Tuesday, October 1, 2013

OBAMANOMICS: How government shutdown affects benefits for seniors, poor, jobless, veterans

How government shutdown affects benefits for seniors, poor, jobless, veterans

On fifth anniversary of Wall Street crash, Obama tries the Big Lie technique


17 September 2013  

On Monday, US President Barack Obama marked the fifth anniversary of the Wall Street crash of September 15, 2008 with a White House speech that only underscored the unbridgeable chasm that separates the entire political establishment from the broad mass of working people.
 

http://mexicanoccupation.blogspot.com/2013/09/crony-capitalism-obama-celebrates-5.html

 
Forbes magazine reported that the wealth of the 400 richest Americans had climbed to $2 trillion, a jump from $1.7 trillion in 2012.


STAGGERING POVERTY IN AMERICA CAUSED BY OBAMA, HIS CRONIES AND WALL STREET DONORS…AND THEN ILLEGALS GET THE JOBS!


http://mexicanoccupation.blogspot.com/2013/09/obamanomics-and-obamas-crony-capitalism.html


According to a new report by University of California Berkeley Professor Emmanuel Saez, the gulf between the wealthy and the rest of society has sharply expanded under Obama. The richest one percent now monopolize more than 22 percent of all household income in America. The richest ten percent of the population now control more than half of the nation’s income, 50.4 percent—the highest proportion since the government began collecting income statistics in 1917.

Since 2009, the richest one percent has captured a staggering 95 percent of all income gains. The class war policies of the government—including bank bailouts, “quantitative easing” and an attack on wage and benefits for the working class—have led to a 31.4 percent rise in income for the top one percent. The wealthy have more than recovered the losses that came from the Wall Street collapse of 2008.

Meanwhile, the bottom 99 percent has seen a negligible 0.4 percent rise in income. Tens of millions of workers—who never recovered from the record household income drop of 2007 to 2009—continue to reel from the effects of mass job losses, falling wages, home foreclosures, indebtedness and social service cuts.
 
BARACK OBAMA, LA RAZA FASCISM and the CULTURE of DEM CORRUPTION
They Destroyed Our Country
“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.)”
more at this link
 

Patrick Buchanan: What Republicans Ought to Be Saying... | CNS News

Buchanan: What Republicans Ought to Be Saying... | CNS News


OBAMACARE… MERELY ANOTHER EXAMPLE OF OBAMA’S LOOTING OF AMERICAN FOR HIS WALL STREET PAYMASTERS and LA RAZA PARTY BASE of ILLEGALS!

 
http://mexicanoccupation.blogspot.com/2013/10/obamacare-obama-loots-america-for-his.html

 

Sen. Ted Cruz (R-Texas) argued Tuesday that because the comprehensive immigration reform bill prohibits immigrant workers from getting ObamaCare benefits, employers will fire U.S. workers and replace them with immigrants.

 
The insurance exchange launch is a milestone in a process that, in the guise of “reform,” has been aimed at funneling billions of dollars into the coffers of the private health insurers and slashing costs for the government and corporations. In the end, it will leave tens of millions uninsured and others with vastly deteriorated medical services.


PAT BUCHANAN

WHOSE COUNTRY IS IT???
PAT BUCHANAN ON OBAMA’S HISPANDERING FOR THE ILLEGALS’ VOTES:
more at this link – post on your Facebook and email broadcast
 
BUCHANAN ON HISPANDERING OBAMA’S CONTEMPT FOR OUR LAWS AND BORDERS:
What is the response of Barack Obama, who took an oath to see to it that federal laws are faithfully executed?
He is siding with the law-breakers. He is pandering to the ethnic lobbies. He is not berating a Mexican regime that aids and abets this invasion of the country of which he is commander in chief. Instead, he attacks the government of Arizona for trying to fill a gaping hole in law enforcement left by his own dereliction of duty.

CRONY CAPITALISM AT WORK - The class issues in the US budget crisis

The class issues in the US budget crisis


OBAMACARE… MERELY ANOTHER EXAMPLE OF OBAMA’S LOOTING OF AMERICAN FOR HIS WALL STREET PAYMASTERS and LA RAZA PARTY BASE of ILLEGALS!

 

http://mexicanoccupation.blogspot.com/2013/10/obamacare-obama-loots-america-for-his.html

 

Sen. Ted Cruz (R-Texas) argued Tuesday that because the comprehensive immigration reform bill prohibits immigrant workers from getting ObamaCare benefits, employers will fire U.S. workers and replace them with immigrants.

 

*

The insurance exchange launch is a milestone in a process that, in the guise of “reform,” has been aimed at funneling billions of dollars into the coffers of the private health insurers and slashing costs for the government and corporations. In the end, it will leave tens of millions uninsured and others with vastly deteriorated medical services.

OBAMACARE - PRESIDENT BARACK OBAMA EXPANDS HIS LOOTING of the AMERICAN PEOPLE for WALL STREET CRONIES


OBAMACARE… MERELY ANOTHER EXAMPLE OF OBAMA’S LOOTING OF AMERICAN FOR HIS WALL STREET PAYMASTERS and LA RAZA PARTY BASE of ILLEGALS!

MORE HERE:

http://mexicanoccupation.blogspot.com/2013/10/obamacare-obama-loots-america-for-his.html

 
Sen. Ted Cruz (R-Texas) argued Tuesday that because the comprehensive immigration reform bill prohibits immigrant workers from getting ObamaCare benefits, employers will fire U.S. workers and replace them with immigrants.
 

The Obamacare fraud and the case for socialized medicine

1 October 2013

After years of promotion, lobbying and political wrangling, health insurance exchanges are opening for business today across the country as part of the Patient Protection and Affordable Care Act (ACA). Under the health care overhaul, people without health insurance are mandated to purchase coverage from private insurers or face a penalty. Coverage for enrollees is set to begin January 1, 2014.

The insurance exchange launch is a milestone in a process that, in the guise of “reform,” has been aimed at funneling billions of dollars into the coffers of the private health insurers and slashing costs for the government and corporations. In the end, it will leave tens of millions uninsured and others with vastly deteriorated medical services.

OBAMACARE - OBAMA LOOTS AMERICA FOR HIS CRONY WALL STREET PAYMASTERS and LA RAZA ILLEGALS


OBAMACARE… MERELY ANOTHER EXAMPLE OF OBAMA’S LOOTING OF AMERICAN FOR HIS WALL STREET PAYMASTERS and LA RAZA PARTY BASE of ILLEGALS!

Sen. Ted Cruz (R-Texas) argued Tuesday that because the comprehensive immigration reform bill prohibits immigrant workers from getting ObamaCare benefits, employers will fire U.S. workers and replace them with immigrants.

The Obamacare fraud and the case for socialized medicine

1 October 2013

After years of promotion, lobbying and political wrangling, health insurance exchanges are opening for business today across the country as part of the Patient Protection and Affordable Care Act (ACA). Under the health care overhaul, people without health insurance are mandated to purchase coverage from private insurers or face a penalty. Coverage for enrollees is set to begin January 1, 2014.

The insurance exchange launch is a milestone in a process that, in the guise of “reform,” has been aimed at funneling billions of dollars into the coffers of the private health insurers and slashing costs for the government and corporations. In the end, it will leave tens of millions uninsured and others with vastly deteriorated medical services.

In his bid for the presidency, Barack Obama pledged to implement a sweeping social reform in the provision of health care in the United States. He claimed that under his plan no insurer would be allowed to deny coverage to a sick child, or an individual with a preexisting condition; no family would go bankrupt or hungry due to health care costs; and that the insurance companies would be held to account.

The process now underway demonstrates that a colossal fraud has been perpetrated against the American population in the name of Obamacare, and that all of these promises were lies.

Any nominally progressive feature of the legislation has been long since stripped away or abandoned. But the truth of the matter is that it was never about improving medical care for ordinary Americans, and it was always about setting up an even more heavily class-based system of health care delivery. From the beginning, Obama promised that his “reform” would slash hundreds of billions of dollars from Medicare, and costs would be further cut by eliminating “unnecessary” treatments and services.

