Obama and Geithner Hand over Home Loans to Same Banks that Destroyed the Economy: Robert Scheer

[The Straight Story]

Obama and Geithner Hand over Home Loans to Same Banks that Destroyed the Economy: Robert Scheer

What one Democrat created to further the American dream, another Democrat is trying to destroy, says political journalist Robert Scheer.

Scheer is maddened by a new policy issued by President Barack Obama that would eliminate public support for Americans seeking home ownership. Institutions like Fannie Mae, which was created as part of President Franklin Roosevelt’s New Deal, would vanish under Obama’s plan, and in its place would step the same private banks that nearly ruined the country three years ago.

“Instead of punishing the banks that sabotaged the American ideal of a nation of stakeholders by ‘securitizing’ our homesteads into poker chips to be gambled away in the Wall Street casino, Barack Obama now proposes to turn over the entire mortgage industry to those same banks,” Scheer writes.

The consequence of this proposal, which Treasury Secretary Timothy Geithner had a big hand in developing, will be the establishment of “a two-tiered America in which the masses are content to be mere renters of the American Dream,” and not owners.

http://www.allgov.com/Opinion_from_the_Left/ViewNews/Obama_and_Geithner_Hand_over_Home_Loans_to_Same_Banks_that_Destroyed_the_Economy__Robert_Scheer_110218

[vssmith]

1. Playing into the hands of the Republicans that want to destroy every vestige of the New Deal