OBAMA IS A TOOL OF WALL STREET.
by William Schmidt,
If you own a lot of stocks, stop complaining! Obama has saved
you from DJIA 4000
and has brought about a huge rally in secondary
stocks. The market has been rallying ever
since he got up on the Jay Leonard show in early
March 2009 and said that no one on
Wall Street committed a single criminal offense -
before there was any official investigation -
in bringing about and bursting the Housing Bubble or
in driving the stock market down
54% between October 2007 and March 2009. Obama
did exactly what his biggest campaign
contributors - Wall Street - wanted him to do.
He gave billions to banks and gave full support
to an unaccountable Federal Reserve and ot Chairman,
Ben Bernanke, in oarticular.
time, the Tiger Blog caught the reason for the turn upwards in the stock market.
See March 25,
2009 Why Is The Stock
Market Rallying? Wall Street Now Sees That Obama's
Is Designed To Fool The Angry Public. Obama Is Signaling Wall Street He Will
Here is the
Peerless chart of the Dow Jones Industrial Average. The red Buy and Sell
signals occur automatically. These were the Buy and
Sell signals, TigerSoft's Peerless
offers it customers, either through use of the software or
on a nightly hotline. These signals
gained 80% between October 7th, 2008 and September 15th,
2009 if one bought, sold on
sold short the DJIA according to these Buys and Sells.
Except for the June decline, Peerless
has kept traders properly "long" the market since
March 9th for all but a few days.
The broader based NASDAQ has risen 61% since its March
bottom. The Peerless
Buys and Sells
would have gained a trader 116% since October.
The rally since March has been much more generous with secondary stocks.
These are the 1000s
of smaller companies that do not make it into "blue
chip multinationals' " DJI-30. Low priced
stocks are up 200% since March. Their volatility
makes them too risky and dangerous for most
investors. TigerSoft users of Peerless mastered their
swings this past year, gaining +316% on
this group's swings with the Peerless Buys and Sells.
On June 8th, I penned a Blog entitled
The Great 2009 Bull
Market. Why Is Wall Street Concealing The Huge Surges in
Low Priced Stocks?
OBAMA IS A TOOL OF WALL
Trader, Andrew J. Hall of Citigroup was recently paid $100
million by US taxpayers
with Obama's approval.
has received more than $387 billion in government support and
$45 billion in TARP funds.
There is no restriction on executve pay and bonues.
So far, that's $1,269 for
every man, woman and child in the country!
|The Obama Administration should rightfully be the target of a backlash.
While the administration has done much to be commended, the people they hired to fix this
mess are sadly some of the same who got us there. Their actions reek of hubris and
continued self-interest. Consider:
1) Tim Geithner was the chairman of the NY Fed and an active participant in the fumbled,
lurching responses of the Bush administration. Similarly, Larry Summers, although he says
he is outraged by the meltdown, was a principle architect of the deregulation fest that
got us here.
2) Geithner's initial hires are dominated by investment bankers and especially recent
employees of Goldman Sachs, the alma mater of Secretary Paulson. Goldman played a pivotal
role in promoting credit default swaps and other sketchy derivatives (although they were
nimble enough to sell early and avoid the worst of the tsunami). GS has not only taken
billions directly from taxpayers; but they are a Primary Beneficiary of the billions of
taxpayers' dollars given by AIG to its "secret" trading partners. (The outrages
never cease - we own 80% of AIG, yet even Congress can't find out who is getting billions
of dollars of payola.) In other words, Geithner and his team of Goldman alumni are
donating billions of our dollars to their friends and former employer under the cloak of
secrecy. This is the kind of "deal" for the taxpayers that Boss Tweed would have
been proud of.
3) The administration's unwillingness to take forceful and timely action on behalf of the
taxpayers by nationalizing the most disabled banks is scandalous. The delays in action
only prolong the recession while the steady drip, drip of taxpayer funds continue to bail
out the wealthiest of the wealthy. And the reason given for inaction is disturbing - they
don't want to hurt the shareholders. Well what about the rest of us - the taxpayers?!
4) And perhaps the most disturbing thing is that these "master of our universe"
have no sense of the outrage they are perpetrating. Instead, they take it for granted that
they are entitled to be bailed out ad infinitum and keep getting their swollen bonuses.
Their outrage at anyone questioning their entitlement is evidenced by the absurd
statement, "we need to pay huge bonuses to retain the most talented
individuals". Never mind that these "most talented" have brought down our
economy, thrust ordinary Americans and the rest of the world into the worst hardship since
the Great Depression. They are so completely out of touch, that they actually believe
their own self-serving nonsense and argue that they deserve the billions they continue to
pillage. And, as friends and colleagues of these people, administration officials will
spare no (taxpayer) expense to make the "talented" comfortable. Geithner, Inc.
will take care of their own while the rest of us go to hell in a rather cracked teapot.
