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Wall Street’s Fat Cats Are Still in Charge

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Posted on Dec 15, 2009
Wall Street CEOs
AP / J. Scott Applewhite

Fat cats go to the White House: From left, Bank of New York Mellon Chief Executive Officer Robert Kelly, U.S. Bancorp Chief Executive Officer Richard Davis and PNC Chief Executive Officer Jim Rohr talk to reporters outside the West Wing on Monday.

By Robert Scheer

Most Americans now know that Wall Street bankers are so greedy as to never be trusted, and I suppose it is a sign of progress that our president now seems to grasp the obvious. How depressing, though, that a man who was elected as a consequence of one of the boldest grass-roots populist campaigns in this nation’s history should now feel obligated to offer the disclaimer that “I did not run for office to be helping out a bunch of fat cat bankers on Wall Street.”

But whatever his intentions, Barack Obama has in fact accomplished just that, to the immense anger of the public that elected him. Thus, it is understandable that, in his “60 Minutes” interview last Sunday, Obama lashed out at the ingrate bankers whose greed he had served but who have failed to seriously increase lending or forestall foreclosures and instead shamelessly pocketed the cash the government threw their way:

“They’re still puzzled why is it that people are mad at the banks. Well, let’s see,” he said. “You guys are drawing down $10 [million], $20 million bonuses after America went through the worst economic year that it’s gone through in—in decades, and you guys caused the problem. And we’ve got 10 percent unemployment.”

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But what did the president expect from those guys after he and his Republican predecessor were so quick to reward them so handsomely for their failures? In a reversal of the guiding principles of the meritocracy that informed Obama’s own success story, the president promoted, rather than flunked, the people who got it all wrong.

One of those was Larry Summers, who as Bill Clinton’s treasury secretary pushed through the radical deregulation that enabled disastrous Wall Street greed. But although Summers pocketed a cool $15 million from Wall Street in 2008 as he was advising Obama the candidate, he seems at last to have gained some awareness that the rules of the game he helped write now need to be changed. Speaking of the very bankers who once so handsomely paid him for his services, Summers, now Obama’s top economic adviser, told CNN: “Here is what I think they don’t get. ... It was their irresponsible risk-taking in many cases that brought the economy to collapse.”

Summers is upset that the banking bandits he once so slavishly adored are now opposing even the tepid legislative reforms that the administration supports. The banking lobby is in full-frontal assault mode on efforts of Senate Democrats, led by Chris Dodd, to establish a single bank regulator who might actually bring the industry to heel.

The largest of the banks—the very ones that led the charge into the financial abyss—are fiercely lobbying against the very sensible and all-too-limited proposals that would increase their capital requirements and empower the government to prevent them from growing to unmanageable proportions once again. They are even more incensed about attempts to regulate the rewards that bankers reap from risking the capital of their depositors and the taxpayers who ultimately foot the bill.

However, Obama’s stern rhetoric apparently did not move the top banking honchos who failed to show up for this week’s White House meeting with the president. The heads of Goldman Sachs and Morgan Stanley waited until the morning of the Monday meeting to catch a plane and then claimed that fog prevented their journey.

Citigroup Chief Executive Vikram S. Pandit couldn’t make the meeting with the president who had saved his corporation from bankruptcy because he was too busy lining up new private financing to allow Citigroup to escape the bonus confines and other limits stipulated by the government bailout program.

No bank bears greater responsibility for the economic debacle that has caused such worldwide suffering than Citigroup, whose immense growth was made possible by legislation that Summers and his then-mentor, Clinton Treasury Secretary Robert Rubin, successfully promoted in the late 1990s. Rubin was rewarded for his efforts with a top job at Citigroup, which was formed from one of the largest mergers in history and which paid him $120 million before its fortunes plummeted. The bank is by no means out of the swamp of its own creation, as it still holds a huge portfolio of toxic assets, is still sustained by substantial public assistance and was trading Tuesday at less than $4 a share—a tiny fraction of its value before Rubin led it astray.

It was Rubin, as an Obama adviser, who pushed for Pandit’s selection as head of Citigroup. Perhaps Obama could enlist Rubin’s aid in getting Pandit to accept the president’s invitations to the White House. But of course there is no expectation of getting Rubin and Pandit to pay back the bankrupted homeowners they swindled.

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 garth, March 4, 2010 at 11:12 am Link to this comment

There are four political parties in the US today: The Republicans, the Democratic Party, the Military Brass (Colonel MacDougall’s observation.), and the the five Catholic Justices on the Supreme Court.

Right now, they are most powerful. 

They broke a tie with the Southern White Evangestists and OK’ed Same Sex Marriage in DC.  This along with abortion was their unifying causes with the the Sothern White Baptists. 
The Catholics in the Supreme Court, no matter how you count the vote, sat by or voted for this passsage signifying their beginnig of their Socio-political move to usurp the power from our Deist’s country with religious freedom to one where the norms of Catholic Church override everything else.

Case in point:

About 20 years ago E.M Loews Theaters in Charlestown, MA, which was owned by Jews, chose to show a movie that the Catholic Archdiocese objected to.  The rabble of Charlestown and Chelsea attacked and destroyed the theater.

A day late and a dollar short, the Good Monseignior denounced the actions, but Leows cancelled the movie.

No legal action was taken.

I think we are going to have to go through another period of brutality.

Dominick, go frisk ‘em.

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By johncp, March 4, 2010 at 12:00 am Link to this comment

MarthaA
In other words, you have no satisfactory answers to my questions.  You speak of “republican lite.”  Almost the entire democratic party is “republican lite,” and that certainly includes Obama.  Obama has shown himself to be considerably more republican lite than Hillary.  That’s why corporate America, and it’s slavish media whores supported him.  The question is not which democratic candidate is more republican lite, the question is, which of the candidates, they make available to us, can give the American people, the best deal.

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By MarthaA, March 3, 2010 at 10:06 pm Link to this comment

Who knows, but Hillary Clinton was a leader of the Republican Lite DLC and so was Bill Clinton.  The DLC has no concern for the populace. 

And, I might add, that the Republicans have even less concern for the populace.

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By MarthaA, March 3, 2010 at 10:03 pm Link to this comment

Who knows, but Hillary Clinton was a leader of the Republican Lite DLC and so was Bill Clinton.  The DLC has no concern for the populace.

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By johncp, March 3, 2010 at 6:02 pm Link to this comment

MarthaA
Why, if Hillary “would have been the same,” did so many corporations, including Goldman-Sachs give so much more money to the Obama camp?  Did you suppose that the greediest people in the world, didn’t see the “difference?”  Why did media give so much more support to Obama, if there would have been no difference?

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By MarthaA, February 27, 2010 at 12:01 pm Link to this comment

The public should be more outraged that the media is very nearly all propaganda and sophism provided by Rupert Murdoch that made and continues to make it easy for fat cat bankers to get away with their schemes against the populace.

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By j_obee, February 27, 2010 at 10:02 am Link to this comment

The public should be outraged that the fat cats on Wall Street still hold center court on our economy.  They almost ruined our country by trading in risky mortgage refinance securities trading, and when the taxpayers bailed them out, they repaid the public by not allowing mortgage modifications or new loans that would have financially saved countless homeowners.  A report just issued just reiterates the point that in 2009, Wall Street employees were given billions in bonus money.  Unless bank regulation with real teeth gets passed, expect much of the same in the future.  The bank lobbyists will continue to fight any deregulation efforts by congress.

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By MarthaA, February 25, 2010 at 10:22 am Link to this comment

If Hillary had gotten in everything would have been the same, with very little if any difference.  Hillary would not have represented the populace either,  she is a corporate DLC Democrat leader. The Corporate DLC do not represent the populace.

Right now Hillary is being blasted by the Right in the Supreme Court for being supposedly an illegitimate Secretary of State in the Obama administration.

http://www.wnd.com/index.php?fa=PAGE.view&pageId=124614

http://www.alternet.org/story/145765/obscure_law_could_cost_hillary_clinton_her_cabinet_post

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By johncp, February 25, 2010 at 6:05 am Link to this comment

What, precisely, does this notion that the two parties, or their candidates are “all alike,” accomplish?  Obama competed with Hillary for the dem nomination, and won it by a hair.  Then he competed with McCain, and won it substantially.  If Obama had any intention of actually keeping his promise, which was not so much that he assured us that he’d “change,” this or that, the promise, it seems to me, was that we’d see a change in government, if we gave him the job, we wouldn’t see virtually all democratic political professional commentators constantly and angrily bemoaning Obama’s capitualtion to the republicans.
Media and the corporations were in favor of an Obama presidency?  Why? Why did Goldman-Sachs give so much more money to the Obama campaign, than to the Hillary campaign?  Why did mainstream media give Obama such a boost?  Could it be that a Hillary administration, would have been considerably more favorable to the general population, than an Obama administration?
The reality is that, once more, we made the wrong choice, with Obama over Hillary.  It’s this choice that I keep referring to in my posts, because we have much to learn from it.  What we ought to be looking for in a politician, is not the preposterous dream, that one day, we’ll find one that isn’t manipulated by corporate and other wealthy and powerful interests.  We ought to be looking for people that, in spite of these inevitable elitist and corporate influences, have convinced us that they can get the best deal “possible” for the American citizenry.  Which party has given us virtually all the civil rights that we have fought for and won, the past 100 years, in case you still think the parties are alike?  Part of the reason they are becoming more “alike,” is the constant blind cynicism that repeats the mantra that the two mainstream political party’s are the same.  I deeply resent the fools that try to make me out to be slavishly in Hillary’s pocket.  Nonsense.  She came as close as anyone could, to winning the presidency.  I knew she was vastly better than Obama, and, once more, established media and big-money powers, stole her away from us.  They didn’t do this to her because there was no difference between the two parties.  They did this to us, among other reasons, precisly because they wanted to insure that there would not be any differences between the two parties.

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By MarthaA, February 24, 2010 at 7:54 pm Link to this comment

Another fencing procedure.

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By garth, December 23, 2009 at 2:36 pm Link to this comment

To rmuldavin, December 21 at 4:28 pm #
A 100o injuries of anti-semitism Truthdig had borne as best it could, but when I ventured on truth-telling they swore revenge. 

