Posts Tagged ‘destabilize’

Who’s Fearmongering The Economy? Obama Speaks, And 30-Year Bond Is ‘Dragged To The Slaughterhouse’

July 19, 2011

The mainstream media would never make this connection (at least, not until a Republican is president again), but let it be known that the slaughter of the 30-year long bond was the DIRECT RESULT of Barack Obama saying he will veto any bill that seeks to balance the federal budget.

Obama wants reckless spending until America financially implodes.  Investors are going to get wise to the fact that there won’t BE a 30-year Treasury bond in thirty years.  Because there won’t be a viable United States to make good on it.

As Obama Says He Will Veto Any Republican “Cut, Cap” Deficit Bill, Long Bond “Dragged To Slaughter House”
Submitted by Tyler Durden on 07/18/2011 12:38 -0400

Just because someone is dead set on making Apple the only flight to safety in the world (and Gold of course, but unlike the iPad one can’t really eat this particular tradition), around the time (10 minutes ago) Obama threatened he would veto the Republican proposed vote to raise the debt ceiling coupled with a cap on spending and balanced budget amendment to the constitution, the selling off spilled over to Treasurys, which as the chart below demonstrates are broadly lower across the curve, but most emphasized at the 30 Year spot, which as Russ Certo says (see below) is being “dragged to the slaughter house.” Alas, judging by bank trading today the 2s30s steepening is completely irrelevant for bank stocks, for the simple reason that i) nobody needs any new mortgages and ii) nobody actually pays their mortgages. This is the second day since last week in which there is coordinated selling in stocks and bonds. Expect much more bond weakness with each day there is no bond deal.

Commenting on the move, Gleacher’s Russ Certo told Bloomberg that “vigilantes make a symbolic statement” about debt ceiling negotiations. “It’s the issue most sensitive to government ineptitude” Certo says of 30-yr bond “It’s all about the long bond as the 10-yr is being dragged to the slaughter house.” We couldn’t have said it better.

It’s long past time to realize that Barack Obama is an enemy to business, he is an enemy to the U.S. economy.  And either Obama goes or America goes.

I’ve been pointing out that business leaders have predicted that Barack Obama would destroy the U.S. economy.  I can literally quote myself quoting myself quoting those business leaders on that.  From my February 13, 2009 article titled, As Economy Tanks Under Obama, CEOs, Investors Say, “We TOLD You So”:

And what is causing this incredible momentum to the economic meltdown under Obama’s watch?

Let me quote myself – even as I quote from the September/October issue of Chief Executive Magazine:

People are most concerned about jobs right now; maybe they should stop listening to mainstream media ideologues and start listening to the people who actually create jobs:

Chief Executive Magazine’s most recent polling of 751 CEOs shows that GOP presidential candidate John McCain is the preferred choice for CEOs. According to the poll, which is featured on the cover of Chief Executive’s most recent issue, by a four-to-one margin, CEOs support Senator John McCain over Senator Barack Obama. Moreover, 74 percent of the executives say they fear that an Obama presidency would be disastrous for the country.

“The stakes for this presidential election are higher than they’ve ever been in recent memory,” said Edward M. Kopko, CEO and Publisher of Chief Executive magazine. “We’ve been experiencing consecutive job losses for nine months now. There’s no doubt that reviving the job market will be a top priority for the incoming president. And job creating CEOs repeatedly tell us that McCain’s policies are far more conducive to a more positive employment environment than Obama’s.”

Disastrous for the country.” That doesn’t sound good.  And that’s about as optimistic as the CEO’s get about Barack Obama:

“I’m not terribly excited about McCain being president, but I’m sure that Obama, if elected, will have a negative impact on business and the economy,” said one CEO voicing his lack of enthusiasm for either candidate, but particularly Obama.

In expressing their rejection of Senator Obama, some CEOs who responded to the survey went as far as to say that “some of his programs would bankrupt the country within three years, if implemented.” In fact, the poll highlights that Obama’s tax policies, which scored the lowest grade in the poll, are particularly unpopular among CEOs.

