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Cake day: July 12th, 2024

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  • Bush signed the law, but it was carried out by the Obama admin, most specifically Obama-appointed Treasury secretary Timothy Geithner. Despite around four million people being originally estimated as eligible for the program, under Geithner’s administration the program helped less than a million of them, and a third of those it helped ended up re-defaulting on their mortgages anyway because they weren’t helped enough. Geithner was quoted as saying that he viewed the goal of the program not as keeping people in their homes, but as slowing down the foreclosures so that they didn’t overwhelm the banks.





  • he specifically failed black americans.

    I said that he failed Black Americans, I did not say “specifically”. You imagined that I said that because it was a way to move the goalposts to invalidate my point without having to engage critically with what I was saying.

    Barack Obama does not give a shit about the black community. He does not give a shit about working class Americans. He didn’t even give a shit about his own campaign staff in the end, kicking them to the curb as soon as they had fulfilled their purpose to hang out with celebrities. These aren’t unique traits to Barack Obama, but they are nevertheless an accurate assessment of him.

    And it’s also your move to prove that Obamas policies were actually the issue, because similar things happened all over the world, and a government can only do so much.

    I would agree that McCain would have failed the American people in the exact same way, but your insistence that “a government can only do so much” is false, because even in just the history of 20th century America we have an example of the government doing far more than it managed to do in 2009, as was pointed out by my earlier source.



  • Obama didn’t get to determine the state of the economy when he took over, but he had the largest mandate of any modern president and his economic recovery plan failed to deliver for anyone except bank owners.

    New Report Looks at How Obama’s Housing Policies Destroyed Black Wealth

    “What it shows is we bailed out Wall Street — that wasn’t entirely Obama’s doing at all, that was Bush and the Federal Reserve, Ben Bernanke, and so forth — but housing was almost entirely under his control. Homeowners were not bailed out,” Ryan Cooper, one of the report’s authors, told The Intercept about the findings of the report.

    The authors singled out the Home Affordable Modification Program for censure for seeking to incentivize mortgage services to modify loans.

    The failures of HAMP are well-documented — it ended up helping big banks and doing very little for homeowners.

    The authors suggest that the New Deal’s Home Owners’ Loan Corporation is a model that may have yielded different outcomes. HOLC purchased mortgages directly and refinanced them, but such a model of direct government intervention and control of an economic problem has been anathema to modern government officials.

    What’s wild is that an HOLC-type solution as the auuthors suggest also would have bailed out the banks. It just would have done so in a way that saved homeowners too. Obama specifically pursued a policy that bailed out the banks without saving the homeowners.