Monday, June 3, 2019

KAMALA HARRIS AND OBAMA'S CRONY BANKSTERS... It's a great fit!.... Now just follow the money!

Kamala Harris: Medicare for All Includes Illegal Aliens

Harris, a guest on CNN's "State of the Union," said "I support Medicare for all. It is my preferred policy." She said she supports the bill introduced by Sen. Bernie Sanders.

Fourteen Democratic presidential hopefuls campaign at California convention

In the largest gathering of the 2020 presidential campaign so far, 14 of the declared Democratic candidates attended the California state Democratic Party convention in San Francisco over the weekend. They sought to combine bogus pledges of social reform with attacks on the Trump administration from the right, particularly on trade and on alleged Russian interference into US elections.
Notably absent from the convention was current frontrunner, former Vice President Joe Biden, who instead spent the weekend in Ohio to attend events commemorating the 50th anniversary of the Stonewall Riots. It was widely understood, however, that Biden, who has adopted a more openly conciliatory posture to the Republicans, wanted to avoid provoking the ire of convention delegates and a potentially embarrassing rebuff.
Aside from the candidate appearances, delegates elected the state party’s new chair, Los Angeles County Federation of Labor President Rusty Hicks. Representing over 800,000 workers in over 300 local union chapters, the LA Fed, as it’s known, has presided over of betrayals of workers throughout the city and the county, most particularly in the healthcare and education fields. Hicks’ victory underscores the reactionary role of the unions in reinforcing the political monopoly of the capitalist two-party system and denying the working class any genuine political representation.
House Speaker Nancy Pelosi also spoke at the convention. Her comments were interrupted by calls from assembled delegates to impeach President Trump. Many of the Democratic presidential candidates have openly called for impeachment, particularly after comments by former Special Counsel Robert Mueller last week in which he effectively called on the House of Representatives to begin impeachment proceedings.
The two leading presidential contenders, Biden and Vermont Senator Bernie Sanders, have thus far not called for impeachment, and Pelosi has downplayed suggestions that the Democratic majority in the House of Representatives might take such action, arguing that an impeachment that had no prospects of conviction at trial in the Republican-controlled Senate would only help Trump politically.
At the convention itself, Pelosi implied that Democrats should focus instead on winning the White House in 2020. She was joined over the weekend by House Intelligence Committee Chairman Adam Schiff who declared that impeachment proceedings were “destined for failure” without Republican support in the Senate.
Notably, there were no references made to suggestions, included those made by Trump himself, that he might seek to extend his term in office or even refuse to accept the results of the 2020 election.
The presidential candidates who spoke at the convention offered various types of vague reformist pabulum which will be rapidly abandoned once the party’s nominee is chosen, along with attempts to outflank Trump on the right, particularly in regard to the party’s anti-Russia campaign and the drive for internet and press censorship that goes along with it.
As could be expected, when questions of social inequality became unavoidable, the candidates took pains to couch the issue in entirely racial terms.
Failed Texas Senate candidate Beto O’Rourke declared, “When we talk about justice in this country, it is squarely confronting the consequences of slavery and segregation,” he said. “Unless we do that, we will never repair the damage done and we will never stop revisiting these injustices on every successive generation.”
Massachusetts Senator Elizabeth Warren is currently competing with Sanders to be the candidate of the fake-left opposition in the Democratic Party. “The racial wealth gap,” she claimed, “holds back families generation after generation.”
Warren fully supported the Obama Administration’s bailout of the auto industry, leading to severe wage cuts and job losses for hundreds of thousands of autoworkers, and eulogized recently deceased US war criminals such as President George H. W. Bush and Senator John McCain.
“The time for small ideas is over,” Warren argued in her speech. “Big problems call for big solutions. If we’re going to save our democracy, build an inclusive economy, clean up the corruption in Washington, we need big, structural change and yes, I have a plan for that.” Warren then outlined that her “plan” involved placing a wealth tax of 2 cents on the dollar for those whose fortunes exceeded $50 million, a levy on the super-rich that no Congress would ever impose, given the grip of big money on both corporate-controlled parties.
