Before his first
day in office Barack Obama had sucked in more bribes from banksters than any
president in history.
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 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.
Obama paid $600,000 for a single speech
In the two years since
leaving the White House, former President Barack Obama has spent his time
raising and solidifying his position in the uppermost echelons of the top one
percent of Americans. Obama has raked in exorbitant amounts of money for public
speaking events and made deals worth millions with multiple companies.
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.
Photo of former president Barack Obama.
(Credit: Official White House Photo by Pete Souza)
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.
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.)”
THE RISE TO POWER OF BANKSTER-OWNED BARACK OBAMA
'Incompetent' and 'liar' among most frequently used words to describe the
president: Pew Research Center
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.
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
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.
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
SERVING
BANKSTERS, BILLIONAIRES and INVADING ILLEGALS
“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 CRONY CLASS:
Income inequality grows FOUR TIMES FASTER under
Obama-Biden and their bankster regime than Bush.
“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.
INCOME PLUMMETS UNDER OBAMA AND HIS WALL STREET CRONIES
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.
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.
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!
Joe Biden Fundraises with Wall
Street During Donald Trump Rally
18 Jun 201984
1:34
Former Vice President Joe Biden attended a fundraiser with Wall Street
donors during President Donald Trump’s campaign kickoff rally in Florida on
Tuesday.
I t 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
*
*
"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
“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
*
"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”
*
"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
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
"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
father of US Treasury Secretary
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
In 2014
the Russell Sage Foundation found that between 2003 and 2013, the median
household net worth of those in the United States fell from $87,992 to
$56,335—a drop of 36 percent. While the rich also saw their wealth drop during
the recession, they are more than making that money back.
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.”
Practically every cabinet appointee of Obama’s has close
personal connections to the ruling class, many having come directly from
corporate boardrooms. Under Obama’s watch not a single executive at a major
financial firm has been criminally tried, much less sent to jail, for their
role in the financial crisis.
“Attorney General Eric Holder's tenure was a
low point even within the disgraceful scandal-ridden Obama years.” DANIEL
GREENFIELD / FRONTPAGE MAG
"One of the premier institutions of
big business, JP Morgan Chase, issued an internal report on the
eve of the 10th anniversary of the 2008 crash, which warned that
another “great liquidity crisis” was possible, and that a
government bailout on the scale of that effected by Bush and Obama
will produce social unrest, “in light of the potential impact
of central bank actions in driving inequality between
asset owners and labor."
This manufactured crisis has, in turn, been exploited by the
Obama administration and both big business parties to hand over trillions in
pension funds and other public assets to the financial kleptocracy that rules
America.
“Our entire crony capitalist system, Democrat and Republican
alike, has become a kleptocracy approaching par with third-world
hell-holes. This is the way a great country is raided by its elite.”
---- Karen McQuillan THEAMERICAN THINKER.com
“This was not because of difficulties in securing indictments or
convictions. On the contrary, Attorney General Eric Holder told a Senate
committee in March of 2013 that the Obama administration chose not to prosecute
the big banks or their CEOs because to do so might “have a negative impact on
the national economy.”
"One of the premier institutions of big business, JP
Morgan Chase, issued an internal report on the eve of the 10th anniversary
of the 2008 crash, which warned that another “great liquidity crisis”
was possible, and that a government bailout on the scale of that
effected by Bush and Obama will produce social unrest, “in light of
the potential impact of central bank actions in driving
inequality between asset owners and labor."
$2,198,468,000,000: Federal Spending Hit 10-Year High Through March;
Taxes Hit 5-Year Low
(Getty
Images/Ron Sachs-Pool)
(CNSNews.com) - The federal government spent $2,198,468,000,000
in the first six months of fiscal 2019 (October through March), which is the
most it has spent in the first six months of any fiscal year in the last
decade, according
to the Monthly Treasury Statements .
The last time the government spent more in the
October-through-March period was in fiscal 2009, when it spent
$2,326,360,180,000 in constant March 2019 dollars.
Fiscal 2009 was the fiscal year that began with President George
W. Bush signing a $700-billion law to bailout the banking industry in October
2008 and then saw President Barack Obama sign a $787-billion stimulus law in
February 2009.
JPMorgan
shares climb after the bank posts record earnings and revenue
3h
Jamie Dimon arriving to testify before
Congress. Aaron P. Bernstein/Reuters
· JPMorgan
reported first-quarter earnings results on Friday, kicking off another earnings
season for the largest US banks.
JPMorgan Chase reported record first-quarter results on both the
top and bottom lines Friday morning. Shares climbed 2.3% in early trading to
$108.68.
Here's how the results stacked up with Wall Street's
expectations as compiled by Bloomberg.
· Adjusted
net income: $9.18 billion versus $7.7 billion expected
· Earnings
per share: $2.65 versus $2.34 expected
· Revenue: $29.85
billion versus $28.4 billion expected
· Expenses: $16.4
billion versus $16.7 billion expected
"In the first quarter of 2019, we had record revenue and
net income, strong performance across each of our major businesses, and a more
constructive environment," CEO Jamie Dimon said in the earnings
release . "Even amid some global geopolitical uncertainty, the US
economy continues to grow, employment and wages are going up, inflation is
moderate, financial markets are healthy, and consumer and business confidence
remains strong."
A deeper look into the numbers showed the trading and
investment-banking businesses exceeded expectations, though trading declined
17% from the year earlier:
· FICC sales
& trading revenue: $3.73 billion versus $3.67 billion
expected
· Equity
sales & trading revenue: $1.74 billion versus $1.73
billion expected
· Investment-banking
revenue: $1.75 billion versus $1.63 billion expected
"The Federal Reserve is a key mechanism
for perpetuating this whole filthy system, in which "Wall Street
rules."
Wall Street rules
The Federal Reserve sent a clear message to Wall Street on
Friday: It will not allow the longest bull market in American history to end.
The message was received loud and clear, and the Dow rose by more than 700
points.
Hundreds of thousands of federal workers remain furloughed or
forced to work without pay as the partial government shutdown enters its third
week, but the US central bank is making clear that all of the resources of the
state are at the disposal of the financial oligarchy.
Responding to Thursday’s market selloff following a dismal
report from Apple and signs of a manufacturing slowdown in both China and the
US, the Fed declared it was “listening” to the markets and would scrap its
plans to raise interest rates.
Speaking at a conference in Atlanta, where he was flanked by his
predecessors Ben Bernanke and Janet Yellen, both of whom had worked to reflate
the stock market bubble after the 2008 financial crash, Chairman Jerome Powell
signaled that the Fed would back off from its two projected rate increases for
2019.
“We’re listening sensitively to the messages markets are
sending,” he said, adding that the central bank would be “patient” in imposing
further rate increases. To underline the point, he declared, “If we ever came
to the conclusion that any aspect of our plans” was causing a problem, “we
wouldn’t hesitate to change it.”
This extraordinary pledge to Wall Street followed the 660 point
plunge in the Dow Jones Industrial Average on Thursday, capping off the worst
two-day start for a new trading year since the collapse of the dot.com bubble.
William McChesney Martin, the Fed chairman from 1951 to 1970,
famously said that his job was “to take away the punch bowl just as the party
gets going.” Now the task of the Fed chairman is to ply the wealthy revelers
with tequila shots as soon as they start to sober up.
Powell’s remarks were particularly striking given that they
followed the release Friday of the most upbeat jobs report in over a year, with
figures, including the highest year-on-year wage growth since the 2008 crisis,
universally lauded as “stellar.”
While US financial markets have endured the worst December
since the Great Depression, amid mounting fears of a looming
recession and a new financial crisis, analysts have been quick to point
out that there are no “hard” signs of a recession in the United States.
Both the Dow and the S&P 500 indexes have fallen more than
15 percent from their recent highs, while the tech-heavy NASDAQ has entered
bear market territory, usually defined as a drop of 20 percent from recent
highs.
