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Sucking Up to the Bankers: A Bipartisan Lovefest

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Posted on Jul 29, 2008
Obama and economic advisers
AP photo / Jae C. Hong

Sen. Barack Obama meets with his economic advisers Monday in Washington. From left: former Federal Reserve Chairman Paul Volcker, Obama, Service Employees International Union Chair Anna Burger, former Treasury Secretary Robert Rubin and New Jersey Gov. Jon Corzine.

By Robert Scheer

This is a time to condemn the bankers, not to embrace them. They are the scoundrels who got us into the biggest economic mess since the Great Depression, lining their own pockets while destroying the life savings of those who trusted them. Yet both of our leading presidential candidates are scrambling to enlist not only the big-dollar contributions but, more frighteningly, the “expertise” of the very folks who advocated the financial industry deregulations at the heart of this meltdown.

Republican candidate John McCain even appointed as his campaign co-chairman Phil Gramm, who went from being chairman of the Senate Banking Committee, where he sponsored disastrous legislation that empowered the banking bandits, to becoming one of them at UBS Warburg. Gramm was forced to resign from McCain’s campaign only after he went public with his contempt for the financial concerns of ordinary Americans, calling them “whiners” and perpetrators of a “mental recession.”

But Gramm and the Republicans couldn’t have done it without the support of leading Democrats. The most egregious of Gramm’s legislative favors to the financiers took the form of legislation named in part after him—the Gramm-Leach-Bliley Act, which became law only after then-Treasury Secretary Robert Rubin prevailed upon President Clinton to sign the bill. The bill’s immediate major effect was to legitimize the long-sought merger between Citibank and insurance giant Travelers. Rubin’s critical support for the bill was rewarded with an appointment, within days of its passage, to a top job at Citibank (later Citigroup) paying more than $15 million a year.

That is the same Rubin with whom Democratic candidate Barack Obama met, along with other influential advisers, on Tuesday to figure out what to do about the sorry state of our economy. But what in the world did he expect to learn from Rubin? And why did he appoint Rubin’s protégé, Jason Furman, who ran the Rubin-funded Hamilton Project, to be the Obama campaign’s economic director? Hopefully, during their encounter Tuesday, Rubin offered himself as a contrite model of everything that the candidate of change needs to change.

After all, Goldman Sachs, where Rubin spent 25 years of his business career before entering the Clinton administration, has been one of the prime corporate villains in the financial shenanigans that led to the subprime mortgage scandal. As co-chairman of the firm, surely he had knowledge of the financial hanky-panky that would prove so disastrous down the road. Indeed, as Treasury secretary, he favored an extension of the deregulation that enabled this explosion of banking avarice. Not surprisingly, the current Treasury secretary, Henry Paulson, also previously headed Goldman.

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When Rubin assumed a top position at Citibank after his stint at the Treasury, he was not above influencing his former employees in the government. In one notorious instance during the fall of 2001, when Enron was going down the tubes Rubin telephoned a Treasury undersecretary and asked him to consider intervening with credit-rating agencies to hold off downgrading Enron’s ratings. When the story was leaked, some media accounts noted the possibility of a conflict of interest because Enron owed Citibank $750 million, which it could not pay if bankrupt.

Despite his skills and his vaunted position as Citibank’s chairman, Rubin was not spared the disastrous consequences of Citibank’s own wild financial manipulations, which, if anything, exceeded those of Enron. Tens of billions in bad mortgage and credit card debt placed the bank at the forefront of the current economic crisis, and so it is weird that Obama would now turn to Rubin for advice.

It’s even weirder that the presumptive Democratic nominee would pick Rubin’s man Furman as his campaign economic director at a time when cleaning up the mess left by the bankers is the highest priority. Furman hardly distinguished himself four years ago in that role in John Kerry’s failed presidential campaign, with its muffled economic message that could not be blamed on the candidate’s stiff style alone.

The bigger problem is that folks such as Rubin and Furman, perhaps best known as an economist for his bold but woefully misguided defense of the Wal-Mart business model, clearly do not feel the pain of the voters who are losing their homes.

But then again, why should Rubin, or Gramm on the Republican side, be expected to care when he has made so many millions off the suffering of those voters? Not good at a time when we need a presidential candidate who sticks it to the bankers instead of sucking up to them.


Robert Scheer is author of a new book, “The Pornography of Power: How Defense Hawks Hijacked 9/11 and Weakened America.”

Click here to check out Robert Scheer’s book,
“The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street.”


Keep up with Robert Scheer’s latest columns, interviews, tour dates and more at www.truthdig.com/robert_scheer.



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By yellowbird2525, July 30, 2008 at 8:29 pm Link to this comment

you get worse when you get back into the states; since Clinton took office the bipartisan pretending to be 2 parties to claim a “choice” resolved to treat citizens & the military far worse than they ever have because of the NAU; that was started by clinton; our Gov has had LAWS in place to prevent what is happenning in the housing & the banks since the Great Depression; supposedly “broke” they have mega $ to give heads of countries to try & go along with “their” agendas since the Americans have put up with it for so long; you won’t see it in the “monitored” and censored groups since Clinton owned by basically 5 major Corp’s who work with the US Gov AGAINST the people of the USA but Obama claims that the citizens of USA are tearing babies out of mothers arms & they have to take refuge in churchs (supposedly we do to the immigrants); he went on to declare US as being the “terrorists”; truthdig showed a book depicting us The American Worker as the “reason” for all the nations “woes”; in reality it is a set up by the US Gov & Corp’s for the American people,

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By samosamo, July 30, 2008 at 8:16 pm Link to this comment

Whether there is a small business or there is a corporation and you don’t make the right decisions, why am I liable and owing to your sorry goddamn ass to bail you out? That would have nothing to do with the free enterprise system. You don’t make it, you go under.
Just like the nazis that thought bigger was better and just like america it is all about the money and nothing else.
Besides corporations are nothing but the white boy country club where grand theft is the game of the day. FAR FAR too little oversight on corporations.

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By puravidavid, July 30, 2008 at 8:11 pm Link to this comment
(Unregistered commenter)

80+% wrong track/unfavorable ratings declare the unhappiness and pain most are feeling. Why? There has been a real crisis of confidence in the competence of Republican rule and Dem’s are easily riding this wave over the turbulance commoners are experiencing, right into once safe Republican legislative positions. Obama’s message is powerful if not too vague.

As the devaluation of credit and asset prices continues, the slowing economy’s inability to function to serve the needs of a hungry but highly armed planet will devolve into chaos, unintended consequences of feckless credit creation, and dramatic (tragic?) change. Get ready. Its only just beginning to unravel. Bankers, central, investment, commercial and mortgage will all be vilified, or if like the depths of the 1930s, compassion forbid… bound, gaged and lynched.

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By Max Shields, July 30, 2008 at 7:58 pm Link to this comment

BobZ,

What fairy tale life do you lead?

Obama is the product of a corrupt system that we all are part of creating through our lust for wealth and so, Obama is a guy we should vote for??????

I could find a two year old who has more common sense and logic than your contortions.

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By BobZ, July 30, 2008 at 7:37 pm Link to this comment

No presidential candidate in the century will be able to shun Wall Street - they just have too much power for both good and evil. That is the America we have helped create with our worship of wealth and the American dream and why thousands of immigrants come hear legally and otherwise to get some of that lucre. Obama has to reflect that reality whether he likes it or not. That is part of the American fabric. Obama got where he is because he is a very skilled politician just like Clinton was. We can be sure that at least Obama will give some consideration to average Americans, bring competency to government, and restore our standing in the world. McCain won’t do any of that and Nader and Barr are empty calories.

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By kurtwa, July 30, 2008 at 7:17 pm Link to this comment
(Unregistered commenter)

There is no free lunch and freedom in the marketplace exists in Albania?