Like many of the other candidates present, Warren offered sops to the trade union bureaucracy, promising that a Warren administration would “make it easier for workers to join a union,” opening more channels through which union bureaucrats could extract dues money from workers and betray their future struggles.
The overall tone of the proceedings, however, was set by opening speaker Kamala Harris, former state attorney general and now US Senator from California, who spoke of the urgent need to continue the Democrat’s reactionary anti-Russia campaign. “Let’s talk about this so-called commander in chief [Trump],” she said. “He parrots Russia’s lies over the word of American intelligence and law enforcement leaders. He denies that Russia interfered in the election of the president of the United States. We need to begin impeachment proceedings and we need a new commander in chief.”
Harris, a multi-millionaire, took a hard line 
against defendants during her time as 
district attorney and later California state 
attorney general, helping to hide 
exculpatory evidence from defense 
attorneys. She blocked prosecution of 
bankers in the wake of the 2008 financial 
crisis, including current Trump Treasury 
Secretary Steven Mnuchin, and appealed 
court rulings seeking to end the death 
penalty.
South Bend Mayor Pete Buttigieg also spoke at the convention. The young mayor has received considerably favorable coverage in the bourgeois media, largely due to a talent for saying nothing and saying it very well—as well as his record as a special forces operative in Afghanistan.
“We can only look forward,” he said. “Now, if we want to defeat this president and lead the country into a new direction, we’ve got to be ready to transform our country and our democracy into something new and better.”
Buttigieg told the assembled audience that Democrats could not promise to bring the country back to the days of the 1990s and 2000s, as if those decades of war, austerity policies and stagnating living standards were somehow halcyon days for the working class.
Buttigieg also echoed an aspect of the anti-Russia campaign calling for increased cybersecurity and election security, meaning calls for further internet censorship and attacks on government whistleblowers such as Julian Assange and Chelsea Manning. “We have to build a campaign on our values, values like freedom, security and democracy. We don’t enjoy security if we fail to confront cyber challenges, election security threats,” he said.
California has moved up its presidential primary from the traditional June date to March 3, the day dubbed “Super Tuesday” by the media, when 13 states will choose more than 1,400 delegates, better than one-third of the total.
More than 400 of those delegates will be from California, divided up among the state’s 53 congressional districts, but candidates must receive at least 15 percent of the total vote in a congressional district to win any delegates from that district. Based on present polling, only six candidates—Biden, Harris, Buttigieg, O’Rourke, Warren and Vermont Senator Bernie Sanders—would pass that threshold.
Sanders was also present at the convention, although the level of excitement for his candidacy has notably diminished since his last presidential run in 2016, when the Vermont senator attracted tens of thousands to rallies around the country in which he railed against the “billionaire class” and the growth of social inequality, only to later fully support the candidacy of Hillary Clinton, the candidate of Wall Street and the Pentagon. A rally Sanders held in the nearby city of San Jose over the weekend was only attended by a few hundred supporters.
While Sanders has consistently polled in second place behind Biden, he has echoed the Trump administration’s condemnation of China and has otherwise joined in the administration’s nationalistic trade war campaign. Sanders’ railing against social inequality has only proven to be so much hot air meant to distract and disorient the growing political opposition among the working class.
In fact, while nearly all of the Democratic candidates took pains to mention the growth of social inequality and many of its attendant miseries, the word “socialism” and “capitalism” were not even mentioned, with the exception of former Colorado governor John Hickenlooper, who railed against any hint of socialism in the 2020 election.
“Socialism is not the answer!” Hickenlooper railed, warning the delegates that they risk falling into a trap set for them by Trump. “If we’re not careful, we’re going to help reelect the worst president in history.” He also cautioned against fighting for universal health coverage. “We shouldn’t try to achieve universal coverage by removing private insurance for over 150 million Americans.”
Such anti-socialist rhetoric, however, does not prevent pseudo-left groups such as the Democratic Socialists of America and Socialist Alternative from working within the Democratic Party and fostering illusions that this party of bourgeois reaction can be utilized to meet the interests of the working class.


