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loweyecue
Posts: 27468
Alba Posts: 6
Joined: 11/20/2005
Member: #1037
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GustavBahler wrote:Bush II was the worst president in my lifetime, and Obama is easily the most disappointing. I voted for the president in 08', but I won't be voting for either him or Romney. Some reasons why...Barack Obama is a brand. And the Obama brand is designed to make us feel good about our government while corporate overlords loot the Treasury, our elected officials continue to have their palms greased by armies of corporate lobbyists, our corporate media diverts us with gossip and trivia and our imperial wars expand in the Middle East. Brand Obama is about being happy consumers. We are entertained. We feel hopeful. We like our president. We believe he is like us. But like all branded products spun out from the manipulative world of corporate advertising, we are being duped into doing and supporting a lot of things that are not in our interest. Chris Hedges
http://www.sltrib.com/sltrib/opinion/54351480-82/corporations-tpp-foreign-trade.html.csp
This may be one of the most important stories ever ignored by the media. It’s unlikely you’re losing sleep over U.S. trade negotiations, but the unfolding agreement between the United States and eight Pacific nations — the Trans-Pacific Partnership (TPP) — should cause every U.S. citizen, from the Sierra Club to the tea party to get their pitchforks and torches out of the closet and prepare to "storm the Bastille."The TPP negotiations have been going on for two years under extreme secrecy, no information has been made available to either the press or Congress about the U.S. position. But on June 12 a document was leaked to the watchdog group, Public Citizen, revealing the current U.S. position and the reason for the secrecy. The contents are surreal and shocking.
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The leaked document reveals that the trade agreement would give unprecedented political authority and legal protection to foreign corporations. Specifically, TPP would (1) severely limit regulation of foreign corporations operating within U.S. boundaries, giving them greater rights than domestic firms, (2) extend incentives for U.S. firms to move investments and jobs to lower-wage countries, (3) establish an alternative legal system that gives foreign corporations and investors new rights to circumvent U.S. courts and laws, allowing them to sue the U.S. government before foreign tribunals and demand compensation for lost revenue due to U.S. laws they claim undermine their TPP privileges or their investment "expectations." Despite NAFTA’s failures, corporations are arm-twisting the federal government to pursue trade agreements as inevitable and necessary for economic progress. But 26 of the 28 chapters of this agreement have nothing to do with trade. TPP was drafted with the oversight of 600 representatives of multinational corporations, who essentially gave themselves whatever they wanted; the environment, public health, worker safety, further domestic job losses be damned.
http://rt.com/usa/news/tpp-obama-corporations-trade-725/
Last month, Senator Ron Wyden (D-Oregon) introduced legislation that specifically targets the Obama administration by demanding that the White House open up on details about the proposed TPP. Despite serving as chair of the United States Senate Finance Subcommittee on International Trade, Customs, and Global Competitiveness, Sen. Wyden has been largely left uninformed about the details of the TPP all while the White House has opened up to the multinational corporations expected to profit through the proposal. http://www.huffingtonpost.com/miles-mogulescu/ny-times-reporter-confirm_b_500999.html This should be big news. Even while President Obama was saying that he thought a public option was a good idea and encouraging supporters to believe his healthcare plan would include one, he had promised for-profit hospital lobbyists that there would be no public option in the final bill.
http://www.counterpunch.org/2012/09/04/obamas-secret-plan-to-prop-up-housing-prices/
Private Equity firms are piling in to the housing market to take advantage of bargain basement prices on distressed inventory. The Obama administration is stealthily selling homes to big investors who are required to sign non-disclosure agreements to ensure that the public remains in the dark as to the magnitude of the giveaway. Aside from the steep discounts on the homes themselves, the government is also providing “synthetic financing to reduce the up-front capital required if they agree to form a joint venture with Fannie Mae and share proceeds from the rental or sale of properties.” (Businessweek)In other words, US-taxpayers are providing extravagant financing for deep-pocket speculators who want to reduce their risk while maximizing their profits via additional leverage. The plan resembles Treasury Secretary Timothy Geithner’s Public-Private Partnership Investment Program, (PPIP) which Columbia University professor Joseph Stiglitz denounced in an op-ed in the New York Times. Here’s what he said: “The Obama administration’s $500 billion or more proposal to deal with America’s ailing banks has been described by some in the financial markets as a win-win-win proposal. Actually, it is a win-win-lose proposal: the banks win, investors win — and taxpayers lose.” The same rule applies here. Speculators are getting lavish incentives (gov financing, low rates, and severe discounts) in secret deals to buy distressed inventory which should be available to the public at market prices. If that’s not a ripoff, then what is? http://www.rollingstone.com/politics/blogs/taibblog/obama-goes-all-out-for-dirty-banker-deal-20110824
A power play is underway in the foreclosure arena, according to the New York Times.On the one side is Eric Schneiderman, the New York Attorney General, who is conducting his own investigation into the era of securitizations – the practice of chopping up assets like mortgages and converting them into saleable securities – that led up to the financial crisis of 2007-2008. On the other side is the Obama administration, the banks, and all the other state attorneys general. This second camp has cooked up a deal that would allow the banks to walk away with just a seriously discounted fine from a generation of fraud that led to millions of people losing their homes. The idea behind this federally-guided “settlement” is to concentrate and centralize all the legal exposure accrued by this generation of grotesque banker corruption in one place, put one single price tag on it that everyone can live with, and then stuff the details into a titanium canister before shooting it into deep space. This is all about protecting the banks from future enforcement actions on both the civil and criminal sides. The plan is to provide year-after-year, repeat-offending banks like Bank of America with cost certainty, so that they know exactly how much they’ll have to pay in fines (trust me, it will end up being a tiny fraction of what they made off the fraudulent practices) and will also get to know for sure that there are no more criminal investigations in the pipeline.
