Obama Book: Michelle Obama Said Tea Party Was ‘Scared of Us’
Former first lady Michelle Obama believed the Tea Party was “scared” of her and her husband, according to former President Barack Obama.
In volume one of his newly released memoirs, the former president recalls a moment with the first lady when she saw a Tea Party rally on television in the White House.
“She seized the remote and turned off the set, her expression hovering somewhere between rage and resignation,” Obama wrote. “‘It’s a trip, isn’t it?’ she said. … ‘That they’re scared of you. Scared of us.'”
Details of Obama’s memoirs were obtained and published by CNN.
Obama asserted that the Tea Party movement, sparked by Sen. John McCain’s choice of Alaska Gov. Sarah Palin as his running mate in 2008, raised “dark spirits” within the Republican party.
“Through Palin, it seemed as if the dark spirits that had long been lurking on the edges of the modern Republican Party — xenophobia, anti-intellectualism, paranoid conspiracy theories, an antipathy toward Black and brown folks — were finding their way to center stage,” Obama wrote.
Donald Trump’s pursuit of Obama’s long-form birth certificate in 2011 only cemented in Obama’s view that the “fringe” of Republican politics had moved to “an emotional, almost visceral, reaction to my presidency, distinct from any differences in policy or ideology.”
Obama also noted that Michelle Obama struggled in the White House, describing her mood as “the faith thrum of a hidden machine.”
“It was as if, confined as we were within the walls of the White House, all her previous sources of frustration became more concentrated, more vivid, whether it was my round the clock absorption with work, or the way politics exposed our family to scrutiny and attacks, or the tendency of even friends and family members to treat her role as secondary in importance,” he wrote.
During the economic meltdown caused by Obama’s
crony banksters, and Obama’s first two years in office, banks made more money
than eight years under pro-bankster administration of George Bush.
Both of Obama’s Attorney Generals, Eric Holder
and Loretta Lynch, were chosen by the banks because they were from law firms
that had long protected big banks from their victims.
"This
is how they will destroy America from within. The leftist
billionaires who orchestrate these plans are wealthy. Those tasked
with representing us in Congress will never be exposed to the
cost of the invasion of millions of migrants. They have nothing
but contempt for those of us who must endure the consequences of our
communities being intruded upon by gang members, drug dealers and human traffickers. These
people have no intention of becoming Americans; like the Democrats
who welcome them, they have contempt for us." PATRICIA
McCARTHY
A key factor in Obama’s
newfound and growing wealth are those who profited from his presidency. A
number of his public speeches have been given to big Wall Street firms and
investors. Obama has given at least nine speeches to Cantor Fitzgerald, a large
investment and commercial real estate firm, and other high-end corporations.
According to records, each speech has been at least $400,000 a clip.
During his presidency,
Obama bragged that his administration was “the only thing between
[Wall Street] and the pitchforks.”
In fact, Obama handed
the robber barons and outright criminals responsible for the 2008–09 financial
crisis a multi-trillion-dollar bailout. His administration oversaw the largest
redistribution of wealth in history from the bottom to the top one percent,
spearheading the attack on the living standards of teachers and autoworkers.
“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.”
Joe Biden, the walking moron, was selected by
Obama also because of his ties and servitude to big banks!
OBOMB'S CRONY BANKSTERS DESTROYED MORE
THAN A
TRILLION DOLLARS IN AMERICAN HOME
VALUES
AND NOW THEY'RE COMING BACK FOR MORE WITH THE BANKSTES' RENT BOY BIDEN!
Decades of decaying capitalism have led to this accelerating
divide.
While the rich accumulate wealth with no restriction, workers’
wages
and benefits have been under increasing attack. In 1979, 90
percent of
the population took in 70 percent of the nation’s income. But,
by 2017,
that fell to only 61 percent.
NO PRESIDENT IN HISTORY SUCKED IN MORE
BRIBES FROM CRIMINAL BANKSTERS THAN BARACK OBAMA!
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.”
