Barack Obama’s election as president on that momentous inauguration event brought millions upon millions of people to Washington, DC in that bitter freezing cold January day to send off LilBoyBush with raised middle fingers, while simultaneously welcoming our new president into the White House with promises of real change and a new day for working Americans.
Today many, or even most, and even those who did not vote for President Obama, but thought something better might come of his presidency now believe they will trust no one from this day forward who runs for president, let alone any other political office.
The trust has been broken. There is no more circle of trust. The circle of hope never was. It was only a broken promise never meant to be fulfilled. It was all a big lie!
Barack Obama has broken America’s belief that those who run for president, and make promises to greatly improve the state of the nation, the condition of the country, reform what has been broken, reign in corruption, greed and criminals of the highest order are not to be trusted or believed.
Today we are closing in on two years of the Barack Obama presidency and what we are experiencing is a further decline in the state of the union and little as been done to fix it. On the contrary, what has been done is to further enrich those who destroyed it. Our nation is continuing to slip into despair, decline, and deflation. Those who once trusted the stock market, no longer do, and have pulled out or will pull out at some point leaving it to those with fancy high frequency trading computers to play it like a Roulette Wheel of finance. Come on down!
The hard working Americans who were ripped off by Wall Street to the tune of $13 trillion (home market value), and $4 trillion in stock market capitalization, by the financial crime syndicate that owns it, have pulled what money they have left from the stock market and moved it into cash deposits where it pays virtually no interest. The Fed likes it just that way! Average Americans have entered a self-imposed austerity program through their savings deposit accounts. Congress doesn’t need to impose more of it upon already damaged and financially wounded working people. But they want to make it worse by feeding Social Security and Medicare to that Giant Vampire Squid we call Wall Street.
We are in a jobs depression. There is no doubt about it. When you include those workers who are no longer looking for employment because there is none to be found, and have been removed from any statistical database, we are over 20% unemployed, with another half as many under-employed.
We can no longer trust anyone running for president ever again. The lie has been cast in stone.
The health care reform bill ended up being a windfall for the health care industry, since the American citizen had the “public option” taken out of the debate.
The financial reform bill was a watered down version of “fix-it”, since the financial industry can continue to ramp up leveraging, and keep an unregulated devivatives market in the clutches of the mega-bankstas. “Let’s make more bubbles.”
The two wars continue siphoning billions of dollars from the treasury and the real economy. The “war stimulus packages” are running full speed ahead, for now. US manufacturing has dropped to just 11% of GDP, when not too long ago it was 18% of GDP.
Consumers are spent out. Foreclosures continue. The banks don’t really know who actually holds the mortgages to these foreclosures, since the paperwork was sold and resold and resold again to whatchamacallit somewhere down the line in the securities trading naked-selling business. The banks have kept a huge inventory of repossessed, foreclosed and walked-away-from-homes off the market in hopes that Bada Bing Bernanke would re-inflate another Bubble in housing, once again, with really low interest rates. But it didn’t happen. The shadow inventory of unsold homes must be eventually dumped into the open market, and that will send home values down into the empty shaft freefalling the prices another 15-20-25% or more. Bada Bing Boys.
Construction and home building is dead. There are no new building permits out there, as they once were boosting GDP. It’s a dead man walking.
Bernanke has nowhere to go but to print more cash and sell more bonds, and then, buy them back up, in hopes to further engorge the bankstas holdings, which he clutches close to his chest as Fed reserves not unlike a hen roosting her eggs. He ignores the real economy and employment, and should be investigated for that. The bylaws of the Fed state that the job of the chairman is to address full employment. Oops. Ben forgot that one! Bernanke is the Worst Man of the Year.
Barack Obama is still keeping the Goldman Sachs crooks and liars around in his government. Why?
Nowhere in the president’s speeches does he demand massive campaign contribution reform, or the way political campaigns are funded. Campaign reform is nowhere to be heard. Therefore, millionaires and billionaires will continue to buy seats in Congress.
We have just heard from the President in an Oval Office address proclaiming that military actions in Iraq have ended, but our al-Qaeda bogyman threat continues to lurk in the corners of Afghanistan’s desert hideaways, and the dark crevices of mountain caves waiting to pounce upon Americans not unlike a cobra upon an unsuspecting victim. Haven’t we heard enough of this garbage, yet? When will the LilBoyBush Bogeyman be filed under CIA and Cheney/Rumsfeld creations? So, Barack has to use the ‘Be afraid of the silhouette in the dark’ approach to keep our presence in Iraq and Afghanistan alive and well, and enriching the private war profiteering sector of corporate elite.
The way I see it, the real threat is the Taliban, poverty, joblessness, oppression, and the warlord rule of law. It appears that the young have nothing to look forward to; therefore, they get nurtured by Taliban leaders, handed a gun, while being provided food and protection. A generation of gangbangers are being raised for the purpose of viewing the enemy as the US military and the American occupation of their country. Should be disagree? Just follow the money and one will understand why it continues.
