Monday, August 31, 2015

OBAMA-CLINTONomics: PROTECTING THE RICH (again) FROM THE MELTDOWN THEY CAUSED... AGAIN! Central banks step in to prop up global financial bubble

OBAMA-CLINTONomics is a simple device - Serve the super rich and pass the cost of their looting and Wall Street crimes on to the backs of the last of the American middle-class!

"Of course, the wealth of the financial elite cannot come from nowhere. Ultimately, the continual infusion of asset bubbles is the form taken by a massive transfer of wealth, from the working class to the banks, investors and super-rich. The corollary to rise of the stock market is the endless demands, all over the world, for austerity, cuts in wages, attacks on health care and pensions."



SEN. BERNIE SANDERS ON HILLARY’S
SERVITUDE TO OBAMA’S CRIMINAL
CRONY BANKSTERS… their looting continues
unabated.


…. but will Mexico elect LA RAZA SUPREMACIST Hillaria?


"I think that the business model of Wall Street is fraud," said Sanders. "I think these guys drove us into the worst economic downturn in the modern history of America and I think they're at it again. I believe that when you have so few banks with so much power you have to ... break them up. That is not Hillary Clinton's position."




OBAMA-CLINTONomics


– Did their crony banksters ultimately destroy the global economy?



Richest one percent controls nearly half of global wealth


AMERICA: NO LEGAL NEED APPLY!!!

It started the day Obama moved into the White House and commenced the perpetration of his “hope & change”.

24,639,000: Record Number of Foreign-Born Hold Jobs in U.S.


"We could cut unemployment in half simply by reclaiming the jobs taken by illegal workers," said Representative Lamar Smith of Texas, co-chairman of the Reclaim American Jobs Caucus. "President Obama is on the wrong side of the American people on immigration. The president should support policies that help citizens and legal immigrants find the jobs they need and deserve rather than fail to enforce immigration laws."


HILLARY CLINTON: DEDICATED SERVANT

TO THE 1%, OBAMA’S

CRIMINAL CRONY BANKSTERS and DISCIPLE of OBAMA-CLINTONOMICS for the super-rich.


The central aim of Clinton’s speech was to reassure the American financial oligarchy that, despite her occasional lukewarm denunciations of corporate criminality and social inequality, she is a right-wing, pro-business defender of Wall Street.



The speech makes clear that a Clinton presidency will pursue the same pro-Wall Street policies of the Obama administration, seeking to expand the fortunes of the super-rich at the expense of the great majority of society, while invoking “fairness” and “equality” as window dressing.

RASMUSSEN POLL:

Hillary Clinton is a bad clone of Barack Obama
owned by the same bankster paymasters as
Obama



Hillary’s BIGGEST DONORS are Obama’s criminal crony banksters! What does that tell you???


CRONY CAPITALISM and the FALL  of A DEMOCRATIC NATION


OBAMA’S LOOTING BANKSTERS AGREE TO FUND HIS DICTATORSHIP…. They owned him from day one!


“The vast sums of money pocketed by bank executives are bound up with activities that range from borderline legal to flagrantly illegal. Nearly all of the CEOs included on the list head banks that have been the subject of multiple investigations and fines related to the rigging of global interest and foreign exchange rates, mortgage fraud, money laundering, tax evasion and other crimes.”

