Posts Tagged ‘bailouts’
Matti Taibbi: Dodd-Frank Budget Fight Proves Democratic Party are Controlled and Corrupted by Wall Street
Posted in Economics, income redistribution, Jeff merkley, Market manipulation, the Rigged Game, war, wealth redistribution, tagged Alan Grayson, bailouts, Bernie Sanders, budget bill, citigroup, corruption, David Vitter, derivatives, Elizabeth Warren, investments, Jeff merkley, Kevin Yoder, Matt Taibbi, Rolling Stone magazine, Ronald Reagan, Sherrod Brown, Tax cuts on Jam12000000amWed, 17 Dec 2014 08:28:10 +000014 10, 2010| Leave a Comment »
Referring to the Democratic Party meltdown in allowing a provision sneakily put in the latest budget bill (by corrupt Wall Street Republican Congressman Kevin Yoder of Kansas) that allows Wall Street investment banks to gamble with taxpayer money and expect to be bailed out if their gamble fails, Matt Taibbi of Rolling Stone magazine wrote on December 13;
“If the Democrats actually stood for anything other than sounding as progressive as possible without offending their financial backers, then they would do what Republicans always do in these situations: force a shutdown to save their legislation. How many times did Republicans hold the budget hostage to rescue the Bush tax cuts? But the Democrats won’t do that here, because they’re not a real (political) party. They’re a marketing phenomenon, a big chunk of oligarchical”…”single furiously-money-collecting/favor-churning oligarchical Beltway party…cleverly sold to voters as the more reasonable and less nakedly corrupt wing of a two-headed political establishment.”
The budget battle of December 2014 proved a particularly gruesome point; both political parties have been totally corrupted by big money unleashed by the Reagan tax cuts, as well as other tax cuts, and the politicians of the US government are absolutely corrupt, with few exceptions, such as Bernie Sanders, Elizabeth Warren, Sherrod Brown, Jeff Merkley, Alan Grayson, and perhaps David Vitter. That’s why the political and economic game is totally rigged against the 99 percent.
For the rest of Matt Taibbi’s story, click the link below.
Dodd-Frank Budget Fight Proves Democrats Are a Bunch of Stuffed Suits Read more: http://www.rollingstone.com/politics/news/dodd-frank-budget-fight-proves-democrats-are-a-bunch-of-stuffed-suits–Rolling Stone Magazine
The Federal Reserve kept Congress in the dark about billions in profits generated by big Wall Street firms that used taxpayer dollars to take advantage of below-market interest rates, Bloomberg Markets reported this week.
Firms took advantage of the below-market interest rates offered by the Fed amid President George W. Bush’s bailout program, secretly leveraging $13 billion off taxpayer money, they found.
Posted in Economics, Politics, Uncategorized, tagged "income redistribution" "corporate welfare", bailouts, banksters, Blue Cross, Distribution of income, Impeach, mortgage backed securities, Obamacare, President Obama, Rich, wealth on Jam6000000amTue, 07 Jun 2011 10:25:59 +000011 10, 2010| Leave a Comment »
Every program Obama has enacted, whether it be the enactment of Obamacare or bailing out banks, has gone toward ensuring the wealthy get richer while bleeding the mass of citizens dry.
Take Obamacare. The bill was written by representatives of the health insurance industry. Guess what? There’s nothing in the bill that will stop the upward spiral of health insurance prices. Natually, since Obamacare was enacted, Blue Cross Blue Shield has jacked up its rates often by double digits and in many cases by 20 percent or more. Of course, representatives of Blue Cross helped draft the legislation.
The legislation allows the government to force millions of people without insurance to buy it, and then the taxpayers will subsidize these people. And their insurance premiums will go up and up and away. Obamacare may send the United States into the equivalent of bankruptcy. But it will be very profitable for Blue Cross and its shareholders, as well as every other health insurance corporation. In other words, Obamacare is another income redistribution scam, from the bottom 98 percent of citizens, straight to the top. It’s another corporate welfare scheme for the rich.
Likewise, Obama chose to save the banksters rather than homeowners, perhaps because they’re the people he can count on to provide him with campaign contributions. People earning less than eighty grand don’t have a lot of extra money to give the president.
Obama could have saved the homeowners, like FDR once did. But the banksters and other rich investors held hundreds of billions of dollars of mortgage backed securities. Had Obama elected to save the homeowners by establishing a program that would’ve allowed them to renegotiate their mortgages to reflect their new lower value, the value of the bonds held by the rich would’ve been depressed even more than they already have been.
There was no way Obama was going to allow the richest of investors to take a hit even if it meant saving the American economy and rescuing millions of families. In other words, this too was another redistribution scam for the rich.
Obama should be impeached for that.