I am no economic expert, yet seems to me that a global economy is not likely to disappear.
Personal initiative and self-reliance can operate to the benefit of the individual and yet this arrangement has limitations.
In order for greater numbers of individuals to enjoy benefits of economic freedoms, a degree of appropriate, stable government intervention is necessary.
Dr. Paul has it only partly right, with regard to the history and theory of U.S. currency and related Federal intervention policy. It is worth reading a few other people that are in the field of economics and history. Politics and gynecology don’t equal expert in field of economics, history and business.

Modern vote splitting is likely to be alive and well, here in this crowd. Come november you will know who to vote for, right?
kurtwa

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Paolo's avatar

By Paolo, July 30, 2008 at 6:32 pm Link to this comment

Hi Webbedouin,

Just a little more clarification. Republicans are advocates of economic fascism; that is, a “partnership” between government and business to their own mutual benefit. Every example you cite, correctly, is an example of this sort of “partnership.” In a libertarian society, businesses would have to make it on their own, without any special favors or “partnership” with the government in which the common citizen is (as usual) screwed.

Often, people confuse advocacy of “free markets,” with advocacy of economic fascism. The two are almost polar opposites. The role of government, vis-a-vis business (in a free society), is to prevent just the sort of cozy deals you properly condemn.

Thus, there is no reason taxpayers barely making it on a typical 40 thousand a year wage should be taxed to build a New Yankee Stadium that will enrich the millionaire owners and millionaire ballplayers. This is obviously obscene, and would be impossible to pull off in a free society as advocated by Dr. Paul.

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By Paolo, July 30, 2008 at 6:23 pm Link to this comment

Hi Jersey Girl,

You reflect a common misperception. Ron Paul advocates a society in which business is free to produce products and sell them for a profit, so long as it does not infringe on the rights of others. Clearly, spewing toxic chemicals into the air infringes on your rights, and should be forbidden by law.

In a free society, government has a definite role to play in preventing businesses from infringing on the rights of others.

Republicans do not advocate a free society. Rather, what they advocate is economic fascism. That is, letting the factory spew the poison so long as the owners of the factory pay off the right folks in the government regulatory agency, which is staffed by former managers from the factory! In other words, the government/business “partnership” advocated by economic fascists of all stripes is a perfect, circular con game.

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By webbedouin, July 30, 2008 at 6:17 pm Link to this comment

I agree with JG, those Libertarians have no concept of the damage done to this society by corporations.  When you say we’ve got to stop corporate welfare to them, they respond what corporate welfare.  Will offer the telco immunity bill as the most recent example.  How about those tax free Yankee Stadium bonds based upon overpriced land?  Wasn’t that 38 billion we gave the oil companies a few years ago?  This list is endless.

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By jersey girl, July 30, 2008 at 6:00 pm Link to this comment

Paolo:  I agree with Ron Paul’s stand on war and the constitution.  I also agree that it would be an excellent thing to rid ourselves of the federal reserve. But I’ve never heard him say how he proposes to do that without being assasinated?

Also, he is for free market with no regulation. How will that work any better than the current system?  Without regulation, big fish will still eat little fish, factories (what’s left of them) will spew even more pollution into the atmosphere since it will be more “cost effective” for them to do so.  Paul’s idea that business will “do the right thing” is laughable.  Big business is only interested in the bottom line..spending the least amount of money to make the most.  Giving them free reign certainly isn’t going to give them a conscience all of a sudden is it?

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By webbedouin, July 30, 2008 at 5:56 pm Link to this comment

To put it another way Paolo, 30 cents worth of silver coins will still buy a gallon of gas.

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By Paolo, July 30, 2008 at 5:26 pm Link to this comment

As a libertarian, I have to say that only Ron Paul understands the nature of our corrupt and criminal banking system.

The Federal Reserve, a quasi-private entity, has total control of our money. Congress, whenever it finds itself spending more than it collects in taxation, goes to its buddies at the Fed and has the debt “monetized”—a fancy word for creating new money out of thin air.

The dollar has lost well over ninety-five percent of its value since the creation of the Federal Reserve. Yet still, most Americans think if they just tinker with the system, add a few more regulations and a few more laws, the problem will be fixed.

Folks, it can’t be fixed, because no entity can be entrusted with the power to create money out of thin air—to inflate and counterfeit—and not use that power.

Those who benefit from inflation are those who get the funny-money first—mainly bankers and politicians (The Phil Gramms of the world). Those who are hurt the most are regular folks like you and me, who get the inflated money only AFTER it has lost its original value (we’re the ones called “whiners”, in case you didn’t get the message).

Do you doubt this? If you are old enough, ask yourself how much a gallon of gasoline cost back in the early seventies. It was about twenty-five cents per gallon. Since then, the price has gone up almost twenty-fold.

Have average wages gone up twenty fold in the same period of time?

You can do the same experiment with all sorts of products. A silver dollar prior to 1965 contained one ounce of actual silver, and was worth one dollar. The same silver dollar today can be “bought” for about twenty-five dollars. Again—have average wages gone up twenty-five fold since the 1960’s?

We are being ripped off and bled to death by the Federal Reserve and their cronies. It is a criminal institution that should be shut down immediately. Probably, the heads of the Federal Reserve (whose membership, by the way, is secret), should end up in jail, or be forced to fight on the front lines in the wars they have started.

It is part of human nature that if you have the power to counterfeit, without penalty, you will counterfeit. Government and quasi-government agencies are not angels who are immune to these practices. This is true, even if they seem to have “good” motives for their counterfeiting.

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By jersey girl, July 30, 2008 at 2:47 pm Link to this comment

Chris Hedges gets it !


 
Ralph Nader for President 2008  

July 30, 2008
http://www.votenader.org
http://www.officialnaderstore.com

Contribute $200 today and receive three books by Chris Hedges

We were watching C-Span yesterday.

And came across Brian Lamb interviewing former New York Times reporter Chris Hedges.

Lamb asked Hedges who he’s going to vote for this year for President.

Hedges did not hesitate.

“I’m going to vote for Nader,” Hedges said.

“I can’t vote for anybody who doesn’t call for an immediate end to the war in Iraq.”

“The war under post Nuremburg laws is a criminal war of aggression. It’s illegal. We have no right as a nation to debate the terms of the occupation. We have no right to be there.”

Hedges is a beacon of morality and courage in swamp of corruption, dishonesty and cowardliness.

And Hedges stands with Nader/Gonzalez—the anti-war candidacy in 2008.

Hedges is just out with a new book, with Laila Al-Arian, titled Collateral Damage: America’s War Against Iraqi Civilians.
Contribute $200 today and receive three books by Chris Hedges

He’s the author of two other anti-war classics:

What Every Person Should Know About War

and

War is a Force that Gives Us Meaning.

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Issywise's avatar

By Issywise, July 30, 2008 at 2:25 pm Link to this comment

So long as money is the “mother’s milk” of American politics, our leaders will suck up to bankers. We can change that but it requires we take money out of the electoral process.

Here’s some thoughts: 1. Require free airtime to candidates as a requirement for use of the public airways. 2. Delink money from free speech as a legal doctrine. This isn’t a money-ocracy its supposed to be a democracy. 3. Rationalize and limit the duration of the primary season, so there aren’t whole years available to “influence” by campaign donation. 4. Outlaw political advertising on the airways. They contain no information, much misinformation, are emotionally manipulative as opposed to rationally informing and they preempt information gathering from other sources. Finally, they are where all the money raised gets spent. If there was no need for big media buys, our politicians might not have to sell their buts all over the world to get elected.

I’ve found many informative post here—along with the article, but ControlledDEMOLITIONSwtc’s post just hit me like a two-by-four in the back of the head.  Such facts are astounding. 

Of course, all those business aren’t “investing” in our government—expecting a return on the investment. They are just participating in our democracy with no expectation for renumerative recompense. That’s why the all are not for-profit companies, right?

Obama is most apparently the “new kind of politician” he claims to be.

