THE GLOBALIST DEMOCRAT PARTY IS FOR BANKSTERS, BILLIONAIRES AND BAILOUTS!
ALL BANKSTERS WANT ENDLESS
HORDES OF ILLEGALS TO EXPLOIT! THAT IS WHY ALL BANKSTERS ARE DEMOCRATS
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.
Joe Biden’s Campaign Is Awash in Wall Street Cash
4:01
Joe Biden has adopted the anti-Wall Street rhetoric of some of his former rivals for the Democrat nomination, but that has not stopped him from collecting an enormous war chest of campaign cash from the financial sector.
Biden on Tuesday said that America “wasn’t built by Wall Street bankers and CEOs, it was built by the great American middle class.”
Securities industry employees, a close proxy for Wall Street, have donated $29,703,244 to Biden’s campaign or to political committees supporting his campaign for the presidency, according to the nonpartisan Center for Responsive Politics. The sector is the second-largest source of campaign contributions to Biden’s campaign, coming only after Democrat Party and left-wing organizations.
Donald Trump, by contrast, has only received around $6,320,861.
Biden has also received far more campaign cash from employees of J.P.Morgan Chase, Bank of America, Morgan Stanley, and Goldman Sachs than his Republican rival, according to the Center for Responsive Politics. For example, Biden has taken more than 6 times as much money from J.P. Morgan Chase employees than Trump.
Employees at those four firms have donated a total of $508,259 to Biden’s campaign, according to data from the Center for Responsive Politics. Morgan Stanley was the biggest contributor to Biden of the group, with donations totaling $171,274.
Trump has received just $27,981 dollars from Morgan Stanley employees. J.P. Morgan employees have contributed $23,942. Bank of America employees given $40,448. Goldman’s contributions add up to a grand total of $4,211, according to data from the Center for Responsive Politics. A total of $96,582, less than one-fifth of Biden’s take.
Political contributions from Citigroup were unavailable at the time of publication.
The campaign cash from the big Wall Street banks have poured into Democrat coffers in the 2020 election cycle. Slightly more than 58 percent of Goldman’s contributions to Congressional candidates have gone to Democrats. More than 62 percent of Morgan Stanley’s contributions went to Democrats. Bank of America was nearly even, with 49.9 percent going to Republicans and 49.6 percent going to Republicans. J.P. Morgan favored Democrats by nearly 60 percent to 30 percent, with 10 percent going to independent candidates.
This is not a function of just giving to the majority party. Goldman’s contributions favor Democrats in the House and Republicans in the Senate, while Morgan Stanley’s and J.P. Morgan’s favor Democrats in both. Bank of America contributors favor Republican candidates for the House and Democrats in the Senate.
When measured by contributions to all federal candidates, all four skew Democrat. J.P. Morgan’s contributions are the most tilted, with 73.4 percent going to Democrat candidates, and Bank of America’s the least, with 58.5 percent going to Democrats. Morgan Stanley tilts 67.9 percent Democrat. Goldman lean is 61.28 Democrat.
This is a further shift leftward by Wall Street from the last election cycle, when between 50 percent and 52 percent of the contributions through mid-year 2017 from J.P. Morgan, Morgan Stanley, and Bank of America went to Republicans. Those banks sent between 37 percent and 45 percent of the contributions to Democrats.
BLOG:
DURING THE EIGHT YEARS OF THE OBAMA-BIDEN BANKSTER REGIME WE NEVER HEARD GROPER
JOE COMPLAINT ABOUT THE LOOT HANDED OVER TO THEIR BANKSTER DONORS OR A COMMENT
ON SEN. DIANNE FEINSTEIN (ENDORSED BIDEN) AND HER CRIMINAL BANKSTERS WELLS
FARGO!
Biden
repeatedly unloaded on big business and big banks, noting that “this is the
second time we’ve bailed their asses out,” accusing the Trump administration of
managing the stimulus for their benefit. He railed about banks like Wells Fargo
that are “only alive because of the American taxpayer” giving their large
corporate clients the first shot at CARES Act aid intended for small
businesses.
Biden wants a new
stimulus 'a hell of a lot bigger' than $2 trillion
After the 2008 crisis, the Bush and
Obama
administrations orchestrated the bailout
of
Wall Street, buying up all the bad
debts,
particularly in mortgage-backed
securities,
that had been used as vehicles for an orgy
of
speculation. As a result, social
inequality
increased to record levels. Corporate
cash
hoards rose to $2 trillion. Some $4
trillion
BLOG:
DURING THE EIGHT YEARS OF THE OBAMA-BIDEN BANKSTER REGIME WE NEVER HEARD GROPER
JOE COMPLAINT ABOUT THE LOOT HANDED OVER TO THEIR BANKSTER DONORS OR A COMMENT
ON SEN. DIANNE FEINSTEIN (ENDORSED BIDEN) AND HER CRIMINAL BANKSTERS WELLS
FARGO!
Biden
repeatedly unloaded on big business and big banks, noting that “this is the
second time we’ve bailed their asses out,” accusing the Trump administration of
managing the stimulus for their benefit. He railed about banks like Wells Fargo
that are “only alive because of the American taxpayer” giving their large
corporate clients the first shot at CARES Act aid intended for small
businesses.
Biden wants a new
stimulus 'a hell of a lot bigger' than $2 trillion
By Michael
Grunwald
Joe Biden wants a more progressive approach to
economic stimulus legislation than Washington has taken so far, including much
stricter oversight of the Trump Administration, much tougher conditions on
business bailouts and long-term investments in infrastructure and climate that
have so far been largely absent from congressional debates.
