Saturday, June 24, 2023

BARACK OBAMA: CLOSET REPUBLICAN WHO HAS SERVED THE BIGGEST CRIMINAL BANKSTERS IN AMERICA, CLOSET GAY, CLOSET MUSLIM, NOT SO CLOSETED GAMER LAWYER

  

The main objective of “political animals” like Obama and the Clintons is to get elected; it’s not to fix a broken America, nor to protect her. There are people who govern and there are people who campaign; Obama and the Clintons are the latter. Just look at the huge Republican electoral gains under Obama and the Clintons. It’s amazing that Democrats who still care about their party still support the very people who have brought it down.

Attorney General Eric Holder's tenure was a low point even within the disgraceful scandal-ridden Obama years.” 

                DANIEL GREENFIELD / FRONTPAGE MAG

 

 “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.” 

 

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.

The Republican staff of the US House Committee on Financial Services released a report Monday presenting its findings on why the Obama Justice Department and then-Attorney General Eric Holder chose not to prosecute the British-based HSBC bank for laundering billions of dollars for Mexican and Colombian drug cartels.


WHILE BLACKROCK OWNS JOE BIDEN, J.P. MORGAN OWNS THE OBOMB. GOOGLE IT!

Ukrainian President Volodymyr Zelenskyy is tapping Wall Street firms like BlackRock and JPMorgan to help garner private and public investments to rebuild Ukraine amid its war with Russia.

“This was not because of difficulties in securing indictments or convictions. On the contrary, Attorney General Eric Holder told a Senate committee in March of 2013 that the Obama administration chose not to prosecute the big banks or their CEOs because to do so might “have a negative impact on the national economy.”

OBAMANOMICS TO SERVE BANKSTERS  AND GLOBAL BILLIONAIRES

 

https://globalistbarackobama.blogspot.com/2018/10/barack-obama-his-plundering-banksters.html  


One of the premier institutions of big business, JP Morgan Chase, issued an internal report on the eve of the 10th anniversary of the 2008 crash, which warned that another “great liquidity crisis” was possible, and that a government bailout on the scale of that effected by Bush and Obama will produce social unrest, “in light of the potential impact of central bank actions in driving inequality between asset owners and labor."

  

Barack Obama’s True Legacy

The seeds of the catastrophe now befalling our nation.

[Editor’s note: Below is General Mike Flynn’s Foreword in Jamie Glazov’s new book: Barack Obama’s True Legacy: How He Transformed America.]

Several weeks after the highly questionable 2020 presidential election appeared to put his vice president, Joe Biden, on the path to the White House, Barack Obama told late-night talk show host Stephen Colbert that he would like to have a third term by proxy: “I used to say if I can make an arrangement where I had a stand-in or front-man or front-woman and they had an earpiece in and I was just in my basement in my sweats looking through the stuff and I could sort of deliver the lines while someone was doing all the talking and ceremony, I’d be fine with that because I found the work fascinating.” [1]

Early on in Joe Biden’s calamitous presidency, it became clear that Biden was indeed someone’s proxy, and that someone was likely Barack Hussein Obama. Even if Barack Obama is not actually directing Biden’s actions from his basement, the Biden administration established itself immediately as the instrument for the resumption of the Obama agenda. What befell America during the Biden presidency was what Barack Obama envisioned for our nation and what he spent eight years setting into motion. Donald Trump did a great deal to reverse the disastrous direction in which the country was heading, but Biden’s team worked energetically to undo all that Trump accomplished.

And so, by May 2021, the United States of America faced a number of crises that appeared suddenly, were largely self-inflicted, and which threaten its survival as a free nation more severely than at any time since the bombing of Pearl Harbor. All of these crises were entirely foreseeable, and completely preventable. And, all of them are the direct result of the socialist, internationalist, and statist policies of Barack Obama.

After having attained the White House by means of an election that was full of irregularities, which were never fully investigated and buried beneath the media’s insistence that only paranoid conspiracy theorists and diehard partisans thought that the election was anything but free and fair, the Biden administration set out to pursue a number of policies that could lead to nothing less than the end of the United States as a republic of laws governed under the Constitution.

Ignoring Congress, despite the fact that both the House and Senate had Democrat majorities, Biden immediately signed over fifty Executive Orders to reverse numerous Trump policies, relax border and immigration controls, subject the nation once again to onerous economic burdens designed to fight the phantasm of “climate change,” exacerbate the hysteria and restrictions of freedom presented as measures to fight the coronavirus, and promote a far-left social agenda. Biden also restarted Obama’s objective of “fundamentally transforming the United States of America” with a culture war waged from inside the White House against Americans. Obama had made Americans poor. Biden would leave them even poorer.

