Archive for the ‘corruption’ Category
Posted in auto bailout, corruption, Economics, the Rigged Game, Uncategorized, tagged Barack Obama, billionaires, George W Bush, government, mafia on Jam5000000amThu, 23 May 2013 07:02:24 +000013 10, 2010 | Leave a Comment »
Posted in corruption, culture, Recessions, the Rigged Game, tagged Barack Obama, Jeff merkley, John Boehner, monsanto, Monsanto Protection Act, United States, United States federal government, United States Senate, Wall Street on Jam5000000amTue, 21 May 2013 06:16:45 +000013 10, 2010 | Leave a Comment »
US Senator Jeff Merkley announced that he intends to repeal the Monsanto Protection Act, an outrageous piece of legislation signed into law by Wall Street President Barack Obama. The act was secretly inserted into a bill and gives all kinds of legal protection to Monsanto. Click the link below for the full story. Now if only Wall Street Congressman John “Bug Killer” Boehner (pronounced Bone-ner) would actually have the guts to stand up against his corporate masters, the US would be such a better place to live.
A series of bills which together called “The Wall Street Reform Act” are intended to reduce the effectiveness of the already massively watered down Dodd-Frank bill. The Act has passed out of the House Finance committee. The full House is getting ready debate this corrupt bill. The bill will let Wall Street crimes run rampant, such as providing more bribes to more members of the House of Representatives, and to create more and more bogus financial instruments whose purpose is to redistribute income from the 99 to the 1 percent.
Naturally, most Democrats and the entire Republican party will support the bill. US Middle Class Senator Elizabeth Warren has become the major opponent of the bill.
Warren said, “It is dangerous for Congress to amend the derivatives provisions of the Dodd-Frank Act.” Derivatives are financial instruments in which their value is other assets, like crop prices, interest rates and mortgages; some economists believe these products helped cause the 2007 financial collapse. So derivatives are things like credit default swaps, mortgage backed bonds, etc…
“Wall Street’s aggressive determination paid off last week” when the bills passed out of committee, Warren said. The bills also have bipartisan support, and have a good chance of being taken up in the Senate. If they do, Warren says she’ll go to battle: “Now is no time to go backwards,” she said. “I will do what I can in the United States Senate to stand up to those who would chip away at reform.”
One person who is least likely to join Warren in this battle is Wall Street Senator Ron Wyden. No doubt, either above or below the public radar, Wyden will support the bill, even if this corrupt senator publicly voices his disagreement with it.
Posted in Uncategorized, Economics, the Rigged Game, Recessions, culture, corruption, tagged Barack Obama, Ron Wyden, Elizabeth Warren, corruption, Ben Bernanke, Eric Holder, Mary Jo White, letter on Jam5000000amThu, 16 May 2013 10:59:25 +000013 10, 2010 | Leave a Comment »
Senator Elizabeth Warren wrote a letter to the corrupt Federal Reserve Chairman Ben Bernanke. She “demanded to know why the government keeps accepting financial settlements from criminal bankers when they could instead be taken to trial, convicted and locked up.”
The letter was also sent to corrupt US Attorney General Eric Holder, the person most capable and completely unwilling to deal with the crimes of Wall Street. SEC Chair Mary Jo White also received a copy.
Senator Warren put the matter bluntly, “..…I believe very strongly that if a regulator reveals itself to be unwilling to take large financial institutions all the way to trial — either because it is too timid or because it lacks resources — the regulator has a lot less leverage in settlement negotiations and will be forced to settle on terms that are much more favorable to the wrongdoer.
The consequence can be insufficient compensation to those who are harmed by illegal activity and inadequate deterrence of future violations. If large financial institutions can break the law and accumulate millions in profits and, if they get caught, settle by paying out of those profits, they do not have much incentive to follow the law.”
In other words, Wall Street banks rip off main street citizens, make big profits in the process, and then get assessed tiny penalties that are paid for with the money they stole from us. Doesn’t sound like much of a deal for the 99 percent to me. It’s a scam aided and abetted by the federal government.
We all know the answers to the problems outlined by Warren. The US government has been completely corrupted by big money, through both chambers of congress, both political parties, the white house, and all the way to both liberal and conservative wings of the US Supreme Court. That’s why and how the whole economic game has been legislatively rigged against the 99 percent. Elizabeth Warren is our champion.
The letter is below. It should also have been addressed to Wall Street Senator Ron Wyden, as well as Wall Street President Barack Obama.
Posted in corruption, culture, Economics, Recessions, the Rigged Game, Uncategorized, tagged Air pollution, Air quality, Beijing, China, Guardian, pollution, thursday, United States on Jam5000000amTue, 14 May 2013 06:10:54 +000013 10, 2010 | Leave a Comment »
US corporations have shipped hundreds of thousands, probably millions, of US jobs from the US to China. These corporations exported jobs from the US in part because they could avoid US environmental laws. The result is that the US has exported massive amounts of pollution to China, and with all the health benefits and carbon emissions, and I mean that sarcastically if accurately.
In February 2013, the Guardian reported that, “Beijing residents were urged to stay indoors on Thursday as pollution levels soared before a sandstorm brought further misery to China’s capital.
