Who knew there were no restrictions attached to the bail-out money given to Wall Street? That question was posed yesterday to David Axelrod and Rahm Emanuel. Neither strategist was willing to admit the ball had been dropped, resulting in a giveaway to the bottomless pockets of banking institutions.
After banks received money with the assumption they would ease credit, not only did they not say thanks for the windfall, they had the audacity to raise interest rates on consumer credit making it impossible for many borrowers to meet their obligations. Perhaps if tax laws no longer allowed corporations to offset capital gains with losses, banks might think twice before they let avarice supplant ethics.
The Obama administration is in dire need of ideas outside of those coming out with more of the same solutions. To many the crux of the problem and solution is housing. If strategies were develop to stabilize housing prices, our economy would come back roaring in half the time it will take for money to trickle-down from Wall Street.
Filed under: 1 | Tagged: bail-out, housing, the economy, Wall Street
