDIC statistics show that 37 banks, not five, have enough assets to come under that provision
