It's Not Getting Any Better
h/t The Market Ticker
Go read the referenced article at:
Obama Seeks JPMorgan, Goldman, Citigroup Support on Bank Plan
Some choice quotes that made me throw up in my mouth a little:
President Barack Obama will seek support today from executives of the nation’s largest banks for his plan to stabilize the financial system and try to get beyond the furor over bailouts and bonuses.
In other words, a meeting to figure out how to keep stealing without making people mad...
Lawrence Summers, Obama’s top economic adviser, said the meeting was a measure of the ties between the government and banking industry at a time of economic crisis.
“This is about our duty to do everything we can to support a robust and sustained economic expansion and the reality that the country’s major financial institutions have a major role to play,” Summers said.
Yeah, Good old Larry who worked to get Glass Steagal repealed is happy that his guys will continue running the finances in the US Government.
White House advisers said the meeting will focus on stabilizing financial markets, boosting lending to businesses and consumers, reducing foreclosures and imposing regulatory overhaul rather than specific issues at individual institutions.
The plan hasn't changed. It's the same plan Bush had. Get people who are going broke, to borrow more money.
With the U.S. economic recovery tethered to the health of the financial industry, Obama has proposed a public-private partnership to soak up the banks’ toxic assets and help unlock credit, as well as new regulations on banks, hedge funds, private-equity firms and derivatives markets.
Yes, borrowing and spending other people's money is the basis for our economy. Finally a little truth and recognition that our economy is not based on the productivity of the American Worker.
“A recovery based on a public-private partnership will depend, to a large extent, on the business community believing that they are in a partnership rather than enthralled to politicians and a punishing public that wants to extract the last ounce of blood,” Levitt said.
In other words, the administration doesn't want to have anyone arrested for fraud and stealing. Instead, they want to find innovative knew ways to defraud and steal, without making the public angry.
We are still continuing down Argentina's path. I know I keep harping on this, but it scares the hell out of me. As Obama has argued, "This isn't a rowboat, it's a big ship and big ships are hard to turn around." And so, the administration is not even going to try to turn it around. They are simply shoveling the coal faster, and holding course, with a major landmass in the way. It reminds me of that joke with the ship captain and a radio operator, arguing about who should change course to avoid a collision. The captain doesn't realize he's arguing with a lighthouse keeper.
Before Argentina really went down the drain, the IMF took complete control over the nation through it's Austerity Program. There is lot's of good info on the net about what this program means and what it does. But under the program, the bankers take control over a nation's economic policies. The government is then directed by appointees from the IMF. This is the prelude to looting and pillaging the country. Under the Austerity Program, a nation must give away 30% of it's revenue to the bankers.
After this step, you'll find that the press continues to report that the government is doing awful deeds, but it's the IMF representatives that run the government's financial branches, that are setting up the policies and taking a share of the lucre. the politicians are all bought and paid for. Those that resist are killed, or their family members and friends are kidnapped and killed. Opposition to death squads, is typically short lived. No pun intended...
Here in the USA, we are implementing the same program, except that the IMF isn't forcing it on us. Our politicians are being bribed to follow the script, and they are doing so happily. Obama from all appearances is happy to go along with it. He is leading us into a financial hell, and a New Great Depression.
I've posted such arguments on other forums, and folks that haven't done any research into Argentina, Venezuela or the IMF in general, have nitpicked my arguments around the edges. So far though, I haven't read an argument that really addresses the meat of the issue.
1. The same bankers in charge of Argentina's finances are running the finances of the USA.
2. The politicians in both countries are almost completely corrupted and in the pockets of the banking system.
3. Neither nation is demonstrating any consideration in changing their policies.
4. The financial policies of both nations are converging.
5. Argentina is thoroughly screwed. If we continue to do what they did, we will meet the same fate.
It only took a few years for Argentina to devolve completely into a financial nightmare. Obama is retrenching his position and sticking to the same plan that got us here. There is no indication that he intends to ever change course. This ship is not turning. Let the reef and rocks change course. We will not. We will persevere and make the hard choice, to ram the land mass at full steam.
As our leadership won't change in time to avoid disaster, we must continue to prepare. Do what you can to mitigate the series of personal crisis we will all be facing. Don't worry that you'll have to do everything alone. Not everything runs out at once. Simply worry about the essentials. Even during Perestroika, the grocery stores had food. But from day to day, different shelves would be bare. The food wasn't always what you might choose, but they provided something. As I say this, I am reminded that many people have starved to death in Argentina. This is because the bankers killed many of the farms and ranches, along with the railroads that delivered the food to the cities. I hope that things don't devolve in a similar situation in the USA. But I worry they might.
It's not the end though folks. Each morning the sun will come up. Everyday, there is something to do, something to live for. We can survive this and still find some happiness in it. The world is changing. But it will be what we make of it. We can't fix the big things, but we can address the local impacts.
There is always something you can do. And doing something, is the best cure for depression, that I know of.