Posts Tagged ‘Goldman-Sachs’

Barack Obama And His Fascist Crony Capitalist Connections To MF Global, Goldman Sachs, JP Morgan Chase, Citigroup – And A Coming $600 Trillion Collapse

January 5, 2012

The American people are routinely lied to by the Democrat machine and the mainstream media that serve as their propagandists. 

The message that we are fed is that the Republican Party is the party of big money and Wall Street.

It’s a lie.  It is literally a lie straight out of hell.

A look at a few incredibly pathetic and incredibly nasty recent events serve to document that it is a lie, and if you want to look at crony capitalist fascism, you need to look at Barack Hussein Obama.

First of all, we’ve heard about the catastrophe that has been caused by MF Global – a Wall Street big boy led by a former Democrat Governor with deep ties to Obama:

Is Jon Corzine having a Bernie Madoff moment?
 
Corzine told the many congressional panels he was hauled in front of this week that it was not his intention to violate any rules in regard to commingling customer’s funds, and yet six weeks after the Halloween bankruptcy filing, it’s scary to think that $1.2 billion in customer funds still have not been found.
 
Some three years ago this week, a Securities and Exchange Commission lawyer said this: “Our task is to find the records and follow the money,” while beginning a probe into Bernie Madoff’s $65 billion Ponzi scheme. “We do not dispute his number — we just have not calculated how he made it,” the lawyer said.

By definition in the Madoff Ponzi scheme, he used one client’s money to pay off another client. Madoff commingled or pooled assets to pay redemptions. He admitted to fraud, along with 10 other federal felonies.
 
While neither Corzine nor any other MF Global executive has been charged with any criminal wrongdoing at this point, Terry Duffy, head of CME Group, said during his congressional testimony: “The fact is that MF Global broke rules by moving customer-segregated funds out of an account over which it had control.”
 
Another parallel between MF Global and Madoff is that both firms — while dealing with very different products — self-cleared their trades.
 
That commonality is important because the books, records, settlement and capital flows are essentially being prepared by, and for the same beneficial interests as, the broker dealers, and are fraught with potential for corner-cutting and potentially nefarious actions.
 
Third-party clearing is just that. Another large clearing broker dealer oversees the books, records and flow of customer funds. If MF were cleared by a third party — say, JPMorgan or Goldman Sachs — it is highly unlikely that MF would be in the news today.
 
Both Madoff and Corzine used their positions to cozy up with the regulators in charge of oversight of their companies.

Here’s what Barack Obama and Joe Biden said about their utterly vile crony capitalist budy Jon Corzine:

• “You’ve had an honorable man, a decent man, an honest man, at the helm of this state. … He’s fought for what matters to ordinary folks.”

• “People…say, ‘You know, I was saving up all my life. …. Suddenly, because of this financial crisis, I may have to go back to work.’ “

• “Jon knows these are challenging times. This is why he got into public service. He didn’t do it for the paycheck.”

• “This crisis…came about because of the same theories, the same lax regulation, the same trickle-down economics that the other guy’s party has been peddling for years.”

• “Jon’s got the mop and he’s cleaning up after somebody else’s mess.”

• “One of the things you’ve got in Jon Corzine is somebody who tells it to you straight,” Mr Obama said.

• “Jon’s a leader who’s been called to govern in some extraordinary times,” Obama said while campaigning for Corzine in 2009. “Jon Corzine wasn’t just the first governor to pass an economic recovery plan for his state. He was an ally with the Obama administration in helping us develop a national recovery plan.”

• “I literally picked up the phone and called Jon Corzine and said Jon, what do you think we should do,” Biden said. “The reason we called Jon is that we knew that he knew about the economy, about world markets, how we had to respond, unlike almost anyone we knew. It was because he had been in the pit — because he had been in the furnace. And we trusted his judgment.”

• “Way back in the transition period, before we were sworn in, when Barack Obama and I were literally sitting at a desk in a high rise in Chicago, beginning the plan on how we would try to get this economy out of a ditch, literally, the first guy I called was Jon Corzine. It’s not a joke. It’s not a joke. First of all, he’s the smartest guy I know in terms of the economy and on finance, and I really mean that.”

Then there was this latest news that MF Global sold a whole bunch of assets to Goldman Sachs – a scumbag crony capitalist Wall Street big boy if there ever was one.  As you read this, I want you to consider the names of the people and institutions.  I will explain what an utterly godawful collection of demonic players we have in my paragraphs to follow:

MF Global Sold Assets to Goldman Before Collapse
Published: Wednesday, 4 Jan 2012 | 2:57 AM ET

MF Global unloaded hundreds of millions of dollars’ worth of securities to Goldman Sachs in the days leading up to its collapse, according to two former MF Global employees with direct knowledge of the transactions.

But it did not immediately receive payment from its clearing firm and lender, JPMorgan Chase & Co, one of the sources said.

The sale of securities to Goldman occurred on Oct.27, just days before MF Global filed for bankruptcy on Oct.31, the ex-employees said.

One of the employees said the transactions were cleared with JPMorgan Chase.

At the same time MF Global, which was run by former Goldman Sachs head Jon Corzine, was selling securities to Goldman to raise badly needed cash, the futures firm was also drawing down a $1.2 billion revolving line of credit it had with JPMorgan, according to one of the former MF Global employees.

JPMorgan spokeswoman Mary Sedarat said the bank did not withold money because of the line of credit. She declined further comment on details of the transactions.

JPMorgan has fought aggressively in bankruptcy court to protect its interests, and received a lien on some of MF Global’s assets in exchange for granting the firm $8 million to fund its bankruptcy costs.

The lien puts JPMorgan’s interests ahead of MF Global customers who have not yet received an estimated $900 million worth of money from their accounts, which remain frozen as regulators search for missing funds.

The hastily crafted transactions and the seeming inability of MF Global to recoup some of the money in the sale to Goldman may start to explain why so much money remains unaccounted for at the futures firm.

It is unclear what type of assets Goldman bought from MF Global, but the securities were worth hundreds of millions of dollars, the former employees said.

The sources spoke on the condition of anonymity.

The Wall Street Journal previously reported that George Soros’ fund was a buyer of securities sold by MF Global, scooping-up some of its European sovereign debt at a deep discount.

Panic among investors and clients about MF Global’s $6.3 billion bet on European sovereign bonds led to its demise.

