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.
Posts Tagged ‘Barack Obama’
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 »
Posted in corruption, culture, Economics, Recessions, the Rigged Game, Uncategorized, tagged Barack Obama, Ben Bernanke, corruption, Elizabeth Warren, Eric Holder, letter, Mary Jo White, Ron Wyden 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.
wall street fraudsters ripped you off again and Guess what Obama’s Justice department is going to do about it for you
Posted in corruption, culture, Economics, Economics, recession, income redistribution, Politics, Recessions, the Rigged Game, Uncategorized, wealth redistribution, tagged Barack Obama, corruption, Eric Holder, income redistribution, Libor, Paul Ryan, Ron Wyden on Jam5000000amThu, 09 May 2013 10:52:35 +000013 10, 2010 | Leave a Comment »
How would you feel if a bunch thugs stole your money in broad daylight, were caught red-handed, and they were immune from the law, could not be convicted, and they got to keep your money?
Guess who recently did that to you? The banksters! People are calling it the LIBOR scandal. Sixteen banks, like Citibank and Bank of America, decided not to compete with each other, which is normal business for them. But this time they got caught setting their interest rates at higher levels than if they’d been competing, which coincidentally, is illegal.
This was a massive income redistribution scam from the 99 to the 1 percent. We’re talking about hundreds of billions of dollars that was stolen by collusion from the 99 percent. Did you know that the 1 percent have gained $5.6 Trillion in this supposed economic recovery, while the rest of us have lost $669 billion?
That’s because most of their gains have been stolen from us.
The US Justice Department has decided the banks are too big to go after, even though they were caught months ago. This really means the banks have been handing out a ton of money to politicians to not go after them; they’ve been handing out the money they stole from us so that the political hacks such as Barack Obama and Eric Holder stand up for the right of the banks (which are tools of the 1 percent) to rip off every one else.
It’s time to end the madness of corruption. Let’s begin to form a broad alliance that can take back our government from thieves and liars, like Wall Street’s Senator Ron Wyden and his buddy, Wall Street Congressman Paul Ryan.
That’s what the Democratic and Republican parties stand for. Click on the link below for the full story.
Posted in corruption, Economics, Economics, recession, income redistribution, Politics, the Rigged Game, Uncategorized, wealth redistribution, tagged Barack Obama, Democratic Party, Latino, mitt romney, obama, Race and ethnicity in the United States Census, Republican, Virginia on Jam5000000amSun, 05 May 2013 07:05:12 +000013 10, 2010 | 1 Comment »
Contrary to what the corporate media wants us to believe, Hispanics were not responsible for President Obama’s victory over Republican candidate Mitt the Twit Romney in the 2012 presidential election. A new study shows African-Americans made the difference because they had a higher turnout than ever before. Had they voted in 2012 with the same turnout as they did in 2004, our president would be Mitt the Twit, regardless of how Latinos voted.
For example, Obama’s victory in Ohio was almost entirely attributable to historic levels of black turnout in Cleveland, Cincinnati, Columbus, and Toledo. The same is true in North Carolina and Virginia. African-American voter turnout represented 13 percent of voters, compared to 11 percent in 2004.
Had African-Americans not turned out in such record numbers, Romney would’ve won even though eligible white turnout was lower in 2012 than what it was in 2004.
Why was white turnout low? Perhaps it’s because Romney is a Mormon, or perhaps white Republicans didn’t want to vote for a guy’s whose platform called for more failed tax cuts for the rich, exporting more jobs, as well as cutting social security, medicare and medicaid for the 99 percent in order to give those tax cuts to the rich. People are not so easy to fool anymore. Such a platform is more and more becoming a recipe for lost causes.
Obama also suffered a loss of white voters. It’s possible that people have discovered he’s some kind of indentured servant to Wall Street since he does their bidding. Like Mitt, he wants to cut social security, medicare and medicaid, and he keeps signing legislation to ship our jobs overseas, as well as signing other legislation that redistributes income from the 99 to the 1 percent.
Latinos played a role in Obama’s victory, but that role has largely been overstated. That’s because there are millions of undocumented Latinos, and they cannot vote. Another factor is the higher percentage of Latinos who are too young to vote. Obama already had California before the election. An increasing Latino population played no role in that victory, and this may be true in the foreseeable future.
