The Obama administration again favors the banking industry over those scammed by the banking crisis. PBS Frontline presented an excellent episode on how Secretary Timothy Geithner persuaded President Obama to go easy on the banking industry. It points out the missed opportunities for corrections on the road to a positive economic recovery. It points out missed opportunities under the advice of Geithner to hold he banks accountable. He is for the Obama’s administration in regards to the banking industry as Cheney was for Halliburton and the war and oil industries. Both worked for favors for their former employers.
Now these banks and others in the financial industry that received bailouts and TARP consider suing the government. With the government taking the bank’s toxic mortgage assets off their hands, the banks incurred losses. These toxic assets were a loss long before government intervention. The ungrateful banks feel it the government fault that they incurred these losses. And the people who received no bailout but, foreclosures instead will have to foot the bill.
Now another part of the Obama administration, the Department of Justice, fails the country and its people to the benefit of the financial industry. American homeowners cheated out of their homes will receive $750 in compensation. That is not even a month’s rent for these former homeowners.
More and more the Obama administration fails on its campaign promises. Obama administration is an example of bait and switch when it comes to campaign promises versus their actions.