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Democrats can’t win until they recognize how bad Obama’s financial policies were

Obama’s administration let big-bank executives off the hook for their roles in the crisis.

Sen. Carl Levin (D-Mich.) referred criminal cases to the Justice Department and was ignored.

Whistleblowers from the government and from large banks noted a lack of appetite among prosecutors.

In 2012, then-Attorney General Eric Holder ordered prosecutors not to go after mega-bank HSBC for money laundering.

Using prosecutorial discretion to not take bank executives to task, while legal, was neither moral nor politically wise; in a 2013 poll, more than half of Americans still said they wanted the bankers behind the crisis punished.

But the Obama administration failed to act, and this pattern seems to be continuing. No one, for instance, from Wells Fargo has been indicted for mass fraud in opening fake accounts.

Third, Obama enabled and encouraged roughly 9 million foreclosures.

This was Geithner’s explicit policy at Treasury.

The Obama administration put together a foreclosure program that it marketed as a way to help homeowners, but when Elizabeth Warren, then chairman of the Congressional Oversight Panel, grilled Geithner on why the program wasn’t stopping foreclosures, he said that really wasn’t the point.

The program, in his view, was working.

“We estimate that they can handle 10 million foreclosures, over time,” Geithner said — referring to the banks.

“This program will help foam the runway for them.” For Geithner, the most productive economic policy was to get banks back to business as usual.

https://www.washingtonpost.com/posteverything/wp/2017/01/12/democrats-cant-win-until-they-recognize-how-bad-obamas-financial-policies-were/?utm_term=.a3ceff6c7917

#ObamaSucks