Both the Democrats and Trump are desperately seeking to divert social discontent outwards and away from its actual source in the capitalist profit system, and against a foreign enemy. In Trump’s case, the bogeymen are immigrant workers and foreign trade rivals, particularly China. In the case of the Democrats, Russia is the main target. The result of the 2020 election will be fundamentally the same regardless of whether Trump or one of his Democratic rivals emerges victorious: a further accelerated drive towards war, attacks on democratic rights and authoritarian rule.




NO PRESIDENT SUCKED IN MORE BRIBES FROM BANKSTERS BEFORE AND AFTER HIS PRESIDENCY THAT BARACK OBAMA.

Trump criticized Dimon in 2013 for supposedly contributing to the country’s economic downturn. “I’m not Jamie Dimon, who pays $13 billion to settle a case and then pays $11 billion to settle a case and who I think is the worst banker in the United States,” he told reporters.
“The response of the administration was to rush to the defense of the banks. Even before coming to power, Obama expressed his unconditional support for the bailouts, which he subsequently expanded. He assembled an administration dominated by the interests of finance capital, symbolized by economic adviser Lawrence Summers and Treasury Secretary Timothy Geithner.”

Practically every cabinet appointee of Obama’s has close personal connections to the ruling class, many having come directly from corporate boardrooms. Under Obama’s watch not a single executive at a major financial firm has been criminally tried, much less sent to jail, for their role in the financial crisis.
“Attorney General Eric Holder's tenure was a low point even within the disgraceful scandal-ridden Obama years.” DANIEL GREENFIELD / FRONTPAGE MAG
"One of the premier institutions of big business, JP Morgan Chase, issued an internal report on the eve of the 10th anniversary of the 2008 crash, which warned that another “great liquidity crisis” was possible, and that a government bailout on the scale of that effected by Bush and Obama will produce social unrest, “in light of the potential impact of central bank actions in driving inequality between asset owners and labor."  
This manufactured crisis has, in turn, been exploited by the Obama administration and both big business parties to hand over trillions in pension funds and other public assets to the financial kleptocracy that rules America.
 “Our entire crony capitalist system, Democrat and Republican alike, has become a kleptocracy approaching par with third-world hell-holes.  This is the way a great country is raided by its elite.” ---- Karen McQuillan  THEAMERICAN THINKER.com

“This was not because of difficulties in securing indictments or convictions. On the contrary, Attorney General Eric Holder told a Senate committee in March of 2013 that the Obama administration chose not to prosecute the big banks or their CEOs because to do so might “have a negative impact on the national economy.”
"One of the premier institutions of big business, JP Morgan Chase, issued an internal report on the eve of the 10th anniversary of the 2008 crash, which warned that another “great liquidity crisis” was possible, and that a government bailout on the scale of that effected by Bush and Obama will produce social unrest, “in light of the potential impact of central bank actions in driving inequality between asset owners and labor."  

$2,198,468,000,000: Federal Spending Hit 10-Year High Through March; Taxes Hit 5-Year Low

By Terence P. Jeffrey | April 10, 2019 | 5:09 PM EDT
(Getty Images/Ron Sachs-Pool)
(CNSNews.com) - The federal government spent $2,198,468,000,000 in the first six months of fiscal 2019 (October through March), which is the most it has spent in the first six months of any fiscal year in the last decade, according to the Monthly Treasury Statements.

The last time the government spent more in the October-through-March period was in fiscal 2009, when it spent $2,326,360,180,000 in constant March 2019 dollars.

Fiscal 2009 was the fiscal year that began with President George W. Bush signing a $700-billion law to bailout the banking industry in October 2008 and then saw President Barack Obama sign a $787-billion stimulus law in February 2009.

JPMorgan shares climb after the bank posts record earnings and revenue


3h
Jamie Dimon arriving to testify before Congress. Aaron P. Bernstein/Reuters
·         JPMorgan reported first-quarter earnings results on Friday, kicking off another earnings season for the largest US banks.
JPMorgan Chase reported record first-quarter results on both the top and bottom lines Friday morning. Shares climbed 2.3% in early trading to $108.68.
Here's how the results stacked up with Wall Street's expectations as compiled by Bloomberg.
·         Adjusted net income: $9.18 billion versus $7.7 billion expected
·         Earnings per share: $2.65 versus $2.34 expected
·         Revenue: $29.85 billion versus $28.4 billion expected
·         Expenses: $16.4 billion versus $16.7 billion expected
"In the first quarter of 2019, we had record revenue and net income, strong performance across each of our major businesses, and a more constructive environment," CEO Jamie Dimon said in the earnings release. "Even amid some global geopolitical uncertainty, the US economy continues to grow, employment and wages are going up, inflation is moderate, financial markets are healthy, and consumer and business confidence remains strong."
A deeper look into the numbers showed the trading and investment-banking businesses exceeded expectations, though trading declined 17% from the year earlier:
·         FICC sales & trading revenue: $3.73 billion versus $3.67 billion expected
·         Equity sales & trading revenue: $1.74 billion versus $1.73 billion expected
·         Investment-banking revenue: $1.75 billion versus $1.63 billion expected

"The Federal Reserve is a key mechanism for perpetuating this whole filthy system, in which "Wall Street rules."


