"I'm proposing to take 30 billion dollars of the money Wall Street banks have repaid and use it to help Community Banks give small businesses the credit they need to stay afloat."Now, wait a minute I seem to recall another speech he made that said he would give the money back to us taxpayers. Here's the quote:
"If American tax payers are financing the solution, then they have to be treated as investors. They should get every penny of their tax dollars back." Campaign speech - 10/1/08So, now he's reneging on that campaign promise and promising something else. Something tells me that promise isn't going to happen either.
Let's talk about these big banks that we bailed out for a minute. Our problems with these banks started under Bush's watch. Ben Bernanke was the Chairman of the Federal Reserve under Bush, was nominated by Obama for a second term and confirmed by the Senate on January 28, 2010. Given what has transpired over the last two years, I'm not certain he has been doing a great job.
There are 12 Federal Reserve Banks in the U.S. They are located in New York City, Boston, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco. Each of their Presidents reports to Ben Bernanke. One of their job descriptions is to supervise and examine commercial banks for safety and soundness (www.federalreserve.gov/generalinfo/faq/faqfrbanks.htm). Here's the kicker! The President of the New York City Federal Reserve Bank was Timothy Geithner. Apparently, he was doing such a good job making sure banks were being "sound" that he was promoted by Obama to Secretary of the Treasury!
Lastly, Obama has decided to put together a Blue Ribbon panel to help figure out what went wrong with the breakdown of the economy. According to Glenn Beck, on this panel is Ben Bernanke, Timothy Geithner, Dianna Farrell, Stephen Friedman, Gary Gensler, Robert Hormats, Philip Murphy, Mark Patterson, just to name a few. All of these people in bold seem to have worked for a common employer, Goldman Sachs. A bank that we bailed out. Something seems wrong with this picture.
"We are prepared to freeze government discretionary spending for three years. Spending related to our national security, medicare, medicaid, and social security will not be effected, but ALL other discretionary government programs will."One day later, 1/28/2010, Jen Psaki, White House Deputy Communication Director, said the following:
"This is not a spending freeze across the board where every single program would be cut, and I think there has been some confusion about that, for example, education. The Department of Education budget actually goes up by 6% in the budget."I don't know about you, America, but I don't trust this president. I know, I know, you can't trust any politician. The thing is though, this guy campaigned on change, he said in the State of the Union that Washington needs to "do our work openly. To give our people the government they deserve." This President either hopes you're not listening or doesn't care.
Benjamin Franklin said,
"Here comes the orator! with his flood of words, and his drop of reason." Poor Richard's Almanack, 1735
All quotes except Benjamin Franklin's were taken from http://www.fireandreamitchell.com/2010/02/01/16-lies-in-7-minutes-obamas-state-of-the-union-video-breakdown/. Go to this website to see all the lies in the state of the union address. Benjamin Franklin's is from http://www.marksquotes.com/Founding-Fathers/Franklin/.