Income inequality grows four times faster
under Obama than Bush …. we bankroll Mexico's welfare state in our borders
as the number of Americans (Legals) sink into poverty! Illegals also get all
the jobs!
http://mexicanoccupation.blogspot.com/2013/09/obamas-assault-on-american-people-on.html
The study noted that, in the
aftermath of the Great Depression, the US undertook policies “during the New
Deal [that] permanently reduced income concentration until the 1970s.” In
contrast, the study noted a striking absence of any measures to reign in social
inequality in the present crisis. Far from it, the Obama administrations’ bank
bailouts, austerity program and wage-cutting policies have vastly expanded the
prevalence of social inequality.
THE FED'S OLD BOY NETWORK
By Attorney Jonathan Emord
Author of "The Rise of Tyranny" and
"Global Censorship of Health Information"
December 19, 2011
NewsWithViews.com
Bloomberg LP, parent of Bloomberg News, performed an enormous service for
the American public when it sued the Federal Reserve and the Clearing House
Association LLC, an institution created by several of the nation’s largest
banks, to force disclosure of secret loans made by the Federal Reserve
principally to the six largest U.S. banks but also to certain foreign banks.
The treasure trove of evidence ultimately obtained by Bloomberg reveals that
while the public Troubled Asset Relief Program (TARP) bailed out leading Wall
Street firms for the whopping sum of $700 billion, the Fed at the same time
doled out some $7.77 trillion (an astronomical sum equal to have the gross domestic
product). To make matters worse, the Fed expanded its emergency discount
lending program, giving tens of billions more to the same banks at an interest
rate of 1%, while the prime lending rate stood at over 3%. The banks getting
these funds often turned them into profit centers, lending out proceeds from
them at higher interest rates and pocketing the difference, profiting on
federal largesse.
The President and his top economic advisers bought the “too big to fail”
concept, the notion that regardless of how profligate, irresponsible, even
criminal, heads of the leading financial institutions in America had been, it
would be worse for the nation if those institutions were to collapse.
Consequently, while pushing a legislative agenda of public bail-outs, the Obama
Administration maintained a secret program of multi-trillion dollar loans,
including billions at below market interest rates. The principal recipients of
the funding were JPMorgan, Bank of America, Citigroup Inc., Wells Fargo &
Co., Goldman Sachs Group Inc. and Morgan Stanley.
The General Accounting Office audit of the Federal Reserve revealed that
some $16 trillion was supplied in secret loans from the Federal Reserve between
December 1, 2007 and July 21, 2010. The largest single recipients were
Citigroup ($2.5 trillion); Morgan Stanley ($2 trillion); Merrill Lynch ($2
trillion); Bank of America ($1.3 trillion); Barclays PLC ($868 billion); Bear
Stearns ($853 billion); Goldman Sachs ($814 billion); the Royal Bank of
Scotland ($541 billion); JP Morgan Chase ($391 billion); and Deutsche Bank
($354 billion).
Bloomberg discovered that while top banks were touting in their press
releases during the crisis that they had fiscal soundness, their balance sheets
were made up primarily of federal funds, most from the Federal Reserve.
Moreover, while many banks paid back the TARP funds, they most often did so in
reliance on the secret receipts of tens of billions of dollars in Federal
Reserve money (in other words, the pay back was in that sense a charade:
federal money paid back federal loans). In short, the Administration was
complicit in the orchestration of a massive fraud on the American public,
making it seem that the banks largely responsible for the financial crisis were
weathering the storm of their own accord when in fact they were on board the
good ship U.S. Taxpayer.
Meanwhile, the bad lending and financial dealing practices that helped
produce the financial crisis have been largely kept in place, underwritten by
the federal government. The top banks suddenly realized that far from having to
suffer ignominy and defeat for their abuses, they would be kept alive by a
seemingly endless flow of federal cash. Indeed, the feds accepted as collateral
for loans securities of virtually no worth and other properties that would
never support private commercial lending. By propping up the major banks
despite their irresponsible lending practices, the federal government has given
them a privileged financial status whereby private lenders will give them terms
far more favorable than their smaller competitors because they understand the
federal government will not let them fail. Economist call this safety net a
“moral hazard” (effective federal underwriting for heightened risk taking that
permits these lenders to profit at above market rates of return in speculative
investing without suffering financial liability for loss). The amounts doled
out by the federal government to the banks could have paid off as much as one
tenth of all of the delinquent mortgages, Bloomberg determined.