Also, don't count on Congress to take any meaningful action. They will not bite the hands
of their masters - the ones who gave and continue to give millions (of our money) to their
campaign funds. One of the most egregious outrages of recent years is that hedge fund
managers, who contributed heartily to our economic collapse, continue to be taxed at 15%
MAXIMUM. The rest of us chumps pay full freight; but the wealthiest billionaires among us
continue to pay the lowest possible rate. How is this possible? Well, when Congress
considered taxing hedge funds at a higher rate, Senator Chuck Schumer used his
considerable clout to protect the thieves (and yes, wealthy people who pay less than the
rest of us are simply thieves) by blocking any legislation. As I said, don't expect
Congress to take action anytime soon.
The picture is complete and it's quite clear. The greed-obsessed and heedless crowd who
wrecked our economy continue to be in power and not only duck punishment, but continue to
be rewarded with billions of dollars in taxpayer funds. These people are criminals in the
classic sense of the word - i.e., they knowingly endanger others with their actions and
are incapable of remorse. We need to be protected from such and they should be in jail -
not for reasons of vengeance - but to protect the community at large.
The officials hired to fix this situation are too enmeshed in this world and therefore
will do nothing that might harm their cronies at the expense of the rest of us. And last,
our elected officials are utterly compromised by the corrupting influence of campaign
donations from said "masters" and will do little, other than spouting fine
platitudes, to challenge the status quo.
As some great, unknown philosopher put it, "we are SO screwed".
DHanig, Olympia http://funkyfantom.blogspot.com/
the Fed. bailout
of Wall Street, my view of politics has taken quite a turn. I now
think Ralph Nader is actually right about there being no difference
between Republicans and Democrats- they have both proved themselves to
be whores of Wall Street.
Although I am still a theoretical free-market conservative- all that
stuff has proven to be just abstract theory.
I am absolutely convinced that Wall Street runs the government. They
bankrolled both Presidential candidates.
The Bush/Obama transition has been seamless in what concerns Wall
Street. And it seems not to bother the public too much that the very
group who told us that Wall Street's downfall would be the nations' (
if we didn't pay up quickly with no strings attached) were the very
group who directed benefitted.
Look at the latest AIG bailout. Go to the NY Times website - read the
1500 letters- people are angry.
Forget about Obama. He is a weakling and a tool of Wall Street.
They financed his campaign.
I saw Bernanke lie on TV. We are told that giving hundreds of
billions to AIG is analogous to putting out a fire in our neighbors
house so that our own won't burn down.
The bailout money is not only going to big corporate salaries and
bonuses, but also as shareholder dividends- to the greedy scumbags who
brought down the American economy.
He at least admitted that the trillion dollar credit default market
that AIG was involved in was simply a big casino game based on greed
and was completely divorced from healthy financial activity necessary
for the economy.
And we all know now that the counterparty investment banks to these
casino bets were conducting their own masssive frauds in the real
The real-estate fraud aspect of it was well-documented in great detail
in John Talbott's 2003 book "The Coming Crash in the Real Estate
The free market, left alone, would have punished the perpetrators the
way they deserved to be punished.
You cannot possibly believe WALL STREET'S warnings, parroted by
Goldman Sachs flunkies in the government, that if American doesn't
given trillions to WALL STREET that Main Street is doomed?
You know that this is not free market capitalism- and this is
not socialism either. It is an evil, stinking hybrid which exists only
to benefit the ruling class.
|Obama has no compunctions about using taxpayer money to buy up toxic
assets and taking the heat off hedge funds.
The Administration's Auto Task Force, rejecting the recovery plans of Chrysler and General
Motors, has put heightened pressure on the industry to hammer the auto workers union,
force brutal cuts on wages, benefits and pensions.
Even more scurrilous are Obama's repeated assurances to Wall Street that he will slash
social spending, including Medicare, Medicaid and Social Security.
It's out in the open, now--top Obama advisors directly involved in setting these policies,
have received millions from Wall Street firms, including those that have received huge
Lawrence Summers, Obama's top economic advisor, a glaring example, pocketed $5 million as
a managing director of D.E. Shaw, one of the biggest hedge funds in the world, and another
$2.7 million for speeches delivered to Wall Street firms that have received government
bailout money. This includes $45,000 from Citigroup and $67,500 each from JPMorgan Chase
and the now-liquidated Lehman Brothers. Last year, Summers walked away with $135,000 for a
speech to Goldman Sachs executives.
The New York Times noted Saturday (4-4-09) "Mr. Summers, the director of the National
Economic Council, wields important influence over Mr. Obama's policy decisions for the
troubled financial industry, including firms from which he recently received
Any conflict of interest here?
It's no secret that Summers was a leading advocate of banking deregulation. The Times
article notes that among his current responsibilities is deciding "whether--and
how--to tighten regulation of hedge funds."
Summers is not an exception. He's typical of the Wall Street insiders who make up the
White House team, filled with multi-millionaires, presided over by a president who
parlayed his own political career into a multi-million-dollar fortune, according to
investigative reporter, Tom Eley.
