The Bailout No One Talks About

Obama’s been campaigning in Ohio recently, and he released this attack ad, touting his great auto bailout success. All this while Romney tries to push through the claim that Obama’s a spending freak, one supported by that same bailout.

But in this election, what’s important is not their stances on hot issues, which are just facades to keep their voting bases satisfied. It’s actually the issues they won’t mention, and why they won’t do so. So why won’t Obama or Romney even mention the huge bank bailout, also known as TARP, which was considerably bigger than the auto bailout we just talked about?

Well, first, let’s assess if this bank bailout is even worth talking about. The auto bailout, which seems to be so significant, initially cost $80 billion, and the firms still owe us (remember, we fund the government) $25 billion. The banks received over $400 billion, of which they still owe more than $100 billion. So the magnitude of the bailout can’t be the reason they won’t mention it.

You’d think Obama would talk about it, considering that it happened under Bush, and that 65% of Americans oppose it. But, in 2008, those same banks helped Obama get elected by giving his campaign millions of dollars, probably to convince him to ease regulations. He even promoted Timothy Geithner to Secretary of Treasury, even though Geithner was the president of the Federal Reserve of NY during the banking collapse, when it was found that banks were rigging rates for their own profit. 

So if Obama can’t talk about it because he got funding for them, why can’t Romney talk about it? Aren’t Republicans all against government intervention and bailouts? 

Well, they are, unless it benefits their donors. See, Obama also passed a bill that regulated banks and held them accountable, which of course, they didn’t quite appreciate. So the banks funneled their money toward Romney’s 2012 campaign, which is why 7 of his 8 largest donors are big banks. With the Republicans promising further deregulation to let the banks do whatever they want with our money (remember, they still owe us money), it’s not hard to see why these banks love Romney all of a sudden. It’s also obvious to see why he won’t say anything against the bailout. 

Thus, it’s not as easy as you may think to distinguish between the two parties, who are, regardless of what they say, controlled by corporate interests. They’re a moneymaking operation, and again, despite what they may say, helping Americans is always second to profit. So come Election Day, vote for who you will, but understand that they will not represent you (unless you’re a CEO). And until we fix this broken system, no one will. 

Author: Edwin Jain

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