Rather than be forced to take their losses on their enormous junk
portfolios and interbank lending practices, the top six banks were allowed to
keep the junk portfolios, maintain their dubious lending practices, and turn to
the Federal Reserve for money on demand whenever problems arose. Repeatedly
when the banks should have gone under due to poor lending practices and grossly
speculative profiteering, they were complimented by the Federal Reserve,
rescued, and then allowed to tout the falsehood that their success came from
sharp management rather than from secret loans. At the same time, these banks
and others have shut down commercial lending for small businesses nationwide.
The “too big to fail” justification for the massive federal welfare dole
to the top six United States banks was based on a faulty premise. Without
question the demise of the leading banks would entail hardship, particularly
for the employees of those institutions, but the long term prognosis was good
for a restructuring of the financial market through bankruptcies and takeovers.
The alternative to allowing the market to impose its own swift and harsh
corrective involves imposing a massive burden on every American citizen for
generations to come for the trillions spent to prop up a few dozen Wall Street
moguls. Rather than have the taxpayers pay an inflated sum to keep the banks
responsible for the financial crisis alive, the nation could have spared itself
an assumption of massive debt and witnessed the demise of these banks and the
rise of new competing financial institutions based on a solid financial model.
The Bush and Obama Administration’s role as Santa Claus for Wall Street
has kept from Wall Street the needed lessons that would have otherwise come
from the collapse of the major lending institutions. Painful as it may seem to
some, it is far better to allow the market to experience a correction for
profligate lending practices than to force the American taxpayers for
generations to come to pay for the bad decisions made by a few and to let those
few go without suffering a single consequence beyond temporary embarrassment.
Obama paid $600,000 for a single speech
Despite his quip, made during the depths of the Great
Recession, that “at a certain point you’ve made enough money,” there seems to
be no such limit for the Obamas. His family has amassed so much wealth that
even Obama himself said he was surprised in a speech in South Africa last year.
Since he left office, the former president has given an
estimated 50 speeches a year to corporate audiences for hundreds of thousands
of dollars per event. In 2017, the same year he left office, Obama was
officially recognized as one of the top ten highest paid public speakers in the
US.
Just last month, Obama was reported to
have been paid nearly $600,000 to speak at the EXMA conference in Bogotá,
Colombia. According to the Bogotá Post, EXMA is Colombia’s
largest marketing and business event of the year and one of the largest in
Latin America. Simply titled, “A conversation with President Barack Obama,” his
talk purportedly addressed “influential growth strategies” in marketing and
other aspects of the marketing economy.
Colombia is infamous for the corruption prevalent in
its public sector and military,
which costs the country $17 billion a year, equivalent
to 5.3 percent of its GDP.
Colombia exports half of the world’s cocaine and its
drug cartels have been known
to have a hand in the government. Corruption
and drug money are so rampant that
Colombia’s Inspector General likened it to “the
new cartel.”
While Obama warns of the danger of “exploding inequality”
in his speeches, the massive sum granted to him for one night in Bogotá is more
than 10 times what the typical household in the US makes in a year, and 72
times the average worker’s annual income in Colombia.
Notably, Obama’s purse was nearly triple the amount Hillary
Clinton was paid for her notorious speeches to Goldman Sachs that revealed her
and the Democratic Party as Wall Street stooges. Former President Bill Clinton
was paid just $200,000 per speech when he toured Latin America in 2005.
A key factor in Obama’s newfound and growing wealth are
those who profited from his presidency. A number of his public speeches have
been given to big Wall Street firms and investors. Obama has given at least
nine speeches to Cantor Fitzgerald, a large investment and commercial real
estate firm, and other high-end corporations. According to records, each speech
has been at least $400,000 a clip.
During his presidency, Obama bragged that his
administration was “the only thing
between [Wall Street] and the pitchforks.”
In fact, Obama handed the robber barons and outright
criminals responsible for the 2008–09 financial crisis a multi-trillion-dollar
bailout. His administration oversaw the largest redistribution of wealth in
history from the bottom to the top one percent, spearheading the attack on the
living standards of teachers and autoworkers.
