Showing posts with label wall street. Show all posts
Showing posts with label wall street. Show all posts

Sunday, November 13, 2016

Post Trump Letters to My Democratic Senators

As much as know-nothings and racists, corrupt Democrats who don't listen to or fight for their constituents cost their party the presidency.

Here's one of my letters to my three Democratic senators (one is being replaced at the end of this term by another). I live in a Republican House district, so I have no rep to contact there.

Feel free to copy and send it to your own senators, reps, and state and national party officials.


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Sen. Dianne Feinstein
United States Senate
331 Hart Senate Office Building
Washington, D.C. 20510

November 13, 2016

Sen. Feinstein,

As a Democratic voter old enough to remember the George W. Bush years, I urge you to fight against Republicans and fight for progressive values rather than repeat the shameful enabling that Democrats in both chambers did for nearly all of the Bush presidency.

I am under no illusions that Democrats made some faulty tactical political decisions to pursue a greater good. 

The reality is too many elected Democrats take their marching orders from Wall Street banks and other corporations even when what they want conflicts with the best interests and wishes of the overwhelming majority of your constituents.  This has been especially true on issues like Wall Street deregulation and  bailouts, instead of regulation and vigorous prosecution, enabling the privatization of public education and prisons, and not publicly challenging the business and geopolitical goals of our foreign policy and means of implementing them.

A profound example of this was Obamacare that was written largely by insurance companies with seemingly no provision to control their arbitrary price increases instead of something like Medicare for All or at least a public option that would have served as a threat to private insurers that if they didn't act ethically, their customers could leave them for that.

Democrats in Congress have also supported rather than opposed our profoundly dishonest and criminal policies in Middle East.  Our allies in the Gulf, and indirectly (barely) our own government are supporting groups like ISIS to undermine secular regimes like the one in Syria, and the past one in Libya.

Likewise, the recently declassified Saudi pages of the Joint Congressional Inquiry into 9/11 make it clear that Saudi Arabia funded and supported the 9/11 hijackers, which our government did nothing about.  This makes it clear that terrorism is not a problem our government is fighting but a tool and excuse it is using to pursue other goals.  No one in the leadership of Democrats in Congress has ever clearly articulated what those goals are and consistently fought this agenda that I know of.

Worse, once the Cold War ended and Russia became at least as capitalist as us, rather than find a way to cooperate with them, we have violated our word, expanded NATO to their borders, and fomented coups in places like the Ukraine to install regimes hostile to Russian security and economic interests like the transit of oil and gas from Russia to European markets.  A lot of people like myself balked at voting for Hillary Clinton since she had enthusiastically implemented this policy as Secretary of State and during her campaign, announced even more confrontational policies that could have lead to war with nuclear armed Russia.  While we might "win" such a war, millions would lose their lives and trillions dollars would be wasted to benefit very, very few.
While you have been progressive on many domestic issues, your family’s profiting from war contracts makes your support of any policy in that area suspect to say the least.  
Senator Feinstein, I urge you to help make the Democratic Party represent working people instead of just being the corporate party that doesn't pander to bigots.

Urge your colleagues to fight for leaders of the Democratic minority in Congress who will fight for progressive values.  Wall Street tools like Chuck Schumer should not even be considered an option.



Democratic voters will no longer tolerate politicians who give us lip service during election season, their back after, and their loyalty to Wall Street.


Sincerely,

 Professor Smartass

Thursday, August 21, 2014

THE KILLER COP STORY WE NEVER HEAR: Hedge Fund Manager Shot for Suspected Sale of Fraudulent Derivatives

Goldman Sachs executive Oliver Dauphin was shot and killed today when he failed to respond to questioning by a police officer.

Dauphin was waiting for his limo at the curb outside the Bhutan Grill when police officer Damon Johnson overheard him on the phone, selling what sounded like a rent based derivative.

"I knew how much damage those mortgage back derivatives did to our economy and the world, so I wanted to ask some questions to find out if they were solid or another pump and dump fraud like the mortgage backed derivatives," said Johnson.

Johnson instructed Dauphin to hang up, so he could ask his questions, but Dauphin ignored him and walked a few feet away.

Johnson followed and took his phone out of his hand, ending his call.

Dauphin tried to grab his phone back, and Johnson said, "not until you answer some questions."

Dauphin became enraged and said, "Do you know who I am? Do you know who I am? I'm the guy who's going to get you fired. I'm going to make your life a living hell. You're dead!"

Johnson took his last statement as a threat, drew his revolver, and told Dauphin to put his hands on his head.

Rather than comply, Dauphin made a dismissive noise and reached inside his jacket.

Fearing that he may have been reaching for a weapon, Johnson opened fire, hitting Dauphin three times in the chest and once in the head.

A later search of his body found no weapon, only a wallet and a cigar.

Others in the finance industry were shocked by the shooting and demanded that the officer be fired or at least put on suspension pending an investigation.

The police chief said he had no plans to do so since the officer acted within department policy.

"A suspect wearing a long heavy coat like that could be hiding a shotgun, assault rifle or grenade launcher for all we know, so given his movements, the shooting was appropriate. Police officers deal with very dangerous people in this neighborhood who have been known to rob pension funds, bankrupt local and state governments, and even countries with their fraud. Given that threat, Officer Johnson acted appropriately."

He also said that a cigar had been stolen from a nearby bodega and it was very likely the officer could smell the tobacco. Johnson did not mention this in any of his own statements though.

Sunday, March 09, 2014

selfish reasons for Americans to worry about what happens to Russia

It seems that since the end of the Cold War, the financial elite have become more brazen in screwing the middle and working class (and even a lot of the rich) and buying politicians more openly to help them do so.