Central banks step in to prop up global financial bubble


Central banks step in to prop up global financial bubble

31 August 2015
Early last week, global stock markets experienced their worst selloff since the 2008 financial crisis. At the opening of US markets on Monday, the Dow Jones Industrial Average was down more than 1,000 points, its largest intraday fall in history. By the end of the week, however, the markets in the United States and Europe had staged a major rally, recovering much of what they had lost.
The reason for the turnaround in global stock markets was not
hard to find. As the New York Times put it: “Once again, the
Federal Reserve helped save the day for investors” who were
“inspired by soothing words from an influential Fed policy
maker.” By “soothing words,” the Times means the promise of
further infusions of cash into the financial system, which has
fueled the continual rise in equity prices.
In particular, the Times was referring to the comments of William Dudley, president of the Federal Reserve Bank of New York and a key ally of Fed Chairwoman Janet Yellen, who said that the deterioration of the US economy made the case for raising interest rates “less compelling.”
Whether or not the Fed actually raises
interests rates a small amount at its meeting
next month, these statements were a pledge to
do whatever it takes to keep the Wall Street
asset bubble inflated.
The same day, European Central Bank Executive Board member Peter Praet made clear that the ECB stood ready to go even further by expanding its ongoing “quantitative easing” money printing operation. “There should be no ambiguity on the willingness and ability of the Governing Council to act if needed,” he declared.
These announcements compounded the moves by the Chinese central bank Tuesday to cut its target interest rate and reduce banks’ reserve requirements simultaneously, sending yet another flood of money into the economy on top of the 900 billion renminbi ($140 billion) it is estimated to have injected in June and July.
It is striking that, largely on the basis of a few hints dropped by monetary policy officials, the biggest global stock market sell-off since 2008 was at least partially reversed.
These developments underscore a basic reality of the contemporary capitalist economy: the ongoing stock market surge, which has seen all three major US stock indexes triple in value since 2009, is the product not any genuine economic “recovery,” but of continual infusions of cash from global central banks.
The present situation is the outcome of an extended process. Over the course of decades, the creation of wealth for the financial elite has become increasingly divorced from any productive activity and tied ever more directly to speculation in financial bubbles—a process most nakedly expressed in the United States. As Raymond Dalio, head of Bridgewater Associates, the world’s largest hedge fund put it, “The money that’s made from manufacturing stuff is a pittance in comparison to the amount of money made from shuffling money around.”
Significantly, Dalio, whose wealth has tripled since 2008, this
week called for the Federal Reserve to respond to growing
turmoil in financial markets with a new round of quantitative
easing.
In fact, so dependent has the global economy become on free money that former Treasury Secretary Lawrence Summers conceded in a column last week that, “Satisfactory growth, if it can be achieved, requires very low interest rates that historically we have only seen during economic crises,” concluding that “new conditions require new policies.”
Of course, the wealth of the financial elite
cannot come from nowhere. Ultimately, the
continual infusion of asset bubbles is the form
taken by a massive transfer of wealth, from the
working class to the banks, investors and
super-rich. The corollary to rise of the stock
market is the endless demands, all over the
world, for austerity, cuts in wages, attacks on
health care and pensions.
Nowhere are these processes more clear than in the US. In the aftermath of the 2008 crash, the Obama administration and the US Federal Reserve made trillions of dollars available to the banks and major financial institutions. As a result, the share of

wealth held by the richest 0.1 percent of the

population grew from 17 percent in 2007 to

22 percent in 2012, while the wealth of the

400 richest  families in the US has doubled

since 2008.
The same period has witnessed an
unprecedented decline in the incomes of
working people. According to the latest
Federal Reserve survey of consumer finances,
between 2007 and 2013 the income of a

typical US household fell 12 percent. The

median US  household now earns $6,400 less

per year than it did in 2007.
The threatened bursting of the asset bubbles is driven by concern that the easy money policy is reaching some form of denouement, that the ammunition of central banks is drying up. All the more ferocious will be the ruling elite’s assault on the working class, in the United States and internationally.
As the WSWS wrote in 2009, “The most essential feature of a historically significant crisis is that it leads to a situation where the major class forces within the affected country (and countries) are compelled to formulate and adopt an independent position in relationship to the crisis.”
The ruling class responded to the crisis with a drive to vastly expand its own social wealth and privileges at the expense of the great majority of society. This drive will only intensify in the coming months and years. The working class must advance its own worked out program, based on an understanding of the forces that it confronts: a ruthless financial aristocracy, political institutions that are bought-and-paid for by the banks and giant corporations, and a global social system, capitalism, that has reached a historic dead-end.
Andre Damon

THE ULTIMATE LOOTING of AMERICA BY BIG

BANKSTERS STARTED UNDER BILLARY CLINTON.

