Fractional Reserve Banking in a nutshell.

Currency is only created when we borrow money, that is to say, money=debt. Your currency is created at interest, but only the principle is ever created. (note: The currency is created out of thin air from nothing of original value, yet they are charging interest on it.) In short, if all debts were paid there would not only be zero federal reserve notes in circulation (note: “money” is legal tender issued by the government. Reserve notes are “IOUs”), but there would not be anything left in circulation to pay the interest.

Every loan generates about 10 times that amount in both additional lending and money creation—all at at interest. That means perpetual currency devalutaion/inflation. Bubbles of debt are deposited on the lowest levels of the economy and grow to consume entire nations. It also imposes unrealisitc growth requirements on the economy, because once it stops growing, the interest begins to kill it. And the only way to grow is to borrow, while the only way to maintain social order is to enact ever-expanding social programs. We borrow and spend because we must.

And guess who gets all the interest?

Federal Reserve Inc.

Excerpts From the Federal Reserve Act of 1913:

4. General Corporate Powers
Upon the filing of such certificate with the Comptroller of the Currency as aforesaid, the said Federal reserve bank shall become a body corporate and as such, and in the name designated in such organization certificate, shall have power—

First. To adopt and use a corporate seal.”

http://www.federalreserve.gov/aboutthefed/section4.htm

“Section 5. Stock Issues; Increase and Decrease of Capital

1. Amount of Shares; Increase and Decrease of Capital; Surrender and Cancellation of Stock

The capital stock of each Federal reserve bank shall be divided into shares of $100 each…”

http://www.federalreserve.gov/aboutthefed/section5.htm

“Section 7. Division of Earnings
Dividends and Surplus Fund of Reserve Banks
(a)
 
After all necessary expenses of a Federal reserve bank have been paid or provided for, the stockholders of the bank shall be entitled to receive an annual dividend of 6 percent on paid-in capital stock.
The entitlement to dividends under subparagraph (A) shall be cumulative.”

“Exemption from Taxation
(c) Federal reserve banks, including the capital stock and surplus therein, and the income derived therefrom shall be exempt from Federal, State, and local taxation, except taxes upon real estate.”

http://www.federalreserve.gov/aboutthefed/section7.htm

As of this posting:

Total American debt (public and private):
57 Trillion. Let’s put it this way. The US GDP for 2008 was 14.26 Trillion.

GDP per capita: $46,900
Total debt per capita: $186,717

Total Money supply (aka M2 Funds):
9.795 Trillion

https://www.cia.gov/library/publications/the-world-factbook/geos/us.html

Anyone care to calculate the interest on 57 Trillion? How much do you want to bet that the interest alone is more than exists in the money supply?

Or, we can put it another way. A nickel borrowed in the time of Jesus at 5%, would have an interest debt of 1.1955511023068771e+41 today (or about 10 earths worth of gold) while the only “money” ever created was the nickel. This is an impossible system.

We are nothing but sharecroppers.

Plan of Action:

1) End the Fed.

2) Sieze the assets of the perpetrators of this fraud and use it to relieve the American people of their debt loads.

3) Put currency creation back under the Treasury as the Constitution calls for.

4) Stop creating currency at interest.

Washington is about friends and favors. Treasury Secretary Timothy Geithner is a blatant example of success through connections, and most of his notoriety is because of Peter Peterson, who was chairman of the New York Fed, when Geithner was its president. Geithner also worked at the Council on Foreign Relations while Peterson was its chairman. He also worked for Kissinger Associates – not necessarily a job to envy.
Peterson was named by Clinton to the Bi-Partisan Commission on Entitlement and Tax Reform in 1994 and is on record as one of the fiercest enemies of Medicare and Social Security, along with Sen. Kent Conrad (still looking for a residence in North Dakota), Sen. Judd Gregg and OMB head Peter Orszag.
Oddly, Orszag, Judd and Gregg all attended the most prestigious prep school in America – Phillips Exeter Academy. It’s good to know that these preppies are deciding if grandma will continue to get Medicare or her Social Security check.
Tim Geithner and Pete Peterson are both attendees of the Bilderberg Group, a very select meeting of 130, who get together every year. Other invitees of relevance include Kathleen Sebelius, Larry Summers, Paul Volcker, Richard Haas, Tom Daschle, Dianne Feinstein, Jon Corzine, Ben Bernacke, Jamie Dimon, Tony Blair, Margaret Thatcher and Gordon Brown.
With friends like that you can bet that Tiny Tim will continue to just talk the talk, and Petered Out Peter will cry wolf while his friends pick a peck of profits from our pockets. - fwdpost.com

I don’t know what Obama et al are doing with regard to these theiving financial institutions.  All that money would have been better used distributed to the American people.