Even after the bill’s passage, without the much-vaunted “public option,” one concession after another was made to big business: only companies with 50 or more employees would have to provide insurance, only those working 30 hours or more had to be covered. Bare-bones, “skinny” plans—without hospitalization and surgery coverage—would be considered “adequate” employee-sponsored plans. Those businesses that do not comply would face minimal penalties.

People without coverage through their employer, or from a government program such as Medicare or Medicaid, are to make up the fresh pool of captive, cash-paying customers who must fend for themselves on the insurance exchanges. Beginning today, those browsing the offerings on the new “marketplace” will confront a confusing array of plans, but with one common feature: The least expensive plans offer the lowest levels of coverage with limited choices, and the highest out-of-pocket costs.

While those shopping for insurance plans will be provided with minimal government stipends or none at all, there is no meaningful oversight over what the insurance companies can charge for coverage. If an insufficient number of young, healthy people sign up, the insurers can be expected to jack up premiums even higher to bolster their cash flow.

According to the Congressional Budget Office, the health care overhaul will leave an estimated 31 million people—about a tenth of the US population—uninsured by 2023. Undocumented workers and their families are barred from purchasing coverage on the exchanges. Due to a “family glitch” in the law, businesses are only required to provide “affordable” insurance to their employees, not to their employees’ families, so those family members will not receive subsidies to purchase coverage on the exchanges.

The very poorest people will also be ineligible in some states. While the US Supreme Court ruled the ACA constitutional, it struck down a component of the law that called for expanding Medicaid. The result is that in 21 states, many people making below the poverty level will not be eligible for either ACA subsidies or Medicaid. Still others will be forced to go without coverage because they simply cannot afford it, with or without the government subsidies.

The health care overhaul is effecting a shift in the insurance market as a whole. Some companies and municipalities are already planning to end coverage for retirees and/or active workers, dumping them onto the exchanges. Still others are ending traditional employer coverage and offering workers a defined contribution to purchase coverage on private insurance “exchanges” set up by their employers, with limited choices and high out-of-pocket costs. One in four employers are reportedly considering moving their workers to a private exchange over the next three to five years.

The health care bill is thus playing an additional insidious role, serving as a model for employers and local governments that currently provide insurance to an estimated 150 million people.

Employer-sponsored insurance, which since World War II has been the traditional way workers at most companies received coverage, is being eliminated by many employers and replaced with a voucher system. The same type of sea-change is being eyed in relation to Medicare by politicians of both big business parties, who would like to see the government-run program for millions of seniors and the disabled scrapped in favor of a voucher system.

Those ostensibly liberal Obama supporters who have long championed the ACA as a progressive reform are still attempting to pull the wool over the eyes of an increasingly skeptical American public. The New York Times, which has campaigned relentlessly for cost-cutting in health care, headlined an editorial Saturday, “Dawn of a Revolution in Health Care,” writing that the legislation “Is a striking example of what government can do to help people in trouble.”

What a pack of lies! Obamacare is a thoroughly counterrevolutionary measure, crafted in the interests of the type of elite, wealthy layers that populate the Times editorial staff.

The World Socialist Web Site has told the truth about the health care reform from the beginning of the debate and warned of its reactionary nature. In opposition to the proposals of the entire political establishment, we have insisted that health care is a social right that should be provided to all, free of charge. Decisions about medical care and the well-being of society should not be subordinated to the interests of a tiny minority, who hold the rest of society hostage to their profit motives.

The wealth and technological means exist to establish a system that can provide universal, quality health care to every American. But in this most unequal of societies—where the richest one percent now monopolize more than 22 percent of all household income—the ruling elite hoard their cash while millions of Americans are plunged into poverty, are jobless or underemployed, and go uninsured.

The Obamacare catastrophe demonstrates the incompatibility of the private ownership of the means of production and the basic social rights of the working class, including health care, education, jobs, and a secure retirement. It points to the necessity of placing the entire health care industry—the insurance companies, pharmaceuticals, and the giant health care chains—on socialist foundations.

Kate Randall

IS OBAMACARE REALLY LARAZACARE???


YES, HE AND PELOSI LIED THAT ILLEGALS WERE NOT INCLUDED… IT WAS DEVISED FOR THEM AND TO PUT MORE ILLEGALS INTO OUR JOBS AND DEM VOTING BOOTHS!

MEXICO BANKRUPTS CALIFORNIA HOSPITALS  - MEX CONSULATES URGE LOOTING OF LEGALS



JUDICIALWATCH.org

While the Obama Administration halts deportations to work on its secret amnesty plan, hospitals across the U.S. are getting stuck with the exorbitant tab of medically treating illegal immigrants and some are finally demanding compensation from the federal government.

Obama’s America… a few part time jobs with miserable… and ease even more LA RAZA illegals into our jobs!

wages… IMPORTING IMMIGRANTS TO FILL THE REAL JOBS CHEAP FOR BIGGER CORPORATE PROFITS.


"The Obama administration is directing this attack, encouraging wage cutting and the reduction of large sections of workers to the status of casual laborers. Obama’s so-called health care “reform,” the ACA, was designed to facilitate this process by encouraging employers to reduce the hours of employees so as to evade requirements that they provide health insurance to full-time workers".

more at this link – post on your Facebook and email broadcast

http://mexicanoccupation.blogspot.com/2013/08/obamas-la-raza-mexican-economy-for-wall.html


THE LA RAZA MEXICAN FASCIST MOVEMENT DEMANDS EXPANDED OBAMACARE for MEXICANS.

ACTUALLY LA RAZA SUPREMACIST ESQUELAS, MEXICAN EXPECT THE DEMOCRAT PARTY TO AIDE THEM IN LOOTING THE STUPID GRINGOS, BECAUSE THE ONLY THING MEXICO DOES FOR THEIR POOR, CRIMINALS AND ANCHOR BABY BREEDERS IS EXPORT THEM TO LOOT AMERICANS!


“Latinos have an expectation that government will fulfill certain basic services and health care is one of them,” Fernando Espuelas, who hosts a popular call-in radio show on Univision, tells me.

“WE WILL TAKE CONTROL OF OUR COUNTRY (U.S.) BY VOTE IF POSSIBLE AND VIOLENCE IF NECESSARY!”…. THE MEXICAN FASCIST PARTY of LA RAZA
                                                                             Http://mexicanoccupation.blogspot.com/2013/08/by-anchor-baby-breeding-illgals-voting.html

 OBAMAcare or really LARAZA care???
 

Sen. Ted Cruz (R-Texas) argued Tuesday that because the comprehensive immigration reform bill prohibits immigrant workers from getting ObamaCare benefits, employers will fire U.S. workers and replace them with immigrants.

 

THAT IS THE PLAN ENDORSED BY MEXICO, THE MEXICAN FASCIST PARTY of LA RAZA and the HISPANDERING DEMOCRAT PARTY!

 

 http://mexicanoccupation.blogspot.com/2013/06/cruz-immigration-bill-obamacare-create.html

 

Cruz said he wanted to offer an amendment to address the “most egregious aspect” of the immigration bill. He said that because employers with more than 50 full-time employees will face a $5,000 penalty for not providing health insurance benefits, those employers would instead hire immigrants with resident provisional immigration (RPI) status instead of U.S. workers.

 

THAT IS THE PLAN ENDORSED BY MEXICO, THE MEXICAN FASCIST PARTY of LA RAZA and the HISPANDERING DEMOCRAT PARTY!

 
TED CRUZ SAYS OBAMA IS AGAIN UP LA RAZA’S BIG GREEDY A  SS BUYING THE ILLEGALS’ VOTES WITH MORE OBAMACARE WELFARE!


OBAMACARE TOP

obamacare… ANOTHER OBAMA DEVICE TO PUT MILLIONS OF ILLEGALS INTO OUR JOBS and VOTING BOOTHS!

