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Matt Taibbi: Obama’s Wall Street 180 Started on Election Day

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Posted on Dec 9, 2009
Matt Taibbi
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Rolling Stone’s Matt Taibbi walks through Barack Obama’s banking sellout, beginning with the president’s transition team. According to Taibbi, Obama’s transformation from populist to Wall Street’s best friend started on day one.

Rolling Stone via AM760:

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By Aarky, December 11, 2009 at 7:51 pm Link to this comment
(Unregistered commenter)

Read some other Taiibi articles: “The Big Takeover” and, “Let’s Get it Straight, Hank Paulson is a Prick Who Took Down the Economy”. The House just passed some limp wristed re-regulation of the banking industry, with all Republicans voting against those changes and almost 30 Democrats voting with the Republicans. Those Democrats should be asked why they voted with the Republicans. It certainly wasn’t because they felt that the re-regulation was too severe. Until Congress gets serious and re-institutes the Glass-Steagal Act and cancels all the provisions of the Commodities Reform Act of 2000, we will see other financial disasters down the road.

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By jack, December 11, 2009 at 1:16 pm Link to this comment
(Unregistered commenter)

RE “Taibbi is certainly the best and most decent investigative reporter on the Obama debacle.”

exception taken
- Webster Tarpley was out in front on Obama the moment his name was
floated - with “Obama the Post Modern coup, the making of a Manchurian Canditate.”

Rolling Stone is at best a joke - a limited hangout on many fronts - at worst a rich asset - look
into their 9/11 Truth Movement hit piece from about 2006 - lining up next to The Nation and
Counterpunch to take a wack for no apparent reason - the best one can assume is that they’re
simply fearful of being labeled “conspiracy theorists,” but who would that lot be exactly - like many
I only accept real conspiracies, unlike many others who tend accepted “official” conspiracy theories,
or lone-gunmen types

recall the New York Times Best Seller “The Greening of America” which shared the rising Ameri-cantric youth culture zeitgeist with Rolling Stone — should have been titled, “The Duping of America.”

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By glider, December 11, 2009 at 11:55 am Link to this comment

by Samson
>>We should be seeing a political sea change right now.  But its the Democrats that are blocking it.  Yes, Virginia, that’s right, its the Democrats right now that have both heels dug in and trying to stop the ‘change’ that the voters are pleading for<<

Unfortunately, this is precisely right (although the Republicans are no solution either).  A once in a life time opportunity to clean this mess up has been and continues to be pissed into the wind.  The degree of the betrayal can not be overstated.  Once you have a certain degree of infiltration of corporate interests into government and media it becomes irreversible.  That is where matters stand now.  One thing you can see is just how confused the opposition is without a responsible media available to direct public anger responsibly.  This is a truly brillant aspect of the takeover.

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By glider, December 11, 2009 at 11:35 am Link to this comment

Taibbi is certainly the best and most decent investigative reporter on the Obama debacle.  Please be sure to read his much better complete review here.  This is an extraordinarily important read in order to understand just how rotten our system has become.

http://www.rollingstone.com/politics/story/31234647/obamas_big_sellout/print

My only criticism is that at the end of the article Taibbi holds out the unreasonable hope that Obama might reverse what he put into play.  That he will come to his senses.  Come on Matt!!  Obama in his earlier speeches indicated that he understands the bankster threat and the only reasonable conclusion would appear that he has fully aware of the evil path he has taken and it is likely doing so for his own personal gain.  Obama is no idiot and must know what he is doing.  The best rationalization I can give the man is that he may be operating out of fear of becoming another JFK.  I rather tend to believe the greed explanation myself.  Either way he is a dangerous man.  No other conclusion makes any sense to me.

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By Night-Gaunt, December 11, 2009 at 11:02 am Link to this comment

When you own both official parities and can make sure that whomever is on the ballot will be a winner for you. Since 1980 we have lost elections whether Democrat or Republican because they are products. Who needs a gun to their head if they are with you all the way? He isn’t going to change to pull us out of the fire at all, he is going to bank it and keep it burning till the USA collapses. Don’t build false hope, they bank on that to continue to screw us. Obama isn’t a liberal nor a Progressive—-he is the Chicago Economics School of militant corporate capitalism and I dare say there isn’t much we can do to change that.