Bankrupt the country within three years.” There.  You want socialism, you can have it.  “Spread the wealth around” so that country itself ultimately becomes as broke as the defaulting homeowners and the defaulting mortgage houses we keep hearing about.

The Chief Executive Officers were very clear in their assessment: an election of Barack Obama would result in an economic disaster.  And don’t think that a significant part right now of the terrible climate for the economy, and for business and jobs, is who is running the show.

Obama’s disastrous economic policies would “bankrupt the country within three years.”  And here we are, two years and seven months later, facing default.  We’re right on schedule.  And the CEOs had the economic understanding to recognize that it would ALL be Obama’s fault.

Now, the only thing that Democrats are skilled in (to put it the other way, they are incompetent at everything else), is demonization.  Democrats know how to demonize, demagogue, fearmonger and backstab better than anyone on the planet, bar none.

But business experts PREDICTED we would be in this situation; and they well understood and continue to understand who is causing this crisis: Barack Hussein Obama.

I also wrote an article earlier this year titled Instability, Food Riots And A Heaping Dose Of ‘I Told You So’ which referenced my November 24, 2008 article titled Renowned Economic Forecaster Says US Headed For Total Collapse.  The 2008 article contained a prediction by Gerald Celente that under Obama, we would have revolution, food riots and tax rebellions by 2012.  And we’re right on schedule.

This is why I have been so angry.  When I heard those Jeremiah Wright tapes (the racist, Marxist, anti-American “reverend” whom Obama called his “spiritual mentor” for over 20 years), I knew that Barack Obama was a truly evil man. You don’t sit in a toxic, poisonous, hateful environement like that for that long if you aren’t genuinely evil yourself.  And I knew that we were headed for “God damn America.”  It was as though I had had a vivid vision of the future – culminating in the implosion and collapse of the country that I have loved and served.

We’ve got a top very-recently former SEIU official caught on tape talking about deliberately imploding America by deliberately destabilizing the already destabilized housing mortgage crisis.  And I point to Obama’s words regarding SEIU: “Your agenda is my agenda (3:15 in the video below).”  He promised SEIU “to make your agenda a reality” (1:22 into the video below).

And prior to the SEIU (whose agenda is Obama’s agenda) official describing the agenda to financially implode America, I was writing about the liberal goal of the destruction of America by means of the “Cloward and Piven” approach to implode America through the sheer massive weight of its welfare system.

Things are bad.  And they’re certainly going to get worse.  Not that the man we foolishly and despicably elected to be our president gives a damn.

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Did Someone Just Say Cloward And Piven? Former SEIU Top Level Official Caught On Tape Conspiring To Implode America

March 23, 2011

Other than the fact that the left – liberals, progressive, Democrats, unions, the whole enchilada – are genuinely depraved un-American traitors, they really aren’t so bad.

Let me deal with a couple of possible objections before the article.  First of all, Steven Lerner hasn’t been “former” that long.  He left with Andy Stern, the man who visited Obama in the White House more than anyone else.  Second, this tactic that Lerner is describing isn’t merely some kind of a “theoretical” tactic.  It has been employed, and is continuing to be employed, by SEIU.

And it is the intimate association between Barack Obama and the SEIU (“Your agenda has been my agenda…”) that makes this really, really frightening.

I have on several occasions discussed Obama as having a Cloward and Piven agenda for America.

Politico Article Reveals Obama’s Cloward-Piven Strategy Backfiring

Obama’s Cloward-Piven Redistributionism Shaping The Future Collapse

Cloward-Piven Alive And Well: Progressives CONTINUE To Push For Destruction Of U.S. System

ObamaCare Is Cloward-Piven Strategy In Microcosm

Here it is.  And by that I mean both, “Here’s the article revealing Obama’s SEIU’s plan to destroy America,” and “Here’s Obama’s and the SEIU’s Cloward-Piven plan”:

CAUGHT ON TAPE: Former SEIU Official Reveals Secret Plan To Destroy JP Morgan, Crash The Stock Market, And Redistribute Wealth In America
Henry Blodget | Mar. 22, 2011, 9:44 AM

A former official of one of the country’s most-powerful unions, SEIU, has a secret plan to “destabilize” the country.  