They may have been more circumspect in the past because for all its flaws, communism would look more attractive to Europeans and Americans if we were still treated the way we were in the robber baron era, and while the Soviet Union was a going concern, it would look like a realistic rather than hypothetical option.

So we got the original "Third Way" between capitalism and socialism, smoothing the corners and rough edges off capitalism enough that people didn't think too much about alternatives.

Once the Soviet Union was gone, the financial elite seem to believe Francis Fukuyama's pronouncement that it was the end of history and they had won. Without an alternative for people to look to, the Third Way became three-quarters of the way to fascism and back to the era of Charles Dickens--smoothing the edges off capitalism was too expensive when the rich could just keep the tax money that costs in their pocket, and then privatize any surviving government services, so the tax dollars that are collected end up back in their hands.

If that is how they treat us now, regardless of whether you think Putin is a nice guy, do you think the financial elite are going to treat us any better once they don't even have Russia as a major REGIONAL obstacle?

If they replace every government that doesn't do business on terms the IMF, World Bank, Wall St, oil companies and the like dictate, is that going to make life any better for the rest of us?

When the sun never set on the British Empire, far from helping the folks back in England, those were the darkest days of the Industrial Revolution, when men, women, and children worked 16 hours a day, seven days a week.

Have our lives gotten any better since we've gone from one of two superpowers to the SOLE superpower in the world?

If not why should we expect to get any better if the continue to isolate Russia and take away their oil and gas business until they become a super-sized Somalia?

Previous post on Russia post-Cold War

Wednesday, September 07, 2011

friendly advice for centrist Obama supporters

 You are doing a piss poor job of convincing progressives to reelect Obama.

I believed you guys were actually Republican trolls until I heard the same words coming out of the mouths of top Obama aides and in only slightly milder form out of the mouths of the president and VP himself.

Does that persuade you and make you want to keep reading?

I didn't think so.

So why do you repeatedly insult the progressive majority of Democrats to try to keep them in the Obama tent?

I am not 100% pleased with Obama, but I will be voting for him again. Your efforts mostly make me feel like an idiot for doing so.

If you sincerely want to help Obama win reelection, here's some tips that might help you warm up the base.

Enough with the insults. You know what I'm talking about--calling anyone who criticizes Obama from the left ''far left'' (going as far as to say we are as bad as the far right), ''the professional left,'' ''hopeless idealists,'' and perhaps most aggravatingly ''Obama haters.'' That last one is just fucking lazy. You borrowed it from the Bush PR team.

Stop being crybabies. When you come to a discussion board, expect that people are going to criticize your guy as well as praise him. If you want undiluted praise, go to Obama's campaign website. If you come to a site like this expect to have to defend some of his actions and do so as if talking to your peers not your children.

Retire some of these talking points:
  • You don't understand the process--it requires compromise. Actually, we understand that perfectly well. What we don't understand is why the president we elected to pursue Democratic policies gives away half the pie before negotiations even start and then gives up even more to make a deal. That would make some kind of sense once Republicans took over the House, but Obama did this even when Democrats had majorities in both chambers. Either honestly explain why he did this or just leave it alone.

    Most of us also notice that this isn't the way the GOP negotiates, regardless of whether they hold the White House or either chamber of Congress. They start with proposals that are clearly conservative, excoriate the Democrats, and then grudgingly compromise at the end of negotiations (and sometimes not even then).
  • Obama has to be president of ALL Americans. Again, this one is an insult to our intelligence. We understand that he has to be president of ALL Americans, but we hold elections to decide what policies we want our president pursue. A solid majority of Americans thought they elected a Democratic president, not one who rarely mentions the name of his own party and blames it as much as the opposition that blocks everything and tries to destroy popular, effective programs, and not one who thinks every proposal has to include at least 50% Republican content. The Republicans certainly don't play that way when they take office, and even if they did, that would mean our vote would be meaningless since either party would do the same thing. With just the Democrats doing it, we essentially have a choice being 100% GOP policies or just 50% plus, which is barely a choice at all. So stow this shit.

  • Any Republican will be WORSE. progressives seem to know this better than you or Obama does. If they are so bad, stop agreeing with them and letting them set the agenda, as your points about process and bipartisanship prove.
  • Obama will be more progressive in his second term. Maybe FDR did that, but no president in my lifetime has. Bill Clinton was doing well to hold onto office and like Obama agreed with the GOP policies far too often. For good or ill, you have to run on what Obama has actually done (and not just the nice things he has said or will say during the campaign.


That brings me to the one thing you guys do well, the list of Obama's accomplishments. Even your presentation there has room for improvement though.

  • Edit the list for a progressive audience. The catfood commission, the Afghanistan surge, and certainly the recent debt ceiling deal are not things you want to brag about with a progressive audience.
  • Emphasize the radical and confrontational rather than incremental and bipartisan. So for example with health care reform, instead of talking about the market based exchanges and ''cost controls,'' the latter meaning controlling costs for insurance companies, talk about what the reform did to help the average American and bring insurance companies and big pharma to heel.
  • Give it to people in chunks instead of the big dump. Focus especially on progressive moves that aren't getting a lot of MSM coverage, like working to get Medicare Part D to negotiate drug prices.


There are a couple of points that you also avoid mentioning, like why Obama started with an economic team that included so many of the architects of our financial collapse, and why he lets firms like Goldman Sachs pick their regulators instead of picking their cellmates in the Federal pen.

Another area where you need to address progressive concerns is K-12 education. I'm glad Obama gave schools money to keep them from laying off teachers, but a lot of us who care about kids have trouble trusting him on this issue when he hired an education secretary who right wingers praise for his union-busting, mass firing of teachers, emphasis on repetitive standardized testing and privatized charter schools, all ''reforms'' backed by billionaire dilettantes rather than trained educators.

