It's time for Plan B. The White House is about to be sold to the same people who bought it in 2008. The front page of today's New York Times says it all. President Obama is on the hunt for campaign cash and the Wall Street crowd represents his main target. After all, he and his "good friend Tim" (Geithner) delivered in the biggest way possible. Obama must be thinking that it's payback time! Pony up fellas.
This much is clear. There will be no federal prosecutions of Wall Street crooks for the 2008 financial collapse, no day of judgment for massive mortgage fraud before, during and after the housing bubble, and no representation for the people the in the White House, no matter who wins in 2012. Populist rhetoric will guarantee a place on the no-fly list for any who stray from the new party line.
The Times article resorts to irony right out of the gate:
"Mr. Obama, who enraged many financial industry executives a year and a half ago by labeling them “fat cats” and criticizing their bonuses, followed up the meeting with phone calls to those who could not attend." New York Times, June 13
Another Triumph for The Money Party
The average price for a gallon of gas rose 30% from $2.69 in July 2010 to $3.49 as of March 6. Most of that 30% has come in just the last few days.
We're about to embark on another period of let the markets take care of it. The Money Party manipulators are again jerking citizens around in the old bottom-up wealth redistribution program. Their imagineers are writing the storyline right now.
The conflict in Libya is causing the spike in oil prices over the past ten days or so according to the media script. Take a look at the chart to the right. Can you find Libya among the top fifteen nations supplying the United States with crude oil?
Why the Current Panic Over Gas Prices?
The general explanation points to the crisis in Libya as the proximate cause. The anti Gaddafi regime revolution began in earnest on February 17. But if the Libyan revolution were the cause, we'd have to attribute a 50% drop in a 2% share of the world's oil supply as the cause of the panic. We would also have to attribute the increase in US gas prices to a nation that doesn't impact the US crude oil supply and, as a result, should not impact the price of gas here..
The Money Party is destroying the United States. For ten years, there have been no new jobs with flat income. Unemployment and poverty are making a big comeback. The party consists of those who own and control concentrations of great wealth and the select few who serve them (their Mandarins). Based on the efficiency of the demolition job, you have to wonder, is this is by design? If greed, ignorance, and paranoia constitute a plan, then they are master planners. (Image)
Look at the glaring problems below. Then ask yourself, has there been one single program implemented to address any of these problems, just one? Our elected representatives enable the relentless process of driving down the United States. They bicker and fume at the edge of issues. However, when it comes to neglecting the real needs of citizens and the country, they are as one. All rewards and resources flow to their patrons and owners, the made men and women of The Money Party. We are nothing to them.
What do you get when you cross Tim Geithner and Peter Peterson?
Barack Obama; who would rather help the big banks and balance the budget than offer a helping hand for struggling homeowners. (Image)
The president demonstrated new heights of indifference toward the people in his handling of the mortgage relief program made a part of the Trouble Asset Relief Program (TARP). Citizens paid the full share for TARP and were to get a modest proportion. That's not the case. The November 2010 Congressional Budget Office Report on TARP was just issued. It showed that the funds for home mortgage assistance programs would be reduced from $50 billion to $12 billion, as reported in the Huffington Post.
Reading the details of the report, we find that the take back from homeowner relief through TARP funds is even more outrageous. The actual funds spent so far for homeowner relief is only $710 million.
By Michael Collins
Part II of III (Part I)
WASHINGTON - Placed in office through legalized bribery, supported by public funding for their every need, protected against the laws that we're expected to obey, Congress represents the epitome of lawlessness; lawmakers who have no regard for the law. (Image)
Members of Congress are different. They get to retire at age 62 with lifetime pensions and health benefits. To qualify, they need just five years of service. They get free phone, mail, and other communications plus paid domestic and foreign travel. Supposedly, they're not allowed to take gifts but the list of exceptions offers plenty of room for luxurious appreciation.
The biggest gift of all - a six to seven figure job with a major corporation or lobbying firm right after retirement - is still fair game for any member. The revolving door never stops.
By Numerian posted by Michael Collins
We’ve often talked here about the bank practice of extracting equity from customer accounts. Now comes a 90 page ruling from Judge William Alsup of the Northern District of California against Wells Fargo Bank, showing in detail exactly how the bank engaged in “gouging and profiteering” when it managed customer checking accounts. Nor is this one of those polite judicial rulings where the judge waits to the end to conclude whether or nor the defendant engaged in bad behavior. Judge Alsup is biting and nasty throughout his ruling, barely able to hold his disgust at what he concluded was a deliberate attempt by Wells Fargo to profit off a system that trapped customers into overdraft hell.
How the System Was Rigged to Create Overdrafts
Prior to 2000, Wells Fargo did its best to minimize overdrafts in customer accounts. Its computers processed all credits to the account first, followed by ATM withdrawals and debit card purchases, followed by checks and then Automated Clearing House transactions (the ACH is used by banks to process debits such as PayPal charges or monthly mortgage or rental payments where the customer has agreed to an automatic debit). In every step, Wells Fargo used low to high sequencing; the smallest debits would go first and the largest would go last. This entire process mimicked the way the consumer managed their account using a traditional checking account balance, which ranks all transactions in chronological order. When an overdraft occurred on the bank’s records, the consumer would have known had they been keeping their checkbook balance up to date.
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