Try signing up for a Census job as an Enumerator. That is, going door-to-door to demand information that was not previously deliverered in answer to their mail-out.

Call 1866-861-2010to register for a 2-hour test.

Then don’t show up for the 2 hour test.  The job is a loser and you might lose big, but the response by Big Brother is amazing.  They keep calling and leaving messages.  I wonder, What’s up?

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By rmuldavin, December 21, 2009 at 6:31 pm Link to this comment

TO: garth, December 21 at 4:30 pm

{{When they are finally brought to justice, ....}}

In defense of the three {{(still smiling, agape, and utterly
indifferent)“_9circle of hell}}, first I’d list the injuries, suffering, and
deaths their behaviors caused, a task by itself, but one approach that
the League of Women Voters (LWV) took on listing (Scientific American)
the possible threats to our lives, years before the 911 attack.

The cotton script gets laundered, I know, as on occasion a Federal
Reserve Note drops out of our electric dryer, a Maytag.  How many
times I’ve had to repair the drying coils, first by connecting the breaks
with a steel nut and bolt with two washers between them. This worked
for years.

Now Maytag is now sold by Sears, a new set of coils I got two weeks
ago costs $75$ and relatively easy to reinstall, but this time it didn’t
work for I didn’t replace the numerous thermal switches.  So I dry my
clothes on a wooden drying rack until I can get a repair manual

Maytag went on the market, it seems two years ago, but last week on
the phone the sales person sold me a 2.5 foot long, 1.5 inch diameter
nylon brush ($7$), stating that the lint gets in the heater coils and
causes the “burn outs”.

The LWV didn’t have nuclear fall out first on the list, it was a game
theory matrix and apparently low probably of a nuclear explosion
accounted for that event, except we know if a nuclear power plant
explodes the chances of the fall out pass over anyone is fifty percent
due to the direction of the wind.

So I see and hear on the Internet and Digital TV that the goal is to get a
government health reform bill by New Years, 2010.

So Turn on, tune in, and wear dark glasses, I’ll be in the basement
reading the manual I’ll have to order with a flashlight, I quess Maytag
got bought before China (mainland) got to purchase the Company.

But how about matching the smaller population US States to see how
the Senators get the Insurance Lobbist’s donations, obviously it’s “cost
effective” to buy votes in the lower populated states.

Be back after some googling-rm

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By garth, December 21, 2009 at 12:30 pm Link to this comment

9circles,


I neglected to mention that these crooks are not buying anything.  They are making it up and using e-paper.

When they are finally brought to justice, your sentence is appropritate.

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By 9circlesofhell, December 21, 2009 at 11:44 am Link to this comment
(Unregistered commenter)

The picture capturing Kelly, Davis, and Rohr can be immensely improved by
showing them (still smiling, agape, and utterly indifferent) in prison garb and with
bars in front of them.

And, it would be wonderful to know ... in a true Dantesque manner- that all three
were confined to the same cell as some cost-saving move to help the federal
government reduce the debt.

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By 9circlesofhell, December 21, 2009 at 11:40 am Link to this comment
(Unregistered commenter)

-garth-

In my view, you nail it ... cleanly and concisely- “they (bankers, government
officials, monitoring agency lackeys, etc) should do some real serious jail time.”

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By garth, December 21, 2009 at 8:55 am Link to this comment

An old antique dealer once told me when I mentioned about going to business school, “All you have to know is, if you buy something for a dollar and sell for two, you’ve doubled your money.”
Za problem here is that they aren’t selling anything anymore except bets. 
But, it’s all good.  We’re now bombing Yemen.  I ask you, with Obama as the figurehead and Summers, Blankfein et all, and Bernanke behind him, how can we go wrong.
But wait, Kevin Phillips points out in his book, “Bad Money” that all the intellectual intimidation of the bankers in the 30s did not stop the farmers in South Dakota from meeting in fields and educating themselves about the causes of the banking and investment practices that led to the ‘29 Crash. 
Even though, we are disjointed and disconnected, Robert Kuttner averred on the Bill Moyers Show that a “movement” will develop.

Who’s to say what the trigger will be or when.

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By rmuldavin, December 21, 2009 at 8:36 am Link to this comment

TO: MarthaA, December 20 at 7:48 pm

{{It’s a Wake Up Call to the Populace. Nothing is being sold.}}============

[comment-rm: Am I mistaken?  A commodity (product) is being offered for sale, the author has an interest.

True, a web site for me often is like driving down a highway, roads signs on both sides. There are working people and cotton script investors hidden, there are rules of engagement, and I am trying to make sense of such.

There are no “free hunches”, Nature’s GOD (Gold On De-man) does dominate, but .gov has a USA Constitution to follow: that, if you have time and find such is not being done, equate the opposites. and study the interface between the two: yig yang all the way back to the big bang and before too. 

More later if necessary. However without examining his “content” my judgement takes the advice of “ignorance”, “naive”, fifty-fifty on dualities. Learned this in an upper division logic course on “set theory”.

The idea of “only one set of books” has to include privacy, not priracy, so where do we find that one set of books.

I watch cspan 1&2 (and other mutli-media).  The size of
the congressional deliberative body seems to determine the Rhetorical styles.

It is also likely that the Mafia is now run by the off-spring, I like the term Refma (refomed-____) 

Start out a nave, not a slave, with others by how you behave.

Best, rm

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By carl moore, December 20, 2009 at 7:57 pm Link to this comment

Hi;
I was reading comments and inadvertently hit “report this” on a comment by
Bbethany7, posted December 16 at 5:53 am.  Sorry.

While it is a cogent comment on the Federal Reserve, it is incorrect as far as
a depiction of the true culprit.

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By mandinka, December 20, 2009 at 5:11 pm Link to this comment

truedig, I see your point that the banks signed the documents and the people who took out the mortgage didn’t know they had and they didn’t move into the house and never turned on any of the utilities either. Are you serious???
inherit it must hurt to be so gullible and ill read on this topic barney and dodds were the culprits even obtaining sweet heart loans for themselves and then claiming they had no idea

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By MarthaA, December 20, 2009 at 3:48 pm Link to this comment

rmuldavin, December 20 at 5:30 pm,

It’s a Wake Up Call to the Populace. Nothing is being sold. 

It takes considerable time to listen to the whole tape, but it is Walter J. Burien, Jr. of Prescot, AZ enlightening everyone who will listen as to where all the wealth of the nation is going, besides wars and squandering, and cluing each and all into how they can check it out for themselves if they choose to. Here is the website:
http://cafr1.com/

There is no way I can tell you everything it says, but the video makes it is painstakingly plain that the Haves and the Have Nots is an intentional government plan for the United States as a nation, which will do totally away with any middle class of populace, other than the 20% Nearly Nobles, who will always be the middle class.

Mr. Burien is talking about the fact that WE THE PEOPLE need to be making certain the government is run with only one set of books, not with two sets of books like the Chicago Mob, as it is.

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By johncp, December 20, 2009 at 2:42 pm Link to this comment

What a nightmare this clown has become for the people of this nation; and in spite of it, his popularity is still fairly high.  I don’t know which makes me sicker, the fool he’s revealed himself to be, or the relative popularity he continues to enjoy.  Many on this list will persist in arguing that Obama may yet come through for us.  They’ll continue to argue, I suppose, that Obama was right when he argued that “experience” wasn’t important, and that Hillary had no claim to the presidency.  Hillary, in spite of her numerous flaws, a condition she shares with every politician, was beloved by huge majorities of the population, and even won the popular vote against Obama, at the end of their fierce battle for the nomination.  Once again, I state unequivocally that she would have been vastly to be preferred over this fool we’re now stuck with.

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By rmuldavin, December 20, 2009 at 1:30 pm Link to this comment

TO: truedigger3, December 18 at 9:50 pm
The question I ask of you:  Are you confused about the mathematics
and physics of social communications?
Clarification is one of my goals, I have plenty to do, but Truthdig shows
plenty of social communication opportunities.
True, the lack of a “face-to-face” more than virtual reality, may drive
you to your comments, but I make an effort to be positive with
constructive contributions.
Physics and math discussions when I was at UC Berkeley in the Sixties
went on all night, these all night sessions did leave long lasting
impression for what appeared to me as an exchange of very
fundamental and still currently relevant.===============
TO:truedigger3, December 19 at 5:18 pm
You write much of which I can agree with concerning the selling of
Bonds, and as I understand from observations galore, analysis of risk
starts with an equilibrium between the two concepts: risk = profit, that
is, starting there and then adding the commission for passing the
“paper”.  Say profit(N exchanges)=>(risk+commission)Nth power.
I pass the risk of wasting of your time reading this and will continue to
read the other readers comments (I assume)======
TO:MarthaA, December 20 at 12:46 pm,
sorry the link did not result in any new information, just a 2000 report
by an apparent effort to sell a report, can you enlighten us on it’s
substance.========

[comment: <(:-)>> Have a nice xmass, rm]

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By MarthaA, December 20, 2009 at 8:46 am Link to this comment

Here is some more exciting news that our government at all levels are keeping a 2nd Set of Books; their Comprehensive Annual Financial Reports document it.  Check it out:

http://www.brasschecktv.com/page/512.html

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By garth, December 20, 2009 at 8:34 am Link to this comment

It’s Sunday, but I can’t help myself.  Wouldn’t PNC Chief Executive Officer Jim Rohr, the Wall Street exec on the right in the picture at the top look good splayed on a large serving tray with apple sticking out of his mouth.  That would wipe the shit eating grin off his face.

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By ardee, December 20, 2009 at 4:21 am Link to this comment

“Mandinka, you are an idiot who can’t even read a calendar.”

Waaay harsh, ITW and probably untrue to boot. Being unable to read and refusing to do so are two distinct things. This slimer repeatedly demonstrates no respect for truth, no desire to debate with any degree of integrity and, in my opinion, only shows an unending urge to get attention. His every post screams,“look at me, look at me”.

I try, sometimes sans success of course, being shocked into action by some of what this creep dares post, to simply ignore him as one would do any five year old having a tantrum.

