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Posted on Apr 28, 2009
Geithner Obama Summers
AP photo / Evan Vucci

From one White House to another: Treasury Secretary Timothy Geithner, left, and Director of the National Economic Council Lawrence Summers, right, were both economic advisers to President Clinton and now are key members of President Obama’s economic team. At the rear is Council of Economic Advisers Director Christina Romer.

By Robert Scheer

Has Timothy Geithner ever had lunch with a non-megamillionaire who has lost his job or home because of the banking meltdown? I ask that question after reading the list of the treasury secretary’s luncheon dates when he was head of the New York Federal Reserve, a list that the government was forced to provide in response to a lawsuit.

During those years when he was supposed to be supervising Wall Street, he supped most often in the top-echelon dining room of some bank or at the home of one of the financial moguls who created the mess that has now bankrupted billions throughout the world. One of his frequent luncheon buddies was Sanford I. Weill, who as chairman of Citigroup lobbied successfully for the reversal of key regulations that dated back to the New Deal era. That change permitted Weill’s oligarchy to become “too big to fail.” 

Another preferred dining companion was Robert Rubin, who as Bill Clinton’s treasury secretary pushed through Weill’s favored deregulation—a disastrous “reform” that lies at the heart of the current mess—and who went on to become chairman of Citigroup, where he presided over a downfall of the company that required a $45 billion taxpayer bailout. Geithner had worked for Rubin at the Treasury Department, and it was Rubin who got him his job at the New York Fed and hooked him up with Barack Obama.

Geithner has since pushed the Obama administration to approach the banking crisis not in response to the needs of destitute homeowners but rather from the side of the bankers who are seizing their homes. Instead of keeping people in their homes with a freeze on foreclosures, he has rewarded the unscrupulous lenders who conned ordinary folks.

He still wants to give more money to Citigroup, which has just been found woefully short of cash by Treasury’s auditors, and has not stopped Fannie Mae, Freddie Mac and some other big banks ostensibly under government influence, and indeed sometimes ownership, from recently ending their temporary moratoriums on housing foreclosures. Geithner has been in the forefront of coddling the banks in the hopes that welfare for the rich will trickle down to suffering homeowners, but that has not happened.

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As The New York Times revealed this week in a devastating exposé of Geithner’s record: “An examination of Mr. Geithner’s five years as president of the New York Fed, an era of unbridled and ultimately disastrous risk-taking by the financial industry, shows that he forged unusually close relationships with executives of Wall Street’s giant financial institutions. His actions, as a regulator and later a bailout king, often aligned with the industry’s interests and desires, according to interviews with financiers, regulators and analysts and a review of Federal Reserve records.”

Most revealing was the Times’ discovery that Geithner shocked a meeting of top government officials, convened by then-Treasury Secretary Henry M. Paulson to deal with the financial crisis, when “[h]e proposed asking Congress to give the president broad power to guarantee all the debt in the banking system. … ” 

Now I know that the conventional wisdom among Democrats is that the Clintonistas were wildly successful in running the economy when they had their turn, and that Rubin and his protégés Lawrence Summers and Geithner deserve a lot of the credit. But that view is dead wrong. The seeds of the current economic chaos were planted in those years, in which Wall Street lobbyists were given everything they wanted in the way of radical deregulation, and hence was born the madcap world of credit swaps and other unregulated derivatives.

The result was a Clinton bubble, which saw the rise of a new superrich class that vastly skewed income distribution in favor of what was termed the “working rich” by Emmanuel Saez, who deservedly just won the top prize for young economists, the American Economic Association’s John Bates Clark Medal. Members of the “working rich” are well represented in the top 1 percent of income “earners,” who, according to a study by Saez, “captured about half of the overall economic growth over the period 1993-2006.” The record is clear that from the first year of the Clinton reign, the new class of superrich, including many Wall Streeters, benefited as much as the other 99 percent of the nation’s population did from the policies that Clinton put in place and George W. Bush accelerated.

To add salt to the wounds of those left out of the bubble, the Clinton administration summarily ended the federal poverty program in the name of a so-called welfare reform that “devolved” programs for the poor to the tender mercy of the states. The meanness derby between the cash-strapped states is on, and the poor, a category that includes a growing number of folks who only recently were judged “middle class,” are abandoned.

What is involved here is an extreme case of government-condoned “moral hazard” offering outrageous compensation to the superrich for screwing up royally. Where is the socially conscious Obama we voted for? E-mail him and ask.

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 CV for jobs in Gulf, March 24, 2011 at 7:08 am Link to this comment
(Unregistered commenter)

nice post, I appreciate your research and skills you got.

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By Night-Gaunt, May 30, 2009 at 12:41 pm Link to this comment

A curious rant Abagail but where does the Bill of Rights, a Republic and a Constitution square with your celestial kingdom? You won’t find any of those in any version of the Bible I am aware of. Just a theocracy of one immortal all seeing dictator. Not something we need here or anywhere on the earth. [The fact that there is a small group of oligarchs here want one is of similar import.]

It must be fun calling such intelligent and devious people “morons” but it might get you to underestimate them which is the classic mistake of the amateur. Something they and I (if I were one of them) would cultivate among my enemies. So don’t fall into that trap of the mind.

Rockefeller and company (many rich families and corporations) have given us this economic disaster , which is far from over, in order to overthrow our republic to replace it with a theocratic corporate state. So far these “morons” are winning.

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By Night-Gaunt, May 29, 2009 at 11:24 pm Link to this comment

Yes like the old warning I think Franklin said about if we don’t work together they would all hang separately. Such a problem, very similar, looms before us but it is from within. Madison, warned of such and how right he was, that brainiac.

The revolution is here, under our nose, silent but deadly. Can we mount a counter revolution in time? Do we even have a chance or know where and who all the heads are? Do we still have patriots in the various branches of gov’t and military? Is there still a chance? Or is it too late and the worse is yet to come? Will we be lucky if we die before the empire is born? Do we want to have all those answers?