All I got was a lousy $250 from the stimulus.  Credit card and bank fees are eating me alive.  I’ve never witnessed such flagrant thievery, and this from institutions we actually helped.

If he doesn’t get this right, it will be the end of his presidency, you know.

Litl Bludot,

Forgive me while I quote myself ...

“Conservatives believe the democratic way simply means majority rule, so the big push is to be the majority and rule. While Liberals believe majority rule means rules need to be made that best serve the majority. And folks fighting for squating room in the middle have trouble understanding the meaning of anything so they don’t even do squate!”

Except slip and slide and fall off the middle only to have to try and climb back on. Might be easier if they dropped the bricks.

I’m sorry you cant understand simple sarcasm, but not surprised. I confess, my sarcasm is a bit mixed with factual observation. So I’m quite sure it flutters over the tops of a lot of empty attics. 

However I deeply resent being called a “A narrow minded, right wing nut.” That is so not correct. Narrow minded, right wing, wing-nuts are completely incapable of understanding humor, let alone sarcasm.

(Thanks for offering proof.) 

Actually what I am is an always looking for a good chuckle, liberal, lefty, socialist bastard, (thank you very much) who recognises bigotry, racial smears, prejudice and ignorance, (not necessarily) in that order. Who, after all these months, years, a life-time of such idiocy finds it’s becoming tiresome, if not monumentally boring. Sometimes to the point were only looking for the absurd can help define the herd.

Thanks again.

Fat Freddy, November 1 at 10:27 am #

Yes, have to agree; dry British humour at its best.

Cheers!

A BRILLIANT skit from those Brits, and the Financial Times.

A must see!

http://www.ft.com/cms/4fe40d1a-07b4-11dd-a922-0000779fd2ac.html

Click on Oct 14: Banking with Bird and Fortune in the right sidebar.

glider,

“Are you saying that Obama does not have the power to control what is drafted in his own administration’s bills, or to appoint appropriate responsible people in his cabinet to do so?”
~~~

In spite of the example of the previous administration, and in spite of how much folks would like a single man to just say ... “so be it,” and it will be so ... (I personally do not like dictators, which is probably why I didn’t like Bush) Obama does not have the power to control what is drafted into legislation. He can sign or veto, suggest and try to influence, but as you well know, those folks in Congress are a stubborn lot, as likely to shoot the horse they’re sitting on as try to breach the fence. The administration does not control what is drafted into legislation. In fact the statement, “drafted in his own administration’s bills,” is disingenuous at best, and flat out wrong. Sorry, it doesn’t work that way.

What we have here is the House Financial Services Committee (House, as in House of Representatives, chaired by Barnie Frank) and the Treasury Department releasing draft legislation (draft as in less than final document, ready for re-writing and/or editing) to address the issue of systemic risk and “too big to fail” financial institutions.
~~~