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By Inherit The Wind, December 19, 2009 at 10:18 pm Link to this comment

There is no denying the role barney and dodds played in the banking fiasco and they demands that banks lend to those who incapable of ever paying it back.
***********************************************

Mandinka, you are an idiot who can’t even read a calendar.  I’ve heard this crap argument that Barney Franks is to blame from right wing liars like you for years. 

GET THIS STRAIGHT—Franks and Dodd are DEMOCRATS and when this legislation went into place REPUBLICANS controlled both the House and Senate.

To continue to insist that Franks and Dodd are behind the crisis is either be a complete imbecile or a DELIBERATE liar.

Since you continuously post disproven false assertions as “facts” you must be one or the other.  You are certainly an ignorant bigot as shown by your repeated false descriptions of Islam.

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By garth, December 19, 2009 at 5:54 pm Link to this comment

About six months ago, Frontline did a show on the housing fraud and they described the directions that the Mortgage Managers gave to their soldiers in the field, and across the country the directions were the same, as if they were using the same script.  What are the chances of that happening?  And why didn’t it raise any eyebrows about collusion and conspiracy? 
Frontline played the story as if it were a grudge between Paulson and the head of Lehmann Brothers.  I think Frontline unwittingly revealed something that went to root of this fraud.

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By truedigger3, December 19, 2009 at 5:41 pm Link to this comment

mandinka wrote:
“Truedig I agree the banks should have never made the loans, but your missing the real issue. Fraud committed by the folks who knew they couldn’t pay them back “
____________________________________________________

Most of the time the falsifications of Documents was done by the Mortgage brokers with the full knowledge of the banks.
The main objective of the banks was to have as many mortgages as possible and bundle them in bonds and selling them to the unsupected investors and then walk away with nice profits and bonuses and let the happless investors stuck with pieces of worthless papers, and the rest is history.
I think I explained the problem quite well, please read my previous post to you and my post to ThomasG carefully.

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By garth, December 19, 2009 at 5:27 pm Link to this comment

The first wave of the housing fraud was pulled on elderly who already owned their homes.  I think it was a test run for what was to come later with sub-prime fraud. In the end, we were done in by the collapse of Bear Stearns and Lehmann Brothers, which ended interbank lending, and that started the dominoes falling.

If the truth ever comes out, it will be shown that this whole fiasco from the end of Glass-Steagall to the TARP and TALF money was orchestrated by the international finaciers.

About a year ago, a real reporter writing for CounterPunch, Raimondo, I’ve forgotten his full name temporarily, said that the banksters were into these CDSs to tune of 1.5 quadrillion dollars.  I thought that it was hypebole.  Now, a year later, I heard on one of the MSM stations, or C-SPAN or maybe Amy Goodman that they are admitting to being into CDSs to $ 1.04 quadrillion dollars.
They did trial runs in Asia in the late 90s, the Bushes were involved in the Long Term Capital scam and the Savings and Loan debacle.  Now, the boys behind the counter are saying that no one could see it coming, that it was just a series of missteps done by the greedy, that no one was watching the scale and no one had their hands on the throttle.
All that bunk is just soft soap.  They’ll take the hit in public opinion, but in reality they should do some real serious jail time.

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By truedigger3, December 19, 2009 at 5:24 pm Link to this comment

ThomasG wrote:

“I am sure you will agree that all of this does not matter though ....”
____________________________________________________

Why are trying attribute to me something which is not mine.
Of course it matters to me, but I was just trying to explain the mechanics and origin of the problem.
Of course without the deregulation of the financial markets which was done by both Democrats and Republicans, that debacle wouldn’t had happened.
Also, of course the bail-out was done by both the Democrats and Republicans
Rest assured that I am completely non-partisan and to me, Obama is Bush3 and is doing exactly like what W Bush was doing and rolling on the same tracks he was rolling on.
I wanrned about Obama during the elections but you and your twin MarthA, louise and Cryna and the rest of the so called progressives didn’t want any of it. Remember!

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By mandinka, December 19, 2009 at 4:51 pm Link to this comment

Truedig I agree the banks should have never made the loans, but your missing the real issue. Fraud committed by the folks who knew they couldn’t pay them back falsifying earning statements and then walking away.
This was fraud and the purps should be doing hard time stating with the con artists that went to the banks in the 1st place

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By mandinka, December 19, 2009 at 4:46 pm Link to this comment

Inherit that always seems to be the problem with neocommunists always trying to blame someone else. There is no denying the role barney and dodds played in the banking fiasco and they demands that banks lend to those who incapable of ever paying it back.
Your point that the banks did it denies the fact that the people came to the banks asked for loans knowing full well there was never a chance of them paying it back.
The Wash Post was trying push a sob story about 2 weeks ago about some gal who did home day care and was making $20,000 a year buying a home for $850,000 and a monthly payment of $5600. Only a moron would sign that deal coupled with an earning statement that she was making $220,000 a year.
The folks who took out those loans belong in JAIL, not putting this country into debt to the chinese

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By ThomasG, December 19, 2009 at 3:28 pm Link to this comment

truedigger3, December 19 at 5:18 pm,

You have a fairly good handle on what I have been preaching on the internet for about four years, but what you did not mention is that the banksters you are talking about support and are in return supported by the Democratic Leadership Council, DLC Democrats of the Democratic Party and the Republican Party and both the Democratic Party and the Republican Party joined together to support recapitalization of the banksters capital after the U.S. Economy collapsed, instead of the American Populace.  All the American Populace got out of the deal was the bill for cleaning up the banksters mess that it will take them and ten generations of their progeny to pay for, along with homelessness, hunger, loss of their employment and the right to continue to pay a revenue stream on toxic capital without benefit to themselves and for the benefit of the banksters.

I am sure you will agree that all of this does not matter though because we all live in the best country in the world and we all have our life, liberty and the pursuit of happiness with freedom and justice for all; and we, as an American Populace, don’t need anything else, because we are all willing to fight and die to defend our tyranny and oppression.

After all, what would we do without our freedom.

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By truedigger3, December 19, 2009 at 1:18 pm Link to this comment

Re: By Inherit The Wind, December 19 at 12:27 am ,

ITW & mandinka,

Squabling about who forced the banks to lend to unqualified applicants and when is missing the point completely.
The fact is that very few mortgages were done to satisfy requirement to encourage minorities ownership, but most of the mortgage were done willfully, knowingly and deceitfully by the banks and their mortgage agents to people from all races and ethnicities who didn’t satisfy the requirements for a mortgage, and the banks knew exactly that. The banks also knew that the houses were bought at highly inflated prices because of the availablity of cheap money
The banks did that because they took these loans and bundled them together , the good and the bad, in bonds and sold these bonds to the deceived investors who thought they are buying good bonds which were certified AAA bonds! The banks made the loans and didn’t worry about repayment because they sold these loans.
And to add insult to injuries, these banks sold insurance policies called CDS(credit default swaps) for these bonds to anyone and not only for the people who bought these bonds.
It is like you have a reckless 17 years old kid who got a car and everyone in the neighborhood was allowed to insure that car not only his father!!
Can you imagine what happen to the insurance company when that kid has his inevitable accident. That what happened to AIG and many banks.
The problem multiplied and pyramided because these bonds and associated CDS were used as collateral for more loans and more CDS. It was exactly willfull fraud from the banks.
If the original bad mortages(that were done to encourage minority owenership) stayed with the banks, the problem would have been limited and contained instead of the current debacle.
There was criminal and intentional fraud committed by the big bank that resulted in the current mess.

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By Inherit The Wind, December 18, 2009 at 8:27 pm Link to this comment

mandinka, December 18 at 12:35 pm #

What is it that Scheer doesn’t get about banks and lending?? We just went thru a debacle when banks were forced to make loans to people that were never in a position to pay them back, fostered by Frank and Dodds both of who received sweetheart loans from the banking industry
*************************************************

Oh, those poor little rich bankers forced to make loans by Barney Franks!  Classic Re-thug Lie.

1) Rethugs held the house from 1994 to 2006.
2) Most of these rotten loans were made during this time because the COLLAPSE of the sub-prime market started then.
3) Barney Franks is a Dem—he was in the MINORITY during this time, not the ones making the decisions or the rules—they were all Rethugs.

Conclusion: Not possible for Barney Franks to be responsible.  Another Rethuglican lie among the many that Mandinka keeps spreading. 

All you have to do is look at a calendar to reveal the Rethug lies.

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By MarthaA, December 18, 2009 at 6:50 pm Link to this comment

Lobotomize Rahm Emmanuel, who makes it plain that the Populace Left is insignificant.
http://www.huffingtonpost.com/2009/12/18/rahm-emanuel-dont-worry-a_n_397610.html?igoogle=1

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By truedigger3, December 18, 2009 at 5:50 pm Link to this comment

rmuldavin wrote:

“John von Neumann during the time he was working on some math for the atomic bombs, in addition to getting the computer for the PC hardware”

and he also wrote:
“Next consider that the Atomic Elements are equal sided polyhedra.”
_____________________________________________________
Polyhedra?? Yeah Right??
And Von Neuman was working on his Personal Computer in the thirties.??!!
Okay. I changed my mind. You are funny!, however if you do that again I will promote you from silly to a real stupid jerk who has nothing to do.!! OVER AND OUT

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By Tuff Love, December 18, 2009 at 11:09 am Link to this comment

Sorry Folks (you too, Mr. Scheer),
I can’t take your whimsical, myopic, sophomoric, self important perspective of
the “Why does President Obama say one thing and do another” issue, without
injecting my own two “sense” worth.
Did you all sleep through the Zapruder film?!? Did President Ike’s warning of
the Military Industrial Complex’s global eating growth and power somehow
escape you?!? How about the Vietnam war?!? The War in Iraq?!? Any of this ring
a bell?!? These events are descriptions and evidence that we are still living in a
world where the feudal system reigns, where “leaders” sacrifice the innocent,
even “their own” innocent, to increase their personal power and profit and
where a functional democracy is a dream that has yet to come to fruition.
These men will lie until it seems the truth in convincing the oh so gullible
masses of the honor of sending their children to kill and die in defense of our
imagined freedoms.
Until enough of us masses realize the scope of our struggle and the extent
that those who “rule” will go to in the effort to remain in control, we will remain
the “sheep being led to slaughter”!
Here’s an anecdotal story to help illustrate my point: At a dinner with FDR, A.
Philip Randolph held forth and spoke eloquently on his thoughts, and at the
end of it Roosevelt said to him, “You know, Mr. Randolph, I’ve heard everything
you’ve said tonight, and I couldn’t agree with you more. I agree with everything
that you’ve said, including my capacity to be able to right many of these
wrongs and to use my power and the bully pulpit.” He said, “But I would ask
one thing of you, Mr. Randolph, and that is go out and make me do it.”
Taking all the above into account, what is revealed is that ANY PRESIDENT under the
current system of rule, has a gun to his head, not figuratively, LITERALLY!!!
And until we stop sucking our thumbs in front of the mass media info
machine, we will continue to be the “all day suckers” that get taken to the cleaners, and then the cemetery at Arlington!
Pray and act for Justice, Peace and Understanding, Tuff Love

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By rmuldavin, December 18, 2009 at 10:06 am Link to this comment

TO: dihey, December 17 at 3:32 pm
{{Democratic (!)Senator Cantwell wants to restore the Glass-Seagall act}}

The act according to PBS 2003 (Frontline) Internet History the G-S act
(1935) limited the “investment banks” (ib) to no more than 5%
investment in the “commerical banks” (cb) starting 1935, eventually the
ibs lobbied with some hundreds of millions ($200mega$) to get a 25%
limit of paper investments in the cbs. 