http://www.rollingstone.com/politics/blogs/taibblog/obama-and-geithner-government-enron-style-20111220
The notion that what Wall Street firms did was merely unethical and not illegal is not just mistaken but preposterous: most everyone who works in the financial services industry understands that fraud right now is not just pervasive but epidemic, with many of the biggest banks committing entire departments to the routine commission of fraud and perjury – every single one of the major banks, for instance, devotes significant manpower to robosigning affidavits for foreclosures and credit card judgments, acts which are openly and inarguably criminal.Banks and hedge funds routinely withhold derogatory information about the instruments they sell, they routinely trade on insider information or ahead of their own clients’ orders, and corrupt accounting is so rampant now that industry analysts have begun to figure in estimated levels of fraud in their examinations of the public disclosures of major financial companies. Beyond that, as Jeff points out, Obama is simply not telling the truth about the supposedly insufficient penalties available to regulators. Employing the famous "mistakes were made" use of the passive tense, Obama copped out in his December 6 speech by saying that “penalties are too weak." As Jeff points out, what Obama should have said is that "the penalties my own regulators chose to dish out were too weak": Moreover, the President is misleading us when he says that Wall Street firms violate anti-fraud law because the penalties are too weak. Repeat financial fraudsters don't pay relatively paltry -- and therefore painless -- penalties because of statutory caps on such penalties. Rather, regulatory officials, appointed by Obama, negotiated these comparatively trifling fines. This week, the F.D.I.C. settled a suit against Washington Mutual officials for just $64 million, an amount that will be covered mostly by insurance policies WaMu took out on behalf of executives, who themselves will pay just $400,000. And recently a federal judge rejected the S.E.C.'s latest settlement with Citigroup, an action even the Wall Street Journal called "a rebuke of the cozy relationship between regulators and the regulated that too often leaves justice as an orphan." What makes Obama’s statements so dangerous is that they suggest an ongoing strategy of covering up the Wall Street crimewave. There is ample evidence out there that the Obama administration has eased up on prosecutions of Wall Street as part of a conscious strategy to prevent a collapse of confidence in our financial system, with the expected 50-state foreclosure settlement being the landmark effort in the cover-up, intended mainly to bury a generation of fraud. Here’s how Jeff puts it: In Ron Suskind's book, Confidence Men, he quotes Treasury Secretary Timothy Geithner as saying, "The confidence in the system is so fragile still... a disclosure of a fraud... could result in a run, just like Lehman." The Obama Administration is pushing hard for a 50-state settlement with the major banks for their fraudulent foreclosure practices, even though several state attorneys general have rejected this approach because, in their view, it would shield too much wrongdoing. Regrettably, Obama's top officials and lawyers seem more eager to restore the financial sector to health than establish criminal accountability among the executives who were in charge. In other words, Geithner and Obama are behaving like Lehman executives before the crash of Lehman, not disclosing the full extent of the internal problem in order to keep investors from fleeing and creditors from calling in their chits. It’s worth noting that this kind of behavior – knowingly hiding the derogatory truth from the outside world in order to prevent a run on the bank – is, itself, fraud! http://www.guardian.co.uk/commentisfree/2012/aug/20/us-drones-strikes-target-rescuers-pakistan The US government has long maintained, reasonably enough, that a defining tactic of terrorism is to launch a follow-up attack aimed at those who go to the scene of the original attack to rescue the wounded and remove the dead. Morally, such methods have also been widely condemned by the west as a hallmark of savagery. Yet, as was demonstrated yet again this weekend in Pakistan, this has become one of the favorite tactics of the very same US government. I am not worried about private equity buying foreclosed homes. If the government gets to make money out of it, that's ok too. People in general are completely averse to home buying compared to the available supply. Letting the homes sit a d rot isn't going to help anyone. And the piece is written like a conspiracy theory and makes me skeptical. The Govt is not in the business of dictating home values. Fannie-Freddie hold large number of foreclosures and need to get rid of them. The one about the TPP really worried me though. I will do more research on that and try to read up on it. Doesn't look like the election will not impact that outcome since they both seem to be wanting to sign it. I will look to find some independent corroboration of that. Thanks for posting the links on these articles. I had no line of sight to the TPP thing before. As for accusations of Fraud, I would just ask these people if they really WANT full disclosure??? Do people really want a run on banks? Collapse of the financial system? These same conspiracy theorists would turn on a dime to blame Obama for letting it happen. TKF on Melo ::....he is a punk, a jerk, a self absorbed out of shape, self aggrandizing, unprofessional, volume chucking coach killing playoff loser!!
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9/7/2012 8:33 PM