Under Obama’s watch the stock markets soared as the Dow
Jones Industrial Average increased by 149 percent. Meanwhile, the “war on
terror” in the Middle East was expanded with Obama becoming the first president
to spend every day of his two terms at war, much to the delight of the
military-industrial complex.
As the wars raged on and the financial oligarchs fattened
themselves off the ever-increasing mountain of wealth being concentrated at the
top of society, real wages stagnated and an unprecedented opioid overdose
crisis spun out of control. Rising numbers of “deaths of despair” during
Obama’s tenure, particularly among the working class, resulted in a decline in
life expectancy unprecedented in the modern era.
In addition to monetary rewards for his service to the
financial elite and military-intelligence apparatus, Obama has been lavishly
feted by socialites and billionaires such as Richard Branson. Obama was
Branson’s special guest in 2017 on a private island where the pair were seen
kite surfing and enjoying the amenities of Branson’s exclusive resort.
Michelle Obama has also benefited after the family’s
departure from the White House. The couple signed a $65 million book deal with
publishing company Penguin Random House for their political memoirs. Michelle’s
memoir “Becoming” was the best-selling book of 2018 with over 10 million copies
sold. The pair also signed multi-year deals with Netflix and Spotify to produce
content aimed at “fostering dialogue” and promoting diversity in entertainment.
Obama’s lucrative post-White House career hobnobbing with
the corporate, entertainment and financial elite epitomizes the revolving door
relationship between the US government and the private sector. Obama’s rewards
are simply retroactive bribery for services rendered to the capitalist elite,
who have welcomed him with open arms.
BARACK OBAMA, LA
RAZA FASCISM and the CULTURE of DEM CORRUPTION
“They knew Obama was an unqualified crook; yet they promoted him. They
knew Obama was a train wreck waiting to happen; yet they made him president, to
the great injury of America and the world. They understood he was only a
figurehead, an egomaniac, and a liar; yet they made him king, doing great harm
to our republic (perhaps irreparable.)”
http://mexicanoccupation.blogspot.com/2013/06/the-democrat-party-party-for-illegals.html
CHICAGO HUCKSTER or simply a
PSYCHOPATH?
THE RISE TO POWER OF BANKSTER-OWNED BARACK OBAMA
'Incompetent' and 'liar' among most frequently used words to describe the
president: Pew Research Center
http://mexicanoccupation.blogspot.com/2013/06/pew-american-people-legals-see-obama-as.html
The larger fear is that Obama might
be just another corporatist, punking voters much as the Republicans do when
they claim to be all for the common guy.
CRONY
CAPITALISM ...the rise of Barack Obama and the fall of America!
OBAMA'S ASSAULT ON AMERICA -WHY WALL STREET, ILLEGALS, CRIMINAL BANKSTERS
and the 1% LOVE HIM, AND THE MIDDLE CLASS GETS THE SHAFT TO PAY FOR HIS CRONY
CAPITALISM
http://mexicanoccupation.blogspot.com/2013/07/obamas-looting-of-america-crony.html
CEO pay is higher than ever, as is the chasm separating the rich and
super-rich from everyone else. The incomes of the top 1 percent grew more than
11 percent between 2009 and 2011—the first two years of the Obama
“recovery”—while the incomes of the bottom 99 percent actually shrank.
Meanwhile, Obama is pressing forward
with his proposal, outlined in his budget for the next fiscal year, to slash
$400 billion from Medicare and $130 billion from Social Security… AS WELL AS
WIDER OPEN BORDERS, NO E-VERIFY, NO LEGAL NEED APPLY TO KEEP WAGES DEPRESSED
OBAMA AND BIDEN:
SERVANT OF THE 1%
Richest one
percent controls nearly half of global wealth
The richest one percent of the world’s population now
controls 48.2 percent of global wealth, up from 46 percent last year.
http://mexicanoccupation.blogspot.com/2014/10/how-barack-obama-and-his-crony.html
The report found that the growth of global inequality has
accelerated sharply since the 2008 financial crisis, as the values of financial
assets have soared while wages have stagnated and declined.