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By jersey girl, July 30, 2008 at 2:18 pm Link to this comment

From Open Secrets.org..Obama’s top donors

Top Contributors

This table lists the top donors to this candidate in the 2008 election cycle. The organizations themselves did not donate , rather the money came from the organization’s PAC, its individual members or employees or owners, and those individuals’ immediate families. Organization totals include subsidiaries and affiliates.

Because of contribution limits, organizations that bundle together many individual contributions are often among the top donors to presidential candidates. These contributions can come from the organization’s members or employees (and their families). The organization may support one candidate, or hedge its bets by supporting multiple candidates. Groups with national networks of donors - like EMILY’s List and Club for Growth - make for particularly big bundlers.


Goldman Sachs   $606,080
University of California   $488,159
JPMorgan Chase & Co   $378,357
Citigroup Inc   $371,704
UBS AG   $370,850
Lehman Brothers   $333,310
National Amusements Inc   $332,839
Harvard University   $325,424
Google Inc   $321,964
Sidley Austin LLP   $307,345
Skadden, Arps et al   $281,163
Morgan Stanley   $274,463
Time Warner   $268,227
Jones Day   $251,250
Exelon Corp   $237,311
University of Chicago   $230,175
Latham & Watkins   $228,276
Microsoft Corp   $222,578
Wilmerhale Llp   $222,080
General Electric   $210,329

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By troublesum, July 30, 2008 at 2:17 pm Link to this comment

How Pilosi and Conyers are allowing the republicans to run the impeachment hearings: http://www.counterpunch.com/lindorff07302008.html
Pilosi agreed to the limited hearings a few hours after it was announced that Cindy Shehan had filed the necessary 10,000 signitures for a place on the ballot as an independent candidate for Pilosi’s congressional seat.

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By KDelphi, July 30, 2008 at 2:03 pm Link to this comment

What a snooze the details of Obama’s visit are! It looks to me like the letter was written (maybe embellished upon), and the guy meant it for his “dear brother-in-law” who is an idiot. The details of what obama did at the basketball court are total;ly inconsequential to what he might to as president. Also, MoJo reports that Obama got $10 million from Goldamn Sacs—dont know which is right. I’d look it up for you in MoJO, but i dont feel like it. So, ah…its an opinion. Right.

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By Max Shields, July 30, 2008 at 1:48 pm Link to this comment

By kurtwa, July 30 at 11:54 am #
This argument and counterargument - totally meaningless trival - is just what these campaigns want the voter to be watching. It has absolutely nothing to do with anything.

Here was have a post by Scheer describing what Obama is in fact doing and how dangerous it is. That’s the real ISSUE.

Betwee Rev. Wright and this other stuff the MSM will continue to wack this kind of stuff around and hope we play along while the Titanic moves ever closer to the icey white caps.

Let’s stay focused on the issues even if some blogger ans the msm cannot.

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By Big B, July 30, 2008 at 1:01 pm Link to this comment

Aah! Take a big whiff everybody! Deregulated businesses moving their manufacturing bases to third world countries, banks making bad loans and getting government bailouts to cover their losses, large corporate farms receiving subsidies so that they can keep the price of foodstuffs artificially high, energy companies operating with impunity. Yes folks, that’s the pungent odor of capitalism, at least the American version.
For those out there in tv land that are somewhat daft when it comes to the theory/reality of capitalism, here is the readers digest version, in a completely deregulated aptmosphere large companys will take over smaller ones until there is only one company remaining handling that sectors commodity. In a nutshell, the competition of a capitalistic system will eventually lead to totalitarinism, and thus no competition at all.
Our fellow “western nations” have figured out that a free market system needs some government guidlines and standards, like the regulation of utilities, medicine, and transportation infrastructure. A corporation will only be a model citizen if it is forced to be. How many more banking scandals in the U.S. have to occure before Americans, and their elected reps figure out that a corporation is beholden to it’s ownership ONLY!
Americans ignorance to how their economy works is breathtaking! The big are eating the little (in all subsections of our society) and repubs and democrates have a front row seat to the festivities.
I think we are too far gone now. It’s time to sit back and enjoy the collapse of our once great nation. But don’t fret, maybe the new owners of America will give you a job shoveling shit.

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By kurtwa, July 30, 2008 at 12:54 pm Link to this comment
(Unregistered commenter)

Thanks for your civility,
>From ARMY TIMES.com
“Anti-Obama e-mail was wrong”
By Matthew Cox and Rick Maze - Staff writers
Posted : Monday Jul 28, 2008 16:16:12 EDT
An Army officer’s negative e-mail account of Democratic presidential candidate Barack Obama’s visit with the troops in Afghanistan that set the blogosphere ablaze prompted Army officials to correct aspects of the e-mail and resulted in a statement from the message’s author that “some of the information that was put out in my e-mail was wrong.” 
The e-mail, signed by Capt. Jeffrey S. Porter at=2 0Bagram Airbase, characterized Obama’s July 19 visit with soldiers there as contrary to the positive portrayals of the mainstream press.

“As the soldiers where (sic) lined up to shake his hand he blew them off and didn’t say a word as he went into the conference room to meet the general,” the e-mail said.

Porter wrote that Obama then went straight to the base’s “Clamshell” or recreation facility to pose for “publicity pictures playing basketball” and “shunned the opportunity to talk to soldiers to thank them for their service. I swear we got more thanks from theNBA Basketball Players or the Dallas Cowboy Cheerleaders than from one of the Senators, who wants to be the President of the United States. I just don’t understand how anyone would want him to be our Commander-in-Chief. It was almost that he was scared to be around those that provide the freedom for him and our great country.”

Army Times sent an e-mail to Porter, a Utah Army National Guard member assigned to the 142nd Military Intelligence Battalion, asking if he could verify that he wrote the controversial e-mail and requesting an interview.

Porter’s reply declined the interview request, but said:

“I am writing this to ask that you delete my e-mail and not forward it, after checking my sources some of the information that was put out in my e-mail was wrong. This e-mail was meant only for my family. Please respect my wishes and delete the e-mail and if there are anyblogs you have my e-mail portrayed on I would ask if you would take it down too.”

When contacted, Tiffany Porter who identified herself as his wife, said: “There were discrepancies in the e-mail, but I am not at liberty to say more.”

The Army refuted the accuracy of the account of the Obama visit.

“These comments are inappropriate and factually incorrect,” Bagram spokesman Lt. Col. Rumi Nielson-Green told the New York Daily News.

Obama didn’t play basketball at Bagram or visit the Clamshell, she said.

“We were a bit delayed ... as he took time to shake hands, speak to troops and pose for photographs,” Nielson-Green said.

Opinion aside, Obama campaign officials cited factual errors in the e-mail. Porter said Obama had gone to play basketball; Obama aides said that during the trip he only played basketball in Kuwait, not during stops in Iraq or Afghanistan.

An Obama campaign Web site, called “Fight the Smears,” labels it a “lie” that Obama refused to meet with the troops. It includes links to news stories and videos showing Obama interacting with crowds of service members as evidence.

Ref: http://www.armytimes.com/news/2008/07/military_blog_obama_072508w

the Web and on military blogs such as Blackfive.

The e-mail claims Obama repeatedly shunned soldiers on his way to the Clamshell - a recreation tent - to “take his publicity pictures playing basketball.”

“These comments are inappropriate and factually incorrect,” said Bagram spokeswoman Army Lt. Col. Rumi Nielson-Green, who added that such political commentary is barred for uniformed personnel.

Obama didn’t play basketball at Bagram or visit the Clamshell, she said. Home-state troops were invited to meet him, but his arrival was kept secret for security reasons.

“We were a bit delayed ... as he took time to shake hands, speak to troops and pose for photographs,” Nielson-Green said.

E-mails to the officer who made the charges and a call to his wife were not returned

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By KDelphi, July 30, 2008 at 12:46 pm Link to this comment

I have seen this post from Capt. Church all over the place. I’m starting to wonder if it’s real….max shields is obviously a Paul-Tard. But, he has a right tobe. Obamicans DO know that, right? That when [people disagree with you, its supposed to be legal? Just thought I’d check.The level of discourse in the room is sinking, and far less appealing. By-bye.

