Mistake???

The New York Times believes that Barack Obama is responsible for today’s sputtering economy. In an article titled “Cautious Moves on Foreclosures Haunting Obama”, Times journalist Binyamin Applebaum says that Obama’s failure to seriously address the housing crisis has left the economy weaker than it should be at this point in the recovery.

According to the Times, Obama rejected the idea of “a broad bailout of homeowners” similar to the multi-trillion dollar lifeline he provided for the Wall Street banks. The president figured that his modest mortgage modification program (HAMP) would suffice until the economy rebounded “taking care of the rest.” Here’s an excerpt from the article which illustrates Obama’s uneven approach to the suffering of homeowners who were facing foreclosure in record numbers:

“During his first two years in office, Mr. Obama and his advisers repeatedly affirmed this carefully calibrated strategy, leaving unspent hundreds of billions of dollars that Congress had allocated to buy mortgage loans, even as millions of people lost their homes and the economic recovery stalled somewhere between crisis and prosperity.”

So the money was available, but the administration refused to use it for its designated purpose. Why? And why did Obama decide that it was okay for homeowners to suffer while the perpetrators of the crisis were lavished with taxpayer-funded bailouts and golden parachutes?

Here’s more from the Times:

“The nation’s painfully slow pace of growth is now the primary threat to Mr. Obama’s bid for a second term, and some economists and political allies say the cautious response to the housing crisis was the administration’s most significant mistake.”

“Mistake”? Was it a mistake because it undermined Obama’s chances for reelection or because the people he was supposed to serve ended up losing their homes or seeing their equity wiped out in the bat of an eye?…

http://www.counterpunch.org/2012/09/07/how-obama-scuttled-the-recovery/

Consider the possibility that it wasn’t a mistake at all from Obama’s (or Romney’s) perpsective!  Maybe it was just what the banksters wanted.

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