Not many Presidents can be credited for so many “ABOP”s and not many Presidents would want that to be his or her claim to fame. ABOP merely signifies (Another Botched Obama Program.)
Let’s go back in time to 2009 and look at the numerous “ABOP”s that Americans have suffered thru while Obama was crafting his not so famous Obamacare. In order to keep us sidetracked and confused Barack would toss us a tidbit here and there knowing full well that we were in a Recession and we would gobble up anything that looked palatable.
First he threw us the AARA (the American Recovery and Reinvestment Act) intended he said to create jobs and stimulate consumer confidence, but that didn’t happen. This was the stimulus bill amounting to the tune of $787 billion and the first of Obama’s ABOPS.
The American Recovery and Reinvestment Act was one of the largest hunks of legislation in all of our US history and the most devastating and vicious act in our history, because it increased unemployment lines and the National Deficit without assisting Americans as promised.
The Hamp Program that Obama gushed over was supposed to assist homeowners and prevent foreclosures and repossessions – in fact he said it would help 3 to 4 million people avoid foreclosures, but one year later the grim reality was this approximately 66,000 homeowners had received permanent loan modifications. Yep, another ABOP just slid into view!
Give credit where credit is due, 3 U.S. Senators, Tom Coburn(R-Oklahoma), Bob Corker (R-Tenn) and Jim DeMint (R-SC) tried to put an end to the defunct HAMP program. They stated that the HAMP (ABOP) was a very costly failure.
Next we go to the TARP (Troubled Asset Relief Program) that Obama raved about, which included restricting bonuses for senior executives and the top 20 or so higher paid employees.
Do you remember the hullaballoo over bonuses paid by AIG, well take time to check out Citigroup Inc.who received received 45 billion and the return is 12 billion, JP Morgan Chase and Co, got a hefty 25 billion with return of 2 billion.
Wells Fargo & Co. received 25 billion with a return of 2 billion and no one is quite sure what really happened at Merrill Lynch a part of Bank of America Corp. (I believe Merrill Lynch gobbled up about 3.6 billion. Not bad for a few days’ work when taxpayers are footing the bill.
Dear Freddie and Little Ole Fannie received a separate bail out – Fannie received 99 billion and our government received about 12 billion and 64 billion was disbursed to Freddie with a 12 billion return. General Motors 51 billion dollars disbursed with piddly return of 23 billion, no wonder we’re in debt! Our government should hide their heads in shame!
Don’t worry about the banks and lenders paying us back anytime soon, total disbursement to them was a hefty $572,774,106,739 and return is $258,791,393,531,not very good track record for financial institutions that are crowing about profits.
For the investment banks and broker dealers, the Federal Reserve out of the kindness of their heart established about 12 emergency funding programs. You know what they say about auditing the Federal Reserve – might be a wise strategy at this time.
Speaking of the Federal Reserve, I believe their estimate for 2012 home foreclosures is around 2 million plus. It’s doesn’t appear that the housing bubble will disappear anytime in the near future.
All of the figures obtained in my article came from Pro Republic – Journalism in the public interest. projects.propublica.org/bailout/list or http://projects.propublica.org/bailout/list
There many, many more ABOPS to report on, but I’m running out of space and time.
But the big “ABOP,” the mother of all “ABOP”s during the Obama administration is the one he worked on for well over a year, Obamacare. You know, the one Obama, Pelosi and Reid conjured up – the one Pelosi said to pass because we don’t know what’s in it.
The next time you see Obama on National TV telling Americans how great his programs are, just “Flip” him off, I mean with your wand of course. ABOP, ABOP, ABOP
“May God Bless America”