The markets, Powell admitted, are “well ahead of the data.” But
it is the markets, not the “data,” that Powell is listening to.
Since World War II, bear markets have occurred, on average,
every five-and-a-half years. But if the present trend continues, the Dow will
reach 10 years without a bear market in March, despite the recent losses.
Now the Fed has stepped in effectively to pledge that it
will allocate whatever resources are needed to ensure that
no substantial market correction takes place. But this
means only that when the correction does come, as it inevitably
must, it will be all the more severe and the Fed will
have all the less power to stop it.
From the standpoint of the history of the institution, the Fed’s
current more or less explicit role as backstop for the stock market is a
relatively new development. Founded in 1913, the Federal Reserve legally has
had the “dual mandate” of ensuring both maximum employment and price stability
since the late 1970s. Fed officials have traditionally denied being influenced
in policy decisions by a desire to drive up the stock market.
Federal Reserve Chairman Paul Volcker, appointed by Democratic
President Jimmy Carter in 1979, deliberately engineered an economic recession
by driving the benchmark federal funds interest rate above 20 percent. His
highly conscious aim, in the name of combating inflation, was to quash a wages
movement of US workers by triggering plant closures and driving up
unemployment.
The actions of the Fed under Volcker set the stage for a vast
upward redistribution of wealth, facilitated on one hand by the trade unions’
suppression of the class struggle and on the other by a relentless and dizzying
rise on the stock market.
Volcker’s recession, together with the Reagan administration’s
crushing of the 1981 PATCO air traffic controllers’ strike, ushered in decades
of mass layoffs, deindustrialization and wage and benefit concessions, leading
labor’s share of total national income to fall year after year.
These were also decades of financial deregulation, leading to
the savings and loan crisis of the late 1980s, the dot.com bubble of 1999-2000,
and, worst of all, the 2008 financial crisis.
In each of these crises, the Federal Reserve carried out what
became known as the “Greenspan put,” (later the “Bernanke put”)—an implicit
guarantee to backstop the financial markets, prompting investors to take ever greater
risks.
In 2008, this resulted in the most sweeping and systemic
financial crisis since the Great Depression, prompting Fed Chairman Bernanke,
New York Fed President Tim Geithner and Treasury Secretary Henry Paulson (the
former CEO of Goldman Sachs) to orchestrate the largest bank bailout in human
history.
Since that time, the Federal Reserve has carried out its most
accommodative monetary policy ever, keeping interest rates at or near zero
percent for six years. It supplemented this boondoggle for the financial elite
with its multi-trillion-dollar “quantitative easing” money-printing program.
The effect can be seen in the ever more staggering wealth of the
financial oligarchy, which has consistently enjoyed investment returns of
between 10 and 20 percent every year since the financial crisis, even as the
incomes of workers have stagnated or fallen.
American capitalist society is hooked on the toxic growth of
social inequality created by the stock market bubble. This, in turn, fosters
the political framework not just for the decadent lifestyles of the financial
oligarchs, each of whom owns, on average, a half-dozen mansions around the
world, a private jet and a super-yacht, but also for the broader periphery of
the affluent upper-middle class, which provides the oligarchs with political
legitimacy and support. These elite social layers determine American political
life, from which the broad mass of working people is effectively excluded.
The Federal Reserve is a key mechanism for perpetuating
this whole filthy system, in which “Wall Street rules.” But its
services in behalf of the rich and the super-rich only compound the
fundamental and insoluble contradictions of capitalism, plunging the
system into ever deeper debt and ensuring that the next crisis will be
that much more violent and explosive.
In this intensifying crisis, the working class must assert its
independent interests with the same determination and ruthlessness as evinced
by the ruling class. It must answer the bourgeoisie’s social counterrevolution
with the program of socialist revolution.
the depression is already here for most of us below the
super-rich!
Trump and the GOP created a fake
economic boom on our collective credit card: The equivalent of
maxing out your credit cards and saying look how good I'm doing right
now.
*
Trump criticized Dimon in 2013 for supposedly contributing to the country’s
economic downturn. “I’m not Jamie Dimon, who pays $13 billion
to settle a case and then pays $11 billion to settle a case and who I
think is the worst banker in the United States,” he told reporters.
*
"One of the premier institutions of
big business, JP Morgan Chase, issued an internal report on the
eve of the 10th anniversary of the 2008 crash, which warned that
another “great liquidity crisis” was possible, and that a
government bailout on the scale of that effected by Bush and Obama
will produce social unrest, “in light of the potential impact of central
bank actions in driving inequality between asset owners
and labor."
*
"Overall,
the reaction to the decision points to the underlying fragility of
financial markets, which have become a house of cards as a result of the
massive inflows of money from the Fed and other central banks, and are now
extremely susceptible to even a small tightening in financial
conditions."
*
"It is significant that what
the Financial Times described
as a “tsunami of money”—estimated to reach $1 trillion for the year—has failed
to prevent what could be the worst year for stock markets since the global
financial crisis."
*
"A decade ago, as the financial
crisis raged, America’s banks were in ruins. Lehman Brothers, the storied
158-year-old investment house, collapsed into bankruptcy in mid-September
2008. Six months earlier, Bear Stearns, its competitor, had required a
government-engineered rescue to avert the same outcome. By October, two of
the nation’s largest commercial banks, Citigroup and Bank of America,
needed their own government-tailored bailouts to escape failure. Smaller
but still-sizable banks, such as Washington Mutual and IndyMac,
died."
*
The GOP said the "Tax Cuts and Jobs
Act" would reduce deficits and supercharge the economy
(and stocks and wages). The White House says things are working as
planned, but one year on--the numbers mostly suggest otherwise.
Obama's Wall
Street cabinet
6 April 2009
A series of articles published over the
weekend, based on financial disclosure reports released by the Obama
administration last Friday concerning top White House officials, documents the
extent to which the administration, in both its personnel and policies, is a
political instrument of Wall Street.
Policies that are extraordinarily
favorable to the financial elite that were put in place over the past month by
the Obama administration have fed a surge in share values on Wall Street. These
include the scheme to use hundreds of billions of dollars in public funds to
pay hedge funds to buy up the banks’ toxic assets at inflated prices, the Auto
Task Force’s rejection of the recovery plans of Chrysler and General Motors and
its demand for even more brutal layoffs, wage cuts and attacks on workers’
health benefits and pensions, and the decision by the Financial Accounting
Standards Board (FASB) to weaken “mark-to-market” accounting rules and permit
banks to inflate the value of their toxic assets.
At the same time, Obama has campaigned
against restrictions on bonuses paid to executives at insurance giant American
International Group (AIG) and other bailed-out firms, and repeatedly assured
Wall Street that he will slash social spending, including Medicare, Medicaid
and Social Security.
The new financial disclosures reveal that
top Obama advisors directly involved in setting these policies have received
millions from Wall Street firms, including those that have received huge
taxpayer bailouts.
The case of Lawrence Summers, director of
the National Economic Council and Obama’s top economic adviser, highlights the
politically incestuous character of relations between the Obama administration
and the American financial elite.
Last year, Summers pocketed $5 million as
a managing director of D.E. Shaw, one of the biggest hedge funds in the world,
and another $2.7 million for speeches delivered to Wall Street firms that have
received government bailout money. This includes $45,000 from Citigroup and
$67,500 each from JPMorgan Chase and the now-liquidated Lehman Brothers.
For a speech to Goldman Sachs executives,
Summers walked away with $135,000. This is substantially more than double the
earnings for an entire year of high-seniority auto workers, who have been
pilloried by the Obama administration and the media for their supposedly
exorbitant and “unsustainable” wages.
Alluding diplomatically to the flagrant
conflict of interest revealed by these disclosures, the New York Times noted on
Saturday: “Mr. Summers, the director of the National Economic Council, wields
important influence over Mr. Obama’s policy decisions for the troubled
financial industry, including firms from which he recently received payments.”
