Obama's Failure is the Banker's Success, sorry mainstreet!

[jtabeb]

From the Astute "Jesse's Cafe American"

Could not say it better myself.

http://jessescrossroadscafe.blogspot...estrained.html

18 January 2010

The Banking Oligarchy Must Be Restrained For a Recovery to Be Sustained


Brilliant article really, in its simplicity.

Despite Obama's recent brave words, the US is lagging the world recognition that because of systemic distortions in the financial system the banks are in fact exercising a tax on the real economy that is impeding global recovery. As recently noted in London's Financial Times regarding the structural imbalances in the financial system:

"...as long as they are not addressed, the banks will make profits – or more accurately, extract rents – out of all proportion to any contribution they make to the wider economy."

The US is going in absolutely the wrong direction, lessening competition and strenghtening the grip of a financial oligarchy through its policy of focusing relief efforts on a small group of Too Big To Fail Banks, at the expense of the broad economy. Despite assurances to the contrary, this is the policy being administered by Washington.

http://www.ft.com/cms/s/0/d2424f46-0...nclick_check=1

[bcassill]

Re: Obama's Failure is the Banker's Success, sorry mainstreet!

Of course we're going in the wrong direction. Obama works for the banksters!

Whocouldaknown?:p

Obama = Bush III

[MulaMan]

Re: Obama's Failure is the Banker's Success, sorry mainstreet!

Obama = Bush III. That is compete retardation.

In what sense is Obama a failure? please provide a specific policy?

Yes, Obama believes that keynsian koolaid but then please list all politicians Dems and GOP that disagree with the continued bank bailout? Ron Paul GOP, Grayson Dem, ? ... a couple more?

Your choice was McCain / Palin, Hillary, or Obama.

Obama did NOT run on getting rid of the Fed and going back to the gold standard, so he is allowing the Fed to slow the financial decline / zombie banks / bail out the oligarchs, ect...

He believes that is the best short-term political option vs. a great depression.

To me that seems consistant with expectations.

Talk is starting of seperating banks and speculators - I believe that is next in line after health care - which now could fail, looks 50-50.

but lets us see if finance reform gets swift boated again by Lieberman and crowd, as the public health care option did.

For me, the big disappointment with Obama is that he did not bring the troops home ASAP and shut down the fake war against fear.

[jtabeb]

Re: Obama's Failure is the Banker's Success, sorry mainstreet!

Obama = Bush III. That is compete retardation.

In what sense is Obama a failure? please provide a specific policy?

.

Okay,

Health care reform, Financial and economic reform, political reform, ANY REFORM? Catering to vested interests at the expense of main street is not REFORM, it's corporatisim, akin to Fascism, you can look it up if you like.

Even EJ calls the Obama Admistration's Policies "ProtoFascism", not my words, HIS.

You want specifics.

TALF
TARP
all the other alphabet soups of cash for trash.

What OBAMA has done, in effect, is to provide DEBT FORGIVENESS to BANKERS and DEBT PEONAGE to everyone else (While subjecting them to increased taxes, cost of living, and a depreciating currency thrown in for good measure). All-in-All, The middle class is getting EXACTLY the "worst of all worlds" in the financial sphere.

Did I mention a stimulus package that produced NO jobs and cost trillions of dollars.

Or a Financial "Stability" guarantee that put's the government on the hook for $23.5 TRILLION in FAILED PRIVATE "BETS".

Failure to regulate derivatives, financial products, credit services, ummm, shall I go on?

Read half of the content on this site for God's sake (Take a look at EJ's comments, why oh WHY is he not calling the obama policies a success? Could it be because the are the WORST solutions possible in that they ARE NOT SOLUTIONS, but merely pallatives for Rent Seekers and Rent Holders, that simultaneously punish everyone else)


Yeah, that's failure (Unless you are a bank), in which case, It's like McDonalds "I'm Lovin' it".


Please provide an example of ONE success?

"Talking the Talk" is NOT the same as "Walking the Walk"

Bill Moyers has some good pieces on the Obama Policies and the how they were worked. I think you would do well to expand your horizon a bit. Maybe your eyes might open up a bit.

I recommend:

http://www.pbs.org/moyers/journal/01082010/profile.html

http://www.pbs.org/moyers/journal/12182009/profile.html

[cjppjc]

Re: Obama's Failure is the Banker's Success, sorry mainstreet!

President Obama seems just like any other politician. Many (not me) people who voted for him feel tricked and let down. Policy aside, the thought that things are happening in the same old fashion, when there was an expectation of change is valid.