Daniel Greenfield states in this book that “Obama powered a historic economic shift that took power away from workers and gave it to Silicon Valley, that took American jobs and shipped them to China, and that took jobs from black teenagers and gave them to illegal aliens.

He oversaw a historic power slide away from America to China, Russia, and the Islamic terrorists of the world laboring to build their caliphates.” During the opening months of the Biden administration, China rapidly became a massive threat to America’s economic wellbeing and standing in the world. Biden’s team emboldened the Communist Chinese to step up their activities toward economic, military, and technological domination of the entire world. This emboldening of China took place as Biden’s team ended the Keystone Pipeline project that had enabled the nation to attain energy independence during the Trump administration. Gas prices soared, and Americans once again experienced gas shortages of a severity that had not been seen since the 1970s. This was the logical outcome of Obama’s energy policies, which mandated the voluntary weakening of the United States and its increased dependence on foreign powers.

Obama had opened up the borders to demographically transform the country; Biden would go even further beyond that to build on his former boss’s legacy. Biden’s administration also worked to weaken national security by opening the southern border. As Matthew Vadum says in these pages, “An insecure border and growing disrespect for the nation’s immigration laws is the ugly legacy that President Barack Obama left behind.” Biden’s team has determinedly taken Obama’s open-borders policies as a blueprint, in a matter of months transforming a relatively quiet southern border into a hellhole of drug and human trafficking, with a massive humanitarian crisis caused by a lack of facilities to accommodate the influx Biden’s team had invited.

As could have been predicted, jihadis also took advantage. The rapid fall of Afghanistan to the Taliban in August 2021 was the foremost example, but Biden’s presidency also increased the jihad terror threat within the United States. In April 2021, US Border Patrol agents announced that they had arrested two Yemenis who were on a terror watch list as they tried to enter the United States. [2] Significantly, shortly after announcing this, US Customs and Border Protection (CBP) removed the press release from its website. [3] Apparently the CBP preferred that Americans not know just how serious the crisis at the border really was.

All of this and much more represented a reimplementation of Obama-era policies and programs. And Biden’s team didn’t stop there. Immediately repudiating Trump’s deep and unshakeable support for Israel, the Biden administration returned to Barack Obama’s stance of hostility toward Israel, with blithe disregard for the wellbeing of America’s most reliable ally in the Middle East. The Washington Free Beacon reported in March 2021 that the administration was determined to fund the Palestinians with no regard whatsoever for what they planned to do with the money, up to and including the financing of jihad terror activity: “the Biden administration privately confirmed to Congress last week that the Palestinian Authority has continued to use international aid money to reward terrorists but said the finding won’t impact its plans to restart funding.” [4]

While betraying Israel as Obama did, Biden’s team is also following in his footsteps in providing aid and comfort to one of the most formidable enemies America faces on the world stage: the Islamic Republic of Iran. The Biden administration appears prepared to make virtually any concession in order to induce Iran to return to Obama’s disastrous nuclear deal, which—contrary to media myth—did nothing to hinder Iran’s nuclear program, and a great deal to empower it.

All this is taking place amid unprecedented threats to our First and Second Amendment rights to the freedom of speech and to bear arms. The social media giants and the media have colluded with the Biden team to whitewash the numerous crises into which Biden has plunged the nation, and to silence dissenting voices, most notably that of former President Trump, who have tried to alert the public to the gravity of what is really happening. The social media giants feel free to restrict Trump’s speech and that of other Americans because of legal protections that were put in place during the Obama years.

And so, by November 2021, after enjoying four years of relative peace and prosperity during the administration of Donald J. Trump, the nation faces chronic unemployment and inflation, a border crisis, grave threats to our constitutional liberties, increased violence and lawlessness from the leftist groups Antifa and Black Lives Matter, a weakening dollar, the emboldening of our enemies worldwide, and even worse on the horizon. Biden’s handlers are either catastrophically stupid and incompetent, or actively working to weaken the United States. In either case, the result is the same.

This is the world Barack Obama has made. This is his legacy.

General Mike Flynn was National Security Advisor to former President Trump and is the best-selling author of The Field of Fight.

Notes:

[1] Alexandra Del Rosario, “Barack Obama Explains to Stephen Colbert the Satisfaction of Being President, What A Third Term Could Have Looked Like,” Deadline, November 30, 2020.

[2] “Yemeni Nationals on Terror Watch List Arrested at California-Mexico Border,” CBSLA, April 5, 2021.

[3] Robert Spencer, “Is Customs and Border Protection Covering Up the Arrest of Two Yemenis on the Terror Watch List?, PJ Media, April 6, 2021.