Summers was a leading advocate of banking
deregulation. As treasury secretary in the second Clinton administration, he
oversaw the lifting of basic financial regulations dating from the 1930s. The
Times article notes that among his current responsibilities is deciding
“whether—and how—to tighten regulation of hedge funds.”
Summers is not an exception. He
is rather typical of the Wall Street insiders who comprise a cabinet and White
House team that is filled with multi-millionaires, presided over by a president
who parlayed his own political career into a multi-million-dollar fortune.
Michael Froman, deputy national security
adviser for international economic affairs, worked for Citigroup and received
more than $7.4 million from the bank from January of 2008 until he entered the
Obama administration this year. This included a $2.25 million year-end bonus
handed him this past January, within weeks of his joining the Obama
administration.
Citigroup has thus far been the
beneficiary of $45 billion in cash and over $300 billion in government
guarantees of its bad debts.
David Axelrod, the Obama campaign’s top
strategist and now senior adviser to the president, was paid $1.55 million last
year from two consulting firms he controls. He has agreed to buyouts that will
garner him another $3 million over the next five years. His disclosure claims
personal assets of between $7 and $10 million.
Obama’s deputy national security adviser,
Thomas E. Donilon, was paid $3.9 million by a Washington law firm whose major
clients include Citigroup, Goldman Sachs and the private equity firm Apollo
Management.
Louis Caldera, director of the White
House Military Office, made $227,155 last year from IndyMac Bancorp, the California
bank that heavily promoted subprime mortgages. It collapsed last summer and was
placed under federal receivership.
The presence of multi-millionaire Wall
Street insiders extends to second- and third-tier positions in the Obama
administration as well. David Stevens, who has been tapped by Obama to head the
Federal Housing Administration, is the president and chief operating officer of
Long and Foster Cos., a real estate brokerage firm. From 1999 to 2005, Stevens
served as a top executive for Freddie Mac, the federally-backed mortgage
lending giant that was bailed out and seized by federal regulators in
September.
Neal Wolin, Obama’s selection for deputy
counsel to the president for economic policy, is a top executive at the
insurance giant Hartford Financial Services, where his salary was $4.5 million.
Obama’s Auto Task Force has as its top
advisers two investment bankers with a long resume in corporate downsizing and
asset-stripping.
It is not new for leading figures from
finance to be named to high posts in a US administration. However, there has
traditionally been an effort to demonstrate a degree of independence from Wall
Street in the selection of cabinet officials and high-ranking presidential
aides, often through the appointment of figures from academia or the public
sector. In previous decades, moreover, representatives of the corporate elite
were more likely to come from industry than from finance.
In the Obama administration such
considerations have largely been abandoned.
This will not come as a surprise to those
who critically followed Obama’s election campaign. While he postured before the
electorate as a critic of the war in Iraq and a quasi-populist force for
“change,” he was from the first heavily dependent on the financial and political
backing of powerful financiers in Chicago. Banks, hedge funds and other
financial firms lavishly backed his presidential bid, giving him considerably
more than they gave to his Republican opponent, Senator John McCain.
Friday’s financial disclosures further
expose the bankruptcy of American democracy. Elections have no real effect on
government policy, which is determined by the interests of the financial
aristocracy that dominates both political parties. The working class can fight
for its own interests—for jobs, decent living standards, health care,
education, housing and an end to war.
“Records show that four out of Obama's
top five contributors are employees of financial industry giants - Goldman
Sachs ($571,330), UBS AG ($364,806), JPMorgan Chase ($362,207) and Citigroup
($358,054).”
OBAMA and HIS BANKS: THEIR PROFITS,
CRIMES and LOOTING SOAR
CRONY KING OBAMA: CURL: The Obamas live
the 1% life
OBAMAnomics:
FROM THE MAN THAT HATED AMERICAN BUT
LOVED AMERICAN BANKSTERS:
OBAMA, THE BANKSTER OWNED LA RAZA DEM
THE GLOBALIST LEGACY OF A SOCIOPATH
Obama warns against “cynicism” at Ohio
State commencement address
7 May 2013
At a commencement address on Sunday at
Ohio State University, President Barack Obama counseled students not to be
“cynical” about government and politics.
There was an almost comically absurd
element to Obama’s remarks, delivered with his characteristic demagogy and
attempted gestures at profundity. In his first four years in office,
along with the first months of his second term, Obama proceeded to systematically
repudiate every campaign pledge and to deflate every illusion that, with the
assistance of a highly coordinated marketing campaign, led millions of people,
including a large number of young people, to vote for him in 2008.
The Obama administration handed trillions
of dollars to the banks; has overseen a massive attack on public education; is
leading the campaign to slash Social Security and Medicare, the core federal
retirement and health care programs; expanded the war in Afghanistan, led a war
against Libya, and is preparing a new war in Syria; and has asserted the right
to kill anyone, anywhere, including US citizens, without due process.
After this record of service to the
corporate elite, he declares: “When we turn away and get discouraged and cynical…
we grant our silent consent to someone who will gladly claim it. That’s how we
end up with lobbyists who set the agenda; and policies detached from what
middle class families face every day; the well-connected who publicly demand
that Washington stay out of their business—and then whisper in government’s ear
for special treatment that you don’t get.”
The references to the “whispers” of the
wealthy and well-connected is particularly rich, coming only a week after Obama
nominated Penny Pritzker for commerce secretary. The selection of
Pritzker—a longtime Obama confidant, billionaire heiress and owner of a private
equity company—only underscores the fact that the administration is a
government of, by and for the financial aristocracy. She will be the
wealthiest person ever to serve in a presidential cabinet.
Previous to his appointment of Pritzker,
Obama appointed Mary Jo White to head the Securities and Exchange Commission
(SEC), one of the main financial regulators. White made millions of dollars as an attorney for banks responsible
for the financial crisis, including Bank of America and JPMorgan Chase, whose
CEO, Jamie Dimon, called White the “perfect choice” to head the SEC.
Practically every cabinet appointee of
Obama’s has close personal connections to the ruling class, many having come
directly from corporate boardrooms. Under Obama’s watch not a single executive
at a major financial firm has been criminally tried, much less sent to jail,
for their role in the financial crisis.
As a whole, Obama’s speech was
characterized by a complete separation from the actual conditions facing the
graduates he spoke to, who confront joblessness, falling wages, and a lifetime
in debt. “You have every reason to believe that your future is bright,” he told
his audience. “You’re graduating into an economy and a job market that is
steadily healing.”
He added later, “The trajectory of this
great nation should give you hope.” Really? This is under conditions in which
over 11 percent of college graduates are unemployed a year after getting out of
school, and another 16.1 percent simply drop out of the labor force, according
to the Bureau of Labor Statistics. Most of those who do find a job are paid
barely enough to get by, let alone pay off student loans. Wages for young adults
are falling faster than any other part of the population, and are down by 6
percent in the past four years.
Most of the students that Obama addressed
Sunday will be so burdened with debt that they will delay or have to completely
put off starting a family or buying a home.
It is not surprising that Obama should
neglect to dwell on this disastrous situation, because his administration bears
responsibility for it. In the government-sponsored restructuring of the auto
industry, the White House insisted that the wages of new-hires be slashed in
half, setting the stage for vast reduction of wages throughout the economy.
Obama sought to paint opposition to the
government’s violation of democratic rights as right-wing hysterics.
“Unfortunately, you’ve grown up hearing voices that incessantly warn of
government as nothing more than some separate, sinister entity,” Obama said.
“They’ll warn that tyranny is always lurking just around the corner. You should
reject these voices.”
This comes from a president who has personally
overseen the illegal assassination of thousands of people, including at least
three American citizens, in weekly “Terror Tuesday” meetings. The assertions of
executive power have been systematically expanded, going beyond those claimed
even by the Bush administration. The specter of a police state—the response of
the ruling class to growing social opposition—is in fact lurking around the
corner.