You don’t have to be a “rocket or H bomb scientist” to show
mathematically the 25% cb investments by the ibs becomes a monopoly
(this is the costly joke on us all). 

However using some equality of communication between those on the
ib boards, the number N starts with the prime numbers, that is, two
equal parts plus one, so for five board members John von Neumann
during the time he was working on some math for the atomic bombs,
in addition to getting the computer for the PC hardware, did show this
monopolistic trend, and Roger Penrose’s works on “tiles”, equal sided
regular tiles show why: five sided equal lateral triangles “pop out” of a
flat surface, pop out first, once helium is formed. 

TO: truedigger3, December 17 at 9:15 pm
{{What you are doing is middle school silly stuf! Grow up!}}

You’re getting close, I did teach middle school in the 60’s in East and
West Oakland, and in Michigan, in the early 70’s, and the young kids,
their memories remain for their beauty of spirit and ability to work hard
when well motivated.

Teaching with hands on in context works, the L=N(N-1)/2 in a
classroom of 25 means the chance of any two students being born on
the same day of the year is about 50%.  That works half the time, I was
lucky on the first try.

Next consider that the Atomic Elements are equal sided polyhedra.

Silly putty, tiles lying flat, hands on, understanding the facts.

Best, rm

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By GW=MCHammered, December 18, 2009 at 9:57 am Link to this comment
(Unregistered commenter)

Personality Disorders still rule. Lobotomize autocrats not economies.

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By Thrashertm, December 18, 2009 at 9:27 am Link to this comment

Don’t blame me. I voted for Ron Paul =)

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By mandinka, December 18, 2009 at 8:35 am Link to this comment

What is it that Scheer doesn’t get about banks and lending?? We just went thru a debacle when banks were forced to make loans to people that were never in a position to pay them back, fostered by Frank and Dodds both of who received sweetheart loans from the banking industry
Barak wants them to go down the exact same road deja vu again and then what another bailout? Dear Barak you have already shown that economics is something you know nothing about as a matter of fact you have shown that you know nothing about anything. Better that you stay in Copenhagen toking and leave gov’t to the adults with an education

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By Louise, December 18, 2009 at 7:32 am Link to this comment

Ask the fellow sitting next to you on the bus, subway, or bench. At the coffee shop, pub or restaurant. In the line in front or back of you, who their Representative is. Who their Senator is. Who was Fed chairman in 2001. Who the chairman of the Fed was in 2008.

Regarding senators and representatives, you probably wont know if they’re telling you the truth.

But if they are telling the truth, “uh ... I’m not sure ...” is the answer you will most likely hear.

Now repeat the same exercise and ask who the president is.

Chances are unless you’re asking someone who just arrived from a place far, far away and long, long ago, they will know. Although occasionally you may come across someone so out of touch they will answer with a question like, “uh ... is it Clinton?”

But for the most part, everyone knows who the president is. So because his name is easy to remember and he is the president everything is his fault. Just like every homeowner facing foreclosure is responsible for believing the lies they were told when they bought that house. And every person who lost a bundle on investments that went South is responsible for believing the lies about the sure return. And every person who has lost their job is responsible for believing if they did their job, they would keep their job.

However, every person caught breaking the law did it because of someone else ... mom and dad, or maybe the president. But for sure, when a law-breaker gets caught breaking the law, it happened to them, not because of them.

In other words, the bad are good and the good are bad. And that makes perfect sense in our pretend little world.

We all know Superman and Wonderwoman are out there,  somewhere. And we all know we don’t need to take any kind of personal responsibility for anything bad that might happen because they are there, and they will save us in the end. Right? And because we know that, we pay very close attention to who is running for president, because maybe this one will be Super or Wonder.

But we rarely pay attention to who is running for the House of Representatives or the Senate, because we are focused on the real deal, Superman and/or Wonderwoman.

Then every four years, when we are finally forced to accept Super or Wonder isn’t coming to save the day, we have to start all over again. All over again we begin our search for Super and Wonder. And when we go in that booth to vote we find our hero’s name on the ballet and fill in the blank.

And sometimes we go on down the list doing an eeny-meeny-miny-mo and vote for the rest of the candidates. But that’s not important. Who sits in either one of those Houses making up Law that can change our lives forever isn’t really important, is it, ‘cause we’ll have Superman, or Wonderwoman coming to town to fix everything.

I’ve heard that once upon a time a newlywed couple sat up all night waiting for Santa Clause. Finally they were free of mom and dad making them go to bed before he came. Of course he never came, leaving the bride and groom wondering what horrible thing they’d done that made Santa decide they were naughty.

They thought they were nice!

The parents feeling a mixture of pride (boy we really did a good job making the kids believe) and embarrassment (cheeze, what else did we miss while they were growing up) took their youngsters shopping and taught them how and why the legend of Santa works.

It works because we make it work!

And the kids grateful for their new-found knowledge asked their parents, “Is there anything else we should know?”

“Well yeh, there isn’t an Easter Bunny either.”

Realizing how traumatized the kids were after years of being taught about Santa and the Easter Bunny, the parents decided to put off explaining why they needed to vote, what taxes were for and how Congress works. Plenty of time to do that later. After all, what’s the worst that could happen?

Oh I don’t know ... they could become Republican maybe?

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By ardee, December 18, 2009 at 5:50 am Link to this comment

Inherit The Wind, December 18 at 9:16 am

The “intelligence defense” plays rather poorly I think as intelligence that leads to poor decision making seems no defense whatsoever.

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By Inherit The Wind, December 18, 2009 at 5:16 am Link to this comment

Sometimes, if I ignore the context and just look at the structure of the posts of people here, I can’t tell them from posters on Fox Noise’s blogs.

To paraphrase Will Rogers: It’s not what people don’t know…It’s what they know that ain’t so!

Absurd premises are put forth, and everybody nods like ditto-heads and says “yeah, yeah, yeah” and then proceeds to build arguments built on these false foundations—whether it’s that Obama’s a clear-cut Marxist and Socialist (Fox) or a deliberate total stealth tool of the banks and corporations (TD).  Lots of circumstantial evidence is given for both positions, as “proof positive”, but both are clearly false.

The ONE thing is that Obama is relying on two questionable people: Summers and Geithner (but Geithner got the job basically because NOBODY else would take it).  Still, despite all the criticism and the fumbling, slowly, very slowly, the economy is turning around, but is far from healthy, of course.  Obama came into a TERRIBLE situation there and NOBODY is happy with what he’s doing—whether it’s brain-dead tea-baggers on the right or dogmatic neo-Marxists on the left.

One thing I find disturbing from BOTH sides is that they don’t recognize that Obama is a thoughtful man, actually getting into trying to get the BEST info before he makes a decision.  This is quite a difference from Bush II who couldn’t be bothered actually READING anything that didn’t confirm his “gut” feeling, shot from the hip and then lied about it.

Don’t get me wrong: I’m pretty damn disappointed with Obama’s choices so far, be it on Afghanistan, the economy, or caving on health care.

Still, let us not forget that Obama has only been President for 11 months and is ALREADY more knowledgeable and capable than Bush was in his LAST 11 months (when, to his credit, he cut Cheney out of the decision stream and gave him the ultimate beat-down—not pardoning Scooter Libby!)

How many Presidents have done well in their first 11 months?  Bush II? no. Clinton? No. Bush I? No. Reagan? No. Carter? No. Ford? No (but not truly fair as he took over from Nixon).  Nixon? No. LBJ? Probably the LAST President to get anything done in that first 11 months—the Civil Rights Act of July 2, 1964…that’s over 45 years ago, folks!

All I’m asking for is a little perspective. Most of those Presidents after LBJ got better at BEING President as they got more experience (except Nixon, of course.  Even Reagan got better at the job.)

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By ardee, December 17, 2009 at 6:08 pm Link to this comment

johncp, December 17 at 8:39 pm #

I agree with everything you’ve said here, ARDEE.  Now, let’s return to reality, which is not just that our country is run by a pathetic bunch of “amoral MEN,” but also that we have forced upon us, every 4 years, what are called “choices.”  I continue to assert, that Hillary was and remains, the best candidate from among those we were forced to accept.

How can I argue with someone of such impeccable taste as to agree with me?

But seriously folks…...I am not a Hillary hater I assure you, I thought her a better candidate in fact than Barack Obama excepting for the marvel that this nation would actually elect a black man.

My bone of contention with your support for Mrs. Clinton, or any candidate in fact. is that they would succeed to an office in which the decisions are made for them, have been already made in fact because they took hundreds of millions of dollars in campaign funds from the same old powers behind the oval office.

Until and unless we free our politicians from the necessity of raising so much money to gain election that they mortgage their souls and our nations governance it matters little who we elect.