Biden defended the
wealthy in his speech to the donors but begged them to be aware of wealth
inequality.
THE WALL STREET BOUGHT AND OWNED DEMOCRAT PARTY
http://mexicanoccupation.blogspot.com/2018/09/democrats-and-bankster-billionaire.html
SERVING BANKSTERS, BILLIONAIRES and INVADING ILLEGALS
Biden defended the
wealthy in his speech to the donors but begged them to be aware of wealth
inequality.
Income inequality grows FOUR TIMES FASTER under Obama-Biden and their
bankster regime than Bush.
http://mexicanoccupation.blogspot.com/2014/12/obamanomics-at-work-depressed-wages-and.html
“By the time of Bill
Clinton’s election in 1992, the Democratic Party had completely repudiated its
association with the reforms of the New Deal and Great Society periods. Clinton
gutted welfare programs to provide an ample supply of cheap labor for the rich
(WHICH NOW MEANS OPEN BORDERS AND NO E-VERIFY!), including a growing layer of
black capitalists, and passed the 1994 Federal Crime Bill, with its notorious
“three strikes” provision that has helped create the largest prison population
in the world.”
“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 AMERICAN THINKER
Biden defended the
wealthy in his speech to the donors but begged them to be aware of wealth
inequality.
THE REAL ECONOMY:
US “retail apocalypse” expected to exceed annual high with more
than 1,100 store closures announced in one day.
https://mexicanoccupation.blogspot.com/2019/03/americas-economic-reality-retail.html
The declining living standards of the working class are feeding directly
into the retail apocalypse and mass layoffs of retail workers will only
exacerbate the issue. Workers’ wages have seen little to no growth in the last
four decades, and any economic growth experienced since 2008 has gone to the
wealthiest of the wealthy.
Why do all global billionaires want wider open borders, amnesty
and no E-VERIFY?
Biden defended the
wealthy in his speech to the donors but begged them to be aware of wealth
inequality.
AMERICA: THE ECONOMY IS RIGGED BY CONGRESS SO THE RICH BECOME SUPER
RICH.
The American middle class gets the tax bills for Wall Street’s
crimes and bottomeless bailouts!
Wealth concentration
increases in US.
https://mexicanoccupation.blogspot.com/2019/02/staggering-concentration-of-wealth-in.html
The latest research on wealth
inequality by University of California economics professor Gabriel Zucman
underscores one of the key social and economic trends since the global
financial crisis of 2008. Those at the very top of society, who benefited
directly from the orgy of speculation that led to the crash, have seen their
wealth accumulate at an even faster rate, while the mass of the population has
suffered a major decline.
The past 40 years have seen
the consolidation of a plutocratic elite, which has subordinated every aspect
of American society to a single goal: amassing ever more colossal amounts of
personal wealth. The top one percent have captured all of the increase in
national income over the past two decades, and all of the increase in
national wealth since the 2008 crash.
“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 AMERICAN THINKER
Biden defended the
wealthy in his speech to the donors but begged them to be aware of wealth
inequality.
BILLIONAIRE BETO “BETOMATIC” O’ROURKE PROCLAIMS AMNESTY FOR 40
MILLION INVADING “UNREGISTERED” DEMOCRAT VOTING ILLEGALS.
No word on America’s homeless, housing or jobs crisis for
Legals!
https://mexicanoccupation.blogspot.com/2019/02/beto-betomatic-orourke-announces-his.html
Joe Biden Fundraises with Wall Street During
Donald Trump Rally
18 Jun 201984
Former Vice President Joe Biden attended a
fundraiser with Wall Street donors during President Donald Trump’s campaign
kickoff rally in Florida on Tuesday.
It was the fourth New York City fundraiser
for Joe Biden in about 24 hours.
The fundraiser was hosted by Eric Mindich, the CEO of Eton Park
Capital Management with about 100 donors including Stephen Scherr, the
executive vice president and chief financial officer of Goldman Sachs, H.
Rodgin Cohen the senior chairman at Sullivan & Cromwell as well as former
Clinton and Obama officials
Biden defended the wealthy in his speech to the donors but
begged them to be aware of wealth inequality.
