THE DEMOCRAT PARTY IS NOW THE GLOBALIST LA RAZA SUPREMACY DEMOCRAT for wider open borders and more "cheap" labor.
Left off the debate stage was any serious discussion of the unprecedented social catastrophe gripping 21st century America, for which both parties are responsible: falling working class living standards, declining indices of health, police killings, mass incarceration, the US prosecution of endless war around the globe.
Big business parties preside over a social catastrophe in 21st century America
3 August 2019
The second Democratic Party debate held on Tuesday and Wednesday in Detroit featured the four “frontrunners”—former Vice President Joe Biden and Senators Kamala Harris, Elizabeth Warren and Bernie Sanders—and 16 others engaging in the standard mixture of demagogy and lies.
The content of the debate could be divided
into three categories: (1) promises made that
none of the 20 will ever make good on, (2)
chastising each other for their right-wing
policies, and (3) depicting right-wing policies
they have championed as progressive.
Left off the debate stage was any serious discussion of the unprecedented social catastrophe gripping 21st century America, for which both parties are responsible: falling working class living standards, declining indices of health, police killings, mass incarceration, the US prosecution of endless war around the globe.
These omissions are by design: The Democrats have no more intention than the Republicans of addressing the burning social questions confronting the working class. Just what is the horrific state of affairs that they seek to cover up and make worse for workers and their families?
Social inequality
The wealth of the ruling elite is soaring to new heights. Amazon’s Jeff Bezos has the world’s highest net worth: $131.4 billion. The average annual income among US households in the top 1 percent stands at about $1.8 million, while average income among the lowest fifth of households is a paltry $21,000. The average hoard of the 10 highest net worth individuals is 222,530 times the annual income of a worker earning a $15 “living wage,” who works 40 hours per week.
BLOG: THERE ARE ABOUT 40 MILLION
ILLEGALS IN U.S. OPEN BORERS
SUCKING IN HUNDREDS OF MILLIONS IN
WELFARE.
There are about 40 million people living in poverty, based on the absurdly low official poverty threshold of $25,000 for a family of four. This includes 15 million children. While struggling to pay for housing, transportation, food and other necessities, 40 percent of Americans say they would have trouble coming up with $400 for an unexpected expense, like a medical bill.
Working families are drowning in debt, including for credit card payments. Student debt reached an astronomical $1.5 trillion last year, while auto debt is up nearly 40 percent in the last decade, adjusting for inflation, to $1.3 trillion. Household debt increased by nearly $9 trillion between 1989 and 2018, with 74 percent of that issued to the bottom 90 percent of households by net worth.
Declining life expectancy & “deaths of despair”
Life expectancy, a key indicator of a society’s well-being, has declined each of the last three years. “Deaths of despair”—premature deaths from suicide, alcohol abuse or drug overdose—continue to rise in nearly every state. According to the Centers for Disease Control and Prevention (CDC), in 2017 there were more than 70,000 deaths due to drug overdoses, with opioids involved in more than 47,000 of these.
Paradoxically, the high cost and/or lack of health care is contributing to Americans’ deteriorating health, as health is subordinated to the profit of the health care industry. As of the end of 2018, 30 million adults remained uninsured; 44 percent of the population had insurance but were considered “underinsured” due to high out-of-pocket costs.
BLOG: THE ENTIRE REASON THE U.S. HAS OPEN BORDERS IS TO KEEP WAGES DEPRESSED!
Deteriorating working conditions
Wages have remained basically stagnant over the last two decades. Over the last year, average hourly wages have grown by only about 3.2 percent, which, when accounting for inflation, amounts to a mere 1 percent increase. In July, average weekly hours edged lower to 34.3, as increasing numbers of workers are pushed into part-time work involuntarily.
Plant closures are slamming the auto industry as the contract expiration for General Motors, Ford and Fiat-Chrysler workers approaches. As the debate took place in Detroit, GM closed its 78-year-old transmission plant in Warren, Michigan. The plant is one of five in North America the company has slated for closure by early 2020, at a total cost of 14,000 production and white-collar jobs.
The US industrial slaughterhouse claimed 5,147 workers’ lives in 2017. Workers are killed daily in manufacturing, steel plants, on the road, in construction, in retail and other service industries, and in myriad other occupations.
Unintentional overdoses due to alcohol or nonmedical use of drugs at work increased from 210 in 2016 to 272 in 2017, the fifth consecutive year in which unintentional workplace overdose deaths have increased by at least 25 percent. Workers are increasingly bringing their personal problems, particularly their financial troubles, to work in the form of drug and alcohol abuse, with deadly results.