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By CaptainChurch, July 30, 2008 at 12:29 pm Link to this comment

This is an email that my brother in law in the military sent me today!  Tell me what you think!

We don’t know your personal political convictions, and apologize if
anyone finds this offensive.  We thought it was important enough to
share.  This is Jeff’s first hand view of Senator Obama.


- - - - - - - - - - Forwarded Message - - - - - - - - - -
Hello everyone,

As you know I am not a very political person. I just wanted to pass
along that Senator Obama came to Bagram, Afghanistan for about an hour
during his visit to ‘The War Zone’. I wanted to share with you what
happened.

He got off the plane and got into a bullet proof vehicle, got to the
area to meet with the Major General who is the commander here at Bagram.


Soldiers where lined up to shake his hand but he blew them off and
didn’t say a word as he went into the conference room to meet the
general. After he finished, vehicles took him and his entourage to the
ClamShell (pretty much a big top tent where military personnel can play
basketball or work out with weights) so he could take his publicity
pictures playing basketball. He again shunned the opportunity to talk to
soldiers and thank them for their service.

So really he was just here to make a showing for Americans back home.  I
think that if you are going to make an effort to come all the way over
here you would thank those that are providing the freedom you enjoy.

I swear we got more thanks from NBA Basketball Players and the Dallas
Cowboy Cheerleaders than from one of the Senators who wants to be the
President of the United States. I just don’t understand how anyone would
want him to be our Commander-and-Chief. It was almost like he was scared
to be around those who secure freedom for him and our great country.

If this is blunt and to the point I am sorry, but I wanted you all to
know what kind of caliber of person he really is. What you see in the
news is all fake.


In service,
Captain Jeffrey S. Porter
Battle Captain
TF Wasatch

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By Max Shields, July 30, 2008 at 12:26 pm Link to this comment

By webbedouin, July 30 at 11:03 am #


I am thoroughly convinced that the Federal Gov’t is lost and sinking fast. The dollar is worthless outside the US. National currency has always been problematic and now that the world no longer believes the numbers issued out by the Feds what keeps the US gov’t economically afloat is only there because the rest of the world needs to disconnect their dependency on the dollar. That is happening.

For us the answer is local currency. This is what had been in place. It reflects local economies and provides what currency value is suppose to provide a feedback on the local balance of trade.

Today with the legal US tender we have a dysfunctional aggregate of all the cities and city regions trade rolled up into a war debted economy. We have absolutely NO feedback to a true local balance of trade. We’re living on a fantacy or a faith based economy that is not linked to ANYTHING. Our GDP and GNP and consummer and employment indices are all falacious. These numbers were always gross representations and now that the economy is crumbling - it’s preditory nature has begun to come home with a vengence - just look at our cities dead or dying.

It’s going to take a whole hell of a lot more than a new president to turn this Titanic around. And with Obama relying on the old regime of Clinton’s “think” tank who were the ones who pushed us to the brink from a relatively tepid Reaganomics to outright free market fundamentalism bolstered by a swollen war deficit. Are we in deep shit? We’re beyond that.

To get out we’ll need to create an alternative economy; one that begins to ignore the monster created and sustained by the Financial institutions from the World Bank to the Fed Reserves and Wall Street. Obama’s speeches will soon be ridiculed as people find themselves literally in the poor house.

Begin locally, change your food system to get off the industrialized global killer of farmers and quality real food, transition your local economy to local currency, barter, timebanking, find a real standard (gold) and build community financial institutions that you can keep an eye on. Re-think our businesses models to community-based - or workers’ cooperatives owned and run by the workers, keep all your business local except where imports are essential, begin to replace imports with local production, pay for you local imports with your exports. Export to local towns and cities throughout your state and region. Link to the larger global and national village on fair trade basis ONLY.

And more…but whatever we do…get away from the avalanch the Feds and now these candidates are running with. It’s the death knell. Like nature itself it will be nonlinear and thus could happen over a period of several years or literally tomorrow! We’ve got a freight train of peak oil, environmental calamity and financial disaster coming at us full throttle.

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By webbedouin, July 30, 2008 at 12:09 pm Link to this comment

wish you could make corrections after posting…  An error got through.  A sentence in part 2 should read:

“So while gold currently out prices silver by a factor of about 50 to 1, there is actually MORE gold in the world than there is silver.”

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By webbedouin, July 30, 2008 at 12:03 pm Link to this comment

Hopefully you all realize that the Federal Reserve is a privately held institution that has taken congresses constitutionally mandated obligation to oversee a money supply that is supposed to consist of gold & silver.

The ownership of the Federal Reserve is not public.  We do not know what banks own it.  They will not say.  It is intimated that Rothchilds, BOE, Goldman Sachs, JP Morgan Chase and others are involved.

As the supplier of currency for the US government it is little wonder that congress sucks up to the fed.  Here’s a cute fact, all of the money paid in income tax goes directly to paying interest on the federal debt.  Programs are paid for by money the US government borrows from the Fed.  The world’s largest interest only loan.  The government is insolvent and has been held up from bankruptcy by the Fed. 

After WWII the US managed to get the world to agree to a system whereby oil could only be purchased using US dollars.  This was great for the US as we could spend our money overseas and never feel the ramifications of inflation.  War is good for this too, we can print up the money, send it overseas, burn it up & bribe our enemies (which is why the surge worked at all). 

But now what has happened is the bankers hit upon a new scheme in the 90’s.  Most mortgages are not held by the bank that issued the debt.  The banks started bundling up mortgages into Collaterized Debt Obligations and sold them to investment banks & investers all over the world.  This proved to be very profitable.  So much so that the bankers could not get enough of that quick profit stuff and they began to lower the requirements for loans.  A few years ago they loan agents began to falsify applicant information to get them to qualify for a loan that the ramifications of which were not fully explained, thus qualifing millions of people for loans they could never afford.  The banks just sold off the debt as a CDO and let other instutions & people hold the bag.

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By webbedouin, July 30, 2008 at 12:03 pm Link to this comment

Part 2

The CDO’s are by & large worthless as nobody will buy them anymore.  Yet the bank gets to hold them on the books, as if they were something of value.  Plenty of foreign investers are pissed.  Now the whole house of cards is coming apart.  (As predicted as far back as 1996)

Oil producers are taking the Euro for oil payment.  Most notably Iraq and Iran. We saw what happened to Iraq, look out Iran.  The dollars are starting to come back home as foreigners are beginning to be afraid to be that last one holding an ever depreciating dollar.  Soon there will be a rush to the exits and the value of the dollar will drop like a rock.

Many people think that prices are going up, but the fact of the matter is, the value of the dollar is dropping.  In the 95 years since the beginning of the FED the dollar, after 120 years of relative stability, has lost 95% of it’s value.  The last 5 % is going to be the toughest.  But do we have 5 years?  I doubt it.

The shit has hit the fan in 2008. 

Since 1980 there have been severe manipulations of the gold & silver markets.  These , of course, are the strongest indicators of the value of the dollar.  Precious metals price containment is job #1 at the FED. When prices peaked in 1980 the government made two adjustments, 1> it allowed naked short selling of gold & silver on futures markets.  You can sell as much paper silver as you wish.  2>  Central Banks could lease out their gold & silver.  Which they did at very low interest rates, typically around 1%.  The lessee would take that silver & gold and sell it on the open market.  Take the proceeds and invest in bonds.  They would pay 1% @ year on the silver and collect higher rates of return on the bonds.  The banks get to keep the metals on their books since they were leased.  A day of reckoning is a-coming.