“You know what I’ve found is rich people are just as patriotic
as poor people,” he said. “Not a joke. I mean, we may not want to demonize
anybody who has made money. The truth of the matter is, you all, you all know,
you all know in your gut what has to be done.”
Biden warned that if Trump won re-election, he would “literally
fundamentally change the nature of who we are and how we function.”
Biden boasted that Obama leaned on him to help bring members of
Congress together during their administration.
“Folks, I believe one of the things I’m pretty good at is
bringing people together,” he said. “Every time we had trouble in the
administration, who got sent to the Hill to settle it? Me. No, not a joke.
Because I demonstrate respect for them.”
Biden defended the wealthy in
his speech to the donors but begged them to be aware of wealth inequality.
AMERICA:
THE RICH GET MUCH RICHER AND THE MIDDLE CLASS GETS BLUDGEONED…. Illegals get
the jobs!
*
Why do the billionaire class all want
wider open borders and hordes more “cheap” labor illegals? It’s all about
keeping wages depressed for greater profits!
*
“Today’s
society benefits those who shaped it, and it has been shaped not by working men
and women, but by the new aristocratic elite. Big banks, big tech, big
multi-national corporations, along with their allies in the academy and the
media—these are the aristocrats of our age. They live in the United States, but they
consider themselves citizens of the world” Sen. Josh
Hawley
*
https://mexicanoccupation.blogspot.com/2019/05/staggering-economic-inequality-in.html
*
"But
what the Clintons do is criminal because they do it wholly at the expense of
the American people. And they feel thoroughly entitled to do it: gain power,
use it to enrich themselves and their friends. They are amoral, immoral, and
venal. Hillary has no core beliefs beyond power and money. That should be clear
to every person on the planet by now." ---- Patricia McCarthy
- AMERICANTHINKER.com
*
“The couple parlayed lives
supposedly spent in “public service”
into admission into the upper stratosphere of American wealth, with incomes in
the top 0.1 percent bracket. The source of this vast wealth was a
political machine that might well be dubbed “Clinton, Inc.” This consists
essentially of a seedy money-laundering operation to ensure big business
support for the Clintons’ political ambitions as well as their personal
fortunes."
*
"The tax overhaul would mean
an unprecedented windfall for the super-rich, on top of the fact that virtually
all income gains during the period of the supposed recovery from the
financial crash of 2008 have gone to the top 1 percent income
bracket."
*
Graph from the Economic
Policy Institute
Decades of decaying
capitalism have led to this accelerating divide. While the rich accumulate
wealth with no restriction, workers’ wages and benefits have been under
increasing attack. In 1979, 90 percent of the population took in 70 percent of
the nation’s income. But, by 2017, that fell to only 61 percent.
*
Millionaires
projected to own 46 percent of global private wealth by 2019
While the wealth of the rich is growing at a breakneck pace,
there is a stratification of growth within the super wealthy, skewed towards
the very top.
At the
end of 2014, millionaire households owned about 41 percent of global private
wealth, according to BCG. This means that collectively these 17 million
households owned roughly $67.24 trillion in liquid assets, or about $4 million
per household.
By Gabriel Black
*
The massive increase in the
value of the stock market, which only a small segment of
the population participates in, means that the top 10 percent of the
population controls 73 percent of all wealth in the United States. Just
three men—Jeff Bezos, Warren Buffet and Bill Gates—had more wealth
than the bottom half of America combined last year.
Biden
defended the wealthy in his speech to the donors but begged them to be aware of
wealth inequality.
America
Created Just 20,000 Jobs in February...and those all went to foreign
born
https://mexicanoccupation.blogspot.com/2019/03/mo-brooks-billionaires-want-america.html
Exclusive–Mo
Brooks: ‘Masters of the Universe’ Want More Immigration to ‘Decrease Incomes of
Americans’
Consequently,
the pumping of ultra-cheap money into the financial system,
fueling speculation and parasitism, together with ever-widening
social inequality, is not a temporary measure but must be
made permanent.
The declining
living standards of the working class are feeding directly into the
retail apocalypse and mass layoffs of retail workers will only
exacerbate the issue.