The plan is designed to destroy JP Morgan, nuke the stock market, and weaken Wall Street’s grip on power, thus creating the conditions necessary for a redistribution of wealth and a change in government.

The former SEIU official, Stephen Lerner, spoke in a closed session at a Pace University forum last weekend.

The Blaze procured what appears to be a tape of Lerner’s remarks. Many Americans will undoubtedly sympathize with and support them. Still, the “destabilization” plan is startling in its specificity, especially coming so close on the heels of the financial crisis.

Lerner said that unions and community organizations are, for all intents and purposes, dead. The only way to achieve their goals, therefore–the redistribution of wealth and the return of “$17 trillion” stolen from the middle class by Wall Street–is to “destabilize the country.”

Lerner’s plan is to organize a mass, coordinated “strike” on mortgage, student loan, and local government debt payments–thus bringing the banks to the edge of insolvency and forcing them to renegotiate the terms of the loans.  This destabilization and turmoil, Lerner hopes, will also crash the stock market, isolating the banking class and allowing for a transfer of power.

Lerner’s plan starts by attacking JP Morgan Chase in early May, with demonstrations on Wall Street, protests at the annual shareholder meeting, and then calls for a coordinated mortgage strike.

Lerner also says explicitly that, although the attack will benefit labor unions, it cannot be seen as being organized by them. It must therefore be run by community organizations.

Lerner was ousted from SEIU last November, reportedly for spending millions of the union’s dollars trying to pursue a plan like the one he details here.  It is not clear what, if any, power and influence he currently wields. His main message–that Wall Street won the financial crisis, that inequality in this country is hitting record levels, and that there appears to be no other way to stop the trend–will almost certainly resonate.

A transcript of Lerner’s full reported remarks is below, courtesy of The Blaze. We have heard the tape, but we have not independently verified that the voice is Lerner’s.  You can listen to the tape here.

Here are the key remarks:

Unions are almost dead. We cannot survive doing what we do but the simple fact of the matter is community organizations are almost dead also. And if you think about what we need to do it may give us some direction which is essentially what the folks that are in charge – the big banks and everything – what they want is stability.

There are actually extraordinary things we could do right now to start to destabilize the folks that are in power and start to rebuild a movement.

For example, 10% of homeowners are underwater right their home they are paying more for it then its worth 10% of those people are in strategic default, meaning they are refusing to pay but they are staying in their home that’s totally spontaneous they figured out it takes a year to kick me out of my home because foreclosure is backed up

If you could double that number you would  you could put banks at the edge of insolvency again.

Students have a trillion dollar debt

We have an entire economy that is built on debt and banks so the question would be what would happen if we organized homeowners in mass to do a mortgage strike if we get half a million people to agree  it would literally cause a new finical crisis for the banks not for us we would be doing quite well  we wouldn’t be paying anything…

We have to think much more creatively. The key thing… What does the other side fear the most – they fear disruption. They fear uncertainty. Every article about Europe says in they rioted in Greece the markets went down

The folks that control this country care about one thing how the stock market goes what the bond market does how the bonuses goes. We have a very simple strategy:

  • How do we bring down the stock market
  • How do we bring down their bonuses
  • How do we interfere with there ability to be rich…

So a bunch of us around the country think who would be a really good company to hate we decided that would be JP Morgan Chase  and so we are going to roll out over the next couple of months what would hopefully be an exciting campaign about JP Morgan Chase that is really about challenge the power of Wall Street.

And so what we are looking at is the first week in May can we get enough people together starting now to really have an week of action in New York I don’t want to give any details because I don’t know if there are any police agents in the room.

The goal would be that we will roll out of New York the first week of May. We will connect three ideas

  • that we are not broke there is plenty of money
  • they have the money  – we need to get it back
  • and that they are using Bloomberg and other people in government as the vehicle to try and  destroy us

And so we need to take on those folks at the same time. And that we will start here we are going to look at a week of civil disobedience – direct action all over the city. Then roll into the JP Morgan shareholder meeting which they moved out of New York because I guess they were afraid because of Columbus.

