Did Obama Give the GOP a Loophole Out?

President Obama has done a lot of good things for this country. We could have wound up in a Depression. But we didn’t. We avoided that because of the actions that were taken early on during the first year of his administration. Yes, it was a controversial play to bail out the banks, especially after they clearly were playing fast and loose with the money they already had, but looking at it now, this seems to have been the right move.

The trouble is always that you just don’t know what would have happened if you did (or didn’t do) something else. You can’t quantify the action that never took place, so people have no idea what life would have been like if you took that other fork in the road. So, many citizens are currently bellyaching about how everything isn’t right, how the economy is still somewhat stagnant and how a lot of folks still don’t have jobs yet. ย And I’m not saying they’re wrong for this, but with this much wrong, and with this much to do, we have made some pretty big strides towards solvency, and there is no denying that.

Now, the bailout of those banks came with some serious conditions: not the least of which were to extend mortgages that would have come due on families that might have become homeless, for example. And the banks wanted to pay back the bailout money as quickly as possible, so they could go back to business as usual, with their execs riding in their corporate jets and getting paid 7 figure bonuses for their holidays.

The problem is that the banks are holding on to a lot of the money they received. There was no condition that said they had to start spending to help small business owners get their loans, and help create more payroll for companies. And that is the loophole that the banks are working right now.

Presumably, the banks will fall on the Republican side of the ledger, as they are the rich and powerful sentinels of the money in this country. So, by slowing the economy down right now, they can help control the appearance of what is happening in Washington. It looks like Obama and company are not doing so well, but follow the money trail and you’ll see that leads right back to the very institutions that he bailed out!

Now, after the midterm elections, if people voted for the GOP ticket, the banks can ease these restrictions, start spending money and “prove” that the Republican way brought about more success. Then, they can do it again in 2012, when it’s time for the Presidential race.

The question is: will the American public see and understand what is happening, or will they just react with their emotions to their personal crises? Can Obama demonstrate what’s going on, and how that isn’t his adminstration doing it? Will the President call out the banks for their manipulation? There’s only a couple of weeks to go before the midterms…


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