The problem with Obama's approach to Wall St, education, trade, and other aspects of foreign policy is that it is top down rather than bottom up--he appears to talk to almost exclusively the wealthy and largely does what they ask, rather than looking at the wishes of average Americans, who would like to see Wall Street subject to the rule of law and suffer the same kind of consequences a middle class or poor person would if they intentionally caused as much damage, and would like to have safe public schools that borrow the best practices of private schools, rather than privatizing public schools so our tax dollars can be siphoned off in profits and teachers treated like interchangeable burger flippers.

You must address these concerns if you want to get progressives in the tent, and address them in the way that Bruno Bettelheim laid out in his essay ''The Victim.'' He told about how as a concentration camp inmate he needed to get an SS guard's approval to get medical treatment for frostbite. He had to make his case to someone who had no sympathy, all the power, and a gun. So far, you guys have been arguing more like the guard than the inmate.

Saturday, August 27, 2011

FIRE Def. Sec. Panetta for threat to military retirement

It appears that when the current administration talks about cutting defense, they don't mean cutting endless wars, or corrupt contracts with connected corporations--they want to privatize (which means give to Wall Street) the troops pensions. At least that's what Secretary of Defense Leon Pannetta said recently at National Defense University citing a plan by an advisory board of corporate suits.
 
It would be no surprise if the Republicans proposed this, given their constant schemes to undermine and privatize Social Security, but if Obama and Democrats in Congress embrace and push for this, there would be no surer sign that care more about obeying Wall Street than winning elections.

The ''reform'' would change military retirement from a guaranteed amount based on rank and available immediately when they retire after 20 or 30 years of service to a 401K type plan than wouldn't be available until they are 60. One military group did the math and it would end up costing an E-7 $1.6 MILLION over the course of their retirement, an 85% cut.

This is a classic corporate move on a couple of levels: reducing and/or stealing employees pensions, and by saying currently serving troops would be spared the change is a standard union-busting move--divide and conquer future vs. current employees.

That Obama's Secretary of Defense even mentioned this other than to tear it to shreds destroys one of the things many progressive Democrats took pride in during the Bush years: Republicans give lip service to supporting the troops, but Democrats supported them in ways that mattered most to the troops, with VA funding, strengthening the GI Bill and the like.

That might have been why troops donated to Obama six to one over McCain in 2008 (besides the mistaken impression that he was anti-war).

This shoots that advantage in the face.

Pragmatically,this is not just an insult to the troops, but it will make it even easier for mercenary companies to lure highly trained troops out of the military with their big paydays. That training cost taxpayer money, and the longer they stay in the military, the better return we get on our investment in them. When they join mercenary companies, we end up paying even more for the services of someone we paid to train in the first place.

This is not just my opinion, but when a similar ''reform'' was attempted in the 80's, the Pentagon had to plead to get it reversed because so many people were leaving the military.

If Democrats in Congress and the White House want to cut military spending, fine. Let them do it by ending the wars, and taking our troops off oil reserve hostile takeover and pipeline (and poppy field) protection duty (or at least making the oil company assholes actually pay for the service).

Panetta should publicly apologize for publicly even entertaining this idea. If he does not, the right wing talking point about Democrats not supporting the troops will sadly be true. If he won't apologize and condemn the idea, he should be fired.

Tell Obama, your senators, and you congressman exactly that.

Wednesday, March 16, 2011

Japan's nuclear meltdown shows threat of gov't of, by, and for the rich

As if we hadn't seen enough of it in recent years with unnecessary wars that drained our treasury and killed our patriotic youth, massive oil spills that contaminate major supplies of seafood, trade deals that exported our jobs, demands for deregulation of the financial industry, then bailouts when they destroy what they just had deregulated, taking our homes with mortgage scams, put tax avoidance of the rich as the absolute top priority ahead of schools, heat for the poor and old, health care, and honoring the contracts of public employees.

Now with the meltdown in Japan, what most people see as a no-rush, second or third tier issue, the rich's demand that we stick with dirty energy sources like oil, coal, and nuclear power, which they have figured out how to monopolize and manipulate the price of, instead of allowing us to switch to limitless sources of clean energy is going to cost us thousands, maybe millions of lives. Not slowly from a cancer here, or a mine collapse there, but all at once.

Japan's earthquake has led to an accidental Hiroshima that could affect the whole world, and it was entirely avoidable. But our politicians, both here, in Japan, and around the world, have been bought by a financial elite that would rather risk millions of lives than pass up a chance to increase their profit margins.

That cloud of radiation that might drift over to us through the jetstream could just as easily be coming from nuclear plants built on or near faults here in California.

We can no longer afford a political system that allows such a malignant financial elite to call the shots.

We must put our people ahead of their profits.

It's a matter of survival.

Monday, January 24, 2011

Poll: should Wikileaks just release their ''thermonuclear file''?

 Rather than waiting for some judicial or other harm to come Assange and others in the organization, wouldn't the best protection be releasing the thermonuclear file, so everyone's anger is focused on the corruption in their governments and even those tasked with persecuting Wikileaks might realize they would better serve the common good by staying their hand?

If Wikileaks dropped some of their biggest bombs, it could reset our democracy and force Washington to acknowledge what and who is really driving many of our policies instead of insulting our intelligence with childish drivel about chasing terrorists with the most powerful military in the world, which if true would be like swatting at flies with a bazooka.

Wouldn't it be nice if we had real information, so we could make real choices about whether to support wars?

If we could see the internal discussions of the Wall Street bailout from both the Wall Street side and the government side?

That would be democracy. What we have now is an increasing hollow puppet show. Everyone sees that they are puppets, that the script is crappy, and we suspect whose hands are up their asses, but we don't have the definitive evidence to prove it.

