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Financial Meltdown 101

Getting a grip on the economic catastrophe that rocked the country during the fall of 2008 is no easy feat, what with so many players, back-room deals, bills, upswings and meltdowns to consider. To that end, Truthdig, once again in collaboration with Capzles.com, has put together a comprehensive multimedia timeline that explains how we got into this mess and how we might avoid repeating history in the near future.

This is a work in progress, and we’ll be adding updates and pointers in coming weeks, so check it out and leave your feedback in the comment section below. We’ll also be including some audio commentary to highlight key turning points along the story line to make this complicated narrative easier to understand, even for those of us who fell asleep during Econ 101 (or avoided that whole scene altogether).

Update: As of 10/19/2011, this Capzle is updated with several new articles and book excerpts.

 

1
Dig last updated on Nov. 24, 2008


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MarthaA's avatar

By MarthaA, June 28, 2011 at 8:35 am Link to this comment

All those who think cutting WAR spending won’t
be a benefit to our national economy should
listen closely to this video of Colonel Lawrence
Wilkerson who worked closely with Colin Powell as Chief of Staff.

http://www.brasschecktv.com/videos/war-is-a-racket/war-from-
inside-the-belly-of-the-beast.html

“Vietnam vet Colonel Lawrence Wilkerson was former Chief of Staff
to Colin Powell during the blatantly fraudulent run up to the Iraq
War.”

“He [Colonel Wilkerson] had the opportunity to see Dick Cheney,
George Bush Jr,, Donald Rumsfeld and other assorted war
criminals up close and personal.”

Sooner or later the truth seeps out and it is good that this truth is
finally seeping out.

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Lafayette's avatar

By Lafayette, June 17, 2011 at 9:14 am Link to this comment

The repeal of the Glass-Steagal Act was the hole in the dike the allowed Commercial Bank deposits to be employed as collateral for speculative dealing Investment Banks in “realty-backed” Debt Instruments (with falsified Triple-A ratings).

The consequence, however, of the drastic reduction of both Marginal Income and Capital Gains taxes of the Reagan Administration is at the origin of the incentives that would push Wall Street investment banks to take the highly speculative risk positions (on Debt Instrument derivatives) at the origin of which was Toxic Waste.

The market was ripe for juicy profits that would produce astronomical personal gains. The Wall Street financiers caved to greed.

Surely, Wall Street knew what was going on. By 2007, there were in existence two key pieces of information that indicate the magnitude of the problem:
*  The property default rate began rising seriously as early as the first quarter of 2007. (See here.)
* A 2006 Treasury report shows the level of fraud-in-lending incidence had been rising since 1996 and became dramatically increasing in 2003. The year 2006 saw annual compound growth in fraud cases of more than 10% per annum over the period of 2003 to 2006. (See in this pdf of the report here.)

With the above two pieces of information at hand, a catastrophe-in-the-making is seen clearly to evolve, which would culminate in the Credit Mechanism Seizure of the fall of 2008. And the Great Recession of 2009.

Why was the Truth In Lending Act not being enforced? Why did not the Federal oversight agencies apparently do nothing to stop the mortgage fraud? With the above factual evidence of mortgage fraud in hand, why did they allow the continued speculation in what was clearly evidenced as Toxic Waste throughout 2007 and 2008?

Three questions that bear investigating, imho ...

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MarthaA's avatar

By MarthaA, January 24, 2011 at 6:43 am Link to this comment

Here are two films relative what is happening and has happened in the United States causing the American Common Populace to have a separate economy, one is the American Ruling Class and the other is the Bush NAZI connection:

American Ruling Class:
http://www.snagfilms.com/films/title/american_ruling_class/

Bush Nazi Connection being used by Rupert Murdoch & Koch Brothers:
http://www.brasschecktv.com/page/263.html

Full feature American Ruling Class film:
http://www.hulu.com/watch/112523/the-american-ruling-class

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By garth, December 8, 2010 at 3:18 pm Link to this comment

Here’s How We are being Screwed, Blewed and Tattoed

Obama’s latest cave-in to the Republicans is just the latest example of the pay back to world’s richest, those who lost in the Credit Default Swap (CDS) debacle of 2007 and 2008.

I read in 2007 that the CDS amounted to $1.5 quadrillion.  The low estimate was $600 Trillion.  To give you some idea of how much that is, the world’s wealth is around $80 Trillion.

Of course, not everyone lost in the scam. Some were big winners, but some biggies did lose.  The pension funds lost, individual investors lost, but the most important losers were the European and Chinese banks, along with some Sheiks from the middle east like Saudi Arabia.

To pay them back, especially the banks, Bernanke came up with TALF along with TARP.  These payments were released recently, and it was stunning. 

$ Trillions given away by the Federal Reserve.

But that doesn’t come near the final payment due.  And that is where Obama and the so-called Democratic majority and the Republican minority come in.  They are going to make us pay and pay and pay through the nose for years to come. 

This $700 Billion giveaway to the ultra-rich while we get a ‘bag o’ chips and a slice of pickle’ to go with our ‘shit sandwich and wedge of Moose Turd Pie’, is just another part of the payback. 

Obama is with ‘em and always was.  That was his job, and he chose to do it.  His wiffenpoof, Michele is smarter, and he wants her approval.

Grover Norquist now says, ‘Starve the Beast’, meaning the government.  Grover, you remember, along Ralph Reed and Jack Abramov scammed the Indian’s out of their gambling casino money.  Abramov went to jail.  I think Grover and Ralphie are some kind of sacred cows.  They can still be big earners.

Well, if you reverse Grover’s definition of the ‘beast’, you’d have it right.

The ‘beast is the conglomeration of the Democrats, Republicans, Corporations, Wall Street Financiers and the World’ Wealthiest people.  I read one estimate that said there are about a half a million of these mutations crawling the Earth, the world’s richest. And they’ve been in control of what goes on for hundreds of years.

Big Zbig says we’ll be in Afghanistan for another 30 years.  War’s a big earner, too.

But mainly you and I and our grandchildren will be paying off their debt, that is, what the richest owe to other’s of the Rich Class, for generations to come.  That’s why some ads are highlighting the feasiblity of slavery.  I think it’s Office Max.

My question is:  Where are we now?  How much do we still have to pay?  I’d like a nice round number.

On the other side of the argument, the Republicans and Obama say that 2 more years of Tax benefits will kick in the jobs-building power of the high and mighty.

They just need a little more time and a little more cash to get started.
———————————————-
The Key Cliche word for today is ‘focus’.

Dick Boy ‘I’m sorry for calling you a Nazi’ Durbin said, “We are going with laser-like focus on Jobs.”

The Luo tribesman, Obama said, ‘his all-out focus is on Jobs.’

He’s a regular John D. Rockefeller handing out dimes on the streets of New York in the 30s.

Dear Mitch the Chin, thanks for not putting this excessive burden on the Deficit.  But then again, you are from Kentucky.  In Southern Ohio, they say that in Kentucky they teach the ‘Three Rs’:  readin’ ritin’ and the road to Norwood.

Focus, men! Focus!

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By hillsofwisc, November 27, 2010 at 2:57 pm Link to this comment

(3) – The third option is for the U.S. economy to earn the monetary credits lost through “interest” payments by achieving a positive balance-of-payments account with its “trading partners”.  This notion overlooks the critical fact that the national currencies of every other nation on earth have the same fatal flaw as the U.S. dollar; i.e. they are created and issued via loans from private banks.  This means that they also lack the ability to close their own domestic market cycles without resorting constantly to taking on more debt.  The logic of their situation, then, compels them to take advantage of the U.S. economy (which is where the money to underwrite their money comes from) to financially survive.  It is impossible, of course, for every nation on earth to beggar every other nation, and so in the domestic political life of each, recriminations inevitably ensue about the “unfairness” of foreign players that does not allow one’s own folk to recoup their own just due.  The impossibility of this working out in a world where the trading order is structurally a less-than-zero sum game virtually never seems to occur to anyone.  The practical reality is that the net indebtedness of the world to the extra-national private banking system, and now extra-national corporations, must in the aggregate keep going up virtually irregardless of other factors.  In the end, this is a lose- lose- lose- lose- lose- situation for all peoples.

None of these coping strategies are satisfactory as solutions.  They may offer temporary relief, but in the end only tend to compound the problems of the system.  They are the very roads to unintended consequences.  Clearly, another approach is needed

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By hillsofwisc, November 27, 2010 at 2:56 pm Link to this comment

Summation of the Monetary Problem:
Within the present system, money is “loaned” into existence through a private banking system with a compounding “interest” charge attached, but the monetary credits necessary to “pay back” this “interest” are not issued.  The only way the economy can be maintained with an adequate money supply, while consuming its own production, is to continually take on more “debt”, both public and private, at a compounding rate.  Unless this is changed as the operative principle by which money is created and issued, virtually all tangible assets in the nation will be effectively confiscated through default, the social order will be destroyed, and the earth itself will be ruined.  (for those with ears to hear)

The Hobson’s Choices:


There are essentially three ways the shortchanging of the market cycle caused by the “interest” charge attached to the creation of money within the present system can be coped with.


(1) – The ostensibly simplest option is to give up and “let the system correct itself”.  This “solution” is often heard in the blithe dogmatisms of ideologues or the Armageddic passions of religionists.  Some say we could just have another Depression.  After all, we had one not so long ago, and did we not come out of it as a victorious superpower?  It seriously behooves us to take note that the world has turned over since then.  We live in an unprecedented era.  Among other things, the farms, industries and fundamental skills that the nation subsisted on through the last Depression have effectively atrophied.  There is not much that remains in the way of subsistence capability.  Monetary collapse was bad last time; it would be unthinkable now.

(2) – A more tenable option (at least temporarily) is for enough people to go deeper into debt to keep the system going.  This could be done by private individuals, corporate entities or the government.  No one wants be the party to take on more debt, so behind virtually all personal, social and political contentions there lurks an effective agenda to clear one’s own debts, and oblige someone else to take on the burden.  The citizenry expects the government to take care of them (while “balancing the budget”), while our public servants try (amidst much hand-wringing about having to “balance the budget”) to pass the onus back to the citizenry.  The corporation sector attempts to recoup its share in by inflating the prices of its products, while consumer activists wax outraged at corporate greed.  The mavens of finance, academia and media weigh in with their own impressive obfuscations.  Saturation advertising induces consumers to slide unmindfully into debt to maintain lifestyles, and keep up with the Joneses.  For the most part, we don’t think about our affairs this way, but the engine of “debt” is always there subconsciously driving everything we do, including how we think.  The consequences are ubiquitous.

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By hillsofwisc, November 27, 2010 at 2:52 pm Link to this comment

Economics 101 so we can understand the meltdown…from the writings of Rich Kotlarz

“What is more, it must be understood that usury is not “debt;” notwithstanding that it is customary in even the most sophisticated usage to describe the consequence of usury erroneously as “debt.”  You may notice that I occasionally violate this rule myself.  The reason is that there is no existing cultural rapport within which the ideas could be accurately expressed without excessive caveats, explanation and redefinition.  There is no English word that I know of that faithfully conveys the false sense of obligation that we translate as “debt” which is commonly attached to usury.

It behooves us to examine the validity of this ostensible “debt.”  Usury is an unwarranted private levy upon a public trust made possible by the abdication by the sovereign of the money creation franchise.  For lack of understanding, the virtue of the People has been commandeered into a misplaced conviction that the so-called “debt” occasioned by usury is a bona fide incurred obligation that must be “re-paid.”  The whole of the Federal deficit is such a phantasm.  Mathematically speaking, it is impossible to pay, as the money supply would be extinguished to satisfy even a fraction of it.

