A lot of headlines yesterday were blaring that Barack Obama is the bank buster.
Obama hammers Wall Street banks
The Financial Times reported that he is "hammering" the banks with his proposed regulations and limitations on banking investments that he intends to see implemented by congress. (given the opportunity by the American people.)
The global banking industry was thrown into turmoil on Thursday after President Barack Obama , responding to public rage over the financial crisis, proposed the most far-reaching overhaul of Wall Street since the 1930s.
More specifically, he promised.....
Mr Obama promised that “never again will the American taxpayer be held hostage by a bank that is too big to fail”.
But once again, for those who pay attention to the details, it is evident that this plan to shackle the banks, is not something of Obama's own thought process or creation. It is just the latest example of how the man is being controlled by others in the background and how their plans for this nation are following a set political script of socialist corruption.
Example:
Flanked by Paul Volcker, the former Federal Reserve chairman, who has advocated the move for months, Mr Obama called for banks to be banned from running their own trading desks and “owning, investing in or sponsoring” hedge funds and private equity groups.
Paul Volcker seems to have the president's ear on the economy and his solutions for what is wrong and what he thinks needs fixing presently. Meanwhile, one of the original leading counselors to the president on saving the economy (Tim Geitner) is being prepared for his journey under the bus IMO.
Tim Geithner, the Treasury secretary, who has come under attack from Democrats on Capitol Hill, backed the plan, officials said, even though his own regulatory proposals have stopped well short of the sweeping Volcker reforms.
Going along to get along is about all that can be said for Geitner's response to the Volcker plan. Geitner has made statements that he doesn't agree with the Volcker proposals, but Geitner knows that there is blood in the water now and the loyalist in the (new) party are closing ranks around Obama over the people's restlessness concerning the economy. And they are looking for their scapegoat. Geitner was left to "fix it" while the president and his fellow socialist travelers, moved on to the bigger issue of their desire....seizing control of American health care and socializing it. And now that their scam has been revealed and the Brown election in Massachusetts has seriously damaged their hopes of obtaining that goal, they are quickly backtracking and attempting to draw attention away from that debacle, by re-focusing America's attention on the economy.
And those people in the background (those who are the ones really driving the Obama bus) like David Axelrod and Rahm Emanuel, are the one's really calling the shots and determining what tunes their puppet Obama will dance to and where the mental midgets of mass media will follow.
Make no mistake.....Barack Obama is not and never has been a self determining president. The man was and is the product of an insidious radical political party that has yet to be truly revealed to the American people.
There were those back during his campaign who knew who these people were and recognized them for what they were, but no one in American media was willing to listen or to print the reality. The media had been too thoroughly cowed to ever mention above a whisper what they knew of the "new party" and precisely how Barack Obama came from obscurity to become president of these United States.
The new party in America, masquerades as the democratic party with a small (d) and they love to embrace the banner of supposed progressives, but their true identity is nothing short of Fabian socialism at best and outright Marxist ideology at worst.
But yesterday was a game changer in more ways than one for both the Obama administration and those in the new party attempting to complete their coup of American capitalism and democracy..
One of our fail safes embedded into our system by the founders clicked in. The Supreme Court handed down a ruling that in essence
gutted the McCain Feingold act and as a result, stands to completely derail all future ability for these new party socialists to further control the politics of this country.
The scales have been balanced by the court and that is why we immediately saw the wailing and gnashing of teeth by the likes of the party mouthpieces like Chucky Shumer and Barney Frank and others denouncing the ruling.
They are already talking about trying to push through some form of legislation to thwart the court's ruling, so if Americans are smart, they will recognize the ploy for what it is and let their congressmen and senators know immediately. We had better let them know that they had better not sign on to such lunacy or what happened in Massachusetts this week is just the beginning.
Based upon that Supreme court ruling yesterday? There may finally be a hope of rescuing this nation from the grasp of the bloody hands of America's modern day Bolsheviks.
An old observation of life says....that you should never drink from the pool where the animals refuse to drink.
Well take a look around folks.
While the real Fabian socialist of Europe and their bastard cousins the Vichy socialists are praising the proposed actions of Barack Obama concerning his policies and restrictions on American banks?
They are quick to assert that they will not follow suit with their own economic and baking systems. Which tells me one thing very quickly....they know a poisoned well when they see one and they will not be drinking from it themselves.
Neither should we.
2 comments:
I'm very concerned that Obama a)seems to know nothing about basic economics; b)won't hire anyone who does (Volker excepted); and c)wants to be seen as a populist while really proposing socialist policies.
This "walling off" of banks from risky business is just Glass-Steagall coming back. I don't like heavy-handed regulation, and I thought it was a good idea to repeal Glass-Steagall, but now we see that banks put taxpayer monies at risk with non-traditional banking practices.
Companies should be able to take whatever risks they want (and contribute to whatever campaigns they want to!), but do that with stockholder funds, not taxpayer funds.
For a little perspective, I'm currently in Istanbul, and if you think the economy is bad in your town in the good old US of A, you should see how bad it is here and throughout Europe. Greece is BINO (Bankrupt in Name Only), and Ireland is right behind Greece.
Whew...I'm glad to be an American, even with a moron in the White House.
Tex, I appreciate your sentiments, but I can't say that I agree with your perspective.
Make no mistake, Obama's seeming to know nothing of the consequences of his actions, is as far from the truth as truth can be.
The man, and more importantly, those behind the man, know exactly what they are doing and what they are proposing and what he is rubber stamping for them.
As it concerns Glass Stegal? I knew that we would rue the day when Bill Clinton and his "bipartisan" rogues gallery passed and signed Glass Stegal into oblivion. IMO, there is only one thing from the entire new deal of FDR that was worth a tinker's dam and that was Glass Stegal. It reined in the lunacy that had caused it.
It prevented and prohibited the wild speculation that we have seen over the past 15 years and it prevented those who eventually prevailed in the absence of it, from ever collapsing the economy again, as they had during the great depression.
Make no mistake. We don't need the American banking system chained to the ground and under the absolute control of the Fed as Obama is proposing, but we do need to return to regulation that prevents these banks from their wild speculative lunacy and bundling schemes, that have wrecked the economy.
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