Corzine, who was CEO of MF Global at the time of the collapse, headed Goldman Sachs from 1994 to 1999 before being ousted after a power struggle with co-CEO Henry Paulson.

Corzine and other top MF Global executives reached out in desperation to Goldman Sachs and JPMorgan, as well as Jefferies Group, Barclays, Citigroup, Deutsche Bank, Macquarie Group, State Street Corp and Wells Fargo, as potential buyers in its final days as the firm teetered toward collapse, Reuters earlier reported.

So let’s take a look at Obama’s connection to Goldman Sachs:

That’s right.  Goldman Sachs was Obama’s number two donor, to the tune of well over a million dollars.

I wrote something that hasn’t yet been published online about derivatives and how they have created the guaranteed implosion and collapse of the American and in fact global economic system:

What are derivatives? Some investors describe them as “dormant economic weapons of mass destruction”. They essentially are large leveraged bets on top of stocks, bonds and commodities. Money can be made within months or seconds by betting if a stock will go up, down or even remain the same. With no credit rating you can place a bet worth double your account balance. Big time investors get greater leverage with these instantaneous loans.

The New York Times, Oct 8th 2008 [the New York Times, as is so common with the left, purged this link, but the quote is also cited here]:

The derivatives market is $531 trillion, up from $106 trillion in 2002. This market is setup with odds similar to a racetrack. Trillions are won and lost (transferred) every second. But unlike a racetrack the big players have ultimate control. Their trillions can make stocks move. A 4% up swing in a stock can cause a derivative bet to rise more than 100% in value or vice versa. A low performing stock that rises only 6% a year could actually have many 3, 6 or 9 percent swings weekly or monthly (some stocks daily). There are billions to be made over and over again by the people that control billions and trillions thus the markets. A grand game approved by the top.”

There are over $600 trillion in derivatives floating around, most of it held by four banks whose failure would cause global economic catastrophe (JPMorgan Chase, Citigroup, Bank of America and Goldman Sachs).  The entire world’s GDP is $65 trillion; so there is literally not enough money on the entire planet to backstop the banks that are trading these things if they run into trouble.  And there is very good reason to believe that they’re running into trouble.  What kind of economic collapse would be triggered???

There was never ANYTHING like these “economic weapons of mass destruction” before.  How many of you have followed Jon Corzine and MF Global and the $1.7 billion (it just keeps going up – from $633 million to $1.2 billion to the latest $1.7 billion) in investor money that has simply vanished in the aftermath of bad bets on the European debt crisis???

Does that sound scary?  How about if I just talk about a mere $211 trillion in debt just for the USA instead?

Boston University economist Laurence Kotlikoff says “If you add up all the promises that have been made for spending obligations, including defense expenditures, and you subtract all the taxes that we expect to collect, the difference is $211 trillion. That’s the fiscal gap,” he says. “That’s our true indebtedness.”

Writing in the September issue of Finance and Development, a journal of the International Monetary Fund, Prof. Kotlikoff says the IMF itself has quietly confirmed that the U.S. is in terrible fiscal trouble – far worse than the Washington-based lender of last resort has previously acknowledged. “The U.S. fiscal gap is huge,” the IMF asserted in a June report.

The above article describing our actual debt as $211 trillion written in August of 2011, and it’s ancient history now: our official debt isn’t $14 trillion anymore; now it’s over $15 trillionand about to soar to more than $16.394 trillion – just one half of one year later (see also here for more on that)!!!

The UK Telegraph has an article titled, “How the Fed triggered the Arab Spring uprisings in two easy graphs.”  It’s all starting to go completely out of control.  A collapse is coming that will make the Great Depression look like a child’s birthday party.  The present world system simply cannot continue much longer without a complete breakdown.  You can hear the approaching hoofbeats…

Here’s that graph which directly links the euphemistically titled “Arab Spring” (Spring is supposed to be a good thing) as food riots tied to Obama’s reckless fiscal policies:

It’s not an “Arab Spring” of democracy as oppressed people are inspired by Obama, as the demonic media have tried to argue.  Rather,the Arab countries that have collapsed or are collapsing are oil producers and therefore are backed by the U.S. dollar.  And Obama has imploded the value of those currencies by radically devaluing the dollar due to his reckless and immoral policies.

When you take an informed look at the facts, it is frankly stunning how horribly Obama has mismanaged the Middle East.  And it is only a matter of time before that world will blow up because of what Obama has done.

Now, here’s another thing: take a look at the four banks that are the worst of the very worst, and then look at Obama’s donor list: Goldman Sachs, JP Morgan Chase and Citigroup are ALL on Obama’s top ten list of donors.

The people who gave us financial hell in 2008 also gave us Obama.  That is a documented fact.  The too-big-to-fail big money corrupt crony capitalist Wall Street big boys who collapsed our economy – and I guarantee you that collapse aint nowhere NEAR over yet – are the same quivering piles of vile slime that we have to thank for Barry Hussein.

Let me tell you something, a global collapse unlike anything that has ever been seen by mankind is coming.  And Barack Obama is crawling all over the forces that are most behind that coming collapse.

Note that I haven’t even mentioned Fannie Mae and Freddie Mac yet.  These Government Sponsored Enterprises were at the heart of the mortgage market collapse in 2008.  And Barack Obama was their champion while he took more money in less time from them (Dodd took his money over twenty years) than any politician in American history:

I also notice how you utterly fail to mention the gigantic role of Fannie Mae and Freddie Mac in the 2008 collapse:

https://startthinkingright.wordpress.com/2010/01/23/aei-article-how-fannie-and-freddie-blew-up-the-economy/

https://startthinkingright.wordpress.com/2010/08/10/barney-frank-and-democrat-party-most-responsible-for-2008-economic-collapse/

https://startthinkingright.wordpress.com/2010/05/11/2009/08/03/who-really-exploded-your-economy-liberals-or-conservatives/

https://startthinkingright.wordpress.com/2011/08/15/democrats-set-up-america-for-2008-collapse-and-barack-obama-became-their-king/

http://startthinkingright.wordpress.com/2010/05/11/2009/12/31/with-eyes-finally-wide-open-reconsider-why-the-economy-collapsed-in-the-first-place/

https://startthinkingright.wordpress.com/2011/10/13/democrat-lies-about-their-key-role-in-2008-economic-collapse-reaches-laughable-proportions/

https://startthinkingright.wordpress.com/2010/05/11/2009/07/08/biden-we-misread-the-economy-and-its-all-the-republicans-fault/

Fannie Mae and Freddie Mac were created by Democrats. It was perennially staffed with Democrats. It had the sole power to bundle mortgages into the “mortgage backed securites” and then sell those securities to the private market under the guise that they were government and therefore AAA. It got massively into subprime loans to literally piss into those mortgage backed securities even as it made it impossible to tell a good security from a bad one. It forced banks to make utterly STUPID loans that went belly-up.