There is going to be a ten state mobilization to try and shut down that meeting and then looking at bank shareholder meetings around the country and try and create some moments like Madison except where we are on offense instead of defense

Where we have brave and heroic battles challenging the power of the giant corporations. We hope to inspire a much bigger movement about redistributing wealth and power in the country and that labor can’t do itself that community groups can’t do themselves but maybe we can work something new and different that can be brave enough  and daring and nimble enough to do that kind of thing.

FULL TRANSCRIPT FROM THE BLAZE

SPEAKER: Stephen Lerner. Speaker at the Left Forum 2011 “Towards a Politics of Solidarity” Pace University March 19, 2011

Speaker Bio: Stephen Lerner is the architect of the SEIU’s groundbreaking Justice for Janitors campaign.  He led the union’s banking and finance campaign and has partnered with unions and groups in Europe, South American and elsewhere in campaigns to hold financial institutions accountable. As director of the union’s private equity project, he launched a long campaign to expose the over-leveraged feeding frenzy of private equity firms during the boom years that led to the ensuing economic disaster.

TRANSCRIPT:

It feels to me after a long time of being on defense that something is starting to turn in the world and we just have to decide if we are on defense or offense

Maybe there is a different way to look at some of theses questions  it’s hard for me to think about any part of organizing without thinking what just happened with this economic crisis and what it means

I don’t know how to have a discussion about labor and community if we don’t first say what do we need to do at this time in history what is the strategy that gives us some chance of winning because I spent my life time as a union organizer justice for janitors a lot of things

It seems we are at a moment where the world is going to get much much worse or much much better

Unions are almost dead we cannot survive doing what we do but the simple fact of the matter is community organizations are almost dead also and if you think about what we need to do it may give us some direction which is essentially what the folks that are in charge – the big banks and everything – what they want is stability

Every time there is a crisis in the world they say, well, the markets are stable.

What’s changed in America is the economy doing well has nothing to do with the rest of us

They figured out that they don’t need us to be rich they can do very well in a global market without us so what does this have to do with community and labor organizing more.

We need to figure out in a much more through direct action more concrete way how we are really trying to disrupt and create uncertainty for capital for how corporations operate

The thing about a boom and bust economy is it is actually incredibly fragile.

There are actually extraordinary things we could do right now to start to destabilize the folks that are in power and start to rebuild a movement.

For example, 10% of homeowners are underwater right their home they are paying more for it then its worth 10% of those people are in strategic default, meaning they are refusing to pay but they are staying in their home that’s totally spontaneous they figured out it takes a year to kick me out of my home because foreclosure is backed up

If you could double that number you would  you could put banks at the edge of insolvency again.

Students have a trillion dollar debt

We have an entire economy that is built on debt and banks so the question would be what would happen if we organized homeowners in mass to do a mortgage strike if we get half a million people to agree  it would literally cause a new finical crisis for the banks not for us we would be doing quite well  we wouldn’t be paying anything.

Government is being strangled by debt

The four things we could do that could really upset wall street

One is if city and state and other  government entities demanded to renegotiate their debt
and you might say why would the banks ever do it  – because city and counties could say we won’t do business with you in the future if you won’t renegotiate the debt now

So we could leverage the power we have of government and say two things  we won’t do business with you JP Morgan Chase anymore unless you do two things: you reduce the price of our interest  and second you rewrite the mortgages for everybody in the communities

We could make them do that

The second thing is there is a whole question in Europe about students’ rates in debt structure. What would happen if students said we are not going to pay.  It’s a trillion dollars. Think about republicans screaming about debt a trillion dollars in student debt

There is a third thing we can think about what if public employee unions instead of just being on the defensive  put on the collective bargaining table when they negotiate they say we demand as a condition of negotiation that the government renegotiate – it’s crazy that you’re paying too much interest to your buddies the bankers it’s a strike issue  – we will strike unless you force the banks to renegotiate/

Then if you add on top of that if we really thought about moving the kind of disruption in Madison but moving that to Wall Street and moving that to other cities around the country

We basically said you stole seventeen trillion dollars – you’ve improvised us and we are going to make it impossible for you to operate

Labor can’t lead this right now so if labor can’t lead but we are a critical part of it  we do have money we have millions of members who are furious

But I don’t think this kind of movement can happen unless community groups and other activists take the lead.