In a fiery half-hour interview with POLITICO,
the presumptive Democratic nominee sounded a bit like his angrier and less
moderate primary rivals, Senators Bernie Sanders and Elizabeth Warren, though
in unexpurgated Biden style. The former vice president said that the next round
of coronavirus stimulus needs to be “a hell of a lot bigger” than last month’s
$2 trillion CARES Act, that it needs to include massive aid to states and
cities to prevent them from “laying off a hell of a lot of teachers and cops
and firefighters,” and that the administration is already “wasting a hell of a
lot of money.”
Biden has been running a low-profile campaign
during the pandemic, tweeting, filming videos and appearing on Sunday shows
from his Delaware home while President Donald Trump has briefed the nation
daily from the White House. Biden has let House Speaker Nancy Pelosi and Senate
Minority Leader Chuck Schumer speak for the Democratic Party during the debates
over economic relief, offering supportive public statements that have faded
into the background.
But stimulus is a subject close to his heart,
and he passionately contrasted his own management of President Barack Obama’s
$800 billion Recovery Act in 2009 with President Donald Trump’s approach to the
trillions of dollars flowing out of Capitol Hill.
The Obama stimulus was wildly controversial,
but it won bipartisan praise for its strict oversight and unusually low levels
of fraud. In the interview, Biden was at his most indignant when he recounted
how he recruited a gruff law enforcement veteran and government watchdog named
Earl Devaney to oversee the Recovery Act in 2009, and how President Donald
Trump fired the Pentagon inspector general who had been selected to oversee the
CARES Act almost immediately after he signed it.
“I wanted to bring in the toughest
son-of-a-b***h in the country—I really mean it, I’m not joking—because we
wanted to make sure we did it by the numbers with genuine oversight,” Biden
said. “Right now, there’s no oversight. [Trump] made it real clear he doesn’t
have any damn interest in being checked. The last thing he wants is anyone
watching that $500 billion going to corporate America, for God’s sake.”
The Trump campaign said it would not comment on
the firing of Pentagon inspector general Michael Atkinson beyond the
president’s public comments on April 4, when he attacked Atkinson for giving
Congress the original whistleblower report about his call with the Ukrainian
president that eventually led to his impeachment. “I thought he did a terrible
job. Absolutely terrible,” the president said at the time. “He took a fake
report and brought it to Congress, with an emergency. Okay? Not a big Trump
fan—that, I can tell you.”
Biden repeatedly unloaded on big business and
big banks, noting that “this is the second time we’ve bailed their asses out,”
accusing the Trump administration of managing the stimulus for their benefit.
He railed about banks like Wells Fargo that are “only alive because of the
American taxpayer” giving their large corporate clients the first shot at CARES
Act aid intended for small businesses. Over the last month, 26 million Americans have
lost their jobs, and Biden said many of those jobs could be gone for good if
mom-and-pop operations get left behind.
“We knew from the beginning that the big banks
don’t like lending to small businesses,” Biden said. “I’m telling you, though,
if Main Street businesses don’t get help, they’re gone.”
The CARES Act and three smaller coronavirus
relief bills have all passed Congress with overwhelming bipartisan support, and
Biden was careful to avoid criticizing Pelosi and Schumer even as he criticized
the results of the compromises they negotiated. He said he’s “in constant
conservation” with both Democratic leaders, letting them know his priorities
without interfering with their negotiations; he credited them with securing
major increases in unemployment benefits and other improvements to Republican
proposals that were initially skewed even further towards big business.
He was clearly disappointed that Pelosi and
Schumer failed to secure any new aid to states in this week’s $484 billion
package, but he suggested that could work out politically, because in the next
round they’ll be able to blame Trump and other Republicans for looming state
budget cuts and layoffs of first responders.
“They got what they could get,” Biden said.
“I’ve been in too many negotiations to second-guess anybody else’s.”
Still, Biden suggested that after four rounds
of legislation designed primarily to stanch the economic bleeding, the next
round should include more forward-looking investments that could help the
economy start to recover and grow once the virus is contained. He suggested a
“trillion-dollar infrastructure program that can be implemented really
rapidly,” as well as “dealing with environmental things that create good-paying
jobs.”
Trump and Senate Majority Leader Mitch
McConnell have suggested that “green stimulus” would be a non-starter with
Republicans, but Biden said investments in light rail, clean drinking water,
and half a million electric vehicle chargers on the nation’s highways could
help retool the economy for the future.
Biden also argued that long-term growth
initiatives are America’s only hope to rein in a budget deficit that has
suddenly ballooned to an unprecedented $4 trillion, and is sure to continue to
expand as Washington continues to spend. He said that repealing the bulk of
Trump’s $2 trillion tax cut would help limit the red ink—“It wasn’t worth the
powder it will take to blow it to hell”—but ultimately, restoring jobs and
investing in the future is “the only thing that grows the economy back so the
deficit doesn’t eat you alive.”
Biden has loved talking about stimulus ever
since he ran the Recovery Act, and he sounded comfortable returning to the
topic from his Delaware home, although there were a couple of typically
hard-to-follow tangents, and one brief coughing interruption that he attributed
to swallowing a peanut the wrong way.
His main theme was the contrast between his
legendary harassment of the Cabinet secretaries, governors and mayors in charge
of spending Recovery Act dollars—he reminded me that he spoke with every
governor except Alaska’s Sarah Palin, most of them repeatedly—and “the
malpractice of this administration.”
“There’s no coordination. There’s no
accountability. Come on, the guy waits to hold up money because he wants to
make sure his name is on the checks!” Biden said.
