Beautiful. Minutes 3 – 4 are the best.
Anytime you feel sympathy and/or hope for Obama, just remember he appointed this dirtbag and re-appointed Bernanke.
Amazing how Mr. Hope and Change is opposed to auditing the Fed and fully supports those who fed us a massive spoonful of corporate welfare.
Takeaway: Governments are power structures which are abused/manipulated. Giving up power/money to the government to fix our economy, environment, schools or anything is a mistake. Audit the Fed.
Obama reappointed Bernanke as Fed Chairman earlier today, effectively sealing their fates as men that will take us from a recession into the Greater Depression.
For those “economists” who’ve lately been singing his praises on CNBC, all I have to say is this…
It takes a special kind of system (government) to screw up this badly and still be resoundingly supported by its leader.
In his reappointment speech Obama also pledged support for the continued secrecy independence of the Federal Reserve.
How foolish of citizens to inquire where trillions of dollars are being spent… clearly we should trust the former bankers running the Federal Reserve that regulate the banking system. After all, they obviously know what they’re doing.
Instead of perpetuating the broken system financed by politically embedded financial organizations, Obama could have attempted any of the following:
- Raise awareness of the ghastly unaffordable pension schemes which will inevitably crumble
- Strictly enforce FASB mark to market accounting standards instead of allowing companies to use “judgment” to value their toxic assets
- Clamp down on High-Frequency Trading
- Require the FDIC to close and wind down insolvent banks before the government taxpayer-funded safety net has to be used
- Eliminate alphabet soup bailout programs which are forms of corporate welfare
- Demanded transparency for toxic assets which traveled from insolvent banks to taxpayers
- Slash parts of a budget (military, NASA, HUD, etc.) that are so bloated we must borrow billions from foreigners to stay afloat.
Would that severely correct the housing and stock markets? Yes, probably. Can we continue on our current path? No. Will we eventually face unbearable consequences for our decisions? Yes.
Ironically, neither Bernanke nor Obama nor either political party seem to care about the following message:
It is not the responsibility of the Federal Reserve–nor would it be appropriate–to protect lenders and investors from the consequences of their financial decisions. – Ben Bernanke
So, Obama reappointing the guy who didn’t see any of this coming, who bailed out the irresponsible, who continues to provide cover for banks in the hopes that things will return to normal still makes Obama the “man of the people”? Why aren’t those who voted for Obama clamoring that this Bush appointee is more of the same? Why do horrible decisions not matter when *their* party is in charge?
The reappointment of Bernanke does have a silver lining. All the people that bought into the hope proffered in eloquent speeches that government can provide jobs, clean energy, healthcare, education and other goodies will eventually learn a valuable lesson. The love affair Americans have with celebrity, good looks and good speeches and a lack of discourse/intellectual honesty will finally meet its match against a tidal wave of financial reality.
We are witnessing firsthand government selling Hope while funding Grift.
A generation will learn that our government system, like all systems which redistribute power and wealth, is one that is relentlessly gamed and manipulated for the benefit of those in charge.
Takeaway: Strip away the external validation that media/family/friends give to people and institutions and think for yourself.
We could not have allowed the big banks to fail since they are vital to the powerful, monied interests that control elections, special interest groups and media that enrich the status quo serve the needs of the common citizen
Just because someone is Socialist, Green, Communist, Anarchist doesn’t mean their views should be dismissed. Often, it is “radical” individuals who feel more comfortable voicing the truth than those that are popular and have more at stake. People like Dennis Kucinich, Bernie Sanders and Ron Paul bring a lot more truth to light than those that are far more popular.
Andrew Cockburn, a socialist, writes an important piece for Counterpunch detailing the extent to which a few financial firms have the full ear of the White House. As the US consolidates more power at a national level and with the Executive Branch of government, we see that these conflicts of interest will be more pronounced and dangerous.
Takeaway: Popular arguments are rarely thought-provoking. That which assuages us, nurtures our pre-existing worldviews and cannot possibly help us learn and grow. Read what you disagree with.