Wall Street rules

 
The Federal Reserve sent a clear message to Wall Street on Friday: It will not allow the longest bull market in American history to end. The message was received loud and clear, and the Dow rose by more than 700 points.
Hundreds of thousands of federal workers remain furloughed or forced to work without pay as the partial government shutdown enters its third week, but the US central bank is making clear that all of the resources of the state are at the disposal of the financial oligarchy.
Responding to Thursday’s market selloff following a dismal report from Apple and signs of a manufacturing slowdown in both China and the US, the Fed declared it was “listening” to the markets and would scrap its plans to raise interest rates.
Speaking at a conference in Atlanta, where he was flanked by his predecessors Ben Bernanke and Janet Yellen, both of whom had worked to reflate the stock market bubble after the 2008 financial crash, Chairman Jerome Powell signaled that the Fed would back off from its two projected rate increases for 2019.
“We’re listening sensitively to the messages markets are sending,” he said, adding that the central bank would be “patient” in imposing further rate increases. To underline the point, he declared, “If we ever came to the conclusion that any aspect of our plans” was causing a problem, “we wouldn’t hesitate to change it.”
This extraordinary pledge to Wall Street followed the 660 point plunge in the Dow Jones Industrial Average on Thursday, capping off the worst two-day start for a new trading year since the collapse of the dot.com bubble.
William McChesney Martin, the Fed chairman from 1951 to 1970, famously said that his job was “to take away the punch bowl just as the party gets going.” Now the task of the Fed chairman is to ply the wealthy revelers with tequila shots as soon as they start to sober up.
Powell’s remarks were particularly striking given that they followed the release Friday of the most upbeat jobs report in over a year, with figures, including the highest year-on-year wage growth since the 2008 crisis, universally lauded as “stellar.”
While US financial markets have endured the worst December since the Great Depression, amid mounting fears of a looming recession and a new financial crisis, analysts have been quick to point out that there are no “hard” signs of a recession in the United States.
Both the Dow and the S&P 500 indexes have fallen more than 15 percent from their recent highs, while the tech-heavy NASDAQ has entered bear market territory, usually defined as a drop of 20 percent from recent highs.
The markets, Powell admitted, are “well ahead of the data.” But it is the markets, not the “data,” that Powell is listening to.
Since World War II, bear markets have occurred, on average, every five-and-a-half years. But if the present trend continues, the Dow will reach 10 years without a bear market in March, despite the recent losses.
Now the Fed has stepped in effectively to pledge that it will allocate whatever resources are needed to ensure that no substantial market correction takes place. But this means only that when the correction does come, as it inevitably 
must, it will be all the more severe and the Fed will have all the less power to stop it.
From the standpoint of the history of the institution, the Fed’s current more or less explicit role as backstop for the stock market is a relatively new development. Founded in 1913, the Federal Reserve legally has had the “dual mandate” of ensuring both maximum employment and price stability since the late 1970s. Fed officials have traditionally denied being influenced in policy decisions by a desire to drive up the stock market.
Federal Reserve Chairman Paul Volcker, appointed by Democratic President Jimmy Carter in 1979, deliberately engineered an economic recession by driving the benchmark federal funds interest rate above 20 percent. His highly conscious aim, in the name of combating inflation, was to quash a wages movement of US workers by triggering plant closures and driving up unemployment.
The actions of the Fed under Volcker set the stage for a vast upward redistribution of wealth, facilitated on one hand by the trade unions’ suppression of the class struggle and on the other by a relentless and dizzying rise on the stock market.
Volcker’s recession, together with the Reagan administration’s crushing of the 1981 PATCO air traffic controllers’ strike, ushered in decades of mass layoffs, deindustrialization and wage and benefit concessions, leading labor’s share of total national income to fall year after year.
These were also decades of financial deregulation, leading to the savings and loan crisis of the late 1980s, the dot.com bubble of 1999-2000, and, worst of all, the 2008 financial crisis.
In each of these crises, the Federal Reserve carried out what became known as the “Greenspan put,” (later the “Bernanke put”)—an implicit guarantee to backstop the financial markets, prompting investors to take ever greater risks.
In 2008, this resulted in the most sweeping and systemic financial crisis since the Great Depression, prompting Fed Chairman Bernanke, New York Fed President Tim Geithner and Treasury Secretary Henry Paulson (the former CEO of Goldman Sachs) to orchestrate the largest bank bailout in human history.
Since that time, the Federal Reserve has carried out its most accommodative monetary policy ever, keeping interest rates at or near zero percent for six years. It supplemented this boondoggle for the financial elite with its multi-trillion-dollar “quantitative easing” money-printing program.
The effect can be seen in the ever more staggering wealth of the financial oligarchy, which has consistently enjoyed investment returns of between 10 and 20 percent every year since the financial crisis, even as the incomes of workers have stagnated or fallen.
American capitalist society is hooked on the toxic growth of social inequality created by the stock market bubble. This, in turn, fosters the political framework not just for the decadent lifestyles of the financial oligarchs, each of whom owns, on average, a half-dozen mansions around the world, a private jet and a super-yacht, but also for the broader periphery of the affluent upper-middle class, which provides the oligarchs with political legitimacy and support. These elite social layers determine American political life, from which the broad mass of working people is effectively excluded.
The Federal Reserve is a key mechanism for perpetuating this whole filthy system, in which “Wall Street rules.” But its services in behalf of the rich and the super-rich only compound the fundamental and insoluble contradictions of capitalism, plunging the system into ever deeper debt and ensuring that the next crisis will be that much more violent and explosive.
In this intensifying crisis, the working class must assert its independent interests with the same determination and ruthlessness as evinced by the ruling class. It must answer the bourgeoisie’s social counterrevolution with the program of socialist revolution.

 

 

 

the depression is already here for most of us below the super-rich!


Trump and the GOP created a fake economic boom on our collective credit card: The equivalent of maxing out your credit cards and saying look how good I'm doing right now.

*
Trump criticized Dimon in 2013 for supposedly contributing to the country’s economic downturn. “I’m not Jamie Dimon, who pays $13 billion to settle a case and then pays $11 billion to settle a case and who I think is the worst banker in the United States,” he told reporters.
*
"One of the premier institutions of big business, JP Morgan Chase, issued an internal report on the eve of the 10th anniversary of the 2008 crash, which warned that another “great liquidity crisis” was possible, and that a government bailout on the scale of that effected by Bush and Obama will produce social unrest, “in light of the potential impact of central bank actions in driving inequality between asset owners and labor."  
*

"Overall, the reaction to the decision points to the underlying fragility of financial markets, which have become a house of cards as a result of the massive inflows of money from the Fed and other central banks, and are now extremely susceptible to even a small tightening in financial conditions."