The parallel system of corporate contractors are so important now to a very weakened gov’t infrastructure that they can’t operate now without such contractors in the mix. Once we are allowed to fail and fall they will be there to take over. Fully privatized country. Naomi Klein spells it out in “Shock Doctrine” so I would recommend reading it now. And Naomi Wolf shows just where we are headed in “End of America” which should be read together. Time is ticking away before they let the other economic shoe drop and the economy craters. Just what they need once everything is in position to “save us” from total ruin. Most will take the choice over having nothing and threats to life and limb to eat every day. A dictatorship over poverty and starvation? Most will take it without a second thought—-just as they planned.

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By Cole..., December 11, 2009 at 9:54 am Link to this comment
(Unregistered commenter)

“War” is good—because people have been fighting since day 1.
“Peace” is good—because we get to fight wars to get it.
“Good” is good, so stop quibbling. Keep on weaponizing any and ever thing and most of all keep those babies coming.

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By Samson, December 11, 2009 at 8:43 am Link to this comment

In America, in the past, we’ve had ‘sea changes’ in our national direction.  The Kennedy-LBJ years were one, where we had a distinct shift towards the Great Society type programs away from the do-nothing Republicanism of the Eisenhower years.

Ronald Reagan was another such sea change.  As the politics swung hard to the right.

These sea changes occur when the ideology of one party ‘runs out of steam’, and the voters get frustrated with all the problems that come from it, not matter what ideology ‘it’ was.  Eventually the voters want change.

This should be what we are seeing today.  The collapse of Bush Republicanism under the weight of its lies and deceptions.  This should be the end of the era of Bush Republicanism, and the start of a new era.

Except, the Democrats refuse to do it.  Now would be the time to attack full blast at a discredited Republican philosophy that lies in ruins in a shattered economy.  If there was ever a time to drive a stake into the heart of Bush Republicanism, this is it.

But the Democrats won’t do it.  If there was ever a time to drive a new policy in a new direction, then this is it. This is the time when a ‘sea change’ should occur.

But the Democrats won’t do it.  Instead, the Democrats continue every Bush policy. The Bush tax cuts stay in place.  The wars continue.  The domestic spying continues, and the Democrats now want to enshrine the Patriot Act in stone.. The foreign military prisons and the torture and detentions continue. Gitmo stays open.  The billions of our tax money keep flowing to wall street as they extend TARP.  And now we get a ‘health care’ bill that really should be titled “The Big Health Corporation Profit Protection Act of 2009”.

Politically, we should be getting a ‘sea change’ right now.  Gawd knows the voters are ready for it.  The Democrats are now following every discredited Bush policy that the voters were pleading to have changed.

This is key to understanding modern American politics.  We should be seeing a political sea change right now.  But its the Democrats that are blocking it.  Yes, Virginia, that’s right, its the Democrats right now that have both heels dug in and trying to stop the ‘change’ that the voters are pleading for.

Why?  Follow the money.  The money that had backed Bush in 2000 and 2004 shifted to the Democrats in 2008.  Bush set fund-raising records in 2000 and 2004.  Obama shattered them by raising $700 million in 2008. Meanwhile, McCain was broke and on public financing because he couldn’t raise more than the $84 million that this program offered him.  Bush never took public financing because he could raise hundreds of millions on his own.

Follow the money.  It tells you all you need to know. Its the same money that backed Bush that now backs the Democrats.  And its that money that is insisting that not only that nothing can ‘change’ from the Bush years, but that the Democrats have to continue to make things worse.

Stop voting Democrat!

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By Samson, December 11, 2009 at 8:31 am Link to this comment

Oh, now the Democratic bull is starting.  The poor weak little ol Democrats are so helpless that they just have to do what ever the bad ol right wing Republicans tell them to do.

That’s the latest excuse from the Democrats as to why they have to be so awful and evil.