 

http://mexicanoccupation.blogspot.com/2013/09/obamacare-mexico-calls-it-la-razacare.html

 
Companies employing tens of thousands of workers are making this move. Among others, IBM and Time Warner are shifting retirees to private exchanges, while Walgreens, Sears Holding, and Darden Restaurants are moving all active employees off their company-administered health plans to these exchanges.

State and local governments are seeking to trim health care costs by dumping active and retired workers onto the government-sponsored health care exchanges as well. The City of Detroit, which has filed for bankruptcy, aims to drastically reduce the $5.7 billion owed to retirees in health benefits by pushing those 65 and older onto Medicare and dumping those too young to qualify for the government-run program onto the ACA insurance markets.


http://mexicanoccupation.blogspot.com/2013/09/obamacare-mexico-calls-it-la-razacare.html

 

Sen. Ted Cruz (R-Texas) argued Tuesday that because the comprehensive immigration reform bill prohibits immigrant workers from getting ObamaCare benefits, employers will fire U.S. workers and replace them with immigrants.

 
THAT IS THE PLAN ENDORSED BY MEXICO, THE MEXICAN FASCIST PARTY of LA RAZA and the HISPANDERING DEMOCRAT PARTY!

 

 

57% of Republicans View Ted Cruz Favorably - 99% of Illegals Say They Would Never Vote for Cruz - Rasmussen Reports™

57% of Republicans View Ted Cruz Favorably - Rasmussen Reports™


IN MEX-OCCUPIED CALIFORNIA, A STATE THAT PUTS OUT $22 BILLION PER YEAR IN SOCIAL SERVICES TO ILLEGALS ON THE STATE LEVEL ALONE, 95% OF ALL SERVICE AND CONSTRUCTION SECTOR JOBS GO TO MEXICANS USING STOLEN SOCIAL SECURITY NUMBERS.



Sen. Ted Cruz (R-Texas) argued Tuesday that because the comprehensive immigration reform bill prohibits immigrant workers from getting ObamaCare benefits, employers will fire U.S. workers and replace them with immigrants.

MEXICO BANKRUPTS CALIFORNIA HOSPITALS  - MEX CONSULATES URGE LOOTING OF LEGALS


JUDICIALWATCH.org

While the Obama Administration halts deportations to work on its secret amnesty plan, hospitals across the U.S. are getting stuck with the exorbitant tab of medically treating illegal immigrants and some are finally demanding compensation from the federal government.


BARACK OBAMA’S BANKSTER-BOUGHT REGIME of CORRUPTION SERVING CRIMINAL BANKSTER DONORS, BILLIONAIRES, the 1% and LA RAZA ILLEGALS!   …..the rest of us get the tax bills for their crimes and looting!

more here:


Rather than Hope and Change, Obama is delivering corporate socialism to America, all while claiming he’s battling corporate America. It’s corporate welfare and regulatory robbery—it’s Obamanomics.


BARACK OBAMA, LA RAZA FASCISM and the CULTURE of DEM CORRUPTION

They Destroyed Our Country ... OBAMA and his WALL STREET CRONIES...

“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.)”

more at this link

http://mexicanoccupation.blogspot.com/2013/06/the-democrat-party-party-for-illegals.html


THE LA RAZA MEXICAN FASCIST MOVEMENT DEMANDS EXPANDED OBAMACARE for MEXICANS.

ACTUALLY LA RAZA SUPREMACIST ESQUELAS, MEXICAN EXPECT THE DEMOCRAT PARTY TO AIDE THEM IN LOOTING THE STUPID GRINGOS, BECAUSE THE ONLY THING MEXICO DOES FOR THEIR POOR, CRIMINALS AND ANCHOR BABY BREEDERS IS EXPORT THEM TO LOOT AMERICANS!


“Latinos have an expectation that government will fulfill certain basic services and health care is one of them,” Fernando Espuelas, who hosts a popular call-in radio show on Univision, tells me.

“WE WILL TAKE CONTROL OF OUR COUNTRY (U.S.) BY VOTE IF POSSIBLE AND VIOLENCE IF NECESSARY!”…. THE MEXICAN FASCIST PARTY of LA RAZA
                                                                         


OBAMAcare or really LARAZA care???

 

Sen. Ted Cruz (R-Texas) argued Tuesday that because the comprehensive immigration reform bill prohibits immigrant workers from getting ObamaCare benefits, employers will fire U.S. workers and replace them with immigrants.

 

THAT IS THE PLAN ENDORSED BY MEXICO, THE MEXICAN FASCIST PARTY of LA RAZA and the HISPANDERING DEMOCRAT PARTY!

 

 http://mexicanoccupation.blogspot.com/2013/06/cruz-immigration-bill-obamacare-create.html

 

Cruz said he wanted to offer an amendment to address the “most egregious aspect” of the immigration bill. He said that because employers with more than 50 full-time employees will face a $5,000 penalty for not providing health insurance benefits, those employers would instead hire immigrants with resident provisional immigration (RPI) status instead of U.S. workers.

 

THAT IS THE PLAN ENDORSED BY MEXICO, THE MEXICAN FASCIST PARTY of LA RAZA and the HISPANDERING DEMOCRAT PARTY!

 
TED CRUZ SAYS OBAMA IS AGAIN UP LA RAZA’S BIG GREEDY A  SS BUYING THE ILLEGALS’ VOTES WITH MORE OBAMACARE WELFARE!


OBAMACARE TOP

obamacare… ANOTHER OBAMA DEVICE TO PUT MILLIONS OF ILLEGALS INTO OUR JOBS and VOTING BOOTHS!

 

http://mexicanoccupation.blogspot.com/2013/09/obamacare-mexico-calls-it-la-razacare.html

 
Companies employing tens of thousands of workers are making this move. Among others, IBM and Time Warner are shifting retirees to private exchanges, while Walgreens, Sears Holding, and Darden Restaurants are moving all active employees off their company-administered health plans to these exchanges.

State and local governments are seeking to trim health care costs by dumping active and retired workers onto the government-sponsored health care exchanges as well. The City of Detroit, which has filed for bankruptcy, aims to drastically reduce the $5.7 billion owed to retirees in health benefits by pushing those 65 and older onto Medicare and dumping those too young to qualify for the government-run program onto the ACA insurance markets.

http://mexicanoccupation.blogspot.com/2013/09/obamacare-mexico-calls-it-la-razacare.html

Sen. Ted Cruz (R-Texas) argued Tuesday that because the comprehensive immigration reform bill prohibits immigrant workers from getting ObamaCare benefits, employers will fire U.S. workers and replace them with immigrants.

 
THAT IS THE PLAN ENDORSED BY MEXICO, THE MEXICAN FASCIST PARTY of LA RAZA and the HISPANDERING DEMOCRAT PARTY!

 

 

 

American public: Worst Congress ever - all whores for Obama's bankster donors and illegas! | WashingtonExaminer.com

American public: Worst Congress ever | WashingtonExaminer.com



BARACK OBAMA’S BANKSTER-BOUGHT REGIME of CORRUPTION SERVING CRIMINAL BANKSTER DONORS, BILLIONAIRES, the 1% and LA RAZA ILLEGALS!   …..the rest of us get the tax bills for their crimes and looting!

more here:


Rather than Hope and Change, Obama is delivering corporate socialism to America, all while claiming he’s battling corporate America. It’s corporate welfare and regulatory robbery—it’s Obamanomics.


BARACK OBAMA, LA RAZA FASCISM and the CULTURE of DEM CORRUPTION

They Destroyed Our Country ... OBAMA and his WALL STREET CRONIES...

“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.)”

more at this link

http://mexicanoccupation.blogspot.com/2013/06/the-democrat-party-party-for-illegals.html

BANKSTERS and CRONY CAPITALISM - THE CON JOBS of BARACK OBAMA


BARACK OBAMA’S BANKSTER-BOUGHT REGIME of CORRUPTION SERVING CRIMINAL BANKSTER DONORS, BILLIONAIRES, the 1% and LA RAZA ILLEGALS!   …..the rest of us get the tax bills for their crimes and looting!

more here:


Rather than Hope and Change, Obama is delivering corporate socialism to America, all while claiming he’s battling corporate America. It’s corporate welfare and regulatory robbery—it’s Obamanomics.