The net effect of reflexively confounding “usury” with “debt” is to unwittingly legitimate the Ponzi scheme that is taking the world to monetary implosion.  My observation is that in our “enlightened” era, denial, especially when related to money, is perhaps the strongest human failing.  I can imagine a time in the future when our descendents (about whom we are forever engaged in hand-wringing about not wanting to pass on our “debt”), will come to their senses, dispel the “usury-debt” bogeyman back to the ignorance from which he came, and wonder in amazement how an age of “science” could ever have believed in him.  They will regard with horror the terrible price we were willing to pay, rather than relinquish our attachment to this pernicious nonsense.”

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By hillsofwisc, November 27, 2010 at 2:38 pm Link to this comment

Apparently this is no longer part of the knowledge pool within the economic sphere…...
From the Congressional Record comes a quote by Robert Hemphill, former credit manager of the Federal Reserve Bank of Atlanta:

“If all bank loans were paid, no one would have a bank deposit, and there would not be a dollar of currency or coin in circulation.  This is a staggering thought.  We are completely dependent on the commercial banks.  Someone has to borrow every dollar we have in circulation, cash or credit . . . We are absolutely without a permanent monetary system.  When one gets a complete grasp upon the picture, the tragic absurdity of our hopeless position is almost incredible – but there it is.  It (the banking problem) is the most important subject intelligent persons can investigate and reflect upon.  It is so important that our present civilization may collapse unless it is widely understood and the defects remedied very soon.”

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By garth, November 10, 2010 at 1:30 pm Link to this comment

“One thing that we all know well about the 2008 economic catastrophe is that climbing back all the way up is not going to be easy as one could expect. If it was just one hurdle, then we could have made it but this…this is just too much. So many debts, bills, meltdowns as well as upswings which are possibly harder than imagining. i think Truth Dig has done a wonderful part in explaining to us how the whole world got into this pit and how we can really, this time, make sure that we prevent it from happening in the future!”

This is not news!  They’ve been doing it for hundreds of years.  The Federal Reserve was suppose to protect the economy from these things.

The answer is simple and if you want to continue to play their game, the recovery could be well underway by now.

Infrastructure for one. 

Green energy.  Phil Angelides, the failed Democratic candidate for Governor in 2008 against the Austian in California, said in in an interview in 2007 that green jobs are not for engineers 45 or older.  They want neophytes.  Those who can intimidated. 

There are principles of Engineering.  I think Phil majored in Government at Harvard.

Spare us from these so-sos who’ve been educated beyond their intelligence.

Thank god, though, that the Arnold of the Master Race is leaving.  Don’t let the door hit you on the ass.

Jay Leno precluded, that half-assed, pseudo Italian from Andover, pronounced, An-Do-Verr by his ilk.

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By Anna Maria College, November 9, 2010 at 11:26 pm Link to this comment
(Unregistered commenter)

I loved the introduction you gave to the whole effort. I definitely belong to the category who avoided the whole econ 101 scene so I am looking forward to all the input I can get to understand this terrible mess up we are in. is there links that I need to follow or have you deleted this post, because I can’t seem to find the articles or the audio inputs you have promised in the post.

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MarthaA's avatar

By MarthaA, October 30, 2010 at 8:53 pm Link to this comment

patriot10101, October 30 at 7:45 pm,

True, Conservatives in Congress, either blatantly or incognito as Liberals and Moderates in their DLC, have destroyed our nation economically for the populace as well as for leadership of the world.  Conservatism is a most evil culprit used by the Right Wing of Congress, who try to pass it off as being fiscal, when there is no such thing as fiscal conservatism or compassionate conservatism.  Conservatism is selfish, the haves keeping complete control in fascist totalitarian fashion.

No member of the 70% Majority Common Populace should be a conservative or a member of the Republican Party.

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By garth, October 20, 2010 at 7:30 am Link to this comment

“It most aptly describes the thrilling challenge of separating the chaff from the wheat.”

That’s usually a job left to someone.  Could you, perhaps, fill that role?

I think the information is coming out in dribs and drabs and often it is covered over with disinformation. 

One of the latest news bits is that the TARP money was used to cover CitiGroup’s position.  Robert Rubin was saved.  Pearlstien said in the Wash. Post that the Gov will most likely get its money back, but at the expense of leaving the taxpayer in a waiting position while the banksters strengthen their grip around our necks.

Webster G. Tarpley, wrote a prescient book about this situation in 1999 called, Surviving the Cataclysm. 

It ain’t that hard to follow once you catch the foul scent. 

I think what most people wanted was a day of reckoning.  It seems the one most people expected is not coming.  There’s simply too much money involved.

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Lafayette's avatar

By Lafayette, October 19, 2010 at 9:14 pm Link to this comment

TG: During my absence from Truthdig, it appears that the dialogue has degraded significantly. 

Having looked over the forum’s comment content, I find this one to be the most illustrious of the lot. ; ^ )

It most aptly describes the thrilling challenge of separating the chaff from the wheat.

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By garth, September 24, 2010 at 6:33 am Link to this comment

The end of American-City of London style Capitalism is looking into its sunset.

Obama spoke before the UN and talked about bringing ‘entrepreneurship’ to Africa.

Let me begin by relating an incident that happened about 50 years ago.  One of my older brothers worked for a guy who painted houses and repaired rooves.  His work was seasonal.  In the winter he was unemployed and, being a self-employed small business man, free market Capitalist, he was inelligible for unemployment compensation and too proud for Welfare or food stamps.

One day his son came home while his family was sitting around and dropped a dime from his pocket to floor.  The dime rolled under the couch.  A free-for-all, mad dash to recover that dime ensued.

And that mad dash for the only cash available typifies the meaning of the Obama to UN speech. 

They are going to squeeze every last bit of wealth out of this world before who knows what’s next.  Perhaps, this will hold them over till the next bubble.

Let’s see:  2 billion in the world living in poverty.  If they can make a penny a day (conservative estimate here) off each one with some hare-brained scheme, that will amount to $20,000,000 a day for the elites.  Multiply that by 365 (no days off for them yet) and maybe the rich can make it through these tough times.

As Michael Kinsley’s piece in the Atlantic reiterates, it’s the baby-boomer’s fault.  He advocates cutting Social Security, Medicare.  No more ‘Ponzi’ schemes as he hinted.

And that might be where the beginning of the end takes flight.

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By garth, September 8, 2010 at 12:37 pm Link to this comment

With respect to Financial Meltdown and its expanding contrversies, I noted a critique on MSN that said the blog complianers seem to connectedness where none exist.

The author of the complaint, I am taken to believe, does not know that the same Congesspeople who vote for a National Flag Day vote for the continuation of the wars and extention of unemplyment aid.  The connection is that it is we, the people.

Bill Clinton caught a wave noted by his catchprase, ‘I feel your pain.’ 

In the 80s everyone was seeing a so-called therapist.  A psychologist, a psychiatrist (if one could afford it) or a social worker, an MSW, for the poor.  And wasn’t it great.  We were working on our issues.  Males were becoming more feminine and woman were finding their masculinity.  We’ve become androgynous.

When I first saw, Fred Armisen, on SNL do Obama, I thought it wasn’t a very good impersonation.  Now, after about two and a half years, Obama sounds like he’s doing an impersonation of Fred Armisen.

Lost are the hopes for authenticity.  Just do someone. Sound like someone.

Obama is saying cut taxes.  The Republicans are saying cut taxes.  Ah, but yes, but they say it without a hand gesture.

Is there anyone out there who remembers what the 60s meant? End of racism.  End of lies to go to war. End of social inequality.

The right-wing Republicans are in a race to the Fringe, where the nuts teeter and threaten us at that any time that we might fall off.

How many could there be, a million or two?

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By garth, September 7, 2010 at 11:04 am Link to this comment

I just watched a re-run of DemocracyNow!.  They highlighted three stories:  the Feingold ‘Save My Ass from this prehistoric creature’s’ campaign, the Robert Scheer in the Confessional, and last but not least, Elizabeth Warren’s claim to her seat in the Fed.

Feingold should’ve thought of that earlier.  It’s not about money.  Feingold always said his money came from small backers.  It’s not about his McCain-like individualism.  It’s about his sponsorsip of a water bill that would hand over the control of the to Wisconsin water to a who know whom.  (Is that a solecism Kathrine Porter of the Sunday Boston Globe? You dowdy daughter of the Sod.)


Robert Scheer gave a slightly better account of himself.  He is a journalist, afterall.

But Elizabeth Warren:  I was with her until she described with a literary flair her meeting with Barney, ‘the Man’ Frank. 

I know, everyone kisses his ass, including Ralph Nader who made a shameful showing in his supposed confrontional debate with ‘the Mr. Frank’ on DemocracyNow! a few months ago; but what would you say to a fat, gay, Jew who has all his money in municipal bonds and watches while the current administration tries to destroy public education and steer it into charter schools.

What would you say?  I want to hear from the Catholics, the evangelists. 

(Wait, they are saying something:  Christians should work as hard as they can.  If a neighbor knocks on your door, don’t answer it.  Their cries might detrat you from your rights as a child of their god.  (Joel Osteen). 

If you are stuck in a bad job with an ‘unpleasant’ boss, read St. Paul and bear it out.  (Rev, Mac Arthur)

Good gracious me!  I can hardly stand what I am typing, and I am just repeating what I’ve heard and adding the little bit of commentary.

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By garth, September 6, 2010 at 7:13 am Link to this comment

Barbara Kiviat of Time magazine is on C-SPAN, as I type, talking about her cover page article about Homeownership:  Good or Bad, or somehting like that. 

It’s plain to see the article comes down on the side of No, homeownership is not good. 

(What I hear is, if she were given any leeway of being listened to by a strictly Tea Bag, or Fox audience, that homeownership is nothing short of Socialist, or communist.)

I’ve taken shots at Thom Hartmann before, but what I have to give him credit for is his description of idea of community, (not to mention his description of greedy CEOs as being nothing more than sociopaths, and his defense and clear solution to any shortfall in the Social Security Fund.)

What this move to redirect the Amercian idea away from homeownship to renting represents is the next step in uprooting the basic idea of the American community.  Their America will have millions of migrant workers where children attend charter schools that have short term teacher employment and very well paid administrators.  And No community accountability to speak of.

By the way, whatever happened to their conservative mantra of ownership?  I guess it falls short at Home Ownership.

This is the next step in the final squeeze play.  The results being sought are Migrant workers, mobile homes, no Social Security, no Medicare, no sense of belonging, and last but not least, no felt responsibility to vote.

Minimum wage is going to be removed.  As Chris Rock says, the Minimum Wage law simply says, “If I could pay you any less, I would.”  and they will.

What they don’t take into account for the McJobs is that Productivity is sticky upwards when you, as the ‘owner,’ are working your employees to death and sticking them with the whole health insurance.

The New Health Care Reform
My wife had an eye infection.  She went to a clinic at 1 o’Clock.  The hours displayed said Open 9 to 3.  It was closed. 

She got a ride to her Dr’s office.  He was out.  It was a beautiful day and had a good link time, I guess.

Anyway, she finally got to see him after the infection left, and he prescribed some eye drops.  The chain drugstore said the insurance company would only cover the prescription if she bought two bottles for $50.00.  She changed her mind and decided to fill the ‘script if her eyes flare up again.

This is Massachusetts’s Blue Cross/Blue Shield.

When will Americans say, “Enough is enough!”?

MarthaA,

Thanks for the link and your great comments.

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By MarthaA, September 4, 2010 at 8:03 pm Link to this comment

garth, September 4 at 6:57 pm,

Consider this AlterNet Post thread on Social Security by Joshua Holland:

http://www.alternet.org/story/148082/we’re_being_conned_on_social_security_—_how_we_could_easily_raise_benefits_or_allow_people_to_retire_earlier?page=entire

Social Security must not be done away with just because the conservative elite capitalists can’t stand to see the common populace be able to survive through the help of a government run trust fund.

