More on Obama's Capitulation and Betrayal - by Stephen Lendman
With help from Democrats controlling both Houses, Obama put a criminal cabal in charge of furthering the greatest wealth transfer in history. In the process, he's hollowing out America, eliminating the middle class, centralizing power, eroding social services, destroying jobs and communities, and creating poverty, unemployment, homelessness, hunger, a permanent underclass, and depravation under militarized homeland repression.
A man of the people promising change, in fact, is a shameless demagogue, a serial liar, a hardline corporatist serving big money wealth and power against ideals candidate Obama professed. He facilitated a Wall Street coup d'etat, lavished handouts on other corporate favorites, and now his latest December 6 betrayal, capitulating to Republicans on tax cuts for the rich and super-rich, throwing crumbs at working Americans to soothe public anger. A previous article explained, accessed through the following link:
Despite a clear victory for wealth and power, Obama calls his decision "a good deal for the American people," defending it as a back-door stimulus plan, saying:
Business must create jobs. "The single most important jobs program we can put in place is a growing economy. The single most important anti-poverty program we can put in place is making sure folks have jobs and the economy is growing....if the private sector is not hiring faster than (currently), then we are going to continue to have problems no matter how many programs we put in place."
False as Roosevelt's New Deal agenda showed - 15 landmark laws enacted to deal with a troubled economy, including government funded stimulus to revive it. Reconstruction Finance Corporation (RFC) aid pumped billions into the economy in loans to banks, railroads, farm mortgage associations, other businesses and states.
The Home Owners Loan Corporation (HOLC) refinanced homes to prevent foreclosures, extending short and longer-term loans for up to 30 years. It prevented over a million home defaults - about one-fifth of those owned, the equivalent of 10 million today, at a time half were troubled, and annual mortgage lending and residential construction was down 80%.