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By Night-Gaunt, May 29, 2009 at 10:38 pm Link to this comment

Yes Hawkeye if you would have read my very first post here you would have seen it. Despite your anger and invective at me I agree with you on your assessment of our culture and how much of it we have lost to the corporate interests. That and as our Republic is gutted from within by those inside forces that want to bring it down so that they may build their very own theocratic corporate dictatorship and empire on top of its ruins very soon. How soon is unknown.

Timothy Geithner is just one of the serious symptoms we are shown by the cabal as it works like a tumor to take over and supplant the host. Like a metastacizing cancer, malignant cells of fascism spread about the body politic.

Before calling someone else a ‘troll’ after just breezing in here not commenting on the subject matter just because I didn’t agree with your new friend Dwight. Don’t act trollish your self to me as you do, please. Thank you. I will speak no more of it after this.

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By Night-Gaunt, May 29, 2009 at 9:35 am Link to this comment

Hawkeye I would be the first to say that I am not always right. How about some detail to that skeleton of a critique eh? If you have the cereba for it that is. Also how about a comment on the actual topic if you can or dare?

But then light weights get to have their say too. Like balloons.

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By Night-Gaunt, May 28, 2009 at 8:15 pm Link to this comment

Why Hawkeye what you say about InheritTheWind you say about me and the few others like myself. Yes something is missing. It isn’t in the mental abilities department but it is related to evolution and the human brain. Yes I don’t worship any “god” or anything or anyone else. I can’t and don’t need to unlike you and all of the billions like you. If you study evolutionary biology it will tell you why. (Evolution never stops until you are extinct.)

Now what do you think of the actual topic Hawkeye?

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By Night-Gaunt, May 7, 2009 at 9:45 am Link to this comment

Sorry to burst you bubble Dwight but I don’t follow that “Moses” business of yours. A cheerleader perhaps is my function. As for you, you’re the one with the “fire in his eyes” but for me you are a fire on my butt and just as annoying in you verbal flummery. However, you may be the wannabe in this case. Now as to the thread itself? Anything from that vast vacuum you use for an information well? Try to keep up!

You do seem to follow the White Christian supremacist crowd on blaming the rich Jews for the worlds ills don’t you? I see problems with families owning much and manipulation of more but their religion is of no import to me. It is what they do. If indeed the Warburgs and Bushes and Sachs among others are holding us in yokes then that needs to be ended.

Some cities are now printing their own money that stays in the city and that is so far not being prosecuted by Treasury. Good for them I am behind them on that to keep the money, people and businesses in their localities. Personally I am a confederalist where it concerns gov’t. On the Swiss model and here from 1776-1789.

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By Night-Gaunt, May 7, 2009 at 8:18 am Link to this comment

Dwight, you are a pain in the ass when you copy and paste that same shit of yours on every thread! Like a bloody robot following the same tape program over and over. How do you have time to post if you are chairman of this group of yours? Unless it is made up only of you and you have plenty of time on you devilishly idle hands? It is off topic, dick old boy.

You know a person by the company that they keep. Look at who Obama has surrounded himself with. Except for the “d” they are all the same as republicans. But then they are in the other wing of the corporate capitalist party of D.C.

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By Outraged, May 1, 2009 at 6:15 pm Link to this comment

Re: DWIGHTBAKER

Again, you sidestep my first post directed to you.  Or was that supposed to be an answer to one of my questions, if so…which one?  I will add, how is it you consider this “facts from a definitive source”?

My first post:

Re: DWIGHTBAKER:

Your comment: “We the Peoples Advocates is to have 50 regions around the USA with each having as many districts needed to represent the will of the people. IE: New York city/state as one region might have 3000 districts or more Miami city/but state of Florida might have 200 districts.”

And:

“We The Peoples Advocates WTPA are providing the only HOPE in saving our great nation.  So JOIN IN and ENLIST”

And:

“FIGHT WITH EACH OTHER OR FLIGHT WITH EACH OTHER

OR TRY TO GET A PLAN TO WORK ON JOINTLY?”

Your first comment sounds strangely akin to “Failin Palin’s” ideological tenets.

The second wants us to “enlist”, enlist in what?  for what?  and why is it you don’t “enlist” nor endorse “Human Rights First”, the “ACLU”, “Move On”, the “League of Conservation Voters”....etc?  Why is it DWIGHT, that you are encouraging everyone to “join up”, when there are so MANY groups readily available to which YOU could join and exhibit your true intent regarding THE ISSUE, instead of some “offshoot” group that you feel the need to form of YOUR OWN MAKING?

In response to your third comment, it is NOT fight or flight, how have you come to your determination?”

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By Outraged, May 1, 2009 at 6:02 pm Link to this comment

Re: AFriend

Again, I will repeat my earlier comment with emphasis.

The fact is, we get so many trolls that frequent the site and attempt to shout down anyone and everyone they disagree with so its possible, but I don’t recall one specifically.  Additionally,  I don’t consider unsolicted or unsubstanced rants directed towards my comments qualifiable.

Did you have an issue you were interested in debating or are you just interested in my comments specifically?

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By AFriend, May 1, 2009 at 2:00 pm Link to this comment

Outraged,

I’m certain your comments will be better received if delivered with less derogatory bluster.

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By Outraged, May 1, 2009 at 12:19 pm Link to this comment

Re: DWIGHTBAKER

Again, you sidestep my first post which was directed to you and instead comment regarding a post directed to another.  Yours is one opinion, however I have counted up your posts in the past as you know, and found them to be well in excess of others including myself, with the exception of a debate between commenters.  These are understandable, however this is not the type of posting that is your norm.

Will you be addressing the post directed to you?  It seems you are overly interested in my comments, did you notice this one on the other thread?

“It seems the only “clergy” upset about this are the ones who don’t actually follow the christian tenets that Jesus taught.  They have a right to preach, but they do not have a right to a BULLY PULPIT.  I’m curious as to Boehner’s and Foxx’s assessment of the act’s protection of women and the disabled, or do they see these groups as “undesirables” too.

My thanks to all who voted for passage of this bill and to House Leader Steny Hoyer’s comment.