Biden has been firing off a steady stream of
tweets attacking Trump for failing to make sure America has enough tests and
protective equipment, for complaining about his media coverage, and most
recently for suggesting that drinking bleach might help cure the virus. But
while Biden clearly hopes to persuade some 2016 Trump voters to back him in
November, he also needs to make sure that progressive Sanders and Warren
supporters don’t stay home.
BLOG: HERE’S GROPER JOE’S NEW PERFORMANCE OF
THE WEEK. THE BANKSTERS’ RENT BOY IS NOW A ‘POPULIST’
This week, Biden has taken flak from the left
for including the corporate-friendly Democratic economist Lawrence Summers on
internal calls. But on Friday night, he denounced corporate America as “greedy
as hell,” echoing the structural critiques of the modern economy that fueled
the Sanders and Warren campaigns.
He called for stronger assurances that
small-business loans will go to small businesses, and that aid to larger
corporations will come with strings prohibiting stock buybacks, executive
bonuses or worker layoffs. But he also went beyond policy prescriptions, saying
the pandemic might convince Americans that grocery clerks “and all the other
folks out there saving our rear ends and risking their lives for eight bucks an
hour” deserve a better deal. He thinks there could be a backlash against big
corporations who have poured their profits into buybacks and dividends rather
than worker training and research and development. He thinks the virus could
deal a blow to short-term economic thinking and anti-government political
thinking.
“I think there’s going to be a willingness to
fix some of the institutional inequities that have existed for a long time,”
Biden said. “Milton Friedman isn’t running the show anymore.”
Amid
simmering crisis over sexual assault charges Nancy Pelosi endorses Biden
28 April 2020
On Monday, House
Speaker Nancy Pelosi formally endorsed Joe Biden, the presumptive Democratic
Party candidate in the 2020 presidential election. In an eleven-minute video,
Pelosi lavished praise on the pro-war, pro-corporate long-time senator and vice
president under Barack Obama, the most right-wing of the major contestants for
the nomination.
Pelosi called the
77-year-old, semi-senile political hack a “voice of reason” in the coronavirus
crisis and absurdly described him as “a leader who is the personification of
hope and courage, values and integrity.” In the midst of the greatest
corporate bailout in world history, she specifically praised Biden for his role
in the multi-trillion-dollar bailout of Wall Street during the 2008–2009
financial crisis.
Pelosi’s endorsement
followed endorsements earlier this month by Bernie Sanders, Elizabeth Warren
and Alexandria Ocasio-Cortez, marking the line-up of the so-called
“progressive” wing of the party behind the candidate of the party apparatus,
whose official imprimatur was signaled by the endorsement the same week by
Barack Obama.
But the unity at the
top has not resolved the party’s deep crisis. Biden is despised by
broad sections of the working class and especially youth and younger workers,
and there are many indications that large sections of those, especially young
people, who supported the Sanders campaign may not accede to Sanders’
post-capitulation demand that they vote for Biden.
Their disquiet has been
increased by the news last week that Biden’s chief economic adviser is Larry
Summers, a key architect from the 1990s to the present of the policies of
deregulation and economic parasitism that have enabled the financial
aristocracy to monopolize ever greater portions of society’s wealth.
This has been
compounded by a simmering scandal involving allegations of sexual abuse against
Biden by Tara Reade, a one-time staffer in Biden’s Senate office, who filed a
complaint with Washington DC police in March accusing the then-senator from
Delaware of having assaulted her in 1993.
The alleged incident
occurred 26 years ago, there were no other witnesses, Reade did not file a
complaint with the police at the time, and the statute of limitations has long
since expired. Biden himself has said nothing, but his campaign has denied the
charges.
has no way of knowing
whether Reade’s allegations are true. One thing is clear, however. The response
of the Democratic Party and media organizations aligned with it, such as
the New York Times and the Washington Post,
which have spearheaded the #MeToo witch hunt and reveled in the “take down” of
dozens of prominent men on the basis of unsubstantiated allegations of sexual
misconduct, has exposed their rank hypocrisy.
The Times and
the Post failed to report Reade’s allegations for weeks
after the story was broken by Sanders supporter Katie Halper on her podcast in
March. In mid-April they posted articles emphasizing inconsistencies in Reade’s
story and insisting that it had to be carefully examined and Biden given the
presumption of innocence before reaching any conclusion as to his guilt.
The Democratic National
Committee has said nothing, nor has Senate Minority Leader Chuck Schumer,
Sanders, Warren or most of the dozen or so women on Biden’s short list for his
vice presidential running mate. Pelosi has spoken publicly only once on the
matter, telling MSNBC on April 17 that she was “satisfied” with Biden’s denial.
She appeared Sunday on CNN’s “State of the Union” program and was not asked by
moderator Jake Tapper about the issue.
The contrast between
the treatment of Biden by the Democratic Party and the pro-Democratic media and
the treatment of a host of targets of #MeToo sex charges could not be more
blatant. The mantra “believe women” that was proclaimed repeatedly, including
by Biden himself during the September 2018 Senate confirmation hearings for
Supreme Court Justice Brett Kavanaugh, has been supplanted by a sudden
(dishonest) affirmation of the democratic principles of due process and the
presumption of innocence.
What has been exposed
is the role of the #MeToo campaign as an adjunct of the Democratic Party. Its
proponents have changed their tune because the McCarthyite methods of #MeToo in
this particular case cut across the interests of the Democratic Party and
substantial sections of the ruling class that are backing Biden in the contest
with Trump.
There are, however,
forces aligned with the Democratic Party that are pushing Reade’s allegations
and calling out the party apparatus for seeking to quash them. The Intercept has
published a number of articles as have some pseudo-left Sanders promoters,
including Jacobin magazine.