The moribund state of American politics,
of which the Obama administration is a principal expression, is, according to
the president, the fault of the American people. “Democracy doesn’t function
without your active participation,” he admonished. If politicians “don’t
represent you the way you want… you’ve got to let them know that’s not okay.
And if they let you down, there’s a built-in day in November where you can
really let them know that’s not okay.”
Such limp efforts to encourage illusions
in the viability of the “democratic process” in the United States will not go
very far. The experience of the past four years has not passed in vain.
Millions of people, including many of those in the audience at Ohio State, are
drawing the quite justified, if “cynical,” conclusion that the entire political
and economic system is rotten to the core.
Mounting evidence of international
collusion in Libor rigging - THE RAPE OF THE ECONOMY BY THE BANKSTERS
Mounting evidence of international
collusion in Libor rigging
OBAMA'S AND HIS CRIMINAL BANKSTER DONORS
AT WORK:
JPMorgan’s investment arm, which includes
its energy group, collects $14 billion annually; in comparison, six months’
worth of fines would amount to a paltry $180 million.
THERE IS A REASON WHY THE BANKSTERS INVESTED HEAVILY IN OBAMA’S
CORRUPT ADMINISTRATION!
Records show that four out of Obama's top
five contributors are employees of financial industry giants - Goldman Sachs
($571,330), UBS AG ($364,806), JPMorgan Chase ($362,207) and Citigroup
($358,054).
Obama: JPMorgan Is 'One of the
Best-Managed Banks'
By Mary Bruce | ABC OTUS News – 2 hrs 31
mins ago
Obama: JPMorgan Is 'One of the …
Lou Rocco / ABC News
Just hours after a top JPMorgan Chase
executive retired in the wake of a stunning $2 billion trading loss, President
Obamatold the hosts of ABC's "The View" that the bank's risky bets
exemplified the need for Wall Street reform.
*
JPMorgan Chase investigated for manipulating California energy
market
By Oliver Richards
23 July 2012
The California
Independent Systems Operator (CalISO), the nonprofit organization that
coordinates the state’s electricity market, has alleged that JPMorgan
Chase& Co. manipulated the state’s energy market, resulting in at least $73
million in improper payments—costs passed along to the state’s energy
consumers.
OBAMA’S CRONY BANKSTERS:
STILL SUCKING THE BLOOD OUT OF AMERICA
This manufactured crisis has, in turn, been exploited by the
Obama administration and both big business parties to hand over trillions in
pension funds and other public assets to the financial kleptocracy that rules
America.
“Our entire crony capitalist system, Democrat and Republican
alike, has become a kleptocracy approaching par with third-world
hell-holes. This is the way a great country is raided by its elite.”
---- Karen McQuillan THEAMERICAN THINKER.com
“This was not because of difficulties in securing indictments or
convictions. On the contrary, Attorney General Eric Holder told a Senate
committee in March of 2013 that the Obama administration chose not to prosecute
the big banks or their CEOs because to do so might “have a negative impact on
the national economy.”
OBAMANOMICS TO SERVE BANKSTERS
AND GLOBAL BILLIONAIRES
"One of the premier institutions of
big business, JP Morgan Chase, issued an internal report on the
eve of the 10th anniversary of the 2008 crash, which warned that
another “great liquidity crisis” was possible, and that a
government bailout on the scale of that effected by Bush and Obama
will produce social unrest, “in light of the potential impact
of central bank actions in driving inequality between
asset owners and labor."
BILLIONAIRES, BANKSTERS AND THE RICH PARTNER WITH TRUMP TO
FIGHT … economic equality.
"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."
BANKSTER
SOCIALISM
Dimon’s bank received tens of billions of dollars in
government bailouts and many billions more from the
Obama administration’s ultra-low interest rate and “quantitative
easing” money-printing policies. He told his shareholders that
“socialism inevitably produces stagnation, corruption” and
“authoritarian government,” and would be “a disaster for our
country.”… UNLESS IT IS SOCIALISM FOR BANKSTERS AND WALL STREET!
*
"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 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]
BLOG:
THE DEMOCRAT PARTY OF CRONY CAPITALISM IS THE PARTY OF BANKSTERS AND BOTTOMLESS
BANKSTER BAILOUTS... AND NO PRISON TIME!
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 .
HE OBOMBS HAVE ALWAYS LIVED LIKE THE 1% WHOM THEY SERVED AND
GROVELED AT THE FEET OF.
Diamond Life: Michelle
Obama rents out $23-million Hollywood Hills mansion for a night
Apparently, a hotel, even a
luxury hotel, was not good enough.
Former first lady Michelle Obama had to go
big, renting out a $23-million Hollywood Hills mansion for...a
night. The New York Post has the pictures of it here . Several news accounts explained it as possibly a
rental to try and buy, something most home-buyers don't get to
do. Whether she actually paid is also a big question mark, and if
so, whether she paid market value (which would have cost more than a
fancy hotel) or received her night there a "gift," which
presents its own ethics problems.
The Shark
House, which is located in the 9200 block of Swallow Drive, is thus named due
to its open air shark aquarium. It also has a full spa, a humidor room, movie
theater and walk-in wine room.
It's on the
market, currently listed for a cool $22.9 million.
A source told
TMZ the Obamas may be looking at real estate in the Hollywood Hills area, but
that was not confirmed.
If they're in the market to buy that,
they've got a lot more money than the press is reporting. We know
they're loaded. But not that loaded. Not Louis XIV
loaded, which is about the range for this sort of place. Or is
it a sweetheart deal in the works we're talking about? Maybe they'll
end up buying it for "a dollar." Don't know yet, but
neither possibility makes them look good.
I t's all part and parcel of the Obamas' long, luxurious
post-presidency, a nonstop vacay that costs taxpayers millions. It's
as though we're financing kings now, not retired presidents. For a
while there, the Obamas were jetting around with billionaires and staying on
private islands . Then
they bought that expensive Kalorama mansion in Washington, D.C., all
supposedly for the benefit of their daughter Sasha, who was finishing high
school. Surprise, surprise, it actually seems to primarily serve as
a political watch post for longtime Obama loyalist and consigliere Valerie
Jarrett. They did some audience tours and hung out with more
billionaires. There were those lucrative Goldman Sachs speeches by the celebrity president (which
certainly weren't based on economics anyone would want to trade on).
And all of this has been financed by
taxpayers, who pay his $207,000 pension , along with bennies such as unlimited air travel,
transition expenses, office expenses, presidential library funds, and lifetime
Secret Service detail.
Apparently, to the Obamas, there's no
reaching that " certain point " at which "you've made enough money."
For Michelle, just call her
"Mooch." Is this really what an ex-presidency is supposed
to be like? Hitting the money jackpot? What he makes on
his own is his own business (subject to bribery laws), but taxpayers shouldn't
be financing this level of movie-star billionaire luxe
life. Maybe it's time for some pension reform from
Congress. Would be quite a thing to see that idea presented to the
House's ruling Democrats.
OBAMAnomics:
Billionaire Class Enjoys 15X the Wage Growth of American Working
Class
AFP
3:00
The billionaire class — the country’s top 0.01 percent of earners —
have enjoyed more than 15 times as much wage growth as America’s working and
middle class since 1979, new wage data reveals.
Between
1979 and 2017, the wages of the bottom 90 percent — the country’s working and
lower middle class — have grown by only about 22 percent, Economic Policy
Institute (EPI) researchers find.
Compare that small wage increase
over nearly four decades to the booming wage growth of America’s top one
percent, who have seen their wages grow more than 155 percent during the same
period.
Breitbart TV
The top 0.01 percent — the country’s
billionaire class — saw their wages grow by more than 343 percent in the
last four decades, more than 15 times the wage growth of the bottom 90 percent
of Americans.
