Obama's Tantrum Is Misguided

Friday, 22 Jan 2010 03:34 PM

By Bill Spetrino

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President Obama has taken out his anger on his failed attempts to rally the Olympic committee and the voters in New Jersey and Virginia and Massachusetts, all states that voted for him, by attacking the banks, which borrowed money from him and actually paid him back with interest.

The government made $5 billion dollars from Bank America in the fourth quarter of 2009 and equivalent amounts from Wells Fargo and J.P Morgan, which said that they did not need TARP money but were told they had to take it.

Meanwhile, AIG, GM, GMAC, and Fannie and Freddie have borrowed $81 billion and paid back less than $2 billion. I don’t see anyone chastising them!

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Let’s see who Obama’s tantrum is hurting: Small businesses now face higher fees and higher standards to borrow money and are less apt to create jobs.

Also, many large pension funds of teachers and public employees will see a huge drop on their statements, which will depress consumer spending which invariably will make job creation much slower.

And more than 80 percent of the independent voters own stock, a critical voting bloc which put him in office.

Losing statewide elections by more than five points in states like New Jersey and Massachusetts should tell you something don’t you think?

It’s the economy and jobs, stupid.


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