”“Hate crimes motivated by race, religion, national origin, gender, sexual orientation, and identity or disability not only injure individual victims, but also terrorize entire segments of our population and tear at our nation’s social fabric,” Hoyer said.”

http://www.truthdig.com/eartotheground/item/20090429_house_passes_matthew_shepard_act/

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By KDelphi, May 1, 2009 at 12:15 pm Link to this comment

AFriend—Outraged doesnt insult me, unless I need it. (Then, OUtraged will sometimes disagree with me—-I dont have a problem with that) Maybe he/she just disagrees with you. Thats when the insults really start—“childish”, blah, blah, blah…“not serious”, blah, blah, blah…

DWIGHT—THE GUY WHO POSTS THE MOST!!! I never say this to anyone on here. YOu can ask longtime posters—I am for everyone saying whatever they like. I have had some people attack me pretty vehemently on here—ok. I would rather they attack my arguments, but, ok. But, you, just need to shut the hell up!! Gawd!! YOu are worse than the trolls, you are judgemental and you need to go preach somerwhere else—like, where people want to hear it!  I would feel bad for you, but, youre so judgemental, you dont give me a chance…I dont know where you did religious studies, but, it sounds like some right-wing, neo-con college like LIberty Bible Baptist

All these judgemental a-holes need to stick to arguments instead of scoring others comments…if you think that you are smarter than everyone else?? I can guarantee you that you are not..this applies to everyone. Very intelligent people are notoriously self effacing…I have actually seen people do “IQ fights” here…seriously!Jeeeezzz…

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By Outraged, May 1, 2009 at 11:23 am Link to this comment

Re: AFriend

Your comment: “The childishness you display keeps people from taking anything you say seriously. Do you not see that?”

You are welcome to take anything I say as “not serious”.

To your first question, “Would I be the first to ask why all your posts are full of derision and insults?”

I really couldn’t tell you AFriend that you are “my first” but my comments are available throughout this site along with responses.

The fact is, we get so many trolls that frequent the site and attempt to shout down anyone and everyone they disagree with so its possible, but I don’t recall one specifically.  Additionally,  I don’t consider unsolicted or unsubstanced rants directed towards my comments qualifiable.

Did you have an issue you were interested in debating or are you just interested in my comments specifically?

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By AFriend, May 1, 2009 at 6:41 am Link to this comment

Outraged,

Would I be the first to ask why all your posts are full of derision and insults? The childishness you display keeps people from taking anything you say seriously. Do you not see that?

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By Outraged, April 30, 2009 at 10:08 pm Link to this comment

Re Kdelphi:

Your comment: “I, similarly spent many years trying to work within the “health care system”, trying to “reform it from within”—-that didn’t work either…sometimes, it is just too late…I have nothing, really, PERSONALLY against Pres.Obama—I am just tired of trying to “reform” a broken duopoly as people die in the streets…”

Firstly, let me (although hopefully not) be the first to say thank you, it is much appreciated.  I know many times good deeds go unrecognized, and at times we simply don’t know who to thank, you know how it is.  Either way, I’m certain I’m not alone in my appreciation for those whose intent is solid and crystal clear. 

Additionally, it is easy for me to say without hesitation that it is also apparent you do not harbor any vehement feelings toward Pres. Obama, nor do I.  It is EQUALLY apparent that you CARE and this makes all the difference.  Hang tough.

(Did I use too many “a” words…. wow, I just cannot fix that…. I know I’ll be good with you Kdelphi, but everyone else will just have to suck it up…. hey, life could be worse.)  C’mon people…. stick to the things that matter.  Yeah, that’s my disclaimer.

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By Outraged, April 30, 2009 at 9:40 pm Link to this comment

Re: DWIGHTBAKER:

Your comment: “We the Peoples Advocates is to have 50 regions around the USA with each having as many districts needed to represent the will of the people. IE: New York city/state as one region might have 3000 districts or more Miami city/but state of Florida might have 200 districts.”

And:

“We The Peoples Advocates WTPA are providing the only HOPE in saving our great nation.  So JOIN IN and ENLIST”

And:

“FIGHT WITH EACH OTHER OR FLIGHT WITH EACH OTHER

OR TRY TO GET A PLAN TO WORK ON JOINTLY?”

Your first comment sounds strangely akin to “Failin Palin’s” ideological tenets.

The second wants us to “enlist”, enlist in what?  for what?  and why is it you don’t “enlist” nor endorse “Human Rights First”, the “ACLU”, “Move On”, the “League of Conservation Voters”....etc?  Why is it DWIGHT, that you are encouraging everyone to “join up”, when there are so MANY groups readily available to which YOU could join and exhibit your true intent regarding THE ISSUE, instead of some “offshoot” group that you feel the need to form of YOUR OWN MAKING?

In response to your third comment, it is NOT fight or flight, how have you come to your determination?

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By KDelphi, April 30, 2009 at 8:25 pm Link to this comment

Outraged—Thanks. True it is not what I want…but the Fair Electins could be a starter for election reform…and on and on


everytime I have to scroll past Geithner, I get nauseated—I am not kidding. I really think that he is that bad..

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By Outraged, April 30, 2009 at 7:21 pm Link to this comment

Re: Kdelphi

Good post, great links.  I think you’re absolutely correct.  We need to put measures in place which will protect our representatives and in turn ourselves.  And this would be a start, its not a cure all, but it would be a start.  There is much to do.

It’s not enough simply to put the fire out, now the house needs repair and some sections may need to be completely rebuilt.

I also think we need to change course “in our heads”, from “Yes We Can” to “Yes We Will”. (Sorry…. couldn’t contain myself)  Still…. it really is true…. NOT, we maybe sorta kinda can do something about it…. but WE WILL DO SOMETHING ABOUT IT, all of us…. as Americans, will take our country back.

To do that, we need to retake control of our money.  The libertarians (although others have stated this as well, the “libs” have been most outspoken regarding it) are correct in this regard, because otherwise we will be forever beholden to this oligarchy.  Now…. exactly HOW do that is complex, but not impossible.