These are the next frauds to become public knowledge.  The banks & the government gold & silver vaults are empty.  Investors will be on the hook for tons of gold & silver they no longer hold.  Currently 81% of the entire futures market in silver & gold is sold on paper by institutions that can not met their obligations to deliver the goods.  In the meantime 95% of all the silver ever mined has been used up by industry.  The shorts are in for some rough times ahead.  Conversely 90% of all the gold ever mined is still around.  So while gold currently out prices silver by a factor of about 50 to 1, there is actually less gold in the world than there is silver.  This year shortages have begun to develop in the silver markets.  This is unprecedented. 

Anyway, the upshot of all this is that the markets are fixed by the powers that be, the currency providers, who will stop at nothing to provide a Pollyanna version of the economy until the last possible moment.  That moment draws ever closer…

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By GW=MCHammered, July 30, 2008 at 11:36 am Link to this comment
(Unregistered commenter)

I hope that it is in the back of the mind of the next president that the Fed may have to be nationalized for a time to bring it into accord.

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By KDelphi, July 30, 2008 at 11:30 am Link to this comment
(Unregistered commenter)

You’re surprised Obama and Co. are sidign with the bankers in the Housing Theft and Fu-Q? Hell, check out his comments in Chicago, right after he was elected state senator (after “caging” voters in Chicago who supported his female, Af. Am,opponent—so HISTORICAL!) “The mortgage crisis is a tragedy for middle America. (mine: not to mention poor people, but who cares..they cant give $$ to my website every month) But, people need to learn a lesson here. (like he did NOT with Tony Cappizo{sp?} and the $2m mansion worth an est. $5m) To help people stay in homes they never could have afforded is a ‘MORAL HAZARD’ “. Unquote. But, to help out Bear Stearns, Fannie Mae/Freddie Mac (which FDR intended to be non-profit), is, I guess , an immoral imperative!! Also, on heakth care, “If we nationalize health care, too many people working for HMOs iwll lose their j0bs!@” Tough! When I found out the group home i worked for would not SHOE cl;ients in winter, I quit, (worked at Taco Bell!!)reported them, and ended up going back—running the cottage! Someimtes it DOES pay to do th right thing—but, if it doesnt—esp. if you have plenty already—do it anyway, or get the hell out of public “service”!

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By ControlledDEMOLITIONSwtc, July 30, 2008 at 10:46 am Link to this comment
(Unregistered commenter)

Barack Obama
Total Raised:
$336,742,305
Bundlers: 552
Lobbyist Bundlers: 14


Some of his contributions…

Goldman Sachs   $606,080
University of California   $488,159
JPMorgan Chase & Co   $378,357
Citigroup Inc   $371,704
UBS AG   $370,850
Lehman Brothers   $333,310
National Amusements Inc   $332,839
Harvard University   $325,424
Google Inc   $321,964
Sidley Austin LLP   $307,345
Skadden, Arps et al   $281,163
Morgan Stanley   $274,463
Time Warner   $268,227
Jones Day   $251,250
Exelon Corp   $237,311
University of Chicago   $230,175
Latham & Watkins   $228,276
Microsoft Corp   $222,578
Wilmerhale Llp   $222,080
General Electric   $210,329…

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By ControlledDEMOLITIONwtc, July 30, 2008 at 10:45 am Link to this comment
(Unregistered commenter)

Barack Obama
Total Raised:
$336,742,305
************
Bundlers: 552
Lobbyist Bundlers: 14


Some of his contributions…

Goldman Sachs   $606,080
University of California   $488,159
JPMorgan Chase & Co   $378,357
Citigroup Inc   $371,704
UBS AG   $370,850
Lehman Brothers   $333,310
National Amusements Inc   $332,839
Harvard University   $325,424
Google Inc   $321,964
Sidley Austin LLP   $307,345
Skadden, Arps et al   $281,163
Morgan Stanley   $274,463
Time Warner   $268,227
Jones Day   $251,250
Exelon Corp   $237,311
University of Chicago   $230,175
Latham & Watkins   $228,276
Microsoft Corp   $222,578
Wilmerhale Llp   $222,080
General Electric   $210,329…

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By troublesum, July 30, 2008 at 10:32 am Link to this comment

cyrena hasn’t tried to spin this one yet?  A couple of weeks ago on democracynow they were discussing how Obama had said he wanted to make sure that homeowners didn’t get any help from the government but apparently he’s all for helping the banks.  I hope people will wake up before the election and realize that as the Wall Street Journal said, an Obama administration will be a third Bush term as far as economic issues are concerned.

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By AT, July 30, 2008 at 10:24 am Link to this comment
(Unregistered commenter)

According to George Walker Bush, the Wall Street bankers got drunk. Simple analysis, simple solution for a simple man.

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By kurtwa, July 30, 2008 at 10:13 am Link to this comment
(Unregistered commenter)

“Sucking up to bankers”
Don’t know where to start. Could I say that there is usefulness in reading ‘Nixonland’ by Rick Perlstein
How many here will vote for Barack Obama? Ron Paul? Bob Barr? Ralph Nader? Cynthia McKinney? John McCain? Won’t know who, how many for, I suppose.
We are on the margins, where we like, I suppose.
Kurtwa

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By jersey girl, July 30, 2008 at 10:06 am Link to this comment

webb:  Excellent article.. Thank you..

BTW, I just noticed that my own governor corswine is in that picture. I am not the least bit surprised.

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By KDelphi, July 30, 2008 at 9:42 am Link to this comment

I’m going to the Progressive article and also dont know how else to stop comments from coming into my email box except by checking “no” to replies—sorry….

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By webbedouin, July 30, 2008 at 9:34 am Link to this comment

Speaking of Obamalism - there is a long & fascinating article over on The Progressive called:

Where Obamalism Seems To Be Going
http://www.progressive.org/mag/reed_072908.html

i think it really nails the issue.  Be wared, bring your dictionary.

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By KDelphi, July 30, 2008 at 9:28 am Link to this comment

Yes!! I wish I’d written that!! If I didnt have early RA, I might have—cant type too long…wish theyd do stem cell research. A n egg , that will be burned anyway (and madd the Bush twins!)has more rights than I do to return to work and live a decent life. Selfishness.

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By jersey girl, July 30, 2008 at 9:27 am Link to this comment

PART III:

thing over and over, eventually you’ll get different results.


An election year is not the time to try to provoke debate about political issues.


The 2006 election wasn’t the time to reform the Democratic Party because taking control of Congress was too important a goal to jeopardize with fixation on issues.

The 2008 election is not the time to reform the Democratic Party because electing Obama is too important a goal to jeopardize with fixation on issues.

The 2010 election won’t be the time to reform the Democratic Party because keeping and expanding the Democratic majority in Congress for Obama will be too important a goal to jeopardize with fixation on issues.

The 2012 election won’t be the time to reform the Democratic Party because re-electing Obama will be too important a goal to jeopardize with fixation on issues.

Come back in 2014 with your Purist Fixation on “Issues”—all this nattering about the Constitution and war and habeas corpus and torture and all of that irritating ideological purist garbage—and maybe then they’ll be some time to worry about all that (though that’s doubtful, since there will be a Really Important Midterm Election in 2014 that will determine who will control Congress for Obama’s last two years in office, and keeping Democratic control of Congress will almost certainly be too important a goal to jeopardize with some purist fixation on issues.).

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By jersey girl, July 30, 2008 at 9:26 am Link to this comment

PART II:

What destroyed the GOP over the last eight years wasn’t their support for radical policies, disastrous wars justified by deceit, pervasive corruption, the destruction of the Constitution, or their extreme mismanagement of the economy. Rather, what destroyed the GOP was simply their demand that their officeholders support the party’s core political values. Therefore, those who want to elect Democrats who support the party’s value system are indistinguishable from the Republicans of the last eight years.


The way for Democrats to be different than the Republicans is to keep supporting and returning to Congress all of the Democratic incumbents who support the GOP’s most extreme policies.


Between these two options—(a) dissatisfaction with the status quo combined with no suggestions whatsoever for changing it and (b) dissatisfaction with the status quo combined with imperfect suggestions for changing it—option (a) is clearly the superior posture, both morally and intellectually.


