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Reply #44: Fleecing What’s Left of the Treasury [View All]

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Octafish Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-22-08 09:25 PM
Response to Reply #11
44. Fleecing What’s Left of the Treasury
It is way past time for the Army to arrest these traitors.



Fleecing What’s Left of the Treasury

by Chris Hedges
Published on Monday, September 22, 2008 by TruthDig.com

The lobbyists and corporate lawyers, the heads of financial firms and the crooks who control Wall Street, all those who spent the last three decades assuring us that government was part of the problem and should get out of the way, are now busy looting the U.S. treasury. They are also working feverishly inside the Democratic and Republican parties to blunt any effective regulatory reform as they pass on their distressed assets to us. The process is stunning in its hubris and mendacity, and two of the most potent enablers of this unprecedented act of corporate welfare are John McCain and Barack Obama.

The federal government, reeling backward from the meltdown of financial markets, is now considering taking responsibility for the bad assets of numerous financial companies. But if that intervention does not include robust new mechanisms of regulation, accountability and control we will see nothing more than a massive taxpayer-funded bailout of stockholders and the financial industry.

The rhetoric of the two presidential candidates about the crisis has been filled with pious outrage about the abuses of Wall Street and short on actual solutions. John McCain and Barack Obama know, after all, who funds their campaigns. The financial industry has given $22.5 million in the current election cycle to Obama and $19.6 million to McCain, according to the Center for Responsive Politics. And the financial industry has come around to collect. Two of the biggest financial groups in Washington, the Financial Services Roundtable and the Mortgage Bankers Association, have been holding meetings with McCain and Obama's economic advisers. They are working with the campaigns to protect the unregulated power of financial industries and at the same time to shift bad debt to taxpayers. The Wall Street Journal reported that the Financial Services Roundtable, made up of the very banks and firms that got us into this mess, has developed draft legislation. The Roundtable has called a meeting this week with the chief executives of more than 50 banks, brokerages and insurers. The three-day meeting includes private, closed-door sessions on Thursday with Obama economic adviser Ian Soloman and McCain adviser Ike Brannon. Those hovering around Obama-economists like Paul Volcker, Robert Rubin, Lawrence Summers and Laura Tyson-bear as much responsibility for the dismantling of government regulation as those advising McCain.

If the financial-services industry is able to suck us dry, our assets, from our homes to our retirement investments, will continue to tumble. Taxes will go up. Jobs will be lost. The grim economic indicators will get worse. The dollar, which has already lost about a third of its value against the euro, will continue to plummet. The rate of foreclosures, one in every 416 U.S. households in August, will skyrocket. Consumer spending, the engine of the U.S. economy, will continue to decline. Industrial production, which has fallen for three consecutive quarters, will fall further. Unemployment, which shot up to 6.1 percent in August from 5.7 percent in July, will get worse. These tremors presage an earthquake.

Ralph Nader, who has spent his adult life battling corporations, understands more about the rise of the corporate state and the steady fleecing of American citizens by corporations than anyone else in the country. The core of his message is that Republicans and Democrats are hostage to corporate power.

Nader warned in a letter to Congress on July 23 that the federal government's bank insurance fund may be insufficient to handle the developing crisis in the banking industry. The letter was, at the time, greeted with indifference and ridicule. Rep. Spencer Bachus, R-Ala., at a congressional hearing, mentioned the letter and assured those present that "Our banks are well capitalized, our deposit insurance fund is sound. There's absolutely no factual basis for saying that there's not money there to pay."

CONTINUED...