If we really believe that we are in a transformative stage of  what’s happening in capitalism

Then we need to confront this in a serious way and develop really ability to put a boot in the wheel  then we have to think not about labor and community alliances  we have to think about how together we are building something that really has the capacity to disrupt how the system operates

We need to think about a whole new way of thinking about this not as a partnership but building something new.

We have to think much more creatively. The key thing… What does the other side fear the most – they fear disruption. They fear uncertainty. Every article about Europe says in they rioted in Greece the markets went down

The folks that control this country care about one thing how the stock market goes what the bond market does how the bonuses goes. We have a very simple strategy:

  • How do we bring down the stock market
  • How do we bring down their bonuses
  • How do we interfere with there ability to be rich

And that means we have to politically isolate them, economically isolate them  and disrupt them

It’s not all theory i’ll do a pitch.

So a bunch of us around the country think who would be a really good company to hate we decided that would be JP Morgan Chase  and so we are going to roll out over the next couple of months what would hopefully be an exciting campaign about JP Morgan Chase that is really about challenge the power of Wall Street.

And so what we are looking at  is the first week in May can we get enough people together starting now to really have an week of action in New York I don’t want to give any details because I don’t know if there are any police agents in the room.

The goal would be that we will roll out of New York the first week of May. We will connect three ideas

  • that we are not broke there is plenty of money
  • they have the money  – we need to get it back
  • and that they are using Bloomberg and other people in government as the vehicle to try and  destroy us

And so we need to take on those folks at the same time

and that we will start here we are going to look at a week of civil disobedience – direct action all over the city
then roll into the JP Morgan shareholder meeting which they moved out of New York because I guess they were afraid because of Columbus.

There is going to be a ten state mobilization it try and shut down that meeting and then looking at bank shareholder meetings around the country  and try and create some moments like Madison except where we are on offense instead of defense

Where we have brave and heroic battles challenging the power of the giant corporations. We hope to inspire a much bigger movement about redistributing wealth and power in the country and that labor can’t do itself that community groups can’t do themselves but maybe we can work something new and different that can be brave enough  and daring and nimble enough to do that kind of thing.

People just can’t bring themselves to believe that their leaders are evil people with wicked agendas.  It’s that, “Oh, no, Chester isn’t molesting my little boy; he loves him” sort of thing.  It doesn’t seem to matter how much evidence there is, they just won’t believe it until it’s too late and the damage is done.  It wasn’t just German Aryans who bought Adolf Hitler; a lot of JEWS enthusiastically voted for him.  They thought, “This Antisemitic stuff is just party rhetoric; Hitler will put it aside as soon as he’s in power.”  And all of the adoring masses just refused to realize that they were anointing a monster and giving him their sons.

You can read and watch and listen to what the left has been trying to do for more than five decades.  That’s how old this Cloward and Piven agenda is.  You can listen to what the SEIU is trying to do.  It’s right in front of your face.  You can see all the evidence that Barack Obama is their man, and how committed he is to their agenda, in his own words.

What more do you need?  When will you wake up?

The union agenda is straight from hell.  And it has been for a very long time.  And Obama is very much a part of it.

Then there’s that someone somewhere who might be out there saying, “Gosh, I kind of agree with that Steven Lerner guy.  The rich have lots of money, and I’d like to have their money.  Maybe he isn’t so utterly depraved after all.”  Think about this: Steven Lerner of the SEIU is demonizing capitalism, the system which has been proven by 200 years of history to be the freest and most successful – not to mention most profitable and most powerful – system in the history of the entire world.

And what are these people basically suggesting as his model for replacement?  Something that oozed right out of the pits of hell into Karl Marx’s vile brain.  And from there it oozed into the Union of Soviet Socialist Republics, then the National Socialist German Workers Party, then the number-one-humanity-massacring People’s Republic of China, and from there to hellholes in Cuba, Vietnam, Cambodia, etcetera.

These are truly bad, depraved, vile, wicked, evil people.  And if they get their way, not only will your children die lingering deaths, but you probably will too.