Watch these videos to see that Fannie Mae was responsible, and Democrats were responsible for preventing ANY regulation at ALL on Fannie Mae:

http://digitalartpress.wordpress.com/2009/03/22/video-proof-democrat-party-warned-responsible-for-fannie-mae-freddie-mac-economic-crisis-repost/

https://startthinkingright.wordpress.com/2010/05/11/barney-frank-video-proves-democrats-at-core-of-2008-economic-collapse/

George Bush tried SEVENTEEN TIMES to reform and regulate Fannie Mae and Freddie Mac. And Democrats stopped him at every single turn until it was too damned late. Look at the timeline: FANNIE and FREDDIE went bankrupt first before anybody else – and they had over sixty percent of the housing mortgage market and there was no stopping the crash that Demoncrats (demonic bureaucratic rodents) created.

Barack Obama is ALL OVER the past and future collapse of the United States of America.  That is a fact.

The disaster that is coming, the disaster that Barack Obama is behind, will be of biblical proportions.  So it is only fitting I end by quoting the Bible:

1 John 2:8-19 says:

“Children, it is the last hour; and just as you heard that antichrist is coming, even now many antichrists have arisen; from this we know that it is the last hour. They went out from us, but they were not really of us; for if they had been of us, they would have remained with us; but they went out, in order that it might be shown that they all are not of us.”

Jesus from Matthew 24:45:

Jesus told them, “Don’t let anyone mislead you, for many will come in my name, claiming, ‘I am the Messiah.’ They will deceive many.

Barack Obama is an antichrist.  He is most certainly not a Christian, though he claims to have come from a “Christian church” that is actually a racist, anti-American and Marxist cesspool.  Obama has championed over 54 million abortions that the Democrat Party is responsible for in America – including outright infanticide; he has either openly mocked the Bible or twisted and distorted its meaning so massively that it is frankly stunning.

The mainstream media propaganda REPEATEDLY crowned Obama with their messianic halo:

And, more than and unlike ANY American leader who has ever come before, Barack Obama has been hailed as “the messiah.”

Believe me, the guy qualifies for what Jesus Christ and St. John warned us about.  No one has EVER qualified more than Obama, save for maybe Adolf Hitler.

He’s not.  Period.  Rather, he is a false messiah, one of the antichrists we were warned about, who is going to bring hell to America and to the world before he hands over power to the TRUE antichrist whose coming will be hastened by the calamity that Obama has caused and still is causing.

Barack Obama is going to cause a financial calamity that will devastate the world and lead to the coming of the four horsemen of the apocalypse as described by Revelation chapter 6.

I’ve given you at least eight hundred and eleven trillion reasons for that conclusion.

The beast is coming.

Update, 4/23/12: Just to point out how corrupt Obama is, Jon Corzine is STILL bundling campaign money for him.

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Jon Corzine: All The Proof You Need About Obama’s Incompetence And Corruption

December 9, 2011

As we contemplate the fact that former Goldman Sachs, CEO, former Democrat U.S. Senator, former Democrat New Jersey Governor and now former MF Global CEO somehow “misplaced” $1.2 billion of Other People’s Money –

and I must here remind you of Margaret Thatcher’s famous dictim: “The problem with socialism is that you eventually run out of Other People’s Money”

– let us consider where this fits in Obama’s God damn America.

This is what Barry Hussein recently had to say about this rat bastard:

“You’ve had an honorable man, a decent man, an honest man, at the helm of this state. … He’s fought for what matters to ordinary folks.”

“People…say, ‘You know, I was saving up all my life. …. Suddenly, because of this financial crisis, I may have to go back to work.’ “

“Jon knows these are challenging times. This is why he got into public service. He didn’t do it for the paycheck.”

“This crisis…came about because of the same theories, the same lax regulation, the same trickle-down economics that the other guy’s party has been peddling for years.”

“Jon’s got the mop and he’s cleaning up after somebody else’s mess.”

• “One of the things you’ve got in Jon Corzine is somebody who tells it to you straight,” Mr Obama said.

Do you notice how Obama – that vile weasel – used Jon Corzine to demonize Republicans?  Obama was actually dishonestly saying that Republicans created a mess, and that this quivering piece of slime Jon Corzine was the guy cleaning up that mess.

Let me just digress for a moment and state that Barack Obama is the most divisive, most dishonest, most hateful, most demonizing, fearmongering LIAR in American history.

Barack Obama credited Jon Corzine as the force behind his $862 billion stimulus:

“Jon’s a leader who’s been called to govern in some extraordinary times,” Obama said while campaigning for Corzine in 2009. “Jon Corzine wasn’t just the first governor to pass an economic recovery plan for his state. He was an ally with the Obama administration in helping us develop a national recovery plan.”

And here’s what Joe Biden – again representing the Obama administration – said about Jon Corzine – while he was pointing out how team Obama repeatedly asked Corzine for advice and trusted him implicitly:

“I literally picked up the phone and called Jon Corzine and said Jon, what do you think we should do,” Biden said. “The reason we called Jon is that we knew that he knew about the economy, about world markets, how we had to respond, unlike almost anyone we knew. It was because he had been in the pit — because he had been in the furnace. And we trusted his judgment.”

Again:

“Way back in the transition period, before we were sworn in, when Barack Obama and I were literally sitting at a desk in a high rise in Chicago, beginning the plan on how we would try to get this economy out of a ditch, literally, the first guy I called was Jon Corzine. It’s not a joke. It’s not a joke. First of all, he’s the smartest guy I know in terms of the economy and on finance, and I really mean that.”

That’s right, Jon Corzine was a trusted adviser to Obama and Biden. That’s why our economy is in such great shape now. And the guy who helped Obama put together the massively failed stimulus also just put together the fourth largest bankruptcy in American history as he put his liberalism to work at MF (which stands for “Managed Futures”) Global and helped himself to other people’s money.

Now the smartest guy Obama and Biden know is saying, “I don’t know where the money went.”  You know, even though that was pretty much his whole JOB to know.