BARACK OBAMA, LA RAZA FASCISM and the CULTURE of DEM CORRUPTION

They Destroyed Our Country ... OBAMA and his WALL STREET CRONIES...

“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.)”

more at this link

http://mexicanoccupation.blogspot.com/2013/06/the-democrat-party-party-for-illegals.html

CRONY CAPITALISM - HOLDER REMINDS JP MORGAN of OBAMA'S PROMISE of NO PRISON TIME FOR BANKSTER DONORS! McCain scolds Holder for meeting with JPMorgan chief - The Hill's RegWatch

McCain scolds Holder for meeting with JPMorgan chief - The Hill's RegWatch


THE LONG HISTORY of BARACK OBAMA
and HIS CRIMINAL BANKSTER DONORS
JP MORGAN… STILL LOOTING AMERICA
AND THE WORLD!

more at this link


This is the unadulterated voice of finance capital speaking. It should be recalled that JPMorgan is deeply implicated in the speculative operations that have devastated the lives of hundreds of millions of workers around the world. In March of this year, a US Senate committee released a 300-page report documenting the criminal practices and fraud carried out by JPMorgan, the largest bank in the US and the world’s biggest dealer in derivatives. Despite the detailed revelations in the report, no action will be taken against the bank’s CEO, Jamie who enjoys the personal confidence of the US president.

THE OBAMA ASSAULT on AMERICANS for WALL STREET - Obama lays out program to slash higher education funding - WHILE HIS CRONY CRIMINAL BANKSTERS at JP MORGAN LOOT STUDENTS


 
BARACK OBAMA – JP MORGAN’S RENT BOY? OR SIMPLY A SERVANT OF WALL STREET’S BIGGEST CRIMINAL BANKSTERS, ALL OF WHICH END UP WORKING IN THE CORRUPT OBAMA WHITE HOUSE!
“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’S OLD PALS J.P.MORGAN STILL mUCKING OVER CONSUMERS… IT’S LIKE OLD TIMES FOR THE BANKSTERS!
Headline: California lawsuit alleges illegal collection practices by JPMorgan Chase
NO ONE KNOWS HOW TO ORCHESTRATE AN ASSAULT ON THE AMERICAN PEOPLE MORE THAN BARACK OBAMA and a  PACK OF HIS CRIMINAL BANKSTERS!
… now expanded to pillaging of AMERICAN STUDENTS
more at this link
THE BANKSTER-OWNED PRESIDENT PROMISED HIS CRIMINAL BANKSTER DONORS NO real REGULATION, NO PRISON TIME, AND UNLIMITED PILLAGING OF THE NATION’S ECONOMY!
DESPITE THE DEVASTATION THESE BANKSTERS HAVE CAUSED AMERICANS, THEIR PROFITS SOARED GREATER DURING OBAMA’S FIRST TWO YEARS, THAN ALL EIGHT UNDER BUSH. SO HAVE FORECLOSURES!
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).
 