“Or are you saying you favor expanding the ability to use unlimited public money for corporate welfare without accountability as Obama’s bill is drafted to do?”
~~~

The proposed draft does indeed require accountability, with unpleasant consequences for those who chose to not comply.You quote from the article, “As evidenced by two little-noticed sections of the Obama administration’s Wall Street “reform” bill, presidents and their bank benefactors are back to thinking they can pilfer whatever they want—only now they have learned to camouflage their demands by burying them in the esoterica of lengthier bills.” Pointing out with brillient clarity why so many in this country do not understand much of anything, because apparently neither do a lot of political writers. The “draft” is neither a “bill” or Obamas.

Need I remind you when Congress finally decided to create the Tarp Legislation it wasn’t until some time later a good many of them admitted, they didn’t understand what had happened. And I suggest a good many of them still don’t. And the final tragedy is a good many of them probably never will. They watch CNBC and read the news too.

The draft bill as proposed will:
Create a mechanism for monitoring and reducing the threats that systemically risky firms pose to the financial system.
Establish a process for winding down large, financially-troubled non-bank financial institutions in a way that protects American taxpayers and minimizes the impact on the financial system.
Overhaul and update our financial regulatory system.
Identify financial companies and financial activities that pose a threat to financial stability, and will subject those companies and activities to heightened prudential oversight, standards and regulation. 
Subject systemically important financial market utilities and payment, clearing and settlement activities to heightened oversight, standards and regulation. 
Remove the Gramm-Leach-Bliley Act’s restraints on the Fed’s authority over companies subject to consolidated regulation and provides specific authority to the Fed and other federal financial agencies to regulate for financial stability purposes and quickly address potential problems. 
Puts safeguards on current ILC and other non-bank bank institutions and closes the ILC and other non-bank bank exemptions going forward; current non-bank banks, industrial loan companies, and similar companies that engage in commercial activities but are not currently subject to bank holding company regulation will not have to divest, but will have to restructure, creating a bank holding company to hold all financial activities, and will face limits on transactions between the bank holding company and any commercial affiliates.  Going forward, no additional commercial companies will be allowed to own banks, ILCs or any other specialty bank charters. 
Preserves the thrift charter for those thrifts dedicated to mortgage lending, but subjects thrift holding companies to supervision by the Fed to eliminate opportunities for regulatory arbitrage. 
Gramm-Leach-Bliley repealed part of the Glass-Steagall Act, allowing commercial banks, investment banks, securities firms and insurance companies to consolidate. Which, surprise ... created the “too big to fail” financial institutions! The Glass-Steagall Act prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and/or an insurance company. Therefore, restoring regulation over companies subject to consolidated regulation, and the Fed’s authority over companies subject to consolidated regulation, provides for ... oh my, another surprise ... regulation!

Obama, his administration and we the people are facing a delema similar to what Roosevelt faced. Namely a Congress afraid to take drastic action. Congress pussyfoots lest conservatives scream Socialism! But at this point in time government stepping in to save us from ourselves is necessary. As I see it the biggest fault with this proposed Legislation is it’s still only proposed! But then it does take time to get Congress to grow gonads. I frankly do not see the open invitation, “expanding the ability to use unlimited public money for corporate welfare without accountability,” that you seem to think is there. In fact, I think it is the exact opposite, although I suspect a lot of those too big to fail folks are screaming like stuck pigs. 

Anyway, the president of the United States can not pass legislation. That would be unconstitutional.

Tao Walker—you’re 100% correct on this one. As I look around, however, I think we may have graduated to the Depresssion. So many more people sleeping rough out in CA’s Central Valley ag lands along the canals and creeks, companies large and small shedding hundreds and somtimes thousands of jobs, so many people in ER’s because they have no health insurance ... and so many greedy Wall St. bastards trying (and succeeding, from all indications) to do an even better job at getting richer. Only silver lining is that since the machine is grinding out so many more millionaires and multi-millionaires it should be some help to the so-called hoped-for “millionaire’s tax” to pay for some of the health reforms.

worm,

The answer is a) and b).  Since voters don’t have a true choice and the candidates are pre-selected by lobby interests I am not sure it always matters what voters think.  The idea that we get back at politicians by voting them out of office is comforting but how real is it?  Money and advertisements and a dumbed down media/populace make it possible for bad candidates to get re-elected.  And if do they loose they frequently get a great job through the government/corporate revolving door.  No, I don’t think these guys rely on magic.

And the con continues ....