Why we are wondering where the $1.2 billion that Jon Corzine “redistributed,” we should also be asking ourselves, “And while we’re at it, where the hell is the $862 billion in Other People’s Money that Barry Hussein squandered?  And it’s actually $3.27 TRILLION that Obama “lost,” if you believe the Congressional Budget Office.

Where’s the money, Jon?

Where’s the money, Barry Hussein?

Just as Jon Corzine pissed away MF Global and everyone who was invested in MF Global, Barack Obama is pissing away the United States of America and everyone who counts on it.

God damn America is going down the drain, and our only hope is to get rid of these vile Democrats before they wipe us out.

By the way, you know how Goldman Sachs was and is a bunch of corrupt and dishonest slimebags, right?  Guess which candidate for president got more money from that very same corrupt and dishonest bunch of slimebags than ANYONEYou guessed it, Barry Hussein.  And those corrupt and dishonest slimebags were similarly the second highest donors to the Obama campaign in 2007 and again in 2008.

It was Democrats who wrecked America.  And it will be Democrats who put America in its grave.

4/23/12: Just to document how incredibly corrupt Obama is, Jon Corzine is STILL bundling campaign money for him.

Obama Shows Off Anti-Capitalist Pro-Marxist Side – AGAIN

May 1, 2010

From each according to his ability, to each according to his need” – Barack Hussein Obama.

Oops.  That was actually Karl Marx.  My bad.

Not that it really matters.  Both men think pretty much share the same politics.  Obama with his “spread the wealth around” mindset is basically saying the exact same thing as Marx in a slightly different way:

“My attitude is that if the economy’s good for folks from the bottom up, it’s gonna be good for everybody. I think when you spread the wealth around, it’s good for everybody.”

People like Andy Roth of the Club for Growth tried to warn us:

“It’s clear that his main goal is redistribution of wealth, not growth.  He’s perfectly happy to destroy wealth as long as he can redistribute it.”

But Obama’s KoolAid tasted a lot better than wisdom, common sense, and basic decency.  Why work when you can confiscate someone else’s wealth by means of the tyranny of the masses and the ideology of Marxist class warfare?

Obama is a socialist.  Socialists don’t mind wealth at all: they love it.  They just want it in THEIR hands and under THEIR control, rather than anyone else’s.

Let me just give you a quick example.  Goldman Sachs is being attacked (and perhaps justly) for literally betting that the mortgage market would go bust, while misrepresenting mortgage securities to suckers who took them off their hands.

So Goldman Sachs is evil.

But which cynical, demagogic politician took more Goldman Sachs money than ANYBODY???

Barack Hussein Obama.  The little rat bastard weasel didn’t seem to mind when Goldman Sachs was making “more than enough money” to give him a million dollars to buy his victory, did he?

Meanwhile, Obama is helping his Goldman Sachs buddies make billions by means in the cap-and-trade boondoggle (and see also here).

And the primary figure behind the current Goldman Sachs scandal is a LIBERAL bagman who supported liberal Democrat Charles Schumer.

Not that truth matters, of course.

Anyway, we’ve got Barry Hussein channeling Marx yet again:

Obama goes off teleprompter and allows his socialist side to show

Barack Obama:

“I Do Think at Some Point You’ve Made Enough Money”

If we take President Obama at his word, there comes a point when companies and people have made enough money. Logically, it would then be moral in his eyes for the government to confiscate the rest of their earnings. President Obama went off teleprompter and allowed his socialist side to show.

Obama to Wall St.: ‘I Do Think at Some Point You’ve Made Enough Money’ (video)

So with all due respect about Barry Hussein: just who is this son of a bitch to lecture anybody about anything?

Hypocrite Obama At It Again: Attacks GOP Leader For Wall St. Meetings Even As His Chief Of Staff Does Same Thing

April 21, 2010

Let’s see, the definition of “hypocrite“: a person who professes beliefs and opinions that he or she does not hold in order to conceal his or her real feelings or motives.

Yep.  That’s pretty much Barry Hussein – our hypocrite in chief – in a nutshell.

Obama Calls Wall Street Meetings ‘Shocking’ as Rahm Emanuel Meets with Wall Street Investors
by  Connie Hair
04/20/2010

White House Chief of Staff Rahm Emanuel met with Wall Street investors Sunday, the night before his boss, President Obama, criticized such meetings with Wall Street investors.

In Los Angeles trying to help Sen. Barbara Boxer (D-Calif.) boost her sagging senatorial campaign that is in serious trouble, Obama Monday called such Wall Street meetings “shocking.”

“The Senate Republican leader, he paid a visit to Wall Street a week or two ago,” Obama said.  “He took along the chairman of their campaign committee. He met with some of the movers and shakers up there. I don’t know exactly what was discussed. All I can tell you is when he came back, he promptly announced he would oppose the financial regulatory reform.  He would oppose it.  Shocking.”

Just one day before, White House Chief of Staff Rahm Emanuel was meeting with Wall Street “movers and shakers” working out the finer details of the Democrats’ Wall Street reform that sets up a permanent taxpayer-funded bailout structure for “too big to fail” companies.

How is that NOT hypocrisy?  “How DARE you do the same thing my guy just did!  How DARE YOU!!!”

So what is really “shocking” is just what a loathsome, lying, hypocrite demagogue our president is.

Senate Republican Leader Mitch McConnell had absolutely every right and reason to meet with the Wall Street figures, given the fact that he had been blasting the $50 billion in “too big to fail” bailout money that the Democrat legislation had stuffed in it.  That was so heinous that even Obama was trying to strip out the uber-obvious unpopular bailout cash for Wall Street big boys.  Obama said he would onlyonly sign a bill if it passed the test of putting an end to bailouts; this bill contains a gigantic bailout slush fund – and promises many more bailouts to come.  And there is other bad news in that power-grab Obama calls a bill.

Hey, Barry Hussein, how about if we ask one of your Democrats how he feels about that fifty billion bucks that McConnell had been outraged about.  Ask your fellow Democrat how HE feels about your turd of a bill:

(As Rep. Brad Sherman (D-Calif.), a Democrat member of the House Financial Services Committee, told the Politico yesterday that even if the $50 billion bailout slush fund currently in the bill were stripped out, “The Dodd bill has unlimited executive bailout authority. … The bill contains permanent, unlimited bailout authority.”)

