Category Archives: Greed

Jon Stewart Slams Wall Street For Stock Market Crash

Jon Stewart took on the dramatic dropping of the Dow last night, mocking Wall Street for not only letting this happen, but skirting responsibility, blaming the plunge on a “perfect storm” of circumstances.

And as Stewart found, this is not the first time the “perfect storm” excuse has been used over the years, prompting him to lay into Wall Street for the ineptitude:

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Filed under Economy, Greed, Jon Stewart, Jon Stewart's The Daily Show, Uncategorized, Video/YouTube

Duty and Honor

Posted by: BetsM

Op-ed by Gary Hart

Gary HartOf the many reasons for public discontent with government generally and Congress particularly, none is more obvious than the wholesale movement of former members of both Houses of Congress into the lobbying business. The massive lobbying industry is quick to remind us that lobbying is perfectly legal, or perhaps it is better to say not illegal, and that it has been going on from the beginning of parliaments. That may be technically true, but it neglects the critical point that, when conducted by former members of Congress, and now increasingly their wives and children, lobbying is a sophisticated way of trading titles provided by voters for substantial personal gain.

No one truly believes that John Doe is as valuable to his lobbying firm and its corporate clients as former Senator John Doe is. Senator John Doe adds prestige to the firm. More importantly, he can open doors in the offices of his former colleagues. In the lobbying business, that is pure gold. The core and centerpiece of the lobbying business is ACCESS. It is possible to count on the fingers of one hand the number of members of Congress who refuse to see a former colleague.

My relatively few years in elective office spanned a critical transition time. Very few of my Senate colleagues from the 1970s became lobbyists. For most of the great ones it was a matter of self-respect and personal honor. By the time I retired from office in the later 1980s, not only former Senators but also their wives and sons and daughters were joining or forming lobbying firms and making a very great deal of money. It would take more than blog space permits to analyze the reasons for this transformation. But much of it had to do with the triumph of money over that earlier sense of personal honor. No American has the right to trade an office and a title bestowed upon him or her by the people for personal gain.

Senators Michael Bennet and Jon Tester are sponsoring legislation to bar Senators from lobbying for life. I would find it amazing if there were even committee hearings on this proposal, let alone a vote on the floor of the Senate. But such a measure would do more to demonstrate that the current Senate is serious about recapturing its dignity, its respect, and its sense of honor than any other single step I can think of. And perhaps most of all, it would go a very long way to restoring the confidence of the people in their government.

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Filed under Congress, Greed, Money, Uncategorized

Kiss My Ash

Posted by: TheLCster

Written by Robert J. Elisberg

We’ve gotten to the point where the public today accepts glib political demagoguery from spokesmen for the Republican Party. Certainly, ideas and discourse exist in the GOP, but they’ve been elbowed out of the center ring. And of course there’s nothing acceptable about it. Because there are consequences to their words.

Mind you, I’m not referring to normal, everyday political razzle-dazzle. Lying, exaggeration, double-speak. That’s the lifeblood of all politics. Democrats included.

No, I’m talking about those who rant what they know not to be true, or don’t remotely believe in, or couldn’t care less whether it’s true or not, solely because the only thing they want is to create divisive anger in crowds and do nothing more than score political points.

There are consequences to their words.

All parties have long had irresponsible demagogues. But it has become a driving force within the Republican Party because of their lockstep march against All Things Obama.

Of course, today’s glib political demagoguery starts further back, fine-tuned during the Bush Administration which took the responsibility of national leadership and played it as if it was paintball. The whole “you’re with us or you’re a terrorist” mindset may have been great politics, but there were consequences. When your game is to destroy a CIA agent fighting that very terrorism, the points you get weaken America.

Glib political demagoguery is the thoughtless game that got Dick Cheney telling Treasury Secretary Paul O’Neill, “Reagan proved that deficits don’t matter.” That too was fine politics – but there were consequences. A national debt doubling to $12 trillion. A budget deficit of $482 billion from surplus. And all America is digging ourselves out of them now.