In 1979, America’s working class was
earning on average about $29,600 a year. Fast forward to 2017, and the same
bottom 90 percent of Americans are earning only about $6,600 more annually.
The almost four decades of wage
stagnation among the country’s working and middle class comes as the national
immigration policy has allowed for the admission of more than 1.5 million
mostly low-skilled immigrants every year.
(Public Citizen)
In
the last decade, alone, the U.S. admitted ten
million legal immigrants, forcing American workers to compete against a growing
population of low-wage workers. Meanwhile, employers are able to reduce wages
and drive up their profit margins thanks to the annual low-skilled immigration
scheme.
The
Washington, DC- imposed mass
immigration policy is a boon to corporate executives, Wall Street, big
business, and multinational conglomerates as every one percent increase in the
immigrant composition of an occupation’s labor force reduces Americans’
hourly wages by 0.4 percent. Every one percent increase in the immigrant
workforce reduces Americans’ overall wages by 0.8 percent.
Mass immigration has come at the
expense of America’s working and middle class, which has suffered from poor job
growth, stagnant wages, and increased public costs to offset the importation of
millions of low-skilled foreign nationals.
Four
million young Americans enter the workforce every year, but their job
opportunities are further diminished as the U.S. imports roughly two new
foreign workers for every four American workers who enter the workforce. Even
though researchers say 30 percent of the workforce could lose their
jobs due to automation by 2030, the U.S. has not stopped importing more than a
million foreign nationals every year.
For
blue-collar American workers, mass immigration has not only kept wages down but
in many cases decreased wages, as Breitbart News reported . Meanwhile,
the U.S. continues importing more foreign nationals with whom
working-class Americans are forced to compete. In 2016, the U.S. brought in about
1.8 million mostly low-skilled immigrants.
John Binder is a reporter for Breitbart News. Follow him on
Twitter at @JxhnBinder .
Study: Elite Zip Codes Thrived in Obama Recovery, Rural America
Left Behind
Getty Images
4:49
Wealthy cities and elite zip codes thrived under the slow-moving
economic recovery of President Obama while rural American communities were left
behind, a study reveals.
The
Economic Innovation Group research, highlighted by Axios
Between 2007 and 2016, the number of
residents living in elite zip codes grew by more than ten million, with an
overwhelming faction of that population growth being driven by mass immigration
where the U.S. imports more than 1.5 million illegal and legal immigrants
annually.
The
booming 44.5 million immigrant populations are concentrated mostly
in the country’s major cities like Los Angeles, California, Miami Florida, and
New York City, New York. The rapidly growing U.S. population — driven by
immigration — is set to hit 404 million by 2060, a
boon for real estate developers, wealthy investors, and corporations, all of
which benefit greatly from dense populations and a flooded labor market.
The economic study found that while
the population grew in wealthy cities, America’s rural population fell by
nearly 3.5 million residents.
Likewise, by 2016, elite zip codes
had a surplus of 3.6 million jobs, which is more than the combined bottom 80
percent of American zip codes. While it only took about five years for wealthy
cities to replace the jobs lost by the recession, it took “at risk” regions of
the country a decade to recover, and “distressed” U.S. communities are
“unlikely ever to recover on current trendlines,” the report predicts.
A map included in the research shows
how rich, coastal metropolises have boomed economically while entire
portions of middle America have been left behind as job and business gains
remain concentrated at the top of the income ladder.
(Economic Innovation
Group)
(Economic Innovation Group)
Economic growth among the country’s
middle-class counties and middle-class zip codes has considerably trailed
national economic growth, the study found.
For example, between 2012 and 2016,
there were 4.4 percent more business establishments in the country as a whole.
That growth was less than two percent in the median zip code and there was
close to no growth in the median county.
The same can be said of employment
growth, where U.S. employment grew by about 9.3 percent from 2012 to 2016. In
the median zip code, though, employment grew by only 5.5 percent and in the
median county, employment grew by less than four percent.
“Nearly three in every five large counties
added businesses on net over the period, compared to only one in every five
small one,” the report concluded.
Elite zip codes added more business
establishments during Obama’s economic recovery, between 2012 and 2016, than
the entire bottom 80 percent of zip codes combined. For instance, while more
than 180,000 businesses have been added to rich zip codes, the country’s bottom
tier has lost more than 13,000 businesses even after the economic recovery.
(Economic Innovation
Group)
(Economic Innovation Group)
The
gutting of the American manufacturing base, through free trade, has been
a driving catalyst for
the collapse of the white working class and black Americans. Simultaneously,
the outsourcing of the economy has brought major wealth to corporations, tech
conglomerates, and Wall Street.
The
dramatic decline of U.S. manufacturing at the hands of free trade—where more
than 3.4 million American
jobs have been lost solely due to free trade with China, not including the
American jobs lost due to agreements like the North American Free Trade
Agreement (NAFTA) and the United States-Korea Free Trade Agreement (KORUS)—has
coincided with growing wage inequality for white and black Americans, a growing
number of single mother households, a drop in U.S. marriage rates, a
general stagnation of working and middle class wages, and specifically,
increased black American unemployment.
“So, the loss of manufacturing work
since 1960 represents a steady decline in relatively high-paying jobs for
less-educated workers,” recent research from economist Eric D. Gould has
noted.
Fast-forward
to the modern economy and the wage trend has been the opposite of what it was
during the peak of manufacturing in the U.S. An Economic Policy Institute study
John
Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder .
Record high income in 2017 for top
one percent of wage earners in US
In 2017, the top one
percent of US wage earners received their highest paychecks ever, according to
a report by the Economic Policy Institute (EPI).
Based on newly released
data from the Social Security Administration, the EPI shows that the top one
percent of the population saw their paychecks increase by 3.7 percent in 2017—a
rate nearly quadruple the bottom 90 percent of the population. The growth was
driven by the top 0.1 percent, which includes many CEOs and corporate
executives, whose pay increased eight percent and averaged $2,757,000 last
year.
The EPI report is only
the latest exposure of the gaping inequality between the vast majority of the
population and the modern-day aristocracy that rules over them.
The EPI shows that the
bottom 90 percent of wage earners have increased their pay by 22.2 percent
between 1979 and 2017. Today, this bottom 90 percent makes an average of just
$36,182 a year, which is eaten up by the cost of housing and the growing burden
of education, health care, and retirement.
Meanwhile, the top one
percent has increased its wages by 157 percent during this same period, a rate
seven times faster than the other group. This top segment makes an average of
$718,766 a year. Those in-between, the 90th to 99th percentile, have increased
their wages by 57.4 percent. They now make an average of $152,476 a year—more
than four times the bottom 90 percent.
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.
Even more, while the
bottom 90 percent of the population may take in 61 percent of the wages, large
sections of the workforce today barely pull in any income at all. For
example, Social Security Administration data found that the bottom 54
percent of wage earners in the United States, 89.5 million people, make an
average of just $15,100 a year. This 54 percent of the population earns only 17
percent of all wages paid in America.
However unequal, these
wage inequalities still do not fully present the divide between rich and poor.
The ultra-wealthy derive their wealth not primarily from wages, but from assets
and equities—principally from the stock market. While the bottom 90 percent of
the population made 61 percent of the wages in 2017, they owned even less, just
27 percent of the wealth (according to the World Inequality Report
2018 by Thomas Piketty, Emmanuel Saez, and Gabriel Zucman).
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.
Wages are so low in the
United States that roughly half of the population falls deeper into debt every
year. A Reuters report from July found that the pretax net income (that is,
income minus expense) of the bottom 40 percent of the population was an average
of negative $11,660. Even the middle quintile of the
population, the 40th to 60th percentile, breaks even with an average of only
$2,836 a year.
As the Social Security Administration
numbers show, 67.4 percent of the population made less than the average wage,
$48,250 a year in 2017, a sum that is inadequate to support a family in many
cities—especially, with high housing costs, health care, education, and
retirement factored in.
