Reason #4,917

Trey Smith

The Obama administration announced this morning that the five largest U.S. banks have agreed to a $26 billion 'settlement' to end lawsuits over abusive practices that forced millions of families from their homes and helped bring about the nation’s financial meltdown.

After months of talks with state and federal officials, the banks have reportedly agreed to help some homeowners reduce their mortgage debt or refinance their homes at lower rates. Over 4 million familes lost their homes to foreclosure yet just 750,000 people who lost their homes to foreclosure will receive a one-time check for just $1,800 to $2,000, which for many will barely cover the cost of moving. The deal will only help a fraction of the struggling homeowners affected by the bank’s practices.

New York and California have reportedly signed off on the deal after initially holding it up in protest of lenient treatment of the banks.

The deal gives banks immunity from civil lawsuits for "robosigning," a practice whereby homeowners were rapidly evicted without proper vetting.

In his January 24th State of the Union address, President Obama promised a fresh investigation into mortgage abuses that led to the financial meltdown. Now, before that investigation has even begun, Obama is granting these 5 "too big to fail" banks immunity from "robo-signing" abuses.
~ from Bank Bailout 2: Obama Lets Mortgage Abusers Off the Hook by Common Dreams Staff ~

It seems that not a day goes by anymore when Barack Obama doesn't provide a reason for a progressive-minded voter NOT to support him!! On issue after issue after issue, he seems happily to stick a dagger in the backs of the 99 percent.

While the financial agreement with the big banks is ten times paltry when juxtaposed against the staggering profits they accumulated illegally, what should be the most galling aspect of this "deal" is that yet another industry has been granted blanket immunity. They have destroyed countless lives and yet not a one of them can now be held legally accountable for their misdeeds.

That is not justice; it is its antithesis.

In fact, it is worse than a mere miscarriage of justice; it guarantees future miscarriages of justice. Why? Because when people are not held accountable for their actions, they are prone to repeat them with impunity!

Why do serial rapists and mass murderers stop raping and killing people? Do you think they one day say to themselves, "Gee, I probably shouldn't be doing these things, so I think I'll stop."

Hell no. They stop because they are arrested and thrown in jail. In other words, society PREVENTS them from raping or killing anyone else (well, anyone else on the outside).

This same principle applies to those who defraud others. Swindlers don't stop swindling because they're bored -- they stop because society makes them cease and desist.

This "swell" deal is nothing more than a "get out of jail free card" and it should provide those interested in justice with the umpteenth reason not to support Obama's reelection.