Politicians never mention all the money the common populace pay into Social Security out of each of their paychecks in order to have Social Security, it seems Social Security is considered as taxes by Conservatives and the REPUBLICAN’s Right-Wing, but Social Security is not in any way taxes, but a trust fund for social security of the common populace.

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By garth, September 4, 2010 at 2:57 pm Link to this comment

The march to end Social Security is picking up pace and the Congressional Progressive Caucus led by Grijalva has sent a letter to Obama telling him that they cannot support anything changes that cut Social Security.

‘If any of the Commission’s recommendations cut or diminish Social Security in any way, we will stand firmly against them. We urge you to join us in protecting and strengthening Social Security rather than letting it fall victim to a misguided attempt to reduce budget deficits on the backs of working families.’

This march to end Social Security began in 2004 after Bush stole the lection and declared a mandate.  It was dormant for a while, but from the looks of what Alan Simpson of the President’s Commission has said and what is being declared on talk shows, this time they’re going to go through with it.  People be damned.

I think that Social Security was planned to be wiped out in the 2008 Meltdown.  George W. couldn’t pull it off and so they had to place the plan on the backburner.

Now, we’ve got Obama.  He gave us a wimpy Stimulus bill and a Health Insurance reform that started an upward spiral of insurance costs, driving many companies to shift their complete insurance burden to their employees. 

The Financial Reform Bill does not solve the ‘too big to fail’ problem.  Romer said last night on PBS, (Friday 9/3) that ‘the bill will help the next time this happens..’  Then she stopped and corrected herself.  The bill was supposed to stop these kinds of things from happening (period)

But the Social Security ploy involves the Republicans, too. 

Obama will remain listless, unable to champion his cause, (Read Jonah Goldberg’s recent article (9/3) comparing Obama to Clinton.) 

The Republicans will take the House maybe the Senate, and Obama’s friends like Eugene Robinson of the Washington Post will become more persistent in their talk about what Obama meant was ‘we will all have to sacrifice.’

The authoritarian Republicans will force the Simpson Commission’s recommendation into law and do what we have been prepared for them to do—take a hatchet to Social Security, people be damned.

That will mark the end of any remnants of the New Deal other than Rural electrification and a few other projects. 

The letter begins:

Dear Mr. President:

“We oppose any cuts to Social Security benefits, including raising the retirement age,” the letter reads. “We also oppose any effort to privatize Social Security, in whole or in part…. If any of the Commission’s recommendations cut or diminish Social Security in any way, we will stand firmly against them.”

From TPM by Brian Beutler

Alex Lawson, communications director for the advocacy group Social Security Works, says “It’s up to members of Congress to pre-empt the commission,”

The original cosigners are Grijalva, John Conyers (D-MI), Dan Maffei (D-NY), Mary Jo Kilroy (D-OH), Chellie Pingree (D-ME), and CPC co-chair Lynn Woolsey (D-CA).

The CPC has, of course, tried to throw its weight around in the past with little success. Dozens of House Democrats once pledged to vote against a health care bill that didn’t include a public option, then lost the tug of war and voted yes. But the Social Security fight is different. The underlying legislation won’t embody a goal—like universal health care—that progressives had pursued for generations. There’s much more reason to take this pledge at face value. The question is whether they can round up enough votes to block a bill if it has broad support among Republicans and conservative Democrats.

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By MarthaA, September 2, 2010 at 5:05 pm Link to this comment

A Ponzi Scheme a bunch of people in government are in on and will be ferreted out sooner or later.

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By garth, September 2, 2010 at 12:06 pm Link to this comment

One caller into C-SPAN’s, Washington Journal today, Sep 2, made the basic point that I have been making, that this financial debacle was planned.

A second caller reiterated that fact but added that is was a plan to move to a world economy.

The first caller was a young man; the second, an older gentleman from Florida.

His call was the most revealing.  He hinted towards a master conspiracy to turn the world into one government with one currency.  He was a front used to denigrate the first caller’s revelation.

I have tried for months to call the Washington Journal.  At times they just let the phone ring and then let it go dead.  Other times it’s ausy signal.

We are here in the US.  We conspire with the City of London in our monetary dealings.

In the US the Fed creates money and the Treasury destroys it.  No money was destroyed in that fiasco, it simple changed hands.

The Wall Street meltdown was robbery pure and simple.  It was for the money.  The big guys cashed out.

Easy mortagages.  Mortgage back securities.  Credit Default Swaps.  You betcha!

They rated the bundled Mortgage Backed Securities AAA so that pension funds could buy them, legally.  They put them in tranches so that mortgages could be swapped.  And then sold them to investors who would have to be paid off, China, Saudi Arabia and other.

Now we owe the rest of the world $Trillions.


When it happened, the shit hit the fan and the available money changed hands.  It’s a matter of plusses and minusses.  The bankers plussed their account. The Pension funds minussed theirs.

It was robbery.  Plain and simple.  With a pen.

All austerity and Iran and China is simply to keep the mathematically impossible banking system rolling, i.e. Principal + Interest = Principal.


Thimk! about for a second.  The banking equation says
that 2 plus 2 equals 3 and 9 tenths.

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By ThomasG, August 15, 2010 at 11:09 am Link to this comment

Much was made of about “investor confidence” on ABC’s “This Week with Christiane Amanpour” http://abcnews.go.com/ThisWeek/  and that being the reason for Private Capitalists hoarding trillions of dollars of capital surplus that is preventing the U.S. Economy from making a recovery.

Private Capital and Privatized Capitalism is holding the United States as a nation hostage, because Private Capital has monopoly control of the U.S. Economy by way of trillions of dollars of Private Capital and Privatized Capitalism that is absent competition from Social Capital and Socialized Capitalism that functions to balance the interests of the Private GREED of Private Capital and Privatized Capitalism with Social Benefit from Social Capital and Socialized Capitalism.

With regard to the capital surplus of trillions of dollars that is not being reinvested by Privatized Capitalism, because of what they claim to be a “lack of confidence” by Private Capitalists, this problem will disappear when Private Capital and Privatized Capitalism have to compete with Social Capital and Socialized Capitalism for the survival of Private Capital and Privatized Capitalism; without Social Capital and Socialized Capitalism, Private Capital and Privatized Capitalism has no incentive to reinvest its hoarded capital surplus.

When Social Capital and Socialized Capitalism is institutionalized on a National scale, and Private Capital and Privatized Capitalism has to compete with Social Capital and Socialized Capitalism for its own survival, Privatized Capitalism will, in the pursuit of its own survival, reinvest its hoarded capital, or be faced with losing its markets to Social Capital and Socialized Capitalism, an event that will herald the decline and death of Private Capital and Privatized Capitalism.

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By MarthaA, August 2, 2010 at 5:02 pm Link to this comment

Senator Bernie Sanders says, “Rally the People”

“This upper-crust of extremely wealthy families are hell-bent on destroying the democratic vision of a strong middle-class which has made the United States the envy of the world. In its place they are determined to create an oligarchy in which a small number of families control the economic and political life of our country.”

http://www.commondreams.org/video/2010/08/02-0


Alan Greenspan said it would be economical destruction of our country if our government does not stop the tax cuts to the wealthy oligarchs.

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By MarthaA, August 2, 2010 at 5:00 pm Link to this comment

<b>Senator Bernie Sanders says, “Rally the People”

“This upper-crust of extremely wealthy families are hell-bent on destroying the democratic vision of a strong middle-class which has made the United States the envy of the world. In its place they are determined to create an oligarchy in which a small number of families control the economic and political life of our country.”

http://www.commondreams.org/video/2010/08/02-0


Alan Greenspan said it would be economical destruction of our country if our government does not stop the tax cuts to the wealthy oligarchs.

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By fxrguy, August 2, 2010 at 4:16 pm Link to this comment

They say that imitation is the greatest form of flattery. If that is so then I should thank “chenchen21621” for coping and pasting the last part on my July 24th post. Hope you enjoyed it as much as I did posting it!

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By MarthaA, August 2, 2010 at 2:40 pm Link to this comment

chenchen21621, August 2 at 6:44 am,

I agree, the populace must come together united as “we the people” en masse in order to have enough power to defeat the aristocracy/corporatocracy; separating as Democrats, Republicans, Independents and Greens divides the populace to where a mosquito could take over, but if the populace will unify, there is no force that can stand against a unified populace, but it can’t be in the REPUBLICAN PARTY with the Republican’s Tea Party, because that is planned obsolescence of the populace.

We the people are the liberal populace, that is being undermined and marginalized to no effect, while the REPUBLICAN conservative aristocracy’s fascist corporatocracy conserves all the benefit of the nation for the aristocracy/corporatocracy.

We only have two equal fully legitimate political parties.  The aristocracy/corporatocracy’s GOP is the REPUBLICAN PARTY, and the only other political party is the Democratic Party, which will have to be used to unite the populace one and all, carefully with purpose to use the Democratic Party to accomplish ridding the United States of the fascist Right-Wing fungus that has taken hold, but in order to accomplish this task, it will take nearly the entire 70% Majority population, including populace Republicans, populace Independents, populace Greens, populace Democrats, and everyone else uniting for the purpose of kicking the fascist DLC controllers out of the Democratic Party.  When the fascist controllers are kicked out of the Democratic Party, it will not be hard to regain control of the country for democracy, as the Republican Party will fall in line, if the populace ever decide to unify and take control.

Rupert Murdoch’s “Tea Party Bunch” that is Glenn Beck, Sarah Palin, Rush Limbaugh, Bill O’Reilly, and Sean Hannity of the FOX News Network, along with Conservative Right-Winger REPUBLICANS Dick Armey, Newt Gingrich, Pat Buchanan, Dick Cheney, Ralph Reed, Karl Rove, Grover Norquist, Bill Kristol, Phil Gramm and many more REPUBLICAN EXTREMISTS are trying to do the Adolph Hitler/Benito Mussolini thing and gain political control of the government by being against “social justice” like the other leaders of fascist regimes, who used that tactic against the populace and, along with murder, gained complete control of their governments, and this is their plan and the reason they run down President Obama, liberals, progressives, community, unions, socialism, socialists, liberalism and the populace. President Obama was voted in on the liberal side of the political spectrum, so conservative EXTREMISTS hate him and everything he stands for and propagandize against him 24/7. 

When Conservatism’s Rupert Murdoch’s conservative propagandists harp about being against social injustice, it makes it plain what they are trying to do if one is aware of how other fascist regimes took over their governments; these propagandists are doing the same thing.
 
The FASCIST tyrant Adolph Hitler was against “social justice”, and the FASCIST tyrant Benito Mussolini was against “social justice”——it is clear than Rupert Murdoch’s paid propagandist Glenn Beck and the rest if the New World Order Gang of REPUBLICAN Tea Partiers are up to following in past tyrants footsteps; therefore, the REPUBLICAN PARTY, disguised as the Tea Party, is not the party the populace should take over; because in Hitler fashion, the Republican Party has set up and is ready to take over the country for one party rule and are using the Tea Party as their means to that end.

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By MarthaA, August 1, 2010 at 8:49 am Link to this comment

garth should read his own post of July 27 at 2:44 pm concerning MarthaA’s post of July 30 at 6:58 pm.  garth apparently thinks there isn’t a Police State in the United States, isn’t that right, garth—Weren’t you going to check it out?

I think garth should represent the populace and check out the political conventions, then garth will know, and knowing objective evidence is ideal as compared to believing subjective babble presented by the media, especially Rupert Murdoch’s media and his FOX News Network of major subjective babble propagandists.

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By garth, July 31, 2010 at 8:53 am Link to this comment

A Michele McNeil of Education Week appeared on C-SPOON this morning and gave a weak and uneven cover for the Education Scam that is about to be foisted on the American city dwellers who pays their local property taxes.

Michele is obviously a plutocrats dream come true.  She has a tell tale speech tic of beginning each statement with “So…”  As in “So what the caller is saying is…” 

The ellipses indicate, here comes the bureacratic bullshitese.

