Saturday, July 20, 2013

Obama brags about $65 payouts

Near the end of a recent article in the Financial Times, entitled Treasury secretary rebuffs finance reform critics in Congress, I came across this lovely bit of absurdity:
In a White House ceremony on Wednesday, Mr Obama said the CFPB had already managed to get back more than $400m in refunds from “unscrupulous lenders” for “6m Americans”.
Alright children, everybody take out your calculator.  400,000,000 divided by 6,000,000 is what?  That's right $66.67 !

What's that you say?  Your lender misled you into signing a loan you couldn't afford, which caused you to loose your house and sent you into bankruptcy?  Don't worry, Uncle Sam is gonna give you enough money fill-up your gas least halfway!

(Of course, some people may have received more than the average amount...but that only means others got less.  Go Team Obama!)

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