Senator Obama Has Only One Change At It!

Senator Obama has a daunting job on his hands and the question is is he willing to take control of the Congress in order to rescue the country from the greedy, destructive mess BushCo (including McCain) has put working America through?  It is clear that the Republicans could not have created the economic disaster alone. Many Democrats, from the House and Senate, currently led by two failed majority "leaders", have colluded in the unregulated, financial pyramid scheme that has been unsustainable and corrupt.

This scheme was allowed to be released, like a plague, upon the unsuspecting general populace by former con-man and Senator Phil Gramm, who now officially resigned as McCain's financial advisor, yet is probably still sipping scotch with the Maverick pool-side at his palatial Arizona estate, if you catch my drift. Gramm was instrumental in deregulating the financial institutions bringing about the currently failed pyramid scheme.

Can Obama stop the Congressional collusion with the bankers and financial greed-hounds, who are "whining" over their massive gambling failures selling mortgages and derivatives to financially unstable working people, and then, to take those paper mortgage contracts and sell them, as well as insure them against defaults, while slicing them up into exotic bonds styled in various forms further and further down the lending pyramid where, eventually, all that paper went up in flames, which rippled massive losses back up the pyramid? Is this too big for him to handle? Will he be another pawn in the ultra-rich's financial greed game? As the base of the gambling lender's tree caught fire, the flames rush up the trunk engulfing the branches and canopy.

Since these investors, bankers, hedge-fund-hogs began to whine, and stomp their feet before the likes of Pelosi, Reed, and Senators Frank, Schumer, Dodd, and the rest of the colluders, Congress began doing everything they could to quiet the spoiled greedy uber-rich brats with a plan to bailout their losses and stick it to the American people, in spite of the fact the banking and financial executives haven't given up a cent of their salaries, bonuses, expense accounts and personal holdings which were gleaned from their profits gained through the failed mortgage and credit borrowing pyramid scheme.

Senators Frank, Dodd and Schumer have received over $18 million in contributions from the same banking and financial institutions that need full regulation and oversight.

What will Obama do about this fraud? Probably nothing, or very little. Will there be penalties, real penalties, given to the Banksta Gangstas and the capitulators in government? What does "Yes We Can" mean, Senator Obama, in regards to this most critical national crisis?

Mr. Obama--we are angry, not whining, over this massive fraud damaging our economic stability. We had nothing to do with it, and yet, you are saying little about the real solutions that need to be done to bring the fraudsters to justice and to fix the mess. 

If the taxpayers are to bailout, ie. line-of-credit, private financial institutions, such as Freddie Mac and Fannie Mae, then nationalize them so that the people own them. If we are going to infuse them with billions, and maybe a trillion over the next two years as more of their mortgages default, then turn them over to the government.

If Wall Street cannot bailout their own with private sector monies, as they have done before by going to Central Banks of Germany, England, Russia, Japan, China, Saudi Arabia, UAE, Dubai and others with their whining mouths drooling and sweaty hands out stretched and cupped for "soup-line" handouts of cash, then turn over these GSEs (Government Securities Enterprises), and the rest to the public sector, ie. government, if we have to use the Treasury as the lender of last resort. Let the government reorganize them, while saying, "See Ya Later" to the private investors, or let them hold on to their shares until the institutions are resold back into the private sector once they return to regulated and controlled viability.

So Mr. Obama, what do you think? Do you have the guts to stand up to Wall Street, and Congress? You will be inheriting a major deflating economy with draining wars and a possible "Iranian October Surprise" brought to you by a capitulating Congress intimidated by BushCo.

In Mike Whitney's Counterpunch. org, 7-18-08, article "Swan Song For Fanny", he quoted a 6 month old Barron's statement saying Fannie Mae held $314 billion in Alt-A 'Liar's Loans' accounting for 31.4% of the company's credit losses while making up just 11.9% of its $2.5 trillion single-family-home credit book." "Spiraling mortgage defaults and falling home prices could bring a tsunami of credit losses over the next two years that will severely test Fannie's solvency."

Well, what about working America's solvency? Bailing out the ultra-rich with a fresh flow of cash from the Treasury allows the rich more riches, as a way to stop their whining, yet, at the same time, real working Americans become insolvent over the next two years.

Senator Obama, what is your "Yes We Can" plan to change this picture?