Unfortunately, none of the callers asked the pertinent question, “Who in Congress and in the investment community are now buying municipal bonds? 

Municipal bonds is what the cities pay to the ones who buy their bonds.  It might be low compared to other investments (7% or so) but it’s secure and the 7% will double their money in ten years.

That’s waht it’s all about.  It’s not about education.  It’s about keeping the Amercican Capitalist afloat through these lean years. 

MarthA,

I don’t know how to repond, so I’ll let it go unanswered.  I have no idea what you are talking about.

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By MarthaA, July 30, 2010 at 2:58 pm Link to this comment

If garth actually protests at a Democratic or Republican Convention, and is not representing the Republicans, I await garth’s understanding of what it was like being in jail for protesting against the Conservative Agenda, because if he really protests for democracy, he will go to jail, and become enlightened as to reality.

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By garth, July 27, 2010 at 10:44 am Link to this comment

Garth apparently does not believe that we live in a police state maintained and directed by the Plutocracy, individual abuse of police authority not withstanding.  I invite him to protest at the forthcoming national conventions of the Democrat and Republican Parties, or to wherever the WTO or G20 might next, if ever, meet in this country to test his belief.
———————————-
I gladly accept and thank you for your invitation.

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By Harold Hellickson, July 27, 2010 at 9:37 am Link to this comment
(Unregistered commenter)

Garth apparently does not believe that we live in a police state maintained and directed by the Plutocracy, individual abuse of police authority not withstanding.  I invite him to protest at the forthcoming national conventions of the Democrat and Republican Parties, or to wherever the WTO or G20 might next, if ever, meet in this country to test his belief.

The reference was “to a(ny) respected national organization”. The fact that, in this case, it was a national association of the Irish police does not detract from due recognition for the courage of their conviction.  It is unfortunate that we have none of this in our country. 

One of the leading “jackboots” in this country, Newt Gingrich, is running around blaming the victim for the housing bubble ponzi scheme and root cause of our Great Recession; “those that couldn’t afford a house, shouldn’t have bought one”. The facts are that 80 % of the loans were “white collar crime fraudulently induced” to continue the flow of the sale of fraudulent derivatives consisting of repackaged slices of toxic mortgages. 

The crime here is that 40% of our nations citizens are functionally illiterate and easy prey for the Plutocracy and its enablers.

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By garth, July 26, 2010 at 12:52 pm Link to this comment

By Harold Hellickson, July 24 at 11:24 pm #

From a western movie, which the Irish and English used to love, let me quote a famous line, “Whoa Nellie.”

In the 1970s Margaret Thatcher introduced the ten thousand pound a year cop.  And all hell broke loose.

The chief of Police of New Haven CT described it by saying that young men from the suburbs join the force to come into the city and kick-ass. 

Police State:
When everyone gives up his or her rights and leaves them to what in all possibility could be the dunderhead down the street.

From what has been reported about the killing of the Brazilian man, Menezes; and the murders on a bridge in New Orleans of Katrina victims who were just searching for food, and a black youth who was face-down and hand-cuffed on a BART platform, do you want these changelings to takeover?

You better ask yourself, do you know yourself?  Do you know your neighbor.

Reminds me of a line from a Three Stooges skit, “And slowly she turned…”

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By ThomasG, July 25, 2010 at 12:56 pm Link to this comment

If the Democrats who claim to represent the American Populace believe that political representation of the populace is a political foundation based upon mud, I say, build political ships that need no foundation and build them into a mighty armada that can sail stormy seas of mud and deliver political representation and benefit to those who have to live in the mud, for they who live in the mud are more numerous than all of those of the American Aristocracy and the Professional Middle Class who have the class and cultural advantage and concurrent resources to secure dry economic land and a solid dry economic foundation upon which to build.

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By MarthaA, July 25, 2010 at 11:11 am Link to this comment

fxrguy, July 24 at 10:21 pm,

What the American Populace must do is realize that the American people are more than the Middle Class and the DLC Agenda and join together as the 70% Majority Populace in order to defeat the Right-Wing and their Conservative toadies on the left by taking over the Democratic Party and returning to a liberal agenda instead of a Big corporate conservative warring agenda.

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By Harold Hellickson, July 24, 2010 at 7:24 pm Link to this comment
(Unregistered commenter)

Would than we had a respected national organization with the courage of the Irish.

  When a national police association accuses its government of what amounts to treason, it is time to sit up and pay attention. The Irish GRA, a national police association, have charged the Irish Government and its ministers with treason…An incredible occurrence in a modern democracy!

  A quote from Cops Charge Irish Government With Treason, which you can google, “The Government of which you are a long-serving member has mismanaged the wealth of this country for more than a decade by allowing our assets to be plundered and robbed by bankers and speculators, and you are making generations of Irish workers pay the price for this trecherey…

  ...You did this because bankers and speculators have bought your party, and in return you have sacrificed the greater good and prosperity of the Irish nation for the benefit of the few…Truly, a government of national sabotage.”

  Except that in our nation its both parties, it sure sounds like home. Lets give three cheers for the Irish. 

  Hip hip hooray, hip hip hooray, hip hip hooray!

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By fxrguy, July 24, 2010 at 6:21 pm Link to this comment

“An American Wakeup Call”

Ever since the end of WW2 this Country has been hell bent on maintaining Empire. President Eisenhower tried to warn us of this in his exit speech condemning the “Military Industrial Complex”. I heard his daughter, Susan, on Bill Moyers show, The Journal, claim that her father was going to add the Congress in that condemnation but was persuaded not to at the last minute. I wish he had. The “Military/Industrial/Congressional Complex” kind of has a ring to it. Because of the Globalists agenda of Free Trade and the transferring of our manufacturing base to the lowest bidder we are loosing the middle class. Without this middle class we cannot buy our way out of this Depression like we did after WW2. No jobs, no money or purchasing power. We are now led by an Oligarchy or rather a cabal of the super wealthy that will maintain their power and control through the manipulation of the media and what was once our Government which now belongs to them. These economic policies have resulted in top 1% of the wealthiest people in this country now owning well over 50% of the Nations wealth. This transcends Political parties because both Democratic and Republican administrations have supported this agenda ever since the Reagan Administration. We as a people should come together, regardless of Party affiliation, and debate the merits of continuing with these failed economic policies. This will never happen as long as the corporate media continues to keep us distracted and divided. Eisenhower’s worst nightmare for the Country is now upon us. If only somehow the people could turn off the talking heads on TV that seek to keep us divided maybe we could finally begin to debate those things that matter most and start the healing process that just may culminate in the return of the Government to the governed rather than the moneyed elite.

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By garth, July 4, 2010 at 10:28 am Link to this comment

‘a lumpen-proletariat’, ThomasG?  You like that phrase, ey?

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By Trepp, June 30, 2010 at 3:34 am Link to this comment
(Unregistered commenter)

When viewed in a global context, taking into account
the instability generated by speculative trade, the
implications of this crisis are far-reaching.

The crisis, however, has by no means reached its
climax. It could potentially disrupt the very
foundations of the international monetary system. The
repercussions on people’s lives in America and around
the world are dramatic.

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By ThomasG, June 29, 2010 at 12:07 pm Link to this comment

archivesDave, June 28 at 11:28 pm,

Perhaps you can explain your new found understanding as indicated in my post of May 10 at 2:12 pm to garth on Truthdig’s Financial Meltdown 101 that you made reference to in the following link.  I am sure that you will agree that garth can use all of the understanding he can get.  garth is severely in need of understanding, and you are just the one to help him; since you are also a supposedly reformed Conservative/Libertarian:

http://www.truthdig.com/dig/item/20081108_financial_meltdown_101

Your new found understanding would be helpful in upgrading the understanding of garth who talks like a lumpen-proletariat, raves like the “fool on the hill” and apparently thinks that he is a Conservative Libertarian.

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By garth, May 28, 2010 at 12:00 pm Link to this comment

“By ThomasG, May 10 at 1:20 pm #


During my absence from Truthdig, it appears that the dialogue has degraded significantly.”
——————————-

Yes, Thom Hartmann.  The thread lost its train of thought primarily due to your absence.
Please Moses of the Airways guide us who are not blinded by the light to find our way back to Democracy as the Foundations want it.

——————————


By ThomasG, May 10 at 2:37 pm #


“garth, May 10 at 2:12 pm.

It appears that you are having a dialogue with yourself, and are going to speak from one side of your mouth and then answer from the other.

I will leave you to talk to yourself, because this type of behavior by you is a sign of insanity and I do not feel the need to participate in your dialogue between you and your alternate schizoid personalities.”
————————————————

I have had a change of thought.  I do have a mental illness, but there are therapies for that.  Unfortunately, Thom, there is no cure for being an asshole.  And you, are an asshole. 
As a vice principal, Dave McKiernan, a man with 30 years experience in the military and in public Education once told me after dealing with an irate Air Force General, who wanted me to give his daughter an ‘A’ because he wanted her to continue the family legacy and attend William & Mary, “There’s nothing you an do with an asshole.”
And you, I might repeat myself here, but you are an asshole, and there’s nothing that can be done about it.
If you want to talk about psychotherapies, first read, Madness on the Couch” by E. Dolnick.


———————————————————————-
By ThomasG, May 26 at 9:37 pm #


“It’s the War Room in Omaha, Nebraska, I’ve been there.”

——————————————————-

On your show, you suffer from logghorrhea.

“Logorrhea literally means excessive use of words - speech that runs on and on. Sources disagree whether pressured speech is a form of logorrhea. Dorland’s Medical Dictionary includes pressured speech in its definition of logorrhea; on the other hand, in Clinical Management of Bipolar Disorder, Dr. Paul Keck lists the two as separate symptoms. Dr. Keck refers to studies that found logorrhea was one of the most common symptoms of bipolar mania, occurring in 89% of cases.”


I think you suffer from delusions of grandeur as well.

And finally, no revolution ever started from the “back streets” as you say.  They begin from the unions, as in Bolivia, or the working class, as in Russia, or the mercantile class, as in our Revolution.

So go back to selling Homeopathic medicine with your mail order Ph.D. and making up theories of Hunters and Gatherers, or whatever the hell it is. 
You are an asshole and beyond help.

PS.  I apologize to Night-Watch.  I was mentally ill and acted out of character.  I went looking for a fight in that post to you.

PS.  Thom, I saw you on Skype in Northampton.  It wasn’t a complete waste of of time.  But now, I can see why you are on the radio.  You have an off-putting affect about you. 

Megalomania must be a bitch.

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By ThomasG, May 26, 2010 at 5:37 pm Link to this comment

It’s the War Room in Omaha, Nebraska, I’ve been there.

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By garth, May 26, 2010 at 4:09 pm Link to this comment

Admiral Thad Allen appearing on C-SPAN this morning was giving his itinerary for the next 4 or 5 days and he revealed something that sounded very peculiar for an officer in the Coast Guard. 

He said he’s going to his new headquarters in Nebraska to get things set up and get them going so he could revisit the oil gusher in the Gulf of Mexico.

What’s the Coast Guard doing in Nebraska?


Then I remembered something.  On 9/11 George W. was spirited away from hi appearance in Florida to Nebraska.

They have a fortress constructed out there that is meant to be used when the Government wants to save its ass and declare martial law.

They befouled the Gulf of Mexico.  They want to invade Iran and who knows what they have in mind for North Korea.  The stock market is giving up the ghost slowly and, well, where’s a better place to go when in trouble than into a bunker in Nebraska.

Something’s up.