Are you listening Mr. Summers?  Time to redeem yourself…. with your “best mind”....no?

Well…., we may have to find someone else’s “best mind”.... not to worry, we won’t have to look far.

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By KDelphi, April 30, 2009 at 1:43 pm Link to this comment

Good for Dick Durbin…
http://www.commondreams.org/view/2009/04/30-8

Top Senate Democrat: Bankers ‘Own’ the US Congress
by Glenn Greenwald

“Sen. Dick Durbin, on a local Chicago radio station this week, blurted out an obvious truth about Congress that, despite being blindingly obvious, is rarely spoken:  “And the banks—hard to believe in a time when we’re facing a banking crisis that many of the banks created—are still the most powerful lobby on Capitol Hill. And they frankly own the place.”  The blunt acknowledgment that the same banks that caused the financial crisis “own” the U.S. Congress—according to one of that institution’s most powerful members—demonstrates just how extreme this institutional corruption is.”

Dems on the “credit card reform bill” (weak as the queen’s horsepiss tea)

http://www.nytimes.com/2009/04/22/business/22consumer.html

Senate Democrats, hoping to resolve the impasse, have opened negotiations in recent days, but not with their Republican counterparts. Instead, in an effort to divide the industry, the Democrats, led by Richard J. Durbin of Illinois, Charles E. Schumer of New York and Christopher J. Dodd of Connecticut, have been in talks with Bank of America, JPMorgan Chase and Wells Fargo, along with a group of credit unions. The lawmakers’ hope is that those institutions would exert pressure on Republican lawmakers and reluctant Democratic moderates.

Even if those negotiations are successful, the Democratic lawmakers are still likely to water down the bankruptcy bill further in the industry’s favor…..

Sen Durbin (with others) has introduced the Fair Elections Bill, along with several other bills , limiting the banking industry, now that I look at his site—-worth checking out. ,,,

http://durbin.senate.gov/showRelease.cfm?releaseId=310864

I dont sees any reps of “The People” there meeting with “The Peoples’ Party of Democratic Capitulation”.

Sen Bernie Sanders had a better version, which, of course, never made it to the floor…sigh. Still, even Sanders bill only limited rates to 15%. Todays bill,does none of that…
http://paeditorsblog.blogspot.com/2009/03/sen-bernie-sanders-introduces-bill-to.html

If you already have a huge credit card debt, it will do NOTHING for you…still, a few GOP fought it tooth and nail anyhow, and Dems watered it down…


“Americans would be shocked if they knew how much time Members of Congress and candidates seeking office must spend dialing for dollars and attending fundraisers. Without a fundamental reform of the way we finance campaigns, we cannot bring real reform to Capitol Hill,” Durbin said. “Our bipartisan bill will give candidates the opportunity to focus on dealing with our nation’s problems and not chasing after campaign cash.”

This would be a start…

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By prole, April 30, 2009 at 12:37 pm Link to this comment

Let’s not jump to conclusions, here!  Maybe Geithner “supped most often in the top-echelon dining room of some bank or at the home of one of the financial moguls who created the mess that has now bankrupted billions throughout the world” because they thought he was sexy. How else to explain that Tinseltown Timmy has received an award more persitigious in dissolute America than a Nobel Prize: he’s received the ultimate accolade, being named to another far more exalted inner circle than that of the ‘financial moguls’. He’s been selected for inclusion in the list of ‘50 Most Beautiful People’ by that impeccable arbiter of American good taste, People Magazine. And it’s widely rumored that the fact that his brother is an executive VP of the sleazy publication had absolutely nothing to do with his entirely meritorious selection for this coveted honor. But in philistine America, it’s now likely that the buzz among the little people in the grocery stores and hair salons will be more about Geithner the celebrities’ consort than Geithner the crooks’ crony. So cute little Timmy can go right on bending over in the “top echelon dining rooms” for the pleasure of his “financial mogul” johns - and political pimp Obama can go right on doing to the rest of the country what Barney Frank would probably like to be doing to glammer guy Geithner.

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By Reards, April 30, 2009 at 11:54 am Link to this comment

The bank bailouts - started under Bush & Co - are wrongheaded. The bondholders of the banks have somehow convinced the political establishment - on both the left and the right - that they should be “bailed out”. The banks DID and DO need more capital, but they should get it by restructuring their debt and thus make their bondholders take a severe loss. When you provide financing to an entity that turns out to be far riskier than you thought and as a result, they lose money, then you made a bad investment and you too should lose money. Why has this risk been transferred to the government?  Because the political establishment wanted it this way and so it is so. 

In voting for Obama I thought “change” meant new politics, new people, unconventional approaches, unbeholden to the “mainstream” of politics; it did not, the establishment is still in control, just a slightly more left version of the last group.

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By KDelphi, April 30, 2009 at 10:11 am Link to this comment

DWIGHT—I tried “working within the Dem party” for many years…then, I left, and became a Socialist…i actually came back to vote for Clinton (boy, how stupid did I have to be!) and, then for Gore, because my brother in law went to Yale with Dubby and I knew what an ass he would be…but never again…I want to spend my time working on something that can actually help the uS…

I, similarly spent many years trying to work within the “health care system”, trying to “reform it from within”—-that didnt work either…sometimes, it is just too late…I have nothing, really, PERSONALLY against Pres.Obama—I am just tired of trying to “reform” a broken duopoly as people die in the streets…

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By KDelphi, April 30, 2009 at 9:51 am Link to this comment

Pres Obama, when drawing up a credit card bill, meets with bankers…when he draws up TARP Funding, he meets with Wall St. He HIRES Wall St…when he wants heatlh “
insurance” reform, he meets with the insurance industry…

Please tell me, Dems, why you were up in arms when Bush formulated his energy policy around oil executives,, but, Obama hiring Wall St and the health insurance indutrsy is just fine…

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By rockinrobin, April 30, 2009 at 9:44 am Link to this comment
(Unregistered commenter)