Even though—as I documented in the very first paragraph of my piece—Congress has record low disapproval ratings and is held in strong contempt across the entire political spectrum, including overwhelmingly among Democrats, the idea that Congress is doing a bad job and things should be drastically changed is just a fringe view that is only held by dogmatic Leftists in the twisted enclaves of San Francisco, New York and Provincetown.


Even though—as I documented in my very first paragraph—Congress has record low approval ratings and, rather remarkably, is even more unpopular among Democrats than Republicans, there is nothing unusual about any of this at all. It’s just the normal state of things.


Democrats in Congress have repeatedly capitulated to the Right and supported extremist and draconian legislation. The solution to this problem is to keep supporting the Democrats who are responsible for that. If you just keep doing the same

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By webbedouin, July 30, 2008 at 9:26 am Link to this comment

Fgetaboutit, that is forget about the gold in Ft Knox, America’s gold has not been audited since 1954.  Guess why???  It was all gone buy 1971.  Which is why Nixon had to close the “Gold Window” with the Brenton Woods agreement.  Since then America’s wealth has been based upon debt and our currency no longer represented money, but debt.

Do you know what happens when all the debt is paid off?  There is no currency.

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By jersey girl, July 30, 2008 at 9:25 am Link to this comment

PART II:

What destroyed the GOP over the last eight years wasn’t their support for radical policies, disastrous wars justified by deceit, pervasive corruption, the destruction of the Constitution, or their extreme mismanagement of the economy. Rather, what destroyed the GOP was simply their demand that their officeholders support the party’s core political values. Therefore, those who want to elect Democrats who support the party’s value system are indistinguishable from the Republicans of the last eight years.


The way for Democrats to be different than the Republicans is to keep supporting and returning to Congress all of the Democratic incumbents who support the GOP’s most extreme policies.


Between these two options—(a) dissatisfaction with the status quo combined with no suggestions whatsoever for changing it and (b) dissatisfaction with the status quo combined with imperfect suggestions for changing it—option (a) is clearly the superior posture, both morally and intellectually.


Even though—as I documented in the very first paragraph of my piece—Congress has record low disapproval ratings and is held in strong contempt across the entire political spectrum, including overwhelmingly among Democrats, the idea that Congress is doing a bad job and things should be drastically changed is just a fringe view that is only held by dogmatic Leftists in the twisted enclaves of San Francisco, New York and Provincetown.


Even though—as I documented in my very first paragraph—Congress has record low approval ratings and, rather remarkably, is even more unpopular among Democrats than Republicans, there is nothing unusual about any of this at all. It’s just the normal state of things.


Democrats in Congress have repeatedly capitulated to the Right and supported extremist and draconian legislation. The solution to this problem is to keep supporting the Democrats who are responsible for that. If you just keep doing the same thing over and over, eventually you’ll get different results.


An election year is not the time to try to provoke debate about political issues.


The 2006 election wasn’t the time to reform the Democratic Party because taking control of Congress was too important a goal to jeopardize with fixation on issues.

The 2008 election is not the time to reform the Democratic Party because electing Obama is too important a goal to jeopardize with fixation on issues.

The 2010 election won’t be the time to reform the Democratic Party because keeping and expanding the Democratic majority in Congress for Obama will be too important a goal to jeopardize with fixation on issues.

The 2012 election won’t be the time to reform the Democratic Party because re-electing Obama will be too important a goal to jeopardize with fixation on issues.

Come back in 2014 with your Purist Fixation on “Issues”—all this nattering about the Constitution and war and habeas corpus and torture and all of that irritating ideological purist garbage—and maybe then they’ll be some time to worry about all that (though that’s doubtful, since there will be a Really Important Midterm Election in 2014 that will determine who will control Congress for Obama’s last two years in office, and keeping Democratic control of Congress will almost certainly be too important a goal to jeopardize with some purist fixation on issues.).

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By jersey girl, July 30, 2008 at 9:23 am Link to this comment

Purple: This article from Glenn Greenwald is dedicated to and your fellow obamabots::::

PART I:
Things I learned today about democracy
(updated below - Update II - Update III)

Here’s what I learned today about democracy and ideology as a result of my debate with Ed Kilgore and having read the comments to the piece I wrote about targeting Blue Dogs:

If you believe in the Fourth Amendment, an end to the Iraq War, the rule of law for government and corporate criminals, a ban on torture, Congressional approval before the President can attack Iran, and the preservation of habeas corpus rights, then you’re a fringe, dogmatic Far Leftist ideologue, the kind who ruined the Democratic Party in 1968 and wants to do so again.


Even though the country is overwhelmingly against the Iraq War and intensely dislikes George Bush, it’s necessary for Congressional Democrats to support the Iraq War and accommodate George Bush’s demands so that they can remain popular and be re-elected.


If you oppose politicians who support laws that you think are destructive and wrong, then you’re an intolerant purist who hates dissent and doesn’t believe in democracy.


If you try to defeat in elections those politicians who support the things you don’t believe in, then you’re similar to—basically the same as—Nazis and Stalinists, because targeting politicians for electoral defeat who espouse views that you think are wrong is comparable to murdering political dissidents and requiring purity of thought.


Recruiting primary challengers to run against Democratic incumbents—and running ads to inform voters of what their Representatives are doing in Congress—is anti-democratic in the extreme.


Being a Good Democrat means embracing, welcoming and supporting members of Congress who support unnecessary wars, the evisceration of the Fourth Amendment, the abolition of habeas corpus, the use of torture, and protections for lawbreakers—as long as they place a “D” after their name when voting for those things.


Blind, uncritical allegiance to one’s Party—and to all of its officials—is the defining attribute of a tolerant, enlightened, and savvy progressive, and is the very heart of a healthy democracy. Those who diverge from absolute Party loyalty are Stalinists.


Congressional incumbents in the U.S. are re-elected at rates that even Brezhnev-era Politburo officials would envy [Center for Responsive Politics]:


Those who want to change those statistics by finding ways to undermine and defeat incumbents are disruptive purists who are just like Communists.

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By siamdave, July 30, 2008 at 9:22 am Link to this comment

- to get a better idea of how bad it really is, you might start with Banketeering - how the banks have been stealing trillions from you, and the tap is still running http://www.rudemacedon.ca/dlp/box/box01-money.html

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By webbedouin, July 30, 2008 at 9:20 am Link to this comment

Yeah JG, Nader truely makes sense.

The Obamalists have not found this thread yet!  Happy Thread.

Suspect we have two paid Obamalists assigned to Truthdig.

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By webbedouin, July 30, 2008 at 9:16 am Link to this comment

Oh and speaking of Goldman Sacks,  before the 2006 elections Goldman sold off 6 billion dollars worth of crude oil contracts which resulted in the lowering of gas prices right up into election day.  Which proved to be the lowest price of gas for the year.

This year,  Goldman proudly predicted that oil prices would soar to $200.00 a barrel by the end of the year.  While this did not happen, Goldman did get a nice $20.00 dollar a barrel boost which allowed them to sell off their crude oil contracts into a rising market.  Making a lovely profit, while fleecing Americans as a whole.

Now that Goldman is out, watch how the oil price drifts lower until the first week of November.

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By KDelphi, July 30, 2008 at 9:15 am Link to this comment

Jersey Girl is really smart. Jersey Girl! Jersey Girl! Nader-o! Nader-o! Ku-cin-ich! Sick of it? So are we!! Impeachment 08! We’re ready! Why wait?!Why??

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By KDelphi, July 30, 2008 at 9:15 am Link to this comment

Jersey Girl is really smart. Jersey Girl! Jersey Girl! Nader-o! Nader-o! Ku-cin-ich! Sick of it? So are we!! Impeachment 08! We’re ready! Why wait?!

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By jersey girl, July 30, 2008 at 9:10 am Link to this comment

PS:  May I add,  I don’t get the Obama charisma thing either.  The only good speech delivery I heard from him was in 04.  I don’t think he looks the least bit comfortable in front of a group of citizens.  Although, I bet he is very comfy with the bankers, the generals and the insurance company ceos.