This opposition has
increased since the posting Friday by Newsbusters of a video clip from an
August 1993 CNN “Larry King Live” program in which a woman, identified by Reade
as her mother, calls in and cites the case of her daughter, who was “working
for a prominent senator and could not get through with her problems at all.”
The caller does not identify the senator and does not mention sexual
harassment, but the clip seems to confirm Reade’s claim that she told her mother
of the incident with Biden at the time.
The video has been
widely reported by Fox News and other right-wing media, but largely suppressed
by the rest of the corporate media.
Fox News reported
Monday that the hashtag #dropoutbiden was trending on Twitter on Sunday, until
it was allegedly removed. Nick Brana, Sanders’ former national outreach
coordinator, tweeted over the weekend that the Democratic National Committee
should either force Biden to drop out or “admit that suppressing progressives
is the true purpose of your party.”
Another former Sanders
senior adviser, Winnie Wong, tweeted: “The video of Tara Reade’s late mother
calling into Larry King to blow the whistle about Tara’s sexual assault is
being met with relative silence from a cadre of progressives right now and I
want you all to know that I see you. We all do.”
Within this context,
Pelosi’s abrupt endorsement of Biden appears to be an effort to contain and
silence the voices calling for him to step aside and make explicit the party’s
demand that the matter be dropped. Pelosi’s video appears to be part of a
circling of the wagons around Biden.
On Monday, the co-chair
of the Congressional Progressive Caucus, Representative Pramila Jayapal
(Democrat from Washington state), endorsed Biden, after having served as the
Sanders campaign’s national chair for health policy. Biden was the most
strident opponent of Sanders’ call for “Medicare for all” during the primary
contest, repeatedly denouncing it on the grounds that it would cost several
trillion dollars. Of course, both he and Sanders are now supporting a bailout
of the corporate-financial elite that has already reached some $10 trillion.
“I am ready to work
with him [Biden] to craft and then implement the most progressive agenda of any
candidate in history,” Jayapal said in a statement.
Her endorsement
followed that of two other former Sanders campaign officials. The Progressive
Congressional Caucus’s other co-chair, Mark Pocan of Wisconsin, endorsed Biden
last week, as did Representative Ro Khanna of California. Pocan and Khanna
served as co-chairmen for Sanders.
There is nothing
progressive in the efforts of disaffected Democrats and their pseudo-left
allies to dislodge Biden on the basis of unsubstantiated sex allegations. Even
assuming that Reade is telling the truth, in which case Biden should be held to
account, the fact is that Biden and his party are guilty of far greater crimes.
The wars Biden
supported in Afghanistan and Iraq alone killed hundreds of thousands of people,
including women and children. The Obama administration, in which Biden served
as second-in-command, made drone assassination a major instrument of US foreign
policy, asserting the right to murder US citizens and carrying out the
assassination of at least three Americans. In 2010, Biden himself declared
persecuted journalist Julian Assange to be a “hi-tech terrorist.”
It is not a question of
replacing Biden with some other servant of American imperialism and Wall Street
and promoting the middle class politics of racial and gender identity. The
crisis requires the mobilization of the mass of workers, who are increasingly
fighting back against the return-to-work campaign of both big business parties,
and behind them all genuinely progressive elements in the middle class, on the
basis of a revolutionary socialist program in opposition to the entire
two-party system and the ruling class it defends.
After the 2008 crisis, the Bush and
Obama
administrations orchestrated the bailout
of
Wall Street, buying up all the bad
debts,
particularly in mortgage-backed
securities,
that had been used as vehicles for an orgy
of
speculation. As a result, social
inequality
increased to record levels. Corporate
cash
hoards rose to $2 trillion. Some $4
trillion
was funneled into stock buybacks.
Far from being
forced to pay for the economic consequences of the pandemic, the
banks and corporations have simply been bailed out
again, this time on a far larger scale. Once again, the crisis is
being utilized as an opportunity to restructure class
relations in the interests of the rich.
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 is
how they will destroy America from within. The leftist
billionaires who orchestrate these plans are wealthy. Those tasked
with representing us in Congress will never be exposed to the
cost of the invasion of millions of migrants. They have nothing
but contempt for those of us who must endure the consequences of our
communities being intruded upon by gang members, drug dealers and human traffickers. These
people have no intention of becoming Americans; like the Democrats
who welcome them, they have contempt for us." PATRICIA
McCARTHY
A key factor in Obama’s
newfound and growing wealth are those who profited from his presidency. A
number of his public speeches have been given to big Wall Street firms and
investors. Obama has given at least nine speeches to Cantor Fitzgerald, a large
investment and commercial real estate firm, and other high-end corporations.
According to records, each speech has been at least $400,000 a clip.
During his presidency,
Obama bragged that his administration was “the only thing between
[Wall Street] and the pitchforks.”
In fact, Obama handed
the robber barons and outright criminals responsible for the 2008–09 financial
crisis a multi-trillion-dollar bailout. His administration oversaw the largest
redistribution of wealth in history from the bottom to the top one percent,
spearheading the attack on the living standards of teachers and autoworkers.
“This was not because of
difficulties in securing indictments or convictions. On the contrary, Attorney
General Eric Holder told a Senate committee in March of 2013 that the Obama
administration chose not to prosecute the big banks or their CEOs because to do
so might “have a negative impact on the national economy.”
Joe Biden, the
walking moron, was selected by Obama also because of his ties and servitude to
big banks!