http://www.commondreams.org/view/2008/09/22-3




It is my hope that one day we will share many a toast and story. I pray that day is soon, Hoot.
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  -Know your BFEE: Phil Gramm, the Meyer Lansky of the War Party, Set-Up the Biggest Bank Heist Ever. Octafish  Sep-21-08 09:50 PM   #0 
  - Republicanism is a cult of ruthless, cruel, and greedy lawlessness.  ladjf   Sep-21-08 09:55 PM   #1 
  - They used to call them and they still ARE: Robber Barons. n/t  Triana   Sep-21-08 10:22 PM   #5 
  - They are "Robber Barons" and beyond that.  ladjf   Sep-21-08 10:24 PM   #7 
  - GOP -- Greedy Oil Perverts  Octafish   Sep-22-08 09:03 AM   #23 
  - Who Should Pay for the Bailout  seemslikeadream   Sep-21-08 10:00 PM   #2 
  - Sen. Bernie Sanders said the top 1-percent made $680 billion over the past 7 years.  Octafish   Sep-22-08 09:18 AM   #24 
  - Octafish, thank you for putting this together.  Just-plain-Kathy   Sep-21-08 10:17 PM   #3 
  - listen to this  seemslikeadream   Sep-21-08 10:19 PM   #4 
  - I'm listening to it as I write. Amazing. Thank you. n/t  Just-plain-Kathy   Sep-21-08 10:50 PM   #10 
  - Thank you for the inspiration, Just-plain-Kathy!  Octafish   Sep-22-08 09:45 AM   #25 
     - I know Bush, with the help of our corporate owned and controlled media...  Just-plain-Kathy   Sep-22-08 11:52 AM   #32 
  - Octafish, yer a frickin National Treasure, y'know? K&R  dicksteele   Sep-21-08 10:24 PM   #6 
  - Financial terrorism: US taxpayers bail out Wall Street criminals  Octafish   Sep-22-08 09:57 AM   #26 
  - Thank you, bookmarking  DemReadingDU   Sep-21-08 10:24 PM   #8 
  - What's Really Bankrupt -- The Wall Street Model: Unintelligent Design  Octafish   Sep-22-08 11:05 AM   #28 
     - I like Pam Martens, thanks for the link  DemReadingDU   Sep-22-08 11:29 AM   #31 
  - K&R for the important information and the time it took to post  bluesmail   Sep-21-08 10:36 PM   #9 
  - Bush Urges Quick Passage of Bailout Package  Octafish   Sep-22-08 11:19 AM   #30 
  - Another lovely line of lilly pads to leap from and to.  hootinholler   Sep-21-08 11:22 PM   #11 
  - Fleecing What’s Left of the Treasury  Octafish   Sep-22-08 09:25 PM   #44 
     - This will be a step in the right direction!  hootinholler   Sep-22-08 10:31 PM   #47 
  - K&R + "What is Jeb Bush's role in the Lehman Brothers meltdown?" by Larissa Alexandrovna (9-16-2008)  bobthedrummer   Sep-21-08 11:33 PM   #12 
  - Jeb Bush: Lehman's Secret Weapon  Octafish   Sep-22-08 09:42 PM   #45 
  - Well done, Octafish! Always a pleasure learning my BFEE from your threads  Ghost in the Machine   Sep-22-08 12:18 AM   #13 
  - CARLYLE GROUP Founder on Cheap Debt, Credit Crunch and the New Buyout Landscape  Octafish   Sep-22-08 11:01 PM   #48 
  - You Rock,...... Great Post!  G_j   Sep-22-08 12:22 AM   #14 
  - America’s Own Kleptocracy  Octafish   Sep-23-08 03:26 PM   #54 
  - K&R. Thanks, Octafish.  Mr_Jefferson_24   Sep-22-08 12:29 AM   #15 
  - Putting lipstick on an AIG  Octafish   Sep-23-08 03:29 PM   #55 
  - k&r  Swamp Rat   Sep-22-08 12:44 AM   #16 
  - Guerrilla Warfare and the Budget: Senator Phil Gramm  Octafish   Sep-23-08 07:49 PM   #58 
  - K & R great presentation Octafish  democracy1st   Sep-22-08 12:53 AM   #17 
  - Two great crashes, one surviving United Slaves of America  Octafish   Sep-23-08 08:03 PM   #59 
  - K&R, I don't really believe that aliens inhabit the Earth...  AntiFascist   Sep-22-08 02:50 AM   #18 
  - Let’s Stop the Greatest Theft in the History of Humankind  Octafish   Sep-23-08 11:19 PM   #70 
  - K&R  Hubert Flottz   Sep-22-08 04:37 AM   #19 
  - The Predators' Bailout - Swimming Lessons for Washington and Wall Street  Octafish   Sep-24-08 12:04 AM   #71 