Wikileaks could do that, save their own asses, give our democracy back to us, and maybe even give it to some people who never had it before. That's worth more than any game of chess they are playing now.

Why doesn't Wikileaks just release their ''thermonuclear file''?
Wikileaks should release their thermonuclear file while they can
Wikileaks should wait only because the information has more impact when it trickles out
Wikileaks should wait because the damage would be great than the benefit
other

  
pollcode.com free polls

Monday, November 29, 2010

Why Wikileaks gives me hope

Over the last decade, it has become obvious to anyone paying attention that the very wealthy few were calling the shots and Washington does exactly what they are told, even when destroyed our middle class and our real national security to pursue goals that benefited that very few financially. Even the base of the right wing saw this clearly with the Wall Street bailout. Wall Street threatened to destroy our economy if we didn't bail them out (as if they hadn't already ) and our elected representatives voted to give them the money in spite of overwhelming public opposition.

A couple of things allowed them to do all this: 1) lame propaganda reasons fed to the public that just enough believed to vote for and give a democratic seal of approval to those action, 2) middle and upper middle class people in government and the corporate media who repeat and reinforce the propaganda and enact and enforce the real policy, and most importantly, 3) those functionaries either looking the other way or keeping their mouths shut about what is really going on.

Over the past few decades, we have seen tiny cracks in that wall of silence as individuals realized that by quietly serving the financial elite, they may be enriching their own family, but they were betraying other families like theirs, their country, and the human race. Daniel Ellsberg, the Church Committee, the Iran Contra hearings, journalists like Gary Webb, insiders who spoke out about the fabrication of intelligence before the Iraq War even started, Ambassador Joe Wilson, each seemed like a rock thrown in a pond that made ripples for a moment before the flat calm returned as if nothing ever happened.

Wikileaks could be different. The sheer volume of material makes you wonder if there aren't a LOT of people contributing material, and the recent State Department document dump shows that it can do real damage both to the propaganda facade and hopefully even the real policy.

Even if Wikileaks itself is shut down, and everyone who ever funneled documents to them is thrown in prison, whistleblowing has reached a critical mass and the genie cannot be put back in the bottle. It is also likely that those who have access to even more damaging information will be emboldened the more other people put out there.

This must scare the shit out the rich more than Nat Turner scared white plantation owners in the 19th century, and it should.

If Washington fails to do their job of making Wall Street, bankers, and the old money, spoiled trust fund babies subject to the rule of law instead of allowing them to make the law, some regulator told to look the other way, a soldier or diplomat asked to carry corporate water when it violates human rights or democracy, or a reporter who actually uses their skills to afflict the comfortable will air their dirty laundry in front of the whole world.

Once Washington realizes that nobody is listening when they say these leaks are treason and a danger to our national security, they will be forced to do one of two things:
  1. their jobs. Start legislating in the public interest not the interest of the wealthiest few, and bring the few to justice when they harm the rest of us and the rest of the world

    or

  2. Give up the pretense of democracy and execute the Pinochet Option.

The problem with the latter is it would depend on the same people to execute it who are now leaking like sieves, and in the long run, Americans will have no stomach for persecuting their relatives and neighbors.

The Libertarian wing of the Republican Party likes to entertain the Ayn Rand fantasy of the elite John Galts of the world withdrawing the contribution of their works and talents from the rest of us and the world falling apart, but they have it exactly backwards. First, that financial elite has no talent other than a lack of conscience and a mistaken belief that they are better than those born to the middle and working class, and second, without the willing cooperation of hundreds, even thousands of the working and middle class, they could not manipulate world events, access their fortunes, eat, and in many cases, they could not even wipe their asses since they have always had someone to do it for them.

Wikileaks isn't a crack in the dam of silence of all those people who carry water for the rich, it is the dam breaking, and the wall of water is fast approaching the mansions of those who have treated the rest of us like sheep for the slaughter for too long.

Saturday, July 10, 2010

Obama: don't bow & scrape to business--divide & conquer

An article in Politico says the Obama administration is worried the are gaining an unfair reputation of being anti-business and includes the pitch Rahm Emanuel is making publicly to get back in corporate America's good graces, but only one part of it is on target, the point about reregulation (see highlight in excerpt below).

The fact is, when Wall Street is run like a boiler room scam factory, it's bad for legitimate businesses that produce actual goods and services, who could become the target of the next pump and dump bubble. Worse, without fairly applied regulation, smaller businesses must always be afraid that larger, more politically connected corporations will cheat them in deals or use monopolistic tactics to put them out of business with impunity.

There is also the old Henry Ford case to be made prosperous workers buy more products, and the various scams and exorbitant health insurance costs have meant less money for workers to spend buying electronics, cars, and refrigerators.

Probably the best cases to be made though is a Machiavellian divide and conquer one: not all businesses are the same just as not all people are. There were and are some bad actors who harmed not just the American people but all other American businesses.

Unless a business really believed they could get out of paying for health insurance altogether, health care reform will help them (and it would have helped them more if it had been even more progressive and gave people a public option).

Likewise, the damage BP has done to fisheries, tourism, and probably even some agriculture in the Gulf of Mexico is incalculable. When you add the other hidden costs of catering to the oil industry like the taxes we pay that go to subsidies, tax breaks, and troops to seize and protect oil reserves and pipeline routes, taking care of the health effects of burning fossil fuels, and the suppression of alternative energy to replace it.

Rahm's approach assumes that a business is a business is a business, but that is like saying your corner diner is the same as Microsoft is the same as a tobacco company, ''massage'' parlor, or Tony Robbins get-rich-quick scam.

Clamping down on and holding the bad actors accountable makes it possible for ethical businesses to thrive since the lack of regulation puts ethical businesses at a disadvantage against the unethical who will cut corners in product or worker safety or by giving their customers less than promised.