This all hit home very clearly over the past month, as GOP glib political demagoguery has repeatedly showed its consequences, in all its devastation.

The most prominent, of course, is the agonizing disaster of the Gulf of Mexico oil spill. For two years, Republicans from Sarah Palin, John McCain, Mitt Romney, Rudy Giuliani, Michael Steele and beyond, have hyperventilated with their “Drill, Baby, Drill” pontification, not caring its risks, just that it was grand politics for riling up crowds. And now we see the ghastly consequences.

Already 1.6 million gallons of oil have spilled. It could reach past 11 million. In only one day, the slick went from an unthinkable 1,150 square miles to over 3.800. It’s growing faster than The Blob, and nearing the pristine Florida Keys. This is an economic disaster of such catastrophic proportions it could impact the climate. And 11 workers killed.

(It’s a macabre observation that oil is the sole area Sarah Palin has claimed supposed “expertise.” That was never expertise, mind you, but we see the naked Emperor’s Clothes laid bare. Imagine now how empty the rest of her non-existent qualifications are. And not a word from her since the disaster.)

Yet within just the past month, this is far from the only gruesome case by Republicans of glib political demagoguery that has resulted in crushing consequences.

Think back if you will to February 24, 2009. Louisiana Governor Bobby Jindal was selected by the Republican Party to deliver its response to President Obama’s State of the Union Address. With dripping ridicule, Mr. Jindal derided the Obama stimulus investment of “$140 million for something called volcano monitoring.”

Never mind that Sarah Palin, then still governor of Alaska before resigning, let the glib political demagoguery pass. The callousness of this GOP strutting showed itself only a month later, when Mt. Redoubt erupted – in Alaska. There are consequences to glib political demagoguery. Far-greater devastation was only averted because of early volcano monitoring.

But even this isn’t the point. Because, remembering Bobby Jindal and the GOP’s calculated, snide mocking of “something called volcano monitoring,” as if it didn’t matter, as if it was a fake-Socialist, Big Government waste by Barack Obama because he’s Barack Obama – only weeks ago, the entire world saw this:

When Eyjafjallajokull Volcano in Iceland erupted, airline travel came to a complete halt throughout Europe. World commerce was suspended. The world’s climate was impacted. There were a billion dollars in losses. “In terms of closure of airspace, this is worse than after 9/11,” said a spokesman for Britain aviation. “The disruption is probably larger than anything we’ve seen.”

And only a year earlier, the GOP spokesman said: “Instead of monitoring volcanoes, what Congress should be monitoring is the eruption of spending in Washington.”

I’m guessing they’d like to take back that wisecrack about “eruptions.”

This is why government monitor volcanoes. It matters. It has consequences.

It all matters. It all has consequences.

Again.

And again and again.

Like when you engage in glib political demagoguery to rile crowds and endlessly repeat a snarky mantra for political points by attacking “cap and trade” and roaring that “clean coal CLEAN COAL” is the solution, the only solution, the easy answer, you knowingly ignore that there are consequences. And one is the Upper Big Branch mine disaster with 29 men dead.

Disagreement is good. So, too, is active opposition.

But glib political demagoguery is where the line gets drawn.

Our words matters. When you create anger in others to score political points, dismissive of what the devastating results could be, you do not deserve to be on the stage.

The gravest oil disaster in U.S. history. The biggest airline disaster in world history. A mine disaster leaving 29 me dead. All within the last month alone.

The longer list makes it more shameless.

There are consequences for your words.

Far too many Republican spokesman have tried to gut the United States with a shiv, all for 30 pieces of silver and craven political expedience. Too many others in the GOP have quietly, sheepishly acquiesced and enabled them.

Go. Let the adults talk. Let the good and serious people still in your party – and all parties – have the microphone back. You’ve shown your worth. The world can no longer afford you.