OBOMB'S CRONY
BANKSTERS DESTROYED MORE
THAN A TRILLION DOLLARS IN AMERICAN
HOME
VALUES AND NOW THEY'RE COMING BACK FOR
MORE WITH THE BANKSTES' RENT BOY BIDEN!
Decades of decaying capitalism
have led to this accelerating divide.
While the rich accumulate wealth
with no restriction, workers’ wages
and benefits have been under
increasing attack. In 1979, 90 percent of
the population took in 70 percent
of the nation’s income. But, by 2017,
that fell to only 61 percent.
NO
PRESIDENT IN HISTORY SUCKED IN MORE BRIBES FROM CRIMINAL BANKSTERS THAN BARACK
OBAMA!
This
was not because of difficulties in securing indictments or convictions. On the
contrary, Attorney General Eric Holder told a Senate committee in March of 2013
that the Obama administration chose not to prosecute the big banks or their
CEOs because to do so might “have a negative impact on the national economy.”
Income inequality grows four
times faster under Obama than Bush …. we bankroll Mexico's welfare state
in our borders as the number of Americans (Legals) sink into poverty! Illegals
also get all the jobs!
The study
noted that, in the aftermath of the Great Depression, the US undertook policies
“during the New Deal [that] permanently reduced income concentration until the
1970s.” In contrast, the study noted a striking absence of any measures to
reign in social inequality in the present crisis. Far from it, the Obama
administrations’ bank bailouts, austerity program and wage-cutting policies
have vastly expanded the prevalence of social inequality.
OBAMA’S CRONY BANKSTERISM
THE FED'S OLD BOY NETWORK
By Attorney Jonathan Emord
Author of "The Rise of Tyranny" and
"Global Censorship of Health Information"
December 19, 2011
NewsWithViews.com
Bloomberg LP, parent of Bloomberg News, performed an enormous
service for the American public when it sued the Federal Reserve and the
Clearing House Association LLC, an institution created by several of the
nation’s largest banks, to force disclosure of secret loans made by the Federal
Reserve principally to the six largest U.S. banks but also to certain foreign
banks. The treasure trove of evidence ultimately obtained by Bloomberg reveals
that while the public Troubled Asset Relief Program (TARP) bailed out leading
Wall Street firms for the whopping sum of $700 billion, the Fed at the same
time doled out some $7.77 trillion (an astronomical sum equal to have the gross
domestic product). To make matters worse, the Fed expanded its emergency
discount lending program, giving tens of billions more to the same banks at an
interest rate of 1%, while the prime lending rate stood at over 3%. The
banks getting these funds often turned them into profit centers, lending out
proceeds from them at higher interest rates and pocketing the difference,
profiting on federal largesse.
The President and his top economic advisers bought the “too
big to fail” concept, the notion that regardless of how profligate,
irresponsible, even criminal, heads of the leading financial institutions in
America had been, it would be worse for the nation if those institutions were
to collapse. Consequently, while pushing a legislative agenda of public
bail-outs, the Obama Administration maintained a secret program of
multi-trillion dollar loans, including billions at below market interest rates.
The principal recipients of the funding were JPMorgan, Bank of America,
Citigroup Inc., Wells Fargo & Co., Goldman Sachs Group Inc. and Morgan
Stanley.
The General Accounting Office audit of the Federal Reserve
revealed that some $16 trillion was supplied in secret loans from the Federal
Reserve between December 1, 2007 and July 21, 2010. The largest single
recipients were Citigroup ($2.5 trillion); Morgan Stanley ($2 trillion);
Merrill Lynch ($2 trillion); Bank of America ($1.3 trillion); Barclays PLC
($868 billion); Bear Stearns ($853 billion); Goldman Sachs ($814 billion); the
Royal Bank of Scotland ($541 billion); JP Morgan Chase ($391 billion); and
Deutsche Bank ($354 billion).
Bloomberg discovered that while top banks were touting in
their press releases during the crisis that they had fiscal soundness, their
balance sheets were made up primarily of federal funds, most from the Federal
Reserve. Moreover, while many banks paid back the TARP funds, they most often
did so in reliance on the secret receipts of tens of billions of dollars in
Federal Reserve money (in other words, the pay back was in that sense a
charade: federal money paid back federal loans). In short, the
Administration was complicit in the orchestration of a massive fraud on the
American public, making it seem that the banks largely responsible for the
financial crisis were weathering the storm of their own accord when in fact
they were on board the good ship U.S. Taxpayer.
Meanwhile, the bad lending and financial dealing practices
that helped produce the financial crisis have been largely kept in place,
underwritten by the federal government. The top banks suddenly realized that
far from having to suffer ignominy and defeat for their abuses, they would be
kept alive by a seemingly endless flow of federal cash. Indeed, the feds
accepted as collateral for loans securities of virtually no worth and other
properties that would never support private commercial lending. By propping up
the major banks despite their irresponsible lending practices, the federal
government has given them a privileged financial status whereby private lenders
will give them terms far more favorable than their smaller competitors because
they understand the federal government will not let them fail. Economist call
this safety net a “moral hazard” (effective federal underwriting for heightened
risk taking that permits these lenders to profit at above market rates of
return in speculative investing without suffering financial liability for
loss). The amounts doled out by the federal government to the banks could
have paid off as much as one tenth of all of the delinquent mortgages,
Bloomberg determined.
Rather than be forced to take their losses on their enormous
junk portfolios and interbank lending practices, the top six banks were allowed
to keep the junk portfolios, maintain their dubious lending practices, and turn
to the Federal Reserve for money on demand whenever problems arose. Repeatedly
when the banks should have gone under due to poor lending practices and grossly
speculative profiteering, they were complimented by the Federal Reserve,
rescued, and then allowed to tout the falsehood that their success came from
sharp management rather than from secret loans. At the same time, these banks
and others have shut down commercial lending for small businesses nationwide.