And just as many conservatives think certain individuals are so dangerous to society that they cannot be allowed to live, so it is with certain businesses and even whole industries that need to be put to death or at least put out on ice floe in the arctic, so that their survival depends on their anti-climate change propaganda being true.

If BP hasn't earned that fate, we should apologize for executing Ted Bundy, Jeffrey Dahmer*, and Tim McVeigh.

To do this though, taking care of the public good would have to be a top priority, and if you read up on the DLC, corporate wing of the Democratic Party that Obama has filled his administration with, it is obvious that they would rather replace the Republicans not just in elected offices, but in the hearts of sociopathic CEO's and trust fund babies as their most trusted servants, and if that means grinding us up and using us to chum for sharks off the back of the wealthy's yacht, so be it.




W.H. works to flip anti-business rep

By: Ben White
July 8, 2010 12:51 PM EDT

Obama has been happy to be seen by voters as cracking down on Wall Street but those efforts have had an unintended result: feeding a sense that the president and his party are indifferent or even actively hostile toward big business, whether those businesses are Silicon Valley tech companies, Midwestern manufacturers or Main Street small businesses.

And it is more than just politics: Obama’s aides believe confidence in the general direction of White House policy has an effect on the willingness of corporations to hire, invest and push the economy toward a more solid recovery.

The stakes are high. Nearly every economic report suggests that corporate America, flush with cash and generating strong profits, is waiting to unleash a wave of hiring if only they have confidence there will be no double-dip recession and that consumers will have money to spend.

***

In a Thursday interview, White House chief of staff Rahm Emanuel argued that rather than recoiling against Obama, business leaders should be grateful for his support on at least a half-dozen counts: his advocacy of greater international trade and education reform open markets despite union skepticism; his rejection of calls from some quarters to nationalize banks during the financial meltdown; the rescue of the automobile industry; the fact that the overhaul of health care preserved the private delivery system; the fact that billions in the stimulus package benefited business with lucrative new contracts, and that financial regulation reform will take away the uncertainty that existed with a broken, pre-crash regulatory apparatus.

FULL TEXT

*NOTE: I know Dahmer was only executed by poetic justice not by the judicial system.



Saturday, April 17, 2010

Why did Huffington post failed economic advisor Larry "Jabba the Hutt" Summers?

I've long admired Arianna Huffington's writing and frequently visit Huffington Post for political news, opinion, humor, and more, so I was surprised to see a column on her website entitled "Relief for Middle Class Families" by President Obama's economic advisor, Larry Summers. If you know this guy's resume, he cares about the middle class the way Jeffrey Dahmer cared about people he ate.


When he worked for the Clinton administration, he backed or applauded every one of the middle class and even upper middle class killing initiatives of conservatives like deregulating Wall Street, and trade policies that not only managed to decimate our http://farm5.static.flickr.com/4048/4529721060_acbf397426_m.jpgmanufacturing base, but actually made people poorer in other countries too.

In the case of backing neo-liberal shock therapy for Russia, that not only made the Russians worse off than they were under communism and shortened their average life expectancy, he made the world a less safe place since Russia has since figured out that we were trying to make them a Third World nation.

And in spite of their economic problems, Russia does still have nukes.

Larry Summers is the lowest form of moral filth.

If a poor person robs a liquor store and kills someone, they might have at least been doing it out of economic desperation or because they were driven by a drug habit. People like Summers coolly and calmly plan the poverty and death of millions and even billions, not to survive themselves and feed their families, but to have bragging rights at the country club, the financial elite's equivalent of whipping it out to see who's is bigger. He and his friends could live comfortably for their rest of their lives on the wealth they have now, and so could their descendants for ten generations before one would have to think of getting a job.

Summers presence in the Obama administration, along with Robert Rubin, and failed regulator Tim Geithner, is an indictment of the failure of our democracy, and undermines the credibility of the Obama and administration and the Democratic congress when they talk about reforming Wall Street and Banking.

We do not fight rapists, child molesters, and serial killers by putting the criminals in charge of writing the laws to punish and prevent those crimes. If we did, we would rightly expect that the law would require the police to deliver their victims to the criminals, clean up the crime scene, and dispose of the bodies for them at taxpayer expense--sort of like what happened with health care reform.

Worse, their presence in the Obama administration and the continuation of much of the same policies makes me wonder if this or any president is actually in charge, or if they are helpless shopkeepers in Wall Street mafia bust out of America.

I am not opposed to Larry Summers expressing his opinions on Huffington Post. But he should pay a price: endure and answer the questions and follow up questions of the toughest critics of the policies he has advocated and the damage they have done to middle class (like Naomi Klein, Greg Palast, Elizabeth Warren, or David Sirota to name a few) and the most important question would be what he has EVER done in the past that would make us think he will protect and advance the interests of the middle class.

Then he submit to a polygraph, forensic accounting, and make restitution for his economic crimes against working and middle class people around the world.

Once all that has occurred, I would like to hear what he has to say about helping the middle class.

Until then, Arianna needs to hold the Obama administration accountable for putting these Wall Street economic terrorists in charge of our economy that they broke instead of giving them a forum to pretend like they care about their victims (while they are still eating our livers prepared by their private chefs).


Saturday, January 09, 2010

Hit DEBIT NOT CREDIT to screw Wall Street BACK
(and it will help REAL businesses)

Our elected representatives in Washington seem congenitally unable to punish and neuter Wall Street for the economic terrorism they have visited upon the United States and the entire world with their various scams and trade deals that are decimating the middle class, so we are left to do it for ourselves.

One way to screw them is to stop doing business with national banks and move to community banks or better yet a CREDIT UNION.

NPR revealed another way to castrate these bastards when they talked about the difference between the fees for credit versus debit and who profits from each.