In Iraq, after years of avoidance techniques, their “parliament” has failed to form a functioning government. Come on Barack. Do you actually believe there is an end in sight? As American unemployment rises everyday, and your administration permits US multi-national corporations to use free Fed fund “loans” to build manufacturing facilities wherever the cheapest labor and most oppressive work standards can be found in order to sell the crap back to Walmart so the Sheeple can buy it at absolutely minimum prices, the cost of war continues on and on aiding in the bankruptcy of the country without a single benefit to the overall real economy as a sustainable product.
This is a nation in decline with heavy personal debt and deflating asset values, while consumer goods invite inflationary prices. Thank you Barack for walking blindly into that good night!
According to Market-ticker.org, personal income increased by .02 percent ($30.0 billion) in July, yet personal consumption expenditures increased by .04 percent ($44.1 billion).
So, what does that mean? It means that consumers spent more than their personal income! Oh, consumers put more of their spending on their credit cards, I guess. They must have packed up all the kids and dog into their SUV or minivan and headed to the beach for a fun filled week all on credit. So much for increasing savings and paying down debt.
Also, we just might realize that there was a portion of those consumers who stopped paying their underwater mortgages and decided to use that extra cash to splurge on stuff and more stuff before having to find another place to live. Party hardy while you can. Even Bristol Palin found a gig on Dancing With The Stars, even though she has not done a damn productive thing in her life other than give birth to her child. Reward the freeloaders. Maybe that could be a new reality show: Reward The Freeloaders! “This week we have Bristol Palin with us showing how she can dance real pretty. Dance for us Bristol. Can you shake your bootie?”
While talking about free money, will Barack sanction the Fed’s biggest swindler—Bada Bing Bernanke who wants to restart the Quantitative Easing overheated engine again? We keep hearing the propaganda that it would be all for those small business owners who are already too afraid to borrow a single penny because most are just trying to hold on for dear life! Retail business is down, as is construction, as is manufacturing suppliers. So, who or what would most benefit from quantitative easing?
Large business. Now that’s the ticket! Let it roll. Bring it on! The large business corporations that supply our representatives with huge pocketfuls of cash to spend on re-election campaigns would love to get their hands on more free “loans”. These are the same corporations that influence and write and demand that their rules get passed as law!!
Thank you Barack for being the Change President!
Thank you Barack for giving Americans the trust in the words of presidential candidates!!
So, these large corporations take Bernanke’s zero percent loans so as to ship more jobs overseas and boost the GDP of those foreign countries that choose to join as their partners in the destruction of the United States!! Would anyone consider that Bernanke is a traitor? That he should be tried as a traitor and corporate terrorist collaborator?
Let’s look at GDP. According to my favorite reference, Mr. Mike Whitney (The Recovery is Dead-The Backward Slide Into Recession), he wrote in his August 31st piece, “Last week, 2nd quarter GDP was revised down to 1.6 per cent. First quarter [2010] GDP was twice the size at 3.7 percent, while 4th quarter 2009 was higher at 5 per cent. The underlying trend is reasserting itself as growth turns to stagnation.”
Is this a dead cat bounce?
“The Fed does not have the tools to fix the ailing economy. Quantitative easing can lower rates and keep asset prices inflated, but it cannot increase demand, reduce the output gap or lower unemployment. Only fiscal stimulus can do that and policy makers have rejected that option. The US is now facing a protracted period of high unemployment and … the recovery is over.”
“As the current account deficit continues to widen, the global system inches closer to a major currency crisis. Ballooning trade imbalances signal that a disorderly unwinding of the dollar is becoming more probable. If the dollar drops precipitously, US demand for foreign exports will fall and the world will plunge into another deep slump.” (End)
Thank you Barack and your Right wing Democrats and Repugnicons who believe that tax cuts for the rich, and austerity for everyone else is what will Greece the skids allowing the mega-rich to buy up all the decaying real estate for pennies on the dollar. A honest-to-goodness kleptocratic oligarchy will be entrenched forever!
Vladimir Putin will retire and run for US president in 2016!
The reality is that wages must grow in order for workers to pay down debt allowing them to spend their money buying what they make. That can only happen through an increase in employment, an increase in demand leading to an increase in wages. Only a modest amount of inflation can bring this about so more investment dollars find their way into the business sector, as well as an increase in interest rates giving those who have saved a boost in their asset values. This would likely lower the current account deficit, raise GDP, raise tax revenues, and build a sustainable economy that might actually help wean us off of foreign oil. The backlog of empty homes might actually begin to unwind, too.
Bada Bing Bernanke would rather see currency deflation in order to pay on the debt with deflated dollars. The heck with the rest of the economy. Finance rules!
Many will not like to read this but government must be the driver here. The private sector isn’t going to stimulate the economy, nor will the bailed out corporate elite who have other plans, or the Fed, which has heavily enriched the Golden Corporate Calves, molded by the likes of Bernanke, Geithner, and Hank-da’ Paulie-Paulson, which are basically kept on the shelf of the Fed’s underground secret vault, want to bring about real growth to the real economy.
This has become a real Rubicon---they hide in plain sight. The course of action they have taken cannot be avoided because the corporate crime syndicate is calling the shots. We have no leadership to break the Rubicon.
Thanks for reading, jerry
http://eye-on-washington.blogspot.com