For the ruling class,
though, workers’ wages are already too much. The volatility of the stock market
and the deep fear that the current bull market will collapse has made
politicians and businessmen anxious of any sign of wage increases.
In August, wages in the
US rose just 0.2 percent above the inflation rate, the highest in nine years.
Though the increase was tiny, it was enough to encourage the Federal Reserve to
increase the interest rate past two percent for the first time since 2008. Raising
interest rates helps to depress workers’ wages by lowering borrowing and
spending. As the Financial Times noted, stopping wage growth
was “central” to the Federal Reserve’s move.
Further analysis of the
Social Security Administration data shows that in 2017, 147,754 people reported
wages of 1 million dollars or more—roughly, the top 0.05 percent. Their
combined total income of $372 billion could pay for the US federal education
budget five times over.
These wages, however
large, still pale in comparison to the money the ultra-rich acquire from the
stock market. For example, share buybacks and dividend payments, a way of
funneling money to shareholders, will eclipse $1 trillion this year.
Whatever the immediate
source, the wealth of the rich derives from the great mass of people who do the
actual work. Across the United States and around the world, workers, young
people, and students have entered into struggle this year over pay, education,
health care, immigration, war and democratic rights. This growing movement of
the working class must set as its aim confiscating the wealth and power of this
tiny parasitic oligarchy. Society’s wealth must be democratically controlled by
those who produce it.
THE STAGGERING ECONOMIC INEQUALITY UNDER
OBAMA'S ADMINISTRATION SERVING THE BILLIONAIRE CLASS.
THE
ENTIRE REASON BEHIND AMNESTY IS TO KEEP WAGES DEPRESSED AND PASS ALONG THE REAL
COST OF "CHEAP" MEXICAN LABOR TO THE AMERICAN MIDDLE CLASS.
AND IT'S WORKING!
SEN. BERNIE SANDERS
“Calling income and wealth inequality the "great
moral issue of our time," Sanders laid out a sweeping, almost unimaginably
expensive program to transfer wealth from the richest Americans to the poor and
middle class. A $1 trillion public works program to create "13 million good-paying
jobs." A $15-an-hour federal minimum wage. "Pay equity" for
women. Paid sick leave and vacation for everyone. Higher taxes on the wealthy.
Free tuition at all public colleges and universities. A Medicare-for-all
single-payer health care system. Expanded Social Security benefits. Universal
pre-K.” WASHINGTON EXAMINER
YOU THOUGHT OBAMA INVITED
OBAMANOMICS and started the assault on the American middle-class?
NOPE!
“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.”
Clinton
Foundation Put On Watch List Of Suspicious ‘Charities’
OBAMA: 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.
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.
Millionaires projected to own 46 percent of global private wealth by 2019
By Gabriel Black
Households with more than a million
(US) dollars in private wealth are projected to own 46 percent of global
private wealth in 2019 according to a new report by the Boston Consulting
Group (BCG).
This large percentage, however,
only includes cash, savings, money market funds and listed securities held
through managed investments—collectively known as “private wealth.” It leaves
out businesses, residences and luxury goods, which comprise a substantial
portion of the rich’s net worth.
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.
In total, the world added $17.5
trillion of new private wealth between 2013 and 2014. The report notes that
nearly three quarters of all these gains came from previously existing wealth.
In other words, the vast majority of money gained has been due to pre-existing
assets increasing in value—not the creation of new material things.
This trend is the result of the
massive infusions of cheap credit into the financial markets by central banks.
The policy of “quantitative easing” has led to a dramatic expansion of the
stock market even while global economic growth has slumped.
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.
In
2014, those with over $100 million in private wealth saw their wealth increase
11 percent in one year alone. Collectively, these households owned $10 trillion
in 2014, 6 percent of the world’s private wealth. According to the report,
“This top segment is expected to be the fastest growing, in both the number of
households and total wealth.” They are expected to see 12 percent compound
growth on their wealth in the next five years.
Those families with wealth between
$20 and $100 million also rose substantially in 2014—seeing a 34 percent
increase in their wealth in twelve short months. They now own $9 trillion. In
five years they will surpass $14 trillion according to the report.
Coming in last in the “high net
worth” population are those with between $1 million and $20 million in private
wealth. These households are expected to see their wealth grow by 7.2 percent
each year, going from $49 trillion to $70.1 trillion dollars, several
percentage points below the highest bracket’s 12 percent growth rate.
The
gains in private wealth of the ultra-rich stand in sharp contrast to the
experience of billions of people around the globe. While wealth accumulation
has sharply sped up for the ultra-wealthy, the vast majority of people have not
even begun to recover from the past recession.
An Oxfam
report from
January, for example, shows that the bottom 99 percent of the world’s
population went from having about 56 percent of the world’s wealth in 2010 to
having 52 percent of it in 2014. Meanwhile the top 1 percent saw its wealth
rise from 44 to 48 percent of the world’s wealth.
In
2014 the Russell Sage Foundation found that between 2003 and 2013, the median
household net worth of those in the United States fell from $87,992 to
$56,335—a drop of 36 percent. While the rich also saw their wealth drop during
the recession, they are more than making that money back. 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.
As the Organization for Economic
Co-operation and Development (OECD) has noted, in the United States “between
2007 and 2013, net wealth fell on average 2.3 percent, but it fell ten-times
more (26 percent) for those at the bottom 20 percent of the distribution.” The
2015 report concludes that “low-income households have not benefited at all
from income growth.”
Another report by Knight
Frank , looks at those with wealth exceeding $30 million. The report notes
that in 2014 these 172,850 ultra-high-net-worth individuals increased their
collective wealth by $700 billion. Their total wealth now rests at $20.8
trillion.
The report also draws attention to
the disconnection between the rich and the actual economy. It states that the
growth of this ultra-wealthy population “came despite weaker-than-anticipated
global economic growth. During 2014 the IMF was forced to downgrade its
forecast increase for world output from 3.7 percent to 3.3 percent.”
DICK MORRIS:
On America’s First Family of Crime….. NO! Not
the Bushes again!
Clinton global hucksterism – Selling out America
like they sold out the Lincoln Bedroom.
HILLARY CLINTON: CRONY CLASS’ “Hope
and Change” huckster’s successor!
“I serve Obama’s cronies first, illegals second
and together we will loot the American middle-class to double our figures. It’s
called BAILOUTS! Evita Peron Clinton
At this point, Clinton is
the choice of most multimillionaires to be the next occupant of the White
House. A recent CNBC poll of 750 millionaires found 53 percent support for
Clinton in a contest with Republican Jeb Bush, 14 points better than Obama’s
showing in the 2012 election with the same group.
Sen. Bernie Sanders – America’s answer to Wall
Street’s looting, the war on the American middle-class and jobs for legals!
“At this point, Clinton is the choice of
most multimillionaires to be the next occupant of the White House. A recent
CNBC poll of 750 millionaires found 53 percent support for Clinton in a contest
with Republican Jeb Bush, 14 points better than Obama’s showing in the 2012
election with the same group.”
THE CRONY
CLASS:
OBAMACLINTONOMICS
was created by BILLARY CLINTON!
Income inequality grows
FOUR TIMES FASTER under Obama than Bush.
“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.”
*
“Calling
income and wealth inequality the "great moral issue of our time,"
Sanders laid out a sweeping, almost unimaginably expensive program to transfer
wealth from the richest Americans to the poor and middle class. A $1 trillion
public works program to create "13 million good-paying jobs." A
$15-an-hour federal minimum wage. "Pay equity" for women. Paid sick
leave and vacation for everyone. Higher taxes on the wealthy. Free tuition at
all public colleges and universities. A Medicare-for-all single-payer health
care system. Expanded Social Security benefits. Universal pre-K.” WASHINGTON
EXAMINER
OBAMA’S WALL STREET and the
LOOTING of AMERICA – SECOND TERM
The
corporate cash hoard has likewise reached a new record, hitting an estimated
$1.79 trillion in the fourth quarter of last year, up from $1.77 trillion in
the previous quarter. Instead of investing the money, however, companies are
using it to buy back their own stock and pay out record dividends.