The bottom line is credit charges to merchants are much higher, usually a flat fee plus a percentage, whereas debits are just a flat fee. And credit card companies twists the knife in the businesses by having higher set fees for cheaper purchases. How much does it cost businesses? One merchant interviewed said:
"On the cost of a $5 purchase item, we lose a dollar of that sale."
While this directly hurts businesses, it's not hard to figure out that this extra cost will be past will be passed on to customers.

Two companies control 80% of all credit card business, which is why they can charge such extortionate rates. And those fees go to them. While debit charges travel through the same networks, they don't pay nearly as much to those monopolies.

There are two ways you can use this knowledge to screw the Wall Street assholes who are screwing us:

  • Obviously, hit the DEBIT button instead of credit every time you have a choice. If enough people did this, it would help businesses as much as any tax cut (without cutting tax revenues we could use for schools, health care, and taking care of our veterans maimed in our now endless wars).
  • A little less obvious is telling business people to let customers know that hitting debit saves them money and that savings could be passed on to customers. One woman called into the NPR show and said when clerks ask her "debit or credit," she asks them what they prefer and they say they don't care.
    Couldn't small business people figure out a nice way to tell their customers that they accept credit but prefer debit?

    I imagine the credit card companies have a clause in the fine print that says merchants can't give a discount for choosing debit, but they could figure out some creative ways to reward them.
The best thing about hitting the DEBIT button is it helps the REAL businesses that provide products and services while hurting the Ponzi schemes of sociopathic trust fund babies on Wall Street who have never made or done anything of value in their whole lives.

If the law cannot or will not reach into their gated community and private compounds, we can--not by climbing over their walls but simply by cutting off the flow of our money that keeps them alive and that they use as the club to beat us.

Now if we could just convince their servants to leave them, they would die of starvation and infection from their unwiped asses.

NOTE: The NPR story had more details like how buying gas can lead to overdraft fees even if your bank account isn't overdrawn. Here's a TRANSCRIPT and the AUDIO.



Response to Democratic party chair quitting

Chair Rochelle Sivan sent to the Framingham, Massachusettes Democratic Town Committee resigning because she changed her party affiliation from Democrat to none, and her letter was published in the Boston Globe.

My short response is ''Thank you."

The reasons why she quit will be familiar to progressive Democrats: continuing the Bush wars, the bailout that favored the Wall Street sociopaths instead of their victims, the erosion of our civil rights, and the final straw is the health care reform bill that also rewards the criminal insurance companies by delivering us as their coerced customers.

She anticipated the response of the apologists for the Democratic Party and gave her response to each:
  • Elect more Democrats and progressives - there are 82 members in the Congress Progressive Caucus and only 52 conservative "blue dogs" but which side constantly prevails? The problem isn't in the numbers.
  • The bill will be improved later - Like Nafta? Or the Patriot Act? Will that happen when we have control over the Congress and Presidency? Oh wait...
  • The other side is worse - Yes, the Democrats are better than the party of rabid conservatives the GOP has become, but not enough to matter, not enough to make the changes this country so desperately needs.
  • There is no other choice - I agree there is no viable third party but almost all of the important achievements the Left has won for the people of this country have come from people working outside of the political system - see the Abolitionists, the Labor activists, the Suffragettes and the Civil Rights movements. Apparently, the existing political system is too invested in the status quo to change without enormous outside pressure.
FULL TEXT

I posted the following response on the Boston Globe article:
In a two dominant party system like ours, the two parties don't exist forever. When one party no longer serves a sufficient constituency, it can disappear in a flash like the Whigs did. In the case of the Whigs, they failed to deal forcefully with slavery and left the wound to fester into gangrene.

We are at a very unusual place where that is about to happen to both parties. While the right wing constituency doesn't seem to realize the problem, the left does all too well--our economy and political system is rigged to benefit a very, very few even when it harms or even kills (in the case of our wars and health care system) the vast majority of working and middle class Americans.

The Bush administration pulled the mask off this system, making even the slightly milder corruption of the Obama administration and the Democratic Congress intolerable to those of us who really believe our government should try to form a more perfect union and support the general welfare.

The problem is not individual politicians or even one party, but a system that makes profound corruption and amorality the norm. While there have been some campaign finance and ethics reform, the fact that politicians can leave office and go to work as lobbyists, CEOs, and board members for companies that have business before Congress and still be respected by their colleagues and even run for office again instead of being thrown in prison makes us look like a Third World kleptocracy.




Thursday, September 17, 2009

MODEST PROPOSAL: Pay CEO's with stock they CAN'T sell


Instead of short term bonuses, CEO's should be paid bonuses over ten or twenty years, or even over the rest of their lives with the amount varying according to the current performance of the company, and of course ending if the company goes bankrupt.

One way to do this is to give them stock with no-options: no option to sell, especially to pump and dump with insider trading.

This would encourage them to build the company for long term success and even to withstand incompetent management after they leave.

Whatever the problems are with this, it would be far superior to the current system where bonuses are given out regardless of performance, with execs acting more like parasites draining blood from their host until it's dead instead of nurturing it's real (not paper) growth and stability.

Someone will say that you can't force them to keep stock, but that is essentially what they do to employees with pensions. Then when they fuck up by giving too much money to their cronies or not hiding their bookkeeping sleight of hand well enough, their employees are left eating dog food when they retire.

The only real problem I see with this is there aren't enough MBA's who don't actually know how to make things and provide services.

These sociopathic trust fund babies didn't rake leaves and flip burgers as kids like the rest of us, but instead stole money from their mummy's purse to spend on coke and whores. Now they just steal from their shareholders and employees.

It could be that in the long run, this would restore something like a meritocracy to our financial elite that would replace the current clusterfuck of country club Caligulas.