Whitney wrote that on 7-15-08 (Friday), credit default swaps on government debt doubled indicating that investors in the US will be getting cold feet scared that the world's biggest debtor nation will not be able to pay its massive debts.

This is not a time for Obama to be looking for compromise, nor should he be planning  a 16 months from taking office style plan to impact the economic collapse. On day one, he must immediately act with certainty, decisiveness, and without hesitation. If Obama fails to hit a home run on the day he takes office, as opposed to bunting, he will be blamed for the financial crisis' ultimate tidal wave sweeping over major cities that will already have water in the streets. 

Obama MUST show he lacks confidence in the demonic cartoon characters running the White House, the Fed, the Treasury, Justice and the State Department. 

Mr. Whitney says, as I have said, 'Time is running OUT! The administration's time is short and they have only one chance to get it right, but they keep botching it up. Obama, too, has only one chance to get it right and that time starts now!

Mr. Whitney also wrote:

     Bridgewater Associates said that the losses to the banking system would exceed $1.6 trillion,

     4 times original estimates, and enough to crash the entire banking system. So far, the banks

     have only written down $450 billion, which means that they are only 25% of the way through

     the current credit storm." "...hundreds of undercapitalized banks turn to a grossly 

     underfunded FDIC ($52 billion in reserves) to cover the losses of their depositors."

Senator Obama has entered a burning kitchen. Can he stand the heat, while extinquishing the fire? He needs to show us he can---NOW!

Trillion dollar waterboarding

    Would you sit down and talk with enemies of the U.S.?   President Bush used a speech to the Israeli Parliament to liken those who would negotiate with “terrorists and radicals” to appeasers of the Nazis — a remark widely interpreted as a rebuke to Senator Barack Obama, who has advocated greater engagement with countries like Iran and Syria.

   

     The truth about Barack on forgien policy is that he takes an intelligent and pragmatic approach to foreign relations.  The same tact that most of the non knuckle dragging world takes.  Lets hope going forward that the United States learns that talk truly is cheap and a whole lot less expensive and bloody. 

     The most important lesson to be learned during these last days of darkness is this, Bush's foreign policy has failed because of corporate greed.  He has allowed forces of profit to not only make a fool of him domestically but also destroy the once semi-good name of the United States through-out the world.

    Bush has traveled hemispherically with his daisy cutters in hand to combat only certain parts of  his so called axis of evil.  He has waterboarded not for democracy but for profit in the name of capitalism.  Bush continues to spend trillions of dollars in Iraq to plunder valuable oil fields using American lives.  Lives lost not in the name of democracy, but in the name of corporate profits.  

   Interestingly, according to American media, the Bush administration has also put together one of the most incredible diplomatic accomplishments in history.   The Bush state department has brought that evil film buff and coward Kim Jong Ill down a peg,  through, get this, Obamaesque diplomacy.    Under Bush it seems some evil gets a pass through diplomacy and appeasement while others get the trillion dollar water-boarding treatment.   

    In the mainstream American media Bush's State department officials are being lauded as heros and dynamic chit chatters whom have brought that dictator with the crazy cool haircut Kim Jong Ill to his nuclear knees.   Supposedly just by using the very diplomatic concepts of engaging our enemies that candidate Barrack Obama has suggested and the republican party mocked.

   But not so fast, while acknowledging what a fantastic accomplishment has taken place with the North Koreans and Mr Kim jong ill, we must look closer at this so called success .        Lets not forget China's role in this historic Bush moment.  Knowing now what General Macarthur and Harry Truman learned the hard way, North Korea is part of China.   So, lets give credit where credit is due, China's efforts in North Korea made this diplomatic event happen.    Regardless of what the media and U.S history books may say and read, the U.S. owes The Peoples Republic of China a big thank you on this one.   Thank you's said, if China didn't offer so much economic opportunity for corporate America gangsters and present an overwhelming military presence we probably wouldn't have wasted time talking to Kim Jong iLL and would have been mixing North Koreans and Muslims together as an even more surreal cocktail known as Guantanimo.

   Bush may be a fool but with all do respect to Harry Truman, I will quote give em hell Harry in this context ,  "Goddamn it, you don't attack China."   So, don't buy the medias spew on this one.  Bush is still a failure beyond all imaginable thought both globally and domestically. 