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By jersey girl, July 30, 2008 at 9:04 am Link to this comment

KDelphi:  I know how it is with the mouse thing. lol Anyway, I’m sick of the long ass posts about obama that do nothing but make excuses for his right wing behavior.  It seems they think that if they just write enough crap and go round and round in circles we will think they are intelligent and making good points in his favor. NOT.  I’m glad to see so many wide awake people on this thread.

It truly makes my heart happy smile  Btw, I am definitley voting Nader/Gonzalez.  It’s time to get the revolution started !

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By KDelphi, July 30, 2008 at 9:03 am Link to this comment

Can I please get an answer to the question that was not printed—WHY do you guys (like Purple Girl) think Obama is “DIFFERENT”?? WHAT is so differnt? He’s only a coupla years younger than me—he’s better looking than Dubya (a matter of opinion, though—he reminds me of our high school varsity basketball and maybe class pres.—I HATED those guys) I really would like an answer, only dont use the words “hope”, “change”, or “AmericaN dream”.It’s all bullshit.

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By Fgetaboutit, July 30, 2008 at 8:45 am Link to this comment
(Unregistered commenter)

It is a pity that nobody ever took President Eisenhower serious when he warned the nation about the Military Industrial Complex (as Financiers Bankers are very much involved). Notwithstanding, when the US (and other countries) went off the gold standard and gave the right to print money to rich domestic & foreign bankers, what did you think would happen? You borrow your own money from yourselves, pay interest to the rich individuals who own the Reserve (and all the Gold in Fort Knox too by the way).

With electronic voting machines (also owned & controlled by private corporations thus easily hacked or programmed for the desired results) do you really think you have a democracy? These politicians and military leaders always seem to parachute into high paying positions within huge corporations after they have done thier worst for the people and the best for their masters.

Wake up! None of these people care about their own country at all. They are very rich and can live anywhere. America’s fate is not their fate. Some like the Bush’s & Guliani can even take their Knighthoods and become good little upstanding members of the Queen’s court in the UK. The rest can live a life of luxury where ever they choose. If you do not like it, too bad, so sad! They control all the levers of power, police, security, military, covert ops, money, space, government agencies, prisons et al! The middle class is already drowning in debt and dying out as it was intended to do. Corporations do not need you as they have millions of poor the world over who will take your jobs for pennies on the dollar. They real wealth of the US is already owned by foreigners & the elite Traitors!

Until everybody wakes up and fights for their freedoms nothing will change. Even the dumb students support Obama for Change? Are people really so stupid now? Good Luck as we are really going to need some to get out of this mess.

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By webbedouin, July 30, 2008 at 8:40 am Link to this comment

We can be sure that the people who got us into the economic mess we are in will be the ones to guide us out of the mess.  We can thank Obama for being so clear-sighted as to assure us of more of the same.  We are freakin’ doomed.

The Fed has been pushing a string for several years now.  It prints more & more money for less & less economic benefit.  Now it’s printing money just to save their cronies assets. 

We are riding off the edge of an economic cliff. Unfortunately, most Obamalists have no comprehension of the value of the dollar.  The full faith & credit of the US.  Which is itself at a long term low ebb. 

Some people actually still believe that our currency is backed by gold & silver.  “Nobody ever went broke underestimating the intelligence of the American people.”  Tricky Dick

In the history of the world, what is it that all fiat currencies have in common?

They all have failed.

If you don’t know what fiat means, look it up…

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By Max Shields, July 30, 2008 at 8:26 am Link to this comment

purple girl, “Let’s be realistic- most Americans earn their living from Corporations.”

With all due respect, writing endlessly as if to drown out reason is like blog spamming. But to the quote from your last post - IT’S A FALSE STATEMENT. Look it up.

I’d suggest you become a little more learned on these matters. You can have your ‘opinions” (and obviously Obama serves your “ideology”) but as they say not your own facts. Thinking that “purple” is somehow a middle of the road reasonable approach to these matters, is simply unreasonable (my opinion).

The reason why Scheer is focused on Obama is because he is the one who is most deceiptive. Who in their right mind thinks McCain has anything but the same old militarist bull shit to offer? Obama though has given the mindless centrists and faux Dem progressives a rally of decafinated sweet and low that they sip up like nectar.

Where I have trouble with Scheer and other “progressives” is their apparent belief that Obama is “changeable”. That politicians will respond to the heckle of their “base”. Maybe so, but what Mr. Scheer and other “progressives” DON’T get is THEY’RE NOT HIS BASE!!!

Get it? His home is with the triangulated DLC crowd.

So to the Dem/PDL Progressives - FIND YOUR SELF A F/CK’N CANDIDATE AND PARTY. It aint the Democratic Party…when will you all wake up to that fact?

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By Greg Bacon, July 30, 2008 at 8:20 am Link to this comment

Do you peons know what it costs not only to buy, but to maintain and staff a 5,000 sq foot place on New York’s 5th Avenue?

And what about that tony house in the Hamptons and our ski condo in Aspen?

And our little getaway in Fiji?

And of course, we absolutely need that personal jet to fly us to one of our many holdings.

Do you know how much it costs to buy caviar these days?

I thought not.

Or how much a wine cellar stocked with 4,000 bottles of the finest costs?

You serfs are always pissing and moaning about how you can’t find work or how the work doesn’t pay enough or how much it costs for medical care.

Phooeey!!

Try living and paying for our lifestyle for once and you’ll see why we need such enormous sums of money, that we pilfer from your life savings.

We the rich and elite count.

You huddled masses are nothing.

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By KDelphi, July 30, 2008 at 8:03 am Link to this comment

Also, if Nader is a factor again (if he ever was—Gore should have fought) the Dems deserve to diintegrate. After 8 yrs of Dubya, if they cant do any better than this—screw ‘em!!

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By KDelphi, July 30, 2008 at 7:53 am Link to this comment

Thanks much, Jersy Girl! (sp?) Got new mouse—takes awhile. I’ve run into your comments before—you must do some of the same reading I do. For anyone interested—-its in Mother Jones Mag. China Issue—it breaks down where people get their monmey, and breaks down the Obamaniaics ideas that O got “all his $$ from small donors”. Geezz..oh, naive ones.

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By jersey girl, July 30, 2008 at 7:40 am Link to this comment

Is Mr Scheer as ignorant of Obama’s benefactors as his rabid obamabots?  Goldman Sachs factors LARGE in his campaign. Why wouldn’t he be meeting and scheming with them?

Gimme a break.  When are you people going to become educated on your candidate and stop being so surprised when you find out who is behind him.  For god sake look it up.

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By HyperionsMadness, July 30, 2008 at 7:20 am Link to this comment

To start to fix our economy we must stop being consumers only and start being a producers as well again. The problem is that we cannot be producers in the traditional sense like we were in the early 1900’s. It’s just too cheap for that type of production not to happen elsewhere in the world. So where does that leave us?

We have to become the producers of ideas and technology. This was supposed to be the plan when we switched to a service economy, except everyone forgot the absolute essential ingredient to make that work: Making education the primary focus of our expenditures. By ignoring education, essentially because focusing on education forces all the contentious issues of our society to be brought to the forefront of national debate, America has turned into a land of mostly mindless consumers who cannot display any degree of critical thinking. This lack of thinking is why we are in the mess we are in today. Everything that is happening now has already happened in the past in our own country and in other countries but no one gives a damn about history enough to realize it.

So we are left with a population in which the majority of people in America are self centered in their blinkered little world of consumerism where they can be easily frightened by things they dont understand because they are too stupid to be interested in the world outside of America.