*
"It is significant that what the Financial Times described as a “tsunami of money”—estimated to reach $1 trillion for the year—has failed to prevent what could be the worst year for stock markets since the global financial crisis."
*
"A decade ago, as the financial crisis raged, America’s banks were in ruins. Lehman Brothers, the storied 158-year-old investment house, collapsed into bankruptcy in mid-September 2008. Six months earlier, Bear Stearns, its competitor, had required a government-engineered rescue to avert the same outcome. By October, two of the nation’s largest commercial banks, Citigroup and Bank of America, needed their own government-tailored bailouts to escape failure. Smaller but still-sizable banks, such as Washington Mutual and IndyMac, died."
*
The GOP said the "Tax Cuts and Jobs Act" would reduce deficits and supercharge the economy (and stocks and wages). The White House says things are working as planned, but one year on--the numbers mostly suggest otherwise. 



Obama's Wall Street cabinet

6 April 2009
A series of articles published over the weekend, based on financial disclosure reports released by the Obama administration last Friday concerning top White House officials, documents the extent to which the administration, in both its personnel and policies, is a political instrument of Wall Street.
Policies that are extraordinarily favorable to the financial elite that were put in place over the past month by the Obama administration have fed a surge in share values on Wall Street. These include the scheme to use hundreds of billions of dollars in public funds to pay hedge funds to buy up the banks’ toxic assets at inflated prices, the Auto Task Force’s rejection of the recovery plans of Chrysler and General Motors and its demand for even more brutal layoffs, wage cuts and attacks on workers’ health benefits and pensions, and the decision by the Financial Accounting Standards Board (FASB) to weaken “mark-to-market” accounting rules and permit banks to inflate the value of their toxic assets.
At the same time, Obama has campaigned against restrictions on bonuses paid to executives at insurance giant American International Group (AIG) and other bailed-out firms, and repeatedly assured Wall Street that he will slash social spending, including Medicare, Medicaid and Social Security.
The new financial disclosures reveal that top Obama advisors directly involved in setting these policies have received millions from Wall Street firms, including those that have received huge taxpayer bailouts.
The case of Lawrence Summers, director of the National Economic Council and Obama’s top economic adviser, highlights the politically incestuous character of relations between the Obama administration and the American financial elite.
Last year, Summers pocketed $5 million as a managing director of D.E. Shaw, one of the biggest hedge funds in the world, and another $2.7 million for speeches delivered to Wall Street firms that have received government bailout money. This includes $45,000 from Citigroup and $67,500 each from JPMorgan Chase and the now-liquidated Lehman Brothers.
For a speech to Goldman Sachs executives, Summers walked away with $135,000. This is substantially more than double the earnings for an entire year of high-seniority auto workers, who have been pilloried by the Obama administration and the media for their supposedly exorbitant and “unsustainable” wages.
Alluding diplomatically to the flagrant conflict of interest revealed by these disclosures, the New York Times noted on Saturday: “Mr. Summers, the director of the National Economic Council, wields important influence over Mr. Obama’s policy decisions for the troubled financial industry, including firms from which he recently received payments.”
Summers was a leading advocate of banking deregulation. As treasury secretary in the second Clinton administration, he oversaw the lifting of basic financial regulations dating from the 1930s. The Times article notes that among his current responsibilities is deciding “whether—and how—to tighten regulation of hedge funds.”
Summers is not an exception. He is rather typical of the Wall Street insiders who comprise a cabinet and White House team that is filled with multi-millionaires, presided over by a president who parlayed his own political career into a multi-million-dollar fortune.
Michael Froman, deputy national security adviser for international economic affairs, worked for Citigroup and received more than $7.4 million from the bank from January of 2008 until he entered the Obama administration this year. This included a $2.25 million year-end bonus handed him this past January, within weeks of his joining the Obama administration.
Citigroup has thus far been the beneficiary of $45 billion in cash and over $300 billion in government guarantees of its bad debts.
David Axelrod, the Obama campaign’s top strategist and now senior adviser to the president, was paid $1.55 million last year from two consulting firms he controls. He has agreed to buyouts that will garner him another $3 million over the next five years. His disclosure claims personal assets of between $7 and $10 million.
Obama’s deputy national security adviser, Thomas E. Donilon, was paid $3.9 million by a Washington law firm whose major clients include Citigroup, Goldman Sachs and the private equity firm Apollo Management.
Louis Caldera, director of the White House Military Office, made $227,155 last year from IndyMac Bancorp, the California bank that heavily promoted subprime mortgages. It collapsed last summer and was placed under federal receivership.
The presence of multi-millionaire Wall Street insiders extends to second- and third-tier positions in the Obama administration as well. David Stevens, who has been tapped by Obama to head the Federal Housing Administration, is the president and chief operating officer of Long and Foster Cos., a real estate brokerage firm. From 1999 to 2005, Stevens served as a top executive for Freddie Mac, the federally-backed mortgage lending giant that was bailed out and seized by federal regulators in September.
Neal Wolin, Obama’s selection for deputy counsel to the president for economic policy, is a top executive at the insurance giant Hartford Financial Services, where his salary was $4.5 million.
Obama’s Auto Task Force has as its top advisers two investment bankers with a long resume in corporate downsizing and asset-stripping.
It is not new for leading figures from finance to be named to high posts in a US administration. However, there has traditionally been an effort to demonstrate a degree of independence from Wall Street in the selection of cabinet officials and high-ranking presidential aides, often through the appointment of figures from academia or the public sector. In previous decades, moreover, representatives of the corporate elite were more likely to come from industry than from finance.
In the Obama administration such considerations have largely been abandoned.
This will not come as a surprise to those who critically followed Obama’s election campaign. While he postured before the electorate as a critic of the war in Iraq and a quasi-populist force for “change,” he was from the first heavily dependent on the financial and political backing of powerful financiers in Chicago. Banks, hedge funds and other financial firms lavishly backed his presidential bid, giving him considerably more than they gave to his Republican opponent, Senator John McCain.
Friday’s financial disclosures further expose the bankruptcy of American democracy. Elections have no real effect on government policy, which is determined by the interests of the financial aristocracy that dominates both political parties. The working class can fight for its own interests—for jobs, decent living standards, health care, education, housing and an end to war.
///
“Records show that four out of Obama's top five contributors are employees of financial industry giants - Goldman Sachs ($571,330), UBS AG ($364,806), JPMorgan Chase ($362,207) and Citigroup ($358,054).”

