It’s nice to finally hear an admission here that Obama’s bailout policies don’t help everyday Americans, just big banks and auto makers.
U.S. policies since Lehman Brothers’ collapse helped the economy but didn’t boost most people’s incomes, President Obama conceded five years after the collapse.
“We came in, stabilized the situation,” he told ABC’s “This Week” on the fifth anniversary of Lehman Brothers Holdings Inc.’s $639 billion bankruptcy declaration — the largest bankruptcy in U.S. history.
That bankruptcy, in the final months of the George W. Bush administration, is widely blamed as a key domino in a series of business failures and market gyrations in the unfolding implosion of the global financial crisis that led to the Great Recession.
“We’ve now had 42 straight months of growth,” Obama said Sunday, “7 1/2 million new jobs created — 500,000 jobs in manufacturing, 370,000 jobs in an auto industry that had completely collapsed.