THEY’VE PULLED IN HUGE BRIBES FROM BANKSTERS

SINCE THEN.
“President Bill Clinton repealed the law in 1999. Glass-Steagall has long been popular with liberals, who argue the repeal was part of the deregulation they say led to the 2008 financial collapse.”

"Amazon became a byword this year for savage treatment of 

employees. Bezos joins several others in the top 15 notorious 

for low-wage exploitation, including four heirs to the Wal-

Mart retail empire, James, Alice, Christy and Samuel Robson 

Walton, and Phil Knight, chairman of Nike Inc., whose $24.4 

billion fortune is extracted from his international network of 

sports apparel-producing sweatshops."


OBAMA-CLINTONomics is a simple device - Serve the super rich and pass the cost of their looting and Wall Street crimes on to the backs of the last of the American middle-class!


"Of course, the wealth of the financial elite cannot come from nowhere. Ultimately, the continual infusion of asset bubbles is the form taken by a massive transfer of wealth, from the working class to the banks, investors and super-rich. The corollary to rise of the stock market is the endless demands, all over the world, for austerity, cuts in wages, attacks on health care and pensions."


“As a result, the share of wealth held by the richest 0.1 percent of the population grew from 17 percent in 2007 to 22 percent in 2012, while the wealth of the 400 richest families in the US has doubled since 2008.”

OBAMA-CLINTONomics and the final death of the American middle-class

"Obama expanded the Wall Street bailout, handing trillions of dollars to the criminals who wrecked the economy. He then utilized the financial meltdown to restructure the auto industry on the basis of brutal pay cuts, setting a precedent for the transformation of the US into a low-wage economy."

"In the midst of the deepest slump since the Great Depression, the administration starved state and city governments of resources, leading to the destruction of hundreds of thousands of education and public-sector jobs and the gutting of workers’ pensions. Obama’s Affordable Care Act set in motion the dismantling of employer-paid health insurance and massive cuts in the Medicare insurance system for the elderly."


SEN. BERNIE SANDERS

“Calling income and wealth inequality the "great moral issue of our time," Sanders laid out a sweeping, almost unimaginably expensive program to transfer wealth from the richest Americans to the poor and middle class. A $1 trillion public works program to create "13 million good-paying jobs." A $15-an-hour federal minimum wage. "Pay equity" for women. Paid sick leave and vacation for everyone. Higher taxes on the wealthy. Free tuition at all public colleges and universities. A Medicare-for-all single-payer health care system. Expanded Social Security benefits. Universal pre-K.” WASHINGTON EXAMINER

SEN. BERNIE SANDERS ON HILLARY’S SERVITUDE TO OBAMA’S CRIMINAL CRONY BANKSTERS… their looting continues unabated.




"I think that the business model of Wall Street is fraud," said Sanders. "I think these guys drove us into the worst economic downturn in the modern history of America and I think they're at it again. I believe that when you have so few banks with so much power you have to ... break them up. That is not Hillary Clinton's position."