The “too big to fail” justification for the massive federal
welfare dole to the top six United States banks was based on a faulty premise.
Without question the demise of the leading banks would entail hardship,
particularly for the employees of those institutions, but the long term
prognosis was good for a restructuring of the financial market through
bankruptcies and takeovers. The alternative to allowing the market to impose
its own swift and harsh corrective involves imposing a massive burden on every
American citizen for generations to come for the trillions spent to prop up a
few dozen Wall Street moguls. Rather than have the taxpayers pay an inflated
sum to keep the banks responsible for the financial crisis alive, the nation
could have spared itself an assumption of massive debt and witnessed the demise
of these banks and the rise of new competing financial institutions based on a
solid financial model.
The Bush and Obama Administration’s role as Santa Claus for
Wall Street has kept from Wall Street the needed lessons that would have
otherwise come from the collapse of the major lending institutions. Painful as
it may seem to some, it is far better to allow the market to experience a
correction for profligate lending practices than to force the American
taxpayers for generations to come to pay for the bad decisions made by a few
and to let those few go without suffering a single consequence beyond temporary
embarrassment.
Obama paid $600,000 for a single speech
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
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
*
“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
Jamie Dimon arriving to testify before Congress. Aaron P.
Bernstein/Reuters
· JPMorgan reported first-quarter earnings results
on Friday, kicking off another earnings season for the largest US banks.
JPMorgan
Chase reported record first-quarter results on both the top and bottom lines
Friday morning. Shares climbed 2.3% in early trading to $108.68.
Here's how
the results stacked up with Wall Street's expectations as compiled by
Bloomberg.
· Adjusted net income: $9.18 billion versus $7.7 billion
expected
· Earnings per share: $2.65 versus $2.34 expected
· Revenue: $29.85 billion versus $28.4 billion
expected
· Expenses: $16.4 billion versus $16.7 billion
expected
"In
the first quarter of 2019, we had record revenue and net income, strong
performance across each of our major businesses, and a more constructive
environment," CEO Jamie Dimon said in the earnings release. "Even amid some global geopolitical
uncertainty, the US economy continues to grow, employment and wages are going
up, inflation is moderate, financial markets are healthy, and consumer and
business confidence remains strong."
A deeper
look into the numbers showed the trading and investment-banking businesses
exceeded expectations, though trading declined 17% from the year earlier:
· FICC sales & trading revenue: $3.73 billion versus $3.67 billion
expected
· Equity sales & trading
revenue: $1.74
billion versus $1.73 billion expected
· Investment-banking revenue: $1.75 billion versus $1.63 billion
expected
"The Federal Reserve is a key mechanism
for perpetuating this whole filthy system, in which "Wall Street
rules."
The effect can be seen in the ever more staggering wealth of the
financial oligarchy, which has consistently enjoyed investment returns of
between 10 and 20 percent every year since the financial crisis, even as the
incomes of workers have stagnated or fallen.
Wall Street rules
The Federal Reserve sent a clear message to Wall Street on
Friday: It will not allow the longest bull market in American history to end.
The message was received loud and clear, and the Dow rose by more than 700
points.
Hundreds of thousands of federal workers remain furloughed or
forced to work without pay as the partial government shutdown enters its third
week, but the US central bank is making clear that all of the resources of the
state are at the disposal of the financial oligarchy.
Responding to Thursday’s market selloff following a dismal
report from Apple and signs of a manufacturing slowdown in both China and the
US, the Fed declared it was “listening” to the markets and would scrap its
plans to raise interest rates.
Speaking at a conference in Atlanta, where he was flanked by his
predecessors Ben Bernanke and Janet Yellen, both of whom had worked to reflate
the stock market bubble after the 2008 financial crash, Chairman Jerome Powell
signaled that the Fed would back off from its two projected rate increases for
2019.
“We’re listening sensitively to the messages markets are
sending,” he said, adding that the central bank would be “patient” in imposing
further rate increases. To underline the point, he declared, “If we ever came
to the conclusion that any aspect of our plans” was causing a problem, “we
wouldn’t hesitate to change it.”
This extraordinary pledge to Wall Street followed the 660 point
plunge in the Dow Jones Industrial Average on Thursday, capping off the worst
two-day start for a new trading year since the collapse of the dot.com bubble.
William McChesney Martin, the Fed chairman from 1951 to 1970,
famously said that his job was “to take away the punch bowl just as the party
gets going.” Now the task of the Fed chairman is to ply the wealthy revelers
with tequila shots as soon as they start to sober up.
Powell’s remarks were particularly striking given that they
followed the release Friday of the most upbeat jobs report in over a year, with
figures, including the highest year-on-year wage growth since the 2008 crisis,
universally lauded as “stellar.”
While US financial markets have endured the worst December
since the Great Depression, amid mounting fears of a looming
recession and a new financial crisis, analysts have been quick to point
out that there are no “hard” signs of a recession in the United States.
Both the Dow and the S&P 500 indexes have fallen more than
15 percent from their recent highs, while the tech-heavy NASDAQ has entered
bear market territory, usually defined as a drop of 20 percent from recent
highs.
The markets, Powell admitted, are “well ahead of the data.” But
it is the markets, not the “data,” that Powell is listening to.
Since World War II, bear markets have occurred, on average,
every five-and-a-half years. But if the present trend continues, the Dow will
reach 10 years without a bear market in March, despite the recent losses.
