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Saturday, March 7, 2009

No Obama is not stealing from the rich

No President Barack Obama is not stealing from the rich to give to the poor. Candidly, I wish he would. The fact of the matter is Barack Obama is doing what all U.S. President's do, stealing from the poor and middle class to give to the rich.

With the
surging US unemployment rate he has to take some real action. the fact of the matter is the Jobless rate is now at 8.1%, 651000 more jobs vanished in February and US job losses have soared to 4.4 million. The dismal jobs report points to more trouble ahead. I guess we will be doing what England plans to do, just print worthless money.

Damn, the brit's have already gotten enough of our tax dollars. (See below).
“These jobs aren’t coming back,” said John E. Silvia, chief economist at Wachovia in Charlotte, N.C. “A lot of production either isn’t going to happen at all, or it’s going to happen somewhere other than the United States. There are going to be fewer stores, fewer factories, fewer financial services operations. Firms are making strategic decisions that they don’t want to be in their businesses.” More HERE

Even though people like former Bush speech writer Michael Gerson and others think otherwise, the fact of the matter is the rich are still getting rich in this country, and the poor and middle class are getting poorer. As Serena NG and Carrick Mollenkamp noted in the WSJ article Top U.S. , European Banks got $50 Billion in AIG Aid:

The beneficiaries of the government's bailout of American International Group Inc. include at least two dozen U.S. and foreign financial institutions that have been paid roughly $50 billion since the Federal Reserve first extended aid to the insurance giant.

Among those institutions are Goldman Sachs Group Inc. and Germany's Deutsche Bank AG, each of which received roughly $6 billion in payments between mid-September and December 2008, according to a confidential document and people familiar with the matter.

Other banks that received large payouts from AIG late last year include Merrill Lynch, now part of Bank of America Corp., and French bank Société Générale SA.

More than a dozen firms with smaller exposures to AIG also received payouts, including Morgan Stanley, Royal Bank of Scotland Group PLC and HSBC Holdings PLC, according to the confidential document.

The names of all of AIG's derivative counterparties and the money they have received from taxpayers still isn't known, but The Wall Street Journal has identified some of them and is publishing others here for the first time.

Some banks that were paid by AIG after it was bailed out by the government

  • Goldman Sachs
  • Deutsche Bank
  • Merrill Lynch
  • Société Générale
  • Calyon
  • Barclays
  • Rabobank
  • Danske
  • HSBC
  • Royal Bank of Scotland
  • Banco Santander
  • Morgan Stanley
  • Wachovia
  • Bank of America
  • Lloyds Banking Group

Source: WSJ research

More HERE

AAPP: Stealing from the Rich, I don't think so.... not when Top U.S. , European Banks got $50 Billion in AIG Aid.

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