Remember when Obama was first elected and the news did stories about people thinking they could actually go to the bank and get Obama Cash? In Texas there was a pretty popularly reported little interview of a woman on the way to the bank who gleefully said that’s what she was going for. Then there were a lot of people who actually were issued free cell phones courtesy of Obama. Well, of course, not him personally, but his people following his policies.
This was all about the same time when Obama was taking over the auto industry, “to save it.” That was part of his solution to the recession he had inherited, or really it was one of his first overstepping Federal power grabs. So while he was putting a lot of GM car dealerships out of business, even purposefully so by not allowing some of them that might have survived on their own to do so, he was giving some people Federal benefits in the form of services like free cellular and internet and more. Yes, that was the beginnings of the notorious redistribution of wealth which was part of the even more notorious fundamental transformation of America.
Where did the trillion-dollar bail out go? Those shovel-ready jobs never materialized. Obama took over GM and forced Chrysler to capitulate. Only Ford, and kudos to that company, stood strong. But the auto industry struggled and many Americans lost their jobs. Many American business owners lost their businesses. The Federal Government grabbed corporate power.
Then there was the green industry. Part of that bail out was Federal investment in solar energy fortified by purposefully killing the coal industry and overly regulating the electric industry to stifle it by raising electricity prices. Obama gleefully told the taxpayers their electric bills would double. He killed the nuclear power industry completely. Remember those Federal investments in wind and solar that the taxpayers double-paid for? Well, they’re about as worthless as the Obamacare co-ops that have gone under, yes, the ones that the taxpayers subsidized.
Before the election, Obama’s financial people said they would not monetize the debt. In fact, when pressed, they swore they wouldn’t. But that’s exactly what they did and are still doing. Obama likes to talk about how the rich are getting so much richer and he likes to blame it on capitalism and the Republicans. That’s a crock of BS. His monetary policy is one of the major reasons the stock market has soared, why corporations have remained cash rich and non-investing/non-expanding. Socialist leaning economic policies do more to make the rich richer and the poor poorer while eradicating the middle class than any capitalist policies do, whether on purpose or not.
Even worse, and something rarely talked about, are Fannie Mae and Freddie Mac, two of the Federal institutions largely responsible for the banking crisis. Dodd-Frank, the banking reform bill was written in part by the same guy who drove Fannie Mae and Freddie Mac into the ground. We all know how that shook out. Six months before it collapsed, Barney Frank swore Fannie Mae was solvent and encouraged people to invest in it. He knew full well what he was doing. Lehman Brothers took the fall. Goldman Sachs (Hillary’s friend) and the rest of Wall Street got bailed out and the taxpayers paid the bill for the fines for the banks and brokerage houses whose CEOs went mostly unpunished. Our esteemed leaders, many on the payrolls known as PACs and now SUPER PACs, passed the banking reform the outcome of which was that banks stopped loaning money, tightened mortgage lending and started charging all kinds of fees. This hurt the average taxpayer and the poor. That was Barney Frank too. Gem of a politician he is! Home ownership, despite record low interest rates on mortgages, is at its lowest since the 1950s.
That reform also dealt with credit card reform. The net effect of credit card reform was that credit card fees and credit card interest rates rose more than dramatically, and of course this hurt the poor and average people who need to borrow.
Never let a good crisis go to waste. Isn’t that what Obama’s people say?
A trillion dollars disappeared and Obama had the nerve to ask for more. He named the recession the great recession, not capitalized here because one of the important ways to get what you want is to control the rhetoric. Changing the name of the recession has allowed him to deride and blame President Bush for nearly eight years and to do the same with the Republicans altogether, to excuse his lack of a recovery, of course.
That trillion dollars and the doubling of the national debt has allowed him to distribute Obama cash and Obama phones and increase the number of Americans receiving benefits from the Federal Government. They are now almost 50%. That’s nearly 50% of the voting base who are not paying taxes and are collecting Federal (and State) benefits. His and Hillary’s answer to sustaining this pattern is increase taxes on the wealthy and the dwindling middle class.
That’s the fundamental changing of America.