Obama's Bailouts

The most unpopular thing Obama has done, perhaps, is the corporate bailouts. It was also one of the first things he did as president, because of the urgency of the problem he inherited. It was an awful situation. Several huge financial services companies announced, almost simultaneously, that they were going to declare bankruptcy.

How shocking. Bank of America, AIG, Citigroup, and so forth. If all these businesses had gone belly up at the same time, millions of Americans would have suffered. Exactly what would have happened nobody knows. Would we have lost all or part of our money? Would the FDIC have taken care of everything? It was frightening.

The Obama people  point out that GMC,one of the basket cases, is now thriving. But the very thought of B o A, AIG, and Citigroup, just those three, all going out of business at the same time..is horrifying.

You would think that the people opposed to the bailout would have understood that. I'm sure they do. You almost sense, deep down, that nobody seriously opposed the bailout, but it makes convenient anti-Obama ammunition.

I am certainly not an avid supporter of huge corporations. This desperate situation is just another proof that the American economy is at  the mercy of corporations. If they are in fact too big to fail, should they be broken up into smaller units? The big bailout was acceptable to no one.Conservatives don't like government involvement in the economy, liberals don't like corporate welfare.

But something had to be done, and thank goodness we did something.

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