As Nate Cohn of the New Republic magazine reported, “African American turnout could be more important to the outcome of the 2016 election than the ability of Republicans to rekindle their support among Latino voters. A 10 point shift among Latino voters toward the GOP is worth a net 1.5 million votes nationally—even if the Latino share of the electorate increases by another 2 percentage points. But between 3 and 4 million new black voters joined the electorate over the last two cycles, and they voted for Democrats in overwhelming numbers. If black turnout returns to 11 percent of the electorate and the next Democratic candidate only wins 90 percent of the black vote, there’s room for a shift of a net 4 million votes in the GOP’s direction. Whether those 4 million voters stay home or return” …to the Republicans “from eight years ago could easily decide a close presidential election, especially in states like Ohio, Virginia, Pennsylvania, and Florida.”
This suggests that Republican support for some kind of amnesty for undocumented immigrants is suicidal since historically more Latinos will vote for Democrats than Republicans. So why would Republicans want to commit political party suicide? Because Wall Street most likely ordered them to support comprehensive immigration reform.
Why would Wall Street want that? Because it will redistribute hundreds of billions of dollars from the 99 to the 1 percent. Immigration reform will push real wages down for years, probably for more than a decade (like the last time there was amnesty), and the difference between the old higher wages and the new lower wages will travel into the pockets of the 1 percent via higher corporate profits, rising dividends and surging share and bond prices. Add to this something more sinister.
One of the components of immigration reform is that undocumented immigrants will need to pay back taxes. That money, as well as the interest, will be redistributed to Wall Street investment firms, as well the bondholders of the 1 percent. Check out the following link for an explanation of how that will be. Little known Economic Facts About Comprehensive Immigration Reform. Part 2.
By the way, the Democratic Party is also in on Wall Street’s scam against the American people, and they’re in this scheme to make undocumented immigrants become financial indentured servants, as well.
The Rise of the New Hoovervilles: Income Redistribution From the 99 to the 1 Percent Equal Homelessness in the USA
Posted in corruption, Economics, recession, income redistribution, Politics, Uncategorized, wealth redistribution, tagged Barack Obama, Bill Clinton, Calvin Coolidge, George Herbert Walker Bush, George W Bush, Great Depression, Herbet Hoover, Hoovervilles, modern, Ronald Reagan, silicon valley on Jpm4000000pmTue, 16 Apr 2013 13:09:06 +000013 10, 2010 | Leave a Comment »
Over thirty million jobs have been shipped out of the US since 1990. One to two million are being off shored every year, according to the Federal Reserve. The results are simple. The rich are getting richer, there are rising numbers of US citizens unemployed or who have stopped looking for work, homelessness and joblessness are rising, school district budgets are constraining since much of the tax base has been redistributed to the 1 percent via free trade treaties and their congressional supporters, such as Wall Street Senator Ron “Fetch Boy” Wyden. We know homelessness has been created by congress and the president via legislation that redistributes income from the 99 to the 1 percent so much that Hoovervilles have been rising up all over the nation.
During the Great Depression, a Hooverville was anywhere and everywhere people found places to live along road sides, and they were named after another Wall Street president, Herbert Hoover, whose Republican economic policies, and those of his predecessor, President Calvin Coolidge, destroyed the nation.
Two videos are below. The first is about the original Hoovervilles, and the second is about the modern Obama/Bush43/Bush41/Clinton/Reaganvilles. The jobless have become the homeless.
Posted in corruption, Economics, recession, income redistribution, Politics, Recessions, the Rigged Game, Uncategorized, wealth redistribution, tagged Barack Obama, Bernie Sanders, Cayman Islands, Gross Domestic Product, Medicare, Mitch McConnell, Orrin Hatch, Republicans, Ron Wyden, United States, Wall Street on Jam4000000amSat, 13 Apr 2013 08:30:08 +000013 10, 2010 | Leave a Comment »
Despite such terminology as “fiscal cliff” and “debt ceiling,” the great debate taking place in Washington now has relatively little to do with financial issues. It’s all about economic winners and losers in American society, about Wall Street and Big Money, and how they’ve gotten control of both political parties. Senator Bernie Sanders says “It is all about the soul of America.”
In the following article by Senator Sanders, he doesn’t mention corruption, he simply implies it. Big Oil, Big Money, these are the phrases he uses. But Big Oil and Big Money have to have bought something with their money. They’ve purchased politicians, with political contributions, with personal favors, such as lobbying jobs after they’re finished raping and pillaging the middle class on behalf of Wall Street. You know who I’m talking about: Ron Wyden, Orrin Hatch, John Boehner, Barack Obama, and so many others. Corruption is rampant in the US government.
The Senator writes, “In America today, we have the most unequal distribution of wealth and income of any major country on earth, and more inequality than at any time period since 1928. The top 1 percent owns 42 percent of the financial wealth of the nation, while, incredibly, the bottom 60 percent own only 2.3 percent. One family, the Walton family of Wal-Mart, owns more wealth than the bottom 40 percent of Americans. In terms of income distribution in 2010, the last study done on this issue, the top 1 percent earned 93 percent of all new income while the bottom 99 percent shared the remaining 7 percent.