Of course, this ignores the political reality of the American voters rejecting the Republicans in a massive way.  Popularity of the last Republican president was 20 percent.  Popularity of that party has been crashing.

If there was ever a political time when the Democrats could actually challenge the Republicans, this is it.  They hold majorities in the House and Senate. The Dems hold the White House of course.  The voters firmly rejected the Republicans and elected Democrats who ran on a campaign of “Change”.

Yet, now we hear these mewling whines from the Democrats that they have to do whatever the big powerful Republicans tell them to do.  That the Democrats are so weak and powerless that they have no choice but to give the Republicans everything they want.

What a load of nonsense.

Politically, if there was ever a time for the Democrats to go hard after the Republicans and kick them while they are down, then this is that time.  The American people, who are frustrated with the total lack of ‘change’ would cheer them on.

So, why don’t the Democrats do this?  Because they don’t want to.  That’s obvious.  Or more accurately, all the money that’s behind the Democrats doesn’t want them do.

The Democrats are getting truly ridiculous in their constantly sillier and stranger explanations as to why the Democrats always screw us.

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By Howie Bledsoe, December 11, 2009 at 4:36 am Link to this comment
(Unregistered commenter)

Ah, C´mon, guys, Leave Taibbi alone, he makes clear to teenagers a complex process that they would otherwise not only not understand, but would not be interested in. He speaks like them, and to them, and hopefully engages them in the “democrating” (did I just say thatß) process… but it´s not the worst thing in the world, considering the total apathy of most kids today.

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By jack, December 10, 2009 at 4:06 pm Link to this comment
(Unregistered commenter)

RE: “Rolling Stone. How I wish this magazine was as good (and honest) as when it
started.”

telling: next to nothing in Pop Culture is deeply informed or directed by
genuinely learned vision or highly refined talent - its innocence is its charm

Rolling Stone magazine has always been a sop to Ameri-centric youth culture,
through which so many North American youth feel so empowered, when all
they’ve ever really been is just one more corporate market demography

how shocked they are upon learning their intensely worshiped “generation gap”
exists virtually nowhere in the world outside those regions severely infected by
American Pop Culture

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By samosamo, December 10, 2009 at 3:38 pm Link to this comment

Not funny, but I saw w3’s(o’s other name) true direction late in 2007 or early 2008
when he dropped his pants and america’s pants for corporate america and in
another pants dropping event he bent us and himself over for the american izraeli
public affairs committee where upon I decided never to vote for a repub or a dem
again, always 3rd party.

But w3’s affiliation eludes me but I really feel he is a neocon because keeping
bernanke, geithner summers and other of w’s damn crew brands him a
neocon and of the rankest(pughwhee) order, the o brand.

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By jack, December 10, 2009 at 3:32 pm Link to this comment
(Unregistered commenter)

RE “Obama cannot hear the sound, of silence.”

Actually, all he hears is the dicta of his Trilateralist handlers; chief among them Zbignieu Brzezinski. The mission: run Left cover for the Global Finance Oligarchy to advance it’s hegemonic agenda. The most forgiveness I’d extend would be to suggest that he has a good heart but a gun to his head, just like every POTUS, since the wacking of JFK.

Get a clue. The Left vs. Right shadow play is a massive psy-op, spun out through every level of the media, and fueled by legions of unwitting useful tools, fools and demagogues, manipulated by a handful of witting rich assets.

About this, we need not speculate in the least. We have it from the source:

“The Central Intelligence Agency owns everyone of any significance in the major media.” - William Colby - Director of the CIA (1973-76)

“Deception is a state of mind and the mind of the state.” - James Jesus Angelton - Director of CIA Counter Intelligence (1954-74)

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By Virginia777, December 10, 2009 at 3:04 pm Link to this comment

what do you call, Sulphurdunn, the “depth of Obama’s betrayal”

Come on!! can’t you see how he has been stymied from the start by the Right who are so strong (as opposed to the insufferably weak Left/Democrats)?

this over-reaction, is killing what hope we have left - and HOPE is in the mobilization of the Left, to press its initiatives.

Obama cannot hear the sound, of silence.