*
“Barack Obama's favorite banker faces losses of $2 billion and possibly more -- all because of the complex, now-you-see-it-now-you-don't trading in exotic financial instruments that he has so ardently lobbied Congress not to regulate.”
Is JPMorgan's Loss a Canary in a Coal Mine?
Posted: 05/16/2012 4:49 pm
That sound of shattered glass you've been hearing is the iconic portrait of Jamie Dimon splintering as it hits the floor of JPMorgan Chase. As the Good Book says, "Pride goeth before a fall," and the sleek, silver-haired, too-smart-for-his-own-good CEO of America's largest bank has been turning every television show within reach into a confessional booth. Barack Obama's favorite banker faces losses of $2 billion and possibly more -- all because of the complex, now-you-see-it-now-you-don't trading in exotic financial instruments that he has so ardently lobbied Congress not to regulate.
Once again, doing God's work -- that is, betting huge sums of money with depositor funds knowing that you are too big to fail and can count on taxpayers riding to your rescue if your avarice threatens to take the country down -- has lost some of its luster. The jewels in Dimon's crown sparkle with a little less grandiosity than a few days ago, when he ridiculed Paul Volcker's ideas for keeping Wall Street honest as "infantile."
To find out more about what this all means, I turned to Simon Johnson, once chief economist of the International Monetary Fund and now a professor at MIT's Sloan School of Management and senior fellow at the Peterson Institute for International Economics. He and his colleague James Kwak founded the now-indispensable website baselinescenario.com. They co-authored the bestselling book 13 Bankers and a most recent book, White House Burning, an account every citizen should read to understand how the national deficit affects our future.
Bill Moyers: If Chase began to collapse because of risky betting, would the government be forced to step in again?
Simon Johnson: Absolutely, Bill. JPMorgan Chase is too big to fail. Hopefully in the future we can move away from this system, but right now it is too big. It's about a $2.5 trillion dollar bank in terms of total assets. That's roughly 20 percent of the U.S. economy, comparing their assets to our GDP. That's huge. If that bank were to collapse -- I'm not saying it will -- but if it were to collapse, it would be a shock to the economy bigger than that of the collapse of Lehman Brothers, and as a result, they would be protected by the Federal Reserve. They are exactly what's known as too big to fail.
Moyers: I was just looking at an interview I did with you in February of 2009, soon after the collapse of 2008 and you said, and I'm quoting, "The signs that I see... the body language, the words, the op-eds, the testimony, the way these bankers are treated by certain congressional committees, it makes me feel very worried. I have a feeling in my stomach that is what I had in other countries, much poorer countries, countries that were headed into really difficult economic situations. When there's a small group of people who got you into a disaster and who are still powerful, you know you need to come in and break that power and you can't. You're stuck." How do you feel about that insight now?
Johnson: I'm still nervous, and I think that the losses that JPMorgan reported -- that CEO Jamie Dimon reported -- and the way in which they're presented, the fact that they're surprised by it and the fact that they didn't know they were taking these kinds of risks, the fact that they lost so much money in a relatively benign moment compared to what we've seen in the past and what we're likely to see in the future -- all of this suggests that we are absolutely on the path towards another financial crisis of the same order of magnitude as the last one.
Moyers: Should Jamie Dimon resign? I ask that because as you know and as we've discussed, Chase and other huge banks have been using their enormous wealth for years to, in effect, buy off our politicians and regulators. Chase just had to pay up almost three quarters of a billion dollars in settlements and surrendered fees to settle one case alone, that of bribery and corruption in Jefferson County, Alabama. It's also paid out billions of dollars to settle other cases of perjury, forgery, fraud and sale of unregistered securities. And these charges were for actions that took place while Mr. Dimon was the CEO. Should he resign?
Johnson: I think, Bill, there should be an independent investigation into how JPMorgan operates both with regard to these losses and with regard to all of the problems that you just identified. This investigation should be conducted separate from the board of directors. Remember that the shareholders and the board of directors absolutely have an incentive to keep JPMorgan Chase as a too-big-to-fail bank. But because it is that kind of bank, its downside risk is taken by the Federal Reserve, by the taxpayer, by the broader economy and all citizens. We need to have an independent, detailed, specific investigation to establish who knew what when and what kind of wrongdoing management was engaged in. On the basis of that, we'll see what we'll see and who should have to resign.
Moyers: Dimon is also on the board of the Federal Reserve Bank of New York, which, as everyone knows is supposed to regulate JPMorgan. What in the world are bankers doing on the Fed board, regulating themselves?
Johnson: This is a terrible situation, Bill. It goes back to the origins, the political compromise at the very beginning of the Federal Reserve system about a hundred years ago. The bankers were very powerful back then, also, and they got a Federal Reserve system in which they had a lot of representation. Some of that has eroded over time because of previous abuses, but you're absolutely right, the prominent bankers, including most notably, Jamie Dimon, are members of the board of the New York Federal Reserve, a key element in the Federal Reserve system. And he should, under these circumstances, absolutely step down from that role. It's completely inappropriate to have such a big bank represented in this fashion. The New York Fed claims there's no impropriety, there's no wrong doing and he doesn't involve himself in supervision and so on and so forth. Perhaps, but why does Mr. Dimon, a very busy man, take time out of his day to be on the board of the New York fed? He is getting something from this. It's a trade, just like everything else on Wall Street.
Moyers: He dismissed criticism of his dual role yesterday by downplaying the role of the Fed board. He said it's more like an "advisory group than anything else." I had to check my hearing aid to see if I'd heard that correctly.
Johnson: Well, I think he is advising them on lots of things. He also, of course, meets with some regularity with top Treasury officials, and some reports say that he meets with President Obama with some regularity. The political access and connections of Mr. Dimon are second to none. One of his senior executives was until recently chief of staff in the White House, if you can believe that. I really think this has gone far enough. Under these kinds of circumstances with this amount of loss of control over risk management, what we need to have is Mr. Dimon step down from the New York Federal Reserve Board.
Moyers: He told shareholders at their annual meeting Tuesday -- they were meeting in Tampa, Florida -- that these were "self-inflicted mistakes" that "should never have happened." Does that seem reasonable to you?
Johnson: Well, it's all very odd, Bill, and I've talked to as many experts as I can find who are at all informed about what JPMorgan was doing and how they were doing it and nobody really understands the true picture. That's why we need an independent investigation to establish -- was this an isolated incident or, more likely, the breakdown of a system of controlling and managing risks. Keep in mind that JPMorgan is widely regarded to be the best in the business at risk management, as it is called on Wall Street. And if they can't do this in a relatively benign moment when things are not so very bad around the world, what is going to happen to them and to other banks when something really dramatic happens, for example, in Europe in the eurozone?
Moyers: Some of his supporters are claiming that only the bank has lost on this and that there's absolutely no chance that the loss could have threatened the stability of the banking system as happened in 2008. What do you say again to that?
Johnson: I say this is the canary in the coal mine. This tells you that something is fundamentally wrong with the way banks measure, manage and control their risks. They don't have enough equity funding in their business. They like to have a little bit of equity and a lot of debt. They get paid based on return on equity, unadjusted for risk. If things go well, they get the upside. If things go badly, the downside is someone else's problem. And that someone else is you and me, Bill. It goes to the Federal Reserve, but not only, it goes to the Treasury, it goes to the debt.
The Congressional Budget Office estimates that the increase in debt relative to GDP due to the last crisis will end up being 50 percent of GDP, call that $7 trillion dollars, $7.5 trillion dollars in today's money. That's extraordinary. It's an enormous shock to our fiscal accounts and to our ability to pay pensions and keep the healthcare system running in the future. For what? What did we get from that? Absolutely nothing. The bankers got some billions in extra pay, we get trillions in extra debt. It's unfair, it's inefficient, it's unconscionable, and it needs to stop.
Moyers: Wasn't part of the risk that Dimon took with taxpayer guaranteed deposits? I mean, if I had money at JPMorgan Chase, wouldn't some of my money have been used to take this risk?
Johnson: Again, we don't know the exact details, but news reports do suggest that yes, they were gambling with federally insured deposits, which just really puts the icing on the cake here.
Moyers: Do we know yet what is Dimon's culpability? Is it conceivable to you that a risk this big would have been incurred without his approval?
Johnson: It seems very strange and quite a stretch. And he did tell investors, when he reported on first quarter earnings in April, that he was aware of the situation, aware of the trade -- he called it a "tempest in a teacup," and, therefore, not something to worry about.
Moyers: He's been Wall Street's point man in their campaign against tighter regulation of derivatives and proprietary trading. Were derivatives at the heart of this gamble?
Johnson: Yes, according to reliable reports, this was a so-called "hedging" strategy that turned out to be no more than a gamble, but the people involved perhaps didn't understand that or maybe they understood it and covered it up. It was absolutely about a bet on extremely complex derivatives and the interesting question is who failed to understand exactly what they were getting into. And how did Jamie Dimon, who has a reputation that he burnishes more than anybody else for being the number one expert risk manager in the world -- how did he miss this one?
Moyers:I've been reading a lot of stories today about members of the House, Republicans in particular, saying this doesn't change their opinion at all that we've got to still diminish regulation. What do you think about that?
Johnson: I think that it is a recipe for disaster. Look, deregulating or not regulating during the boom is exactly how you get into bailouts in the bust. The goal should be to make all the banks small enough and simple enough to fail. End the government subsidies here. And when I talk to people on the intellectual right, Bill, they get this, as do people on the intellectual left. The problem is, the political right largely doesn't want to go there because of the donations. I'm afraid some people, not all, but some people on the political left don't want to go there either.
Moyers: The Washington Post reported that the Justice Department has launched a criminal investigation into JPMorgan's trading loss. Have you spotted -- and I know this is sensitive -- but have you spotted anything in the story so far that suggests the possibility of criminality? Dodd-Frank is not in existence yet, so where would any possibility of criminality come from?
Johnson: Well Dodd-Frank is in existence but the rules have not been written and therefore not implemented. So yes, it is hard to violate those rules in their current state. And many of those rules, by the way, violation would be a civil penalty, not a criminal penalty. If you violate a securities law -- if you've mislead investors, if there was material adverse information that was not disclosed in an appropriate and timely manner -- that's a very serious offence traditionally.
I have to say that the Department of Justice and the Securities and Exchange Commission have not been very good at enforcing securities law in recent years, including and specifically since the financial crisis. I am skeptical that this will change. But if they have an investigation that reveals all of the details of what happened and how it happened, that would be extremely informative and show us, I believe, that the risk management approach and attitudes on Wall Street are deeply flawed and leading us towards a big crisis.
Moyers: So what are people to do, Simon? What can people do now in response to this?
Johnson: Well, I think you have to look for politicians who are proposing solutions, and look on the right and on the left. I see Elizabeth Warren, running for the Senate in Massachusetts, who is saying we should bring back Glass-Steagall to separate commercial banking from investment banking. I see Tom Hoenig, who is not a politician, he's a regulator, he's the former president of the Kansas City Fed, and he's now one of the top two people at the Federal Deposit Insurance Corporation, the FDIC. He is saying that big banks should no longer have trading desks. That's the same sort of idea that Elizabeth Warren is expressing. We need a lot more people to focus on this and to make this an issue for the elections.
And I would say in this context, Bill, it's very important not to be distracted. I understand for example, Speaker Boehner, the Republican Speaker of the House of Representatives, is proposing to have another conflict over the debt ceiling in the near future. This is the politics of distraction. This is refusing to recognize that a huge part of our fiscal problems today and in the future are due to these risks within the financial system that are allowed because the people running the biggest banks hand out massive campaign contributions across the political spectrum.
Moyers: Are you saying that this financial crisis, so-called, is at heart a political crisis?
Johnson: Yes, exactly. I think that a few people, particularly in and around the financial system, have become too powerful. They were allowed to take a lot of risk, and they did massive damage to the economy -- more than eight million jobs lost. We're still struggling to get back anywhere close to employment levels where we were before 2008. And they've done massive damage to the budget. This damage to the budget is long lasting; it undermines the budget when we need it to be stronger because the society is aging. We need to support Social Security and support Medicare on a fair basis. We need to restore and rebuild revenue, revenue that was absolutely devastated by the financial crisis. People need to understand the link between what the banks did and the budget. And too many people fail to do that. "Oh, it's too complicated. I don't want to understand the details, I don't want to spend time with it." That's a mistake, a very big mistake. You're playing into the hands of a few powerful people in the society who want private benefit and social loss.
Watch Moyers & Company weekly on public television. See more web-only features like this at BillMoyers.com
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Why hasn’t Obama been impeached? His violations of our borders laws, inducing illegals to vote, sabotage of jobs for Americans, connections to criminal banksters…. WHAT DOES IT TAKE?
 