Wednesday, April 01, 2009

Wall St. opens offices & homes to those they made homeless


In a gesture meant to regain the trust of the American people, Wall Street investment firms, insurance companies, and banks are literally opening their offices to those they made homeless.

Initially, the firms were going to require people to bring in a copy of their foreclosed mortgage, pension statements, or other investments Wall Street has made worth less than the paper they were printed on. Since that proved too time-consuming for staff to process, the program has simply been opened to all the homeless though they still must bring their own blanket and pillow.

Trip Caine of AIG explains the thinking behind the program, "I and most other people I know got into finance to help people fulfill the American Dream and pull themselves up by their bootstraps, so we really feel a profound sense of guilt and personal responsibility for the damage
our schemes have caused, and we wanted to give something back."

"At first, we didn't know what we could do, but then we realized we have so much space in these nice offices, and a lot of people could use it as a place to sleep at night or even crash out during the day without really getting in our way," Caine added.

Word of mouth quickly spread on the street, and grateful former members of the middle class began to find their way to the offices of AIG, Goldman Sachs, Merril Lynch, Bank of America, Citigroup, JPMorganChase, and others.

Some smaller firms were saddened that few arrived at their offices because of their lack of name recognition, so they started putting bumper stickers on their town cars and limos that said, "Follow me to sleep for free." Eventually, the homeless started following all limos into parking garages. Most execs don't mind if the homeless hop in their limo for a nap while it's idling outside some meeting or stuck in traffic.

One hitch that has occurred is offices widespread use of restroom keys. Execs were loathe to give up this perk and simply leave the door unlocked for anyone, so they simply look the other way when the homeless defecate in their plants and waste baskets. In areas where there are no public restrooms, transients are even encouraged to duck into the lobby of their buildings to defecate. Doorman Bob Denning said he didn't mind the smell and added, "I wouldn't want to bare my ass outdoors on a cold day like this. Not only that, it's worth it just to see some of the suits step in what they did to the rest of us."

When protesters started showing up outside AIG executives homes, one exec realized he could defray some of the anger by offering protesters the guest wing of their house to live in. Soon others followed suit and the practice became universal.

Likewise, exclusive athletic clubs are opening their doors to anyone who needs a shower, massage, and some time in the jacuzzi, and country clubs are allowing people living in their RVs to park on their golf courses. "We can't be elitists at a time like this, we have to be Americans first," said Hal Stark, president of Chatham Hollow Country Club. "Our members realize they used laws and infrastructure of this country to acquire their massive wealth and it is only right if they give some back in this time of need."

One question that arose surprisingly rarely was when this open door policy would end. Trip Caine of AIG was philosophical. "I don't know if it should. When I come home from the office and see Garth and Jennifer Puckett, the family staying with us, struggling to find a job or figure out how to pay for their kids to go to the doctor or send them to college, it really puts things in perspective for me. My actions have hurt real people. If they leave, I might forget that."

Wall Street's earlier effort to feed the homeless



Thursday, March 19, 2009

ROOT OF RAGE: Is our democracy Wall Street's bitch?

The public anger over the bailouts and bonuses taken from bailouts and economic appointees whose loyalties clearly lie more with the corporate criminals than with us boils down to that one question: is our democracy Wall Street's bitch?

We have woken up to find that we are a lowly streetwalker with a particularly powerful and conscienceless pimp.

He demands more and more of our money, and when we tell him the little he let's us keep isn't enough to take our baby to the doctor or send our older kid to college, he says, "That aint my problem, bitch. Who told you to have kids? Besides, Daddy gotta pay off this new pimp tooth," as he shows you a diamond encrusted crown on his bicuspid. Then he beats us with his ivory pimp cane almost to death.

This shouldn't have surprised you since he has been nagging you to get your grandma to sign over her Social Security checks to him too, which you and grandma have fought off since that would leave her to die penniless in the gutter.

One day, the neighborhood cop pulls you aside. He says your pimp has gotten into some horrible gambling debts and will be killed if he can't pay them off. Your first thought is, "Good, I hope he is killed and I'll be free," but the cop says if he can't pay, the people he owes money too will kill all his girls and their children too, so you better work harder, dig up the money you've hidden from the pimp, and make your kids start walking the street too.

This is just too much to bear. You have wanted to stop walking the streets, but you didn't know how since you've worked for the same pimp your whole life as did your mother and grandmother. But this is too much. You get the other girls together, go to the police station, and tell the captain that his cop in your neighborhood is dirty and making threats on behalf of the pimp.

To your surprise and delight, he agrees, and appoints a new clean-cut cop to the beat. The first day you see him, you stop to ask him what he he is going to do about the pimp. He tells you he has given him a stern talking to and told him to cut back on gold pimp teeth, pinky rings, and velvet suits--but in the meantime, you better give him all your money or you and your children will be killed.

While you are still in shocked silence, the cop takes the roll of bills from your bra and turns to deliver it to the pimp.

You snap out of your stupor and follow him to the pimp club, where the pimp takes the money, and instead of paying someone back while cowering in fear, he laughs and buys a round of drinks for the other pimps, the new cop, and the old one.

The cop had a gun and the pimps had none. He could have arrested all the pimps or even shot them dead. He did not, which means he either works for the pimps or aspires to be one.

Up until the Bush administration, we all thought we lived in a democracy. Then when we saw our most cherished constitutional rights and democratic processes trampled all to make it easier for the rich to steal from us and other countries like Iraq, we wondered if we were losing it. Just as it we thought we were digging our way out, the rich put a gun to our head and say they want $700 billion dollars or they will destroy the world economy.

It was no surprise that the Bush administration did so.

What was surprising was that the incoming Obama administration appointed an economic team from the same criminals who extorted us and wrote the rules making it easier for them to extort, and now that they are in government again, they continue to do so.

