It has been more than a year since all hell broke loose on Wall Street and, remarkably, almost nothing has been done to prevent all hell from breaking loose again.
In fact, close your eyes and you could be back in the wilds of 2007. Bankers are still making wild bets, still devising new derivatives, still piling on debt. The big banks have access to money almost as cheaply as in 2007, courtesy of the Fed, so bank profits are up and bonuses as generous as at the height of the boom.
The real question as I see it is, can Obama take on Wall Street? The question has been raised many times as to who is really in charge - in control - of our government. The answer most often given is that the powerful bankers - to include The Federal Reserve - are the ones truly in charge and by what we have witnessed this past year, that answer more and more becomes reality.
This being the case, then Obama - or any sitting President for that matter - cannot take on Wall Street and The Federal Reserve. Make no mistake, The Federal Reserve has been said to have more power then the President. In fact, it has been said by many that when Allen Greenspan was Chairman of The Fed, he was the most powerful person in Washington. I would have to believe that Bernanke is as well even though he appears to be a more soft spoken and lmore modest person then his predecessor.
We all know that the Federal Reserve is a private entity given the power to enable the banking industry in this country. It is The Fed that begins the creation of money from thin air that allow the banks to function, lend money they do not have, take back assets (transfer wealth) from those they have loaned money to and profit grrreatly from each and every transaction.
I was recently made aware of a movement, The Zeitgeist Movement whose apparent purpose is to disclose the truth about how our country and economy really work. They have released a two hour movie that I found extremely interesting that sheds a large spotlight on the question of who is really in charge. I am attaching this movie to this post and suggest that you do take the time to watch it. I must, however, offer my disclaimer: I do not support or endorse this "movement" or group and have not completed my research into them. I will report further on them once my research is complete.
I do know that this movie did open my eyes and add credibility to many thoughts and beliefs I have held for many years. My main belief is that it matters not who is elected President - and Obama is proving that each day with each action and each speech.
I have always believed that this country and economy are based on debt and phony paper we call money. this movie does explain in easy to understand terms why I have held that belief.
So, watch with an open mind. You may agree with all or some and disagree with all or some yet the perspectives and explanations offered may help us determine if Obama or anyone can take on The Fed's Wall Street.
You be the judge.
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I used to believe this...but the collusion is immense....if Obama does not change this logic will be forgotten.
ReplyDeleteWALL STREET JOURNAL correspondent and author of THE WRECKING CREW: HOW conservatives RUINED GOVERNMENT, ENRICHED THEMSELVES, AND BEGGARED THE NATION takes a look back at the decade that was.
There were hands in the air in Washington this week, but it wasn't a stickup. The new Financial Crisis Inquiry Commission, appointed by Congress to find out how America got rolled, began hearings this week. These four are not the victims of one of the greatest bank heists in history - they're the perpetrators, bankers so sleek and crafty they got off with the loot in broad daylight, and then sweet talked the government into taxing us to pay it back.
Watching that scene on the opening day of the hearings, it was hard enough to believe that almost a year has passed since Barack Obama raised his hand, too -- taking the oath of office to become our 44th President. Even harder to remember what America looked like before Obama, because we've also been robbed of memory, assaulted by what the Nobel laureate Czeslaw Milosz described as a "fantastic proliferation of mass media." We live in a time "characterized by a refusal to remember." Inconvenient facts simply disappear down the memory hole, as in George Orwell's novel, "1984."
http://tinyurl.com/ylymo4d
Maybe someone should explain to Obama et al that its the people that need help not wall street....
ReplyDeleteThis is HR 4173, “‘The Wall Street Reform and Consumer Protection Act of 2009.
http://financialservices.house.gov/Key_Issues/Financial_Regulatory_Reform/FinancialRegulatoryReform/111_hr_finsrv_4173_full.pdf
On Section 1701 (ADDITIONAL IMPROVEMENTS FOR FINANCIAL CRISIS MANAGEMENT.) starts on page 436 and on subsection C (FINANCIAL CRISIS MANAGEMENT) talks about unusual and exigent circumstances. Page 437 says “Upon making any determination under this paragraph, with the consent of the Secretary of the Treasury, the Financial Stability Oversight Council shall promptly submit a notice of such determination to the Congress. The amounts made on available under this subsection shall not exceed $4,000,000,000,000.”
Basically this bill allows future $4 Trillion back stop to WallStreet casino.
Larry Summers, Robert Rubin: Will The Harvard Shadow Elite Bankrupt The University And The Country?
ReplyDeleteAt the heart of the new system of power, says Janine Wedel, is "a decline in loyalty to institutions" and "the proliferation of players who swoop in and out of organizations with which they are affiliated." There is no more vivid example of this phenomenon than Harvard University, which for centuries was held together by institutional loyalty. Today, that loyalty has eroded, and those at the top act much more flexibly. Yet they still enjoy almost unlimited power. Like all forms of mismanagement, Harvard's woes call for transparency and accountability. The story resonates to Washington, where Harvard's power elite is deeply entangled.
Harvard lost $11 billion from its endowment last year, plus another $2 billion by gambling with operating cash and $1 billion in bad bets on interest rate fluctuations. Harvard had been borrowing vast sums to leverage its assets and to expand its physical plant; its president, Lawrence Summers, had described as "extraordinary investments" what ordinary people would call crushing debt. The only way to balance the looming deficits was through huge investment returns. The speculating worked for a while, but when the bubble burst, Harvard was left almost insolvent.
The Corporation is stunningly secretive. The members are listed on a Harvard web page--but with no contact information. Their meetings and agendas are unannounced, their decisions unreported. The Fellows, scattered across the country, are isolated from the institution they govern. Even the university's statutes--the closest thing to a constitution limiting the Corporation's discretionary power--are almost impossible to locate. The colonial-era board structure is failing the modern university.
In September, 2000, the government sued Harvard, Shleifer, and others, claiming that Shleifer was lining his own pockets and those of his wife, hedge fund manager Nancy Zimmerman--formerly a vice president at Goldman Sachs under Rubin.
http://tinyurl.com/yc9yf4s
Some recovery....what happens when we double dip? I know ....we save the bankers.
ReplyDeleteNearly 25% of San Jose Residents Now Live in Poverty
http://tinyurl.com/ybqcpzh
Another post at ZH pretty much sums it up:
ReplyDeleteThis entire elite is past the "sell-by" date...they must go. Obama, Bernanke, Summers...all the leaders of the One Party...they no longer serve any national interests...they are comparable to the Shah in 1979, the Marcos Regime in the Phillipines, the corrupt PRI in Mexico in the 1990's, the LDP in Japan that was recently ousted, or even the Tito regime in Yugoslavia at the end.
The silly, incredible statistics released by the government, engineered financial and national security crises, markets grossly manipulated for political purposes...no credibility remains...only ever-increasing unemployment and looting by this elite. Thus "health care reform" becomes a scheme to use federal law to force citizens to pay premiums to insurance company gangsters.
http://tinyurl.com/y9wldp9
I lean a little left of Paul but his words ring true:
ReplyDeleteRon Paul Powerful Speech - A Call for Revolution?
Slavery sold as liberty. Socialism to save capitalism. A psychotic nation. Exuberant taxation. Epidemic of cronyism. 700 military basis all over the world. Tortures of 21st century. We have forgatten what made America great. Revolutionary changes are needed and forseen. Is Ron Paul the ONLY honest man in American's politics??
http://tinyurl.com/yj4wr3w