NO WORKS IN THE CORRUPT OBAMA WHITE HOUSE THAT IS NOT CONNECTED TO THE BANKSTERS THAT OWN OBAMA, OR THE MEXICAN FASCIST PARTY of LA RAZA!
THE REASON OBAMA BROUGHT IN DALEY WAS BECAUSE WAS FROM JPMORGAN, AND AN ADVOCATE FOR OPEN BORDERS.
For much of Obama’s tenure, Jamie Dimon was known as the White House’s “favorite banker.” According to White House logs, Dimon visited the White House at least 18 times, often to talk to his former subordinate at JPMorgan, William Daley, who had been named White House chief of staff by Obama after the Democratic rout in the 2010 elections.
OBAMA PROMISED HIS CRIMINAL BANKSTER DONORS NO PRISON TIME AND NO REAL REGULATION. DID HE DELIVER?
The JPMorgan scandal also throws into relief the government’s failure to prosecute those responsible for the 2008 financial meltdown. Despite overwhelming evidence of wrongdoing and criminality uncovered by two federal investigations last year, those responsible have been shielded from prosecution.
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).
The JPMorgan debacle
15 May 2012
The economic and political fallout from JPMorgan Chase’s sudden announcement last Thursday night that it lost more than $2 billion from speculative bets on credit derivatives continued to grow on Monday. The biggest US bank announced the forced retirement of Ina Drew, who headed up the bank’s London-based Chief Investment Office, which placed huge bets on the creditworthiness of a collection of US corporations. Other top executives and traders are expected to be sacked or demoted.
The bank’s shares fell another 3.2 percent, bringing its two-day market capitalization loss to nearly $19 billion. The Wall Street Journal reported that JPMorgan was prepared for a total loss of more than $4 billion over the next year from its soured stake in credit default swaps—the same investment vehicle that played a central role in the collapse of Lehman Brothers and the government bailout of insurance giant American International Group (AIG) in September of 2008.
In an interview on NBC’s “Meet the Press” program on Sunday, JPMorgan CEO Jamie Dimon sought to present the loss as an innocent mistake, resulting from “errors, sloppiness and bad judgment.” Only a month ago, Dimon, who has led the public campaign by Wall Street against even the mildest restrictions on speculative banking practices, dismissed warnings over the massive bets being made by his Chief Investment Office as “a complete tempest in a teapot.”
The scale of the loss and the denials that preceded it raise the likelihood that banking rules and laws against investor fraud and deception were breached.
President Obama, however, rushed to the defense of JPMorgan and Dimon, declaring on a daytime television talk show Monday that JPMorgan was “one of the best managed banks there is” and Dimon was “one of the smartest bankers we got.” At the same time he cited the bank’s loss as a vindication of the Dodd-Frank financial regulatory bill that he signed into law in July of 2010. “This is why we passed Wall Street reform,” he said.
In fact, the JPMorgan debacle demonstrates that nearly four years after the Wall Street crash nothing has changed for the financial aristocracy. No measures have been taken to rein in the banks, which received trillions of dollars in government handouts, guarantees and cheap loans. The same forms of speculation and outright swindling that led to the financial meltdown and the worst economic crisis since the Great Depression continue unabated.
The big banks, such as JPMorgan, have increased their stranglehold over the US economy. They have recorded bumper profits by withholding credit from consumers and small businesses, keeping unemployment high, while speculating on credit default swaps and other exotic financial instruments that drain resources from the real economy. On this basis, bank executives and traders, including those at bailed-out institutions, have continued to rake in eight-figure compensation packages. Last year, Ina Drew made $14 million, and Jamie Dimon took in $26 million.
The Dodd-Frank law trumpeted by Obama is a fraud, an attempt to give the appearance of financial reform while enabling the banks to continue their parasitic and criminal activities. A case in point is the so-called Volcker Rule, named after the former chairman of the Federal Reserve and economic adviser to the Obama White House, Paul Volcker.
The rule, incorporated into the Dodd-Frank Act and supposedly one of its most daring provisions, ostensibly bars proprietary trading—speculation by a bank on its own account—by commercial banks whose consumer deposits are guaranteed by the federal government. The idea is to prevent government-insured banks from speculating with depositors’ money.
But the regulation as drafted by federal regulators—under pressure from the Federal Reserve and Obama’s treasury secretary, Timothy Geithner, as well as the banks—would actually allow the type of speculative bet made by JPMorgan in the guise of a “hedge” to offset risk in the bank’s overall investment portfolio.
The Volcker Rule, whose precise form is yet to be announced, will do nothing to halt speculation by government-backed banks using small depositors’ money.
The JPMorgan scandal also throws into relief the government’s failure to prosecute those responsible for the 2008 financial meltdown. Despite overwhelming evidence of wrongdoing and criminality uncovered by two federal investigations last year, those responsible have been shielded from prosecution.
When Iowa Senator Charles Grassley submitted a letter to the Justice Department earlier this year asking how many bank executives had been prosecuted in response to the financial crisis, the Justice Department replied it did not know because it was not keeping a list.
According to a study by Syracuse University, however, federal financial fraud prosecutions have fallen to 20-year lows under the Obama administration, and are down 39 percent since 2003. Under Obama, the number of financial fraud cases has fallen to one-third the level of the Clinton administration.
These facts demonstrate the de facto dictatorship exercised by the financial aristocracy over the entire political system and both major parties. The Obama administration, in particular, is an instrument of the most powerful financial institutions. It has focused its efforts on protecting and increasing the wealth of the privileged elite while utilizing the crisis to permanently slash the wages and living standards of the working class.
For much of Obama’s tenure, Jamie Dimon was known as the White House’s “favorite banker.” According to White House logs, Dimon visited the White House at least 18 times, often to talk to his former subordinate at JPMorgan, William Daley, who had been named White House chief of staff by Obama after the Democratic rout in the 2010 elections.
The incestuous and corrupt relations between Wall Street, the Obama administration and the entire political system underscore the necessity for the working class to build its own mass socialist movement to fight for its interests in opposition to the ruling elite.
The bankers responsible for the financial crisis, including Dimon and his co-conspirators, must be held criminally liable for their lawlessness and held accountable for the social suffering that has resulted from their actions. The ill-gotten trillions accumulated by the banks must be expropriated, with full protection for small depositors and small businesses, and used to provide decent jobs, housing, health care and education for all.
There is no way to rein in the banks and end their socially destructive activities within the framework of the capitalist system. The only way to stop the fraud and parasitism that go on every day on Wall Street is to nationalize the banks and run them as democratically controlled public utilities.
Andre Damon and Barry Grey
FACT: JP MORGAN IS ONE OF BANKSTER-BOUGHT OBAMA’S BIGGEST PAYMASTERS! HE’S PROMISED THEM NO PRISON TIME AND NO REAL REGULATION.
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 Obama told the hosts of ABC's "The View" that the bank's risky bets exemplified the need for Wall Street reform.
"JPMorgan is one of the best managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we got and they still lost $2 billion and counting," the president said. "We don't know all the details. It's going to be investigated, but this is why we passed Wall Street reform."
The full interview airs on "The View" Tuesday on ABC at 11 a.m. ET
