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On behalf of the Wall Street Democratic Establishment and its presidential candidate, the corporate propaganda machine, otherwise known as the news media, is blasting away at Bernie Sanders with vicious and negative editorials, while painting only positive pictures of Hillary Clinton.

Hillary is in big trouble as her campaign stalls because the corporate propaganda machine failed to convince enough voters that Clinton had already won the nomination by winning the South. So that’s why the PR attacks against Sanders have accelerated. Bernie has won 8 of the last 9 states. He can catch up to Hillary with wins in California, Pennsylvania and New York. As for the remaining states, Bernie is a big favorite to win most of those. So Wall Street and the Democratic Establishment have become nervous, and so launched the negative Bernie campaign. The last thing the Wall Street establishment wants is a President Bernie Sanders.

The New York Daily News interviewed Bernie and misrepresented much of what he said. For example, the interviewer asked Sanders how he would break up the big banks. Sanders responded with “legislation.” The interviewer then began to mock Sanders. CNN ran with the story, as did numerous other corporate propaganda networks.

Apparently, no one at any of the “news propaganda for working folks networks” understands that breaking up the big banks requires legislation, which can come in numerous forms, such as the reinstatement of Glass-Steagall. Hillary’s husband Bill Clinton signed the bill ending Glass-Steagall, and ushering in massive bank mergers. Legislation reversing Clinton’s action is required to reinstate Glass-Steagall, which would then break-up the commercial and investment banking firms. JP Morgan/Chase, for example, would be forced to become two companies, like in the old days; JP Morgan and Chase Bank. Of course, further legislation would be needed to break-up these still big banks.

Establishment columnist Paul Krugman has attacked Bernie with falsehoods about the last recession and Wall Street’s role in it, the president of General Electric has struck out at Sanders, and the list goes on and on. And they’re all wrong in their criticism.

The ignorance of these news interviewers and the bias in favor of the Wall Street Establishment candidate is obvious.

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Last week, seven US marshals, in full combat gear, arrested Paul Acre at his home in Houston Texas over a 29-year-old unpaid $1500 student loan. Reports are coming in that other people have been arrested for the same thing, as well.

The Obama administration clearly has its priorities straight. Arrest student loan defaulters, who clearly cannot make significant campaign contributions, take them to the judge, and force them into a legally binding repayment contracts. That’s what happened to Acre.

On the other hand, the Obama justice department has been careful not to investigate or charge with any crime a single Wall Street banker, or any of their underlings. You know those people even if you don’t know their names. These are the folks at Citigroup, JP Morgan/Chase, Goldman Sachs, a variety of hedge funds, and others who can and do make significant campaign contributions. They get the cash to do so through illegal activities, such as laundering Mexican drug cartel drug money, committing fraud, ripping off billions from consumers and investors, tanking the economy with illegal actions, and corrupting the US government completely.

Wall Street investment corporations have been caught doing all of this illegal stuff, and more, and have been fined by the US government, but not a single person has been charged with a crime, or arrested.

We clearly have a duel system of justice; one for the rich and powerful, and one for the rest of us.

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You bet she did, according to US Senator Elizabeth Warren. In the debate with Senator Sanders, Hillary said,

“Senator Sanders has said he wants to run a positive campaign; I’ve tried to keep my disagreements over issues, as it should be. But time and time again, by innuendo, by insinuation, there is this attack that he is putting forth, which really comes down to: ‘Anybody who ever took donations or speaking fees from any interest group has to be bought.’ And I just absolutely reject that, senator. And I really don’t think these kinds of attacks by insinuation are worthy of you. Enough is enough. If you have something to say, say it directly,” Clinton continued, “but you will not find I ever changed a view or a vote because of any donation I ever received.”

Yes, she did change her mind on legislation when some of the biggest banks applied pressure on her as a US senator. They wanted her to vote for legislation making it more difficult for people to go bankrupt. As first lady, she had opposed the bill, and gotten her husband, President Bill Clinton, to veto it after he had supported it.