Violence “Made in the USA”
There were a staggering 39,773 gun deaths in 2017 in the US, up by more than 1,000 from the year before. This was the largest yearly total on record in the CDC’s electronic database, which goes back 50 years. Nearly two-thirds of these deaths were suicides; 37 percent were homicides.
According to the Washington Post, 519 people have been killed in police shootings so far in 2019; 992 were killed in 2018.
The US prison system holds almost 2.3 million people, the highest number and the highest rate of incarceration of any country on record. The American gulag comprises 1,719 state prisons, 109 federal prisons, 1,772 juvenile correctional facilities, 3,163 local jails, and 80 Indian Country jails, as well as military prisons, immigration detention facilities, civil commitment centers, state psychiatric hospitals, and prisons in the US territories.
About one in 143 people in America is incarcerated. Two-and-a-half thousand languish on death rows across the country. Despite growing popular opposition to capital punishment, it is still practiced. Since 1973, 1,500 people have been sent to their deaths; 25 were executed in five states in 2018.
A government of war, violence and austerity
The indices of social crisis detailed above are an indictment, not only of the Trump administration, but of the Democratic Party. In the wake of this week’s Democratic debate there has been a backlash in the Democratic-supporting media and among Obama supporters against the attacks made against his administration in the course of the debate.
Their concern is that in the hypocritical criticisms of Obama, more is said than intended. The basic reality is that the policies of the Trump administration were prepared by his predecessor, and that the Democrats are currently functioning as Trump’s enablers.
The US Senate, with overwhelming Democratic support, just passed a budget for the fiscal year beginning October 1 that includes a record $738 billion for the military and $638 billion for everything else, a gap of more than $100 billion. The House passed the bill earlier, also with the support of the Democrats.
Any action against the deplorable state of US
society will not come through the maneuvers
of either big business party. Both support the
exploitation of the mass of workers by a tiny
minority of bloated millionaires.
society will not come through the maneuvers
of either big business party. Both support the
exploitation of the mass of workers by a tiny
minority of bloated millionaires.
The massive social crisis in the United States—repeated in different forms internationally—cannot be addressed outside of a fundamental transformation in social and economic relations. The unimaginable wealth of the ruling elite must be expropriated and the giant banks and corporations transformed into public utilities. The endless diversion of resources toward war and plunder must be redirected to meet basic social needs.
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”
into admission into the upper stratosphere of American wealth, with incomes in the top 0.1 percent bracket. The source of this vast wealth was a political machine that might well be dubbed “Clinton, Inc.” This consists essentially of a seedy money-laundering operation to ensure big business support for the Clintons’ political ambitions as well as their personal fortunes."
into admission into the upper stratosphere of American wealth, with incomes in the top 0.1 percent bracket. The source of this vast wealth was a political machine that might well be dubbed “Clinton, Inc.” This consists essentially of a seedy money-laundering operation to ensure big business support for the Clintons’ political ambitions as well as their personal fortunes."
*
"The tax overhaul would mean an unprecedented windfall for
the super-rich, on top of the fact
that virtually all income gains during the period of the supposed
recovery from the financial crash of 2008 have gone to the top 1 percent
income bracket."
*
Graph from the Economic Policy Institute
Decades of decaying capitalism have led to this accelerating
divide. While the rich accumulate wealth with no restriction, workers’ wages
and benefits have been under increasing attack. In 1979, 90 percent of the
population took in 70 percent of the nation’s income. But, by 2017, that fell
to only 61 percent.
*
Millionaires projected to own 46
percent of global private wealth by 2019
While the wealth of the rich is growing at a
breakneck pace, there is a stratification of growth within the super wealthy,
skewed towards the very top.
At the
end of 2014, millionaire households owned about 41 percent of global private wealth,
according to BCG. This means that collectively these 17 million households
owned roughly $67.24 trillion in liquid assets, or about $4 million per
household.
By Gabriel Black
*
The massive increase in the value of
the stock market, which only a small segment of the population
participates in, means that the top 10 percent of the population controls
73 percent of all wealth in the United States. Just three
men—Jeff Bezos, Warren Buffet and Bill Gates—had more wealth than the
bottom half of America combined last year.
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
*
“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
*
Additionally, Koch spokespeople at the donors’ conference said the
network has its sights set on pushing amnesty for millions of illegal aliens
this year.
Despite a booming economy, many U.S. households are still just
holding on
https://mexicanoccupation.blogspot.com/2019/05/the-recovery-that-never-happened-except.html
"One of the
premier institutions of big business, JP Morgan Chase, issued
an internal report on the eve of the 10th anniversary of the 2008
crash, which warned that another “great liquidity crisis”
was possible, and that a government bailout on the scale of that
effected by Bush and Obama will produce social unrest, “in light of
the potential impact of central bank actions in driving
inequality between asset owners and labor."
