Bill Moyers Journal
James Thindwa, whose campaign for economic fairness for working people in Chicago has brought him up against the city’s powerful political establishment and corporate giant Wal-Mart. Continue reading
Newspaper reports seem surprised at how high banks are bidding for the junk mortgages that Treasury Secretary Geithner is now bidding for, having mobilized the FDIC and Fed to transfer yet more public funds to the banks. Bank stocks are soaring – thereby bidding up the Dow Jones Industrial Average, as if the “financial industry” really were part of the industrial economy.
Why are the very worst offenders – Bank of America (now owner of the Countrywide crooks) and Citibank the largest buyers? As the worst abusers and packagers of CDOs, shouldn’t they be in the best position to see how worthless their junk mortgages are?
That turns out to be the key! Obviously, the government has failed to protect itself – deliberately, intentionally failed to do so – in order to let the banks pull off the following scam.
by Ralph Nader
The Nader Page
March 27, 2009
Where is the revenue coming from to help reduce the tidal waves of red ink during the massive deficit spending by Washington to bolster Wall Street greed, stimulate the economy and rescue homeowners?
The scale of federal deficit is witnessed by the new frequency with which the dollar word “trillions” is used in the news media. An adjustment of major proportions is needed. It was only ten years ago when economists projected out the Clinton’s budgetary surpluses as “as far as the eye can see.” They were scurrying to figure out how this surprising surplus was going to affect the U.S. Treasury bond market. How quaint!
So, who is going to have to pay more into the Treasury? Not the oil and gas industry whose advertised protests against removing unjustified tax breaks are saturating the radio and television stations. Not the real estate or defense industries. Certainly not the financial industry.
How about the very wealthy? Well Barack Obama is letting George W. “red-ink” Bush’s tax cuts expire. So people earning over $250,000 a year will pay more. Mr. Obama plans to give 95% of the taxpayers some tax relief. Granted the Federal Reserve is printing money big time now, in order to spend it fast.
Nearly four weeks ago, President Obama declared that US combat operations would end in Iraq by August 2010. Despite Obama’s pledge, new evidence has emerged that the US plans to keep combat brigades in Iraq, but they will operate under a different name. Investigative reporter Gareth Porter of Inter Press Service reveals some of the brigade combat teams currently in Iraq will stay beyond August 2010 and will be renamed so-called “advisory and assistance brigades.” [includes rush transcript]
Americans clearly are capable of being outraged. Missing, however, is a sustained, vibrant demand for deep reforms of our political and government system. You hear a lot about populist rage these days, especially connected to the AIG bonus debacle. But populist rage as a reflection of class conflict and anger about our economic meltdown does not necessarily make a political revolution. The saddest thing about Obama winning the presidency was that his change message drained what might have been sufficient national energy for true revolutionary political reforms.
With the Bush-corrosion of our Constitution and collapse of the economic system after it had been exploited by the rich and corrupt, what better time for revolution? Instead, we got a president with a glib tongue, a terrific smile and a deep commitment to the two-party plutocracy and corporate state. Obama is no populist, not even close. Nor is he a genuine reformer. At best, he is a master exploiter of populism.
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Noam Chomsky speaks to Paul Jay on the Obama – Geithner plan. Chomsky says that “they’re simply recycling, the Bush-Paulson measures and changing them a little, but essentially the same idea: keep the institutional structure the same, try to kind of pass things up, bribe the banks and investors to help out, but avoid the measures that might get to the heart of the problem.”