Target and harm for personal profit and gain is exploitation folks; and THIS they claim is the way “democracy” works; it is a CRIME; misinformation given out by so called “authority” figures; misuse of law; judges who going along with the charade are more guilty than any criminals appearing before them; this starts at Fed, goes to St, to county to city; this is how the corruption flows;
http://www.publicintegrity.org lists over 250 areas which the Gov is NOT doing it’s job; course not; it is a SCAM to siphon trillions of dollars thru; hillary C put $1000 in Wall ST to wake up to $100,000 return; less than 24 hours; license to steal, liars poker, just a few books telling how Wall St ripped Americans off with Gov oversight, knowledge and consent; there motto is “do what ever you want, whenever you want, however you want and never be brought to justice; and have as much money as you want for you, for friends and family; we have gotten away with it for years; THIS is what they are telling other nations bribing them with literally trillions of dollars to “do it their way”; politicians they claim are a “special” group and as “elected” they have the absolute right to do whatever they so choose to do & it will be backed up in a so called ‘court of law” who are well paid to put up with the “charade” as well; everyone wins but the PEOPLE, and the PLANET!

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By RdV, April 30, 2009 at 5:29 am Link to this comment

After observing Obama’s Clinton retread appointments, Obama was asked, “Where’s the change” to which he responded that it was He, Himself, who acted as the vessel through which change flowed.
  Sounds like the world according to Bush.
  For those who are wondering why he has surrounded himself with Wall St crooks and NeoCon warmongers—his response is, in order to get out of the mess we need to listen to the ones who created it—since they are the ones most familiar with the crime.
  Sounds like the world according to Bush.
The difference between Bush and Obama:
  Bush: “The United States does not torture”
  Obama: (Long exasperated sigh and when pressed)“Waterboarding is torture”...mentioned in tiny little letters and quickly dismissed with: Can we please get passed this and move along, nothing to see here, move forward..let’s ignore this (and next I will send out all my aids and advisors to press for covering up the foul, bloody reeking mess, with a skip-along happy days ahead sing-along harmony.

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By Carolyn Kay, April 30, 2009 at 1:51 am Link to this comment
(Unregistered commenter)

>>Where is the socially conscious Obama we voted for?

He never existed.

And those of us who tried to tell that to the so-called progressive world during last year’s primary were kicked off message boards and not allowed to speak.

We were called stupid, white trash racists.

It will be a long time before those wounds can heal.

Carolyn Kay
MakeThemAccountable.com

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By Outraged, April 29, 2009 at 5:28 pm Link to this comment

Re:  truedigger3

Your comment: “All the mesures you say Obama did is either didn’t
not take place or were just make-belief bullshitting
without any substance.
For example, releasing the torture memos. These memos
contained old information. Everyone knew that there
was torture.”

Yes, it did make a difference.  Check out this story:

“A Spanish judge on Wednesday opened an investigation into an alleged “systematic programme” of torture at the US Guantanamo Bay detention camp, following accusations by four former prisoners.

Judge Baltasar Garzon will probe the “perpetrators, the instigators, the necessary collaborators and accomplices” to crimes of torture at the prison at the US naval base in southern Cuba, he said in his ruling, a copy of which was seen by AFP.

The judge based his decision on statements by Hamed Abderrahman Ahmed, known as the “Spanish Taliban” and three other former Guantanamo detainees—a Moroccan, a Palestinian and a Libyan.

Garzon said that documents declassified by the US administration and carried by US media “have revealed what was previously a suspicion: the existence of an authorised and systematic programme of torture and mistreatment of persons deprived of their freedom” that flouts international conventions.

This points to “the possible existence of concerted actions by the US administration for the execution of a multitude of crimes of torture against persons deprived of their freedom in Guantanamo and other prisons including that of Bagram” in Afghanistan.”

http://rawstory.com/news/afp/Spanish_judge_opens_probe_into_Guan_04292009.html

Your comment: “Obama is Bush III , he is big business/moneny servant and another war monger. That it is the fact and calling him this or calling him that will not change that fact.”

He is NOT BushIII, from Rueters:

“WASHINGTON (Reuters) - The Democratic-led U.S. House of Representatives Wednesday approved an expansion of federal “hate crime” laws—an effort that former Republican President George W. Bush had opposed.

On a vote of 249-175, the House passed and sent to the Senate a bill backed by the new Democratic White House to broaden such laws by classifying as “hate crimes” those attacks based on a victim’s sexual orientation, gender identity or mental or physical disability…..

.....“I urge members on both sides of the aisle to act on this important civil rights issue by passing this legislation to protect all of our citizens from violent acts of intolerance,” Obama said in a statement before the vote.

http://uk.reuters.com/article/usTopNews/idUKTRE53S8IM20090429

I’ve already stated my position regarding the bailout.

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By truedigger3, April 29, 2009 at 5:05 pm Link to this comment

outrage:

All the mesures you say Obama did is either didn’t
not take place or were just make-belief bullshitting
without any substance.
For example, releasing the torture memos. These memos
contained old information. Everyone knew that there
was torture.
Piling money on Wall St. and the banksters while
refusing to help the auto industry and help save tens of thousand of jobs is disgusting.  The auto industry problems stems from Wall St. shenanigans and the resulting economic crisis.  He did almost nothing to help the common folks save their homes.
Obama is Bush III , he is big business/moneny servant and another war monger. That it is the fact and calling him this or calling him that will not change that fact.

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By Wayno, April 29, 2009 at 5:02 pm Link to this comment

Mr Scheer,
I have been progressively (remember that concept?) more frustrated by the self-righteous nitpickings of the supposed liberal bloggers.
Give us all a break and realize the Democrats won the election…and guess what…you weren’t elected!
Shocking, to be sure.
How about a little support for the general tenor of the new administration instead of putting on your green eyeshade and auditing Obama with the doggedness of the loyal (lol) opposition.
You’ll probably have lunch with Boehner before Timmy G snacks with a poor person.
Don’t pull one of those lame defections (read “Horowitz”...if I spelled it right) because you don’t get all you want.
Grow the heck up!

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By blogdog, April 29, 2009 at 4:59 pm Link to this comment

RE: ...we should OUST Summers and Geithner.