OBAMA and HIS BANKS: THEIR PROFITS, CRIMES and LOOTING SOAR


CRONY KING OBAMA: CURL: The Obamas live the 1% life

OBAMAnomics:
FROM THE MAN THAT HATED AMERICAN BUT LOVED AMERICAN BANKSTERS:



OBAMA, THE BANKSTER OWNED LA RAZA DEM

THE GLOBALIST LEGACY OF A SOCIOPATH
Obama warns against “cynicism” at Ohio State commencement address
7 May 2013
At a commencement address on Sunday at Ohio State University, President Barack Obama counseled students not to be “cynical” about government and politics.
There was an almost comically absurd element to Obama’s remarks, delivered with his characteristic demagogy and attempted gestures at profundity. In his first four years in office, along with the first months of his second term, Obama proceeded to systematically repudiate every campaign pledge and to deflate every illusion that, with the assistance of a highly coordinated marketing campaign, led millions of people, including a large number of young people, to vote for him in 2008.
The Obama administration handed trillions of dollars to the banks; has overseen a massive attack on public education; is leading the campaign to slash Social Security and Medicare, the core federal retirement and health care programs; expanded the war in Afghanistan, led a war against Libya, and is preparing a new war in Syria; and has asserted the right to kill anyone, anywhere, including US citizens, without due process.
After this record of service to the corporate elite, he declares: “When we turn away and get discouraged and cynical… we grant our silent consent to someone who will gladly claim it. That’s how we end up with lobbyists who set the agenda; and policies detached from what middle class families face every day; the well-connected who publicly demand that Washington stay out of their business—and then whisper in government’s ear for special treatment that you don’t get.”
The references to the “whispers” of the wealthy and well-connected is particularly rich, coming only a week after Obama nominated Penny Pritzker for commerce secretary. The selection of Pritzker—a longtime Obama confidant, billionaire heiress and owner of a private equity company—only underscores the fact that the administration is a government of, by and for the financial aristocracy. She will be the wealthiest person ever to serve in a presidential cabinet.
Previous to his appointment of Pritzker, Obama appointed Mary Jo White to head the Securities and Exchange Commission (SEC), one of the main financial regulators. White made millions of dollars as an attorney for banks responsible for the financial crisis, including Bank of America and JPMorgan Chase, whose CEO, Jamie Dimon, called White the “perfect choice” to head the SEC.
Practically every cabinet appointee of Obama’s has close personal connections to the ruling class, many having come directly from corporate boardrooms. Under Obama’s watch not a single executive at a major financial firm has been criminally tried, much less sent to jail, for their role in the financial crisis.
As a whole, Obama’s speech was characterized by a complete separation from the actual conditions facing the graduates he spoke to, who confront joblessness, falling wages, and a lifetime in debt. “You have every reason to believe that your future is bright,” he told his audience. “You’re graduating into an economy and a job market that is steadily healing.”
He added later, “The trajectory of this great nation should give you hope.” Really? This is under conditions in which over 11 percent of college graduates are unemployed a year after getting out of school, and another 16.1 percent simply drop out of the labor force, according to the Bureau of Labor Statistics. Most of those who do find a job are paid barely enough to get by, let alone pay off student loans. Wages for young adults are falling faster than any other part of the population, and are down by 6 percent in the past four years.
Most of the students that Obama addressed Sunday will be so burdened with debt that they will delay or have to completely put off starting a family or buying a home.
It is not surprising that Obama should neglect to dwell on this disastrous situation, because his administration bears responsibility for it. In the government-sponsored restructuring of the auto industry, the White House insisted that the wages of new-hires be slashed in half, setting the stage for vast reduction of wages throughout the economy.
Obama sought to paint opposition to the government’s violation of democratic rights as right-wing hysterics. “Unfortunately, you’ve grown up hearing voices that incessantly warn of government as nothing more than some separate, sinister entity,” Obama said. “They’ll warn that tyranny is always lurking just around the corner. You should reject these voices.”
This comes from a president who has personally overseen the illegal assassination of thousands of people, including at least three American citizens, in weekly “Terror Tuesday” meetings. The assertions of executive power have been systematically expanded, going beyond those claimed even by the Bush administration. The specter of a police state—the response of the ruling class to growing social opposition—is in fact lurking around the corner.
The moribund state of American politics, of which the Obama administration is a principal expression, is, according to the president, the fault of the American people. “Democracy doesn’t function without your active participation,” he admonished. If politicians “don’t represent you the way you want… you’ve got to let them know that’s not okay. And if they let you down, there’s a built-in day in November where you can really let them know that’s not okay.”
Such limp efforts to encourage illusions in the viability of the “democratic process” in the United States will not go very far. The experience of the past four years has not passed in vain. Millions of people, including many of those in the audience at Ohio State, are drawing the quite justified, if “cynical,” conclusion that the entire political and economic system is rotten to the core.
Mounting evidence of international collusion in Libor rigging - THE RAPE OF THE ECONOMY BY THE BANKSTERS

