Daily PUMA Column - Commentary by Alessandro Machi

Saturday, February 17, 2024

500 million dollar judgement total against Donald Trump covers up Barack Obama era Failed Banking Policies that were causing 5,000 to 7,000 home foreclosures a day.

In a Parallel "Back to the Future" Universe, If Donald Trump and Barack Obama had switched order regarding when they were President, the same New York Attorney General who just sued Trump and "won" over 400 million dollars would instead be suing on behalf of all the business and real estate loan applicants that were charged much too high interest rates on their loans during the Trump era Presidency of 2008 to 2012.

Back to reality, if Donald Trump was able to get more favorable loan deals by allegedly supplying inaccurate loan related data, but still did not default on Obama era loans when Bank rules were changed and made entirely too strict and regressive; then that would mean Obama era banks were charging excessively high interest rates to all their "honest" loan applicants that were all the victims of Barack Obama era regressive bank loan policies after the Stock Market Crash of 2008.

Given a choice between helping all the honest business and real estate loan applicants who were either charged excessively high interest rates, and who were damaged when their loan applications were denied, the present day New York District Attorney instead chose to use the courts for Political gain. The New York Attorney has chosen to satiate their Trump Derangement Syndrome even though Trump never defaulted on a loan.

Meanwhile, all the victims of overly regressive banking policies from the Obama era Presidency were never made whole by the New York Attorney General, who instead went for the Trump sizzle rather than making whole deprived and damaged loan applicants, and that is the real crime.

The problem is it has been almost 15 years since the Obama era banking rules were implemented. Many seem to have forgotten the 5,000 to 7,000 foreclosures a day in the U.S. during Obama's first 2 years in office and how honest, law abiding loan applicants who had built up home equity that took decades to accrue, were treated like garbage if they were temporarily unemployed. Untold numbers were forced to sell their homes when being able to dip into some Home Equity, even if unemployed, would have softened the financial jolt they were suddenly feeling that instead led to the loss of their home.


 

 

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