Workers’
wages have seen little to no growth in the last four decades, and any
economic growth experienced since 2008 has gone to
Biden defended the wealthy in
his speech to the donors but begged them to be aware of wealth inequality.
“US household net
worth sees biggest fall since crisis”
“Trump Touts Legal Immigration System for ‘Our Corporations’ at Expense
of
American Workers “– JOHN BINDER
Trump’s shift from a
wage-boosting legal immigration system to one that benefits corporations and
their shareholders coincides with recent big business lobby influence over his
White House, at the behest of advisers Jared Kushner and Brooke Rollins.
*
“Trump Abandons
‘America First’ Reforms: ‘We Need’ More Immigration to
Grow Business Profits” JOHN BINDER
Biden defended the wealthy in
his speech to the donors but begged them to be aware of wealth inequality.
Despite a booming economy, many U.S.
households are still just holding on
https://mexicanoccupation.blogspot.com/2019/05/the-recovery-that-never-happened-except.html
"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."
“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
“Behind the ostensible government sits
enthroned an invisible government owing no allegiance and acknowledging no
responsibility to the people. To destroy this invisible government, to befoul
the unholy alliance between corrupt business and corrupt politics is the first
task of the statesmanship of today.” THEODORE ROOSEVELT
Jim Carrey: America ‘Doomed’ If We Don’t Regulate
Capitalism"
The American phenomenon of record stock values fueling an ever greater
concentration of wealth at the very top of society, while the economy is
starved of productive investment, the social infrastructure crumbles, and
working class living standards are driven down by entrenched
unemployment, wage-cutting and government austerity policies, is part of
a broader global process."
The father of US Treasury Secretary
Steven Mnuchin just completed the most
expensive purchase of a living artist’s work in
US history, spending over $91 million on a
three-foot-tall metallic sculpture. Ken Griffin,
the founder of hedge fund Citadel,
recently dropped $238 million on a
penthouse in New York City, the most
expensive US home ever purchased. And
Amazon’s Jeff Bezos, the world’s richest man,
has invested $42 million in a 10,000-year
clock.
Decades of decaying capitalism have led to this
accelerating divide. While the rich accumulate wealth with no restriction,
workers’ wages and benefits have been under increasing attack. In 1979, 90
percent of the population took in 70 percent of the nation’s income. But, by
2017, that fell to only 61 percent.
"This
is how they will destroy America from within. The leftist
billionaires who orchestrate these plans are wealthy. Those tasked
with representing us in Congress will never be exposed to the
cost of the invasion of millions of migrants. They have nothing
but contempt for those of us who must endure the consequences of our
communities being intruded upon by gang members, drug dealers and
human traffickers. These people have no intention
of becoming Americans; like the Democrats who welcome them, they have
contempt for us." PATRICIA McCARTHY
Between 2009 and 2012,
95 percent of all the income gains in the US went to the top 1 percent. This is
the most distorted post-recession income gain on record.
Additionally, Koch spokespeople
at the donors’ conference said the network has its sights set on pushing
amnesty for millions of illegal aliens this year.
Biden defended the wealthy in
his speech to the donors but begged them to be aware of wealth inequality.
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.”
“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
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."
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.
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!
https://mexicanoccupation.blogspot.com/2018/12/jerome-powell-warns-wall-streets.html
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.
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
http://mexicanoccupation.blogspot.com/2013/02/obama-and-his-banks-their-profits.html
CRONY
KING OBAMA: CURL: The Obamas live the 1% life
http://mexicanoccupation.blogspot.com/2013/04/crony-king-obama-curl-obamas-live-1.html
OBAMAnomics:
FROM THE
MAN THAT HATED AMERICAN BUT LOVED AMERICAN BANKSTERS:
http://mexicanoccupation.blogspot.com/2013/02/obamanomics-by-man-that-hated-americans.html
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:
http://mexicanoccupation.blogspot.com/2012/07/obama-and-j-p-morgan-partners-in-crime_23.html
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.
*
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
http://mexicanoccupation.blogspot.com/2014/01/fifty-years-since-johnsons-declaration.html
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
https://globalistbarackobama.blogspot.com/2018/10/barack-obama-his-plundering-banksters.html
"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.
https://mexicanoccupation.blogspot.com/2019/04/donald-trump-declares-that-wall-streets.html
"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."