While a powerhouse like JPMorgan might be able to weather an error that the bank's own CEO called "egregious," the president questioned what might happen to smaller institutions in similar situations.
"This is one of the best managed banks. You could have a bank that isn't as strong, isn't as profitable managing those same bets and we might have had to step in," he said. "That's why Wall Street reform is so important."
While touting his efforts to rein in the Wall Street behavior that led to the massive taxpayer bailout of the banks following the financial crisis, he noted his administration is still fighting for tough reform.
Pivoting to November, the president said Wall Street reform is one of the many critical areas where he and his Republican challenger, presumptive GOP nominee Mitt Romney, have a different vision for the future.
The president's full interview airs Tuesday on "The View." Tune into "World News with Diane Sawyer" tonight for more.
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Nicole Gelinas
It’s Not About Jamie Dimon
We should look to markets, not men, to govern the economy.
14 May 2012
On Meet the Press yesterday, JPMorgan Chase chief Jamie Dimon epitomized what’s wrong with America’s approach to the financial crisis. The American media and political elite remain obsessed with personalities, looking for heroes and villains instead of focusing on what we really need: the dispassionate rule of law that would allow free markets to flourish. Meet the Press is for politicians, and Dimon performed like a model one. He spoke in short sentences and apologized directly: “I was dead wrong,” he offered, for having made a “terrible, egregious mistake.” Specifically, last Thursday, JPMorgan announced a $2 billion trading loss on a derivatives bet.
Theoretically, anyway, such a loss should be a matter between the bank and investors, not TV fodder. Yet Dimon’s business—too-big-to-fail banking—is no ordinary business. Washington’s willingness to subsidize failure means that Dimon’s job is as much political risk management as financial risk management. Because JPMorgan depends on Uncle Sam’s backing, one of Dimon’s key constituencies is politicians and government regulators. And one way to charm regulators—and the voters who elect the politicians—is through a killer interview.
In October 2008, the Bush administration, not normally a fan of government expropriation, forced nine big banks, including Dimon’s, to accept $125 billion in TARP money. The banks were deemed so important that they had to take the money to protect them against failure, whether they wanted it or not. Since then, the banks and the government have stayed bound together. President Obama’s Dodd-Frank financial reform law, enacted two summers ago, has tied the two sides closer still. The problems that led to the financial crisis, remember, included investors’ perception—honed over two decades of smaller-scale bailouts—that big banks were too big to fail. Dodd-Frank has given such banks an official title: “systemically important financial institutions.”
Another problem that led to the financial crisis was that, over the years, politicians and regulators determined that banks had become so good at risk management that they no longer needed to abide by consistent rules—fixed limits on borrowing, for example, so that banks could fail without leaving behind so much unpaid debt that they endangered the economy. Instead, banks could largely do what their executives wanted, as long as regulators believed, on a case-by-case basis, that they knew what they were doing.
In the aftermath of the JPMorgan mess, politicians and reporters have been invoking the Dodd-Frank law’s “Volcker Rule.” Named after Paul Volcker, the Federal Reserve chairman from the Carter and Reagan eras, the rule prohibits banks whose customers benefit from taxpayer-backed deposit insurance from engaging in “proprietary trading,” or speculation. But the Volcker Rule isn’t a rule at all: it prohibits behavior that has no set definition. Twenty-two months after Dodd-Frank became law, regulators have delayed enforcing the rule because they still cannot figure out what proprietary trading really is. Consider how JPMorgan lost all that money: creating derivatives that let it sell billions of dollars’ worth of protection against the risk that some corporate securities would default. That sure doesn’t sound like a good idea. Banks, because they’re lenders, are already at risk if people and companies default in droves.
But does selling such synthetic “insurance” constitute proprietary trading? Michigan Senator Carl Levin, who helped draft the Volcker Rule language, says it does. Bank officials have argued that such behavior is hedging, which would be okay under Dodd-Frank.
Real rules could govern Wall Street, but politicians must give regulators the backing to create and enforce them. Rather than worry about the Volcker Rule, politicians and reporters should be focusing on derivatives rules. One reason that Washington had to bail out the financial system four years ago was that financial firms such as AIG had taken on virtually infinite risk through the derivatives markets. Through derivatives, AIG could “sell” protection against other companies’ defaults with almost no cash down. Lo and behold, that’s what JPMorgan Chase was doing, too. Regulators should demand that traders—whether big banks or tiny hedge funds—put a set amount of cash down behind such bets, curtailing the amount of potential unpaid debt in the financial system. Regulators should also require that traders execute such transactions on open clearinghouses and exchanges—so that markets can determine which bets are going well and which aren’t, and clearinghouses can demand more money from traders to cover their losses. Such rules empower market signals, not regulatory micromanagement, to control risk. If such rules were in place, it’s unlikely Dimon would have visited the White House 18 times in three years, as he would have had no way to manipulate a restriction that, after all, applied to everyone.
The best way to stop bailouts is to limit borrowing and demand transparency. When markets know that financial firms have put a cash cushion behind their bets—and where the risk behind such bets lies—they’re unlikely to pull their money out of the financial system en masse, necessitating a government rescue. The Volcker Rule, by contrast, adds no such protection against future taxpayer rescues; all it does is unleash regulators to debate, in private, the definitions of risk.
Dodd-Frank gave regulators the authority to impose real rules on derivatives, and the regulators have done so. But lobbyists demanded and secured exceptions, which could eventually prove the rule. With such loophole-ridden reform, America has hardly set a good example for Europe, which lags even further behind in enacting derivatives rules. In fact, JPMorgan Chase may have executed the derivatives deals from London because the bank perceived London as a looser environment. Moving this activity around the world so that financiers can play inconsistent rules against one another does nothing to help the struggling Western economies.
The media and the politicians, however, would rather discuss people than arcane issues like financial rules. Look at how politely—almost obsequiously—NBC’s David Gregory treated Dimon. Gregory asked Dimon: “Here you are, Jamie Dimon, you’ve got a sterling reputation. . . . How does a guy like you make this mistake? If this happened at JPMorgan Chase . . . what about all the other banks out there? If somebody else made a mistake like this, would we be again talking about too big to fail and taxpayer bailouts?” Then, when asking delicate questions about potential criminal liability, Gregory unconsciously switched from “you” to “the bank.” Lowly regulators will hardly be more willing to take on Dimon and his colleagues.
Focusing on one man represents bailout thinking. Policymakers continue to be distracted from the rules needed to protect the economy from the consequences—including corporate failure—of the bad decisions that individuals can make. Nearly four years after the financial crisis began, Washington seems to have learned almost nothing.
 NO PRESIDENT IN HISTORY HAS TAKEN MORE LOOT FROM CRIMINAL BANKSTER DONORS THAN OBAMA. HE PROMISED HIS BANKSTERS NO CRIMINAL PROSECUTION, AND NO REAL REGULATION.
PROFITS FOR BANKSTERS HAVE SOARED UNDER OBAMA, JUST AS FORECLOSURES HAVE. DURING HIS FIRST 2 YEARS THE BANKSTERS MADE MORE LOOT THAN ALL 8 UNDER BUSH!
WHAT DOES THAT TELL YOU?
 