The big banks were behind this for a big reason. Like mortgage backed bonds, credit card debt is also securitized. Wall Street investment banks purchase credit card debt, bundle them in packages, and sell bonds backed by the debt. This is a sector of the banking industry that produces tens of billions upon billions of dollars of profits for banks like JP Morgan and Citigroup. When people go bankrupt, the bonds become valueless.

By supporting the legislation, Hillary Clinton voted to enslave the 99 percent to rich investors and Wall Street investment banks with a steel chain of credit card and other debt. Most bankruptcies, by the way, are caused by medical bills paid off with credit cards.

You want proof that Hillary pulled another whooper on the audience? Check out the Bill Moyers interview with Senator Elizabeth Warren below. Then check out a few other issues Hillary was not quite honest on by clicking on the link below that.

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Elizabeth Warren is a rarity nowadays. She is a US senator, unlike most senators, such as Ron Wyden, who is clearly a tool and senator of Wall Street and of perhaps even Phil Knight, the founder of Nike. In a new report prepared for Warren, called Rigged Justice, several not so shocking things are clearly illuminated which prove how corrupt the US government has become, and let’s face it, this government is one of the most corrupt in the world, at least among the so-called Democratic nations.

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“The Obama Administration,” the reports says, “has made repeated promises to strengthen enforcement and hold corporate criminals accountable, and the Department of Justice (DOJ) announced in September that it would place greater emphasis on charging individuals responsible for corporate crimes. Nonetheless, both before and after this DOJ announcement, accountability for corporate crimes is shockingly weak.”

This is because both the Democratic and Republican establishments are completely reliant on money from the CEOs and corporations that commit these crimes. Most of the penalties faced by these CEOs and their corporations were so paltry that the report stated, “The examples (from this report) raise the disturbing possibility that some giant corporations—and their executives—have decided that following the law is merely optional. For these companies, punishment for breaking the law is little more than a cost of doing business.

There is a simple set of rules governing how US laws are applied. If you are rich, and you have used your money to corrupt the political system, the DOJ doesn’t look at you after it has caught you. The report goes on.

“When government regulators and prosecutors fail to pursue big corporations or their executives who violate the law, or when the government lets them off with a slap on the wrist, corporate criminals have free rein to operate outside the law. They can game the system, cheat families, rip off taxpayers, and even take actions that result in the death of innocent victims—all with no serious consequences.”

According to Warren, in an editorial in the New York Times, in 2015, “in case after case, federal agencies caught big companies breaking the law, defrauding tax payers, covering up deadly safety hazards, even precipitating the financial collapse of 2008, and let them off the hook with barely a slap on the wrist.” And to think that financially ordinary people go to prison for far less crimes than ripping off billions of dollars from taxpayers and investors, or knowingly selling products that kill.

“The failure to punish big corporations, the report went on, “or their executives when they break the law undermines the foundations of this great country: If justice means a prison sentence for a teenager who steals a car, but it means nothing more than a sideways glance at a CEO who quietly engineers the theft of billions of dollars, (not to mention the theft of the government and their regulatory agencies) then the promise of equal justice under the law has turned into a lie.” That promise died decades ago. “The failure to prosecute big, visible crimes has a corrosive effect on the fabric of democracy and our shared belief that we are all equal in the eyes of the law.

Some of the crimes committed included:

1 “The Cartel”: Citigroup, JPMorgan Chase & Co, Barclays, UBS AG, and Royal Bank of Scotland. In May 2015, Citigroup, JP Morgan Chase & Co, Barclays, UBS AG, and Royal Bank of Scotland (RBS) agreed to pay a combined $5.6 billion settlement to the DOJ. Bank traders from Citicorp, JP Morgan, Barclays, and RBS created a secret group known as “The Cartel,” which for more than five years manipulated exchange rates in a way that made the banks billions of dollars at the expense of clients and investors. And, the fifth bank, UBS, separately agreed to plead guilty to wire fraud charges in connection with interest rate manipulation. Although DOJ required admissions of guilt as part of the settlement – a reflection of the severity of the charges – not one single individual faced any criminal prosecution. Moreover, the SEC granted waivers to each bank so that the banks could avoid the collateral consequences that were supposed to accompany a guilty plea. Those waivers meant that the banks’ much-hyped guilty pleas were ultimately “likely to carry more symbolic shame than practical problems.”