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By Virginia777, December 10, 2009 at 3:00 pm Link to this comment

Rolling Stone. How I wish this magazine was as good (and honest) as when it started.

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By liecatcher, December 10, 2009 at 11:41 am Link to this comment

Matt Taibbi: Obama’s Wall Street 180 Started on
Election Day
To:Samson, December 10 at 12:46 pm

Following the money is certainly a big & important part
of the process.
The next thing to do is see how “W” actually stole both
elections with a Florida chad handover & a judge’s
decision. The money in the case of Bush3 was just show
biz to create the illusion of a landslide. The outcome
of that election, like the others, was predetermined, whatever it took to make it happen.

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By jack, December 10, 2009 at 10:58 am Link to this comment
(Unregistered commenter)

RE: ” Perhaps it’s time for all serious progressives to begin a reformation and an
eventual schism by holding their noses and actually joining the Democratic Party.”

Understood: the difference between getting what you want and what you need, if
you don’t mind standing in bread lines until you can’t be ignored anymore.

If I ever spoke honestly to those in attendance at a meeting of Democrats, without
a doubt they’d kick me out forever, which would be fine, because I can’t stand to
share the air they breathe - you think pig shit smells worse than chicken shit?

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By Sulphurdunn, December 10, 2009 at 10:12 am Link to this comment
(Unregistered commenter)

I rang door bells and worked phones for Obama, But I never had much faith in him.  I did what I did because the alternative was unthinkable.  I knew the guy was a DLC satellite, as are all power players within the Democratic Party.  That said, the depth of Obama’s betray is breathtaking.  Perhaps it’s time for all serious progressives to begin a reformation and an eventual schism by holding their noses and actually joining the Democratic Party.

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By FRTothus, December 10, 2009 at 8:20 am Link to this comment

Why are we paying income taxes on labor? There is no law that requires it.  Stop the payment of taxes that supports the corruption and you’ll do the one thing that will get their attention more than street protests, more than letters, more than votes.  Stop supporting this corruption by starving the beast, and that will be a non-violent revolution impossible to ignore.

“Individuals have international duties which transcend the national obligations of obedience ... Therefore [individual citizens] have the duty to violate domestic laws to prevent crimes against peace and humanity from occurring.”
(Nuremberg War Crimes Tribunal)

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By Samson, December 10, 2009 at 7:46 am Link to this comment

Follow the money.

In 2000 and 2004, Bush set fundraising records by raising some $200 million in 2000 and just under $400 million in 2004.  We all saw the effects of those massively financed campaigns.

In 2008, there were three main points of interest.
—early news stories from the McCain campaign in late 2007 showed that the campaign was massively cutting costs and expenses as their campaign wasn’t raising nearly the money that they thought they’d get.
—In the 2008 general election, we saw the strange site of a Republican candidate taking Public Financing.  This restricted the McCain campaign to spending $84 million in the general election.  The obvious inference is that they could not raise more than this on their own.
—The Obama campaign broke all the old Bush records by raising well over $700 million dollars.

The obvious pattern here is that the money that had been backing Bush for 8 years shifted to backing Obama in 2008. 

That’s all you need to know about Obama and the 2008 elections.

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By lorax, December 10, 2009 at 7:21 am Link to this comment
(Unregistered commenter)

The truth has not set us free. We know that the U.S. went to war in Iraq on the
basis of lies. But we are still there. We know there are only 100 or so Al Quida
in Afghanistan/Pakistan. But we have over one hundred thousand soldiers there
accomplishing nothing. We know that Wall Street and the banks have robbed
our U.S. Treasury. We know that this health care “reform” bill is another
windfall for insurance companies, sponsored by them. We know that our
Congress has been bought by corporations. We know our news media has been
taken over by right-wing propagandists.

The truth has not set us free. Perhaps, if we ALL show up with pitch forks on
the National Mall? (We will have to be resigned to be arrested for surely they
won’t give us a permit).  Maybe we all should refuse to pay any taxes? Maybe
we should have voted for a third party candidate. The Republicrats and the
Democants are really one party - the party of Corporatocracy. Welcome to
Endless Wars and Bankruptcy.