Megan McArdle Discusses How
America's Elites Are Rigging the Rules - Newsweek/The Daily Beast special
correspondent Megan McArdle joins Scott Rasmussen for a discussion on America's
new Mandarin class.
PATRICK
BUCHANAN: OBAMA’S ASSAULT ON AMERICA BEGINS AT OUR BORDERS
WHO
REALLY PAYS FOR THE CRIMES OF OBAMA’S CRONY DONORS???
LAST WEEK BARACK OBAMA
CELEBRATED FIVE YEARS OF THE LOOTING BY HIS WALL STREET BANKSTERS… now it’s
back to cutting social programs to pay for all that rape by the 1% he
represents. The following week it will be back to the AMNESTY HOAX to legalize
Mexico’s looting of America and make it legal that Mexicans get our jobs first…
they already do!
As in previous budget
crises under the Obama administration, the events are being stage-managed by
the two corporate-controlled parties to give the illusion of partisan gridlock
and confrontation over principles—in this case, whether to go forward with the
implementation of the Obama health care program—while behind the scenes all
factions within the ruling elite agree that massive cuts must be carried
through in basic federal social programs.
OBAMA’S
CRONY CAPITALISM – A NATION RULED BY CRIMINAL WALL STREET BANKSTERS AND OBAMA
DONORS
GET THIS BOOK
Culture of
Corruption: Obama and His Team of Tax Cheats, Crooks, and Cronies
by Michelle Malkin
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.
PATRICK
BUCHANAN
After Obama
has completely destroyed the American economy, handed millions of jobs to
illegals and billions of dollars in welfare to illegals…. BUT WHAT COMES NEXT?
OBAMANOMICS: IS IT WORKING???
Millionaires
projected to own 46 percent of global private wealth by 2019
By
Gabriel Black
Households with more than a million (US)
dollars in private wealth are projected to own 46 percent of global private
wealth in 2019 according to a new report by the Boston Consulting
Group (BCG).
This large percentage, however, only
includes cash, savings, money market funds and listed securities held through
managed investments—collectively known as “private wealth.” It leaves out
businesses, residences and luxury goods, which comprise a substantial portion
of the rich’s net worth.
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.
In total, the world added $17.5 trillion
of new private wealth between 2013 and 2014. The report notes that nearly three
quarters of all these gains came from previously existing wealth. In other
words, the vast majority of money gained has been due to pre-existing assets
increasing in value—not the creation of new material things.
This trend is the result of the massive
infusions of cheap credit into the financial markets by central banks. The
policy of “quantitative easing” has led to a dramatic expansion of the stock
market even while global economic growth has slumped.
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.
In 2014, those with over $100 million in
private wealth saw their wealth increase 11 percent in one year alone.
Collectively, these households owned $10 trillion in 2014, 6 percent of the
world’s private wealth. According to the report, “This top segment is expected
to be the fastest growing, in both the number of households and total wealth.”
They are expected to see 12 percent compound growth on their wealth in the next
five years.
Those families with wealth between $20 and
$100 million also rose substantially in 2014—seeing a 34 percent increase in
their wealth in twelve short months. They now own $9 trillion. In five years
they will surpass $14 trillion according to the report.
Coming in last in the “high net worth”
population are those with between $1 million and $20 million in private wealth.
These households are expected to see their wealth grow by 7.2 percent each
year, going from $49 trillion to $70.1 trillion dollars, several percentage
points below the highest bracket’s 12 percent growth rate.
The gains in private wealth of the
ultra-rich stand in sharp contrast to the experience of billions of people
around the globe. While wealth accumulation has sharply sped up for the
ultra-wealthy, the vast majority of people have not even begun to recover from
the past recession.
An Oxfam report from January, for example, shows that the bottom 99 percent
of the world’s population went from having about 56 percent of the world’s
wealth in 2010 to having 52 percent of it in 2014. Meanwhile the top 1 percent
saw its wealth rise from 44 to 48 percent of the world’s wealth.
In 2014 the Russell Sage Foundation found
that between 2003 and 2013, the median household net worth of those in the
United States fell from $87,992 to $56,335—a drop of 36 percent. While the rich
also saw their wealth drop during the recession, they are more than making that
money back. 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.
As the Organization for Economic
Co-operation and Development (OECD) has noted, in the United States “between
2007 and 2013, net wealth fell on average 2.3 percent, but it fell ten-times
more (26 percent) for those at the bottom 20 percent of the distribution.” The
2015 report concludes that “low-income households have not benefited at all
from income growth.”
Another report by Knight Frank ,
looks at those with wealth exceeding $30 million. The report notes that in 2014
these 172,850 ultra-high-net-worth individuals increased their collective
wealth by $700 billion. Their total wealth now rests at $20.8 trillion.
The report also draws attention to the
disconnection between the rich and the actual economy. It states that the
growth of this ultra-wealthy population “came despite weaker-than-anticipated
global economic growth. During 2014 the IMF was forced to downgrade its
forecast increase for world output from 3.7 percent to 3.3 percent.”
THE CRONY CLASS:
OBAMACLINTONOMICS
was created by BILLARY CLINTON!
Income inequality grows
FOUR TIMES FASTER under Obama than Bush.
“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.”
*
“Calling income and wealth inequality the "great
moral issue of our time," Sanders laid out a sweeping, almost unimaginably
expensive program to transfer wealth from the richest Americans to the poor and
middle class. A $1 trillion public works program to create "13 million
good-paying jobs." A $15-an-hour federal minimum wage. "Pay
equity" for women. Paid sick leave and vacation for everyone. Higher taxes
on the wealthy. Free tuition at all public colleges and universities. A
Medicare-for-all single-payer health care system. Expanded Social Security
benefits. Universal pre-K.” WASHINGTON EXAMINER
OBAMA’S WALL STREET and the
LOOTING of AMERICA – SECOND TERM
The
corporate cash hoard has likewise reached a new record, hitting an estimated
$1.79 trillion in the fourth quarter of last year, up from $1.77 trillion in
the previous quarter. Instead of investing the money, however, companies are
using it to buy back their own stock and pay out record dividends.
Megan McArdle Discusses How
America's Elites Are Rigging the Rules - Newsweek/The Daily Beast special
correspondent Megan McArdle joins Scott Rasmussen for a discussion on America's
new Mandarin class.
POLL: MOST INCOMPETENT AND
DISHONEST PRESIDENT SINCE…. Well, isn’t Obama merely Bush’s THIRD and FOURTH
TERMS??
OBAMA’S CRONY CAPITALISM
A NATION RULED BY CRIMINAL WALL
STREET BANKSTERS AND OBAMA DONORS
PATRICK BUCHANAN
After Obama has completely destroyed
the American economy, handed millions of jobs to illegals and billions of
dollars in welfare to illegals…. BUT WHAT COMES NEXT?
OBAMANOMICS: IS IT WORKING???
Millionaires projected to own 46 percent of
global private wealth by 2019
By Gabriel Black
Households with more than a million (US) dollars in private wealth
are projected to own 46 percent of global private wealth in 2019 according to a
new report by the Boston Consulting Group (BCG).
This large percentage, however, only includes cash, savings, money
market funds and listed securities held through managed
investments—collectively known as “private wealth.” It leaves out businesses,
residences and luxury goods, which comprise a substantial portion of the rich’s
net worth.
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.
In total, the world added $17.5 trillion of new private wealth
between 2013 and 2014. The report notes that nearly three quarters of all these
gains came from previously existing wealth. In other words, the vast majority
of money gained has been due to pre-existing assets increasing in value—not the
creation of new material things.
This trend is the result of the massive infusions of cheap credit
into the financial markets by central banks. The policy of “quantitative
easing” has led to a dramatic expansion of the stock market even while global
economic growth has slumped.