2. Novartis. In November 2015, DOJ announced a $390 million settlement of a civil fraud lawsuit with Novartis Pharmaceuticals over allegations that the company engaged in a kickback scheme with pharmacists to increase sales of their drugs to Medicare and Medicaid patients. These kickbacks allegedly were paid even as Novaris was already under a corporate integrity agreement for previous violations of the law. This $390 million represented just over 10% of the damages sought by the government. It placed no further restrictions on Novartis’ participation in federal government healthcare programs, included no admission of wrongdoing, and did not include an indictment of any individual responsible for the kickbacks. The settlement was so paltry that after it was announced, Novartis’s CEO candidly noted that “whether we change our behavior …[in response to the settlement] remains to be seen.”

3. Education Management Corporation (EDMC). In November 2015, DOJ settled a civil case with EDMC, the second-largest for-profit education company in the country. EDMC illegally paid high-pressure recruiters to enroll students and violated the False Claims Act by falsely certifying that it complied with Title IV of the Higher Education Act. EDMC received $11 billion in payments (90% of it via federal student grants and loans) from 2003-2011 as a result of these efforts. But the settlement recovered only $95 million –less than one percent of this total. The DOJ settlement did nothing to resolve federal student loan debts owed by those who were victims of the illegal recruitment, held no individual executives at EDMC accountable, required no admission of wrongdoing, and did nothing to prevent EDMC from receiving federal funds in the future.

What the report doesn’t mention is that US banks have been caught openly laundering money for Mexican drug cartels. They’ve been fined, and then were caught again, and not a soul has been charged with a crime.

For the complete report click the link below. http://www.warren.senate.gov/files/documents/Rigged_Justice_2016.pdf

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Here are the 10 major components to Sanders’ Wall Street reforms.

1. End Too-Big-to-Fail

The underlying logic of this federal policy is that the biggest banks cannot fail and shut down, even if they make terrible investments or wreak great harm to the economy, because the U.S. economy and millions of ordinary people would become financially destitute. Sanders said this “scheme … is nothing more than a free insurance policy for Wall Street.” Compared to before the crash of 2008, the biggest banks in the country are larger than ever, he said, adding, “if a bank is too big to fail, it is too big to exist.”

The truth is that the big banks are not too big to fail. When Lehman Brothers died, not one member of the 99.9 percent was impacted in the slightest. However, the super rich have a massive financial stake in the banks, and they would lose their shirts if the banks were allowed to fail. Using the “too big to fail” slogan means that the banks don’t need to be responsible for their bad decisions, and bad bets, and bad investments, and why should they? Especially when the banksters know the government or the Federal Reserve will bail them out instantly.

“In 2008, the taxpayers of this country bailed out Wall Street because we were told they were ‘too big to fail,’” Sanders said. “Yet, today, three out of the four largest financial institutions [JP Morgan Chase, Bank of America and Wells Fargo] are nearly 80 percent bigger than before we bailed them out. Incredibly, the six largest banks in this country issue more than two-thirds of all credit cards and more than 35 percent of all mortgages. They control more than 95 percent of all financial derivatives and hold more than 40 percent of all bank deposits. Their assets are equivalent to nearly 60 percent of our GDP. Enough is enough!”

Sanders concluded, “A handful of huge financial institutions simply have too much economic and political power over this country. If Teddy Roosevelt, the Republican trust-buster, were alive today, he would say, break ‘em up. And he would be right.”