The Washington Post reports:

“As President Obama prepares to deliver a speech in New York later this week that will attempt to align his administration squarely on the side of American taxpayers furious with Wall Street, his chief of staff, Rahm Emanuel, met privately on Sunday night with some of the city’s top investors,” The Washington Post’s Jason Horowitz and Michael Shear report. “At a private cocktail reception at the Park Avenue home of investors Jane Hartley and Ralph Schlosstein, Emanuel joked about how each of the 60 guests should take a work of art home before speaking seriously about the administration’s commitment to regulation reform.”

Perhaps Obama didn’t get the Rahmbo memo?

Senate Republican Leader Mitch McConnell (R-Ky.) blasted Democrats for their support of the $50 billion Wall Street bailout fund from the Senate floor today:

“It is important for the country and taxpayer that we get this right, that we put them before politics.  That’s why I was disappointed to read that Senate Democrats are refusing to drop the $50 billion bailout fund — a fund that the Treasury Secretary himself opposes — unless Republicans pay a price for taking it out. This is exactly what Americans don’t like about Washington: when one side tries to ‘get’ something for doing what they should have done in the first place.  If everyone agrees it should be dropped, then it should be dropped.  And if Senate Democrats think it should stay, then they should explain why they think the Treasury Secretary was wrong when he said that this bailout fund ‘would create expectations that the government would step in to protect shareholders and creditors from losses.’

“Both sides have expressed a willingness to make the changes needed to ensure without any doubt that this bill won’t put taxpayers on the hook for future bailouts of Wall Street banks. Let’s just do that.”

Apparently Mitch McConnell is suffering from something slightly worse than Stockholm Syndrome, given the fact that he seems to think the depraved demagogues across the aisle actually have a “willingness” to make “changes needed.”  That just isn’t the way Democrats roll, Mitch: rather, they try to shove through one hard-core partisan bill after another, and then demonize and demagogue anybody who points out what’s wrong with the crap they’re pushing.

You should really KNOW that, Mitch.  After all, Barry Hussein just literally got through doing that very thing to you.

The often-way-too-infuriatingly moderate Susan Collins explained what was wrong with the Democrats’ thrust-into-our-face financial overhaul bill this way:

SEN. SUSAN COLLINS, R-ME.: I don’t think you do it by creating a moral hazard, by putting a big fat fund out there in the first place that tells financial institutions don’t worry, you can engage in risky practices, high-risk products, there is going to be a fund, there it is, $50 billion all ready to bail you out.

But Democrats LOVE moral hazard.  They LOVE rewarding the people who created the mess we’re in to begin with.  And those morally hazardous special interests KNOW it: that’s why Goldman Sachs was the SECOND BIGGEST FINANCIAL CONTRIBUTOR TO OBAMA DURING THE CAMPAIGN.  It’s also why John Paulson, the slimeball investor who made billions screwing America by getting investors to buy investments he was betting would fail, was a major Democrat donor and major supporter of Democrat Chuck Schumer.

Charles Krauthammer points out the fundamental power-grab that this bill truly is:

CHARLES KRAUTHAMMER, SYNDICATED COLUMNIST: I think what is so interesting about the bill that is now proposed is that it is Congress once again voluntarily emasculating itself.

The bailout as proposed in the bill would allow the executive branch on its own, without appropriation from Congress, any approval from Congress, to seize, essentially seize a firm it designates again unilaterally as systematically risky, take it over, have the treasury back all of the bad loans, and then have the Fed print the money to pay them off.

Now, when we did the Chrysler bailout, or the bailout of TARP, which we had in 2008, we had to get the Congress along. This is an interesting and I think a disturbing trend where so much arbitrary power is not only in Washington, but not only in the executive, there is no checks, no balance.

That means you get a few powerful people in Washington, secretary of the treasury, head of the FDIC. You walk into a large institution and say we might designate you systematically risky. We want you to do “x,” “y” and “z.” I can assure you they will do “x,” “y” and “z.”

And that’s what happens in Putin’s Russia when he takes over oil. That’s not the way it should be. Congress ought to stay engaged, and that it’s willingly giving up its prerogative is remarkable.

As usual, Democrats are counting upon outright lies and demagoguery to sell a truly terrible bill.  They present the facade that they are against Wall Street – even though Wall Street has been lining Democrats’ pockets with millions and millions in contributions, and even though Obama’s chief of staff Rahm Emanuel came out of Goldman Sachs – and that Republicans are somehow opposing everything that is good and right by standing against Obama’s next Washington power-grab.

The fact of the matter is that the biggest and most scandal-ridden Wall Street firms such as Goldman Sachs would BENEFIT from Obama’s “regulatory reform.” That’s because the president would have so much power to dole out bailouts and benefits to the most politically-connected Wall Street power-players.  Big Wall Street firms would be able to benefit from low interest government loans and undercut smaller and less politically-connected firms.

To quote the president of Americans for Tax Reform:

The new bank bill would institutionalize more bailouts. No longer would congressmen vote on bailouts, they would be run by bureaucrats and flow automatically from the pockets of taxpayers to the pockets of banks that contribute enough to the Chicago political machine to make the list.

Do you actually want that?  You are literally enabling Obama and Democrats to receive millions and millions of dollars in campaign contributions to help them win reelection even as they give huge Wall Street firms billions and billions in future rewards courtesy of taxpayers.

Please don’t believe the constant stream of lies that spew out of the mouth of your hypocrite-in-chief.

Corrupt Financier Bernard Madoff Supported Democrats

October 6, 2009

Take a gander at king of thieves Bernard Madoff’s political contributions.  Then explain to me how the Republican Party is the party of greed.

The top three donations to the Democrats all dated 03/18/09, by the way, are in fact three separate donations (totaling over $75,00).