[4] Adam Kredo, “Palestinians Funneled Hundreds of Millions to Terrorists, State Dept Report Reveals,” Washington Free Beacon, March 22, 2021.


Now Obama wants even more power...

Our mostly complicit, compliant, sycophant press has no concern about facts, only Democrat power

By Jack Hellner

What happened to Donald Trump in 2016 and beyond dwarfed Watergate. Most of the media not only didn't care about the corruption of the Democrats, but they were also major participants in seeking to destroy a candidate, and later, president, they didn't like.

Special Counsel John Durham has started to hit paydirt with three arrests so far, the tip of the iceberg, and the story is essentially buried because the media doesn't care, and they don't want the public to know the truth. If the public learns the truth, they will see how dishonest, corrupt, and dangerous the media is. They will set out to destroy anyone they don't want in elective office. The truth and evidence are never necessary when they are campaigning for Democrats.

The basic story of the 2016 election is that the corrupt, criminal, unlikable Hillary and the DNC couldn't run on their record or unpopular leftist Democrat policies, so they needed to destroy Trump. They clearly couldn't dig up enough truthful dirt, so they set out to create pure fiction. They paid a foreign national, a Trump hater, over $10 million to create a dossier full of pure lies. They funneled the money through Democrat operatives at a private law firm. They committed fraud when they signed documents to the FEC saying these payments were for legal fees. No one at the Hillary campaign or DNC was punished for the fraud because no one cared. They were also supporting Hillary. The swamp is deep.

Then these lies were spread throughout the media and throughout the corrupt Obama-Biden administration to destroy Trump and his associates. The lies were obvious, yet no one cared. All they cared about was electing and protecting Hillary.

Dishonest people working at the FBI used these fictitious documents in lies to the FISA court as they set out to spy on and entrap anyone associated with Trump.

 

These same agents protected the career criminal Hillary from prosecution no matter how many laws she violated and how many pieces of information she destroyed to obstruct justice. The media didn't care.

For years, the Democrats, including Reps. Schiff and Nadler set out to destroy Trump with endless investigations based on fictitious documents. The media participated in targeting Trump with no evidence. They needed to destroy him because they didn't like his policies.

Schiff, Swalwell, Clapper, Brennan and others went on compliant media outlets to spread lies about Trump being a Russia agent.

The corruption and dishonesty of the media has been clear for decades. Here are some things they haven't cared about or have lied about as they campaigned for Democrats and set out to destroy their political opponents.

Didn’t care about how many women the Clintons physically and mentally abused. People who we are told respect women called them bimbos and trailer trash. The women were disposable as the media, entertainers, and other Democrats campaigned for Bill.

 

Didn’t care about Bill committing perjury and causing a young subordinate to commit perjury and obstruct justice. Monica was disposable.

Didn’t care how many trips Bill took with known pedophile Epstein. The young girls were disposable if the Clintons wanted power. How many women and young girls were sexually abused by powerful men because so many were campaigning for the Clintons?

Didn’t vet Obama, or care that he associated with radical leftists such as Reverend Wright and Bill Ayers. They also didn’t care about Biden’s record as they sought to destroy McCain and Palin. All that mattered was electing Obama.

Didn’t care about all the lies used to pass Obamacare, nor did they care that Pelosi wouldn’t let members of Congress, the media or the public see it before it was voted on. All the media cared about was the agenda.

Didn’t care about separation of powers when Obama illegally bypassed Congress to pay for shortfalls in Obamacare.

Didn’t care when Obama and Holder obstructed justice for years on Fast and Furious.

Didn’t care when Holder or others in the Obama committed perjury before Congress. They were above the law.

Didn’t care when the corrupt, politicized IRS illegally targeted political opponents of Obama, destroyed computers and documents and lied to Congress. The politicized, corrupt Justice Department decided that the swamp creatures at IRS were above the law. Political opponents of Obama and constitutional rights were disposable.

Didn’t care when the corrupt Justice Department, EPA, and CFPB shook down corporations and set up slush funds to give kickbacks to Obama supporters. Laws and ethics were disposable.

Didn’t care when Obama and Hillary didn’t lift a finger to help people under attack by terrorists in Benghazi. Instead, they concocted a lie about a video causing the attack because the truth might have jeopardized their power in the coming election. They even sent Susan Rice out to five networks to intentionally lie. Now this known liar is high up in the Biden administration.

Didn’t care that people continually lied through the media to get the Iran deal done. Ben Rhoades bragged about how gullible and helpful the media was in perpetuating the lies.

Didn’t care that Obama sent $1.8 billion in unmarked bills to the tyrants in Iran to bribe them.