2. The above is why we need to Break Up the Biggest Banks

If elected, Sanders said he would direct the Treasury Department to compile a list of the institutions “whose failure would pose a catastrophic risk to the U.S. economy without a taxpayer bailout.” Using the power of executive authority, he would break up these institutions. “Within one year, my administration will break these institutions up so that they no longer pose a grave threat to the economy as authorized under Section 121 of the Dodd-Frank Act.”

3. Pass a 21st-Century Glass-Steagall Act

This Depression-era law, which was repealed by Congress under President Bill Clinton, prevented commercial banks from investing in risky and arcane financial instruments, such as bundled home loans during the housing market bubble that predated the 2008 financial market collapse. Now investment and commercial banks are merged, and the government couldn’t bail out homeowners, such as FDR did. Had they done so, homeowners would have renegotiated lower home prices that reflected reality. But the Obama regime couldn’t do that because an 8 percent decline in home prices effectively rendered the tens of trillions of dollars in home mortgaged backed bonds valueless. Instead, the government bailed out the banks, and the Federal Reserve bailed out the banks. But they really weren’t bailing out the banks; they were bailing out rich investors.

See The 26 Trillion Dollar Bailout–JohnHively.wordpress.com

Also see the video below.

“Secretary Clinton says that Glass-Steagall would not have prevented the financial crisis because shadow banks like AIG and Lehman Brothers, not big commercial banks, were the real culprits,” Sanders said. “Secretary Clinton is wrong. Shadow banks did gamble recklessly, but where did that money come from? It came from the federally insured bank deposits of big commercial banks—something that would have been banned under the Glass-Steagall Act.”

Moreover, Sanders said his work as a senator revealed that the Federal Reserve and the Treasury Department “provided more than $16 trillion in short-term, low-interest loans to every major financial institution in the country” to stop the global economy from imploding after the 2008 crash. “Secretary Clinton says we just need to impose a few more fees and regulations on the financial industry. I disagree.”

4. End Too-Big-to-Jail

Sanders said that the government needs to run Wall Street, not the other way around, which he said is the reality today. He said that “equal justice under the law” means that banking and finance executives whose reckless gambles damaged people’s lives must face real criminal penalties including prison.

“The average American sees kids being arrested and sometimes even jailed for possessing marijuana or other minor crimes,” Sanders said. “But when it comes to Wall Street executives, some of the wealthiest and most powerful people in this country, whose illegal behavior caused pain and suffering for millions—somehow, nothing happens to them. No police record. No jail time. No justice.”

He noted that “not one major Wall Street executive has been prosecuted for causing the near collapse of our entire economy” and that “will change under my administration.”

What Sanders doesn’t mention is that large banks also have been caught engaging in drug money laundering for the Mexican banks. The US government has fined the banks, but never indicted any bank officers, not even when the banks have been caught committing this crime time and again.

5. Criminalize Wall Street’s Business Model

One of Sanders’ most incisive comments concerned Wall Street’s ways of doing business, which he said are based on intentionally ripping off average Americans and engaging in all kinds of unethical and illegal behaviors. He said the government must do more to penalize companies that routinely rip off the public and richly reward the executives overseeing that process.

“The reality is that fraud is the business model on Wall Street,” Sanders said. “It is not the exception to the rule. It is the rule. And in a weak regulatory climate the likelihood is that Wall Street gets away with a lot more illegal behavior than we know of. How many times have we heard the myth that what Wall Street did may have been wrong but it wasn’t illegal? Let me help shatter that myth today.”

Sanders read from a dozen business page headlines to underscore that the banks most Americans use have been fined $204 billion since 2009 for malfeasance. “And that takes place in a weak regulatory climate,” he said. “And, when I say that the business model of Wall Street is fraud, that is not just Bernie Sanders talking. That is what financial executives told the University of Notre Dame in a study on the ethics of the financial services industry last year.”

Sanders said he would appoint regulators who are not afraid to tackle this caldron of corruption. “I will nominate and appoint people with a track record of standing up to power, rather than those who have made millions defending Wall Street CEOs. Goldman Sachs and other Wall Street banks will not be represented in my administration,” like they will be in a Clinton, Trump, or any other Republican administration.