Despite the reality that the rich are becoming much richer while the middle class collapses and the number of Americans living in poverty is at an all-time high, the Republicans and their billionaire backers want more, more, and more. The class warfare continues.
My Republican colleagues say that the deficits are a spending problem, not a revenue problem. What these deficit-hawk hypocrites won’t talk about is their spending. They won’t discuss what they did to dig the country into this $1 trillion deep deficit hole. They waged wars in Afghanistan and Iraq without paying for them. They gave away huge tax breaks for the rich. They squandered taxpayer dollars on the pharmaceutical industry by making it illegal for Medicare to bargain for lower drug prices. They also rescinded financial regulations that enabled Wall Street to operate like a gambling casino, leading to a severe recession that eroded tax revenue and left more than 14 percent of American workers unemployed or underemployed.
Now, despite the deficits their policies helped to create and despite the enormous suffering which exists in our society, the Republicans want to cut Social Security, veterans’ programs, Medicare, Medicaid, education, nutrition programs, and virtually every program which benefits low- and moderate-income Americans. They choose to turn their backs on the economic reality facing a significant part of our population: high unemployment, reduced wages, 50 million without health insurance, college graduates saddled with enormous student debt and elderly people living in desperation. And they have tried to slam the door on any further discussion about how to raise revenue by ending tax loopholes and unfair tax breaks.
Republicans like Senate Minority Leader Mitch McConnell who say the revenue debate is over don’t want you to consider these facts:
• Federal revenue today, at 15.8 percent of GDP, is lower today than it was 60 years ago. During the last year of the Clinton administration, when we had a significant federal surplus, federal revenue was 20.6 percent of GDP.
• Today corporate profits are at an all-time high, while corporate income tax revenue as a percentage of GDP is near a record low.
• In 2011, corporate revenue as a percentage of GDP was just 1.2 percent — lower than any other major country in the Organization for Economic Cooperation and Development, including Britain, Germany, France, Japan, Canada, Norway, Australia, South Korea, Switzerland, Norway, Italy, Ireland, Poland, and Iceland.
• In 2011, corporations paid just 12 percent of their profits in taxes, the lowest since 1972.
• In 2005, one out of four large corporations paid no income taxes at all while they collected $1.1 trillion in revenue over that one-year period.
We know where the Republicans are coming from. What about the Democrats? Will President Obama fulfill his campaign pledge to “protect the middle class” or will he surrender to right-wing blackmail? Will Democrats in the House and Senate stand with the vast majority of our citizens and such organizations as AARP, the National Committee to Preserve Social Security and Medicare, the AFL-CIO, the American Legion, the Veterans of Foreign Wars and every other veterans’ organization in the fight against cuts to Social Security and veterans’ programs, or will they agree to a disastrous corporate-backed “chained CPI” concept which makes major benefit cuts to those programs and raises taxes on low-income workers?
The simple truth is there are relatively easy ways to deal with the deficit crisis — without attacking the elderly, the children the sick or the poor.
For example, we have got to eliminate loopholes in the tax code that allow large corporations and the wealthy to avoid more than $100 billion in taxes every year by setting up offshore tax shelters in places like the Cayman Islands, Bermuda and the Bahamas. This situation has become so absurd that one five-story office building in the Cayman Islands is now the “home” to more than 18,000 corporations.
Further, we must also end tax breaks for companies shipping American jobs overseas. Today, the United State government continues to reward companies that move American manufacturing jobs abroad, despite the fact that millions of American jobs have been outsourced to China, Mexico, and other low wage countries over the past decade. The Joint Committee on Taxation (the official revenue scorekeeper in Congress) has estimated that we could raise more than $582 billion in revenue over the next decade by eliminating these offshore tax loopholes.
We must also recognize that Wall Street recklessness caused the economic crisis, and it has a responsibility to reduce the deficit. Establishing a 0.03 percent Wall Street speculation fee, similar to what we had from 1914-1966, would dampen the dangerous level of speculation and gambling on Wall Street, encourage the financial sector to invest in the productive economy and reduce the deficit by more than $350 billion over 10 years.
We are entering a pivotal moment in the modern history of our country. Do the elected officials in Washington stand with ordinary Americans — working families, children, the elderly, the poor — or will the extraordinary power of billionaire campaign contributors and Big Money prevail? The American people, by the millions, must send Congress the answer to that question.”