"In general, these are professional prognosticators," said Ritsch. "And they may be putting their money on the person they predict will win, not the candidate they hope will win."
 
 
Shaping up to be the most corrupt

administration in American history:
  • Obama’s team: Not the “best of the Washington insiders,” as the liberal media style them, but rather, a dysfunctional and dangerous conglomerate of business-as-usual cronies and hacks
  • In the first two weeks alone of his infant administration, Obama had made no fewer than 17 exceptions to his “no-lobbyist” rule
  • Why the fact that the massive infusion of union dues into his campaign treasury didn’t trouble him in the least reveals Obama’s credibility as a reformer
  • The lack of unprecedented pace of withdrawals and botched appointments -- and how getting through the confirmation process was no guarantee of ethical cleanliness or competence, even as Obama’s cheerleaders were glorifying the Greatest Transition in World History
  • Inconsistency: How Obama, erstwhile critic of the campaign finance practice known as “bundling,” happily accepted more than $350,000 in bundled contributions from billionaire hedge-fund managers
  • How Obama broke his transparency pledge with the very first bill he signed into law -- helping make hostility to transparency is a running thread through Obama’s cabinet
  • Michelle Obama: Beneath the cultured pearls, sleeveless designer dresses, and eyelashes applied by her full-time makeup artist, is a hardball Chicago politico
  • Joe Biden: It’s not just that he lies, it’s that he lies so well that you think he really believes the stuff he makes up
  • Treasury Secretary Geithner: His ineptness and epic blundering -- including how he nearly caused the collapse of the dollar in international trade with a single remark
  • The appalling story of Technology Czar Vivek Kundra, the convicted shoplifter in charge of the entire federal government’s information security infrastructure
  • Obama’s “Porker of the Month” Transportation Secretary, Roy LaHood: An earmark-addicted influence peddler born and raised on the politics of pay-to-play
  • SEIU: Responsible for installing a cabal of hand-chosen officers who exploited their cash-infused fiefdoms for personal gain and presided over rigged elections -- in the process, becoming all that they had professed to stand against as representatives of the downtrodden worker
  • How Obama lied on his “Fight the Smears” campaign website when he claimed that he “never organized with ACORN”
  • ACORN: How the profound threat the group poses is not merely ideological or economic -- it’s electoral
  • ACORN’s own internal review of shady money transfers among its web of affiliates: How it underscores concerns that conservatives have long raised about the organization
  • Liar, liar, pantsuit on fire: How Hillary Clinton has already trampled upon her promise not to let her husband’s financial dealings sway her decisions as Secretary of State
  • How even a few principled progressives are finally beginning to question the cult of Obama -- even as Obama sycophants in the mainstream media continue to celebrate his “hipness” and “swagga”
 GET THIS BOOK!
Obamanomics: How Barack Obama Is Bankrupting You and Enriching His Wall Street Friends, Corporate Lobbyists, and Union Bosses
 BY TIMOTHY P CARNEY
Editorial Reviews
Obama Is Making You Poorer—But Who’s Getting Rich? ...............ASK THE WALL STREET BANKSTERS HOW MANY VOTED FOR THE OBAMA!
Goldman Sachs, GE, Pfizer, the United Auto Workers—the same “special interests” Barack Obama was supposed to chase from the temple—are profiting handsomely from Obama’s Big Government policies that crush taxpayers, small businesses, and consumers. In Obamanomics, investigative reporter Timothy P. Carney digs up the dirt the mainstream media ignores and the White House wishes you wouldn’t see. Rather than Hope and Change, Obama is delivering corporate socialism to America, all while claiming he’s battling corporate America. It’s corporate welfare and regulatory robbery—it’s Obamanomics.
Congressman Ron Paul says, “Every libertarian and free-market conservative needs to read Obamanomics.” And Johan Goldberg, columnist and bestselling author says, “Obamanomics is conservative muckraking at its best and an indispensable field guide to the Obama years.”
If you’ve wondered what’s happening to America, as the federal government swallows up the financial sector, the auto industry, and healthcare, and enacts deficit exploding “stimulus packages,” this book makes it all clear—it’s a big scam. Ultimately, Obamanomics boils down to this: every time government gets bigger, somebody’s getting rich, and those somebodies are friends of Barack. This book names the names—and it will make your blood boil.
*

Obama Is Making You Poorer—But Who’s Getting Rich?
Goldman Sachs, GE, Pfizer, the United Auto Workers—the same “special interests” Barack Obama was supposed to chase from the temple—are profiting handsomely from Obama’s Big Government policies that crush taxpayers, small businesses, and consumers.
Investigative reporter Timothy P. Carney digs up the dirt the mainstream media ignores and the White House wishes you wouldn’t see. Rather than Hope and Change, Obama is delivering corporate socialism to America, all while claiming he’s battling corporate America. It’s corporate welfare and regulatory robbery—it’s Obamanomics. In this explosive book, Carney reveals:
* The Great Health Care Scam—Obama’s backroom deals with drug companies spell corporate profits and more government control
* The Global Warming Hoax—Obama has bought off industries with a pork-filled bill that will drain your wallet for Al Gore’s agenda
* Obama and Wall Street—“Change” means more bailouts and a heavy Goldman Sachs presence in the West Wing (including Rahm Emanuel)
* Stimulating K Street—The largest spending bill in history gave pork to the well-connected and created a feeding frenzy for lobbyists
* How the GOP needs to change its tune—drastically—to battle Obamanomics
If you’ve wondered what’s happening to our country, as the federal government swallows up the financial sector, the auto industry, and healthcare, and enacts deficit exploding “stimulus packages” that create make-work government jobs, this book makes it all clear—it’s a big scam. Ultimately, Obamanomics boils down to this: every time government gets bigger, somebody’s getting rich, and those somebodies are friends of Barack. This book names the names—and it will make your blood boil.
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Praise for Obamanomics
“The notion that ‘big business’ is on the side of the free market is one of progressivism’s most valuable myths. It allows them to demonize corporations by day and get in bed with them by night. Obamanomics is conservative muckraking at its best. It reveals how President Obama is exploiting the big business mythology to undermine the free market and stick it to entrepreneurs, taxpayers, and consumers. It’s an indispensable field guide to the Obama years.”
—Jonha Goldberg, LA Times columnist and best-selling author
“‘Every time government gets bigger, somebody’s getting rich.’ With this astute observation, Tim Carney begins his task of laying bare the Obama administration’s corporatist governing strategy, hidden behind the president’s populist veneer. This meticulously researched book is a must-read for anyone who wants to understand how Washington really works.”
—David Freddoso, best-selling author of The Case Against Barack Obama
“Every libertarian and free-market conservative who still believes that large corporations are trusted allies in the battle for economic liberty needs to read this book, as does every well-meaning liberal who believes that expansions of the welfare-regulatory state are done to benefit the common people.”
—Congressman Ron Paul
“It’s understandable for critics to condemn President Obama for his ‘socialism.’ But as Tim Carney shows, the real situation is at once more subtle and more sinister. Obamanomics favors big business while disproportionately punishing everyone else. So-called progressives are too clueless to notice, as usual, which is why we have Tim Carney and this book.”
—Thomas E. Woods, Jr., best-selling author of Meltdown and The Politically Incorrect Guideto American History
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·         Hardcover: 256 pages
·         Publisher: Regnery Press (November 30, 2009)
·         Language: English
·         ISBN-10: 1596986123
·         ISBN-13: 978-1596986121
 
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ARE AMAZED AT HOW UTTERLY BRAZEN THESE CORPORATE OWNED POLITICIANS ARE?
GET THIS BOOK!
Culture of Corruption: Obama and His Team of Tax Cheats, Crooks, and Cronies
by Michelle Malkin
Editorial Reviews
In her shocking new book, Malkin digs deep into the records of President Obama's staff, revealing corrupt dealings, questionable pasts, and abuses of power throughout his administration.
From the Inside Flap
The era of hope and change is dead....and it only took six months in office to kill it.
Never has an administration taken office with more inflated expectations of turning Washington around. Never have a media-anointed American Idol and his entourage fallen so fast and hard. In her latest investigative tour de force, New York Times bestselling author Michelle Malkin delivers a powerful, damning, and comprehensive indictment of the culture of corruption that surrounds Team Obama's brazen tax evaders, Wall Street cronies, petty crooks, slum lords, and business-as-usual influence peddlers. In Culture of Corruption, Malkin reveals:
* Why nepotism beneficiaries First Lady Michelle Obama and Vice President Joe Biden are Team Obama's biggest liberal hypocrites--bashing the corporate world and influence-peddling industries from which they and their relatives have benefited mightily
* What secrets the ethics-deficient members of Obama's cabinet--including Hillary Clinton--are trying to hide
* Why the Obama White House has more power-hungry, unaccountable "czars" than any other administration
* How Team Obama's first one hundred days of appointments became a litany of embarrassments as would-be appointee after would-be appointee was exposed as a tax cheat or had to withdraw for other reasons
* How Obama's old ACORN and union cronies have squandered millions of taxpayer dollars and dues money to enrich themselves and expand their power
* How Obama's Wall Street money men and corporate lobbyists are ruining the economy and helping their friends In Culture of Corruption, Michelle Malkin lays bare the Obama administration's seamy underside that the liberal media would rather keep hidden.
 
           Publisher: Regnery Publishing (July 27, 2009)
           Language: English
           ISBN-10: 1596981091
           ISBN-13: 978-1596981096