Now the Fed has stepped in effectively to pledge that it
will allocate whatever resources are needed to ensure that
no substantial market correction takes place. But this
means only that when the correction does come, as it inevitably
must, it will be all the more severe and the Fed will
have all the less power to stop it.
From the standpoint of the history of the institution, the Fed’s
current more or less explicit role as backstop for the stock market is a relatively
new development. Founded in 1913, the Federal Reserve legally has had the “dual
mandate” of ensuring both maximum employment and price stability since the late
1970s. Fed officials have traditionally denied being influenced in policy
decisions by a desire to drive up the stock market.
Federal Reserve Chairman Paul Volcker, appointed by Democratic
President Jimmy Carter in 1979, deliberately engineered an economic recession
by driving the benchmark federal funds interest rate above 20 percent. His highly
conscious aim, in the name of combating inflation, was to quash a wages
movement of US workers by triggering plant closures and driving up
unemployment.
The actions of the Fed under Volcker set the stage for a vast
upward redistribution of wealth, facilitated on one hand by the trade unions’
suppression of the class struggle and on the other by a relentless and dizzying
rise on the stock market.
Volcker’s recession, together with the Reagan administration’s
crushing of the 1981 PATCO air traffic controllers’ strike, ushered in decades
of mass layoffs, deindustrialization and wage and benefit concessions, leading
labor’s share of total national income to fall year after year.
These were also decades of financial deregulation, leading to
the savings and loan crisis of the late 1980s, the dot.com bubble of 1999-2000,
and, worst of all, the 2008 financial crisis.
In each of these crises, the Federal Reserve carried out what
became known as the “Greenspan put,” (later the “Bernanke put”)—an implicit
guarantee to backstop the financial markets, prompting investors to take ever
greater risks.
In 2008, this resulted in the most sweeping and systemic
financial crisis since the Great Depression, prompting Fed Chairman Bernanke,
New York Fed President Tim Geithner and Treasury Secretary Henry Paulson (the
former CEO of Goldman Sachs) to orchestrate the largest bank bailout in human
history.
Since that time, the Federal Reserve has carried out its most
accommodative monetary policy ever, keeping interest rates at or near zero
percent for six years. It supplemented this boondoggle for the financial elite
with its multi-trillion-dollar “quantitative easing” money-printing program.
The effect can be seen in the ever more staggering wealth of the
financial oligarchy, which has consistently enjoyed investment returns of
between 10 and 20 percent every year since the financial crisis, even as the
incomes of workers have stagnated or fallen.
American capitalist society is hooked on the toxic growth of
social inequality created by the stock market bubble. This, in turn, fosters
the political framework not just for the decadent lifestyles of the financial
oligarchs, each of whom owns, on average, a half-dozen mansions around the
world, a private jet and a super-yacht, but also for the broader periphery of
the affluent upper-middle class, which provides the oligarchs with political
legitimacy and support. These elite social layers determine American political
life, from which the broad mass of working people is effectively excluded.
The Federal Reserve is a key mechanism for perpetuating
this whole filthy system, in which “Wall Street rules.” But its
services in behalf of the rich and the super-rich only compound the
fundamental and insoluble contradictions of capitalism, plunging the
system into ever deeper debt and ensuring that the next crisis will be
that much more violent and explosive.
In this intensifying crisis, the working class must assert its
independent interests with the same determination and ruthlessness as evinced
by the ruling class. It must answer the bourgeoisie’s social counterrevolution
with the program of socialist revolution.
the depression is already here for most of us below the
super-rich!
Trump and the GOP created a fake
economic boom on our collective credit card: The equivalent of
maxing out your credit cards and saying look how good I'm doing right
now.
*
Trump criticized Dimon in 2013 for supposedly contributing to the country’s
economic downturn. “I’m not Jamie Dimon, who pays $13 billion
to settle a case and then pays $11 billion to settle a case and who I
think is the worst banker in the United States,” he told reporters.
*
"One of the premier institutions of
big business, JP Morgan Chase, issued an internal report on the
eve of the 10th anniversary of the 2008 crash, which warned that
another “great liquidity crisis” was possible, and that a
government bailout on the scale of that effected by Bush and Obama
will produce social unrest, “in light of the potential impact
of central bank actions in driving inequality between
asset owners and labor."
*
"Overall,
the reaction to the decision points to the underlying fragility of
financial markets, which have become a house of cards as a result of the
massive inflows of money from the Fed and other central banks, and are now
extremely susceptible to even a small tightening in financial
conditions."
*
"It is significant that what
the Financial Times described
as a “tsunami of money”—estimated to reach $1 trillion for the year—has failed
to prevent what could be the worst year for stock markets since the global
financial crisis."
*
"A decade ago, as the financial
crisis raged, America’s banks were in ruins. Lehman Brothers, the storied
158-year-old investment house, collapsed into bankruptcy in mid-September
2008. Six months earlier, Bear Stearns, its competitor, had required a
government-engineered rescue to avert the same outcome. By October, two of
the nation’s largest commercial banks, Citigroup and Bank of America,
needed their own government-tailored bailouts to escape failure. Smaller
but still-sizable banks, such as Washington Mutual and IndyMac,
died."
*
The GOP said the "Tax Cuts and Jobs
Act" would reduce deficits and supercharge the economy
(and stocks and wages). The White House says things are working as
planned, but one year on--the numbers mostly suggest otherwise.
6 April 2009
A series of articles published over the weekend, based on financial
disclosure reports released by the Obama administration last Friday concerning
top White House officials, documents the extent to which the administration, in
both its personnel and policies, is a political instrument of Wall Street.