The really sad part about all of this, is that when you consider the history of America, America is exactly where it should be right now. Anti-itellectualism, pursuit of wealth, and the celebration of the individual have been woven into the fabric of this country from the start of it’s very existence. The difference between now and then is that back then the leaders of America were well educated and realized the risks and dangers that those three attitudes could give rise to. That’s why the founders worked so hard to provide safe guards to the vision of freedom that they wanted America to stand for in the form of checks and balances, the bill of rights, and the constitution.

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By KDelphi, July 30, 2008 at 7:14 am Link to this comment

The second one (the one printed ) was a follow-up./ I did something wrong—Obama took more $$ from the bankers than anyone ever has in the history of the planet. Period.

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By KDelphi, July 30, 2008 at 7:08 am Link to this comment

Forgot to add—he says he wil NOT be working with Obama and he sounds like he means it. Blitzer even tried the “Oh, itd be hard to say to the “PRES. OF THE US” (listen for angel choirs),I dont care if you NEED ME, you have others”. Such melodramatic bullshit…

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By roadkill, July 30, 2008 at 6:57 am Link to this comment

It’s like George Bailey in a room full of Potters:

- George Bailey. How would you like to be a rich man? 
- Well, Mr. Potter, I don’t know, gee, I get by I guess. . . How much are you talking about?
- The WORLD George!  The whole world can be yours!
- Well, gee, I don’t know,  The whole world you say?  That’s quite an offer. . . 
- Take it George.  You’ve earned it!
- Yes.  Well, let me think about it.  Can I get back to you. . . tomorrow say?  Should talk it over with my wife. . .
- Sure George!  You go and talk it over with the wife and then come back here and take what’s yours! Remember George, money makes the world go around.  You don’t want to stop the world from spinning do you George? 
- I suppose not, Mr. Potter.

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Purple Girl's avatar

By Purple Girl, July 30, 2008 at 6:46 am Link to this comment

I have been amazed that the Obama Campaign /surrogates have not gone after Mac’s affiliation with Gramm. Maybe Furman is the reason.
I had no concerns about Obama’s recent group during his ‘economic Round table’ - “Keep Friends Close, but enemies Closer”. But Furmans association with Rubins is unsettling.
But we can not work against ourselves or become so Self Righteous we ‘cut our nose off to spite our face’. It would be naive to believe that no previous Economic ‘gurus’ would be utilized, even in Obama’s campaign. It would be foolish to hand mac the win, due to our own misguided outrage.
There is a Sad realization that must be stated- No substantial change will occur with in the next adminstration. It has taken ChenyCorp nearly 40 yrs to bring this country to it’s knees- the infestation is Vast, permeating all sectors of our Gov’t and economy. Failing to ‘play Ball’ will assure Obama’s chances at the presidency will be nil.
The ‘Right’ are not the only ones who handed W. two ‘wins’, it was the blind anger from the ‘left’ which helped knee cap both Gore & Kerry (both I held my nose I& voted for regardless of my unhappiness towards their afiliations and on some issues). what has become painfully apparent is the tactic of ‘divide & conquer’ which the ‘left’ has played into.The willingness to play the ‘Radical left’ persona has soldified the ‘Radical Rights’ arguement against our issues and visions for the future. We are viewed as unyeilding and uncompromising as the ‘Religious Right’. This pushes away from supporting any real solutions to the problems which plague our nation. The ‘hard left’ is playing right into the Corp handbook- by playing the part of social ‘Extremeist’from the left.
Let’s be realistic- most Americans earn their living from Corporations.We will not be able to rid ourselves of That Fact. but what we can do is remind Corps that without a work force they would have been, or will not be, Anything.
what we must combat is the false premise which began in the Reagan years of ‘Trickle down’ _ I like to refer to it as ‘Shit rolls down Hill’ economics. To build and sustain a company and a stable national Economy, it must have a solid foundation..Which means worker base.Without that the ‘top’ can not rise nor sustain itself. when the foundation is allowed to crumble the entire structure falls. What we must also combat is the ideology that by weaking the base, the top will be able to control it better. Be able to offer lower wages, health bennies etc- causing the work force to accept anything out of desperation. Wrong! it only cause the base to weaken in it’s desire to hold up the top- civil unrest and defiance. Remember it was not the Working class who Jumped out the windows in Oct ‘29, it was those who had the fartherest to fall- literally & figuratively.
What would clarify this reality to those at the top of the pyramid- a Day, a Week of nation wide Worker Strike.No one to sell to,No one to buy, no one to produce , no market to trade or speculate. But then aggain how many Real Americans would sacrific in such a way to regain our country, our childrens future Freedoms? so who is feeding the Beasts at the top- look in the mirror.We can not place blame on one person, point a finger at one candidate, for his use of such people as Furman- WE have let these people in to our Economic livlihood over the last 3 decades.
for those who are now thinking,‘that’s why I am voting for Nadar’....You must ask yourselves what has he done to stop this in the last few decades. Why do we not hear his so called outrage except when it comes to the Presidential elections..Becasue he is a Red herring, a covert operative, who helps solidify the right and divide the left.

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By KISS, July 30, 2008 at 6:17 am Link to this comment

“How about a 95% net-worth tax on all the officers and board members of these firms getting bailouts”
Well stated Hjler.
What is there about Obama that reminds me of Jesse Jackson? Another repug in dimmo clothing.

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By WARIS SHERE, July 30, 2008 at 6:14 am Link to this comment
(Unregistered commenter)

I very much welcome Barack Obama meeting with his key economic advisors such as former Federal Reserve Chairman Paul Volcker, former Treasury Secretary Robert Rubin , New Jersey Gov. Jon Corzine, and Eric Schmidt, chairman and CEO of Google. They are the best people to advice and provide proper direction to the ailing economy. I am confident Barack Obama will benefit and so will the American people at this point in time.

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By Max Shields, July 30, 2008 at 6:04 am Link to this comment

Mr. Scheer,
“That is the same Rubin with whom Democratic candidate Barack Obama met, along with other influential advisers, on Tuesday to figure out what to do about the sorry state of our economy. But what in the world did he expect to learn from Rubin? And why did he appoint Rubin’s protégé, Jason Furman, who ran the Rubin-funded Hamilton Project, to be the Obama campaign’s economic director? Hopefully, during their encounter Tuesday, Rubin offered himself as a contrite model of everything that the candidate of change needs to change.”

Of course you are being rhetorical, but for clarification, let’s be absolutely clear, Obama really believes that these Clinton financiers are the “best and the brightest”. Obama is NOT, let me repeat, NOT an agent of real change. He’s simply the other side of the war party which continues to rule and dig us into a deeper place. Real economic change will come when we re-invent our economic relationships and harmonize them with the natural order. Leading economists and thinkers throughout the world know this to be true.

We can’t get nor expect to get that kind of change from a system that produces the two candidates before us. And so all such questions are really rhetorical and meaningful only in forcing more to think, and think critically…

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By particle61, July 30, 2008 at 5:34 am Link to this comment
(Unregistered commenter)

you can by a cup of coffee with

Candidate Obama is making sure that the moneyed classes and money managers are comfortable with his hand on the till, reassuring that govt policy will always be to privatize the profits and socialize the losses.

77,000 jobs lost in June, more than 2 million homeowners threatened with foreclosure, the value of the family home slipping away by 15 percent since last year- and we get the change represented by the difference between UBS Grammm and Citi Rubin.

bank run blog

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By Jim Yell, July 30, 2008 at 5:26 am Link to this comment
(Unregistered commenter)

Dennis Kucinich

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By nino, July 30, 2008 at 4:07 am Link to this comment

politicians : money, power, greed, growth - they are all the f’n same!

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By hjmler, July 30, 2008 at 12:36 am Link to this comment

How about a 95% net-worth tax on all the officers and board members of these firms getting bailouts - and it should include a 10-year reach-back to recover any assets given way to friends, or family or disposed of by any method - just like states do to nursing home patients who require public funds to cover their care expenses. And just as with indigent nursing home residents we can allow these malefactors of great wealth a $50 a month “crazy money” stipend for denture adhesive and hearing aid batteries.

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