Wall Street Reform (or lack thereof) Update

Obama takin on Wall Street?
Part 1:

Part 2:

Obama Myth: The Revised Blueprint for Change

When it became clear that Barack Obama would win the presidency, I was watching an appearance by Ralph Nader who was explaining what he believed would happen early on in the first term. He predicted that the supporters would say: "Give him a chance." There is much to be changed, and it will take time. The first hundred days go by... not a whole lot of change, but hey, he's workin on it... right?

Wrong: Only a swindler as masterful as Barry Obama could oversee the largest corporate welfare program ever seen by human civilization, expand an endless, and unpopular, war of ideology, and refuse to uphold basic rule of law, while calling it the "Blueprint for Change" and enjoying widespread fascination of the masses at the same time. (breathe)

For the masses I present the "Revised Blueprint for Change":

1. Holy change and hope, Batman! There's an economic disaster in our midst! Gotta act fast!
-oversee corporate adoption... check
-submit to the banking oligarchy... check
-don't ask for much in return (don't want to piss off the oligarchy)... check
-spend taxpayer dollars like a yiked up japanese girl taking pics in nyc... in progress
-spend taxpayer dollars like a pretween taking pics at a Jonas Bros. 3D fiesta... in progress and lovin it

2. Declare an end to the occupation of Iraq... check
-provision: don't mean it

3. Buy stupid looking dog for girls... check

4. Frame the Afghanistan effort as "winnable"... workin on it
-oh, and maintain exorbitant military budget, while selling it to the public as "deep cuts"... check

5. Ba-rock the empire... progressing with crisp style

6. Defeat Swine flu pandemic with rainbow sword (aka 3 wood)... reworking strategy

7. appease the middle class and win re-election... like pie

8. Pardon Bush and Cheney... tba

Got any more? Let's hear!

[editor's note, 10.26.2009-- This was a harsh assessment, but reflects a very real anger.  Obama should have taken a stand against Wall Street bailouts, but understand that Congress is the real problem.  President Barry is far more promising than that raucous bunch!]

Drudge: "BORING"

Immediately after watching the second hum-drum presidential debate last night, I checked out Drudge Report to see if Matt Drudge felt the same way; sure enough, the headline simply read: "BORING."

Why in one of the most turbulent and terrifying times in this country's history can our presidential hopefuls be so uninspiring? It is clear that the public debate format has been carefully crafted in order to keep the candidates within their safe zones, but that is not what we need right now.  We need rules and moderators who will push the candidates and call them out.  We need to break the barrier of generality, and delve into the heart of such important affairs.  But most of all, we need a different perspective.

Yes, I'm back to the third party rant, but after seeing these establishment candidates "duke it out" once again, I do not believe anyone would disagree that there must be another side to these issues.  Independents and third party candidates provide much needed insight, and keep the others on their toes.  It is truly tragic that the rules of the system prevent such a dynamic.  Don't Americans want more choice?  Or does it just not matter?

More Voices, More Choices!

The Bailout Passed, but Check this Out!

Yes, the new bailout passed in the Senate, and tomorrow it goes to the House for a vote. My uncle brought my attention to this petition ... basically a bunch of the nation's leading economists came together to say that the bailout is a terrible idea: that is, it will disrupt the markets long term, it is unfair to the taxpayers, and it's really shady (they say ambiguous). Essentially what I said before (I think), but this time from experts!

But those in power will do what they want. If they want to go to war against a random country for trillions of dollars and hundreds of thousands of lives, they will. If they want to give $700 billion to their Wall Street friends and co-workers, they will. If those from within commit crimes, the investigations (if any) will be insufficient and false. This is the age-old story of government.

PS: Obama, McCain, and Biden all voted for the bailout ... I think we all know why.

PPS: Palin showed up to vote, but was told she couldn't.

My Thoughts on the Bailout

Full disclosure: I don't understand the economy like I should (though I'm working on it), but I have been carefully listening to various explanations of what is going on, and what should be done--in fact, the more I read about it, the more I understand that most people don't get it either.

I was watching C-SPAN the other day (we had to for class... seriously), and this Senator from ND named Byron Dorgan was talking about this thing called the Glass-Steagall Act, which was repealed in 1999 (when the Senate voted for the further deregulation of the banks and end of GS, Dorgan said: "I think we will look back in 10 years' time and say we should not have done this, but we did because we forgot the lessons of the past... and that that which is true in the 1930s is true in 2010.")

In response to the Wall Street crash of 1929 and the resulting banking failures of the Depression, the U.S. government implemented a series of bank regulations within the Glass-Steagall Act. It created the Federal Insurance Corporation (FDIC) and introduced reforms that were to control speculation. Basically what it did was separate "banks that did risky investing from those that did basic lending" (NYT). Without the regulations, firms began taking bad mortgages and risking lenders' money. When the value of houses went down, the banks were stuck with all these mortgages, etc. etc.... And my understanding quickly dissipates from there (it's much more fun to discuss foreign policy!).

But essentially Glass-Steagall divided the banks into the safe banks that the public could depend on to be consistent, and the risk-taking banks who were allowed to make reckless investments. When this divide was eliminated, all the banks started taking huge risks with your money, and now it's all going to hell.

So the first bailout plan was 4 pages long and called for the Congress to hand over $700 billion to the Wall Street honchos to save their tails, no questions asked--thereby rescuing "Main Street" (what they are calling the common folk). The second one was longer, but still involved giving $700 billion to the same guys who got us into this mess. Granted I don't have a great grasp on all of the technicalities, but this seems REALLY SHADY. I really think that the federal government is being exposed for what it truly is: the Wall Street government. They reap in billions as a result of the criminal and disastrous Iraq War, and now they are trying to make out like bandits by getting a free pass for their reckless actions. When the Treasury Secretary is a former Golman Sachs exec, and the EPA is headed by energy company execs, something has gone terribly wrong.

When did our government become dominated by the selfish elitists? How did they take it from us? More importantly, what happened the last time Americans were abused by their rich minority leadership?

The Bailout: Corporate Socialism?

I'll be posting an essay soon (later tonight or tomorrow). In the meantime, check out these pieces on the bailout:

Watch this informative report ... I had imbedded it, but it would continuously play automatically... quite annoying.

Then watch Nader below!

Nader on the Corporate Bailout

Here is some interesting insight on the corporate bailout plan from our good friend, Ralph Nader:



What do you think?