I’m Sorry, Mr. President, You Don’t “Get It”

Obama has promised to hold to account the perpetrators of this financial crisis.  “I know how unpopular it is to be seen as helping banks right now, especially when everyone is suffering in part from their bad decisions,” Obama said. “I promise you – I get it.”

I’m sorry.  You don’t get it.  The fact that you acknowledge ‘everyone is suffering’, yet enact legislation that creates unprecedented inequities for a majority of Americans, proves your ignorance.  Where is the balance?

“I understand that on any given day, Wall Street may be more comforted by an approach that gives banks bailouts with no strings attached, and that holds nobody accountable for their reckless decisions,” Obama stated. “But such an approach won’t solve the problem.”

Please, tell me, Mr. President.  Where is the accountability?  Where are the strings?  Under your current plan, the banks receiving government bailout money are in no way required to assist American taxpayers or to disclose a detailed account of their allocation of taxpayer money.

The Associated Press did some fact checking and published the following this morning:

OBAMA: “We have launched a housing plan that will help responsible families facing the threat of foreclosure lower their monthly payments and refinance their mortgages. It’s a plan that won’t help speculators or that neighbor down the street who bought a house he could never hope to afford, but it will help millions of Americans who are struggling with declining home values.”

THE FACTS: If the administration has come up with a way to ensure money only goes to those who got in honest trouble, it hasn’t said so.

I would like to add the following FACTS:

  • If you are unemployed, you are not eligible.
  • If you are current on your mortgage, you are not eligible (you must be in default)
  • If you have a non-conforming loan (greater than $400+K), you are not eligible.

Can the Obama administration clarify the President’s comments from last night?

You can find the entire “Fact Check” published by the Associated Press here.

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