Robert J. Elisberg has been a commentator and contributor to such publications as the Los Angeles Times, Los Angeles Daily News, Los Angeles Magazine, C/NET and E! Online, and served on the editorial board for the Writers Guild of America. He has contributed political writing to the anthology, “Clued in on Politics,” 3rd edition (CQ Press).

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Filed under Democrats, Disaster, Environment, Greed, Republicans, Uncategorized

President Obama’s Saturday YouTube Address 02/13/10

white house gov logoWhiteHouse.gov—The President, having just signed the “Pay As You Go” law, discusses the importance of this fundamental rule to getting budget deficits in check. Ensuring that new spending and tax cuts are offset was a important factor in creating the budget surplus of the late 1990’s.
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Filed under Bailout, Banking, Barack Obama, Cabinet, Capitalism, Change, Democrats, Economics, Economy, Free Market, Greed, Jobs, Lobbyist, Media and Entertainment, Money, Mortgages, News, Obama Administration, Partisan Politics, Politics, Pres. Barack Obama, Presidents, Republicans, Senate, Small Business, Uncategorized, Video/YouTube, Weekly YouTube Address

President Obama’s Saturday Youtube Address: Fighting for the Public Against Special Interests

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WhiteHouse.govPresident Obama Addresses This Week’s Supreme Court Decision~~In this week’s address, President Barack Obama addresses the Supreme Court decision to further empower corporations to use their financial clout to directly influence elections and vows that “as long as I’m your President, I’ll never stop fighting to make sure that the most powerful voice in Washington belongs to you.”
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Republicans Stand by Their Man: Fat Cat The Banker

Posted by: LibbyShaw

Meet Fat Cat the Banker

Meet Fat Cat the Banker

Who would have thought? In its true and hypocritical form The Party of No and Obstruction opposes President Obama’s proposed fees on banks.

Dick Cheney must be hard at work at that printing press in his undisclosed basement.

Prominent Republicans are coming out in opposition to President Barack Obama’s proposal for a $90-billion fee on large banks that took bailout money, a move that political observers say could force the GOP to choose between their traditional anti-tax position and populist anger over the bailout.

On Thursday, GOP Chairman Michael Steele declared that the bank fee — which would be levied only on banks that took bailout money and have more than $50 billion in assets — is “another tax on the American public.”

The GOP is standing by fat cat the banker in yet another effort to oppose President Obama. Republicans demonstrate time and time again that they are willing to put politics ahead of working on solutions to solve the daunting challenges that we face on local, state and national levels.

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All of the Republican’s ranting and raving about the federal bailout is nothing but ginned up rhetoric. Apparently GOP lawmakers hate the bailout and yet they love the banks so much that they do not believe Wall St., aka gambling casinos that put Las Vegas to shame, should have to make reparations to the taxpayers for squandering and stealing our money. God forbid should the big banks have to pay fines for its appallingly irresponsible and over the top reckless behavior that annihilated the U.S. and global economy.

The financial services industry lobbied for the repeal of the Glass Steagall Act in 1999. That allowed banks to use their custodial power over your money to assume huge risks in investment markets.

They also lobbied for the Commodity Futures Modernization Act of 2000, which allowed banks to trade their crooked insurance in secret and exempted from all supervisory authority.

And to help grow the hurricane, then CEO of Goldman Sachs Hank Paulson made a personal plea to the SEC to allow banks to leverage more money against their capital. As much as $4,000 for every $100 in capital they held.

Wall Street may claim this was caused by a perfect storm, but the only thing perfect about it was their ability to line their pockets at the expense of our country.

Republicans apparently think it is a good idea for the banks to return to its wild, careless and out of control gambling practices that all but destroyed our financial security.

The proposed tax would apply to bank, thrift and insurance companies with more than $50 billion in assets and would start after June 30. It would not apply to certain holdings, like customers’ insured savings, but to assets in risk-taking operations. The levy would raise an estimated $90 billion over 10 years, according to the White House.