As Eliot Spitzer pointed out, Obama's Treasury Secretary, Tim Geithner, as well as others moving back and forth between government and Wall Street, may have collude to funnel even more money to a handful of banks and investment companies.

It is clear that the goals of Obama's economic team are to make the pimp whole and placate the streetwalkers just enough so they get back to work.

That is not enough.

Obama needs to clean the pimps out of his administration, pick a couple of the biggest ones working the streets and give them a beating they will never forget. Strip their pinky rings, take their canes, and knock out the pimp teeth. Even strip them naked of their pimp clothes. Then either throw them in jail or make them get an honest job and pay restitution to their girls (us).

Then he must kill, jail, or beat all the remaining pimps until they get out of the business.

We need a marshall like Kurt Russel in Tombstone who policed the outlaw Cowboy Gang like this:


Wyatt Earp: All right, Clanton... you called down the thunder, well now you've got it! You see that?
[pulls open his coat, revealing a badge]
Wyatt Earp: It says United States Marshal!
Ike Clanton: [terrified, pleading] Wyatt, please, I...
Wyatt Earp: [referring to Stilwell, laying dead] Take a good look at him, Ike... 'cause that's how you're gonna end up!
[shoves Ike down roughly with his boot]
Wyatt Earp: The Cowboys are finished, you understand? I see a red sash, I kill the man wearin' it!
[lets Ike up to run for his life]
Wyatt Earp: So run, you cur... RUN! Tell all the other curs the law's comin'!
[shouts]
Wyatt Earp: You tell 'em I'M coming... and hell's coming with me, you hear?...
[louder]
Wyatt Earp: Hell's coming with me!
For the Obama adminstration, this means taking down the heads of Goldman Sachs, Citibank, Chase, JPMorgan, AIG, and any other firm that is used to telling our government what to do.

They need to be frog-marched in orange jumpsuits, taken to jail, held without bail and stripped of their assets, given a trial, then serve the rest of their natural lives in prison, to be beaten and raped like anyone else.

Then he must methodically dismember their businesses into a million pieces, so they can never treat America and our democracy like their bitch again.

The longer he waits to do this, the greater the hell he will have to rain down on them, or risk being replaced by a marshal who will.



Sunday, March 15, 2009

Gov't reaction to Wall Street meltdown like ''punishment'' of Prescott Bush for hiding Nazi money

If an ordinary citizen gave aid and comfort to our arch-enemy in World War II, they would have at minimum expected to spend the rest of their lives in prison or more likely, ended up like the Rosenbergs, executed for helping the Soviets.

Prescott Bush's bank was managing assets of a Nazi financier, including a steel plant that made heavy use of concentration camp labor.
Far from being unaware of this, Bush mentioned it in correspondence and was concerned that his bank's ''interests be protected.'' The government found this activity troubling enough that they seized the banks assets under the Trading with the Enemy Act.

Bush's punishment for his involvement?

You would think he would have at least ended up like John Walker Lind, stripped naked, blind-folded, and held in solitary until the trial that put him in prison for life (or shortened his life).

Instead, the whole business was hushed up and he later won a Senate seat.

It seems that something similar is going on with Wall Street today. Can anyone doubt that Wall Street's concerted effort to get themselves deregulated, their Rube Goldberg maze of shell corporations and off-shore accounts, and intentional defrauding of ordinary investors, mortgage holders, and retirees has done more damage to our economy than Tim McVeigh, Osama bin Laden, and all the other terrorists to ever blow up anything in the US combined?

And in fact, the connection to terrorism is not just by analogy, but literal. To the degree that we face a legitimate terrorist threat, it is because business interests demand to be put ahead of human rights, democracy, and even the national security of the United States.

The foremost example of this is how we treated Russia after the collapse of the Soviet Union. Mikhail Gorbachev hoped to transition to a European-style social democracy, but the investor class and banks wanted a Russia that was easy to plunder of their natural resources and industry. The result was the standard of living and even life expectancy in Russia DROPPED after the fall of communism, and Putin succeeds partly because he is trying to reclaim their dignity by standing up to us. Oil companies interest in stripping Russia of their oil, gas, and pipeline income further antagonizes a Russia that we now no longer have an ideological beef with. In effect, for the sake of corporate profits, we are reigniting a Cold War with an enemy with thousands of nuclear weapons.

Worse, business is a direct cause of the terrorist attacks of 9/11 and the Bush administrations failure to bring a quick conclusion to the War on Terror. Those in the Islamic world do not hate us for our freedom, but because we take theirs away to ensure that our oil companies have compliant governments to deal with, from overthrowing the democratically elected secular government of Iran in the 1950s to backing the oppressive Saudi government for decades. Oddly, even though the Joint Congressional Inquiry into 9/11 found direct involvement of the Saudi government in the attacks nothing was done about it. Whether this was done because we didn't want to jeopardize business ties with Saudis or because the Saudis were doing the Bush administration a favor with the attack, neither is acceptable.

And yet, the punishment of the wealthy who endanger and loot us like this will be much like Prescott Bush's. The public will use our taxpayer dollars to clean up their mess, and they will continue to live lives of leisure and be free exercise their power as ''masters of the universe'' even though they are masters of nothing but moving our money into their pockets.

I have no problem with capitalism in theory, but in practice, we can no longer afford a financial elite that not only ignores the law, but buys our politicians and makes the indefensible legal.

Any solution to this current problem has to involve putting the fear of God or at least fear of the wrath of the American people into these spoiled sociopathic trust fund babies, the likes of which no financial elite has felt since the Russian or even French Revolution.

Anything less than that leaves America and the world at risk from more attacks by these economic terrorists who make 9/11 look like a toddler's temper tantrum.