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By truedigger3, December 17, 2009 at 5:15 pm Link to this comment

Re: By rmuldavin, December 17 at 2:33 pm #

I think I finally got it. You are trying to pull our leg and be funny, but unfortunately you’re not funny at all, and I am not laughing.
What you are doing is middle school silly stuf! Grow up!

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By johncp, December 17, 2009 at 4:39 pm Link to this comment

I agree with everything you’ve said here, ARDEE.  Now, let’s return to reality, which is not just that our country is run by a pathetic bunch of “amoral MEN,” but also that we have forced upon us, every 4 years, what are called “choices.”  I continue to assert, that Hillary was and remains, the best candidate from among those we were forced to accept.  I strongly disagree that a Clinton adminstration would have been essentially the same as the last two.  I recently used an example involving the jobs accumulated by two of those previous administrations, namely the Bill Clinton, as opposed to the Bush administrations.  You can refuse to give this staggering difference the commendation it deserves, but Bush claimed to have gotten us 1.5 million jobs; while Clinton got us 22 million jobs.  Shall we look for other differences.  Consider, here, that Hillary, is, if anything, more liberal than Bill.

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By 9circlesofhell, December 17, 2009 at 4:21 pm Link to this comment
(Unregistered commenter)

Let’s put Congress -and their crony, whorish friends- on a diet.

Let’s make Congress as irrelevant as they have made the common American citizen!

We the people can begin this endeavor with two simple acts:
(1) Refuse to pay our taxes
(2) Refuse to vote

Anything else is just words ... and by the sentiments expressed here and
elsewhere (legitimately, I must add), it certainly appears there is a growing
mass of Americans who are absolutely tired of the “same old, same old” and
who have finally realized that our voice has been silenced by the likes of the
banker fat cats and their ilk.

Imagine, if millions of Americans didn’t pay their 2009 federal and state taxes
and then, in 2010, we begin to “just say no” to our sales tax (except for those
lucky sob’s in Delaware) when we’re purchasing anything ... how long do you
think it would take for our so-called “representatives of the American people”
to invite us to the table ... to compel those Washington Elites to re-consider
who they are and what their job is?  Not long ... not long at all.

Of course, this civil disobedience only works if we the people are in sync and
do this by the millions .... can you imagine, no $$$$$ coming into the coffers of Congress to do as they please?  And then, can you imagine getting to the check-out of a department store with a few hundred dollars of purchases and then telling the clerk to “hold the sales tax” because you’re simply not paying that tax. 

Oh my ... now there’s a revolution we all can believe -and participate in!

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By amazed, December 17, 2009 at 3:50 pm Link to this comment
(Unregistered commenter)

What is amazing to me, absolutely amazing, is how fast Obama failed in this
presidency, and totally failed. I hope him and all his friends, Hillary and Joe enjoy
their time because they’ll have to perform some kind of miracle to get elected
again… and for me that is simply a single payer system… and nothing else. 
What we have instead is a really bad joke and if Obama had a clue at this point,
he’d just veto his own health care bill.

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By scotttpot, December 17, 2009 at 12:21 pm Link to this comment

The top paid professions are over-paid shills meant to propagandize the
television addicted Amerikan sheeple about Amerikan greatness .
Athletes , news anchors, right-wing-radio hosts ,and CEOs are paid millions per
year to lie and promote America . .The over -arching goal of the corporatists is to
keep America divided , insecure, undereducated, poor,compliant, and complicit in
Americas crimes.

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By dihey, December 17, 2009 at 11:32 am Link to this comment

Senator McCain of all people together with Democratic (!)Senator Cantwell wants to restore the Glass-Seagall act. I am not an economist so I cannot judge whether the restoration will do any good or will harm. However, according to some experts it is a good first step. Apparently an unnamed treasury official of the Obama administration has already pooh-poohed the proposal. Will we hear from the head-honcho himself or not?

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By rmuldavin, December 17, 2009 at 10:33 am Link to this comment
(Unregistered commenter)

TO: truedigger3, December 16 at 5:20 pm
The math is the simple socio-gram:
Give a circle of individuals represented by smaller circles, say N circle,
draw a connecting line to each other of the N individuals, then as you
move around the circle drawing the two way channels, like this one to
you, the total number is then the sum of each two-way connecting
connecting channel:
The sum of the links two way links is, L = (N)(N-1)/2.
This is also the case for some Black Hole String Theories where the
conjectured Higg’s Particle (see Hans Demelth’s 1998 Nobel Price essay
wherein he explains that the isolation of a single positron in a vacuum
chamber between two plates with an oscillating 60 megacycle
electromagnetic voltage for some two months), that positively charged
presumed mirror particle to the electron was actually three 1/3 charged
particles that were spinning such that the ratio of the magnetic field’s
force to the inertial force was exactly 2 out to some 16 places.
So the “atom” nature of the electron was conjected to be the three 1/3
negative charges.
The Higg’s Particle than connects to every other particle in the universe
of your choice.
Right now I am listening and watching to Liederman on C-Span2
interview former Federal Reserve Chairman Greenspan.
The point here(?): Count your blessings, mathematics is a tool,
something we do not want to become, best, rm
Ho, Ho, Chi Minimum-rm

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By NYCartist, December 17, 2009 at 7:47 am Link to this comment

ardee,
  On “just enough” - On a sliding scale of “just enough” to “great wealth” is a l o n g way.  In my whole life, I’ve hovered just below or near to “just enough”.  On a sliding scale of “j e” being 9 (10 = spouse still owes tens of thousands on his PhD school loans), I’d like 8 or 7 and have a “cushion”.  A $ safety net to pay for home care, if spouse can’t do it, until the US has legislation covering it, for all. (Not covered by medicare as yet.)  And some extra to “paper the (more of it) with my art”.

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By Mark, December 17, 2009 at 7:40 am Link to this comment
(Unregistered commenter)

“In a reversal of the guiding principles of the meritocracy that informed Obama’s own success story, the president promoted, rather than flunked, the people who got it all wrong.”

WOW, WHAT A WHOPPER!

Meritocracy!? Meritocracy!!!!??? WTF!!!!!!!!!!!!!

Next thing Scheer will be telling us is that it’s a level playing field, and anyone can be elected president.

On second thought I suppose it was just coincidence that Obama majored in international relations at Columbia under Zbigniew Brzezinski.

Likewise it was just a coincidence that upon graduating from Columbia, Obama went to work for Business International Corporation (q.v.), which Wikipedia says has been a CIA front.

Coincidently, Obama landed a job at the University of Chicago Law School lecturing on Constitutional Law just one year (!) out of law school. I know, shit like that just happens!

The fact that the DNC tapped the obscure State Senator (for God’s sake!) to give the prime time, nationally televised (!) keynote address at the 2004 Democratic Convention, just another coincidence. All that national exposure that comes along with it? Just more coincidence.

The fact that Obama raised $700 MILLION in his quest to be elected POTUS last year, including millions from Wall Street and the financial sector? Just dumb luck, I guess.

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By truedigger3, December 17, 2009 at 7:24 am Link to this comment

The banks have an open window at the Feds where they borrowed gazillions of dollars at almost 0% interest rate. The amount they got from the Feds is a closely guarded secret by the Feds and the Banks.
They took that money and bought government bonds that pay 3%-4% and also they speculated in gold, oil and the rest of important commodeties and that is how they made their “profits” and paid TARP money back, but they still owe the Feds tons of money, and who knows when that money will be paid back to the Feds, if ever!
None of all that money found its way down to the common people and businesses who are so desperate for loans.
What a charade!

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By MarthaA, December 17, 2009 at 6:37 am Link to this comment

When these TARP Banks supposedly payoff the principle of what they borrowed, they do NOT have their debt paid——there’s is interest that has to be paid and until the TARP Banks have paid all the interest as well as the principle, their debt has NOT BEEN PAID.

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By MarthaA, December 17, 2009 at 6:36 am Link to this comment

When TARP Banks supposedly payoff the principle of what they borrowed, they do NOT have their debt paid in full——there’s is interest that has to be paid and until the TARP Banks have paid all the interest as well as the principle, their debt has NOT BEEN PAID.

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By Inherit The Wind, December 17, 2009 at 5:14 am Link to this comment

That’s right, Fiddler—it’s all the fault of the little guys who let themselves be swindled into signing insanely complicated loans to buy their houses.

That’s really how you put it.  My own brother, fairly well educated, fell for a zero-principle loan being told “Oh, your house will sell for SO much more!...”

Everyone from President Bush on down believed the Market would rise forever—remember: He tried to put Social Security into the Stock Market!

But it’s not Bush’s fault for crowding-out borrowers by having the Federal budget run year after year 100s of billions of deficit borrowing where there had been a surplus.

It’s not Alan Greenspan’s fault for mis-managing the Fed.

It’s not Phil Gram’s fault for sneaking in a major deregulation clause in the middle of the night in 1999 (when the GOP ruled both houses).

No, it’s all those little borrowers’ faults who wanted to live the American Dream of owning their own homes and didn’t have legal degrees or accounting degrees that would allow them to read and actually UNDERSTAND the 6 point fine print buried 10 pages back in the loan documents.  It’s not the fault of the mortgage brokers saying “Hey, it’s all standard stuff, you don’t need to worry about it—just sign and get the keys to your NEW HOME!”

If the HOUSE they sold has hidden flaws that were imporoperly covered up, the buyer has recourse.  But if the LOAN has hidden flaws that were improperly covered up, Fiddler says “Tough Shit! Buyer Beware!”

He’ll care if HE loses his job, or his house.  Watch and see how fast his tune changes then!

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By Ouroborus, December 17, 2009 at 4:24 am Link to this comment

browngregbrown, December 16 at 11:29 am #
I’m betting that this meeting was about schmoozing with
these guys and warning them, “I’m gonna beat you up in
the press because I have to, but don’t worry you will
still get their money and keep cashing your checks.”
=================================================

My take exactly. wink

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By ardee, December 17, 2009 at 4:15 am Link to this comment

NYCartist, December 16 at 7:07 pm #

ardee,
  Thanks.  In the spirit of the column’s topic,
could you please add “wealth” to the list?  Half kidding.

I would not curse you with great wealth, how about ‘just enough’? grin

johncp, December 17 at 3:04 am

While I concur that the name Hillary provokes a knee jerk and not entirely accurate reaction, I would offer that you seem to be on the side of a “hero” riding in to save us all. This is a problem, in my opinion, in that no hero can save us from ourselves.