There is Michael Froman, deputy national security adviser for international economic
affairs, who worked for Citigroup and received more than $7.4 million from the bank from
January of 2008 until he entered the Obama administration this year. This included a $2.25
million year-end bonus handed him this past January, within weeks of his joining the Obama
administration. Citigroup has thus far been the beneficiary of $45 billion in cash and
over $300 billion in government guarantees of its bad debts. Can this be called "quid
David Axelrod, senior adviser to the president, was paid $1.55 million last year from two
consulting firms he controls. He has agreed to buyouts that will garner him another $3
million over the next five years. His disclosure claims personal assets of between $7 and
Obama's deputy national security adviser, Thomas E. Donilon, was paid $3.9 million by a
Washington law firm whose major clients include Citigroup, Goldman Sachs and the private
equity firm Apollo Management.
Donilon worked as Executive Vice President for Law and Policy at Fannie Mae. The
Washington Times reported that Donilon made millions for work that included supervising
Fannie Mae's lobbying against increased regulation.
Another member of the gang, Louis Caldera, director of the White House Military Office,
made $227,155 last year from IndyMac Bancorp, the California bank that heavily promoted
subprime mortgages. It collapsed last summer and was placed under federal receivership.
And that's not all.
Multi-millionaire Wall Street insiders populate second and third-tier positions in the
Obama administration as well.
David Stevens, tapped by Obama to head the Federal Housing Administration, is the
president of a real estate brokerage firm. From 1999 to 2005 Stevens served as a top
executive for Freddie Mac.
Neal Wolin, Obama's deputy counsel for economic policy, is a top executive at the
insurance giant Hartford Financial Services, where his salary was $4.5 million.
The story goes on...
Are you shocked--shocked!
A parallel set of characters can be found in the war, excuse me, defense department, lined
up in the cabinet.
Remember "Change you can believe in!"
From the start, Obama played the populist, critic of the war in Iraq and won over a youth
and liberal base, all the while being backed by the oligarchy with massive campaign funds.
September 11, 2009, 7:34 pm
Why Wall Street Reforms Have Stalled
Too Much Power for the Few
Yves Smith has written the blog Naked
Capitalism since 2006. She has spent more than 25 years in the financial services
industry and currently is head of Aurora Advisors,
a management consulting firm.
Wall Street has become hard to regulate because weve allowed it to evolve that
way. Credit is vital to any economy beyond the barter stage. As commerce became large
scale and more interconnected, bank failures, which were once local affairs, increasingly
led to widespread panics that produced considerable harm. As a result, government not only
started to provide more safety nets for banks but also supervised them and placed limits
on their activities.
It is pretty hard to regulate someone
who has a knife at your throat.
Since the 1980s, lending has shifted from banks to the capital markets.
While many loans do remain with the bank that originated them, in the U.S., what Treasury
Secretary Timothy Geithner has called market-based credit has become
prevalent. Even though a bank initially extends the loan, it is often on-sold through
capital markets firms to investors.
That process gives major financial players control over the all-important
over-the-counter debt markets. Most of these deals do not trade much once sold, making
them ill-suited to shift on to exchanges that would be easier to police. But these
over-the-counter markets have, for a host of reasons, strong scale economies and network
effects, so absent intervention, it was inevitable that they would become increasingly
concentrated, with a comparatively small number of firms becoming dominant.
It is pretty hard to regulate someone who has a knife at your throat.
May 24, 2009 ... Geithner is not a tool of Wall Street! ...
Obama Promises NO MORE TRICKLE DOWN: .... Obama's #1 campaign
contributor= Goldman Sachs ...
www.huffingtonpost.com/.../geithner-adopts-part-of-w_n_207199.html - Cached
Aug 24, 2009 ... We need to save Obama from his own
economic team, which is acting more and more like a ... PostSeptember 16, 2009
.... It will cause even more people to conclude that the Obama
Administration is a tool of Wall Street. ...
www.huffingtonpost.com/.../can-we-stop-wall-streets_b_266733.html - Similar
Jul 21, 2009 ... Sunday, September 6, 2009 ...
have just another politician who is nothing more or less than a tool of Wall Street,
Big Oil and the military. ...
www.usnews.com/blogs/.../2009/.../obamas.../comments/ - Cached
Mar 12, 2009 ... Obama Praises Trickle-Down
Economics! Huh? - At the end of September, 2008, presidential candidate Barack Obama
released a two minute ...
www.bloggersbase.com/.../obama-praises-trickle-down-economics-huh/ - Cached
Obama Trickle Down
Stimulus Plan - Obama Trickle down
economics - The World's News.
www.theworldsnews.net/obama-trickle-down-economics/ - Cached
Jul 16, 2009 ... Article: President Obama chose a trickle
down, politically correct attack on the economic crisis--that isn\'t workin--and the
natives are ...