Bush, Beanie Bernanke and The Bailout

This giddy false exuberant belief that a rising stock market, lower oil prices and falling gold prices to only be temporary, will likely be proven wrong. So, be prepared for the reverse to reoccur and hit you on the back of the head like the day when you were walking home from school, and from out of nowhere came that icy packed snowball. Wham!!

The market has climbed not because of increased productivity, or the delight of a retreating recession, but because the Federal Reserve is handing out newly minted Greenbacks in exchange for worthless garbage cyber-dollars that cannot be sold to anyone with a brain other than Beanie Bernanke and his Federalies. Single payer loan dealer Wall-Street bankers. 

This is a bailout. Let us admit it now! If I gave you real money for Monopoly money, that would be a bailout. I would be saving you from looking stupid and from sure disaster.

The Wall Street banks gambled on making money from bundled debt securities in order to cover loans and deposits hoping to make billions from gullible suckers. This was all done off the bank's balance sheets and from the back rooms of a quiet, shadow banking system that would make Tony Soprano proud. These risky sales were made away from the public's eye. These deals were out of view from the handful of Bush regulators still on the job, and not hanging out at the local unemployment office. Unfortunately, these risky pieces of paper went up in flames as subprime loans went south taking down those home values and related over-extended personal unpaid debt.

So, Ben "Bailout" Bernanke could not have his rich, greedy banker pals lose their upper crusty lifestyles and end up in the pit with us middle-classites. Oh no; anything but that, Ben!! They have worked way too hard scamming working America to be knocked off their elitist pedestals.

Bernanke does not care to make any of these greed-lusting socialists accountable and responsible for their pre-planned fraud upon the American worker. The Fed holds only $709 billion in Treasury bills to pay for the bailouts and junk collateral exchanges at the Primary Dealer Credit Facilities discount window. Drive by and pick up your fat 2.5% government subsidy. So far, he has visibly given away $230 billion of the $709 billion in only one week. What a spending spree! Once that is gone, Beanie will head down to the basement printing press to pull an all-nighter rolling dollars off the copier.

The facts are that in spite of these "exchanges", there has been an $8 trillion housing bubble and foreclosures pile up. As home values fall further, some are scooping up bargains; yet, the question still remains, will those bargains lose more value over the coming weeks/months/year? Jobs continue to be lost. (Two consecutive months of actual job losses.) Prices continue to eat away at expendable incomes. And, for most Americans, they cannot afford to go into further debt. These giddy bankers really don't want to loan out money. It just is too risky. Instead, they take OUR Federal Reserve T-bills and rush over to Europe and buy Euro-backed bonds because they are worth more than the dollar. Back To The Greedy Future.

Is the Justice Department concerned? Are they going after these "gambling swindlers" with billions in their trust funds and beach houses? No.

Dean Baker, a smart progressive economist, with great ideas, suggested that the Fed should just take over such failed banks, kick out the top brass and restructure the operation with more

competent managers with a goal to sell the thing once they make it solvent again. Why cannot we do it, to? Oh, I forgot, Bush is still president and Reed and Pelosi run Congress. Oh, silly me!

What will the giddy Stock Marketeers, from Bernanke Brothers Studios, do when they realize that we are really in a credit crunch, and maxed out on it, too? If Americans will not, or cannot borrow another dime, then the flow of credit stalls, the nation's economy grinds down, the dollar falls further, and gold prices increase along with consumer prices causing a deepening recession and inflation. Remember, the developing world, such as India and China, are in great need of what we need, too.

We can thank decades of Regressive (credit to David Michael Green for the term) policies shipping away jobs, gutting our manufacturing sector and bringing about an approaching $9 trillion national debt, a $700 billion trade deficit, and a $500 billion budget deficit. And don't forget a $2000/second war budget.

The Bush Regressives want our economy and standard of living to fall so far down that labor costs are par with China and India instead of stabilizing our standard of living and building it back to a place close to where it once had been. Instead of reinventing America into the World's Greatest Green Show on Earth, they want to bring us the "more wars" Regressives, who want to perpetuate the war machine, while, at the same time, raising the national debt by borrowing more to make it run, and subsidizing their corporate cronies who produced the war machine with OUR tax dollars. When will America say enough is enough?