| TigerSoft New Service 7/20/2010
OBAMA SELLS OUT TO WALL STREET/
WHY DO DEMS PROTECT BANKS?
WHY DO THEY NOT BREAK THEM UP,
AS WAS NECESSARY AFTER THE 1929-1933
COULD IT BE THE DEMS ARE BOUGHT
AND OWNED BY WALL STREET?
As predicted here and in our Hotline,
- based on (1) Obama's past catering to Wall Street, (2) their big
campaign contributions to him, (3) his protection of their excessive pay
and bonuses, (4) his generous bail-outs to them and (5) his appointments
of Geithner and Summers -
the President has again utterly shafted investors and the American people
when he failed to bring real reform and break-up the biggest Wall Street banks
in the wake of their destruction of the world economy in 2007-2010.
Obama is certainly NO FDR. He is a tool of the Wall Street Elite...
FDR and Congress in 1933 and 1934 broke up the big banks and would not let them
continue to be brokerages and also commercial and public banks. They had misuesd
public banking funds to manipulate and speculate in the stock market. The result
of their over-leveraging was the 85% losses for the stock market in the Crash of 1929-1933.
The breakup of the big banls was the purpose of the Glass-Steagal Act of 1933.
The repudiation of Glass Steagal by Bill Clinton in 1999 was a disastrous choice.
He was duped by his Treasury Secretary Robert Rubin and Fed Chairman Greenspan.
Clinton's opponents were shouted down in the Senate, but not before Senator Byron
Jorgen accurately predicted destroying Glass-Steagal would produce a disastrous CRASH
in om 10 years.
November 4, 1999. Senator Byron Dorgan's
"I want to sound a warning call today about this legislation," he declared,
swaying ever so slightly right, then left, occasionally punching the air in front of him
with a slightly closed fist. "I think this legislation is just fundamentally terrible." The
legislation was the repeal of the Glass-Steagall Act (alternatively known as Gramm Leach
Bliley), which allowed banks to merge with insurance companies and investment houses.
And Dorgan was, at the time, on a proverbial island with his concerns. Only eight senators
would vote against the measure -- lionized by its proponents, including senior staff in the
Clinton administration and many now staffing President Obama, as the most important
breakthrough in the worlds of finance and politics in decades. Source.
Russ Feingold: In the News - Press Releases May 6, 2010... that Senator Proxmire's
warning about the concentration of banking ... Prior to Glass-Steagall, devastating financial panics had been a ...
June 27One of the very rare honest comments uttered by President Obama since he took office 17 months ago, was issued in brief remarks from the White House Rose Garden, on June 25, following the all-night House-Senate conference committee session that produced the so-called Dodd-Frank financial reform bill. Obama proudly declared that the final product "represents 90% of what I proposed when I took up this fight."
That much was true: The bill had Obama written all over it. And Wall Street. And London. The rest of his prepared remarks on the Dodd-Frank bill were the kind of pathological lies that only a man suffering from severe narcissism could deliver with a straight face. "We are poised to pass the toughest financial reforms since the ones we passed in the aftermath of the Great Depression," the President declared, adding that the threat of "too big to fail" banks had been eliminated.
The reality of the situation could not be more radically different. The final bill that emerged from the marathon conference session, stripped out the few sections that were opposed by the Obama White House and by Wall Street, particularly Sen. Blanche Lincoln's (D-Ark.) Article VII, which would have forced the Big Six banks to divest their swap desks and cease derivatives trading with Federal government-insured and -lent funds.
And the efforts by a handful of Congressmen and Senators to restore the Glass-Steagall separation of commercial banks from investment banks and insurance companies, was killed by Sen. Christopher Dodd (D-Conn.) and Rep. Barney Frank (D-Mass.), before the Senate and House bills were voted on. In that move against any meaningful reform, Dodd and Frank had the full backing of President Obama and his economic team. There was not an iota of the Franklin Roosevelt-style crackdown on the power of Wall Street in Dodd-Frank bill, which has already been appropriately labeled the "Dudd bill."
The fact that the bill was released
the very same day that the Senate gave up on passage of a fund to extend unemployment
insurance by $35 billion over ten years, indicated just how much the current House and
Senatealong with the Obama White Houseare owned, lock, stock and barrel, by
Wall Street and London. As the result of that action, 2 million Americans will have been
kicked off the unemployment insurance rolls by mid-July, with millions more to follow. The
message from Washington: The too-big-to-fail banks will live on, while the American people
can drop dead!
As the conference members closed in on final language, Treasury Secretary Tim Geithner, Federal Reserve Chairman Ben Bernanke, and a team from economic advisor Larry Summers' office at the White House, hovered around the Senators, lobbying to strip the bill of any last vestiges of real regulation.
The final version that came out of the conference, in fact, guaranteed that taxpayers will foot the bill, again and again, for the Big Six banks, and even tightened the grip of these megabanks over the U.S. financial system.