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By ThomasG, May 26, 2010 at 3:32 pm Link to this comment

Privatized capitalism is socialism for the rich and capitalism for the populace, a Ponzi Scheme of privatized commerce; this is so because privatized capitalism’s origin was the British Enclosure Movement, government sponsored socialism for the rich to enable privatized capitalism for the populace; because the history of privatized capitalism is its cyclical death from greed and corruption, and concurrent reanimation of privatized capitalism’s dead corpse with social capital, government sponsored socialism for the rich to enable privatized capitalism for the populace; and because the end of privatized capitalism’s last death spiral on September 18, 2008, was again brought back to life from the dead by social capital to recapitalize private capital at the expense of the communal resources of the populace without benefit to the American populace, socialism for the rich and capitalism for the populace.

The history of privatized capitalism from the beginning to the end and all points in between has been socialism for the rich and capitalism for the populace.

It is time for a change.
 
It is time for an end to socialism for the rich and capitalism for the populace.

It is time for an end to privatized capitalism.

It is time for socialized capitalism.

The history of privatized capitalism is that social capital of the populace is always used to recapitalize private capital without benefit to the populace.  It is time for socialized capitalism and social capital to replace privatized capitalism and privatized capital.

The tree of life that supports capitalism is social capital; it is time for an end to social capital of the populace supporting privatized capitalism without benefit.

It is time for social capital to be used in support of socialized capitalism, so that capitalism can serve the interests of the community, rather than the interests of a few self serving greedy capitalists at the expense of community interests, at the expense of the communal interests of the nation.  It is time to remove the parasitic infestation of privatized capitalism that sucks the blood of social capital from the socialist resources of the American populace without benefit to the American populace.

It is time for an end to privatized capitalism.

It is time for a new beginning.

It is time for socialized capitalism that will serve both the greater and lesser communal, community interests, of the nation and it is time to bury the dead corpse of privatized capitalism with the epitaph of, “Good Riddance to Bad Rubbish”.

http://www.truthout.org/the-case-socialism59538

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By ThomasG, May 25, 2010 at 1:38 pm Link to this comment

What America needs greatly is more “cheddar” in life, liberty
and the pursuit of happiness with freedom and justice for all;——less “American Dream” and more “American Objective Reality”——together with more patriotism to the American Populace for which the U.S. Government stands; and less obedience to self serving class and cultural interests of the 10% American aristocracy and 20% Professional Middle Class, a combined 30% minority population that controls the U.S. Government.

What America needs is for the American Populace, Back Street America, to be patriots to the American Populace, rather than an American Dream World that harvests the American Populace as commodities in service to the commercial interests of the American aristocracy and the Professional Middle Class.

It is time for a change.  It is time for the American Populace to share equally in the commercial benefit of America and to be patriots to the 70% majority American Populace, rather than an amorphous illusion of an American Dream.

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By garth, May 22, 2010 at 5:54 pm Link to this comment

Gimme a break, Waco Willy.

We both should know by now that all that is posted here is pure bullshit.

We don’t know; we conjecture.

Listen to the coverup.  It’s like maple syrup.

Watch the results.  It’s like unreported dripping molasses.


But ask yourself:Is this what I want to be doing on a Saturday night in late May?

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By garth, May 22, 2010 at 2:24 pm Link to this comment

Some agency in Texas OKs most, if not all, of the text books that circulate in American schools.  Their editorial boad has been taken over by the lunatic-wing and they replaced every mention of “Capitalism” with “Free Enterprise.”

Now there’s a sign of a dog in its death throes! They are running scared. They’re ashamed to die.

Capitalism is the basic idea that if you know certain people and get in at the ground floor you can make some money, maybe big money.  The basic idea is that there is always a bigger fool who will over trust his acumen or his luck and stick it out.

Because all things are worthless except for human labor and natural resources, they avoid the basics of growing wealth and just provide the capital to make it seem as though they are engaged in the process of making something out of nothing.  BP and Halliburton execs have shown in testimony that they know nothing about the realities of their life’s work.  They know money.

Lately, Capitalists have developed a way to “tap the pipeline”, or as in the meltdown of 2008 has shown, completely puncture it.  The “flash crash”, as they are now calling it in the media, is just a quick siphoning off of $ 1 Trillion dollars from investors in a matter of minutes.  Ever wonder how safe your pension fund or your 401k or just plain investments are?


As Martin Luther King said, “I have seen the Promised Land…”

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By haroldmh, May 21, 2010 at 10:24 am Link to this comment
(Unregistered commenter)

“The American oligarchy spares no pains in promoting the belief that it does not exist, but the success of its disappearing act depends on equally strenuous efforts on the part of an American public anxious to believe in egalitarian fictions and unwilling to see what is hidden in plain sight.” — Michael Lind,Google “To Have and to Have Not” for the 1995 Harper’s article.  While 15 years old it is even more relevant today.

Other good information and data can be found by Googling into this six part series of articles:
——-I: Casualties of Economic Terrorism, Surveying the Damage
——-II: The Rise of the Economic Elite
——-III: Exposing Our Enemy: Meet the Economic Elite
——-IV: The Financial Coup d’Etat
——-V: Overcoming the Divide and Conquer Strategy
——-VI: How to Fight Back and Win: Common Ground Issues That Must Be Won

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By garth, May 21, 2010 at 7:08 am Link to this comment

Max Fraade Wolff of the New School gave an interesting turn of phrase on DemocracyNow! this morning.  Instead of “Too big to fail”, the problem really is “Too big to bail.”

If something isn’t done we’ll be paying off their bad debts for generations.

Maybe, they need a year of Jubilee where all debts are forgiven, unless, of course, they think that they can’t keep pulling the wool over everyone’s eyes.

If people ever get a handle on what’s happened to them and how the banker class will continue to live high off the hog and the billions of workers will have to scrape and kick to stay afloat, then I think there’ll be big trouble.

The new David and Goliath is being acted out in the CA election, a billionaire from eBay is losing ground to a multi-millionaire high tech entrepreneur.

We’re in deep shit and headed for deeper shit.

They are still attacking unions.  They offer legal advice to workers who want to sue their union to retrieve their dues.

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By Night-Gaunt, May 20, 2010 at 9:00 pm Link to this comment

Once you find out the next question will be who are
their guards? Xe? or Triple Canopy? And the type of security systems and what type of armored limos they ride in, etc. Then what? May be you are just saying in a dream of what you would like to do. Feels good, but the ones in the know will be ready for you the others will just get eaten.

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By garth, May 20, 2010 at 9:56 am Link to this comment

Arizona Kid said,
“It is only innocent ignorances that keep my sharpshooters in doubt.”

An old lover boy I knew told me that the secret to his many conquests was that he used a shotgun approach.  The same might be used with some success in this predicament.  Instead of eyeing only one as a sharpshooter, round up all of them.

Trust on the rinse cycle.

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By garth, May 20, 2010 at 8:13 am Link to this comment

My brother-in-law, Vinnie, stopped by today ans asked if I could lend him some money to pay off a debt.  He had a bad day at the track and was sorely in need of some ready cash.

I told him that cotton’s gone down to a quarter a pound and I’m busted.  I suggested that he ask Joey-bag-o-donuts for the sum he needed.  Joey is the loan shark of last resort, and I’m sure he come forward with the payment.

Such is life.

But don’t get me wrong.  Like I told my sister who was trying to put her daughter through college and needed money for tuition, if I had a million dollars, I’d give half of it to her.  But I don’t.

Now, my question is, where do these bastards live?  The ones who want us to pay their debts.

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By garth, May 20, 2010 at 7:48 am Link to this comment

Hear! Hear!  This time I agree with the Arizona Kid 100%.

A reporter, Dan McCrum, from the Financial Crimes appeared on C-SPAN this morning.  In his efforts to explain away the crisis in the EU and answer questions form some well informed callers, he divulged that the DEBT is, in fact, owed to someone on this planet.

Brooksley Born brought up in the Congressional hearings that the Credit Default Swaps (CDS) put us into debt to the tune of 60 Trillion dollars.  CDSs amounted to bets, so the world owes someone or the holders of paper 60 Trillion dollars.

The world economy amounts to about 70 to 80 Trillion dollars.  How can we pay it back, or do we, the average schmoes who work for a living, have to pay it back?

Well, the deck was stacked.  Try to balance the following mathematical equation that has turned out to be a boon for bankers”

P (principal)  = P (principal) + INTEREST.

They had us by the short hairs from the get-go.

Callers are saying we owe 12 Trillion dollars.  NO.  The FED lent out 12 Trillion dollars but, as yet, it has not revealed who it lent the money to.

Part of the disinformation began years ago.  For example, Redd Foxx in his tv show used to repeat, “It’s not what you’ve got.  It’s what you owe that counts.”

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By Night-Gaunt, May 18, 2010 at 4:35 pm Link to this comment

We were never intended to become a theocracy
Arizona Kid anyway so how does our present
form of gov’t square with your conceptions?

As for the impending continuation of the planned
economic collapse so that the oligarchs can fully
and completely take over as they originally inten-
ded in 1934. [My hypothesis on this.]

Go to http://www.cluborlov.com/ to see the 5 levels of
collapse and see that if we aren’t rescued by
the 3rd we will probably fall to the 5th level.
I see them “saving” us when we hit #3 and if they
fail? Barbarism and destruction of the Union into
islands of small states, city-states and roving
bands of barbarians for the foreseeable future.

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By MarthaA, May 18, 2010 at 3:19 pm Link to this comment

Arizona Kid, May 18 at 3:32 pm,

“The law is the law, and I mean laws as found in the 10 commandments. Anything short of that will be a sin.”

One should do ones best to stick to God’s laws.  All man made laws are made to protect the wealthy not the populace.  The populace are told they are equal, but when all the laws are against them, where is equality?  Any member of the populace can become a felon for almost anything, because felons can’t vote.

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By Night-Gaunt, May 18, 2010 at 10:56 am Link to this comment

Garth the best thing to do is to ignore such things. It is pointless to pursue—-I should know.

Till we get the criminals and cops from working together to make a fortune at our expense nothing else will be done to curb the next depression.

http://www.alternet.org/story/146900/nouriel_roubini:_how_to_break_up_the_banks,_stop
_massive_bonuses,_and_reign_in_wall_street_greed?page=entire—-Roubini on the problems
and ways we could forestall another depression.

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By garth, May 18, 2010 at 10:49 am Link to this comment

ThomasG, 
You are the one here who suffers from some sort of mental illness.  At least that would be some excuse.

Your mumble-jumble about Back Street, Wall Street and Main Street, if one looks at what you’ve presented thus far, is meaningless.

You, Sir, ought to have your head examined.

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By ThomasG, May 18, 2010 at 9:18 am Link to this comment

“Only a few who get lucky and escapte from the rabbit hole ever realize there is anything but Wonderland, where up is down, happy is sad and fantasy is real, or is it the other way around. And I suspect that Wonderland must be down below that great white teapot dome the call the Capitol in Washington, D.C.” ——Arizona Kid


Back Street America, the American populace, needs to get seriously into Propaganda Analysis.  Propaganda is binary emotional rhetoric; two polarized choices that are emotionally good or bad that lead to a conclusion to accept one or the other.  Propaganda analysis consists of analyzing content for the definition of three words —— binary—— emotional—— rhetoric——; surely this is something that anyone in the populace can do, so that everyone in the populace can make an informed decision as to whether or not they are being propagandized or not.

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By garth, May 18, 2010 at 8:42 am Link to this comment

I agree with Arizona Kid in this:

“Only a few who get lucky and escapte from the rabbit hole ever realize there is anything but Wonderland, where up is down, happy is sad and fantasy is real, or is it the other way around. And I suspect that Wonderland must be down below that great white teapot dome the call the Capitol in Washington, D.C.”


We are led to believe that all these crises are random events that seem to occur.  My premise is that this turmoil is carefully planned.  And their web is growing.  The propaganda creeps into the daily talk. 

For those who say, “Nah, another consoiracy theory.”  I say look at the amounts of money stolen from the American taxpayer for DOD schems and the like.  The bankers make Croesus look like a street beggar.