Contributor Candidate or PAC Amount Date FEC Filing
MADOFF, BERNARD L
NEW YORK, NY 10022
DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) $-25,000
primary
03/18/09
MADOFF, BERNARD L
NEW YORK, NY 10022
DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) $-25,000
primary
03/18/09
MADOFF, BERNARD L
NEW YORK, NY 10022
DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) $-25,000
primary
03/18/09
MADOFF, BERNARD L
NEW YORK, NY 10022
DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) $-25,000
primary
03/18/09
Madoff, Bernard L. Mr.
New York, NY 10021
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION POLITICAL ACTION COMMITTEE $-10,000
primary
02/27/09
MADOFF, BERNARD L
NEW YORK, NY 10022
BERNARD L. MADOFF INVEST.-SEC./CHAI
DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) $25,000
primary
09/12/08
Madoff, Bernard L. Mr.
New York, NY 10021
Bernard L. Madoff Investment Securi
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION POLITICAL ACTION COMMITTEE $5,000
primary
08/20/08
MADOFF, BERNARD
NEW YORK, NY 10022
SELF EMPLOYED/INVESTOR
MERKLEY, JEFFREY ALAN (D)
Senate – OR
JEFF MERKLEY FOR OREGON
$2,300
primary
04/24/08
Madoff, Bernard L.
New York, NY 10021
SAUL, ANDREW MARSHALL (R)
House (NY 19)
SAUL FOR CONGRESS INC
$-2,300
primary
12/05/07
Madoff, Bernard L
New York, NY 10021
Bernard Madoff Investment/Chairman
LAUTENBERG, FRANK R (D)
Senate – NJ
LAUTENBERG NJ VICTORY COMMITTEE
$300
primary
07/20/07
Madoff, Bernard L
New York, NY 10021
Bernard Madoff Investment/Chairman
LAUTENBERG, FRANK R (D)
Senate – NJ
LAUTENBERG NJ VICTORY COMMITTEE
$5,000
primary
07/20/07
Madoff, Bernard L
New York, NY 10021
Bernard Madoff Investment/Chairman
LAUTENBERG, FRANK R (D)
Senate – NJ
LAUTENBERG NJ VICTORY COMMITTEE
$2,300
primary
07/20/07
Madoff, Bernard L.
New York, NY 10021
Bernard L. Madoff Investment/Chairm
SAUL, ANDREW MARSHALL (R)
House (NY 19)
SAUL FOR CONGRESS INC
$2,300
primary
07/10/07
Madoff, Bernard L Mr.
New York, NY 10021
Bernard L. Madoff Investment Securi
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION POLITICAL ACTION COMMITTEE $5,000
primary
05/24/07
MADOFF, BERNARD L
NEW YORK, NY 10022
BERNARD L. MADOFF INVEST.-SEC./CHAI
DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) $25,000
primary
05/04/07
Madoff, Bernard L Mr.
New York, NY 10021
Bernard L. Madoff Investment Securi
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A $5,000
primary
10/17/06
MADOFF, BERNARD L
NEW YORK, NY 10022
BERNARD L. MADOFF INVEST. SEC./CHAI
DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) $25,000
primary
09/30/06
Madoff, Bernard L Mr.
New York, NY 10021
Bernard L. Madoff Investment Securi
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A $5,000
primary
09/22/05
MADOFF, BERNARD L
NEW YORK, NY 10021
BERNARD L MADOFF INVEST SEC
DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) $25,000
primary
05/09/05
Madoff, Bernard
New York, NY 10021
Madoff Investments/Chairman
MATHESON, JAMES (D)
House (UT 02)
MATHESON FOR CONGRESS
$250
general
10/18/04
Madoff, Bernard L
New York, NY 10021
FROST, MARTIN (D)
House (TX 32)
MARTIN FROST CAMPAIGN COMMITTEE
$250
general
10/15/04
Madoff, Bernard
New York, NY 10021
Self-employed/Banker
HOOLEY, DARLENE (D)
House (OR 05)
HOOLEY FOR CONGRESS
$250
general
10/15/04
MADOFF, BERNARD L
NEW YORK, NY 10021
BERNARD L MADOFF INVESTMENTS
SCHUMER, CHARLES E (D)
Senate – NY
FRIENDS OF SCHUMER
$1,000
general
08/18/04
MADOFF, BERNARD L
NEW YORK, NY 10021
BERNARD L MADOFF INVESTMENTS
SCHUMER, CHARLES E (D)
Senate – NY
FRIENDS OF SCHUMER
$1,000
primary
08/18/04
Madoff, Bernard L Mr.
New York, NY 10021
Madoff (Bernard L.) Investment Secu
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A $5,000
primary
07/08/04
Madoff, Bernard L
New York, NY 10021
Madoff Investments/Chairman
MARKEY, EDWARD J MR. (D)
House (MA 07)
MARKEY COMMITTEE, THE
$2,000
primary
06/17/04
Madoff, Bernard L
New York, NY 10021
Madoff Investments/Chairman
MARKEY, EDWARD J MR. (D)
House (MA 07)
MARKEY COMMITTEE, THE
$2,000
general
06/17/04
MADOFF, BERNARD
NEW YORK, NY 10021
BERNARD MADOFF INVESTMENTS
LAUTENBERG, FRANK R (D)
Senate – NJ
LAUTENBERG FOR SENATE
$1,000 02/18/04
Madoff, Bernard L
New York, NY 10021
Bernard L Madoff/Chairman
GEPHARDT, RICHARD A (D)
President
GEPHARDT FOR PRESIDENT INC.
$2,000
primary
09/23/03
MADOFF, BERNARD
NEW YORK, NY 10021
BERNARD MADOFF INVESTMENTS
WYDEN, RONALD LEE (D)
Senate – OR
WYDEN FOR SENATE
$2,000
general
03/25/03
MADOFF, BERNARD
NEW YORK, NY 10021
BERNARD MADOFF INVESTMENTS
WYDEN, RONALD LEE (D)
Senate – OR
WYDEN FOR SENATE
$2,000
primary
03/25/03
MADOFF, BERNARD L
NEW YORK, NY 10021
BERNARD L MADOFF INVESTMENTS
SCHUMER, CHARLES E (D)
Senate – NY
FRIENDS OF SCHUMER
$1,000
general
04/08/02
MADOFF, BERNARD L
NEW YORK, NY 10021
BERNARD L MADOFF INVESTMENTS
SCHUMER, CHARLES E (D)
Senate – NY
FRIENDS OF SCHUMER
$1,000
primary
04/08/02
Madoff, Bernard L.
New York, NY 10022
Bernard L. Madoff P.C./Chairman
RANGEL, CHARLES B (D)
House (NY 15)
RANGEL FOR CONGRESS
$1,000
primary
08/30/01
MADOFF, BERNARD
NEW YORK, NY 10022
BERNARD L MADOFF INVESTMENT SECURIT
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A $2,000
primary
11/03/00
MADOFF, BERNARD L
NEW YORK, NY 10021
BERNARD MADOFF INVESTMENT SEC
FOSSELLA, VITO (R)
House (NY 13)
COMMITTEE TO RE-ELECT VITO FOSSELLA
$1,000
primary
04/20/00
MADOFF, BERNARD L
NEW YORK, NY 10021
BERNARD MADOFF INC
OBEY, DAVID R. (D)
House (WI 07)
A LOT OF PEOPLE FOR DAVE OBEY
$1,000
primary
03/10/00
MADOFF, BERNARD
NEW YORK, NY 10022
CHAIRMAN
CLINTON, HILLARY RODHAM (D)
Senate – NY
HILLARY RODHAM CLINTON FOR US SENATE COMMITTEE INC
$1,000
primary
01/13/00
MADOFF, BERNARD
NEW YORK, NY 10022
BERNARD L MADOFF INVESTMENT SECURIT
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A $2,000
primary
12/20/99
MADOFF, BERNARD
NEW YORK, NY 10022
BERNARD L MADOFF INVESTMENT SECURIT
SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION FUND A $2,000
primary
12/20/99
MADOFF, BERNARD
NEW YORK, NY 10021
MADOFF SECURITIES
CORZINE, JON S (D)
Senate – NJ
CORZINE 2000 INC
$1,000
primary
08/24/99
Madoff, Bernard Mr.
New York, NY 10021
Bernard Madoff Investment Securitie
BRADLEY, BILL (D)
President
BILL BRADLEY FOR PRESIDENT INC
$1,000
primary
04/26/99
MADOFF, BERNARD L
NEW YORK, NY 10021
BERNARD L MADOFF INVESTMENT SECURIT
SCHUMER, CHARLES E (D)
Senate – NY
VICTORY IN NEW YORK
$1,000
primary
10/30/98
MADOFF, BERNARD L
NEW YORK, NY 10022
BERNARD L MADOFF PC
RANGEL, CHARLES B (D)
House (NY 15)
RANGEL FOR CONGRESS
$1,000
general
10/23/98
MADOFF, BERNARD L
NEW YORK, NY 10021
SELF-EMPLOYED
D’AMATO, ALFONSE M (R)
Senate – NY
FRIENDS OF SENATOR D’AMATO (1998 COMMITTEE)
$1,000
general
09/21/98
MADOFF, BERNARD
NEW YORK, NY 10022
CROWLEY, JOSEPH (D)
House (NY 07)
CROWLEY FOR CONGRESS
$-500
primary
08/26/98
MADOFF, BERNARD
NEW YORK, NY 10022
BOND BROKER
CROWLEY, JOSEPH (D)
House (NY 07)
CROWLEY FOR CONGRESS
$500
primary
08/04/98
MADOFF, BERNARD
NEW YORK, NY 10021
SCHUMER, CHARLES E (D)
Senate – NY
SCHUMER ’98
$-300
primary
06/29/98
MADOFF, BERNARD L
NEW YORK, NY 10022
BERNARD L MADOFF INVESTMENT SECURIT
SCHUMER, CHARLES E (D)
Senate – NY
SCHUMER ’98
$1,000
general
05/22/98
MADOFF, BERNARD L
NEW YORK, NY 10022
BERNARD L MADOFF INVESTMENT SECURIT
SCHUMER, CHARLES E (D)
Senate – NY
SCHUMER ’98
$1,000
primary
05/22/98

