Posts Tagged ‘Lawrence Summers’

Wall Street Plutocrat Larry Summers was President Obama’s first choice to lead the Fed, but he made some missteps and out he went. That left Yellen. Thanks to the Almighty! Yellen’s predecessor was a scheming architect of redistributing income from the 99 to the 1 percent.


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Is this poster correct?

The poster is correct, but only to a certain degree. Obama bears some responsibility for the slow creation of jobs. First of all, Charlie Brown was dumb enough to get fooled by Lucy time and time again. Likewise, President Obama was stupid enough to get fooled by his own economic advisers over and over again, notably by the Wall Street toadie, Lawrence Summers.

For example, Obama’s original stimulus package was about three times too small to engineer an economic recovery, and there were plenty of worthwhile economists who said so, such as Nobel prize winners Paul Krugman and Joe Stiglitz.

Second of all, Obama continues federal policies that redistribute income from the 99 to the 1 percent, his masters, such as the Crown Brothers of General Dynamics. Those policies began under Ronald Reagan, and include such legislation as free income redistribution trade treaties. Obama has already signed three of these treaties into law knowing they would cost the 99 percent jobs, and the difference between the old higher wages here and the new lower wages there are going into the pockets of the 1 percent via higher corporate profits, rising dividends and surging share prices. Obama knows this. He isn’t stupid, like Charlie Brown. Now the Obama man is negotiating the biggest free income redistribution treaty in USA history, the Trans Pacific Partnership. This scam will redistribute even more income from the 99 to the 1 percent than Nafta. The Guardian calls it “Nafta on Steroids.”

Sure Republicans obstructed Obama’s agenda for the last four years, but Obama’s agenda included sucking the middle class dry and shifting their former income into the already fat wallets of the 1 percent. So he bears quite a bit of the responsibility for our slow economic recovery.

Obama also failed to recognize that the redistribution of income from the 99 to the 1 percent over the previous 26 years has stifled the demand for goods and services from the 99 percent because they earn less money than they used to. That stifles job growth and has lead to the anemic recovery. Not only that, Obama’s agenda has invigorated America’s economic slow motion collapse.

As for the 1 percent, they usually invest their money in things that destroy rather than create jobs, such as derivatives, buying politicians and legislation, and free income redistribution treaties.

Worse yet, the 1 percent now steal about 31 percent of all US income, compared to 8 percent 31 years ago. That means the 99 percent earn 69 percent compared to 92 percent in 1980.

That’s why President Jimmy Carter looks like such a genius compared to the president’s that have followed him. The deficit was historically small under his watch compared to when Obama, Bush and Reagan have been president, but 208,000 jobs a month were created under Carter, and with rising wage rates. That was with an economy with 60 percent of the GNP and population as we have today. It was because the 99 percent had way more money to spend then, making job growth far more robust compared with now. Obama knows this as surely as I do. But he dare not do much to alleviate the burdens of the middle class for fear of angering his corporate backers. Wall Street Senator Ron Wyden is very much the same as Obama, in this regard.

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It was the summer of 2008 and I was sitting on a train stuck somewhere between London and Newcastle in England. We’d been sitting for a while. Conversations began to light up. People from all over the world discovered I was from the United States. They all expressed universal contempt for George W. Bush, and thought of Barack Obama as some sort of savior. I tried to tell them Obama was linked to Wall Street, but they refused to believe me. Hope and change was all they cared about. Has Obama lived up to the expectations that he created?

Click here for the great story on this subject

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