I wouldn’t categorize 9/11 as a hoax, though.  It deserves a more serious description, and a thorough investigation would help to clear it up. 
I worked for a right-winger in 2003 and 2004 when there was a clamor for just such an investigation.  I think the memos were sent out to all Republican, right-wing, conservatives to diffuse any pressure for an investigation at the ground level.  His arguments sounded a lot like the ones used by the right-wing press.


I don’t think you’ve described C-SPAN correctly here.

“Surely, that would account for the characters who periodically flow up to perform for us on CSPAN. It makes no sense, who knows what language they speak, and how they became so strange. Yet, millions watch them rant and rave and gesture and strike their pose.”

C-SPAN is sedate.  One has to watch a lot of it to see what is being shown, but I don’t think they would have the ranting heads that was typical on FOX, MANBC and CNN during the Bush years.

The Controllers have a formula.  Propagandize to the point where people cannot tell right from wrong, up from down nor what is good for them.  The bullies will take over on the streets and in the media and in town meetings.

The American Dream has been modified to mean the we sit around and hope that someone, Our hero, will reappear and smote them, humiliate them, or “he”‘ll be an entrepreneur and like Phoenix, we’ll rise from the ashes and inflict.

The Tea Partiers represent the Germans of 60-70 years ago.  John Lukacs, an historian, pointed out on C-SPAN that after Hitler committed suicide in his bunker about 20,000 Germans did likewise.  We are now seeing that same furor and fervor in them.

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By MarthaA, May 18, 2010 at 5:48 am Link to this comment

Arizona Kid, May 17 at 4:58 pm,

You are equating the Financial Crash of the US Economy on Sept. 18, 2008 with the Sept. 11, 2001 Crash of airplanes into the World Trade Center; there is a difference; I am reasonably certain that if you think about it long enough, you will figure out what the difference is without me having to tell you. 

I have had no doubts about 9/11/01 being a hoax from the beginning.  It takes real believers to accept all that bunk for truth and it also takes real believers to accept the hoax that the financiers didn’t know what they were doing when they set up the nation for the financial crisis that climaxed on 9/18/08, since it is a cycle that has been happening over and over for the past 500 years.  How is it that anyone can pretend that capitalism’s financial crisis cycle is new?  Capitalism’s financial crisis cycle is something that needs to be talked about in the New York Times.

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By Night-Gaunt, May 17, 2010 at 12:17 pm Link to this comment

“Slavery is just a word which means whatever you say it means. Most of humanity throughout the ages were slaves to anybody who was their boss or creditor.”-Arizona Kid

Well then you are on the way to destruction of the language an a descent down the rabbit hole. I gather you won’t be showing me where I supposedly went wrong and your attacking me for supporting slavery nonsense? So for you having to deal with anyone else where you must follow their orders like at a job or owe money is slavery to you? That is setting it a bit high. There is something call degrees of such a thing. So for you is total freedom from anything that smacks of our civilization. So if you incur debt do you just blow it off? Were you used by the credit card companies who do want us to get that debt—-in a depression yet. That I understand. Explain it to me in words that we agree on have the same meaning.

Tell me what other words do you reinterpret to your own imaginings?

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By MarthaA, May 17, 2010 at 12:12 pm Link to this comment

Arizona Kid, May 17 at 4:03 am,

Privatized Capitalism after the September 18, 2008 crash of the U.S. Economy had their private capital recapitalized by socialized resources of the populace; at present Privatized Capitalism is using socialized capital for privatized benefit.

Capital is an asset that provides a revenue stream; therefore,  Socialized Capital as part of a Socialized Governmental System, used as an asset that provides a revenue stream will provide benefit for the greater good, as opposed to Privatized capital as an asset that provides a revenue stream providing benefit for the greater greed.

It is fundamentally wrong to advocate against socialized capital being used for anything other than privatized benefit.  Socialized capital that is at present providing benefit for privatized interests can be used with EQUAL effect for the common good, rather than for common greed, and it is wrong headed to make a claim to the contrary on the basis of time warp failed socialism of the USSR.  The economy of the USSR was a Managed Economy much the same as in the United States under price controls.  The reason why the Soviet Economy failed is because the government did not properly manage socialized capital; however, the Chinese while employing a social system of government similar to the USSR have applied socialized capital in an admirable way that is serving the best interest of China, and is on the verge of overtaking and passing the Privatized Capitalistic System of the United States.  Also, have you check out Cuba.  Cuba is doing better for the populace than the United States is.

You know, as well as I, that socialism as a social system in the USSR failed, and that is ONE failure for socialism, but capitalism, especially Privatized Capitalism, has been cyclically failing and coming back to life as a zombie that claims that it never died to begin with for over 400 years for the benefit of privatized interests at the expense of the populace.

Socialism is a social system not an economic system.  When people/corporations join together in unity, it is socialism.  Anytime money is sapped from the populace—it is socialism.  Socialism is used by the churches through tithes and offerings, socialism is used to support the one channel of public broadcasting, socialism is used to support the Conservative Right-Wing’s wars through the Internal Revenue Service, socialism is used to support all forms of the government through various taxes everywhere you look (check your telephone bill), and socialism is used to originate and maintain the infrastructure upon which Capitalism depends to maintain commerce like mistletoe on a tree the only ones being left out of socialism in the United States is the populace.  Socialism in the United States is for the rich and Capitalism is for the populace without benefit; this is how Capitalism originated in Britain, as a result of the Enclosure Movement and the textile industry and in the last 500 years, nothing has changed.  It is time for a change.

Socialism has not destroyed initiative in China and Cuba, in fact entirely the opposite.  Capitalism is the economy of China, it is socialized capitalism and socialized capitalism could work in the United States just as well.

In conclusion, with regard to socialism, you would do well to take Leo Tolstoy’s 1897 advice in regards to your 1950’s time warp perception of socialism:

“The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him.”——Leo Tolstoy, 1897

The reality of socialism is that socialism has existed in the United States since the time of Colonial America and is the one system that has never failed, unlike Capitalism that cyclically fails and calls failure “business cycles”.

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By garth, May 17, 2010 at 11:38 am Link to this comment

One tell tale sign of something gone amiss:

This thread has been going on since 2007.  I have tried to find old threads, and it ain’t easy.  Yet Ari, the Arizona Kid shows up on two different threads at the same time, one is current, the other is this one, and he has is thaing to say.

Gof belss ‘im.


In autre chambres, the local Cctv now uses a similar icon, for an Air Force show recruitment show highlighlighting the effectiveness and American killing. 

This icon by the way is similar to the one used by you know who.  The icon appears in the lower right-hand side of the screen and identifies the channel or station.


In autre chambres,
Let me show you the shit hole. We don’t have flush toilets, but I am sure you’ll find your stay comfy.

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By garth, May 17, 2010 at 9:40 am Link to this comment

No comment.

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By garth, May 17, 2010 at 8:11 am Link to this comment

One thing I would like to comment on is the CSPAn 2 show with Christopher Hitchens and Salmon Rushdie.  They were trying to build up anti-Iranian sentiment in NYC.

I thought: That is what is great about this country with its Freedom of Speech.  Freedom is like a poultice.  It brings out the puss in our thoughts.  And sunlight is the best disinfectant.

Salmon Rushdie is an Iranian who lives in England, and Hitchens is an Englishman who lives in DC.

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By garth, May 17, 2010 at 7:46 am Link to this comment

Bill Moyers pointed out in his last program on PBS, in his final message, that we are living in what one critic called a “Plutonomy”—the economic system where the wealthy few, plutocrats, are the only ones that have any say so.

Slavery has added an item to its definition. Employers now offer work for volunteers, or internships, provide coupons for 10 per-cent off your next purchase at McDonalds or Wal-Mart, or buy pizza if you are willing to work over the weekend till the job is done.

One employer asked me if I were willing to bring in my computer to work with.  He had recently been to a talk about the cost of overhead for each employee.

One company offered me the opportunity of “interniing” with some their best professionals.  I said, “Yeah, right.” and hung up.  She thought I said, “Golly, Bosswoman, I’ll be there tomorrow bright and early with my brown bag lunch.” 
She called me again the next morning and in an angry voice asked me where I was.

Gall, you gotta have gall.
Pride might go ‘fore the fall,
but right now, you gotta have gall.

Disinformation

When tension was mounting against Nixon in the 70s, the eastern establishment was looking for more objective correlatives to gather about Tricky Dick.  I guess the contents of the barrel of slings and arrows for the neo-liberal media was running low, when in walked Haldeman, a tall dark complexioned man, and the robbers asked, “Haldeman, tell us a funny story.” 
So, Haldeman began, “Nixon liked to eat cottage cheese with ketchup.”
The Press went wild.  The story was everywhere.
No one liked Nixon after that because Nixon liked cottage cheese with ketchup.  People at last drew a bead on this person.
Not to be undone, Charlie Finley bought the Oakland A’s for about $700,000.  The A’s drew flies so he had to market “old baseball” spirit in Oakland.  He gave his pitchers nicknames, names like, “Catfish” Hunter, “Blue Moon” Odom, “Mudcat” Grant….

As for books that were written by this weasel, just listen to ad for his “Cracking the Code.”

His books are to the common discourse, what the Weekly Reader was to Education.

One last thing, I know silence on the radio is a no-no.  But one has to be careful not to be insipid nor just plain “Aunt Bell” crazy, and, most of all, not to boor.  N-G, your hero has not climbed that hill, yet.

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By MarthaA, May 16, 2010 at 11:12 pm Link to this comment

Arizona Kid, May 16 at 9:26 pm,

“the idea of socialism, authoritarian police states, Patriot Acts and the talk of censorship and hate crime talk and gun control, just creeps me out. That goes against what I grew up believing was the essence of Free America.”

Everything you have listed here also creeps me out, with the exception of socialism.  I do not see socialism as being bad for the populace, when it is currently being used by the wealthy and the government against the populace.  Community is socialism.  Socialism is not an economy, like capitalism.  Socialism is used by capitalism for the wealthy and could be turned around and used the same way for the populace instead of against the populace.  I think it is time for our government to change from private capitalism that controls the populace with socialism for the capitalists, to socialism for the populace and social control of all capital. Populace socialism is responsible anyway, so we should make it so, and have Socialized Capitalism; then private capitalists would no longer have control over the lives of the populace, there would be a more level field for the majority population.

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By Night-Gaunt, May 16, 2010 at 3:30 pm Link to this comment

Sorry about your problems. Have you used the function to increase font size? That can help.

If you have read my past writings you would know I am against slavery of all kinds. Now tell me where you stand? And how did I misrepresent it which you claimed without support in the first place? I do appreciate more than a simple put down. Empty gesture. I harbor no ill will just want information & colloquy.

I am amazed at the unfounded conclusions some people adduce without basis. Unfortunately we have been directed to this present position in our economy with the middle class being destroyed via out sourcing, in sourcing, NAFTA- massive influx of cheap labor from the other end to further lower our standard of living even as the cost of living goes up.

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By haroldmh, May 16, 2010 at 2:23 pm Link to this comment
(Unregistered commenter)

The Fed’s monetary policy of low interest rates favor the financial/corporate/mega-wealthy oligarchy with an increase in the money supply which encourages speculation that overvalue assets that form economic bubbles that collapse.

Tax policy favor the financial/corporate/mega-wealthy oligarchy by increasing their money supply which encourages speculation that overvalue assets that form economic bubbles that collapse.

The excerpt below is from “Fed Policy Stealing From Our Future Part 2” which you can google for the the complete article.

Why is it that it appears we can do nothing but watch the rigged game without doing anything about it?

“Not surprisingly, the Fed’s first foray into bubble economics between 1923 and 1929 endowed the speculative classes with an immense windfall that self-evidently could not be ascribed to pure market forces. During that six-year period, fully 70% of national income growth went to the top 1% of the population while the bottom 90% got only 15% of the gain.