6. Tax the Casino Culture

Sanders said one of the keys of reforming Wall Street was ending its culture of financial speculation. He said he would do that by imposing a transaction tax aimed at high-speed, high-volume traders who are not investing “in the job-creating economy.” Those funds would then be used for cutting the cost of higher education. This was something first proposed in The Rigged Game: Corporate America and a People Betrayed.

“We will use the revenue from this tax to make public colleges and universities tuition-free. During the financial crisis, the middle class of this country bailed out Wall Street. Now, it’s Wall Street’s turn to help the middle class.”

7. Reform the Financial Rating Agencies

Sander’s notes that the ratings agencies committed fraud when it came to rating mortgage backed bonds. If the investment banks didn’t like the ratings of the liar loans they were purchasing from, say, Country Wide, then they simply went to a different ratings agency. For the ratings agencies, it’s either fraud or bust. This must end.

8. Cap Credit Card Interest and ATM Fees

Sanders doesn’t mention that just as there are tens of trillions of dollars of mortgage backed bonds issued by Wall Street Investment firms, such as JP Morgan and Goldman Sachs, the credit card debt backed bond market is a billion dollar industry. Capping interest rates charged by banks and credit card companies, and curtailing some of their fees, will bring the full might of an enraged banking/investing industry down around Sanders neck because what he proposes will undercut the value of credit card backed bonds, which is a trillion dollar plus industry. Sanders proposals might even send the value of the bonds to zero, which would be a good thing for the 99 percent, but a bad thing for the idle rich and their unearned income stolen from the 99 percent.

Sanders says banks and credit card companies must stop “from ripping off the American people by charging sky-high interest rates and outrageous fees. It is unacceptable that Americans are paying a $4 or $5 fee each time they go to the ATM. It is unacceptable that millions of Americans are paying credit card interest rates of 20 or 30 percent.”

Sanders wants interest rates “capped at no more than 15 percent for borrowed money. He also said ATM fees should be capped at $2. “People should not have to pay a 10 percent fee for withdrawing $40 of their own money out of an ATM. Big banks need to stop acting like loan sharks and start acting like responsible lenders.”

9. Let the USPS Offer Banking

The post office’s money order service could be greatly expanded “to give Americans affordable banking options,” Sanders said. “The reality is that, unbelievably, millions of low-income Americans live in communities where there are no normal banking services.”

“Today, if you live in a low-income community and you need to cash a check or get a loan to pay for a car repair or a medical emergency, where do you go?” he asked. “You go to a payday lender who could charge an interest rate of more than 300 percent and trap you into a vicious cycle of debt. That is unacceptable.”

10. Reform the Federal Reserve

Sanders said this arcame institution that regulates the flow of the U.S. currency and interest rates charges to banks must be reformed so that its primary purpose is serving the public, not private bankers. “When Wall Street was on the verge of collapse, the Federal Reserve acted with a fierce sense of urgency to save the financial system,” he said. “We need the Fed to act with the same boldness to combat unemployment and low wages.” What Sanders doesn’t mention is that the Federal Reserve is a private bank, and not a government agency. It’s primary goal is to ensure that the big banks are solvent and their profits and stock prices are rising, even at the expense of the American people.

“It is unacceptable that the Federal Reserve has been hijacked by the very bankers it is in charge of regulating,” Sanders said. “I think the American people would be shocked to learn that Jamie Dimon, the CEO of JPMorgan Chase, served on the board of the New York Fed at the same time that his bank received a $391 billion bailout from the Federal Reserve. That is a clear conflict of interest that I would ban as president. When I am elected, the foxes will no longer be guarding the henhouse at the Fed.”

As striking as Sanders’ reforms sound, he said they were unlikely to be sufficient to ensure that American capitalist excesses do not harm the country again.

“No president, not Bernie Sanders or anyone else, can effectively address the economic crises facing the working families of this country alone,” he said. “The truth is that Wall Street, corporate America, the corporate media and wealthy campaign donors are just too powerful.”