But it would remain in force longer if all losses to the bailout fund, the Troubled Asset Relief Program, were not recovered after a decade. The Treasury now projects that the losses from the $700 billion loan program, which was created in October 2008, could reach $117 billion, about a third of the loss that it projected last summer — an improved forecast that reflected the renewed strength on Wall Street.

After all, last week during the Texas Republican gubernatorial debate Senator Kay Bailey Hutchison said she and John Cornyn hated voting for the bank bail out. But, alas, they did so only because then President G.W. Bush instructed them to do so in order to save the U.S. and global economy from a complete melt down.

A glimpse at a Texas Republican clown show.

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In their twisted logic Republican politicians insist they hated saving the banks but now they hate imposing punitive fees on the banks’ biggest gamblers.

I suppose now that Sarah Palin has been hired as a professional analyst by FOX, the Propaganda Arm for the RNC, all of the GOP’s verbal inconsistencies and contradictions will soon be fully explained.

Republican lawmakers will howl like possessed banshees about terrorism and the profound urgency for our national security. They also routinely cry for border fences, racial profiling and full body scanners at all airports. And yet when it comes to safeguarding our financial and economic security, Republicans, it appears, are not in the least bit concerned. For them Fat Cat the Banker can do no wrong.

According to an article written by Mr. Frank Rich of the New York Times:

The Other Plot to Wreck America

Americans might be fluent in global terror and the horrors of terrorism but we are woefully uninformed about our domestic financial weapons of mass destruction.

Americans must be told the full story of how Wall Street gamed and inflated the housing bubble, made out like bandits, and then left millions of households in ruin. Without that reckoning, there will be no public clamor for serious reform of a financial system that was as cunningly breached as airline security at the Amsterdam airport. And without reform, another massive attack on our economic security is guaranteed. Now that it can count on government bailouts, Wall Street has more incentive than ever to pump up its risks — secure that it can keep the bonanzas while we get stuck with the losses.

The Director of the Financial Crisis Commission intends to shed some light on the big banks and its financial practices (greed, hubris, stupidity – gosh, why this sounds like a typical old home week of the W. Administration of arrogance and incompetence) over the last several years.

He wants to examine the financial sector’s “greed, stupidity, hubris and outright corruption” — from traders on the ground to the board room. “It’s important that we deliver new information,” he said. “We can’t just rehash what we’ve known to date.” He understands that if he fails to make news or to tell the story in a way that is comprehensible and compelling enough to arouse Americans to demand action, Wall Street and Washington will both keep moving on, unchallenged and unchastened.

Maybe the W. Administration and all of its lackeys including Senators John Cornyn and Kay Bailey Hutchison were far too distracted by non-existent WMD’s in Iraq and no bid contracts to the military/industrial complex to worry much about Wall St.

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Filed under Bailout, Banking, Barack Obama, Capitalism, Creepy right-wing antics, Economy, Greed, Media and Entertainment, Money, Mortgages, MSNBC, News, Partisan Politics, Politics, Presidents, Republicans, RNC, Small Business, The Morning Meeting w/Dylan Ratagan, Video/YouTube, Washington, DC

President Obama’s Saturday YouTube Address 01/16/10

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WhiteHouse.govGetting Our Money Back from Wall Street~~As the President continues to work on immediate job creation, he discusses his proposal for a new fee on the largest financial institutions to ensure that every cent of taxpayer assistance gets paid back. Saying that, “we’re not going to let Wall Street take the money and run,” he then to discusses the ongoing push to make sure banks can never put our economy at risk again.
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Filed under Bailout, Banking, Barack Obama, Change, Democrats, Economy, Greed, Jobs, Media and Entertainment, Money, Obama Administration, Politics, Pres. Barack Obama, Presidents, Stimulus, TARP, Uncategorized, United States, Video/YouTube, Weekly YouTube Address