When you take a look at who the nation’s biggest scumbags and crooks actually support, it should set to rest the lie that the Republican Party is the party that advanced these people’s greedy self-interests.

Take a look at Norman Hsu, who was a major Democrat fundraiser – and a major Democrat scumbag.  Take a look at Hassan Nemazee.  The Democrats have all sorts of slimeballs who make Jack Abramoff – as bad as he was – look like a chump change operator.

And you maintain that the REPUBLICANS are the party of greed and fraud?  And you want to give DEMOCRATS total power to control everything?  We’re about to see that actions have consequences.

Take a look at your corrupt new Chicago president.  Senator Barack Obama was the largest single recipient of corrupt and collapsed Fannie Mae campaign contributions over the last 20 years – even though he had only been in the Senate for four of those 20 years.  There is no question that Fannie Mae was at the epicenter of the subprime mortgage disaster (see here for a concise summary of the AEI article) that created the financial meltdown in 2008.  Even the liberal Newsweek acknowledges that “Fannie Mae defanged laws that could have prevented the subprime mess.”  And how did they do that?  By supporting lawmakers like Barack Obama who took their side.

Conservatives repeatedly tried – to no avail in the face of united Democrat opposition – to stop the monster (that Democrats supported, and received support from) from growing and then collapsing and taking the economy along with it.

Now Democrats are on their way to rebuilding the monster so that we can have another collapse down the road.

Obama was also right at the head of the line in campaign handouts from corrupt and collapsed Wall Street player Lehman Brothers.  Lehman Bros. was one of the worst players in the subprime game that made them so much money before exploding – and imploding the economy.

Obama had all sorts of “subprime buddies.” Obama was getting huge money from all of the very worst of the worst Wall Street players who brought us down.  You should seriously take a look at all the greedy and Wall Street entities and executives who piled money into Obama’s hands and ask yourself why they funded him.

Democrats are yelling for regulations as the “solution” to the problems caused by the free market.  But before you fall for that load of malarkey, just realize that Fannie Mae and Freddie Mac were Government Sponsored Enterprises (GSEs) – and fell under the direct oversight of the government.  The reason Democrats want to have so much authority over the economy is so they can benefit from all the cozy and profitable relationships that accrue from the finance world coming to politicians for special treatment favors.

Did Barney Frank’s regulatory oversight over Fannie Mae and Freddie Mac stop their collapse?  Hardly.  In 2003, when George Bush first tried to create regulations that may well have prevented the 2008 collapse, Barney Frank represented the overwhelming Democrat opposition when he said:

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

And just before Fannie and Freddie – which controlled half of the nation’s total mortgages – collapsed, Barney Frank (who had direct authority over the GSEs as Chairman of the House Financial Services Committee) said:

REP. BARNEY FRANK, D-MASS.: “I think this is a case where Fannie and Freddie are fundamentally sound, that they are not in danger of going under. They’re not the best investments these days from the long-term standpoint going back. I think they are in good shape going forward.”

You can watch Democrats fiddling while Rome burned on Youtube:

The Democrats’ “regulations” amounted to the foxes being put in charge of keeping the chickens safe.