As if “we” could oust anybody - If “we” could really do anything, I’d opt for shutting down the Global War Of Terror, which the Obama team seems intent on expanding - at the rate it’s going, should snuff another 50K this year and with all the DU being spread around, it’s starting to look downright Malthusian…maybe a better handle for the POTUS.

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By Outraged, April 29, 2009 at 4:05 pm Link to this comment

Re: blogdog

Your comment: “That’s the beauty of it - LEFT COVER”

That is not “cover”, these are the facts.  Obama HAS done these things.  I’m certainly not enamored with what’s going on with the bank bailout especially the choice of Geithner and Summers.

To claim he is fascist by reversing fascist measures or endorsing policy which conflicts with fascism, is ridiculous.  Whatever it is, it isn’t fascism.  There are/were fascist premises ALREADY in place when Obama took office, some of these he has addressed.  There is much to do.  For starters we should OUST Summers and Geithner.  Next, the War Crimes should be investigated and the perpetrators brought to justice.

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By blogdog, April 29, 2009 at 3:26 pm Link to this comment

RE: Obama is NOT a fascist.  All of these measures are in direct conflict with fascist philosophies, ideologies and actualities.

That’s the beauty of it - LEFT COVER - NEOCONS failed- got big thumbs down about 3 years ago - Air Force mutiny aborted Cheny’s Barksdale Nuke destined for Iran - the New World Oligarchy agenda advances under Obama’s New Left Cover.

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By Outraged, April 29, 2009 at 2:34 pm Link to this comment

Re: bluelori

Your comment: “Great article obama is a fascist

Obama is not a fascist.  If you seriouly believe this you have no idea WHAT a fascist is, endorses or believes.

If Obama were a fascist, would he have signed the Lilly Ledbetter Act?  Would he have signed the Omnibus Land Act?  Would he have ordered the closing of the Guantanamo Bay facility?  Would he have ended illegal torture practices?  Would he have signed legislation to expand healthcare for children?  Would he have ordered that all federal agencies suspend enforcement of “midnight executive orders” pending review?  Would he have released the “torture” memos?

Obama is NOT a fascist.  All of these measures are in direct conflict with fascist philosophies, ideologies and actualities.

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By KDelphi, April 29, 2009 at 2:32 pm Link to this comment

Thank you , Schear…as long as Wall St is running the govt, there will be no justice. Some are so afraid of really changing anyrthing, that they feel that they must defend Pres. Obama. He is rapidly indefensible.

As long as the middle class is still reasonably comfortable, nothing will change…

There were/are plenty of alternatives to what Geithner, Summers and Obama are proposing,(lets stick them in there together, from now on, ok? Obama chose them..) and, they have been discussed by posters here many times…

DWIGHT—good post. No biblical verse…thanks.

Night Guant—yes and Pres. Obama has promised to deliver on CAFTA, and the Panamanian FTA, impoverishing more in all countries involved. Oh, yes, Geithner and Obamas’s stock points will go up a little…I am not going to separate Pres. Obama s’ actions, and those of people whom he CHOSE anymore—no one else should, either. He is ultimately responsible.

Jason!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
“Ever include opposing opinions in your wanna be “elite” media cabals?”  Ah, yeah, . I look and there you are again. There are just GOBS of neo-conservative sites. This is what one would call a moderate site. If you want some true liberal or pgoressive or socialist sites, I can give you some. Watch your blood pressure.

RdV—Yep. Pres. Obama is not Bush, and that is about all they have left.

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By Spiritgirl, April 29, 2009 at 12:26 pm Link to this comment

“He still wants to give more money to Citigroup, which has just been found woefully short of cash by Treasury’s auditors, and has not stopped Fannie Mae, Freddie Mac…...”

Ah hello!!!  If these banks didn’t pass those “stress tests” that they were given, why are they getting more money!?  What happened to bailing out the people, firing the “too big failures” along with Geithner & Summers - now that’s the change we really need!!!!

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By bluelori, April 29, 2009 at 10:39 am Link to this comment

Did Bernanke Paulson commit banking fraud

http://www.thenewamerican.com/economy/commentary-mainmenu-43/1054

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By omop, April 29, 2009 at 10:14 am Link to this comment

Left wing…right wing…...bailouts… bankers….federal reserve…fire geithner….hire summner…bonuses…caps.

Until and unless the “government of the people, by the people and for the people” gets to enact legislation that is quite specific as to what “the speed limits” of Wall Street and the Bankers are…we are going to have “bubbles” and unlimited law breakers.

It should not be an impossible dream/task. already in the US close to 200 million Americans observe the 70 mph on the interstate.

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By bluelori, April 29, 2009 at 10:04 am Link to this comment

Great article obama is a fascist who works for the banks had the media vetted him prior to crowning him the messiah they would have known that!  He voted for the banks on the bankruptcy bill too…

http://www.opednews.com/articles/genera_pam_mart_080226_obama_s_money_cartel.htm

http://bluelori.blogspot.com/2009/04/100-days-of-change-for-worse.html

http://bluelori.blogspot.com/2009/04/fanniefreddie-5-trillion-fraud.html

http://bluelori.blogspot.com/2009/04/all-hail-government-sachs.html

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By rg, April 29, 2009 at 9:56 am Link to this comment
(Unregistered commenter)

why don’t you put the president’s e mail address.

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By CB, April 29, 2009 at 9:40 am Link to this comment
(Unregistered commenter)

What they do with the money is irrelevant. The basic structure of our monetary system is what is at fault.
U.S. taxpayers have given the banks HUGE loans at 0%, free of all interest. They then loan out the money at 4-5% interest.
That is money creation. They take the money we give them and fan it into billions more through the fractional reserve system, then they make huge profits from the interest. We GAVE them money that they will hopefully loan back to us at a higher interest.
I realize this is a simplified explanation but how else can it be phrased? The truth and reality of this situation repels the mind and forces one to not understand.
This is robbery. Aside from the inequality of the system in place there is the general graft and deceit that goes with it, thus making our system even more inefficient.
All the talking heads get on TV and mention their economic theory stating that the whozeewhatsits are up and the so and so’s are down but no matter what crime is committed we have a consistent mantra in this country which continues to support NOT prosecuting anyone.
The issue is not giving the banks what they want, it is finding and prosecuting all these wretches for the crimes committed against the people of this nation. It is re-establishing a monetary system that allows money to be used for trading goods and services not wealth in and of itself. The money we use carries a stigma of debt in it’s creation. The problem is not banks but the banking system and it’s ingrained inequality.