“Our entire crony capitalist system, Democrat and Republican
alike, has become a kleptocracy approaching par with third-world
hell-holes. This is the way a great country is raided by its elite.”
---- Karen McQuillan THEAMERICAN THINKER.com
“Behind
the ostensible government sits enthroned an invisible government owing no
allegiance and acknowledging no responsibility to the people. To destroy this
invisible government, to befoul the unholy alliance between corrupt business
and corrupt politics is the first task of the statesmanship of today.” THEODORE
ROOSEVELT
Jim Carrey: America ‘Doomed’ If We Don’t Regulate Capitalism"
The American phenomenon of record stock values fueling an ever greater concentration of wealth at the very top of society, while the economy is starved of productive investment, the social infrastructure crumbles, and working class living standards are driven down by entrenched unemployment, wage-cutting and government austerity policies, is part of a broader global process."
The father
of US Treasury Secretary Steven Mnuchin just completed the most
expensive purchase of a living artist’s work in US history, spending
over $91 million on a three-foot-tall metallic sculpture. Ken Griffin,
the founder of hedge fund Citadel, recently dropped $238 million on a
penthouse in New York City, the most expensive US home ever purchased.
And Amazon’s Jeff Bezos, the world’s richest man, has invested $42
million in a 10,000-year clock.
Decades of
decaying capitalism have led to this accelerating divide. While the rich
accumulate wealth with no restriction, workers’ wages and benefits have been
under increasing attack. In 1979, 90 percent of the population took in 70
percent of the nation’s income. But, by 2017, that fell to only 61 percent.
"This is
how they will destroy America from within. The leftist
billionaires who orchestrate these plans are wealthy. Those tasked
with representing us in Congress will never be exposed to the
cost of the invasion of millions of migrants. They have nothing
but contempt for those of us who must endure the consequences of our
communities being intruded upon by gang members, drug dealers and
human traffickers. These people have no intention
of becoming Americans; like the Democrats who welcome them, they have
contempt for us." PATRICIA McCARTHY
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.
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.
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
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
///
(THERE'S A REASON WHY GEORGE S OROS RUNS OBAMA'S BID FOR A
THIRD TERM FOR LIFE).
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?
AMERICA: THE ECONOMY IS RIGGED
BY COGRESS 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
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!
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.
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
CHARLIE SPIERING
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.
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”
into admission into the upper stratosphere of American wealth, with incomes in the top 0.1 percent bracket. The source of this vast wealth was a political machine that might well be dubbed “Clinton, Inc.” This consists essentially of a seedy money-laundering operation to ensure big business support for the Clintons’ political ambitions as well as their personal fortunes."
into admission into the upper stratosphere of American wealth, with incomes in the top 0.1 percent bracket. The source of this vast wealth was a political machine that might well be dubbed “Clinton, Inc.” This consists essentially of a seedy money-laundering operation to ensure big business support for the Clintons’ political ambitions as well as their personal fortunes."
*
"The tax
overhaul would mean an unprecedented windfall for the super-rich, on
top of the fact that virtually all income gains during the
period of the supposed recovery from the financial crash of 2008 have
gone to the top 1 percent income bracket."
*
Graph from the Economic Policy Institute
Decades of decaying capitalism have led to this accelerating
divide. While the rich accumulate wealth with no restriction, workers’ wages
and benefits have been under increasing attack. In 1979, 90 percent of the
population took in 70 percent of the nation’s income. But, by 2017, that fell
to only 61 percent.
*
Millionaires
projected to own 46 percent of global private wealth by 2019
While the wealth of the rich is growing at a
breakneck pace, there is a stratification of growth within the super wealthy,
skewed towards the very top.
At the end of 2014, millionaire
households owned about 41 percent of global private wealth, according to BCG.
This means that collectively these 17 million households owned roughly $67.24
trillion in liquid assets, or about $4 million per household.
By Gabriel Black
*
The massive increase in the value of the stock market,
which only a small segment of the population participates in, means that
the top 10 percent of the population controls 73 percent of
all wealth in the United States. Just three men—Jeff Bezos, Warren
Buffet and Bill Gates—had more wealth than the bottom half of America
combined last year.
Biden defended the wealthy in his speech to the donors but begged them to be aware of wealth inequality.