After the New Deal soaked the rich with taxes and the Fed retreated to a more conservative posture in the immediate post-war period, Mr. Market generated far less egregious distributions of the growth. In the 1960s, for example, the national income pie was whacked up in nearly the opposite fashion, with the bottom 90% getting two-thirds of the decade’s income growth while the top 1% garnered only 10%. (h says, very much needed again.) Even during the Reagan decade of the 1980s, and notwithstanding the so-called “trickle-down” tax cuts, the top 1% obtained just 40% of the national income growth while a somewhat lesser share went to the bottom 90%.

During the Greenspan/Bernanke bubble of 2002-2007, however, the 1920s windfall to the speculative classes came roaring back: Nearly two-thirds of national income growth accrued to the top 1% while the bottom 90% ended up with comparative crumbs, obtaining just 12% of the gain. And when the figures for 2008-2010 eventually come in, they will undoubtedly best even the Roaring Twenties result: It’s likely that more than 100% of the income gains since 2007 have gone to the speculative classes since the population as a whole will have gone backward. (h says, what a great country we live in.)


By contrast, the Fed’s message to the saving classes is not only opposite, but it appears, perversely, to be working. This week’s release on personal income and spending showed that personal consumption expenditures were up 0.6% in March and that over the last three months they have increased by $146 billion, or at a 5.5% annual rate. On cue, bubble vision was quick to transmit the “consumer is back” sound bite, but failed to complete the sentence. The consumer is indeed back — right back to spending nearly every dime that comes in! During the three months ending in March — the period in which restaurants, retail chains, and bullish market strategists were on fire — the household savings rate declined by $139 billion, thereby accounting for fully 94% of the pickup in consumption expenditures. At that pace, the savings rate, which receded to 2.7% in March, will be back to zero by September.” (h asks, looks like we are at it again, will we never learn.)

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By Night-Gaunt, May 16, 2010 at 1:57 pm Link to this comment

Well in all that verbiage you managed to trash me without refuting or expanding on what I said which means you failed at that. How about it? Can you do so without insult? I doubt it. Only the weak go for insult when their ideas are moribund or barren. I do like to spar it strengthens but insults weaken. Are you strong or weak in this area? I will forget the past if you move forward out of the gutter. However I will not sink to your simplistic level, you are better than that, as am I. Uplift not down shift. Illuminate not obfuscate. Words do matter.

Until substantial change is made in our society it will still be a good growth medium for corporations and their attraction for psychopaths. An unstable economy is just the kind of thing psychopaths like. An Ayn Rand wonderland. That and the no holds barred stab anyway they can to get to the top and oppress their employees without a care. How say you on that Toot_toot? It is all a mater of euthenics.

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By Night-Gaunt, May 16, 2010 at 1:08 pm Link to this comment

A slave is someone who is employed against their will and are not compensated for their labor. They are usually under some kind of duress. Yes it is a word but only someone who wishes to denigrate language will say such nonsense. The hallmark of a propagandist.

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By Night-Gaunt, May 16, 2010 at 1:06 pm Link to this comment

Toot_toot economic slavery has been busy re-asserting itself right here since 1980. Also slavery in general going on the rise in the industrial countries that use their version of the maquiladoras to work people to death or just keep them in poverty as helots for industry. Working without overtime is one. Another are wages that when adjusted for inflation are on par with 1970’s a flat line. Working harder and longer (if you are lucky) for less and less as inflation continues.

Garth you still haven’t made you ridiculous case the ThomasG is Thom Hartman who is far more than a tabloid headline spouting reactionary. (He also has a radio show, writes books and articles so where does he find the time to do this brainless prattle?) He is far more thoughtful. So as of right now you sir are just a bomb thrower without merit in this area.

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By ThomasG, May 16, 2010 at 11:48 am Link to this comment

Both Wall Street and Main Street suppress dialogue about Back Street, because Wall Street and Main Street are afraid of Back Street, the American populace; afraid everyday of their lives that Back Street, the American populace, are going to wake up and demand that they have had enough of the American Dream, and want their part of Conscious American Reality, instead of a dream; Conscious American Reality that will diminish the greedy benefit of Wall Street and Main Street at the expense of Back Street, the American populace.

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By MarthaA, May 16, 2010 at 11:32 am Link to this comment

Toot_toot, May 15 at 9:46 pm,

And just think, the Conservative Corporate Right-Wing Republicans can then start breeding the populace for better stock.  What more could we ask?  Does anyone have any idea why the populace chose democracy, instead of corporate autocracy, in the first place?

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By garth, May 15, 2010 at 6:08 pm Link to this comment

Amen, Toot_toot, and we are the horse’s ass.

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By garth, May 15, 2010 at 3:56 pm Link to this comment

Frannie and Freddie insured the loans, and as Simon Johnson of MIT via the IMF Fund acknowledeged that that is part of problem, but not the nub of the problem. 

What I am saying is from Professor Emeritus, Richard Wolff of UMASS.  The problem began in the 1970s.  And the problem is with American Capitalism.

The deeper, underlying problem is with American/City of London Capitalism.  It’s their evergrowing need for more and more money.  More profit.

It began in the 1970s.  Profits of corporations started to rise while wages stayed stagnant.  Then it took off with the introduction of computers.  Fewer workers, higher productivity and wages still stayed stagnant. 

It was an American Capitalist’s dream come true.  And it continues till now.

The Corporations gathered money through the 70s, the 80s and the 90s.  They put the profits in the bank.  Then they tried Mergers & Aquisistions.  Then came the High Tech Boom. 

And then the bust. 

And that is what the American Capitalists system is based on Boom and & Bust.  Nasdaq went from 5000 in 2000 to half that in 2001 and never recovered.

So, what is a poor downtrodden Capitalists to do?  Why of course create a boom in the housing market.  And that is exactly what they did.

We all see what happened next.

Now they want to try exports.  But the world is weary and poor like we are.  We can’t sell our shit to them anymore, at least not enough to keep the Corporate investors happy.

The next move might be the great entree into another World War:  Surround China with TDM, theater defense missiles, and intimidate them into becoming our WalMart Supplier Forever, our sort of BFF. 
Then encircle Russia and, as they do in a Hockey match, drop the gloves and threaten to go at it.  If the Russkies don’t back down or if the Chinese have other plans for their civilization, then we’re in deep doo doo, GHWBush once said..

But not to worry. We spend, after all, and conservatively speaking, 1 trillion dollars a year on weapons and the like.  And the Capitalists of BP might have begun the process where this planet has become unlivable.

Now, that’s the ticket. 

Like the Russian soldier I saw once in a newsreel who was only too agreeable with his captors before his execution.

I like your picture of the north end of south bound mare.

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By garth, May 15, 2010 at 12:16 pm Link to this comment

Toot_toot, you read my mind.  I was thinking, or as TG might accuse, I was thimking the same song.  I tend to think in lyrical thoughts.  Makes reality easier to devour and digest.
But, I say, all this is connected: Wall Street, the takeover of our Educational experience, Food, Water, Energy, you name it:  If they can make a buck, it’s for sale.

But we were missing the point: The Wall Street Boys were latecomers to this hog fest.  The Capitalist system has long been devouring the middle class, for years, decades.  And in 2007, 2008, it was about to be faced with its end.  Corporations were losing profits. 
They were faced with an option:  Go over the cliff or retry to take advantage of some already tired, indebted American workers:  Put them into insurmountable debt.
They gave a head long rush into the attack on the throng, (men and women who work for a living), and it paid off. To the tune of trillions of U.S. dollars. Albeit temporarily.

I thimk they had this all mapped out.  If they can’t get China to allow itself to be a managed economy, and if the Russians keep prospering, then it might lead to an all out War.  It’ll be labelled a preemptive attack, which is official U. S. policy now thanks to the Bush administration.

For all you progressives who want to side with certain radio personalities who continue to act like they were born last night, then I suggest you talk to others and confront your hired help, that is,  your congressman or congresswoman, and simply tell tell them, “The jig is up.  We know.  We know. We’ve had enough!  And enough is enough.”

N_G,  I didn’t know you had Thom Hartmann’s schedule?  Bernie is very effective.  He diffuses the argumement for justice with his weakling, almost cry-baby motions in committee.  On the vote, he blends in very nicely with his vote to pass the health insurance slavery act.  You might say, “Well, he re-instituted community health.”

Ha! I met my Primary Physician in a similar storefront 30 years ago.  They closed after a brief stint and he, the doc, became affiliated with a big insurance firm.

It’s all BS.

Don’t buy gold.  You’re being set up for the big drop. 

Gold fluctuates.  You buy $1000 worth of gold.  The U.S. dollar comes back because that is the currency of oil.  China needs oil more than it needs gold so it sells off.  Gold shrinks to $400 an ounce.  But you paid $1000.


As a friend once said, “It’s better to deal with enemies rather than supposed friends.  At least from enemies, you know what to expect.”

And here’s you, Thom, the Psychiatrist.


And that’s the last time I’ll use this creeps name along with Rush, Ed, and all the rest of them.

You’ve got the news.

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By ThomasG, May 13, 2010 at 8:04 pm Link to this comment

Shenonymous,

What is your position with regard to the effects of pauperization on the populace caused by privatized capitalism, and are you for or against dispauperization?

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By Night-Gaunt, May 13, 2010 at 11:15 am Link to this comment

Very funny Garth to say that Thom Harman is this mechanical parrot is on its face ridiculous. As if just time wise he could do it if all else is ignored it would still fail. But I will give you a chance to go further with the farce.

As for Bernie Sanders just because he is in the minority in the Congress doesn’t make him a “Salamander”? Just ineffective. Not the same thing.

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By garth, May 12, 2010 at 7:58 am Link to this comment

Sorry N-G,

ThomasG is none other than Thom Hartmann, the radio personality, NOT a progressive radio talk show host. 

His ploy adds a new wrinkle to disinformation.  He plants himself squarely opposite the other side, in this case, the conservative and anarchistic right, and he adds argument to the strategy that leads one right back to Obama and the neo-Liberal left and that their goals of Imperialism and full spectrum dominance as the far more progressive and humanistic world view.

If you listen to him for a month or so you’ll see that he’s mainly long winded and in love with the sound of his voice.  He’ll have a guest on, say an author with a new book, and he’ll tell the author what his book is about.  Then he’ll say something like, “In these last ten seconds can you tell us what you book is about.

He loves to show how much he has learned, or has picked up, in preparation for his current flow of disinformation, by belaboring simple points.

To show his bona fides, he has Senator Bernie “Salamander” on every Friday for a “Brunch with Bernie” segment.  Bernie is only slightly better.  He mouths the left-leaning issues, but nothing, absolutely nothing he says that he favors even comes close to becoming law.

He’s a little like the Wendell Porter, “the executive from Cigna” who revealed himself and said how he was against the health insurance companies.  But when the bill was about to go to vote, Ole Wendell came out of his sheeps clothing and said this was a good bill.
It’s a new wrinkle to slavery.  They sold 30 million Americans down the river to the insurance companies in the form of mandated premiums.

Meanwhile, people all over the country are reporting rate hikes like the one in Maine of 22%.


So I ask, how do want it:  straight up front or in the back?

To avoid their nonsense, and I was about to say evil nonsense, talk to other people.  Surprisingly, I’ve found a lot of people feel the same way I do.

So, if ThomasG is any arbiter of sanity and mental illness, I’ll take mental illness.