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By Samson, December 10, 2009 at 7:17 am Link to this comment

Jack said ....” he may be too embarrassed to say just how duped he was.”

This is the biggest problem facing the left now.

They say that most victims of cons don’t report the crime to the police.  Its because they are too embarrassed to admit they were conned.  Often, the victim refuses to admit to themselves that they were conned.

The left was conned by Obama in 2007-08.  The problem we have today is that way too many on the left are too ashamed to admit it.  Yet that’s the first mandatory step towards the left flexing its muscles and acting against Obama and the Democrats like the majority of the nation that we are.

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By Samson, December 10, 2009 at 7:13 am Link to this comment

Nonsense,

What this premise assumes is that Obama was against Wall Street before election day.  A very strange supposition considering he was well-funded and supported by Wall Street going back to the very earliest days of the election.

Google news stories from 2007 that go with the quarterly finance reports filed by the candidates.  You’ll see that Obama was raising unusual amounts of early money, and that Wall Street was his main source.  It was Wall Street money that paid for the ‘rock star’ image.  Do you think Wall Street was giving millions to their enemy?

The main fact that people need to get their heads around is that Obama was lying all during the last election campaign.  Especially during the primaries when he pretended to be to the left of Hillary. 

Obama was lying.  Say that a hundred times and start to accept it as truth.  Do a Bart Simpson and write it on the black board 100 times.  Obama was lying, Obama was lying, Obama was lying ....

The only way someone can say “Obama did a 180 on election day” is if you believe the lies he was telling before election day.  The reality is that Obama’s position towards Wall Street never changed.  Only the words he spoke in public.

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By liecatcher, December 9, 2009 at 6:20 pm Link to this comment

Knowing the truth won’t set us free, but maybe those
folks still clinging to hope will realize that Bush 3
was a Trojan horse & once inside the White House, the
horse defecated & out came the Goldman Sachs
miscreants
who robbed us blind & buried America in an abyss of
debt from which they continue to profit.
The old millionaires are now billionaires & the
former
billionaires are now trillionaires. Ben Bernanke
with,
arrogance, impunity & no accountability blatantly sent
trillions of dollars to the cabal in Europe & now we the
people are paying 500 million dollars a year in
interest. Just think of the spider on the cover of
“WEB OF DEBT” BY ELLEN BROWN.

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By jack, December 9, 2009 at 4:52 pm Link to this comment
(Unregistered commenter)

Everything in this piece is exactly what Webster Tarpley was reporting a year ago; in fact even before Obama’s election he’d laid out in detail exactly how wholly owned Obama is by Wall Street and The City of London - essentially a trilateralist puppet.

Mr. Taibbi doesn’t tell us if any of what he learned researching his article changed his take on Obama - he may be too embarrassed to say just how duped he was. From Robert Scheer’s recent articles, it appears he’s getting over it and making a clean breast.

Truthdig would distinguish itself enormously by picking up for posting Webster Tarpley’s analyses - far more insightful than most of what’s published here. Anyone interested, visit Tarpley’s World Crisis Radio Archive here:

http://gcnlive.com/archive.php?program=worldCrisis

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By Mark, December 9, 2009 at 3:36 pm Link to this comment
(Unregistered commenter)

Back in September 2004 Molly Ivins wrote a column about the Bush Administration and quoted the one-time Washington insider Tommy Corcoran:

“Tommy the Cork, so dubbed by FDR, was a Washington wise man. His various biographers called him the ultimate insider, the super lawyer and the master fixer. He came to Washington in 1926 to clerk for Justice Oliver Wendell Holmes and became a fixture, an almost institutional source of wisdom about American politics, before his death in 1981.

The Cork had a theory about how to choose a president. He always said it didn’t matter who was running, that it was unnecessary to pay any attention to them. What matters, he said, is the approximately 1,500 people the president brings to Washington with him, his appointments to the positions where people actually run things.”

Summers, Geithner, Bernanke (re-appointment), Rahm Emanuel, they all speak volumes about what and who the current POTUS thinks “matters”

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