Didn’t care that Obama dictatorially ordered the politicized, corrupt Justice Department to drop a multiyear, multi department investigation into a billion-dollar drug running operation by terrorists to appease the tyrants in Iran. They were above the law. Obama’s legacy was more important.

Don’t care how many people were killed by drugs and terrorism because Obama cared more about his legacy. The Americans who died were disposable.

Don’t care that the corrupt, politicized, Justice Department was so busy campaigning for Hillary and seeking to destroy Trump that they didn’t care how many laws Hillary and her aides broke, didn’t care how many computers and documents they destroyed, didn’t care how much they obstructed justice, and didn’t care how much they lied. They were above the law because they wanted Hillary to defeat Trump.

Don’t care that Comey, McCabe, Schiff, Brennan, Clapper and others intentionally lied about Trump and Russia for years. They still trot them out when they want to trash Trump.

Willingly participated in spreading the “Hands up Don’t Shoot” lie after Ferguson to gin up racial hate against white cops. They don’t care how many cops were injured or killed by these intentional lies. The cops were disposable.

Participated in the intentional lies as they sought to destroy white Christian boys for the crime of wearing MAGA hats. The young boys were disposable. 

Participated as they sought to destroy Judge Kavanaugh with no evidence. It is astonishing and deplorable how many people the media is willing to destroy to push the leftist agenda.

Never cared about the Biden family corruption. Even buried the truthful story about the Hunter Biden laptop to protect Biden before the election. They still don’t care about all the kickbacks to the Biden’s no matter how much evidence there is.

Instead of caring about the Biden family corruption, the media and other Democrats sought to destroy and impeach Trump for wanting to investigate the corruption -- which should be his job.

Don’t care about sanctuary cities and states and the Biden administration refusing to enforce immigration laws they swore to uphold.

Don’t care about how much Fauci, WHO and others have lied or got wrong or about the Wuhan lab and gain of function research. The children’s financial, physical, and mental health were disposable as schools were unnecessarily closed.

Don’t care about natural immunity as they are willing to fire anyone who dares disagree with the dictatorial mandates to get shots.  Those people who get fired are disposable.

Don’t care about how well Florida is doing compared to the rest of the country without mask or vaccine mandates.

Don’t care about all the states where election laws were intentionally violated in the 2020 election. Instead, they pretend that there is nothing to question. They had no concerns when the 2016 election was challenged, and Trump was called an illegitimate President for four years. Instead, they participated in the big lie. They don’t care about voter integrity as they claim requiring a photo ID to vote is racist.

They participate in continuing to call an unarmed protest on January 6 an armed insurrection to intentionally mislead the public.

They don’t care about the only person killed by a weapon on January 6. An unarmed veteran woman shot by a Capitol cop. Ashli Babbitt was disposable.

They not only don’t care that CRT is taught throughout the U.S. They lie about it as they regurgitate the terms, white supremacy, white privilege, and systemic racism to gin up racial hate and division. They do this while they pretend that they are for unifying the country.

They have never cared about evidence to support the radical climate change agenda to destroy America. They don’t care that all the dire predictions have been 100% wrong for decades. All they care about is the agenda.

And they certainly don’t care what is in all the slush funds the Democrats are seeking to pass and how they are paid for. They don’t care that Pelosi is trying to get them passed before they are read and before they are scored by the CBO.  They campaign for these bills, sight unseen, because facts don’t matter and haven’t for a long time.

I am sure others can think of many other things that the media doesn’t care about.

What should we call the press who cares more about who they elect and an agenda than the truth? What should we call people who are willing to destroy anyone who gets in the way of the left’s quest for power? Wouldn’t enemies of the people be an appropriate term? Calling these people progressive is certainly mislabeling.

Graphic credit:  Nick Youngson CC BY-SA 3.0 Alpha Stock Images


How Obama’s Muslim Childhood Became a Taboo Topic

Reflections on when a gigantic biographical inconvenience was successfully hidden and denied.

[Order Jamie Glazov’s new book: Barack Obama’s True Legacy: How He Transformed America.]

Americans have an abiding fascination with their presidents, especially with their foibles and secrets. Who lied? Who ordered illegal operations? Who had mistresses?

Thus was the country transfixed by Bill Clinton, Monica Lewinsky, and the tawdry drip-drip of their liaison. When newly declassified documents revealed hitherto unknown CIA connections to Lee Harvey Oswald, this made a media splash, with Tucker Carlson asking: “Did the CIA have a hand in the murder of John F. Kennedy?”

