Monday, November 1, 2010 – 11:30 a.m.
President Barack Obama and congressional democrats can place a major portion of the blame for their pending gutting at the polls tomorrow squarely at the feet of the banking industry.
There are several factors in-play here.
First, new legislation to supposedly protect consumers from egregious credit card practices did nothing of the sort. Banks continue to hammer away at consumers with 30%+ interest rates with no end in sight.
Second, the Obama “Making Home Affordable” loan modification program ended up being a farce. Since the program had no teeth, banks were free to ignore it, and they did. Major lenders such as Bank of America, Wells Fargo, Citigroup, and JPMorgan Chase dumped millions of homeowners out of the program without explanation.
Now these same banks are foreclosing on “registered voters” at record numbers.
Third, banks have received billions in government aid and free money to assist in maintaining solvency and helping consumers. All courtesy of the U.S. Treasury and Federal Reserve System .
The only problem here is the banks receiving help used it to increase profits not help consumers.
Millions of homeowners, their families, relatives were affected. This translates into millions of disgusted likely voters.
Voters who are about to give many politicians the boot.