Mounting evidence of international collusion in Libor rigging

OBAMA'S AND HIS CRIMINAL BANKSTER DONORS AT WORK:
JPMorgan’s investment arm, which includes its energy group, collects $14 billion annually; in comparison, six months’ worth of fines would amount to a paltry $180 million.

THERE IS A REASON WHY THE BANKSTERS INVESTED HEAVILY IN OBAMA’S CORRUPT ADMINISTRATION!

Records show that four out of Obama's top five contributors are employees of financial industry giants - Goldman Sachs ($571,330), UBS AG ($364,806), JPMorgan Chase ($362,207) and Citigroup ($358,054).

Obama: JPMorgan Is 'One of the Best-Managed Banks'

By Mary Bruce | ABC OTUS News – 2 hrs 31 mins ago

Obama: JPMorgan Is 'One of the …

Lou Rocco / ABC News

Just hours after a top JPMorgan Chase executive retired in the wake of a stunning $2 billion trading loss, President Obamatold the hosts of ABC's "The View" that the bank's risky bets exemplified the need for Wall Street reform.

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JPMorgan Chase investigated for manipulating California energy market

By Oliver Richards
23 July 2012

The California Independent Systems Operator (CalISO), the nonprofit organization that coordinates the state’s electricity market, has alleged that JPMorgan Chase& Co. manipulated the state’s energy market, resulting in at least $73 million in improper payments—costs passed along to the state’s energy consumers.

OBAMA’S CRONY BANKSTERS:
STILL SUCKING THE BLOOD OUT OF AMERICA
This manufactured crisis has, in turn, been exploited by the Obama administration and both big business parties to hand over trillions in pension funds and other public assets to the financial kleptocracy that rules America.
 “Our entire crony capitalist system, Democrat and Republican alike, has become a kleptocracy approaching par with third-world hell-holes.  This is the way a great country is raided by its elite.” ---- Karen McQuillan  THEAMERICAN THINKER.com

“This was not because of difficulties in securing indictments or convictions. On the contrary, Attorney General Eric Holder told a Senate committee in March of 2013 that the Obama administration chose not to prosecute the big banks or their CEOs because to do so might “have a negative impact on the national economy.”



OBAMANOMICS TO SERVE BANKSTERS 

AND GLOBAL BILLIONAIRES



"One of the premier institutions of big business, JP Morgan Chase, issued an internal report on the eve of the 10th anniversary of the 2008 crash, which warned that another “great liquidity crisis” was possible, and that a government bailout on the scale of that effected by Bush and Obama will produce social unrest, “in light of the potential impact of central bank actions in driving inequality between asset owners and labor."  
BILLIONAIRES, BANKSTERS AND THE RICH PARTNER WITH TRUMP TO FIGHT … economic equality.

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"JPMorgan Chase CEO Jamie Dimon, who was known as Barack Obama’s favorite banker and who has been a major donor to
the Democratic Party, centered his annual letter to shareholders on a denunciation of socialism."

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BANKSTER SOCIALISM

Dimon’s bank received tens of billions of dollars in government bailouts and many billions more from the Obama administration’s ultra-low interest rate and “quantitative easing” money-printing policies.  He told his shareholders that “socialism inevitably produces stagnation, corruption” and “authoritarian government,” and would be “a disaster for our country.”… UNLESS IT IS SOCIALISM FOR BANKSTERS AND WALL STREET!

