Obama: If your business fails, we won’t bail you out (unless you’re a big democrat donor)

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OBAMA-LIAR

 

Barack Obama is a liar of biblical proportions. That’s not new, but every now and then he spouts something that makes you want to scream “Are you effing kidding me?” And he’s done it again.

His Weekly Address yesterday was a beauty. He starts by patting himself on the back as usual:

Hi, everybody. It’s been seven years since the worst financial crisis in generations spread from Wall Street to Main Street – a crisis that cost millions of Americans their jobs, their homes, their life savings. It was a crisis that cost all of us. It was a reminder that we’re in this together – all of us.

We’re in this together- to a point. Ready? Here it comes:

Wall Street Reform turned the page on the era of ‘too big to fail.’ Now, in America, we welcome the pursuit of profit. But if your business fails, we shouldn’t have to bail you out. And under the new rules, we won’t – the days of taxpayer-funded bailouts are over.

This is not simply a lie. It’s a galactic lie.

Firstly, too big to fail is far from over. Fannie and Freddie still are too big to fail.

It’s been three years since the financial crisis, which spurred the great recession. In that time little has been done to fix the ‘too big to fail’ banks or the government sponsored agencies — Fannie Mae and Freddie Mac — responsible for the global economic meltdown.

Today U.S. banks are bigger than ever. The top four banks in the United States — J.P Morgan, Bank of America, Wells Fargo and Citigroup — control 62% of total commercial assets in this country, up 8% from five years ago, reports The Wall Street Journal.

The Dodd-Frank bill was supposed to rein in the banks, but clearly has failed to do much to date, in part because the banks and many Republicans have been fighting to repeal the legislation. A big point of contention in the bill is the so-called Volcker rule, which would prevent firms from using customer deposits for trades made for the bank’s own accounts. The banks have also been pushing back against calls to revamp debit card rules, as well as the outright breakup of the institutions.

That’s not all. Some of the “too big to fail” banks are even biggerSmall banks are getting killed, which will lead to bigger banks via consolidation. Consumers have been clobbered as well. 75% of banks used to offer free checking and that’s fallen to 39%.

Obama’s Wall St. donors continue to see their profits  go through the roof thanks to Dodd Frank. Small banks are paying for the sins of the large banks.

But let’s return to Obama’s central theme:

But if your business fails, we shouldn’t have to bail you out.

Unless you’re GM. Or Chrysler. Or Goldman Sachs. Or AIG. Or any of the 951 entities Obama bailed out. Or the insurance companies which support Obamacare. Obama is now bailing out and will continue to bail out insurance companies:

The bailouts are at the heart of this web of deceit. Pre-Obamacare, insurers had to price their policies mainly by reference to market forces (albeit in an already heavily-regulated market): charge enough to cover the actuarial cost expected for each enrollee, but not too much to lose business. Guess wrong and you lost money. But under Obamacare, consumers no longer have the choice whether or not to buy policies, and insurance companies no longer face any risk of losing money, because they’ve been promised a bailout. Money will still be lost, but it will be taxpayer money, and you never run out of that, do you?

The bailout was sweetened for 2015.

None of what he says is true. Obama is again a grand liar, but it is his good fortune to have impossibly stupid supporters who are not able to summon the least bit of intellectual curiosity and question what he says. Instead, all they will hear is this:

 

In America, we should reward drive, innovation, and fair play. That’s what Wall Street reform does. It makes sure everybody plays by the same set of rules. And if we keep moving forward, not backward – if we keep building an economy that rewards responsibility instead of recklessness, then we won’t just keep coming back – we’ll come back stronger than ever.

Thanks, and have a great weekend.”

 

 

 

 

 

 

 

 

 

DrJohn has been a health care professional for more than 30 years. In addition to clinical practice he has done extensive research and has published widely with over 70 original articles and abstracts in the peer-reviewed literature. DrJohn is well known in his field and has lectured on every continent except for Antarctica. He has been married to the same wonderful lady for over 30 years and has three kids- two sons, both of whom are attorneys and one daughter on her way into the field of education. DrJohn was brought up with the concept that one can do well if one is prepared to work hard but nothing in life is guaranteed. Except for liberals being foolish.

9 Responses to “Obama: If your business fails, we won’t bail you out (unless you’re a big democrat donor)”

  1. 2

    James Raider

    author

    The fear the Obama/Jarrett goon squad instilled in the heads of large and small companies was a crime against everything that is America when they forced General Motors to KILL any of the GM dealers who weren’t Obama Democrat supporters. Even those who were shut down became afraid to voice their anger.