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!
*
"This paved the way for the elevation of
Trump, the personification of the criminality and backwardness of the ruling
oligarchy."
*
"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."
*
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.
Wall Street Warms Up to Elizabeth Warren:
‘She’s the Smartest,’ ‘Most Policy-Oriented’ Democrat
22
Jul 201968
4:14
Wall Street
is warming up to the idea of Sen. Elizabeth Warren (D-MA) being the Democrat
nominee for president against President Donald Trump in the 2020 election,
interviews with executives and bankers reveal.
A Politico report details how
Wall Street insiders are becoming comfortable with Warren as the potential
nominee to go up against Trump and his “America First” agenda:
“I think she is going to get the nomination because she’s the
smartest, she’s charismatic and she’s the most policy-oriented,” said one
former top executive at a large Wall Street bank who, like several
interviewed for this story, declined to be quoted on record saying anything
nice about Warren. “Wall Street is very good at accommodating itself to reality
and if the reality is the party is going to be super-progressive, they may not
like Warren but she’s a better form of poison than Bernie.”
[Emphasis added]
…
“If she were the nominee, there will certainly be people who
will say that Donald Trump represents everything that I’m against,” said Orin
Kramer, a hedge fund manager who is
raising money for Buttigieg. “And they will find stuff that they like
about her and will vote for her.” [Emphasis added]
Former adviser to President Obama and investor Robert Wolf
told Politico that
the financial industry has changed over the last few decades and that Wall
Street-types are vastly more aligned with the Democrat establishment than
Trump’s GOP.
“I don’t think the stereotypes of the industry serve the same
purpose as they used to,” Wolf said. “People who work in corporate America and
financial services may have the same views that she does on 95 percent of the
issues such as income inequality, student loans, climate change, and others.”
Wall Street and Warren have at least one major policy initiative
in common: A full repeal of Trump’s illegal and legal immigration reforms.
This month, Warren released her immigration platform
that includes increasing overall legal immigration to the U.S. to provide
business with an even greater flow of foreign workers to hire over Americans,
as well as a decriminalization of illegal immigration, an amnesty for all
illegal aliens in the country, and an end of Trump’s reforms such as his
immigration ban from terrorist-sponsored countries and reduction of the refugee
resettlement program.
Like Warren, Wall Street executives have railed against Trump’s
immigration agenda — demanding that his zero-tolerance policy at the
U.S.-Mexico border be ended and opposing his travel ban.
JPMorgan Chase CEO Jamie Dimon has supported amnesty
for illegal aliens since at least 2016 when he announced support for the
infamous “Gang of Eight” amnesty, saying, “Let them stay and let them build
companies.”
Last month, Dimon said amnesty for illegal
aliens was necessary to grow the economy, saying, “If we do these policies
right, America will be growing a lot faster.”
Some of the top multinational banks — JPMorgan Chase, Citigroup,
Goldman Sachs, and Morgan Stanley — have come out against Trump’s travel ban
that effectively stopped all immigration from a
handful of foreign countries that sponsor terrorism.
“This is not a policy we support, and I would note that it has
already been challenged in federal court, and some of the order has been
enjoined at least temporarily,” former Goldman Sachs CEO
Lloyd Blankfein wrote in a letter at the time.
“Let me close by quoting from our business principles: ‘For us to be
successful, our men and women must reflect the diversity of the communities and
cultures in which we operate … Being diverse is not optional; it is what we
must be.'”
Meanwhile, Citigroup has promoted mass immigration as a
necessary component to growing the American economy in terms of increasing GDP.
A report released by executives last year championed migration into the
U.S., the United Kingdom, and Germany.
For decades, the big business lobby, Wall Street, and donor
class have said mass immigration is crucial to growing GDP in the U.S. though
research has shown that increasing legal immigration levels to an enormous ten
million admissions a year would only grow GDP by about 2.5 percent. Meanwhile,
Trump’s low-migration, high-wage economy has translated to 3.2
percent annual economic growth.
John Binder is a
reporter for Breitbart News. Follow him on Twitter at @JxhnBinder.
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