You are currently browsing the tag archive for the ‘poor’ tag.
Normally I steer away from Rolling Stone and their articles. However, this one makes some very good points and arguments in regards to the Obama administration’s catastrophically negative impact on the U.S. economy. As in the author of the article Obama’s Big Sellout stated, “This new team of bubble-fattened ex-bankers and laissez-faire intellectuals then proceeded to sell us all out, instituting a massive, trickle-up bailout and systematically gutting regulatory reform from the inside.” Which in my opinion, is putting it mildly. It is and has been a buy out of the major banks and automobile companies in aspirations to gain even more of a government foothold. And as the article points out, “… the extensive series of loophole-rich financial “reforms” that the Democrats are currently pushing may ultimately do more harm than good.”
It is also explains that during the campaign Obama had advisers which focused heavily on helping the poor and middle class, and condemned the bankers of Wall Street. But the day after Barack Obama was elected to office, he did away with those advisers and replaced them with the total opposite, Wall Street bankers. Which “Leading the search for the president’s new economic team was his close friend and Harvard Law classmate Michael Froman, a high-ranking executive at Citigroup.” And it wasn’t long after he was made official in his office that Obama made the $306 billion bailout of Citigroup and agreed to make taxpayers pay up to $277 billion in losses for the Citi assets.
It is very interesting to say the least to see how the web of Obama’s economic team was formed. There is no interest in helping the poor or middle class. It is about making more money and expanding government control. The author of the cited article does well showing the timeline of events and the connections of the appointees. However, he is clearly a democrat and was at one time for Obama. He also uses a fair amount of profanity, which is completely unnecessary for getting his point across. But I do think it is a worthwhile read for informational purposes if you read it to the end.
WARNING THE FOLLOWING LINK DOES CONTAIN PROFANITY (very unnecessarily)