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By Night-Gaunt, April 29, 2009 at 9:39 am Link to this comment

Yes the sooner the glamour of Obama dissipates the sooner we can all see him the way I do. Just a prettier version of the Dominionist cabal who want to bring down the republic and build their empire of God in its place.

Remember Clinton and how he facilitated NAFTA, GATT, WTO and the elimination of Glass-Stegall? Our friend? No only a wolf in sheep’s clothing but a very good agent for the enemies of our state. [Certainly keeping Wall St. alive and the banksters in business is bad for most of us.] Both his and Obama’s along with the rest of them in either party have other agendas. Even if they may not know all of it themselves. Greed can blind one to other things.

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By Outraged, April 29, 2009 at 9:30 am Link to this comment

Re: Jason!!

Your comment: “You run a far left wing extremist blog and surround yourself with those who hate.”

AND:
“Hate conservatives, hate christians, hate jews, hate anyone that does not support your extremist position.”


“Far left wing”, LOL.  Been listening to Bill O’Really lately, have ya’?

From Crooks and Liars:

“Nonetheless, it’s enough for O’Reilly to call the cartoon an “atrocity” and “garbage” and accuse the Times of “pushing a hateful, far-left agenda,” while the heads of the Times, NBC, and other “far left” outfits are “doing an enormous amount of damage to this country” and are “haters.”

Then he invites on Karl Rove to talk about that NYT cartoon, and Karl happily obliges by making the subsequent attack on NYT publisher Arthur Sulzberger as vicious and personal as he can:

O’Reilly: What did you think when you saw that cartoon in the New York Times yesterday of the Statue of Liberty with a whip? What did you think of that?

Rove: I thought Pinch Sulzberger was right to worry about why he had to sell his building and his stock is in the toilet, and I’m glad it is.

O’Reilly: But weren’t you offended as an American? I mean, that is just the lowest!

Rove: Look look look, I’m from Texas! I’ve met this little Pinch Sulzberger. He is an elitist, effete snob, who thinks he knows better than the rest of America and has views that are distinctly outside the mainstream of what America’s all about.

[Note to Karl: You’re not from Texas, at least the way most Texans I know define being “from Texas”. You’re from Utah by way of Nevada. Big diff. But the tough-guy talk is duly noted, anyway. We’re convinced. Really.]”

http://crooksandliars.com/david-neiwert/oreilly-and-his-friends-get-nasty-an

Be sure check out the clip of your pal at the link. LOL. What does it say about someone who quotes Rove and O’Really….lol… (Good job staying with the “story-line” though…..lol)

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By RdV, April 29, 2009 at 9:19 am Link to this comment

Jason!!‘s version of hate would be anyone who isn’t in lock step with zionist Christian conservatives. Sort of like those who charged intolerance towards those who were opposed to intolerance.

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By Jason!!, April 29, 2009 at 8:24 am Link to this comment

From the Robert Scheer bubble…

Ever include opposing opinions in your wanna be “elite” media cabals?

Look in the mirror pal. You run a far left wing extremist blog and surround yourself with those who hate. Hate conservatives, hate christians, hate jews, hate anyone that does not support your extremist position.

So where do you get off by trying to point fingers at Obama when you are in the same boat?

Mee thinks you just mad he turned you down for a cabinet position and then, ambassador. Any other political positions you sought and were turned down for?

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By Tommy Tucci, April 29, 2009 at 8:21 am Link to this comment
(Unregistered commenter)

STIMULUS PLAN PLANNED INSANITY
“IT’S A PYRAMID SCHEME STUPID
The current financial hysteria facing the entire
world today is the the creation of a
“REVERSE PYRAMID” scheme.

http://21stcenturyreversepyramid.blogspot.com/

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By AS, April 29, 2009 at 7:24 am Link to this comment
(Unregistered commenter)

Readers may be interested in some of the recently published research and “second opinions,” on the subject of Obama’s economy advisors and their currently employed policy:

For instance,  on April 3, 2009, NYT published JEFF ZELENY’s research article saying that, “Financial Industry Paid Millions to… Lawrence H. Summers, the top economic adviser to President Obama, (who) earned more than $5 million last year from the hedge fund D. E. Shaw and collected $2.7 million in speaking fees from Wall Street companies that received government bailout money, the White House disclosed Friday in releasing financial information about top officials.”

Isn’t this the ultimate embodiment of the conflict of interest?

As for the “Timothy Geithner’s latest bank-rescue plan…,” two Nobel Prize laureates expressed their opinions that Obama may be wrong, if he were to blindly follow Mr. Geithner’s plan:

1) FIRST came from Mr. PAUL KRUGMAN, published, in one form or another, in his NYT op-ed columns; than, Mr. Krugman also expressed his “despair,” in the April 6, 2009 issue of NEWSWEEK by saying that: “Obama has apparently settled on a financial plan that…assumes banks are fundamentally sound and that bankers know what they are doing…he and his economic team are out of touch,...their economic vision is clouded by excessively close ties to Wall Street.”
Mr. Krugman has had a remarkable courage to persevere, at the time when our arrogant policy makers, who have never been held accountable for their past failures, are once again in the position of power “rearranging the (old-used) boxes.”  His “laments” have also been superbly summarized and presented in the April 6, 2009 Newsweek, although Jon Meacham’s editorial reminded us all that “...democracy depends on the willingness of those in power to consider dissenting views.”