But that fascination dies when it comes to Barack Obama, the Left’s quasi-sacred figure. About him, no curiosity, please, no gossip, and no hint of impropriety. When he falsely claimed in 1991 to have been born in Kenya, and not in Hawaii, blame fell on a sloppy literary agent. When Stanley Kurtz proved that Obama lied about not being a member of Chicago’s socialist New Party and a candidate for it, the Obama P.R. machine smeared Kurtz and the story disappeared.

When clear evidence showed that Obama had lied about having been born and raised a Muslim, the researcher who made the case was reviled, his investigation scorned, and his argument vaporized.

I should know, as I was that researcher. I wrote five times on this topic in 2007-08, during Obama’s first presidential campaign (three of those times in FrontPageMag.com) and then aggregated all this information, plus new details, in a long and (so far) definitive September 2012 article, “Obama’s Muslim Childhood,” serialized in the Washington Times.

All those writings emphasized that Obama was now a Christian. The first one began with:

“If I were a Muslim I would let you know,” Barack Obama has said, and I believe him. In fact, he is a practicing Christian, a member of the Trinity United Church of Christ. He is not now a Muslim. But was he ever a Muslim or seen by others as a Muslim?

I answered in the affirmative and showed how contradictory evidence concerning Obama’s religious background – from Obama’s father and name, from years in Indonesia, from his family, and most of all from himself – conclusively points to his being born and raised a Muslim.

Throughout, I emphasized not the Islam issue but the character issue; if Obama lies about something so fundamental, how can he be trusted? His other lies, such as Kenyan birth and socialist party non-membership, confirm this problem.

Responses came fast and hard. Ben Rhodes’ “echo chamber” nearly fainted at the impudence of my lèse majesté. Like Kurtz, I was slandered without the facts I presented ever addressed. Here’s a small sampling of the deluge:

  • Ben Smith in Politico derided my analysis as “the template for a faux-legitimate assault on Obama’s religion.”
  • The Spectator called mine the “the worst article on the presidential election” and also deemed it “mad” and “despicable.”
  • Martin Peretz in the New Republic said I had “simply gone bonkers … and malicious.”
  • Vice ran an article “Would You Care If Obama Were Muslim?” that responded to my carefully-crafted argument with “BLARGHA BLARGHA BLARGH REPEAL OBAMA BIN HUSSEIN’S GOVERNMENT TAKEOVER OF OUR JOBS.”

The Atlantic published no less than three attacks on the article and me. Mark Ambinder rued “the false notion that Obama is or was ever Muslim.” Andrew Sullivan dismissed my work as “toxins.” Matthew Yglesias ridiculed my saying that I believe Obama is not now a Muslim with “I, for one, believe Daniel Pipes when he says he’s not a child molester.”

And so it went, howling with outrage at the very thought of Obama as a Muslim, mocking and taunting me with ad hominem attacks, speculating about my motives. So relentless was the onslaught, even the conservative press overwhelmingly shied away from the topic. The McCain and Romney campaigns both treated the topic like Kryptonite. The issue of Obama’s lies had no impact on either presidential campaign, both of which – of course – Obama won.

I expect that, at some future time when Barack Obama loses his sacral quality, historians will take great interest in his childhood religious affiliation. They will wonder how, in the information-heavy, politically-riven, and celebrity-mad culture of early twenty-first century United States, so gigantic a biographical inconvenience could be successfully hidden and rendered taboo. They will study how, in a modern democratic society, a determined candidate can suppress even the most important and relevant information.

I look forward to the vindication.

Mr. Pipes (DanielPipes.org@DanielPipes) is president of the Middle East Forum. © 2023 by Daniel Pipes. All rights reserved.

Reader Interactions

The dark side of Obama's 'Rising Star' exposed

Jack Cashill’s new book, Unmasking Obama: The Fight to Tell the True Story of a Failed Presidency, is widely available. See also www.cashill.com.

 

Obama lets the cat out of the bag: He's got plans to make Joe Biden his stooge

https://globalistbarackobama.blogspot.com/2020/12/barack-hussein-obama-will-joe-biden-be.html

Yang: ‘Return to the Obama Years’ Not Enough for Biden — They Were Left Behind in Those Years,’ ‘They’re Pissed Off’

 

New Federal Reserve report

US median income has plunged, inequality has grown in Obama “recovery”

The yearly income of a typical US household dropped by a massive 12 percent, or $6,400, in the six years between 2007 and 2013. This is just one of the findings of the 2013 Federal Reserve Survey of Consumer Finances released Thursday, which documents a sharp decline in working class living standards and a further concentration of wealth in the hands of the rich and the super-rich.

 

New Federal Reserve report

US median income has plunged, inequality has grown in Obama “recovery”

The yearly income of a typical US household dropped by a massive 12 percent, or $6,400, in the six years between 2007 and 2013. This is just one of the findings of the 2013 Federal Reserve Survey of Consumer Finances released Thursday, which documents a sharp decline in working class living standards and a further concentration of wealth in the hands of the rich and the super-rich.