And we’re currently seeing an explosion of frankly quasi-fascist interrelated influence between the White House and giant Wall Street entities under the president who has been bought and sold by the same people who destroyed the economy.

If you want the truth today, you have to go out and seek it.  Because the media today is as dishonest and as much of a propaganda tool for Democrats as TASS and Pravda used to be for the Union of Soviet Socialist Republics.

Respected Analyst Meredith Whitney Predicts Unemployment Of 13 Percent Or Higher

July 14, 2009

The Obama administration predicted that if Obama’s stimulus passed, unemployment would not go over 8%.  He blatantly fearmongered the economy down in order to get his pet stimulus passed.  Obama rushed his incredibly euphemistically-named American Recovery Act through Congress so fast that no one even got a chance to actually read it.

The idea, of course, is that Obama’s liberal solutions would stop the slide and make things get gradually better.  But unemployment – which was at 4.4% when Democrats took power over both the House and the Senate – was at 6.7% when Obama got elected and at 7.2% when Obama was pushing for his stimulus in January.  As the Associated Press puts it, “In January, President Barack Obama’s economic team predicted unemployment would rise no higher than 8 percent with the help of $787 billion in new government spending.”  Yet unemployment is now higher than what the Congressional Budget Office said it would reach if we didn’t pass a stimulus.

Talk about a massive failure.

Now unemployment is at 9.5%, and – according to respected analyst Meredith Whitney – it is expected to top 13% in the coming months.

Banks Stronger But Outlook Clouded by Job Loss: Whitney

Unemployment is likely to rise to 13 percent or higher and will weigh on the economy for several years, countering government efforts to stabilize the banking industry, analyst Meredith Whitney told CNBC.

While Whitney raised her short-term outlook for banks, causing stocks to open in positive territory after pointing lower earlier, she said the long-term outlook for the economy remains murky.

Consumers will not be able to spend as they continue to lose jobs and credit conditions stay tight, she said in a live interview. The result will provide a vivid display of how critical housing and lending are to economic growth. Unemployment is currently at 9.5 percent but is expected to keep rising.

We underestimate how much the whole economy is dependent on the mortgage industry, and that has to change,” Whitney said. “This is what happens when you delay the inevitable. We’re buying time here, but we’re not restructuring the economy.”

And she’s right.  All the trillions of dollars in debt Obama has imposed on the American people, and with all of those trillions, he has utterly failed to do anything to fix the fundamental issues that broke our economy in the first place.  In fact, he is now seeking to use the $700 billion in TARP money (which stands for ‘Troubled Asset Relief Program”) to hand out to certain small businesses.  But don’t forget that the program was implemented to buy distressed assets from financial institutions, and NOT to buy political patronage.

Obama’s $3.27 trillion stimulus didn’t do anything to address the mortgage industry’s fundamental crisis, his 9,000-pork-project-laden $410 billion omnibus bill didn’t do anything to address the mortgage industry’s fundamental crisis, and now he is planning to pillage the one source of funds that were designed to deal with the things that actually created the economic crisis.

Meredith Whitney is bullish on Goldman-Sachs because sich the giant institution “will benefit from being a key player in a ‘tsunami of debt issuance’ by governments as they try to fill gaps in underfunded budgets.”

The Wall Street Journal article continues:

However, Ms. Whitney said her bullish view of Goldman is rooted in her overall bearish outlook for the U.S. economy and other U.S. financial companies. During an interview on the financial network CNBC on Monday morning, she said the U.S. unemployment rate could reach 13% and remain elevated beyond 2010, and that most banks likely aren’t prepared for prolonged joblessness at that level. The U.S. unemployment rate reached 9.5% in June. She said that bank stocks will be good buys in the short-term due to a robust mortgage business, but that the longer-term outlook for most banks was grim.

The suspicious person would wonder over the fact that Obama – who took more campaign money from the financial institutions that played critical roles in bringing us the economic crisis in the first place – is now preparing to massively reward those very same institutions.

But let’s forget about that, and focus on the far more terrifying news than mere Chicago-style political corruption.

Let us focus on the fact that, contrary to Obama’s bold assertions, things are not looking up.  They are in fact looking down.  And increasingly, it appears that things are going right down the toilet.

Now, given those two basic facts – Obama’s early prediction that his stimulus would hold unemployment to under 8%, and Meredith Whitney’s forecast of coming 13% or higher unemployment – what do you make of Obama’s statement:

Yet the stimulus package “is working exactly as we had anticipated,’’ Obama told CNN. “We always anticipated that a big chunk of that money then would be spent not only in the second half of the year, but also next year. This was designed to be a two-year plan and not a six-month plan,’’ he said.

How can this sound like anything other than the most transparent lie?  And the lie of a man who has absolutely no idea what he’s doing at that.  How can he so blithely pass over his total documented failure to manage the economy as he said he could?  How can he so blithely pass over the coming black hole of unemployment that is just going to get worse and worse?

Our president is a fool who has been by far the most successful when he has counted on the foolishness of the American people.

Vice President Joe Biden recently said, “The truth is, we and everyone else misread the economy.”  But that is not true at all.  For one thing, it wasn’t “everyone” who issued the completely contradictory statements that 1) predicted that unemployment wouldn’t rise above 8% if we passed the stimulus; 2) said we misread the economy; and 3) said the stimulus package is performing exactly as anticipated.  Only the Obama administration was so completely wrong, and so completely incoherent.

I’m no great economist, but I’ve been regularly predicting that Obama would totally fail to handle the economic mess that Democrats largely created in the first place.  Republicans predicted that the stimulus would totally fail to create jobs even as it harmed our economy with stratospheric debt.  CEO’s have gone on record predicting that Obama would bankrupt the country within three years if his agenda was implemented.

The unemployment numbers are truly terrifying, particularly if you realize that – with discouraged workers factored in as they were during the Great Depression – we are already at Great Depression levels of unemployment.   For the record, the unemployment rate in 1930 was about where it is now.  And we were when the unemployment rate was a full percentage point lower than it is today.   Paul Craig Roberts, the assistant secretary of the Treasury under Reagan, said on January 12, 2009, “According to the methodology used in 1980, the US unemployment rate in December 2008 reached 17.5 percent.”  We’re going down the drain, and all our federal government can do is play games with economic statistics to make things appear less bad than they really are.  But what’s going to happen when it goes up yet another four percent from where it is now?  And based on what factors will we be able to stop it at that level?