Wealth of America’s super-rich grows to $2.34 trillion

Wealth of America’s super-rich grows to $2.34 trillion

By Nick Barrickman 
3 October 2015
The wealth of the 400 richest Americans 
continues to soar, according to the results of 
the new Forbes 400 list, published annually 
by the business magazine of the same name. 
At $2.34 trillion, the total net worth for the multi-billionaires on the list set new records, displacing last year’s all-time high of $2.29 trillion.
In 2009, the total net worth of the Forbes 400 was $1.27 trillion. Today, nearly six years into the so-called economic “recovery” fostered by the Obama administration, the wealthiest Americans have nearly doubled their hoard. The total wealth of the richest 400 Americans managed to reach new heights even while financial markets have been roiled by tumultuous swings.
The Forbes report notes that in 2015, “It was 
harder than ever to join the 400. The price of 
entry this year was $1.7 billion, the highest it’s 
been in the 33 years that Forbes has tracked 
American wealth.” Forbes makes note that 
the wealth threshold was so high this year that 145 billionaires failed to make the list.
While a majority of billionaires have prospered, their wealth underwritten by the massive government bailouts of financial institutions and near-zero interest rates from the Federal Reserve, a significant fraction of the wealthy elite have lost ground in the turbulent stock markets of recent months.
The ratio of winners and losers among the billionaires was ten to one last year, but this year was much closer to 50-50. Forbes noted that the top three position-holders on the list, Microsoft’s Bill Gates, Berkshire Hathaway’s Warren Buffett and Oracle’s Larry Ellison, each saw a drop in their total net worth of at least 5 percent in the last year. This did nothing to threaten the position of Gates, number one at $76 billion, or Buffett, number two at $62 billion, but Ellison’s third-place position, with $47.5 billion, left him “only” $500 million ahead of the fourth-place multi-billionaire, Jeff Bezos of Amazon.com.
The majority of those on the Forbes list were associated with some form of financial speculation, or with computer software and the Internet. According to the industry breakdown supplied by Forbes, its 400 include 126 engaged in investment, real estate and finance, 81 from computer technology and media, 36 from food and beverage, 32 from retail and fashion (including five members of the Walton family, owners of Wal-Mart), 31 from oil & gas, 20 from health care, 19 from miscellaneous services (including six members of the Pritzker family, owners of Hyatt Hotels), and 19 from sports and gaming.
This left only 35 listed as making their fortunes in manufacturing, automotive, construction, and logistics. The largest manufacturing fortune is the $7.4 billion of Harold Kohler, whose company makes toilets and other plumbing fixtures. Perhaps that is symbolic, given the state of manufacturing in the United States, once the world leader in industry, but no longer.
The growth of financial parasitism has underwritten the wealth of many on the Forbes 400. In 1982, the first Forbes 400 list saw figures directly involved in finance making up only 4.4 percent of the total wealth on the list. As of today, this group now makes up more than 21 percent of billionaires on the list.
Former Microsoft chairman Bill Gates, who has held the number one spot on the Forbes 400 for 22 years, has less than 13 percent of his fortune in stock in the company he founded. According toForbes, the majority of Gates’ wealth is bound up in Cascade, the software mogul’s investment firm, which specializes in “investing in stocks, bonds, private equity and real estate.”
Besides the well-known super-rich of Silicon Valley like Google’s Larry Page and Sergey Brin (with $33.3 billion and $32.6 billion, respectively) and Mark Zuckerberg, founder of the social media web site Facebook, the seventh wealthiest man in America with $40.3 billion in total assets, there are numerous other newly minted Internet billionaires, including the owners and co-owners of Uber, Airbnb, WhatsApp, LinkedIn, Twitter, SnapChat, GoPro and GoDaddy.com.
Jeffrey Bezos, owner of the online retailer Amazon, saw the largest gain in wealth for the year, making $16 billion in 2015, placing his total net worth at $47 billion and catapulting him to fourth place. Nearly half of Bezos’ gains came within a single day last July, when his company announced gains in the second quarter, leading to a speculative frenzy which bid up stock values for Amazon by over 18 percent.
Amazon became a byword this year for savage treatment of 

employees. Bezos joins several others in the top 15 notorious 

for low-wage exploitation, including four heirs to the Wal-

Mart retail empire, James, Alice, Christy and Samuel Robson

Walton, and Phil Knight, chairman of Nike Inc., whose $24.4 

billion fortune is extracted from his international network of 

sports apparel-producing sweatshops.
While safeguarding the ill-gotten wealth of the Forbes billionaires remains an ironclad principle of both the Republican and Democratic parties, working people throughout the US continue to suffer the brunt of attacks on their living standards. A US Census report released earlier this month shows that 14.8 percent of the US population lives in poverty; a figure that is unchanged from a year earlier. The Census findings show that 6.6 percent of the population lives in “deep poverty,” or less than half of the already unrealistically low official poverty line in the US.


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