The report makes clear that the drop in a typical household’s income was not merely the result of what is referred to as the 2008 recession, which officially lasted only 18 months, through June 2009. Much of the decline in workers’ incomes occurred during the so-called “economic recovery” presided over by the Obama administration.

In the three years between 2010 and 2013, the annual income of a typical household actually fell by 5 percent.

The Fed report exposes as a fraud the efforts of the Obama administration to present itself as a defender of the “middle class”. It has systematically pursued policies to redistribute wealth from the bottom to the very top of the income ladder. These include the multi-trillion-dollar bailout of the banks, near-zero interest rates to drive up the stock market, and austerity measures and wage cutting to lift corporate profits and CEO pay to record highs.

The Federal Reserve data, based on in-person interviews, show a far larger decline in the median income of American households than indicated by earlier figures from the Census Bureau’s Current Population Survey.

In line with the figures on household income, the report shows an ever-growing concentration of wealth among the richest households. The Fed’s summary of its data notes that “the wealth share of the top 3 percent climbed from 44.8 percent in 1989 to 51.8 percent in 2007 and 54.4 percent in 2013,” while the wealth of the “next 7 highest percent of families changed very little.”

The report states that “the rising wealth share of the top 3 percent of families is mirrored by the declining share of wealth held by the bottom 90 percent,” which fell from 33.2 percent in 1989 to 24.7 percent in 2013.

The ongoing impoverishment of the population is an indictment of capitalism. There has been no genuine recovery from the Wall Street crash of 2008, only a further plundering of the economy by the financial aristocracy. The crisis precipitated by the rapacious, criminal practices of the bankers and hedge fund speculators has been used to restructure the economy to the benefit of the rich at the expense of everyone else.

Decent-paying jobs have been wiped out and replaced by low-wage, part-time and temporary jobs, with little or no benefits. Pensions and health benefits have come under savage attack, as seen in the bankruptcy of Detroit.

Not surprisingly, the Fed report has been buried by the American media, confined to the inside pages of the major newspapers.

Measured in 2013 dollars, a typical household received an income of $53,100 in 2007. By 2010, this had fallen to $49,000. It hit $46,700 by 2013. At the same time, the average income for the wealthiest tenth of families grew by ten percent.

While median income fell between 2010 and 2013, mean (average) income grew, from $84,100 to $87,200. The report noted that, “the decline in median income coupled with the rise in mean income is consistent with a widening income distribution during this period.”

For the poorest households, the drop in income has been even more dramatic. Among the bottom quarter of households, mean income fell a full 10 percent between 2010 and 2013.

The report reveals other aspects of the social crisis. The share of young families burdened by education debt nearly doubled, from 22.4 percent to 38.8 percent, between 2001 and 2013. The share of young families with more than $100,000 in debt has grown nearly tenfold, from 0.6 percent to 5.6 percent.

These statistics reflect both a historic and insoluble crisis of the profit system and the brutal policies of the American ruling class, which is carrying out a relentless assault on working people and preparing to go even further by dismantling bedrock social programs such as Medicare and Social Security. The data undercuts the endless talk of “partisan gridlock” in Washington and the media presentation of a political system paralyzed by irreconcilable differences between the Democratic and Republican parties.

There has, in fact, been a seamless continuity between the Bush and Obama administrations in the pursuit of reactionary policies of war abroad and class war at home. The two parties have worked hand in glove to make the working class pay for the crisis of the capitalist system.

The Federal Reserve has itself played a critical role in the growth of social inequality in the US. The bailout of the banks, estimated at $7 trillion, has been followed by six years of virtually free money for the banks.

Every facet of American life is dominated by the immense concentration of wealth at the very top of society. The grotesque levels of wealth amassed by the parasites and criminals who dominate American business, and the flaunting of their fortunes before tens of millions struggling to pay their bills and keep from falling into destitution, are fueling the growth of social anger. This anger will increasingly be directed against the entire economic and political system.

The figures released by the Fed reflect a society riven by class divisions that must inevitably trigger social upheavals. The explosive state of social relations is itself a major factor in the endless recourse by the Obama administration to military aggression and war, which serve to deflect internal tensions outward.

The growth of inequality likewise underlies the relentless attack on democratic rights in the US, including the massive domestic spying exposed by Edward Snowden and the use of militarized police to crack down on social opposition, as seen most recently in Ferguson, Missouri.