America Created Just 20,000 Jobs in
February...and those all went to foreign born
Exclusive–Mo Brooks: ‘Masters of the
Universe’ Want More Immigration to ‘Decrease Incomes of Americans’
Consequently, the pumping of
ultra-cheap money into the financial system, fueling speculation and
parasitism, together with ever-widening social inequality, is not
a temporary measure but must be made permanent.
The declining living standards of the
working class are feeding directly into the retail apocalypse and
mass layoffs of retail workers will only exacerbate the issue.
Workers’ wages have seen little to no
growth in the last four decades, and any economic growth experienced
since 2008 has gone to
Biden defended the wealthy in his speech to the donors but
begged them to be aware of wealth inequality.
“US
household net worth sees biggest fall since crisis”
*
“Trump
Touts Legal Immigration
System for ‘Our Corporations’ at Expense of
American Workers “– JOHN
BINDER
Trump’s
shift from a wage-boosting legal immigration system to one that benefits
corporations and their shareholders coincides with recent big business lobby
influence over his White House, at the behest of advisers Jared Kushner and
Brooke Rollins.
*
“Trump
Abandons ‘America First’ Reforms: ‘We Need’ More Immigration to
Grow Business Profits” JOHN BINDER
Biden
defended the wealthy in his speech to the donors but begged them to be aware of
wealth inequality.
Despite a booming economy, many U.S. households are still just
holding on
https://mexicanoccupation.blogspot.com/2019/05/the-recovery-that-never-happened-except.html
"One of the premier institutions of
big business, JP Morgan Chase, issued an internal report on the
eve of the 10th anniversary of the 2008 crash, which warned that
another “great liquidity crisis” was possible, and that a
government bailout on the scale of that effected by Bush and Obama
will produce social unrest, “in light of the potential impact
of central bank actions in driving inequality between
asset owners and labor."
“Our
entire crony capitalist system, Democrat and Republican alike, has become
a kleptocracy approaching par with third-world hell-holes. This
is the way a great country is raided by its elite.” ---- Karen
McQuillan THEAMERICAN THINKER.com
“Behind the ostensible government sits enthroned an
invisible government owing no allegiance and acknowledging no responsibility to
the people. To destroy this invisible government, to befoul the unholy alliance
between corrupt business and corrupt politics is the first task of the
statesmanship of today.” THEODORE ROOSEVELT
Jim Carrey: America ‘Doomed’ If We Don’t Regulate Capitalism"
The American phenomenon of record stock values fueling an ever greater concentration of wealth at the very top of society, while the economy is starved of productive investment, the social infrastructure crumbles, and working class living standards are driven down by entrenched unemployment, wage-cutting and government austerity policies, is part of a broader global process."
The
father of US Treasury Secretary
Steven Mnuchin just completed the most
expensive purchase of a living artist’s work in
US history, spending over $91 million on a
three-foot-tall metallic sculpture. Ken Griffin,
the founder of hedge fund Citadel,
recently dropped $238 million on a
penthouse in New York City, the most
expensive US home ever purchased. And
Amazon’s Jeff Bezos, the world’s richest man,
has invested $42 million in a 10,000-year
clock.
Decades
of decaying capitalism have led to this accelerating divide. While the rich
accumulate wealth with no restriction, workers’ wages and benefits have been
under increasing attack. In 1979, 90 percent of the population took in 70
percent of the nation’s income. But, by 2017, that fell to only 61 percent.
"This is how they will destroy
America from within. The leftist billionaires who
orchestrate these plans are wealthy. Those tasked with representing
us in Congress will never be exposed to the cost of the invasion of
millions of migrants. They have nothing but contempt
for those of us who must endure the consequences of our communities
being intruded upon by gang members, drug dealers and
human traffickers. These people have no intention
of becoming Americans; like the Democrats who welcome them, they have
contempt for us." PATRICIA McCARTHY
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 report details how Wall Street
insiders are becoming comfortable with Warren as the potential nominee to go up
against Trump and his “America First” agenda:
“I think
she is going to get the nomination because she’s the smartest, she’s
charismatic and she’s the most policy-oriented,” said one former top executive
at a large Wall Street bank who, like several interviewed for this
story, declined to be quoted on record saying anything nice about Warren. “Wall
Street is very good at accommodating itself to reality and if the reality is
the party is going to be super-progressive, they may not like Warren but she’s
a better form of poison than Bernie.” [Emphasis added]
…
“If she
were the nominee, there will certainly be people who will say that Donald Trump
represents everything that I’m against,” said Orin Kramer, a hedge fund manager who is
raising money for Buttigieg. “And they will find stuff that they like
about her and will vote for her.” [Emphasis added]
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.
No comments:
Post a Comment