    This should have been a SIGN that should at least have worried some Democrats with a few brain cells. Alas, no. They doubled down in 2012.

    When half the Nation relies on government and expects it to ‘pay’ . . . reversing the trend is beyond the possible.

  2. 3

    JisterJ

    So you believe we should have let the auto industry go under but bail out every corner barber shop in trouble? What are you Stupid?

    Solyndra was on of many companies who were far more successful. So, you believe in the time of Climate Change, we should not invest in new emery sources? What are you Stupid?

    Now for some facts:

    Romney’s Solar Flareout
    He misrepresents Obama’s green-energy program using false and twisted facts.
    http://www.factcheck.org/2012/06/romneys-solar-flareout/

    The Obama solar success story that nobody talks about
    http://www.newsworks.org/index.php/local/national-interest/77664-the-obama-solar-success-story-that-nobody-talks-about

  3. 4

    Bill

    Obama could have allowed GM to file for bankruptcy but didn’t want his beloved unions to have to endure the same pain and suffering everyone else was getting. So, he shafted the bond holders and bailed out the unions and campaign contributors. The taxpayer lost $30 billion in market losses.

    There is no denying what happened at Solyndra… and why. Likewise, A123 Batteries failed, on the taxpayer nickel, and then was sold to China…. why would we allow this technology to go to the Chinese if we are trying to compete with them?

    So, you believe in the time of Climate Change, we should not invest in new emery sources? What are you Stupid?

    I’m not so stupid as to use the failed excuse of “climate change” (or is it global warming?) to throw money away, rewarding campaign supporters with free loans that simply go up in smoke. Sure, we should invest in new technology… but letting the money be wasted and stolen is not exactly a good investment.

    At least I am not so stupid as to not only vote for this inept fool we have as President, but to do it TWICE, and then lie to defend his ineptitude (unless you feel destroying the economy and the nation is his policy).

  4. 5

    DrJohn

    author

    @JisterJ:

    So you believe we should have let the auto industry go under but bail out every corner barber shop in trouble?

    I see that you are unfamiliar with the largest source of jobs in the country. Additionally, the “auto industry” would not have gone under. That assertion is stupid.

    Solyndra was on of many companies who were far more successful.

    If Solyndra is your idea of success….

  5. 6

    Bill

    @DrJohn: Poor jister…. speaking of stupidity.

    Small businesses is the largest creator of jobs in the US economy (though, certainly, “they did not build that”) yet it is they that are hardest hit by Obama’s economic policies and regulations. So, they aren’t creating jobs and are turning many of them into part-time jobs.

    Meanwhile, the solution of the problem of good-paying jobs being lost and no longer created…. raise the pay of the low-skilled jobs! That’ll fix it! They seem to forget (or dis-remember, or some other euphemism for stupidity) that businesses don’t get to print more money when they run out or, when customers walk in, just take money from them when the till runs dry.

    @JisterJ: Why did Ford Motor Company neither have to be bailed out OR file for bankruptcy?

  6. 8

    James Raider

    author

    @DrJohn: #5
    It’s impossible to convince people who lie to themselves for ideological reasons.

    The whole ‘alternative’ energy game promoted by Gore and Obama is a sham. I wish it wasn’t so, but windmills are all paid for by taxpayers, whether here or Germany. They are NOT profitable, and don’t function as advertised most of the time. The Solar panels technology has still not progressed in either cost or reliability to become viable alternatives. Nothing I’ve seen suggests that this will ever occur.

    I spent many years in the venture capital game, conducting due diligent analysis of endless alternative energy projects and while I invested in a few, I know first hand, not second hand, that windmills and solar panels depend on politically financed (taxpayer cash) backing, in order to be financially viable. Even battery powered cars requires over $10,000 per car in donation from taxpayers before one moves off the showroom floor.

    So the proponents rely on complete lies and fabrications. They can’t point to the financials of any company dependent on these two technologies for income and say, “here’s the audited proof that they make profits.” The numbers aren’t there. All they can do is make “claims,” with no evidence.

  7. 9

    James Raider

    author

    @Nanny G: #6

    the toxic waste left behind by Solyndra.

    That is the case in all such technologies.

    The media focusses on oil or gas pollution, but it ignores the toxic waste from both production and ‘post use’ of batteries, windmills, solar panels, etc.

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