 

XXXXXXXXXXXXXXX

THE OBAMA devastation of America (wall street's poster boy for corruption)

 

THE SPEEDING TRAIN WRECK TO DESTRUCTION: BARACK OBAMA'S CRONY CAPITALISM, WALL STREET'S UNFETTERED LOOTING AND THE INVASION AND OCCUPATION OF THE MEXICAN FASCIST PARTY of LA RAZA. . .. one man's utter destruction of America!

 

http://mexicanoccupation.blogspot.com/2014/09/crony-capitalism-serving-banksters-that.html

 

 

 

Year-low US job growth in August

By Andre Damon

6 September 2014

The US economy added fewer jobs last month than any other month this the year, according to the latest US jobs report, published Friday by the Labor Department.

 

US employers added 142,000 jobs in August, far lower than the average of more than 200,00 for the prior twelve months, and below the 230,000 that had been forecast by economists.

 

In addition to the worse-than-expected statistics for August, the report revised down estimates for job growth in earlier months by 28,000.

 

Stocks rallied at the dismal jobs report, reflecting the perverse relationship between the real economy and the financial markets, which interpret any worsening of the economic situation as a signal that the Federal Reserve will be reluctant to raise interest rates and slow its “Quantitative easing” asset purchases.

 

The S&P 500 hit a new record Friday, closing up by 10 points, or 0.5 percent, to 2,007. The NASDAQ also rose by .45 percent, to 4,582, and the Dow Jones industrial average rose by 0.4 percent, to 17,137.

 

While the stock market sets record after record, fueled by zero-interest rate policies and cash infusions from the world’s central banks, the real economy and conditions for working people show no signs of improvement.

 

The unemployment rate fell to 6.1 percent, as 268,000 people gave up looking for jobs and left the workforce. The number of such “missing workers” grew to 5.91 million last month, according to figures from the Economic Policy Institute.

 

The labor force participation rate fell to 62.8 percent, its lowest level in three-and-a-half decades, as the number of adults not in the labor force hit a new record.

 

Wages were flat over the previous twelve months, with a 2.1 percent nominal wage increase wiped out by a 2 percent inflation rate over the same period.

 

While there were zero jobs added in manufacturing, the economy added 112,000 jobs in the service sector, which pays significantly lower median wages than goods-producing industries. The healthcare sector added 42,000 jobs, while bars and restaurants added 21,500.

 

Temporary help services added 13,000 jobs. Earlier this month, the National Employment Law Project (NELP) reported that both the number of people working for labor contractors and the percentage of the workforce employed by such companies have hit record highs.

New Federal Reserve report

US median income has plunged, inequality has grown in Obama “recovery”

By Andre Damon

6 September 2014

The yearly income of a typical US household dropped by a massive 12 percent, or $6,400, in the six years between 2007 and 2013. This is just one of the findings of the 2013 Federal Reserve Survey of Consumer Finances released Thursday, which documents a sharp decline in working class living standards and a further concentration of wealth in the hands of the rich and the super-rich.

 

The report makes clear that the drop in a typical household’s income was not merely the result of what is referred to as the 2008 recession, which officially lasted only 18 months, through June 2009. Much of the decline in workers’ incomes occurred during the so-called “economic recovery” presided over by the Obama administration.

 

In the three years between 2010 and 2013, the annual income of a typical household actually fell by 5 percent.

 

The Fed report exposes as a fraud the efforts of the Obama administration to present itself as a defender of the “middle class”. It has systematically pursued policies to redistribute wealth from the bottom to the very top of the income ladder. These include the multi-trillion-dollar bailout of the banks, near-zero interest rates to drive up the stock market, and austerity measures and wage cutting to lift corporate profits and CEO pay to record highs.

 

The Federal Reserve data, based on in-person interviews, show a far larger decline in the median income of American households than indicated by earlier figures from the Census Bureau’s Current Population Survey.

 

In line with the figures on household income, the report shows an ever-growing concentration of wealth among the richest households. The Fed’s summary of its data notes that “the wealth share of the top 3 percent climbed from 44.8 percent in 1989 to 51.8 percent in 2007 and 54.4 percent in 2013,” while the wealth of the “next 7 highest percent of families changed very little.”

 

The report states that “the rising wealth share of the top 3 percent of families is mirrored by the declining share of wealth held by the bottom 90 percent,” which fell from 33.2 percent in 1989 to 24.7 percent in 2013.

 

The ongoing impoverishment of the population is an indictment of capitalism. There has been no genuine recovery from the Wall Street crash of 2008, only a further plundering of the economy by the financial aristocracy. The crisis precipitated by the rapacious, criminal practices of the bankers and hedge fund speculators has been used to restructure the economy to the benefit of the rich at the expense of everyone else.