Q: How did these banks get ‘too big to fail’ A: Taxpayers bailed them out;
otherwise, they’d be ‘failed banks’.
Q: Who ‘bailed them out’ in the first place? A: Republicans, then Democrats.
Q: Why did it keep happening? A: Obama kept the same big bankers who got
us into the mess and who ‘advised’ the Republicans.
Q: Why is the Obama administration intent on legitimizing ‘failed banks’,
creating their ‘too big too fail’ status and then protecting them in the future. A:
The Obama administration is either (a) in the pocket of the financial industry,
(b) thinks it will not matter to voters, or (c) believes in magic.
Q: Do you think it really does matter to voters?  A: Yes. Voters are the same
people who’ve lost their homes, seen their mortgages increase and property
values decline, pay higher credit card rates and fees, file for bankruptcy in
increasing numbers, and own the largest federal deficit in history - all due in
large part to the Republican initiated and Democratically accelerated bailout of
the financial industry- yes, voters notice and voters care.
Q: Do you think the Obama administration believes in magic? A: Apparently.

from Louise:

>>But, it seems to not occur to anyone, one man is just one man.  And to dictate law to Congress is unconstitutional ....Obama-bashers are beginning to bore<<

from Sirota article:

>>As evidenced by two little-noticed sections of the Obama administration’s Wall Street “reform” bill ... bank benefactors are back to thinking they can pilfer whatever they want—only now they have learned to ... bury .. them in the esoterica of lengthier bills<<

Louise, what I believe Sirota is pointing out here is that the Obama’s administration is actually drafting the chicanery in this bill for the “financial services” banksters.  Given the track record of his man Geitner this hardly seems a surprise.  If I could even see Obama trying to make any serious effort at instituting meaningful financial reform at any time during his term (and butting his head against immovable forces) I could understand what you are saying.  Instead Obama has simply chosen to be a corporate tool at every turn.  All his important stances are to the right of public opinion and support the progress of the corporatocracy.  This is not the stuff of a great leader IMO.  I do not follow your disconnected broad brushed rant.  Are you saying that Obama does not have the power to control what is drafted in his own administration’s bills, or to appoint appropriate responsible people in his cabinet to do so?  Or are you saying you favor expanding the ability to use unlimited public money for corporate welfare without accountability as Obama’s bill is drafted to do?  Or are you saying you don’t care what the bill says because Obama is the “bomb” and is just “way too cool”?  Perhaps some of us “brick thrower” dissenters would be aggressively throwing bricks at Obama’s detractor’s if he took he had taken a decent progressive stand for the kinds of change in which we would believe.

The Insurance Industry and the Chamber have the Republicans in their pocket;
Wall Street, the Democrats; the Citizens of America, no one.
Expect the subsidy of American businesses and the wealthy to continue.
Beggaring the middle class is the surest way for the Insurance Industry, Chamber
(Biggest Businesses) and Wall Street to ‘succeed’.  ‘Success’ at this point in our
history depends on moving government subsidies from citizens to corporations.
Elections are about to which corporations. The ‘culture war’ rhetoric acknowledges
this: The Repubs will get the pseudo-Christian, gun nut, neo-con citizen vote, in
order to cut taxes for the wealthy, continue to subsidize and manipulate the
Insurance Industry and big businesses’ needs. The Dems will get the .... vote, in
order to put guarantee wealthy speculators. The ... are the trouble for the Dems. 
By denying the progressives and the middle class, the Dems have set themselves
up lose; they continue to do it to themselves. Remarkable.

I agree with my native american friend Tao Walker…  He speakem big truth…  We should be worried about the next big Depression…. And unlike the first one where humans dealt with the privations with humanity the next one is going to be cats and dogs living together….

ps Can we agree to stop using “on steroids” when refering to Anything….

Bear with me; I found this on The Agonist;

Mayhaps you need to see the recent…
...Bill Moyers with James K. Galbraith. That aside;
the stimulus isn’t for us; it’s for the masters. It
was never meant for us.
Edit: “They” still believe in trickle down economics;
translation; when “they” (the masters) eat there is a
natural tendency for food to fall to the floor in the
form of crumbs and other edible bits: Those bits are
for us.
http://www.pbs.org/moyers/journal/10302009/watch.html

Seemed to fit. Enjoy…or not.

When one carefully considers all of the other
“solutions” it is at once apparent they’re all designed
to maintain the status quo, in all of it’s iterations;
which aren’t really different in the final application.
They/it are fixes only for the masters. We get nothing
at all.

TAO Walker, October 30 at 4:04 pm #
Short, sweet, and to the point! Cheers.
==========================================
Bill Moyer’s Friday show had James K. Galbraith and
it’s worth a listen for the way things should be; but
we’ll never see it unfortunately but this is worth a
listen.

http://www.pbs.org/moyers/journal/10302009/watch.html

TAO Walker has the only real solution.

Louise,

