Wow ..... which Obama dope are you smoking ?!
The Obama team ??? .... saved us from economic collapse ?
As I recall it was pre-president Obama when Bush Administration's Secetary of Treasury Paulson, Chairman of the Fed Bernanke, and the banks themselves that came together to save bank customers by buying the hurting banks' stock at a fire sale. For instance, Chase took over Washington Mutual.
The video explained it will be the mega-Banks that get their revenue taken from them, not the regional banks or smaller. It was the mega-banks that were doing the saving of banks. So go figure...the saviors are being targeted now. It is the Obama team playing Willy Sutton on steroids....Not only robbing the banks, but the biggest banks....Not only where the money is, but the biggest money.
You've got your 2nd paragraph all scrambled from reality. (1) It was not government and (2) it was not bail out money. Which banks got bailed out ? None. They were bought out by the Mega Banks. It was done to maintain stability and the banking industry itself from having bank runs and keeping the confidence of the public in banks. (3) Next, the banks bought by the big banks were not holding mortgage backed securities. They were holding mortgages .... mortgages doomed to be delinquent loans and/or failed loans. Those mortgages were sold at very deep discounts to large firms that buy distressed mortgages. (There is an industry that buys these and either tries to restructure them or goes after the debtor's assets. It is the promissory note on the mortgage that the debtor can remain being liable for even if the property gets taken away.) The Obama team bailed out DEBTORS to the following extent: Those that lost their property and were assumed to be relieved from their debt are none-the-less held liable for taxes to be paid the IRS on the amount of debt relief. But the Obama team led the charge for the IRS not to tax the debt relieved. The Obama team is notorious for handing out the tax payers' money for vote getting favors...."Remember us at election time." By the way, the tax payers' money had already been spent by an upside down government running a trillion dollar deficit every year. (It was years later when Obama at a meeting at the White House told Boehner "Don't talk to me about the debt....The debt doesn't matter.") I like to watch CNN to see what it ommits: it ommited that one.
Your second paragraph continues with inaccuracies. (4) The Obama team, God bless them, was not responsible for ZIRP -- zero interest rate policy. That was done by the Fed long after the failing or potentially failing banks were cleared from the field. Helicopter Ben throwing money down to the banks to get loans out the door initially in order to issue cheap loans to businesses and consumers was not ZIRP but just lower interest rates. It didn't work. As my first post alluded, businesses sat on their hands watching business- and bank- repressive legislation being crafted by the Obama team's party controlling the house and the senate. The Obama team and its Democratic party swung the pendulum from capitalism when the nation most needed it to the attitude of sit down, shut up, and keep your butt sitting on your hands attitude in its own anti-capitalistic style. When liquidity (banks with tons of cash) didn't work, then the Fed came in with ZIRP to resuscitate the economy, not the Obama team with its failed legislation. It took many years later that Bernanke finally called it like it was in testimony to Congress: I paraphrase: the Obama team leadership and its party's failed legislature with fiscal policy necessitated the FED by way of monetary policy to take on trillions on its balance sheets buying treasuries and lowering rates to zero. The FED was the only leg of the stool standing. All of the subsequent negativities caused by ZIRP can be traced back to the Obama team and its failed, new laws. The Republicans were not in charge, but tried to stop it...the so-called obstructionist party.
(5) In light of my explanations above revealing your second paragraph's inaccuracies, it comes as no surprise that banks did claw their way back slowly only because of the severe headwinds of new and repressive laws, not by way of your over-reaching "30%" interest rate "gouging the middle class" statement in a very low interest rate environment. Inaccuracies by the under informed or politically biased are understandable, but 30% is an indictment for fantasy based on lack of credibility.
Your next paragraph (3rd) is just as preposterous of a statement given your plethora of inaccuracies before it in your second paragraph, and makes no connection with reality.
"Takings" by the Obama team will have to be explained to me for its constitutional legitimacy, something the Obama team tends to fold, spindle, and mutilate. (Remember Obama's multiple years in attendance with his favorite preacher, Jeremiah Wright ?) Even if Obama's team knows it can't be done, it is what nurtures voters that need to suckle off of the giving of free money by a populist president.....tax payers' money. Votes Votes Votes ! And his party will get them from the under-informed or even those left wing idealists who know better.
Oh...and by the way...you accuse the bank's of "their bad behavior" that consequently led to a "downturn" in the economy. CNBC did a one hour special in 2009. President Bush sent his Secretary of Treasury Snow to the legislative hill more than once to convince the respective Democratic leaders in the Finance committee in the Senate and in the House to kool it. They had been jawboning FNMA (Fannie Mae) and FHLMC (Freddie Mac) to loosen its credit (mortgage) underwriting standards. The two biggest buyers of mortgages did ! Senator Frank and Congressman Dodd arguably wanted more home ownership. It's good politics when you can come home to your constituents and beat your chest about how you affected the mechanics of originating more loans...lowering the thresh hold for qualifying for credit... for more Americans allowing for the subsequent increased employment and additional tax base for their communities from new home owners. Fantastic for them ! Ironically the same gentlemen came to the fore when the economy subsequently failed. Have you heard of capitalist repression and convoluted law called the Dodd Frank bill. And you wonder why we did not come out of the recession sooner. The same foxes that opened the chicken house doors, ate the chickens, and then closed the doors didn't allow for new chickens. You can't make this up.
