August 23, 2012

HIS FEAR OF BEING PERCEIVED AS BLACK...:

Cautious Moves on Foreclosures Haunting Obama (BINYAMIN APPELBAUM, August 19, 2012, NY Times)

After inheriting the worst economic downturn since the Great Depression, President Obama poured vast amounts of money into efforts to stabilize the financial system, rescue the auto industry and revive the economy.

But he tried to finesse the cleanup of the housing crash, rejecting unpopular proposals for a broad bailout of homeowners facing foreclosure in favor of a limited aid program -- and a bet that a recovering economy would take care of the rest.

During his first two years in office, Mr. Obama and his advisers repeatedly affirmed this carefully calibrated strategy, leaving unspent hundreds of billions of dollars that Congress had allocated to buy mortgage loans, even as millions of people lost their homes and the economic recovery stalled somewhere between crisis and prosperity.

..left him terrified of helping the undeserving poor who had loans.

Posted by at August 23, 2012 5:18 AM
  

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