You probably view yourself as a progressive and practical, humane person.  But, and I know you can’t see this now, you’ve become what you fought against for so many years.  A narrow minded, right wing nut.  Your language is the exact same type of senseless, babble that they use.  You refuse to look at facts.  Instead of being a sharp political observer, you’ve become a groupie for a good looking, smart, stylish,  b.s.er. 

Think about what you look like to people who are actually “seeing” the decisions being made that are catastrophic for everything you ostensibly believe in.  You can’t, because you’ve become a fan, not an intellectual observer, but the opposite, a fan.  Who cheers and cries at the sight of her hero—- who just happens to be an amoral, lying, hustler.  And a very successful one.  Probably the best that the PR people have produced for the capitalists yet.

Oh happy day!

The Obama-bashers seem to be gaining ground.

They have every right to “want my country back” even if they can’t quite define what that country they lost is. But lets not worry about a silly little thing like actually knowing what the victory is, and developing a plan to get there. Not when it’s so much more fun to just throw bricks.

Besides who knows? One of those bricks might accidentally hit the right target one of these days, and the Obama-bashers will be caught with their pants down!

Now that presents a not to pleasant visual, eh?

Meanwhile the grumblers and groaners searching for meaning in their leaderless world, carry on.

Overcome with faith in their mission, (well faith in someone helping them understand what their mission is, anyway) they wait and watch and jump on anything and everything that looks like it might lead to defining their cause. Lord knows, angry people need a cause, ‘cause they certainly don’t have motivation beyond being angry.

So we watch and wait, while Conservatives do the only thing conservatives know how to do ... crowd into the herd. And Libertarians, who are actually conservatives on steroids, try to force the herd in their direction. And Moderates, terrified of being left behind by the herd, mumble ba-a-a-a, while trying to hang on to those outside the herd.

And Progressives move aggresively from the right to the middle, and aggresively from the left to the middle. But the middle is getting so crowded with scared shitless of taking a positive stand, it’s getting a little hard to tell a Progressive from a Moderate from an Independent. Which in the case of the Senator from Aetna, Joe Liberman, makes even the title Independent look a lot like a synonym for Liar.

Meanwhile Liberals, being liberal accept the general makeup of the herd and herds, ‘cause it’s not nice to force anyone to bend to their will, there’s enough conservatives doing that already.

And the Obama-bashers go looking for more bricks.

And it hasn’t yet occurred to anyone, nothing can be accomplished when people refuse to sit down and work together, in that altogether overused and misunderstood way ... the democratic way. Which come to think of it explains the whole mess.

Conservatives believe the democratic way simply means majority rule, so the big push is to be the majority and rule. While Liberals believe majority rule means rules need to be made that best serve the majority. And folks fighting for squating room in the middle have trouble understanding the meaning of anything so they don’t even do squate!

Meanwhile, all the everybody else’s just wish they could come up with a good way to save their job, their home, their health, their families future. How selfish is that?

But, it seems to not occure to anyone, one man is just one man. And to dictate law to Congress is unconstitutional.

Oh for an original idea. Little wonder Obama-bashers are beginning to bore.

june dizzle,

The reason Obama’s the worst: He pretends to be what he isn’t, a rational, humane, honest leader.  Plus he’s sly, with a great smile, and a marvelous ability to successfully lie.

So, here we are, facing financial disaster, environmental disaster, war without end, Health care crises, and there’s a guy who pretends he’s going to do what’s essential, detach capitalism for the jugular of humanity and all living things, but in reality HE IS CAPITALISM’S CREATURE. 

Bush was real. Obama is a phantom of capitalism, a creature with the perfect qualities for deception. And he has come at the worst possible time. A time when only quick, logical, decisive, honest action can save this country from militarism, corporate fascism. And the planet from unending war, violence and massive extinction of millions of years of exquisite life forms. Wake up! Please.

Isn’t another 10/29 (Ala 1929) a lot more likely?  Only it’ll be “on steroids,” too.

Earth to homo domesticus…..better bail-out OF this CONtraption before it’s too late.

HokaHey!

President Obama needs to check out the assertions made by David Sirota on this Truthdig thread, get to the bottom of it, do what is necessary to protect the interests of the masses of the American population from further inappropriate support of private Capital without benefit to the masses of the population of the United States, and report to the masses of the population of the United States what he has done to secure the interests of common people against the greed and corruption of Wall Street Banksters looking for Corporate WELFARE at the expense of the masses of the population of the United States.

The Wall Street bankers must be made to take responsibility for cleaning up their own mess and like homeowners, take out mortgages against both their capital and personal assets that pay back everything that they have received and will receive with interest.

It takes a homeowner twenty to forty years to pay off the mortgage on a homeowner’s house and welfare does not make the payments for homeowners; Corporate WELFARE must not make the payments to bail out Wall Street and Wall Street must not have different rules than homeowners.

