Obama's Campaign Ploy Rewards Banksters And Loots Americans
October 26, 2011 by Bob Livingston
The Continuous Campaigner got himself a twofer this week.
In announcing revised rules to the Home Affordable Refinance Program (HARP), President Barack Obama bought himself a campaign ploy attractive to millions of homeowners struggling to keep their homes and a payoff to his bankster buddies who are now encouraged to make more “risky” loans that bear no risk at all.
The housing bubble that burst in 2008, causing the crash, was created by the Federal Reserve’s artificially low interest rates and regulations that encouraged banks to make home loans to people who couldn’t afford them. When that house of cards collapsed, the banks’ risky behavior was rewarded with trillion-dollar bailouts.
Now Obama is taking another dip into that pool. White House National Economic Council Director Gene Sperling called HARP a “win-win.” For the banksters, that about sums it up.
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The new regulations encourage banks to make bad loans but absolve them of any of the liability. Shenanigans such as these are only possible under a fiat money system of greed and corruption. The banksters and Wall Street are the clear winners, and the American taxpayer once again suffers from the criminal enterprise that inhabits Washington, D.C.