TARP was Supposed to Encourage Bank Lending.
Remember TARP? The Trouble Asset Relief Program was sold to the American people as a way to resume bank lending to small businesses. TARP's architect, Henry Paulson, was CEO of Goldman Sachs before becoming Treasury Secretary.
Hank Paulson said of TARP:
During the two weeks that Congress considered the legislation, market conditions worsened considerably. It was clear to me by the time the bill was signed on October 3rd that we needed to act quickly and forcefully, and that purchasing troubled assets – our initial focus – would take time to implement and would not be sufficient given the severity of the problem. In consultation with the Federal Reserve, I determined that the most timely, effective step to improve credit market conditions was to strengthen bank balance sheets quickly through direct purchases of equity in banks.
Banks that received federal assistance during the financial crisis reduced lending more aggressively and gave bigger pay raises to employees than institutions that didn't get aid, a USA TODAY/American University review found.
In other words, Wall Street took your taxpayer money and started betting on the stock market. While small businesses with productive business ideas cannot get credit, Goldman Sachs rolls the dice on the stock market.
As the bailouts taught us, if Goldman Sachs wins its bets, then its bankers will receive record bonuses. In fact, Goldman Sachs has already reserved $5.5 billion in bonuses for the first quarter of 2010. If Goldman Sachs loses its bets, then crooks like Henry Paulson will ensure that we taxpayers bail them out again.
Wall Street Owns Democrats and Republicans.
Lest those of you who are still brainwashed and thus are partisans have forgotten: Goldman Sachs was Barack Obama's top campaign contributor. Wall Street has also given more money to Democrats than to Republicans.
The Republicans, instead of capitalizing on the Democrats deep and long-standing connection with Wall Street, are questioning why the SEC has filed a civil lawsuit against Goldman Sachs for fraud. Republicans are also resisting any reform of Wall Street. (Though make no mistake: The Democrat's Wall Street reform proposal is anything but. Moreover, Goldman Sachs literally drafted the reform.) The Republican party, too, is the enemy of the people.
There is no Greek nor Jew; black nor white; Democrat nor Republican. There is Wall Street and then there is the rest of us.
When will you mature enough to put aside petty disagreements, and take on the real enemy of the American people?
It's time for a cease fire. Put aside the social issues for two years. I have my views on abortion, illegal immigration, gun control, and many others. None of these issues are going to matter once the economy collapses again. Put aside what is unimportant and focus on what is important. We can start fighting over this stuff again in 2012.
John McCain Must be Voted Out of Office for Supporting TARP/Wall Street Theft.
Any candidate who accepts Wall Street money must be voted out of office. This means traitors like Arizona Senator John McCain, whom Goldman Sachs richly rewarded for his support of TARP. I am personally supporting J.D. Hayworth - who has many serious issues; but none of that matters now. Senators like John McCain must be punished for their lies and treason. McCain, like Henry Paulson, supported TARP. Therefore, McCain is a traitor unworthy of office.
The American people must send a message: You're either with Wall Street, or you're with the American people. If you're in with Wall Street, then you'll be out of office.
The only thing stopping change is you.