(As if trying to prove that Jon Meacham is right, Newsweek, April 13, 2009,  tells the story of North Dakota Senator Byron Dorgan that “makes you sick!” Back in 1994, he apparently became fearful of “exotic new derivatives…;” he than publicly predicted the consequences, and “introduced several pieces of legislation to regulate it, but (his) warnings were widely ignored!” At the present time, once again, Senator Dorgan is advocating dramatic changes in our financial system, but like Mr. Krugman, he “remains worried that modernization can’t put a patch on things…” When Newsweek asked Mr. Dorgan: ” How confident are you that real reform can happen with SUMMERS by the president’s side?”-he responded- “I offered the president my advice about financial advisers early on. I’ll leave it at that.”)


2) SECOND opinion was published by the NYT on March 31, 2009, in an article written by JOSEPH E. STIGLITZ who stated:  “THE Obama administration’s $500 billion or more proposal to deal with America’s ailing banks has been described by some in the financial markets as a win-win-win proposal. Actually, it is a win-win-lose proposal: the BANKS WIN, INVESTORS WIN— and TAXPAYERS LOSE.”

Than Mr. STIGLITZ goes on to explain this statement, in a way that even people with XX brains, let alone those with XY ones, could understand it: “Consider an asset that has a 50-50 chance of being worth either zero or $200 in a year’s time. The average “value” of the asset is $100. Ignoring interest, this is what the asset would sell for in a competitive market. It is what the asset is “worth.” Under the plan by Treasury Secretary Timothy Geithner, the government would provide about 92 percent of the money to buy the asset but would stand to receive only 50 percent of any gains, and would absorb almost all of the losses. Some partnership!”

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By RdV, April 29, 2009 at 6:47 am Link to this comment

Because Bush was so deeply unpopular after 8 years, Obama is given wide latitude simply because he is not Bush. For now he is viewed seperately from his unpopular policies and appointments—but that can’t be sustained. The sooner, the better.

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By Ivan hentschel, April 29, 2009 at 6:03 am Link to this comment
(Unregistered commenter)

I am joined (on-line) by several fellow readers who agree that Dwightbaker talks too much…however…

There is a giant and conspicuous disconnect between the reality that nearly everyone seems to be able to identify (i.e., this article), and Obama’s aloof, arrogant distance and blatant ignoring of it, as regards Geithner,Summers the banks and Wall St. His refusal to acknowledge or comment on it in any meaningful manner (not to mention the complete failure to take any effective corrective action)would seem to saw the legs off the platform we elected him on which to stand.

He is not untouchable or infallible, and if he believes he has achieved that status, then we have a much bigger problem than many are willing to admit.

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By truedigger3, April 29, 2009 at 4:53 am Link to this comment

Shear wrote:
“Where is the socially conscious Obama we voted for? E-mail him and ask.”
——————————————————————————

I wouldn’t waste my time writing an E-mail. It is futile.
Obama is a fraud who deceived everybody with his
blackness, toothpaste smile and good oratory.
Wall St. and the banksters selected him and financed
and worked for his election. He is their man and he
will do anything they ask for.
During the election campaign, many warned of his
duplicity and bullshitting and were savaged by
the so called progressives.
“Where is the socially conscious Obama?” Ha Ha, what
a funny question. It is like asking for your money
back from a con artist after he spent it.!!

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By Sleeper, April 29, 2009 at 4:46 am Link to this comment

These bailout are just the last phase of rob the taxpayer and give to the pirates

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By Sleeper, April 29, 2009 at 4:41 am Link to this comment

I like this piece because it sheds real light on some of the unsavory members of Obama’s Cabinet.  The working men and women who have incomes less then $150,000.00 per year need assistance.  Those above that line need to work a little harder for the money they get their hands on and people like Geithner need their suggestions scrutinized before they are pushed through Congress.

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Purple Girl's avatar

By Purple Girl, April 29, 2009 at 4:26 am Link to this comment

Having been duped by the Clintons Twice in the ‘90’s- the Reunion of Geithner & Summers does cause me pause.
Seems Summers is far less interested in resolving this mess, than burying his own shit in the kitty litter box called TARP.Perhaps he figures his age will assure he never sees prison time for the Clear Economic Treason he and his cronies committed (starting with Greenspan)
Geithner, I think sees the noose outside his office window. Perhaps it’s because of his age I give him this benefit of the doubt, He’s gonna live a long time- so retribution through proscution looms larger. He screws this Up and even Obama won’t be able to save his ass from the lynch mob.
The reality is that this Treasonous ‘Trickle Down’ has become so ingrained in our financial system- the Sadistic Culture of Greed- that it is so widespread and imbedded, We ahve little choice at this point than to try to delicately exorcise it. One false move, misstep and the entire systme collapses.The extent of this ‘Grip’ is not jus ton our nations ‘Balls’ but on our very Heart- along with other nations around the World.
In essences WE have become too big to fail. Our rise to a superpower made US the heart of the World economy, other nations not only thrive off our conspicuous consumption, But survive off our Generosity and Protection. This economic meltdown is nto merely about US and our Middle Class- but the entire global community.
And perhaps that is the Key to reining in these Corp Raiders.It’s one thing to be concerned about Prosecution through the US legal system, another to potentially face prosecution and punishment under a Foreign legal system. Consider China’s method of Justice when their Export Minister screwed up their reputation and revenue by allowing tainted products to be shipped out. That was the epitome of ‘Swift Justice’
Lets be honest the end result of these Financial Wizards was Economic treason, resulting in human suffering here & around the world, thus a crime against humanity. Instead of threatening these CEO’s with prosecutions under say RICO, we let them know their crimes will be considered International, thus subject to not only international laws and courts- but those particular Countries they have effected. Just as much as War crimes (torture, Rendition,black sites and Hit lists) have international implications, so does this economic meltdown.

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By drklassen, April 29, 2009 at 4:03 am Link to this comment

Fire Geithner, hire Krugman.

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By wanked, April 29, 2009 at 3:14 am Link to this comment
(Unregistered commenter)

Little Timmy is BAD news. I would like Obama to tell us why he is a good choice for treasury secretary. He wouldn’t be there if O didnt want him there.

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