Policies that are extraordinarily favorable to the financial elite
that were put in place over the past month by the Obama administration have fed
a surge in share values on Wall Street. These include the scheme to use
hundreds of billions of dollars in public funds to pay hedge funds to buy up
the banks’ toxic assets at inflated prices, the Auto Task Force’s rejection of
the recovery plans of Chrysler and General Motors and its demand for even more
brutal layoffs, wage cuts and attacks on workers’ health benefits and pensions,
and the decision by the Financial Accounting Standards Board (FASB) to weaken
“mark-to-market” accounting rules and permit banks to inflate the value of
their toxic assets.
At the same time, Obama has campaigned against restrictions on
bonuses paid to executives at insurance giant American International Group
(AIG) and other bailed-out firms, and repeatedly assured Wall Street that he
will slash social spending, including Medicare, Medicaid and Social Security.
The new financial disclosures reveal that top Obama advisors
directly involved in setting these policies have received millions from Wall
Street firms, including those that have received huge taxpayer bailouts.
The case of Lawrence Summers, director of the National Economic Council
and Obama’s top economic adviser, highlights the politically incestuous
character of relations between the Obama administration and the American
financial elite.
Last year, Summers pocketed $5 million as a managing director of
D.E. Shaw, one of the biggest hedge funds in the world, and another $2.7
million for speeches delivered to Wall Street firms that have received
government bailout money. This includes $45,000 from Citigroup and $67,500 each
from JPMorgan Chase and the now-liquidated Lehman Brothers.
For a speech to Goldman Sachs executives, Summers walked away with
$135,000. This is substantially more than double the earnings for an entire
year of high-seniority auto workers, who have been pilloried by the Obama
administration and the media for their supposedly exorbitant and
“unsustainable” wages.
Alluding diplomatically to the flagrant conflict of interest
revealed by these disclosures, the New York Times noted on Saturday: “Mr.
Summers, the director of the National Economic Council, wields important
influence over Mr. Obama’s policy decisions for the troubled financial
industry, including firms from which he recently received payments.”
Summers was a leading advocate of banking deregulation. As treasury
secretary in the second Clinton administration, he oversaw the lifting of basic
financial regulations dating from the 1930s. The Times article notes that among
his current responsibilities is deciding “whether—and how—to tighten regulation
of hedge funds.”
Summers is not an exception. He is rather typical of the
Wall Street insiders who comprise a cabinet and White House team that is filled
with multi-millionaires, presided over by a president who parlayed his own
political career into a multi-million-dollar fortune.
Michael Froman, deputy national security adviser for international
economic affairs, worked for Citigroup and received more than $7.4 million from
the bank from January of 2008 until he entered the Obama administration this
year. This included a $2.25 million year-end bonus handed him this past
January, within weeks of his joining the Obama administration.
Citigroup has thus far been the beneficiary of $45 billion in cash
and over $300 billion in government guarantees of its bad debts.
David Axelrod, the Obama campaign’s top strategist and now senior
adviser to the president, was paid $1.55 million last year from two consulting
firms he controls. He has agreed to buyouts that will garner him another $3
million over the next five years. His disclosure claims personal assets of
between $7 and $10 million.
Obama’s deputy national security adviser, Thomas E. Donilon, was
paid $3.9 million by a Washington law firm whose major clients include
Citigroup, Goldman Sachs and the private equity firm Apollo Management.
Louis Caldera, director of the White House Military Office, made
$227,155 last year from IndyMac Bancorp, the California bank that heavily
promoted subprime mortgages. It collapsed last summer and was placed under
federal receivership.
The presence of multi-millionaire Wall Street insiders extends to
second- and third-tier positions in the Obama administration as well. David
Stevens, who has been tapped by Obama to head the Federal Housing
Administration, is the president and chief operating officer of Long and Foster
Cos., a real estate brokerage firm. From 1999 to 2005, Stevens served as a top
executive for Freddie Mac, the federally-backed mortgage lending giant that was
bailed out and seized by federal regulators in September.
Neal Wolin, Obama’s selection for deputy counsel to the president
for economic policy, is a top executive at the insurance giant Hartford
Financial Services, where his salary was $4.5 million.
Obama’s Auto Task Force has as its top advisers two investment
bankers with a long resume in corporate downsizing and asset-stripping.
It is not new for leading figures from finance to be named to high
posts in a US administration. However, there has traditionally been an effort
to demonstrate a degree of independence from Wall Street in the selection of
cabinet officials and high-ranking presidential aides, often through the
appointment of figures from academia or the public sector. In previous decades,
moreover, representatives of the corporate elite were more likely to come from
industry than from finance.
In the Obama administration such considerations have largely been
abandoned.
This will not come as a surprise to those who critically followed
Obama’s election campaign. While he postured before the electorate as a critic
of the war in Iraq and a quasi-populist force for “change,” he was from the
first heavily dependent on the financial and political backing of powerful
financiers in Chicago. Banks, hedge funds and other financial firms
lavishly backed his presidential bid, giving him considerably more than they
gave to his Republican opponent, Senator John McCain.
Friday’s financial disclosures further expose the bankruptcy of
American democracy. Elections have no real effect on government policy, which
is determined by the interests of the financial aristocracy that dominates both
political parties. The working class can fight for its own interests—for jobs,
decent living standards, health care, education, housing and an end to war.
“Records show that four out of Obama's top five contributors are
employees of financial industry giants - Goldman Sachs ($571,330), UBS AG
($364,806), JPMorgan Chase ($362,207) and Citigroup ($358,054).”
OBAMA and HIS BANKS: THEIR PROFITS, CRIMES and LOOTING SOAR
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.