A Clinton presidency would , I fear, look remarkably similar to this one, which, in turn, looks like the previous one in far too many instances. The problem is not in finding a savior, it is in recognizing that our system of government has been usurped by profit seeking and amoral men.

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By expat in germany, December 16, 2009 at 11:39 pm Link to this comment
(Unregistered commenter)

Actually, Bernanke was named “Person” of the year, not “Man” so evidently Time finds him more interesting and newsworthy than not just half the population, but all of it.

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By Jess Money, December 16, 2009 at 11:33 pm Link to this comment
(Unregistered commenter)

Glider, Jon, and Gordy have hit it right on the head. I just have one thing to add:

Mr. Scheer, when are you going to stop bending over backwards to let Obama off the hook? At some point you have to look at him and admit that you—we—have been had by a bad, bad, bad man.

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By johncp, December 16, 2009 at 11:04 pm Link to this comment

Truedigger3
You’re getting annoying truedig.  People commonly reveal this level of interest and support for Kucinich or Ron Paul, or other well known politicians.  You’re trying to dull my interest in Hillary, by insulting and demeaning it; what you should do, if my interest in this “woman” bothers you so much, is ignore those posts where I talk about her at length.  I still think that this woman receives far more than her share of disdain and vitriol from political opponents in her own party, including yourself; and I continue to believe that you aren’t able to see or acknowledge it.  Hillary was my choice in the last election, was far ahead of all competitors and opponents, and remained so until media stuck their noses in the game, and brought the election to a halt, forcing Obama on us.  Obama is talked about incessantly, even though he has turned out to be a lesser president than even I expected, a total loser and hypocrite. I prefer to talk about the Secretary of State, when it seems appropriate to me.  If anyone is “leading” in that administration, it’s Hillary.

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By Orley Allen, December 16, 2009 at 10:59 pm Link to this comment
(Unregistered commenter)

The granite and marble structures of American governance, the White House and
Capitol Hill are monuments to our principles of public service. They should now
stand empty and crumble in decay as witnesses to the final passing of those
ideals. The current occupants should have their offices in the headquarters of the
corporations whose interests they serve and wear dollar-sign lapel pins as witness
to their corporate fealty and greed.

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By truedigger3, December 16, 2009 at 8:05 pm Link to this comment

Johncp wrote:
“But it never ceases to amaze me, the level of hatred for this “woman.”
__________________________________________________

I condemned and attacked ALL politicians, Hillary included.
Where is that level of hatred of this woman you moan and groan about?
It never ceases to amaze me how devoted worshipper of Hillary you are? It is as if Hillary is your sacred religion.!
If I remember correctly, several weeks ago, you wasted almost a whole thread and several days attacking anyone who dared to critisize your Hillary.
What is wrong with you?! Wake up and smell the coffee!

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By ThomasG, December 16, 2009 at 7:00 pm Link to this comment

Why is it that “Wall Street Fat Cats Are Still in Charge”?

According to Francois Quesnay’s book, “The Economical Table”, “commerce multiplies sales and purchases, without multiplying things” and the multiplication of sales and purchases without multiplying things is the basis of Privatized Capitalism, according to Francois Quesnay in his book, “The Economical Table”.

According to Adam Smith’s quote of the Marquis de Mirabeau in his book, “The Wealth of Nations”, “There have been, since the world began, three great inventions which have principally given stability to political societies, independent of many other inventions which have enriched and adorned them.  The first is the invention of writing, which alone gives human nature the power of transmitting, without alteration, its laws, its contracts, its annals and its discoveries.  The second is the invention of money, which binds together all the relations between civilized societies.  The third is the Economical Table, the result of the other two, which completes them both by perfecting their object; the great discovery of our age, but of which our posterity will reap the benefit.”

Capitalism is a Ponzi Scheme and the mechanics of how the Ponzi Scheme of Capitalism was designed in 1758 to work is defined by Francois Quesnay in his book, “The Economical Table”.

According to Francois Quesnay in his book “The Economical Table”, commerce “multiplies sales and purchases, without multiplying things”.

The Ponzi Schemes of Charles Ponzi and Bernie Madoff “multiplied sales and purchases, without multiplying things”, and the Privatized Capitalism of Francois Quesnay and Adam Smith that is the Model of Capitalism employed by the U.S. Economy “multiplies sales and purchases, without multiplying things”.

Privatized Capitalism is Capitalism for the greater greed of the chosen few at the top of the pyramid because capital is consolidated at the top of the pyramid for the benefit of the chosen few at the top of the pyramid.

Socialized Capitalism is Capitalism for the greater good of all of the populace that are a part of the pyramid, because Socialized Capitalism disperses the benefit of capital equitably to the entire populace of the pyramid from the top to the bottom of the pyramid.

Why is it that “Wall Street Fat Cats Are Still in Charge”? ——“Wall Street Fat Cats Are Still in Charge” because Privatized Capitalism is a Ponzi Scheme for the greater greed that cyclically fails and gets recapitalized by socialized resources at the expense of the American Populace, and has been bailed out again and again by the Bush II and Obama administrations at the expense of the American Populace and ten generations of their progeny at a cost of tens of trillions of dollars of socialized responsibility for the greed of Privatized Capitalism.  The reason they are in charge is because they keep getting bailed out again, and again, and again, and again .......... and on and on and on.

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By Mack TN, December 16, 2009 at 6:41 pm Link to this comment
(Unregistered commenter)

This is not the Obama I voted for, the one who promised change I would believe in.  I can hardly believe that he would disappoint his base so matter of factly after we did the impossible by electing him into the White House.

How can I get excited about a health reform bill that mandates more Americans to buy insurance from corporations that are free to charge whatever they want and get away with even more than they do now? Who believes that insurers will ever do the right thing when their profits are on the line?

And the banks have gone crazy, issuing fees for even thinking about money you’ve put in banks. With card rates at usurious levels, they are succeeding in making most Americans indebted for life.

And what about that drug bill that half of Democrats voted against, ensuring that Americans would be paying outrageous prices for medication? Who are these people?

Until we make all of them pay the price, Republicans & Democrats alike, things will get worse for us.

I for one have had enough and am ready to join the revolution.  Where can I sign up.

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By johncp, December 16, 2009 at 6:15 pm Link to this comment

Truedigger3
You’re absolutely right.  But it never ceases to amaze me, the level of hatred for this “woman.”  I never said that Hillary was a “different” politician than “all the rest of them,” only that she was a “better” politician than any of the other of the candidates we were forced to choose from.

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By NABNYC, December 16, 2009 at 5:45 pm Link to this comment

People from many different backgrounds, different regions, classes, races, religions, political viewpoints, voted for Obama.  Some of those people suypport the escalation of the wars and some oppose it.  Some support jobs programs and some oppose them.

The one thing all these people had in common that led them to support Obama is that they wanted an end to the corruption in politics.  Each of them saw that the wealthiest people in our country used that wealth to buy the politicians, and the politicians sold us out for their own greed.

The only thing Obama had to do was to tell the Democrats in Congress that the party was over, and they needed to stop taking money from Wall Street, from the insurance companies, from the wealthy, and needed to start serving the people.

Obama has done the opposite.  On this health care issue, the first thing he did was have closed-door secret meetings with the CEOs from the health care corporations, have secret negotiations with them, then announce to us, the public, that single-payer was off the table.  It appears Obama had these secret meetings to make sure that these medical corporate CEOs would donate money to Democrats in exchange for taking single payer off the table.  Obama’s actions seem to have been just as corrupt as Cheneys were when he had secret meetings in March of 2001 with the oil corporations to arrange for divvying up Iraq’s oil in the war that Cheney planned to launch.

What should the Democrats have done?  The first thing is to sponsor new campaign finance reform laws, new bribery laws, to make it much harder for politicians to take money.  Make it illegal for anyone to communicate with politicians except in public (blue-sky laws) or in a format (i.e. letter or e-mail) that would be posted on-line and available for the world to see.  End the secret deals. 

Instead, Obama is beholden to the same corporate interests that owned Bush and Cheney.  Amd he makes no bones about it.  When he chose Rahm Emanuel, Gates, Geithner, Hillary Clinton, brought in Bob Rubin to help, protected Lieberman, he signaled to the world that he would maintain the status quo, continue the Bush-Cheney policies, protect Israel’s interests above those of the people in the U.S., continue the oil wars, protect Wall Street from the citizens, protect the rich and let the rest of us go down in flames. 

All of us who have tried to imagine some logical reason for his cabinet choices other than the obvious have been fooling ourselves.  He’s pretty much just following the path of Bush and Cheney.  We’ll get nothing from him.  And when he leaves office, he undoubtedly will receive hundreds of millions from corporate and foreign donors, just like Bill Clinton, and will live out his life in great wealth, hob-nobbing with the Bush family and the Saudis and the CEOs.

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By truedigger3, December 16, 2009 at 5:42 pm Link to this comment

Re: By johncp, December 16 at 9:04 pm #


Johncp,

You started your post rather well and expressed indignation and puzzlement about Scheer’s article shared by many.
THEN you swerved into different road. It turned out large part of your indignation is because you thought Hillary would have dealt with the banksters much better.
Hillary, Obama , W Bush etc etc and most of the Congress and the senatet, they are all dancing to the music of Wall St. and doing its bidding. Did you forget what Bill Clinton did?
They are all the same and are all beholden to the moneyed/corporate elite, otherwise no one of them would have passed the primaries.!!

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By bartroberts, December 16, 2009 at 5:15 pm Link to this comment

I don’t have any military training or own any guns but if someone where to start shooting these fat cats in the head maybe they’ll get the message. I am not usually a violent person but if any harm were to come to these people or their families, I would not shed one tear, or care one bit. I would have as much concern for them as they have for the rest of us.