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"This paved the way for the elevation of Trump, the personification of the criminality and backwardness of the ruling oligarchy."
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"The very fact that the US government officially acknowledges a growth of popular support for socialism, particularly among the nation’s youth, testifies to vast changes taking place in the political consciousness of the working class and the terror this is striking within the ruling elite. America is, after all, a country where anti-communism was for the greater part of a century a state-sponsored secular religion. No ruling class has so ruthlessly sought to exclude socialist politics from political discourse as the American ruling class."
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Socialism haunts the American ruling class In the two months since Donald Trump vowed in his State of the Union Address that “America will never be a socialist country,” the right-wing demagogue president and the Republican Party have embraced anti-socialism as the defining theme of their campaign in the 2020 elections.


Here Are the 2020 Democrats Who Want to 

Impeach Trump


Source: AP Photo/Rich Pedroncelli


Robert Mueller’s remarks that his report did not exonerate the president seemed to light a fire under the Democratic base. Specifically, they lit a fire under the 2020 Democratic presidential nominees.
Since Mueller’s press conference on Wednesday, a total of 12 nominees have called for President Trump’s impeachment. Here’s the breakdown on where all the 23 nominees stand:

Called For Impeachment

Cory Booker: “Robert Mueller’s statement makes it clear: Congress has a legal and moral obligation to begin impeachment proceedings immediately.” 
Pete Buttigieg: “This is as close to an impeachment referral as it gets. Robert Mueller could not clear the president, nor could he charge him—so he has handed the matter to Congress, which alone can act to deliver due process and accountability.” 
Juli├ín Castro: “I think it would be perfectly reasonable for Congress to open up impeachment hearings against President Trump.”
Kirsten Gillibrand: "So far, President Trump has stonewalled Congress. In doing so, he has left us with only one option: for Congress to begin impeachment proceedings.” 
Kamala Harris: “What Robert Mueller basically did was return an impeachment referral. Now it is up to Congress to hold this president accountable. We need to start impeachment proceedings. It's our constitutional obligation.” 
John Hickenlooper: “I think we have to begin an impeachment inquiry and that doesn’t mean we’re going to impeach President Trump tomorrow or maybe ever, but I think we do have an obligation to follow where the facts lead.”
Wayne Messam: “I believe the President should be placed under impeachment proceedings and let the weight of the full report carry out the justice the American people deserve.”
Seth Moulton: “Mueller did his job. Now it’s time to do ours. Impeachment hearings should begin tomorrow.”
Beto O’Rourke: “There must be consequences, accountability and justice. The only way to ensure that is to begin impeachment proceedings.”
Tim Ryan: "I do believe we need to move forward with the impeachment process... I don't want to. I know what this is going to do to the country. I take no joy in this at all."
Bernie Sanders: “This president must be held accountable, and I believe that the Judiciary Committee should begin impeachment inquiries.”
Elizabeth Warren: “Mueller’s statement makes clear what those who have read his report know: It is an impeachment referral, and it’s up to Congress to act. They should.”

Not Called For Impeachment

Michael Bennet: “Let’s let the process go forward and see where it takes us.”
Joe Biden: “Congress must do everything in its power to hold this Administration to account. That is what Congress is doing and should do: continue to investigate.”
Steve Bullock: “I think we should have the full investigations...oversight that’s occurring right now.”
Bill de Blasio: “I think we should continue the investigations in the Congress ... and I believe they will eventually lead to impeachment.”
John Delaney: “If we continue to allow this President to be unchecked and manipulate the truth, we will forever alter our Democracy for the worse.”
Tulsi Gabbard: “I don’t think that we should defeat Donald Trump through impeachment.”
Jay Inslee: “Congress needs to get to the bottom of what’s going on here. Impeachment should not be off the table.”
Amy Klobuchar: “If the House brings the impeachment proceedings before us, we will deal with them.”
Eric Swalwell: “I’m confident that he’s going to be removed, whether it’s by the voters in November 2020 or by Congress. We’re near the end of Donald Trump.”
Andrew Yang: “My focus is on beating Donald Trump at the ballot box and solving the problems that got him elected in the first place.”
Marianne Williamson: “Really rich when candidates talk about impeachment as though “This is about doing the right thing and politics should have nothing to do with it!’ You do realize they’re even saying that has everything to do with politics, right?”
Calls to impeach President Trump have been met with stalling by House Speaker Nancy Pelosi, even as more than 50 House Democrats have come out in favor of impeachment. Adding to this list is House Majority Whip James Clyburn, who on Sunday told CNN that he believes Trump will eventually be impeached. Pelosi is hesitant to begin impeachment proceedings as she does not wish to trigger a political backlash against Democrats, and does not believe that a Republican-controlled Senate would move to remove Trump after a Democratic-controlled House impeached him.

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