A thick blanket of smog covered large swathes of the country in the morning, causing residents to once again dig out face-masks as China’s grueling winter of pollution continues.
The noxious haze saw the US embassy’s air quality index reading for Beijing hit 516 at 6am, signaling air quality worse than the highest classification of hazardous.”
That’s one of the cool things about free trade if you’re a member of the 1 percent. Profits before people, the environment and life itself. In other words, those who support free trade while claiming that it helps the environment are lying, and they know it.
Why the Corporate and Political Elite Insist Population Growth Is Good; or Is the US Getting Set to Enter a Great Depression?
Posted in corruption, culture, Economics, Economics, recession, Federal Reserve, free trade, George W. Bush, goldman sachs, immigration, Recessions, the Rigged Game, tagged Dow, Dow Jones Industrial Average, Great Depression, great recession, Ponzi scheme, population growth, United States, Wall Street on Jam5000000amMon, 13 May 2013 11:39:02 +000013 10, 2010 | Leave a Comment »
The answer to the title above is simple; constant population growth equals constantly growing corporate profits. That’s not necessarily a good thing for the 99 percent.
The US economy is dominated by a Ponzi Scheme known as Wall Street. As corporate earnings rise, stock prices generally rise. If aggregate corporate profits go down, as they always must in time, then that 15,000+ value we see today with the Dow Jones Industrials can drop to 8,000 or less, as it did during the Great Recession.
Now imagine what would happen if the economy never came out of the Great Recession, like during the Great Depression. In October 1929, the Dow Jones was close to 400, up from less than 100 in 1921. The Depression hit that month, the economy entered into a sustained decline, the Dow dropped and dropped until it was less than 50 in October 1932. That’s a lot of speculative profits that were wiped out. The Dow began climbing with the election of FDR on November 8, 1932. But what if FDR didn’t win and the US continued down the same path? There’s a good chance the Dow would’ve dropped to a value of zero.
One way to avert such a calamity is to have constantly increasing population. As population grows, there are more people to feed, which means constantly growing demand for goods and services, which helps corporate profits rise, which keeps the Dow growing. The government will even feed and house tens of millions of people in order to keep demand up.
If, however, the US population was to decline, especially in the long-run, so too would the demand for goods and services. That means corporate profits would begin a long term drop. The financial markets would plummet in the long run. Paper profits that have grown over decades would vanish like smoke.
The birth rates of US citizens began to slow a few decades ago, and to compensate, your government opened the floodgates of immigration to compensate for that. Of course, there were other factors for doing this, as well. More immigrants meant a downward push on wage growth. The difference between what wages would’ve been in the absence of higher immigration and what they became with greater immigration went into the already fat wallets of the super rich via higher corporate profits, share prices and rising dividends.
This is not to suggest that immigration is always a bad thing, especially if there is a rising tide of prosperity for all. However, immigration during a time when there has been a massive redistribution of income and wealth flowing from the 99 to the 1 percent probably isn’t a good thing for the 99 percent. But it is good for Wall Street and the 1 percent, and for the reasons cited above.
If population growth continues to slow, and last year it grew only 0.7 percent, and middle class income continues to stagnate, then the current record rise in the Dow Jones Industrials suggests it is a bubble caused by redistributing income from the 99 to the 1 percent.
In other words, it is possible the current pathetic economic expansion is ambling down a road that ends at a very steep cliff. This brings us to a question.
Was the Great Recession just a blip on the road to an even greater Depression somewhere down the road a few years from now?
Posted in corruption, culture, Economics, Economics, recession, income redistribution, Market manipulation, student loans, the Rigged Game, Uncategorized, tagged Elizabeth Warren, Federal Reserve, Federal Reserve System, Loan, Ron Wyden, student loan, United States, Wall Street on Jam5000000amSat, 11 May 2013 06:55:12 +000013 10, 2010 | Leave a Comment »
US Senator Elizabeth Warren introduced the Bank on Students Loan Fairness Act on May 10, 2013. She made several good points about student loans, the most depressing one being that interest rates for new subsidized student loans will increase from 3.4 to 6.8 percent on July 1, unless congress does something about it.
She noted that banks get to borrow from the Federal Reserve at 0.75 percent, the same banks that destroyed the economy. The Federal Reserve has also lent and or given out tens of trillions of dollars to the banks on behalf of rich investors, so yes we can afford to push interest rates down on student loans.
However, the banks have investors who want more and more profits, while students only invest in themselves. Student loans are purchased by Wall Street investment banks, who then slice and dice them, and sell bonds backed by the loans to rich investors. Much of the monthly loan payments made by students go directly into the pockets of investors.
Consequently, the current purpose of student loans are to redistribute income from the borrowers to rich investors. As they examine the bill, everybody in congress and on Wall Street will look at it and wonder, why would any investor buy bonds backed by such low interest rates?
So don’t expect congress to vote yes on the bill without sizable pressure from voters calling them to support it. And, of course, the corporate press will be sure to never mention that the bill exists, except perhaps in the least obvious way, like in small print on page 57, or with a five second clip on the 2am news. That way they won’t alarm the general population to act on federal legislation to their benefit and people won’t call Wall Street’s congressional representatives, such as Senator Ron Wyden and Congressman Earl Blumenauer. That way Wall Street hacks won’t complain to the editors.