But Sanders said that new rules of the financial game could be written and that government could force Wall Street to follow them.

“Yes, we can make our economy work for all Americans,” he said. “And so my message to you today is straightforward: If elected president, I will rein in Wall Street so they can’t crash our economy again. Will they like me? No. Will they begin to play by the rules if I’m president? You better believe it.”

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Student loans are a way the US government redistributes income from the 99 to the 1 percent. Notice also that virtually all K-12 educational reform is geared toward turning the most IQ challenged children into university students. The complete process of student loans and educational reform are interrelated scams to redistribute income from the 99 to the 1 percent. The more students take out loans, and the more kids and parents feel pushed toward university educations, the richer Wall Street and its investors get.

Wall Street investment corporations purchase student loans, and then turn around and issue bonds based on the value of the government guaranteed student loans, meaning there is no risk for the rich investors who opt to purchase these bonds. These student loan transaction generate billions of dollars of income for Wall Street.

That’s one reason why the US government allowed student loan interest rates to double from 3.4 to 6.8 nearly two years ago. The rich investors of Wall Street benefited from this at the expense of the 99 percent.

There is another reason why the US government keeps this massive income redistribution scam going. Wall Street banks have invested billions of dollars into private, for profit, universities.

* ITT is 100 percent owned by Wall Street investment companies.
* The Apollo Group owns the University of Phoenix, among other private universities. JP Morgan, Citigroup, Barclays, Wells Fargo and Blackrock, among others, own 98 percent of the Apollo Group.
* Devry University is 100 percent owned by Bank of America, Barclays, BlackRock, JP Morgan, and Morgan Stanley, among other Wall Street Investment firms.

You can go on and on and the story is the same with respect to for-profit universities. Many of them are owned by Wall Street.

These universities target low income students, and charge several times more tuition than community colleges. Student loans amount to $32 billion in revenue a year for Wall Street owned private universities. That equals 25 percent of all student aid in the USA. The revenue generated by student loans provides up to 90 percent of annual income for Wall Street investment schools.

* In 2012, 88 percent of graduates left school with debt equal to almost $40,000 per student, which goes straight into the pockets of Wall Street investors.

* With interest, late fees, penalties, and collection fees assessed against students, the total cost of an education at these private schools is “can end up being more than double the cost of an education at Harvard University.

* 17 percent of revenue is spent on teaching, 19 percent goes to profits, and 23 percent does to marketing their bogus products.

* The average annual pay of a CEO at any of these corporate schools equals $7.3 million.

* The US Department of Education reports that 72 percent of private school graduates wind up in jobs that “average less pay than high school dropouts.” This may explain why corporate school college graduates represent only 13 percent of all college graduates, but they account for 47 percent of all loan defaults.

And these are only some of the reasons why student loans represent a nice income redistribution scam for the 1 percent at the expense of the 99 percent. Check out the link below for a story and interview about how one person decided, among many, decided it was in his best interest to default on his student loans.

why-this-man-defaulted-on-his-student-loans-and-suggests-others-do-the-same–Yahoo! News

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Wall Street investment corporations purchase politicians so that they will enact legislation that redistributes income from the 99 to the 1 percent. This is true in any number of ways, including debt. Household debt, credit card debt, mortgages, student loan debt, auto loan debt, can all be purchased by Wall Street investment corporations, such as Goldman Sachs and JP Morgan. These corporations take the loans they’ve purchased, and issue bonds against the debt. Then they sell the bonds to rich investors. The payments made by, for example, people who have outstanding student loans, go into the pockets of the rich via these bonds. Wall Street steals billions, perhaps hundreds of billions, via every one of these transactions annually. There are more commissions when the banks purchase home mortgages from lending companies, and then there are billions of dollars more to be made when Wall Street sells the bonds to rich investors. This is why the US government enacted tougher bankruptcy laws seven years ago, and why the government made it impossible to go into bankruptcy on student loans. It’s also why the government doubled student loan interest rates two years ago.

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