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By johncp, December 16, 2009 at 5:04 pm Link to this comment

Why the hell does Scheer give us this two-bit bullshit about Obama?  Am I in a nightmare?  Either Scheer is a moron, or Obama is, if possible, dumber than even I thought he was; and this guy is “president?”  Something’s wrong with this picture.  Either much of the so called “underground” media we have trusted, is complicit in pretending to justify Obama’s disastrous, fat-cat, ass-kissing capitulations, or Truthdig is an unsuspected part of the deception. How can Scheer write these lines, appearing to give Obama “more” time to screw us over, by pretending this buffoon didn’t “yet” know how bad the fat-cats were?  What the hell is going on?  Is truthdig that determined to deceive us?  Please, Truthdig, respond.  Tell us what you’re thinking.  This is unbelieveable.  Obama “is” a fat-cat, minus the money and power.  He’s a fat-cat wannabe.  I strongly believe that was Obama’s principal, if not sole, motive for seeking the presidency.  A motive entirely obscure to most of his voters, that allowed him to swipe the nomination from Hillary, and possibly, in some measure, obscure even to Obama himself.  If Obama, had he an ounce of backbone and integrity, would resign, and turn over the presidency to Hillary, a woman who knows all too well, how owned by Wall Street our politicians are, and will enter the White House with eyes wide open, and able to put up whatever defense on behalf of the rest of us slobs, remains to us.  She certainly would not have made such a botched up disaster out of what is comically being called a Health Care bill.

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By liecatcher, December 16, 2009 at 4:40 pm Link to this comment

To: daniel e rowell, December 16 at 5:14 pm #
Hey daniel e rowell:
When you said:

“Which brings us the the World War I and II.
Both of these wars were reaction to world wide
labor movements. What better way to stop than with
false nationalism.  The leaders of the industrial
world put their names in a hat, shook it up and
picked sides for their wars to stop labor.”,

that is so out of touch with reality it necessitates
a response.

One way to understand who controls & benefits from
wars is to watch the movie “THE INTERNATIONAL”.
Another is to read:

THE SECRETS OF THE
FEDERAL RESERVE BY EUSTACE MULLENS,

ON THE HORNS OF THE BEAST:THE FEDERAL RESERVE & THE
NEW WORLD ORDER BY BILL STILL.

THE CONSPIRATOR’S HIERARCHY:THE COMMITTEE OF 300 BY
JOHN COLEMAN

TRADING WITH THE ENEMY: THE NAZI-AMERICAN MONEY PLOT
FROM 1933-1949 BY CHARLES HIGHAM

A new book by ELLEN BROWN, WEB OF DEBT
is also outstanding

An excellent DVD is:THE MONEY MASTERS:HOW BANKS
CREATE THE WORLD’S MONEY

I guarantee you will feel better knowing the facts.

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By taikan, December 16, 2009 at 4:01 pm Link to this comment

Anyone, including Robert Scheer, who bases his/her opinion of a politician on that politician’s public image and/or what that politician says, rather than basing it solely on what that politician actually does, is self-delusional.  Or, to put it another way, Bush1 got it wrong when he said “read my lips.”  With a politician, his lips are irrelevant.  Watch his actions. 

On issue after issue, including dealing with Wall Street, health care reform, Afghanistan, the PATRIOT Act, use of the “state secrets” privilege, etc., etc., Obama’s actions have not been those of a progressive, but rather those of a Blue Dog or Bush3.  The only reason I can think of to explain why Scheer and others who profess to be progressive still support and/or defend Obama is that they are afraid to admit, first to themselves and then to others, that they were foolish enough to fall for the swindle.

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By tp, December 16, 2009 at 3:07 pm Link to this comment
(Unregistered commenter)

Obama is doing exactly what he was put in office to do. He is using his obvious talents and every trick in the book to promote the same old policies of the past. There has been no real regulation on Wall Street and the Banksters, such as Larry Summers and Rubin, who caused the melt down our economy are still playing major rolls. He has the same old Bushit policies punctuated by the recent surge in war strategy. He has added 50 million new customers for private insurance monopolies with no public option nor price control. He sure as hell isn’t working for the average American but for those fat cats he seems to be so mad at on that CBS 60 Minute interview.

The question is where do we go from here? 

Some people are working on the problem organizing and speaking out against these banksters? There’s Dennis Kucinich, Ralph Nader, the organization that planned the Recent demonstrations in Chicago is called “A new way forward” among others.

Ellen Brown is another activist and she is organizing a political action committee. Her PAC is called the ‘Brownians’ for now! She is a lawyer and author who has researched and found a proven answer to our economical problems. If her solution was implemented it could solve the unemployment problems very quickly. We could afford Health care and funding of a number of other infrastructure needs at the same time while eliminating most taxes for the middle class.

Check out her latest article which points out how these banksters hoodwinked us and developing countries through IMF and how some of these countries call their bluffs when they can’t repay. Here is the article: “EU/IMF REVOLT: GREECE, ICELAND, LATVIA MAY LEAD THE WAY” which can be access here: http://webofdebt.wordpress.com/2009/12/12/eu-imf-blackmail-iceland-and-latvia-should-just-say-no/

Some talk about it. And some get busy doing something about it. Ellen Brown wrote ‘Web of Debt’

tp

PS:Guess who’s person of the year in Time Mag? Answer: Federal Reserve Chairman Ben Bernanke. What a joke.

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By NYCartist, December 16, 2009 at 3:07 pm Link to this comment

ardee,
  Thanks.  In the spirit of the column’s topic,
could you please add “wealth” to the list?  Half kidding.

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By P. T., December 16, 2009 at 2:47 pm Link to this comment

Now, there’s a photo of three guys that look like they’re worth every million they’re paid.  lol

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By msgmi, December 16, 2009 at 2:27 pm Link to this comment
(Unregistered commenter)

The FAT CATS are in their glory; 1/4 pt. on borrowing easy money which will be used to buy derivatives and other instruments of value while refusing to lend out the capital to small businesses…roulez les bonnes temps mes amis…PROFITMANIA RULES; das geld uber alles.

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By ardee, December 16, 2009 at 1:39 pm Link to this comment

NYCartist, December 16 at 1:13 pm #


ardee,
  Happy New Year to you.

The same to you and yours, and much health and progress in the coming year.

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By truedigger3, December 16, 2009 at 1:20 pm Link to this comment

Re: rmuldavin, December 16 at 1:31 pm #

Are you trying to explain somthing or just flaunt your alleged mathematical knowledge?! I didn’t get what the f#&K you were trying to say!

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By daniel e rowell, December 16, 2009 at 1:14 pm Link to this comment
(Unregistered commenter)

Mr Scheer,  it is great to see that there
are so many that see through the Obama fraud.
Although encouraging,  the bankers will continue
to be in control.
Just what did we think we were going to get with
a mainstream Democrat anyway. Why are all the
progressives that voted for the FRAUD acting so
surprised?

We must remember, FDR did nothing other than what
the public forced him to do. Same with LBJ. They
were neither progressive or liberal, just in office
trying to divert real change for the bankers.

Which brings us the the World War I and II.
Both of these wars were reaction to world wide
labor movements. What better way to stop than with
false nationalism.  The leaders of the industrial
world put their names in a hat, shook it up and
picked sides for their wars to stop labor.

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By cabdriver, December 16, 2009 at 12:54 pm Link to this comment
(Unregistered commenter)

rfidler:

If you’ve seriously bought into the idea that “fat cat” = “legitimate leader of a meritocratic society”...you’ve been swindled.

Even if you’re a “fat cat”, yourself.

What a drag it is to see you, for what you are.

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By truedigger3, December 16, 2009 at 12:52 pm Link to this comment

Scheer wrote:
“it is a sign of progress that our president now seems to grasp the obvious.”
__________________________________________________

What progress Mr. Scheer?!. It is the usual Obama with his lies and bullshitting and make-believe theatrics!.
Talk is very cheap but where are the actions?.
Obama is Wall St. man through and through, so please don’t kid yourself and raise your and our hopes without any justification whatsover. Nothing Changed and Obama will change nothing.
Yes indeed, “Wall Street’s Fat Cats Are Still in Charge”.

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By KarlMarx48, December 16, 2009 at 12:23 pm Link to this comment
(Unregistered commenter)

This is just the beginning of something far more worse.  I wouldn’t be surprised if I meet someone who tells me that America is becoming more like Germany after the first war.  People are becoming desperate and it won’t surprise me if they start turning to organized groups that uses violence as means to solve the problems.  But I prefer resorting to smarter ways by supporting non-violent political organizations that are hated by the government, mainly The Communist Party USA

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By garth, December 16, 2009 at 12:06 pm Link to this comment

Mr. Robert Scheer,
I love your blogs.  I love to read someone who has awakened.  You might ask yourself, “Is it too late?”

I read, I felt, I knew with metaphysical certitude, that this chump was not what he purported to be.

But we are stuck with him for the next three years. 

I guess the question is: Are we going to stake our claim in this country and its leaderss or are going to say that this is it. I can’t take it any more?

Ask the the ones who are mandated to pay health insurance, even if it doesn’t not mean anything.


Happy Holidays, Merry Christmas, and Good Luke (My sisters wish) to all my Brothers and Sisters in the fight for freedom of democratic free speech.

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By Kay Johnson, December 16, 2009 at 10:40 am Link to this comment

“he [Summers] seems at last to have gained some awareness that the rules of the game he helped write now need to be changed. Speaking of the very bankers who once so handsomely paid him for his services, Summers, now Obama’s top economic adviser, told CNN: ‘Here is what I think they don’t get. ... It was their irresponsible risk-taking in many cases that brought the economy to collapse.’

“Summers is upset that the banking bandits he once so slavishly adored are now opposing even the tepid legislative reforms that the administration supports.”—written by Robert Sheer

First of all, I don’t believe that Larry Summers really intends to support any banking reforms. Can Robert Sheer possibly believe it? Forked-tongues are quite popular in Beltway politics!

It’s sort of like Paul Krugman, the other day, writing that he was naive—that experts can be influenced by real evidence. So much for the experts, huh?

And, Bernanke—Time’s “Man of the Year”—?!?

Of course, the “fat cats” are still in charge—of the banking industry, of the health care/insurance industries, of the MIC, etc. And, our elected representatives have tuned out, for the most part, and do NOT represent “we the people.”

To quote liecatcher—“Duh!!!”