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.
In 2014, those with over $100 million in private wealth saw their
wealth increase 11 percent in one year alone. Collectively, these households
owned $10 trillion in 2014, 6 percent of the world’s private wealth. According
to the report, “This top segment is expected to be the fastest growing, in both
the number of households and total wealth.” They are expected to see 12 percent
compound growth on their wealth in the next five years.
Those families with wealth between $20 and $100 million also rose
substantially in 2014—seeing a 34 percent increase in their wealth in twelve
short months. They now own $9 trillion. In five years they will surpass $14
trillion according to the report.
Coming in last in the “high net worth” population are those with
between $1 million and $20 million in private wealth. These households are
expected to see their wealth grow by 7.2 percent each year, going from $49
trillion to $70.1 trillion dollars, several percentage points below the highest
bracket’s 12 percent growth rate.
The gains in private wealth of the ultra-rich stand in sharp
contrast to the experience of billions of people around the globe. While wealth
accumulation has sharply sped up for the ultra-wealthy, the vast majority of
people have not even begun to recover from the past recession.
An Oxfam report from January, for example, shows
that the bottom 99 percent of the world’s population went from having about 56
percent of the world’s wealth in 2010 to having 52 percent of it in 2014.
Meanwhile the top 1 percent saw its wealth rise from 44 to 48 percent of the
world’s wealth.
In 2014 the Russell Sage Foundation found that between 2003 and
2013, the median household net worth of those in the United States fell from
$87,992 to $56,335—a drop of 36 percent. While the rich also saw their wealth drop
during the recession, they are more than making that money back. 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.
As the Organization for Economic Co-operation and Development
(OECD) has noted, in the United States “between 2007 and 2013, net wealth fell
on average 2.3 percent, but it fell ten-times more (26 percent) for those at
the bottom 20 percent of the distribution.” The 2015 report concludes that
“low-income households have not benefited at all from income growth.”
Another report by Knight Frank , looks at those with
wealth exceeding $30 million. The report notes that in 2014 these 172,850
ultra-high-net-worth individuals increased their collective wealth by $700
billion. Their total wealth now rests at $20.8 trillion.
The report also draws attention to the disconnection between the
rich and the actual economy. It states that the growth of this ultra-wealthy
population “came despite weaker-than-anticipated global economic growth. During
2014 the IMF was forced to downgrade its forecast increase for world output
from 3.7 percent to 3.3 percent.”
OBAMA-CLINTONomics: the
never end war on the American middle-class. But we still get the tax bills for
the looting of their Wall Street cronies and their bailouts and billions for
Mexico’s welfare state in our borders.
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.
In
2014, those with over $100 million in private wealth saw their wealth increase
11 percent in one year alone. Collectively, these households owned $10 trillion
in 2014, 6 percent of the world’s private wealth. According to the report,
“This top segment is expected to be the fastest growing, in both the number of
households and total wealth.” They are expected to see 12 percent compound
growth on their wealth in the next five years.
In 2014 the Russell Sage
Foundation found that between
2003 and 2013, the median
household net worth of those in
the United States fell from
$87,992 to $56,335—a drop of 36
percent. While the rich also saw
their wealth drop during the
recession, they are more than
making that money back.
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.
INCOME PLUMMETS UNDER OBAMA AND
HIS WALL STREET CRONIES
collapse
of household income in the US… STILL BILLIONS IN WELFARE HANDED TO ILLEGALS…
they already get our jobs and are voting for more!
INCOME
PLUMMETS UNDER OBAMA… most jobs go to illegals.
AS HIS CRONY BANKSTERS
CONTINUE TO LOOT, INCOMES PLUMMET FOR AMERICANS (LEGALS).
GOOD TIME FOR AMNESTY FOR
MILLIONS OF LOOTING MEXICANS?
MORE HERE:
http://mexicanoccupation.blogspot.com/2014/09/and-still-democrat-party-wants-millions.html
“The yearly income of a
typical US household dropped by a massive 12 percent, or $6,400, in the six
years between 2007 and 2013. This is just one of the findings of the 2013
Federal Reserve Survey of Consumer Finances released Thursday, which documents
a sharp decline in working class living standards and a further concentration
of wealth in the hands of the rich and the super-rich.”
"During the month,
some 432,000 people in the US gave up looking for a job." EVEN AS JEB BUSH, HILLARY CLINTON and
BERNIE SANDERS PREACH AMNESTY! AMNESTY! AMNESTY! "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." HILLARY CLINTON'S
BIGGEST DONORS ARE OBAMA'S CRIMINAL CRONY BANKSTERS! "A defining expression
of this crisis is the dominance of financial speculation and parasitism, to the
point where a narrow international financial aristocracy plunders society’s
resources in order to further enrich itself." Federal Reserve documents stagnant state of US economy
Federal
Reserve documents stagnant state of US economy
By Barry Grey
The
US Federal Reserve Board last week released its semiannual Monetary Policy
Report to Congress, providing an assessment of the state of the American
economy and outlining the central bank’s monetary policy going forward. The
report, along with Fed Chair Janet Yellen’s testimony before both the House of
Representatives and the Senate, as well as a speech by Yellen the previous week
in Cleveland, present a grim picture of the reality behind the official talk of
economic “recovery.” This was
an expected, but nevertheless welcome, signal to the American financial elite,
which has enjoyed a spectacular rise in corporate profits, stock values and
personal wealth since 2009 thanks to the flood of virtually free money provided
by the Fed. In her
prepared testimony to the House Financial Services Committee and the Senate
Banking Committee, Yellen noted the following features of the performance of
the US economy over the first six months of 2015: * A sharp
decline in the rate of economic growth as compared to 2014, including an actual
contraction in the first quarter of the year. * A
substantial slackening (19 percent) in average monthly job-creation, from
260,000 last year to 210,000 thus far in 2015. * Declines
in domestic spending and industrial production. In her
July 10 speech to the City Club of Cleveland, Yellen cited an even longer list
of negative indices, including: * Growth
in real gross domestic product (GDP) since the official beginning of the
recovery in June, 2009 has averaged a mere 2.25 percent per year, a full one
percentage point less than the average rate over the 25 years preceding what
Yellen called the “Great Recession.” * While
manufacturing employment nationwide has increased by about 850,000 since the
end of 2009, there are still almost 1.5 million fewer manufacturing jobs than
just before the recession. * Real GDP
and industrial production both declined in the first quarter of this year.
Industrial production continued to fall in April and May. *
Residential construction (despite extremely low mortgage rates by historical
standards) has remained “quote soft.” *
Productivity growth has been “weak,” largely because “Business owners and
managers… have not substantially increased their capital expenditures,” and
“Businesses are holding large amounts of cash on their balance sheets.” *
Reflecting the general stagnation and even slump in the real economy, core
inflation rose by only 1.2 percent over the past 12 months. The
Monetary Policy Report issued by the Fed includes facts that are, if anything,
even more alarming, including: * “Labor
productivity in the business sector is reported to have declined in both the
fourth quarter of 2014 and the first quarter of 2015.” * “Exports
fell markedly in the first quarter, held back by lackluster growth abroad.” * “Overall
construction activity remains well below its pre-recession levels.” * “Since
the recession began, the gains in… nominal compensation [workers’ wages and
benefits] have fallen well short of their pre-recession averages, and growth of
real compensation has fallen short of productivity growth over much of this
period.” * “Overall
business investment has turned down as investment in the energy sector has
plunged. Business investment fell at an annual rate of 2 percent in first
quarter… Business outlays for structures outside of the energy sector also
declined in the first quarter…” During the month, some 432,000 people in the US gave up
looking for a job. 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. A
defining expression of this crisis is the dominance of financial speculation
and parasitism, to the point where a narrow international financial aristocracy
plunders society’s resources in order to further enrich itself.
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