Obama’s Promise to End Bank Bailouts
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Obama’s Promise to End Bank Bailouts
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Years ago, Obama and Biden promised to put an end to bailouts. Now, in 2023, the government is once again using our money, even if indirectly, to assist failing banks.
From The Wall Street Journal. Many readers may think that the greatest whopper President Barack Obama ever told was that if you liked your health plan you could keep your health plan. But we now have confirmation that there’s another leading contender, and in time the taxpayer cost of this one could be even greater.
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It was July 21, 2010 when Mr. Obama, who could have a cruel sense of humor, chose the federal building named after Ronald Reagan to celebrate a historic expansion of government power over Americans’ financial lives. To wild applause from his fellow Democrats, Mr. Obama signed into law something called the “Dodd-Frank Wall Street Reform and Consumer Protection Act.” Cheered on by Vice President Joe Biden at his side, Mr. Obama proclaimed:
There will be no more tax-funded bailouts — period. …
[Media] folk generally embraced the fantasy that giving financial regulators vast new powers would allow them to identify and wisely address risks in the financial system.
Fast forward to last weekend and the country was once again reminded that regulatory discipline is no substitute for market discipline and that the greatest systemic risk in the financial system is the federal government.
Sunday brought this announcement from the Treasury that Uncle Sam would prevent losses for well-heeled customers at certain institutions beyond the limits of federal deposit insurance:
After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.
We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.
But if the feds are really guaranteeing that taxpayers won’t pay a dime, what’s the point of a government rescue? The Treasury release adds:
Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.
“Tax” is such an ugly word. “Special assessment” sounds much more pleasant. And who ends up paying more when the government imposes added costs on the banking system? …
What do you think of these bailouts? Share your thoughts and prayers below.
(Excerpt from The Wall Street Journal. Photo by History in HD on Unsplash )
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Why are we surprised? I’m not and neither should any of us be. Obama (who is really Barry Soetero) has been a liar from day one. Its who he is. Look at his history, which has been washed to hide all things he does not want anyone to know. Who would go to any extremes to do such a thing – liars, thieves, corrupt minded people, anyone that wants to “live in darkness”.
Barry even lied about his “christianity” on public tv, only to be corrected by the interviewer in order to ensure that people were deceived into believing he was a Christian. A good friend and coworker of mine, who has been a Christian for many years, actually still believes that Obama is a “christian”. (that is both deception and ignorance at work) God told us that these kind of people would be all around us as the last days approach. (meaning deceived people as well as those who refuse to give up their sinful ways)
There are still good politicians out there – those that truly want to serve as they are supposed to. And then there are the con artists, which abound in DC. Obama was and still is one of those people. And as long as he doesn’t turn to the one true God that can actually save him from sin, the end won’t turn out well for him. As much as God offers mercy, salvation and forgiveness to everyone…God is also point blank about what happens to those who continue on the path of sin.
I believe that what they are telling us, is that instead of a bail out it will be a bail in. This idea is where the depositors will need to give up a portion of their money to make the bank whole again. So that those who are not financially responsible are given again a pass.
Father, you told us to pray for kings and all those in authority so we may lead a quiet and peaceful life. When the kings of the Old Testament were unfaithful to you, the people suffered, young and old. When life is peaceful, your gospel can be spread. You have shaken our nation and world. But because of the shaking, many are coming to you–thousands of people. May you be glorified by whatever is happening in our nation. Give us wise rulers and remove foolish ones that we may worship you and lead a quiet and peaceful life.
Lord God the kingdom come it will be done on Earth as it is in heaven you are Almighty all powerful and above all destroy anything that is of the devil makes this evilness pay for what it’s done in Jesus name I pray
Your will be done Lord on Earth as it is in heaven in reference to the American finance system. I declare biblical stewardship over the financial sector of our government. Root out evil and bring in increasing righteousness and justice. I declare many Saul to Paul conversions are coming forth. Revival and reformation are at work and amplifying as streams of born-again Christians unite for divine purposes. Division is bound and unity is loosed in Jesus’s name. Father, in Jesus’s name, I declare and decree we are and will act as one body with King Jesus as the head. The Word and the Spirit are working together, and the Holy Spirit is and will have His way on this Earth. Man will not control the Holy Spirit as the pure will of God is coming upon this Earth and nothing can stop it. I declare we will not get in the way of God and will hear and see in the Spirit and only do His will and not our own.
Lord we pray for the purge of evil and evil doers. We pray for exposure of the evil doing. Lord we pray for TRUTH. There will be no end to wrongdoing and evil UNTIL we get TRUTH. TRUTH TRUTH TRUTH in Your mighty name. Amen.
I believe that this direction is just keeping us from the inevitable. We need to get away from the Fed. and start a new money system that is Biblical. (gold and silver) Please Lord destroy this ungodly money system and bring us into your money system…
Amen
Both obama and biden are liars! They belong currently to the father of all liars, the devil! I thank GOD that I never believed one word out of either of their mouths! FATHER GOD please put obama and joe biden far from. Our government! Continue exposing their lies in everything they touched! FATHER please send laborers to them for salvation and let them turn from their evil hearts of unbelief in JESUS NAME! Amen!