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By Night-Gaunt, May 10, 2010 at 3:27 pm Link to this comment

Until we have real changes in the way things are operation i.e. the ratings companies working with the crooks, the regulatory agency either without power and/or taken over by the types they are to regulate, and the direct connexion of the printing press to the crooks through our paid for politicos nothing will change for the better. In fact we are cruising for destruction at their hands if nothing is done. Then they will be floated and we will be denigrated further by them. But what will we do. Stop paying taxes? Block the entrances and exits to the Federal Reserve & Congress till they do what we want? Only time will tell and it isn’t of an infinite number. Tick, tick, tick…

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By garth, May 10, 2010 at 1:33 pm Link to this comment

Well, ThomasG, with all your banter about the difference between Back Street and Main Street a few posts ago, you’ve seem to have zeroed in on ending this thread. (I wonder why?)

N-G, I thought better of you.

This thread is of little importance.  Thom, you’ve got to get a life. I guess everthing is going just fine for you, today.  But then again, ya just never know.

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By Angel Gabriel, May 10, 2010 at 12:11 pm Link to this comment

I see nothings new here on Wheel of Fortune…

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By ThomasG, May 10, 2010 at 12:03 pm Link to this comment

Night-Gaunt, May 10 at 3:52 pm,

Ditto ThomasG, May 10 at 3:40 pm.

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By Night-Gaunt, May 10, 2010 at 11:59 am Link to this comment

Who is this person? You seem to have identified him by his phraseology. He is a band and a pill and a knot head.

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By garth, May 10, 2010 at 11:56 am Link to this comment

Goldwater son appeared o Fox News a few weeks ago and he claimed the insurance companies should be held to 65% overhead rather than an 80% overhead.  His reasoning for making this claim is still unclear.

To Night-Gaunt,

This fellow, ThomasG, is none other than a poseur of a radio talk show host, who claims to be, well I don’t have any idea what he claims, but if you listen in to his show for any length of time, you’ll see his love for his voice, his IQ,  and the ideas that he holds dearest: namely, the status quo.


You’ve been had.

It’s like fighting Ruiz, according to Atlas, “You step into quick sand.”

N-G,

You are smarter and more well read than this dreg, a son of Michigan Tool and Die maker from Michigan.  In fact, he’s a sell-out.

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By Night-Gaunt, May 10, 2010 at 11:52 am Link to this comment

Yes I do expect you to put a little meat on that bone. I expect you to go beyond the title. Explain yourself. It takes work but it can be done. If you are up to it.

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By ThomasG, May 10, 2010 at 11:40 am Link to this comment

Night-Gaunt, May 10 at 3:19 pm,

You have a computer and access to Google and, therefore, you have the ability to check out what I have said and educate yourself, so that you can dialogue, if that is your choice to do so.  Do not expect that I am going to do your work for you.  You are not a child, hopefully, and should not expect to be given the deference of a child.

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By Night-Gaunt, May 10, 2010 at 11:34 am Link to this comment

Curiously the way the Repubs are now Goldwater would be kicked out for being too liberal. Ironic no?

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By garth, May 10, 2010 at 11:27 am Link to this comment

The Obama Query to be held this week to ask questions about the sudden drop in Stock prices will consist of one important question, “Did it work?”  Was the wealth of the Amercican investor spread around to the mid- and lower-mangers of these Wall Street friends—the people who toil in the cubicles who’ve been neglected in the past few years due to pesky Government and public intervention.

ThomasG,

By the way. I’ll bet dollars to donuts that you’re IQ is 141 and you have Foundation money, Ford Foundation (my guess) behinfd you.
Now, be honest.

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By ThomasG, May 10, 2010 at 11:21 am Link to this comment

Night-Gaunt, May 10 at 2:49 pm,

No, Night Gaunt, I am talking about the Conservative Right-Wing EXTREMIST Republicans’ use of Thomas Malthus’ theory of population based upon the “goats and the greyhounds” on the South Seas Island of Juan Fernandez that the Right-Wingers have been claiming as the doctrine of Adam Smith from the time of Goldwater through Reagan, Bush I and Bush II, to support their claims for Money Supply Side Economics, tax reduction, and economic persecution of the American populace equivalent to what was done with the enclosure movement in Britain in the 18th Century by the Conservative Right-Wing EXTREMISTS of that time.

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By Night-Gaunt, May 10, 2010 at 11:19 am Link to this comment

Not a real explanation of what you mean by your sloganeering recitations of “Right-wing Extremism…Malthusian economics as the economics of Adam Smith.” But in what way? You don’t give any details just this pap. It tells nothing in any detail but then you don’t do that. Could you be more precise on this? Rather like how Shenonymous goes about explaining would be a great help in understanding what your write. Otherwise it is just a repetitive noise empty of meaning. Understand?

Explain in what way they distort or misuse what Malthus wrote?

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By Pajoe, May 10, 2010 at 11:16 am Link to this comment

The following article is from todays NY Times:

“Fed Intervenes in European Debt CrisisBy SEWELL CHAN
Published: May 10, 2010

WASHINGTON — After months of quietly watching from the sidelines, the United States finally intervened in the European debt crisis on Sunday night.

The Federal Reserve announced that it would open currency swap lines with the European Central Bank — in essence, printing dollars and exchanging them for euros to provide some liquidity for European money markets and banks. ...”

I think this means the FED prints dollars while the ECB prints euros.  We export newly printed $ and import newly printed euros.  Everything is going to be fine until China objects.  They don’t like this printing money stuff.  Pajoe

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By ThomasG, May 10, 2010 at 11:11 am Link to this comment

Night-Gaunt, May 10 at 2:42 pm,

The Right-Wing Conservative EXTREMIST Republican doctrine is based upon Thomas Malthus and the Malthusian Theory of Population; the Right-Wingers have tried to pass off Malthusian economics as the economics of Adam Smith.

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By garth, May 10, 2010 at 11:10 am Link to this comment

ThomasG my boy, I might be talking to myself, and you might think that is crazy, but the fact remains that there are others here on Truthdig who have awakened to the facts that a lot of what they’ve been led to believe is only to the benefit of a few.  Poor ThomasG.

Crazy, yes.  A resounding, Yes.  Mental illness if you know anything about it is not the type of accusation one throws around easily.  Except for the likes of you.  It just shows a few thing: a lack of mental resources for one.

To quote David Brinkley: A reputation is built on the bricks that others have thrown at them.

And, most people think the world is cauldron of action and reaction, but in 90% of the world last night nothing happened.

Sir Thomas G Foil,  I am heartenened that you choose not to respond.  I had to ask myself: What do you say to a poseur trying to come off as someone in-the-know and yet blanketly covered with the education and upbringing and lure of generational wealth by spending his time on a blog doing the bidding of others, greater and wealthier than you.

You’re just a servant.  I don’t want to talk with you. at this point.

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By ThomasG, May 10, 2010 at 11:05 am Link to this comment

Night-Gaunt, May 10 at 2:42 pm,

The Right-Wing Conservative EXTREMIST Republicans’ doctrine is based upon Thomas Malthus and the Malthusian Theory of Population; the Right-Wingers have tried to pass off Malthusian Economics as the economics of Adam Smith.

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By Night-Gaunt, May 10, 2010 at 10:49 am Link to this comment

What you are saying really isn’t “Malthusian-lassiaze faire capitalism” but the predators use of Darwin in that pseudo-science of “Social Darwinism” is that they promote. As interpreted by psychopaths of course.

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By Night-Gaunt, May 10, 2010 at 10:42 am Link to this comment

What does Malthaus have to do with our economy? He saw that human reproduction grows exponentially where as food production is more linear. He was essentially right in that there are limits. What he spoke of was a universal kind of Dead Man’s Switch. The threat of collapse and mass starvation is always in waiting. Populations grow with abundance of food till they are too many. Normally they will die back till an equilibrium is formed. Humans are smarter than that but they don’t see it that way. Even with the so-called green revolution starting in 1920 with the break through of artificially fixing nitrogen in the soil just made it worse. Gave us 2+ Billion more people than we would have today if such a discovery hadn’t been made. Now it is genetic engineering by agribusiness wants to do it again. Only it won’t help us if it succeeds and there is the problem of a finite earth. Who wants to live on an earth where every forest is gone and replaced with crops? Not me. More isn’t better all the time. Too much of a good thing is bad.

So lay off Malthaus till you have a coherent reason to drag him out for your little puppet show Thomas G.

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By ThomasG, May 10, 2010 at 10:37 am Link to this comment

garth, May 10 at 2:12 pm.

It appears that you are having a dialogue with yourself, and are going to speak from one side of your mouth and then answer from the other.

I will leave you to talk to yourself, because this type of behavior by you is a sign of insanity and I do not feel the need to participate in your dialogue between you and your alternate schizoid personalities.

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By ThomasG, May 10, 2010 at 10:17 am Link to this comment

With regard to Right-Wing Republican EXTREMIST Malthusian Laissez Faire Economics, what happened to the use of the word “nous” that was originally inserted between the two terms; ie, “laissez nous faire”. 

Originally in Britain Right-Wingers were saying “laissez nous faire”, “non-interference as God’s Will” and now the evangelical Christian Right-Wingers have changed the term to “laissez faire”, “non-interference” and removed God’s Will from the term.  Why do you suppose evangelical Christians would remove God’s Will from Malthusian non-interference in the U.S. Economy?  Are evangelical Christians saying that in the 21st Century God’s Will is irrelevant to laissez faire economics?

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By garth, May 10, 2010 at 10:12 am Link to this comment

Tommy G Boy, 
That’s why you shouldn’t be absent from class.  As my 8th grade teacher told me, “You might learn something.”

But other than that, you blowhard, the 1000 point drop in the market last can be explained in one fact that was broadcast on the screen NBC Nightly News:

Accenture 47.41
Accenture 01.00


Now as I recall, middle managers were rewarded with a stock option of paying 1 cent a share.  The working stiffs paid 85% of the stock price at its lowest in the previous 6 months.

Let’s take a close look.  $ 47.00 to .01.  Hmmmmmm.

To get to the point, Tommy G, the Bankers did not want to “sprinkle the infield” with all the news coverage, so they devised this scheme”  Buy Accenture (for example) low, at 01 cent per share; 5 minutes later sell Accenture High, at $47.00.

All the networks are covering their asses with questions of “what will conspiracy theorists think?”.  It is as if all this crap just happens.

Like the blooming oil cloud in the Gulf of Mexico.

That along with the ash from the volcano in Iceland and the 6 or 7 Earthguakes that have been reported around the globe, you can bet that soon there will be a school system producing bragadoccio morons, much like ThomasG, who’ll say that it’s all under control.  While Thommy sits somewhere all dressed up with nowhere to go.

The problem is not that the American public believes anything it hears, but that it believes EVERYTHING it hears. 

A little weight thrown here, by TG, albeit it’s all in etext and it’s all phraseology and usage, but it all makes one question whether this poster, or poseur, is being honest. The truth is it’s all BS.  A product of the Disinformation Squad

But believe me, ThomasG is a fraud.  TG you are a mackerel.

We are talking about lives here.

Which brings up a song, I paraphrased:

Plese Mr. CINCO, I don’t wanna go.

There’s an Afghan waiting o’er there,
waiting to take my head.
A coward I’m being named,
but I don’t wanna wind up dead or maimed.
Please, Mr CINCO, I don’t wanna go….
(Look at ‘em o’er there.  Runnin’ aroun’ like a bunch o’ wild Ayrabs.)


Lies belived in Synchrony


(1) Cause of BP oil gusher is the valve.  (2) Cause of oil gusher is a methane fart.  Here’s a clue, 11 died.  One of those 11 will be held responsible.

The NYC bomber set the alarm for 8 am rather than 8 pm.  The bomber bought the wrong kind of fertilizer. 

Oh, God!  Please blow up these makers of the truth.

And, by the way, you journalists, please try harder.  Your papership has taken on water and it is sinking.

Just as the yellow journalism gave way to the modern style, you should find a reportage that meets the demands of the day. 

Don’t accept government statements and reproduce them as your own work, unless of course you’re a lazy bum.  Then, I guess, you are on your own in the future and you’ll wear a nice suit on tv.

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