  - UBS Warburg took over Enron's energy trading - Enron, UBS, S&L ripoff, McCain linked to BCCI  leveymg   Sep-22-08 06:22 AM   #20 
  - Thank you - that BCCI report reads like the BLUEPRINT for the Fascist Agenda.  blm   Sep-22-08 10:03 AM   #27 
  - I'm looking forward to Lucy Komisar's BCCI book-here's Stephanie's awesome DU thread from 2-22-06  bobthedrummer   Sep-22-08 03:56 PM   #35 
  - UBS exec admits bank’s sham tax shelters broke U.S. law  Octafish   Sep-24-08 08:26 AM   #74 
  - President Palin. Treasury Secretary Phil Gramm. This doesn't scare ANYONE?  HughBeaumont   Sep-22-08 07:35 AM   #21 
  - I've been waiting for your OP  malaise   Sep-22-08 07:38 AM   #22 
  - Incredible, just incredible. Bookmarked, kicked and recommended. Post of the year!  Major Hogwash   Sep-22-08 11:15 AM   #29 
  - K & R nt  glitch   Sep-22-08 01:06 PM   #33 
  - Don't forget his wife, Wendy, who regulated Commodity Trading (CTFC)  philly_bob   Sep-22-08 02:30 PM   #34 
  - thank you  barbtries   Sep-22-08 04:23 PM   #36 
  - kkkkkkrrrrrrrrrrrr  dogindia   Sep-22-08 04:30 PM   #37 
  - VIDEO: THE MAFIA, THE CIA AND GEORGE BUSH (1992)  reprehensor   Sep-22-08 04:50 PM   #38 
  - Great research, Octafish!  robertpaulsen   Sep-22-08 06:01 PM   #39 
  - K&R for the DUer with one of the best journals ever.  Kurovski   Sep-22-08 06:04 PM   #40 
  - K & R  lonestarnot   Sep-22-08 07:57 PM   #41 
  - K&R to share info of the type that a real media used to share with us! Thank you for your work.  cyberpj   Sep-22-08 08:12 PM   #42 
  - The Great Depression 2: Electric Boogaloo  EOO   Sep-22-08 08:47 PM   #43 
  - Wasn't this the opposite of money laundering?  Canuckistanian   Sep-22-08 09:51 PM   #46 
  - kick  G_j   Sep-23-08 01:28 AM   #49 
  - A few other US black budget network bank/finanicial criminal histories that led to this one  bobthedrummer   Sep-23-08 01:51 AM   #50 
  - This is too much information for me at this time of night  Giant Robot   Sep-23-08 01:54 AM   #51 
  - AIG=American Intelligence Grifters  bobthedrummer   Sep-23-08 01:36 PM   #52 
  - Utterly despicable.  JackDragna   Sep-23-08 01:55 PM   #53 
  - Kick n/t  hootinholler   Sep-23-08 05:33 PM   #56 
  - If Octafish got a dollar for everytime he informed a DUer what has transpired w BFEE,  mod mom   Sep-23-08 05:57 PM   #57 
  - Big k&r  crazylikafox   Sep-23-08 08:04 PM   #60 
  - This thread is jam-packed with incredible digging and dot-connecting and  chill_wind   Sep-23-08 08:24 PM   #61 
  - So where do you think the money is, Octafish?  Nikki Stone1   Sep-23-08 08:39 PM   #62 
  - how many dems voted for it? nt  tomp   Sep-23-08 08:52 PM   #63 
     - Man, I thought I was going to get a location  Nikki Stone1   Sep-23-08 08:53 PM   #64 
        - that's why i put "nt" in the subject. it means "no text".  tomp   Sep-23-08 09:12 PM   #65 
        - sorry, i think i misread the whole thing. nt  tomp   Sep-23-08 10:15 PM   #67 
  - I love your intellect...  BushDespiser12   Sep-23-08 09:22 PM   #66 
  - Octafish!!  bridgit   Sep-23-08 10:24 PM   #68 
  - I don't think I've ever seen Meyer Lanksy used...  dmesg   Sep-23-08 10:35 PM   #69 
  - K & R  OakCliffDem   Sep-24-08 05:14 AM   #72 
  - Octafish. You da man!  Joanne98   Sep-24-08 05:24 AM   #73 
  - philly_bob's post #34 briefly mentioned Wendy Lee-Phil's @%$#*  bobthedrummer   Sep-24-08 12:39 PM   #75 
  - Phil Gramm is McBush's economic guru, 'nuff said..  Virginia Dare   Sep-24-08 01:00 PM   #76 
  - Suspend campigns but not this thread-kick  bobthedrummer   Sep-24-08 10:49 PM   #77 
  - They're fighting over who gets what in DC, "bipartisanly", kick  bobthedrummer   Sep-26-08 12:38 AM   #78 
 

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