If it takes 50 to 100 years or more for Wall Street to pay off the principal and interest on the TENS of TRILLIONS of DOLLARS spent to bail Wall Street out of their own self-created and inflicted mess, Wall Street must be held to be responsible for all of the principal and interest due in order to avoid the continuance of “moral hazard” that has been a cyclical part of Capitalism from its origin to the present.

Wall Street must be given a hand up, NOT A HANDOUT OF TENS of TRILLIONS of DOLLARS.  A handout, as in the past, will do nothing more than create a “moral hazard”, so that Wall Street and Capitalism is dependent upon WELFARE from the communal resources of the masses of the American population that can’t afford to support themselves, and have to deprive themselves, their children and generations of their children’s children to pay “Welfare for the Wealthy”; this type of “moral hazard” must end.

Thank you Sirota for covering the important issues that the MSM has abdicated in favor of public placating fluff.  Your the man!

While we can all point fingers, we need not leave out “We the People” for much of the blame for our current troubles!  Why?  Because we’ve allowed ourselves to be dumbed down, and divided by rhetoric, spin, lies, “individualism”, “religion” and those “culture” issues that if looked at in a prudent light are absolutely none of our business!  The Oligarchy that continues to tell US “about government abuse of our freedoms”, or “lowering our taxes”, or “states rights”, or any of a host of buzz words that are used - even as the Oligarchy has bought the Legislative branch and the Executive branch was given to them by Reagan!  It is high time that “We the People” wake up, get angry, and demand “OUR DEMOCRACY” back from the “NEW MAFIA” that feel they have the upper hand!!

Sweet! Now Government Sachs & friends can speculate for all eternity with no consequence, as they will always have a bailout to fall back on.

Obamavilles are springing up across America as more families lose their jobs and homes.  The shadow government runs things and provides security through socialism for the rich, while the rest of us get twit, twerp, and twaddle.  There is an OBAMAVILLE coming to your town soon!  Reserve the best locations now!

http://www.house.gov/apps/list/press/financialsvcs_dem/presstitleone_102709.shtml

According to the summary (I’m not reading the whole damned thing), it seems to me as a mixed bag.

Pros:
- Allows the FDIC to wind down systemic risk institutions.
- eliminates part of the Gramm-Leach-Bliley Act

The rest of it is just plugging holes and addresses only symptoms of the problem. It goes in the absolute opposite direction when addressing issues of the Fed’s accountability and it is limited to short term credit market disruptions in emergency situations and that accountability comes from th Treasury Secretary (is that a joke?). Rep. Frank said that there would be an audit included in any new regulations. Unless, he plans on moving HR 1207 ahead, which the President has said he’ll veto.

This essay should be reiterated and repeated daily, in every publication, during every television commentary and on every website in the land, until the populace of this country “gets it”. Summers looks and behaves like Jaba the Hut, and Geithner resembles the weasle-like creature that sits on his lap and mocks the visitors. The notion that Obama is somehow Luke Skywalker, come to rescue Han Solo (America), is a bigger fairy tale than the entire Star Wars saga. Where’s my light saber?

We are now seeing the product of our ism style politics, our unhealthy focus on gender, race, sexual orientation, religion. Obama the first black president and Palin our next woman president after 8 years of born again Bush. All easily manipulated, straw men/women
who lack the experience, character and grit not to mention know how. Where is Teddy Roosevelt, that in your face white guy who would slam these guys up against the wall with a short sharp knee in the balls. Oh I forgot that’s not PC

Much as I agree that Obama is a disappointment, we cannot just point at him as the cause of all problems.  He is a weak president, I’ve concluded, who lets others carry the heavy load for him.  He is letting some truly dangerous people create policy and that is his major failure.  He has not exercised the power of his office to control all the things going on.  Congress begs him for some guidance and support and he remains silent.  I’m sure the hidden language in this new bill was put there by someone in the WH who has his own agenda and Obama has not slapped him down for doing it.  The presidency is about setting policy and controlling all the massive egos that swarm around the office.  Obama is doing neither of these very well.  He seems too trusting and willing to let others make policy.  That is dangerous and not the job we want him to perform.  And, given it has been most of a year since he took office, it would appear this is his style.  I now believe history will not treat him very kindly nor will the voters in 2012.  That is the true disaster of his performance as it may very will return another, even more dangerous, Republican to the presidency.

SIROTA, YOU’RE ON A ROLL. THANKS AGAIN FOR CONFIRMING THAT OBAMA IS THE WORST POSSIBLE PRESIDENT WE COULD GET AT THIS TIME.

WE HAVE FAKE HEALTHCARE, FAKE FINANCIAL REFORM, FAKE WARS(DISASTER CAPITALISM COMMITTING GENOCIDE), FAKE ENVIRONMENTALISM, AND A FAKE AS PRESIDENT.

Good people were crying when he was elected. Now, they can’t criticize him. And we’re on the edge of no return.