 

Decent-paying jobs have been wiped out and replaced by low-wage, part-time and temporary jobs, with little or no benefits. Pensions and health benefits have come under savage attack, as seen in the bankruptcy of Detroit.

 

Not surprisingly, the Fed report has been buried by the American media, confined to the inside pages of the major newspapers.

 

Measured in 2013 dollars, a typical household received an income of $53,100 in 2007. By 2010, this had fallen to $49,000. It hit $46,700 by 2013. At the same time, the average income for the wealthiest tenth of families grew by ten percent.

 

While median income fell between 2010 and 2013, mean (average) income grew, from $84,100 to $87,200. The report noted that, “the decline in median income coupled with the rise in mean income is consistent with a widening income distribution during this period.”

 

For the poorest households, the drop in income has been even more dramatic. Among the bottom quarter of households, mean income fell a full 10 percent between 2010 and 2013.

 

The report reveals other aspects of the social crisis. The share of young families burdened by education debt nearly doubled, from 22.4 percent to 38.8 percent, between 2001 and 2013. The share of young families with more than $100,000 in debt has grown nearly tenfold, from 0.6 percent to 5.6 percent.

 

These statistics reflect both a historic and insoluble crisis of the profit system and the brutal policies of the American ruling class, which is carrying out a relentless assault on working people and preparing to go even further by dismantling bedrock social programs such as Medicare and Social Security. The data undercuts the endless talk of “partisan gridlock” in Washington and the media presentation of a political system paralyzed by irreconcilable differences between the Democratic and Republican parties.

 

There has, in fact, been a seamless continuity between the Bush and Obama administrations in the pursuit of reactionary policies of war abroad and class war at home. The two parties have worked hand in glove to make the working class pay for the crisis of the capitalist system.

The Federal Reserve has itself played a critical role in the growth of social inequality in the US. The bailout of the banks, estimated at $7 trillion, has been followed by six years of virtually free money for the banks.

 

Every facet of American life is dominated by the immense concentration of wealth at the very top of society. The grotesque levels of wealth amassed by the parasites and criminals who dominate American business, and the flaunting of their fortunes before tens of millions struggling to pay their bills and keep from falling into destitution, are fueling the growth of social anger. This anger will increasingly be directed against the entire economic and political system.

 

The figures released by the Fed reflect a society riven by class divisions that must inevitably trigger social upheavals. The explosive state of social relations is itself a major factor in the endless recourse by the Obama administration to military aggression and war, which serve to deflect internal tensions outward.

 

The growth of inequality likewise underlies the relentless attack on democratic rights in the US, including the massive domestic spying exposed by Edward Snowden and the use of militarized police to crack down on social opposition, as seen most recently in Ferguson, Missouri.

 

THE OBAMA devastation of America (wall street's poster boy for corruption)

 

THE SPEEDING TRAIN WRECK TO DESTRUCTION: BARACK OBAMA'S CRONY CAPITALISM, WALL STREET'S UNFETTERED LOOTING AND THE INVASION AND OCCUPATION OF THE MEXICAN FASCIST PARTY of LA RAZA. . .. one man's utter destruction of America!

 

http://mexicanoccupation.blogspot.com/2014/09/crony-capitalism-serving-banksters-that.html

 

 

The Obamas tackle climate change and wealth inequality

Nolte: Michelle Obama Condemns ‘White Flight’ After Purchasing Home in Martha’s Vineyard

Former first lady Michelle Obama condemned white people for fleeing minority neighborhoods just weeks after she and her husband purchased a $15 million estate in Martha’s Vineyard.

Diamond Life: Michelle Obama rents out $23-million Hollywood Hills mansion for a night

 

OBAMAnomics:

Billionaire Class Enjoys 15X the Wage Growth of American Working Class

The billionaire class — the country’s top 0.01 percent of earners — have enjoyed more than 15 times as much wage growth as America’s working and middle class since 1979, new wage data reveals.

 

Study: Elite Zip Codes Thrived in Obama Recovery, Rural America Left Behind

Wealthy cities and elite zip codes thrived under the slow-moving economic recovery of President Obama while rural American communities were left behind, a study reveals.

 

 

 

Record high income in 2017 for top one percent of wage earners in US

OBAMA: SERVANT OF THE 1%

Richest one percent controls nearly half of global wealth

Millionaires projected to own 46 percent of global private wealth by 2019

Millionaires projected to own 46 percent of global private wealth by 2019

By Gabriel Black 
18 June 2015

Millionaires projected to own 46 percent of global private wealth by 2019

By Gabriel Black 
18 June 2015

Federal Reserve documents stagnant state of US economy

By Barry Grey 
21 July 2015

Michelle Obama’s Exploitation of the Black Community

No comments: