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Friday, August 28, 2009

Our Vacationing President

This week Wall Street has been pushing the DOW to remain above 9500 on helium instead of it being supported by a true and strong wind current. The casino-style investment buying that allows large institutions to manipulate the market in order to pad their diminishing profits exists outside of the real economy.

Harvard law professor, Dr. Elizabeth Warren, the chair of the TARP Oversight Panel Committee appointed by Congress, and the only person directly affiliated with government accountability who is saying it like it really is, has warned us that the next big tsunami to sweep over the Wall Street Kool-Aid sippers is the commercial real estate collapse and coming foreclosures.

We all know where that would lead. Commercial real estate defaults would not get bailed out. There is no more money for bailouts. FDIC has already bailed out 81 banks just this year, and there are hundreds resting on the precipice of failure. FDIC is nearly broke. It has already used up its bank-rescue funds. Bernanke has already promised, pledged or issued $23T to the banking crime syndicate. How much more of the U.S. debt can he monetize? And, the Chinese have backed away from long term Treasury purchases.

As commercial real estate defaults, stores end up empty, malls become garbage dumps filled with weeds, and locust trees. Workers end up unemployed, and scared their mortgages may wind up in default, too! Consumers will tighten their spending belts even more. Treasury revenues will continue to decline.

Coming soon are more prime mortgage defaults as ARM-adjustable rate mortgages-come due. Many cannot afford the rise in the rates, and will end up walking away from the mortgages.

The financial crime syndicate’s chief financial officer (CFO), Bada Bing Bernanke, has been given a warm hug by the vacation president, Barack Obama. An endorsement that will extend Bernanke’s relationship with the financial crime syndicate’s crime bosses for another term. Bada Bing has done his best to threaten Congress from unraveling his disastrous web of worthless debt collected from his crime boss bankstas in exchange for hard cash at zero percent interest.

Back in November of 2008, Bloomberg News sued the Federal Reserve Bank of the United States, a private banking entity, yet, nevertheless, authorized by Congress to influence monetary and credit conditions, as well as the expansion and contraction of the money supply Bernanke refused to disclose any and all names of the financial companies he lent to. In addition, he would not disclose the amount of the loans, or the assets taken by the Fed as collateral under a wide range of programs. Secrecy is the bottom line. The Fed knows that if such information got out that the collateral they took in exchange for the cash give-away to the corrupt, and underwater financial institutions would likely cause the DOW to fall back to the 7000 mark or lower. This is Wall Street and the Fed’s way of window dressing the economy and making it look healthier than it really is.

Wall Street knows that these too-big-to-fail crime syndicate banks will never pay back their debts to the government. They just don’t care. If they lose stock market bets, it doesn’t matter to them, but to the average investor piggy-backing on their bets, it should matter. The Fed loaned them the betting capital at zero percent interest, while the average investor is using their precious earnings to ride the wave.

There will be no truth-telling here.

What we now have is Bernanke continuing to offer cash to these institutions allowing them to “Pump and Dump” stock prices. What the financial crime syndicate does is, no doubt, pump huge sums into specific stocks pushing up the stock prices, and then, once a price is reached that appeals to the manipulators, they sell, or dump. This pads their balance sheets. Their balance sheets have not been written down to disclose the trillions of dollars of residential toxic mortgages that they have been sitting on. They have been allowed to use imaginary market values to establish a make-believe market price for the worthless trash they claim has real value. Mark-to-market values no longer apply to them. They likely believe their toxic debt is worth 3 times what it is really worth. Their Cash-For-Toxic-Mortgage-Clunkers are not worth the actual 23 cents per dollar value, but instead they want a trade-in price of 80-90 cents per dollar value.

As they drive their investment banks down the road to fantasy recovery, what they refuse to see coming at them is a massive semi-tractor trailer filled with explosives labeled “Commercial real estate defaults”! By next year, Bank of America, PNC, Wells Fargo and Chase will see 50% of all residential mortgages underwater. Unemployment-underemployment figures will reach Depression Era levels of 20%. Mr. Barack Obama, Ben Bernanke, Congress and Wall Street will have to rope off the accident scene and perform triage. Will Mr. President decide that his vacation time has ended?

Such a scenario will create a second downturn in the economy, which will likely cause very damaging affects. I wouldn’t expect Wall Street to begin pouring the Kool-Aid anytime after that because the Kool-Aid would have turned sour. All the non-performing loans will implode like a blazing grass fire igniting the dry forest’s tree canopy.

What will happen in China when the second U.S. economic tsunami sweeps over? China has a significant overcapacity of goods, while it is busy inflating huge asset bubbles which could blow up in its face. Chinese bank regulators are telling bank lenders to increase their reserves of non-performing loans. In addition, the central bank has raised money-market rates in order to drain their liquidity swamp. Keep firing up the banking expansion. It doesn’t matter that many of their building projects have no tenants. China is determined to remain the world’s sweatshop, and anchor down deflation.

With only two years until a presidential election, and senate seat reelections, Congress may decide that the voters had had enough of the Ponzi Scheme, and the transference of wealth from working Americans into the hands of bankstas. We may just see Congress demand the Fed open its books before the primary election races. We may end up seeing Bernanke winning The World’s Most Hated Man award. He may have to shave his beard, dye his remaining hair red, and enter into the witness protection program where he will be relocated to Idaho, Montana, or Wyoming.

I keep wondering what would Truman do if he were President Obama? Knowing what I know about Harry Truman, he would not be gallivanting in Martha’s Vineyard, when the Rose Garden would have had to do.

Thanks for reading, jerry

Tuesday, August 18, 2009

The De-evolution of the United States

The Reagan Supply-side Revolution Hydra, with field general Alan Greenspan at its side, is finally seeing the tempest-like tentacles of the economic serpent spin out of control. This hydra of design was an intentional and willful decision on behalf of the riches Americans who felt that they were not rich enough, and the Republicans were not all powerful enough, therefore they executed a plan to take working America down to the wage bottom. It would take decades, but had to be done. The Reagan Economic Revolution of laissez-faire, neo-liberalism has frenzied the Rightwing into a full-fledged panic morphing their followers into becoming the new KKK, or the Kooktard Kook d’e-tat revolution.

This new, or neo-KKK, appears to be comprised of average Americans freaked out over a newly proposed, and now abandoned, government program designed to protect many of those very same people, or those close to them, from further erosion of their disappearing wages, savings, or livelihoods, which would take the form of a public option health care plan. This is the health care industry’s favorite choice now called Health Care Co-ops, which would diminish Americans from bargaining for the best prices for drugs or premiums.

What is unfortunate is that they have taken their marching orders from the Rightwing elites made up of the wealthiest corporatists, and Republican Party jihadis wanting to maintain their death grip stranglehold upon the political system they so intentionally damaged.

It appears their current plan is to try and disrupt the political dialogue among citizens by force, through the orchestration of aggressive tactics at local town hall meetings by their zombie neo-KKK foot soldiers who recite the fabricated and propagandistic talking points fed them by their neo-fascist masters in the Rightwing media, and inside government. The neo-KKK members are injected with IV formulas of lies and distortions of fact they extract from within the text of the proposed, and now likely defunct, health care bill, such as “death panel”, or ‘the intrusion of medical battalions entering one’s home to tell them how to raise their at-risk kids.’

We have people like former Lt. Governor Betsy McCaughey who put up a Youtube video trailered with clips and photos of Nazis and members of the Third Reich. Her video pretended that the public option bill had Hitler’s fascism as it’s underpinning, when in reality she had portrayed herself as a neo-Nazi-type of propagandist. This projection of others being fascists for considering the public option health care bill, which is a far cry from a government takeover of health care, although it should be, in my opinion, appear to harbor fascist beliefs that they carry inside themselves, which manifests through their irrational behaviors and actions brought forth into the “marketplace of ideas” that had been fathered through the birth of democracy a few hundred years earlier!

Sarah Palin, Senator Grassley, Congresswoman Michelle Bachmann, Tom Delay, Dick Armey, Senator Kent Conrad, House Republi-CON leader John-the boner-Boehner, and others are currently the facilitators of the neo-KKK movement: Kooktard Kook d’e-tat. “Master operators” funding the Kook d’e-tat, no doubt, have hired Palin on. These same Rightwing corporate elites appear to be the drivers behind her resignation as Alaskan governor. She hides the real reason why she resigned. A huge increase in cash payments. She is the perfect pawn, carnival barker huckster to go around the country selling their neo-fascist, Rightwing propagandistic snake-oil in her good ‘ole folksy Alaska-speak style. “You Betcha!” The purpose appears to be to put her, and others, out front to start “Liar’s Fires” forcing the Left, Democrats, and moderates to run out with their fire extinguisher-in-arm representatives to attempt to put them out.

These puppet master neo-fascist corporate elites have a leash around their Congressional lapdogs, who they feed buckets of campaign contribution slop to make sure they bark out the message of ‘the rich MUST remain rich at all costs!’ Therefore, the neo-fascist puppet masters feed even more of this “slop” to their media master’s of ceremonies, such as Glen Beck, Shawn Hannity, Rush Limbaugh, and Bill O’Reilly. It now appears that many such puppet masters find Beck too blatantly offensive. Their slop comes in the form of big salaries, perks, bonuses, and more.

Bush and Cheney set the stage with the Iraq War, torture, the terrorist boogiemen, the need to subvert the U.S. Constitution, and erode our respect in the world in order to bring about the new Rightwing neo-fascism to satisfy the multi-national corporate Hydra, which includes the insurance, Pharma, real estate and financial corporate elites. Their pledge amongst one another appears to be committed to making sure workers earn as little as possible, so they squawk minimally about cheap foreign-made goods made by low paid foreigners. Turn Americans into drone worker bees. But, in order to keep their diminishing cash flow from drying up, they entice them to borrow as much as they can to keep afloat, while enriching the elites with the interest they pay on their mounting debt burden. Ah. The rich stay fat and happy.

But their plan has exploded apart. The elites are now afraid, more than ever, of losing more of their wealth, control, and power that they have spent over the decades nurturing, massaging, and funding while they watch the economy slip further into decline. A decline rivaling only the Great Depression.

So, they ramp up the neo-KKK tactics, and encourage bold and aggressive behavior, such as carrying in guns and semi-automatic assault weapons to town hall rallies, as well as scream, yell, tantrum, and insight chaotic behavior in and around such venues. They have been intimidating congresspersons into rejecting the health care bill plan. Be afraid of possibly obtaining health care for your family at very affordable rates. We cannot anger the insurance company elites. Now, can we? The purpose of this neo-fascist movement is to create a tipping point in order to gain control. That tipping point is the fear of violence or actual violence itself.

To usher in Rightwing fascism and to regain the power lost by the Rightwing is to insight violence. There may be no turning back from that abyss if such bold actions begin to take hold.

Federal Reserve chairman Ben Bernanke has been listening and following his marching orders from the FIRE/Pharma puppet masters (Finance, Insurance, Real Estate) fearful of a mudslide that will likely collapse their profit making hydra-like machine. These “Corporate Royalists”, America’s puppet masters, whose political affiliations are more embedded within the Republican neo-KKK Party, are putting the squeeze on Bada Bing Bernanke to do whatever it takes to fire up a virtually broken drivetrain credit engine, which is losing its oil, ie. consumer spending resulting from excessive consumer borrowing, by the tanker load.

Bada Bing has poured $800B into the lending master’s crankcase with little results. The engine is backfiring a hazy bluish white smoke because the it is nearly fried after 30 plus years of running hard with little concern for long term reliability and care. Bernanke has stuffed over a trillion dollars into the pockets of the investment banking money lenders who have hoarded the load knowing that they have major liabilities that could leave them stranded and towed into bankruptcy court.

Toxic mortgage debt frothing at the mouth sitting off their balance sheets are ready to bite them in the face. Then there is the bloated, and about to drown, commercial real estate bubble ready to topple the major Humpty Dumpty investment banks that will see their investments explode into a securitized nuclear winter scenario. Or, how about their non-performing loans (a loan that is in default or close to it)? I guess it is called non-performing for a reason!

Bernanke has jumped to attention when these corporate financial crime syndicate thieves demanded that he call in the engravers to monetize the bogus debt he had collected as collateral, in addition to what he had already manufactured by selling Treasuries to the tune of nearly $13 trillion!

Has anyone told Bernanke or his “crime syndicate bosses” inside the world’s largest financial Pyramid Scheme, as well as the Republican orchestrated field marshals waving the neo-KKK baton, that the American worker has lost their retirement nest-egg and needs to save his/her money again, as they watch their wages turn stagnant or fall, and their standard-of-living erode, while their home equity evaporates, and their mortgage goes underwater?

And, for many, foreclosures have reached 1.9M, $14T in household wealth has vanished, home equity has dropped to 41%, under-unemployment has reached close to 20%, (reported by the Bureau of Labor Statistics) that there is no job growth in any sector of the economy, and the U.S. private sector economy has failed to add any significant number of jobs within the last 10 years, except when the government has stepped in to hire on jobs off the private sector. So, where is the public outrage by the neo-KKK zombies booing and heckling at town hall meetings discussing the public option? Absent! “By 2006, the richest paid only 17.2 percent of their income in taxes. Today, the top taxpayers pay the same percentage of their incomes in taxes as those making $50,000 to $75,000, although they doubled their share of total U.S. income,” as reported by Don Monkerud in the Capital Times of Madison Wisconsin, 7-16-09. Shouldn’t the neo-KKK zombies want this to change first leveling the income tax playing field? I guess they don’t care. It is no socialized health care for them.

So who should the neo-KKK zombies be angry at? How about Bernanke for allowing the Republican corporate elite financiers, who are paying off nearly all the Republican, and many Democratic (Max Baucus, for one) greedy money junkies in Congress, as well as those within the executive branch over the last 30 years, but, especially, within the last 10 years! But NO; they choose the new guy on the block—President Barack Obama because he was pressing for a public option health care bill, while many of them might need it in the coming years. But no, it’s a Birther Revolution!

Were the neo-KKK Birthers, Tea Baggers, and Palineers calling for an uprising when BushBoy and McCain rushed to the halls of Congress hootin’ and hollering for a bailout of the investment bankstas resulting from Bernanke and (former Bush Treasury Secretary Hank) Paulson’s threatening bugle call sounding the warning that if it were not given to them ASAP the nation would experience an economic Armageddon? NO! Or, how about over the two wars, and a rising Pentagon and military budget? Or, the growing wealth disparity? Or, greedy corporate elites? NO!

Therefore, one can only conclude that this current Republican generated neo-fascist uprising is being orchestrated by those fearful of losing their financial and political wealth and control over government and the nation. This is how fascism is borne out of a damaged democracy. Be aware of what can happen next! Violence! A domestic military presence in the streets! And more.

The enforcement of the Violent Radicalization and Homegrown Terror Act of 2007 -HR 1955 passed under BushBoy and a Republican controlled Congress might actually become part of that tipping point I mentioned above. Read it! It is scary!

But, what is being heard is the announcement by the Chinese and their threat to dump U.S. Treasuries if Bernanke and Geithner continue to listen to the financial crime syndicate puppet masters wanting so desperately to dress up in their Brown Shirts and reignite the credit markets through more monetization of our increasing debt levels.

What we are witnessing today really is frightening. Democracy rests on a dangerous precipice, which has been pushed closer and closer to the edge of survival by the neo-fascist corporate greedy power brokers pounding hard against the Republican Party and their media commandos, the Blue Dog Cowardly Democrats, and others to not give into the “other side”, otherwise they may lose what they dearly cherish: greed and power. They are willing to sacrifice our democracy so that it may live on for another lifetime.

These corporate financial thieves that have drained the nation’s economic reservoir over the last 30 plus years, and especially, under BushBoy, used working Americans to create their wealth by keeping wages stagnant, and forcing them to borrow for the purpose of keeping consuming and spending alive and flowing, yet knowing that someday the gig will be up. Now the ride is about over. The U.S. consumer will no longer be the world’s junk and toy collectors. Their basement shelves are full and now they are heading for the local flea markets to see what they can get rid of, since they need that cash to eat, pay rent, utilities, as well as their exorbitant insurance premiums, if they have any at all. And, don’t forget gas for the family jalopies. Now that the working class consumer is no longer in the bargain hunting game, the U.S. marketplace will become less attractive to China and Asia. The end result of this Domino Effect could be the U.S. dollar will no longer be used as the world’s reserve currency. Therefore, the U.S. falls from its Ivory Tower joining the others on the struggling world stage.

The neo-KKK Republican zombies don’t want a government health care plan, but might accept what the health insurance industry gleefully would wish for and that is health care co-ops, which would not help people at all. They roiled themselves into a lather just because a section of the public option bill would permit health care professionals to assist families with their child development struggles they have at home. Now, we can’t have that! Can we? We cannot allow government to help us with the problems that young developing children have in school and/or at home.

Let us put aside that private insurance plans currently allows for this service in their own policies, such intervention is critical during a time when more and more young people are failing basic educational standards before they even set foot in their neighborhood public school. One of the most significant differences, found in one study, between poor families and affluent families is that affluent families speak around 20,000,000 more words to their developing children before the age of three. Without such knowledge, developing children are likely to fail. They will show deficiencies in language development, word acquisition, simple math puzzles, as well as emotional self-controls and patience.

“Professional parents directed an average of 487 "utterances" per hour toward their children, as compared to 301 for working class parents and only 176 for welfare parents. The quality of those utterances was also very different: Among professional parents, the ratio of encouraging to discouraging utterances was six to one; for working-class parents, the ratio slipped to two to one; and welfare parents made two discouraging utterances for every encouraging one. The consequences were predictable: By the time the children in the study were around three years old, the ones from professional families had average vocabularies of 1,116 words; the working-class ones averaged 749; the welfare kids, 525.” (Sited from this document ).

This is what was meant by family intervention by a team of medical professionals in the now defunct public option bill. But the neo-KKK zombie aggressors who are afraid of considering that just maybe they might benefit from some professional consultations with health care professionals and child development specialists, as well as others when it comes to helping their kids become more successful in school and at home. We can’t have that in Amerika. Now, can we? These foot soldiers for the corporate elite prefer to see this nation filled with more unintelligent people, who are compromised when it comes to raising intelligent and competent children.

In a program called The Harlem Children’s Zone, founded by Geoffrey Canada, 3rd graders in his program scored equal to or out achieved New York Public School peers when tested following instruction given through Mr. Canada’s program.

Our society is devolving as a result of the neo-KKK assault upon democracy. Ignorance is their background. Aggression is their tactic. It goes deep inside the heart of the country, and founded its roots with the Reagan Supply-side Economic Revolution brainwashing working Americans to buy into their program of using working Americans to make the corporate elite very, very rich without having to give very much in return.

Thanks for reading, jerry

Harlem Children's Zone, Baby College, and more:

Click on “full episode” and listen to act one’s 30 minute piece.

Links to check out:

Saturday, August 8, 2009

President Obama's Jobless and Stagnant Wage Recovery Plan

President Obama gave a speech today in Elkhart, Indiana a community hit hard by the economic collapse. He gave his typical feel-good pep talk about how the economy will come back if we do our part. His part is to give the truck company, Navistar International Corporation, the site of his speech $39 million to build a hybrid heavy duty cross-country hauler.

I am sorry Mr. President, what is needed is not $39 million, but $39 billion to stimulate competition among the truck manufacturers to develop a variety of hybrid models. Not just one!

You allowed AIG to receive $13 billion in bailout funding. $26 million went to pay off counterparty debt to Goldman Sachs and other banks, yet all you are willing to do for an industry invested in the real economy, in Green jobs, in supporting a community, is to offer them a measly $39 million. You should be embarrassed to show your face in that town.

You, Mr. President, have sold out to the financial investment banking industry, or what might be called the ‘paper capitalists’ embedded in the Wall Street financial bank robbery and crime syndicate operations.

Outside of Elkhart, approximately 10 miles, is Wakarusa. In that town is Electric Motors Corporation. They are planning to use an empty plant building in a partnership project with the Nappanee, Indiana-based Gulf Stream Coach, to develop an electric vehicle. They are hoping to receive some stimulus funding from the government to move forward. They don’t have it yet.

Again, Goldman Sachs has already received $26 billion in bailout money, but the Electric Motors Company wanting to build a real object to sell in the world market has to hope for funding. What has Goldman Sachs done with their bailout money? They have given huge bonuses and engaged in Wall Street market timing stock investing with taxpayer dollars. This is what Mr. Obama has been doing for America.

Here is the transcript of President Obama’s Elkhart speech.

Nowhere in his speech given to a group of hardworking Americans as listened intently to his message did he call for justice by pursuing an investigation of the financial-banking industry responsible for the collapse of the Elkhart way of life and economy, which includes the very jobs lost in the heartland of America. Nowhere in his speech did he demand justice in the form of major investment banking reform legislation. Nowhere in his speech did he say that transparency and accountability must be the new business-as-usual for Wall Street. Nowhere in his speech did he demand that the Federal Reserve be audited and made to bring forth documents outlining where the money has gone, to whom it went, how much was given out, and what the currency exchanges, warrants, and liquidity swaps are all worth today. Nowhere in his speech did he say that the workers of America should not have to pay the heaviest price resulting from this collapse. Nowhere did he say that those who facilitated this collapse with their corrupt and irresponsible business practices, as well as their intent to commit criminal acts would pay the heaviest price.

It is clear that what President Obama did in Elkhart was to play it safe, take the middle road, the road most traveled by politicians.

The investment banking industry has been promised, pledged and given $12 trillion, which is equal to what the GDP of this nation is in one year’s time. Yet, he had said that in his stimulus package: $500 billion per year for two years is what the real economy will get in order to remake this nation. Who is he fooling? Navistar will get $39 million to design, fabricate and manufacture a heavy duty hybrid truck. Yet, the nation’s working class will likely see 50% of all homeowners by 2012 underwater with their mortgages.

A hybrid truck is what the real economy got this week.

But, what we did see has been Wall Street banks showing large profits and improved balance sheets because, more than likely, Ben Bernanke injected these banks with taxpayer dollars, to the tune of over $2.3 trillion so they could manipulate the market by using very high speed computer-timed and engineered casino-like trades for the sole purpose of jacking up stock prices in order to make lots of money for themselves.

What Tyler Durden, of, has discovered is that less than $400 billion in money market funds were taken out, since March 2009, to invest in the stock market. He asked then, where did the $2.3T come from, since it did not come from money market accounts? It did not come from working class expendable wages? Nor did it come from savings accounts, since people depositing in savings accounts are looking for no-risk protection right now. Since the cash was really not coming from $2.3 trillion in withdrawals from money market accounts, it more than likely came from Federal Reserve chairman Ben Bernanke manipulating the stock market in order to boost the balance sheets of the biggest financial investment banks, those responsible for the collapse in the first place, so they, once again, can return to becoming cash cows; although, businesses on Main Street and Side Street continue to find it very hard to borrow in order to keep their businesses afloat. Credit continues to be locked up because the investment banks feel that it is too much of a risk to lend.

But Elkhart, Indiana gets cash for a hybrid heavy duty truck. That is only fair, right Barack? Throw a Green bone to the masses while the rich get fat and happy.

So, is only Matt Taibbi, Elliot Spitzer and a few others the only one’s calling this Federal Reserve, Treasury and the investment banks a triangle composed of the nation’s biggest economic crime syndicate in the history of the country?

Mr. President, shouldn’t YOU be calling this out as a crime syndicate, as well? But, YOU Mr. President have embraced the Wall Street financial crime syndicate foot soldiers by allowing them to assist you in the development of economic policy.

What is being hypothesized as the reason Bernanke has embedded himself in this swindle would be to fill up the investment banks with taxpayer cash so they can mop up the U.S. Treasuries that foreign central banks are likely to dump on the world market. Bada Bing Bernanke will be playing disaster clean-up man hoping he can catch these Treasuries before they get sold off at rock bottom prices ultimately driving down the value of the dollar.

The other reason for the engineered stock market rally is to give the illusion that the economy is in recovery and that working class Americans can now, once again, resume their consumer spending practices, and charge up their credit cards. Remember, credit is how the wealth of this country is measured.

But no one is talking about how close AIG is to falling off the precipice and into the bankruptcy pit in spite of their good news profits made the same way that Goldman Sachs does it, which is not the good old fashion way of doing business—earning it. It is all about high speed computer timed trades jacking up stock price values. They appear to be engaged in a shell game because they don’t have enough cash to cover their debt losses. Again, mum is the word regarding all the explosive credit default swaps sitting heavily on the balance sheets of the investment banks. In addition, Bank of America and the other credit card companies are writing down huge losses in credit card defaults.

To further point out the toxic tentacles of the investment financial banking crime syndicate, one has to read Pam Marten’s latest article titled “Millions of Americans Pushed Into No-Law System by Colluding Banks”, found on (8-3-09). She wrote about how Wall Street has fabricated their own private justice system through setting up a rigged kangaroo like court to handle the way employee disputes are dealt with. Employees with complaints have been allowed only one recourse option, and that is through “arbitration”. The process of arbitration is “where the financial elite make their own laws and run their own private justice system to carry out those laws.”

What has been unearthed through the courts is that one of the arbitration services that was supposed to be impartial and fair in dealing with issues brought up by employees working for Wall Street corporations was owned by a financial banking institution.

Here is another example solidifying that there is a financial crime syndicate at work. “Documents [show] that the private justice system used by the biggest banks in the country [had] been rigged in hundreds of thousands of cases. Next, evidence surfaces that conclusively shows that the general counsels of these very same banks have huddled together in one room to draft a uniform mandatory arbitration clause banning class action lawsuits in their credit card contracts and shared strategies on its implementation effectively locking the courthouse doors to every credit card holder in America.”

The article went on to say that the U.S. Court of Appeals for the Second Circuit, on 4-25-08, charged collusion between Bank of America, Capital One, JPMorgan Chase, Citigroup, HSBC Finance Corporation, MBNA, Providian Financial Corporation, and American Express. Many of these corporations, which had been bailed out by the taxpayers, were, at the same time, tightening the screws on them.

This entire arbitration charade was rigged because the financial banking and lending institutions hired on judges and lawyers who had worked in the public court system and appeared to many to have favored them. They lured them away from the public sector and into their various arbitration associations and service entities paying them lucrative salaries to represent their interests. One such association, The American Arbitration Association (AAA) engaged in an “incestuous relationship with corporate America.”

Ms. Marten’s article is a real eye-opener! It clearly shows that the investment-financial-lending banking institutions were rigging the judicial system in their favor without much of a problem. Even Janet Reno, when attorney general under President Bill Clinton, appeared to have ignored the request for an investigation into AAA, which failed to disclose “a financial conflict of interest” with a corporation it had been financially aligned with even though they were providing arbitration services for them.

Eight months later, Janet Reno went off and “was elected to the board of directors of the American Arbitration Association.” Do you feel you need to take a bath yet?

When will President Obama, Attorney General Eric Holder, Congress and the American people become outraged over the fraud these financial investment banking institutions have been engaged in? The incestuous relationship between Ben Bernanke, Tim Geithner and the very institutions that took down the U.S. economy is nothing more than a bunch of dirty, filthy financial crime syndicate operators. The RICO statute needs to be implemented. The Sherman Anti-Trust Law needs be dusted off. It is not enough to just have the newly appointed Financial Crisis Inquiry Commission look into this crime syndicate.

If President Obama is to regain the trust of his supporters, which he is quickly losing, and the nation as a whole, he must move forward with the intent to punish, as well as to shut down this massive and invasive financial parasite that is sucking the life out of the economy of which it is using to sustain only itself and its interests.

President Obama has been filling the toxic soil of the largest investment banks with lots of fertilizers giving them much green but without meaningful results, while without the soil replenishers they would have died because the soil is filled with poison. Instead, what is needed is to fertilize the already enriched soils of the real economy where a field of green and blooms would deliver an immediate solution throughout the country. A few million for a truck company is just not enough, Mr. President. You have been doing it wrong.

thanks for reading, jerry

P.S. Top cities losing home values: Case-Shiller Indices.

Tuesday, August 4, 2009

A Public Option Health Care For All Who Want It?

I am writing this from Washington, DC, although it will be posted later. I attended the rally/protest attended by around 250 people who came as far as California, Arizona, Minnesota, Illinois and Pennsylvania supporting single-payer and public option health care. The day was sunny and hot, but was held in the partially shaded Upper Senate Park a stone’s throw from the senate office buildings. The opulence surrounding the city’s taxpayer funded government machine was very blatant. The over abundance of black SUV limousines used for the security industrial complex and by the highly paid legislators who receive the nation’s best retirement and health insurance plans were lined up all over the senate office complex.

I wore a button stating that I was representing a young man, 24 years young, who died just days before from an undetected heart condition. He died in his sleep. He had no health insurance.

The speakers ranged from Senator Bernie Sanders, Congressman John Conyers, and those in the medical profession, including President Obama’s personal physician, and those hardworking individuals running single-payer lobbying organizations.

President Obama’s personal physician is in support of a single-payer health care system for this country, as well as other representatives of physician groups stating their case for the need of a single-payer system. The private health insurance system operating in the United States, currently, has become the most expensive health care system in the world, yet it delivers a very low quality of care relative to the high costs. It ranks only one notch above Slovenia in the quality of care delivered, while embarrassingly below Costa Rica. It ranks number 37 in the world based on statistics taken in 2000. Also, 50 people die every day in the United States as a result of not having health care.

The most important point I came away with from listening to all the voices speaking for a single-payer system was that the insurance companies in this country are parasites sucking out the nation’s personal wealth for themselves. The tens of billions of dollars they drain from the economy every year gets channeled into networks guaranteeing that their profit-making pariah tentacles remain fully intact without interruption. Their parasitic reach has paid out trillions of dollars over the past decade to lobbyists who influence legislation by contributing millions to both parties, $126.8 million, as well as assisting lawmakers in the process of writing bills, and more, some of which could be called influence peddling.

The top three Blue Dog Democratic recipients of health care industry contributions were Rep. Earl Pomeroy (N.D.), with $1.5 million, and Tennessee Reps. Bart Gordon and John Tanner, both of who collected over $1.2 million from the industry and its employees.

The probability of Democrats voting for a public option plan based upon insurance industry contributions can be viewed through this link.

The health industries have also steadily increased their lobbying campaign from $448.1 million in 2007 to $484.4 million in 2008. Senator Max Baucus, who collected $3 million from the health and insurance sectors from 2003 to 2008, has backed away from supporting the public option. Could it be that his insurance industry influence peddler’s got to him?

They also exist as the wall between patient and doctor. This is done by excessively micro-managing the medical decisions doctors make on behalf of their patients. Because of such oversight, patients may not get approved by their insurance companies for critically needed tests, procedures or medications required for the maintenance of personal health and wellness.

With a single-payer system it would eliminate the middleman allowing a closer relationship between doctor and patient. It would also take out the $17.8 billion per year sucked out of the economy by the top twelve private insurers, which if applied to a single-payer system would bring down the actual cost of insuring every American. The administrative costs are around 20% under the private insurance system. In contrast, under the public system of Medicare, those administrative costs are under 6%. Health care spending amounts to 17% of the nation’s GDP.

You might find the Kaiser Family Foundation data page worth reading.

The public option plan, and not to be confused with the Blue DogShit Coalition’s insurance give-away called the Co-op Plan, would empower Americans to lower the private insurer’s premium costs, and prescription drug costs by having the plan negotiate better bulk purchases. The public option is better than continuing with the proprietary system we have now with over 1500 different health insurance companies and just as many rules, restrictions and obstacles.

The public option would allow individuals to seamlessly carry their health plan wherever they go: from job to job, state to state, or when transitioning as an employee to becoming self-employed. The opposition does not understand that the public option is NOT a socialized system, but a public-private partnership, since private insurance plans would remain intact, while a single-payer system would actually be Medicare for all.

Medicare has been a life-saving system over the last 44 years helping to keep seniors out of poverty by covering their health care needs; otherwise, many seniors might be forced to choose between other daily life essentials and paying for their personal health care. Even today, many seniors are choosing between heating in the winter and cooling in the summer over their nutritional needs. Now, if they had to pay for their health insurance, many would go without and use hospital emergency rooms as their primary care doctors.

Even William Kristol, senior editor of the extremely conservative publication called the Weekly Standard, said on the Daily Show, hosted by Jon Stewart, that the Veterans Administration’s public health care system is the best in the country, therefore he reluctantly had to agree with Stewart that the government is very capable of delivering the best health care system in the country if properly funded!

So conservatives, it has been said by one of your own that a single-payer or public option health care system would be the best system in the country if passed by Congress and signed into law by President Obama. He relented into agreeing that the government is more than capable of providing a quality insurance system, if properly funded.

The month of August is the time to personally lobby your Congressperson on behalf of the public option without the insurance industry gift called health care co-ops. Call or send a hard copy letter to your senator(s) and House member letting them know what kind of system you want them to support when it comes up for a vote. Time is running out. In addition, you might also write a letter to President Obama stating that you don’t want him to sign a watered down bill, but a strong and solid bill empowering patients/citizens through a quality public option health care plan.

Let me conclude with the names of some of the Congressional whores who have taken much from the health care industry. These Congressional prostitutes act as if they are the representatives for the various health care corporations instead of the voters who elected them. Here are a few. Let us begin with the Republican whores and how much they got from the corporations:

----Senator John Thune: $1.2 million

----Representative Ginny Brown-Waite: $369,000

----Senator Mitch McConnell: $3.1 million

----Representative Joe Barton: $2 million

----Senator John McCain: $1.6 million

Here are a few of the Blue Dogshit Democratic whores and how much they took:

----Senator Max Baucus: $3.8 million

----Representative Mike Ross: bought and paid for for only $929,000

----Representative Bart Gordon: sold out for $1 million

And, President Obama received $18 million.

I guess it is up to the public to decide if they believe that health care is a right and not a privilege. It would be my belief that the young man, who I knew personally, would have said that health care was a right. Had he had health care, he might have lived to see his dreams and aspirations come true. It appears that the Congressional whores owned by the health care industry don't believe so.

Thanks for reading, jerry