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By prole, December 16, 2009 at 10:25 am Link to this comment

“Most Americans now know that Wall Street bankers are so greedy as to never be trusted”…and are so untouchable as to be able to snub the puppet president as blithely as they flip the bird to the American public.  And most readers now know that self-confessed “sucker” Scheer just won’t give up on the hopeless and changeless Wall St. wombie Obama. So now we’re led to believe that “it is a sign of progress that our president now seems to grasp the obvious.” Which still keeps him one step ahead of Scheer and is incontrovertible proof of Barack’s legendary “intelligence” that he can grasp the obvious so promptly. “How depressing, though, that a man who was elected as a consequence of one of the boldest grass-roots populist campaigns in this nation’s history”…should have been elected as a consequence of such a transparent mirage. How depressing that Scheer and a narrow plurality of the American electorate didn’t “grasp the obvious”, then. And now we wouldn’t be treated to such disingenuous disclaimers “that ‘I did not run for office to be helping out a bunch of fat cat bankers on Wall Street.’”
  “But whatever his intentions, Barack Obama has in fact”…repaved the road to Hell. “To the immense anger of the public that elected him”…and to the immense impotence of both that public and their posturing president to do anything significant about it. Consistent with the “guiding principles of the” kleptocracy “that informed Obama’s own success story, the president promoted, rather than flunked, the people who got it all wrong.” Wrong for whom? Not for themselves! And not for the flunky that was installed in the Oval Office for a billion bucks to grease their palms. “One of those was Larry Summers[who most of you probably never heard of before, right?] “who as Bill Clinton’s treasury secretary pushed through the radical deregulation that enabled disastrous Wall Street greed”. Remember, you read it here first! “But although Summers pocketed a cool $15 million from Wall Street in 2008 as he was advising Obama the candidate, he seems at last to have gained some awareness that the rules of the game”…so just like the Teflon Obama, Summers too, is now politically rehabilitated in Scheer’s book. Come home little lambkins Barack and Larry, all is forgiven!  Were those naughty bankers picking on our two loveable toddlers? And maybe there’s even a place again in Scheer’s Shylock sandbox for that rascally Robert Rubin. “It was Rubin, as an Obama adviser, who pushed for Pandit’s selection as head of Citigroup. Perhaps Obama could enlist Rubin’s aid in getting Pandit to accept the president’s invitations to the White House.” And then the newly reformed Rubin could join shining populists Summers and Obama as a card-carrying ‘progressive’ too in Scheer’s wacky makeover for serial swindlers.

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By rico, suave, December 16, 2009 at 10:13 am Link to this comment

“The experience is part of my hologram.”

What the hell does THAT mean? Are you stoned?

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By Aarky, December 16, 2009 at 9:49 am Link to this comment
(Unregistered commenter)

To Fidler—It wasn’t just a bunch of NINJA loans(No income, No jobs)that took down the economy. It was the way all those bad loans were packaged, given triple AAA ratings by the ratings companies and then the banks used them and leveraged them up to 30 times and bet the money on even more speculative risky gambles. That type of leveraging is basically what caused the stock market crash of 1929. People were allowed to by stock on margin, only putting down 10%. When the stock bubble burst, as the housing bubble burst, the speculators and investment banks were unable to pay the difference. Until our members of Congress re-regulate by bringing back the
Glass-Steagal Act and cancelling the Graham-Leach-Bliley Act and also cancels the Commoditiies Modernization Act of 2000, the speculators will have ways to get around the half hearted attempts to re-regulate. Read “What Cooked the World’s Economy”, “The Big Takedown”,“Citigroup Pays for a Rush to Risk”. There is one estimate that the total inflated value of all the NINJA loans was about 1 1/2 trillion dollars, but by the time the investment banks and other wild speculators were done with their leveraged tricks, it had increased to 15-20 times that amount. The American public is not being shown the whole picture. Ben Bernanke of the FED is unwilling to allow an audit of the FED because it will show how they bought up trillions of dollars worth of bad loans at 100% value. The FED also loaned or guaranteed up to 23 trillion bucks(Per Senator Cantwell)to help the banks and other thieves pay off credit default swaps. The former FED chairman, Paul Volker, has been sidelined by the Geither, Sumners crowd because he wants some really tough laws to be passed to prevent another financial debacle in the future.

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By matt, December 16, 2009 at 9:46 am Link to this comment
(Unregistered commenter)

quit bitchin and DO SOMETHING ABOUT IT.  What can you do? For starters email your reps in both houses of Congress. Both email and with actual pen and paper.  Call them too and leave a message with their staffers b/c you won’t ever talk to them direct. Better still arrange a meeting with them at their office, either in DC or at home. After that, keep on doing the same every week.  Do not stop b/c they tend to forget and to push things off to the side very quickly just like you do. So keep pestering them. Other than that there are other peaceful ways in which to protest. Try reading the actual tax code and understand that legally almost every thing you do to earn a living is untaxable. The key here is to understand the special definitions given to key words and terms used in the tax code. In particular the words “income, employee, employer, wages, self-employment income, United States, resident, trade or business”.  Learn these definitions and read carefully what is actually said in the code and not in IRS publications. IRS publications are written to mislead you and are basically all opinion and have nothing to do with the law. When DC has its money spigot turned off they will learn. See the Constitution clearly states no tax upon income shall be imposed. People think mistakenly that the 16th amendment applies to everyone(it doesn’t, the Supreme Court has reiterated this in several different rulings that the 16th does not give Congress any new powers of taxation). The 16th applies only to entities which derive their income and dividends from things like railroads that use public land and priveledge in their daily operations. Read and read carefully and learn. Look up Pete Hendrickson and check out losthorizons . com for more details. Empower yourself and others for freedom.

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By diman, December 16, 2009 at 9:44 am Link to this comment

“Time” magazine has just named Ben Bernanke “man of the year” for his success in dealing with economic crisis. I rest my case.

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By rmuldavin, December 16, 2009 at 9:31 am Link to this comment

Readers: heavy social networking here, for one, journalism, for myself, I
keep a notebook which my nephews and nieces encouraged me to do
some five years ago, that is get on the Internet.

Yes, when at UC Berkeley, we helped Sheer run for Congress, he almost
won, some 47%/51%, we went into the community and communed with
the people.  The experience is part of my hologram.

The mathematics of social networking can be a solid as the physics for
the Black Hole String Theories (BHST), that is, start with a flat surface,
triangulate with three views, step back and analyze.

Slamming Obama, part of partisan politics, yet as much as some BHST
would have the BH flat, we must assume that is also a sphere, hollow,
thin shelled.

To keep “science” operative, available and open, simple and still with
the necessary uncertainty (noisy), my understanding (of the shared
data) is that the current filibustering in Congress is a “natural outcome”
that a money hoarding and driven system is able to produce: that is
“Capitalism”, and if we want to neutralize the “-ism” antonym, we must
take the time to do some looking at what “history” records about
“propaganda”.

Obama’s experience teaching US Constitutional Law gives him an edge
over most lawyers, who are, at best, poets, at worst, have given
themselves over to the seeming benefits of the lobbist’s contributions.

Collectively, we the people have many talents, and can find the strings
linking us to common goals, not GOLD.

The mathematics is on the side of the people, we will win with time on
our side.

Best, rm

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By NYCartist, December 16, 2009 at 9:13 am Link to this comment

ardee,
  Well said. Throw in the military,health care industry, pharma, etc. and we can “wrap up” the story.  Paul Street has some good articles on http://www.Zcommunications.org/Znet and one in Zmag, Dec.2009.
Happy New Year to you.

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By G.Anderson, December 16, 2009 at 8:10 am Link to this comment

Millions, voted for Obama with the hope that he was going to be different. Now those hopes are being crushed as Obama’s two faces are clearly coming into view. Talk tough to for the camera’s, but bow low to the corporations in private. 

When people lose hope, they become desperate.  Desperate people do desperate things, at first by themselves, then they organize.

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By rico, suave, December 16, 2009 at 8:04 am Link to this comment

Look people, the title of the article is a complete tautology. If they weren’t in charge, they wouldn’t be fat cats, would they? If you were in charge, you’d be the fat cat, wouldn’t you? So, what’s Scheer’s point, other than to define what it means to be in charge of something?

And his final sentence ends, “...pay back the bankrupted homeowners they swindled.” Does that mean the banks reneged on the mortgages they wrote? Does it mean they arbitrarily raised the interest rate? Called the loan in early? There was no swindle! Unless you call buying something you can’t afford or don’t need being swindled. If you buy a triple quarter pounder with cheese and supersize fries from MickeyD’s are you being “swindled”?

Just more Orwellian word games.

Unless of course Scheer is just another elitist snob, e.g., Barnie Frank, who thinks that all those people in trouble were too stupid to know what they were getting into and so need the protection of the always-wiser, ever-benevolent federal government.

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By bozh, December 16, 2009 at 8:03 am Link to this comment
(Unregistered commenter)

It seems to me that scheer thinks[or one cld ask him if?] of US bankers as existing in isolation from the “american way”, US governance, constitution, congress, WH, media, educators, et al.

By blaming solely some bankers or seemingly blaming solely some, most, or ?all bankers- the congress, US constitution, WH, et al come out clean.

The risk taking by bankers had been, obviously,  responsible at one time, as far supervisers-regulators-managers of US system of governance were concerned.

Obama, seems to me, is using the ancient trick of blaming one of the managers of the system or one general for losing a major battle or even war.

Even poor johnson had been victimised this way. Not of course, for killing darkies, but for not killing enough of them.
And even nixon had been impeached and for trivial reasons or for glorification of US governance.
Actually bankers wld not be dismissed or smhow-smwhen-smwhere penalized; so they are less touchable than even a prez. tnx

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By Gordy, December 16, 2009 at 7:43 am Link to this comment

Sorry, what!?  This article had me lost from the first
paragraph, as it seems to run with the idea that Obama
is a naive innocent…

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By browngregbrown, December 16, 2009 at 7:29 am Link to this comment

I’m betting that this meeting was about schmoozing with these guys and warning them, “I’m gonna beat you up in the press because I have to, but don’t worry you will still get their money and keep cashing your checks.”

Monsters, fucking monsters!

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By rico, suave, December 16, 2009 at 7:01 am Link to this comment

liecatcher:

You beat me to it- DUH

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