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HUFFPOST SUPER USER
forty8r
Gerrman Freethinker
02:08 PM on 10/27/2009
The new pledge "I pledge allegiance to the United Financial Corporations of America and to the chief executives on which they operate one nation pretending to worship God with the liberty and freedom to rip off the poor and middle class."
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03:21 PM on 10/27/2009
Very good comment!
02:01 PM on 10/27/2009
Well said We now know that when Enron happened many other companies were doing the same thing and Enron was just the one that got thrown under the bus. This time, WAMU and Bear Stearns. Two things could happen. Don't break them up, and wait for the next crash, which will sink the United States, as other countries seem to be leaning toward breaking up their big banks and we will be totally on our own. Or break them up. Obama has a chance for greatness here, unfortunately he is either unwilling or more likely had to make a deal with the devil to get where he is and can't do anything.
01:59 PM on 10/27/2009
Why is there no mention here of the Prompt Corrective Action Law? Unless it was repealed while I wasn't looking, the entire bank bailout scheme is illegal.

The Prompt Corrective Action Law
01:59 PM on 10/27/2009
Thanks for an informative post. Lots of substance here for us all to examine.

Alan Greenspan, with his Ayn Rand worship, is likely the cause of this whole mess. Sorry, Alan, I'm just not satisfied with "oops, made a mistake!"
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harveyr2
Be skeptical of politicians or be their pawn
01:58 PM on 10/27/2009
Obama, his administration, and Congress ... not a leader in the bunch. This is the most hapless group of elected leaders in the history of this country.

Look back to any of the iconic presidents. Each and every one fought for what they thought was right and accomplished much.

Obama? He's too busy polishing the words on his teleprompter. Congress? They're too busy cashing checks from the lobbyists.
01:51 PM on 10/27/2009
OK, Greenspan woke up and now wants, effectively by his words, to re-instate the Glass-Steagall Act and Paul Volcker is effectively calling for the same thing, then, where IS the Administration coming from?
The big banks and Wall Street are joined at the Greed Master's Hip with many acting in dual roles with only one purpose in mind, to stuff their pockets with our money.
Wake up America...and then wake up this Administration.
Peter Bright
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RoveRoveRoveYourBoat
.....last one out, turn off the lights.
02:51 PM on 10/27/2009
...neoHooverism, brought to you by Prince Rahm.
01:44 PM on 10/27/2009
Sometimes you may not get what you have paid for. Perhaps that is the rude awakening awaiting these "too big to fail" banks if by some fate the fed, the government, and perhaps even the American people become unwilling and/or unable to bail them out. Nothing lasts forever, and perhaps that is the one fatal assumption that Wall Street has about their situation and future.

Do not misconstrue, I am not hoping for them to fail. However, the probability that they will is more in their hands now than it has ever been, and frankly, they have fumbled the ball more than once recently. They ought to be paying more attention to the goose that is laying their golden eggs than simply running it into the ground.
01:40 PM on 10/27/2009
What I'd like to know is, considering that the U.S. is now a heavily indebted nation, how can it bail out any bank without going into more debt and creating a heavier burden on both present and, especially, future taxpayers?
outnow
Ban the bomb
01:32 PM on 10/27/2009
Obama's job is to see that the bankers and insurance companies continue to kick the people to the curb. Change you can believe in is lacking evidence of change you can see evidence of with your own eyes. As with Bush, you must believe, never see proof.

Obama is unable to keep hope alive. He could champion a single payer system, a strong public option. and restoration of the Glass-Steagall protections. He does absolutely none of this. He stated that he wanted to reach across the table to the extreme right wing hoping to get moderates and independents.

As much as Nader helped Bush get elected or appointed, Obama will help the next right winger into office. Progressives have had it with all of his talk and absolutely no action on his broken promises.
02:04 PM on 10/27/2009
Excellent post. You've put words to what I've been feeling about this Administration.
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HUFFPOST SUPER USER
FearlessFreep
A radical leftist with a JS Woodsworth avatar.
02:10 PM on 10/27/2009
Nader is a scapegoat.
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Entitlement
PaddyO, Aspiring Keeper of the
01:27 PM on 10/27/2009
We hold these truths to be self-evident, that all corporations are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are life, liberty and the pursuit of profit. That to secure these rights, governments are instituted among corporations, deriving their just powers from the consent of the governed.
01:50 PM on 10/27/2009
"... of the corporations, by the corporations and FOR the corporations..."
01:23 PM on 10/27/2009
The big banks have always known that the Fed would not let them fail because they own and operate the Fed and the Fed controls and operates the Treasury. They also control Congress and the President. They cannot lose and will not cease their plunder until the population becomes agitated and uncontrollable. They have intentionally done this before, are doing it now, and will do it again as soon as the population regains enough wealth to make it worth the effort. Everyone needs to stop thinking that some elected messiah is going to come to their rescue and take matters into their own hands.
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Entitlement
PaddyO, Aspiring Keeper of the
01:21 PM on 10/27/2009
If I went to a casino to gamble what is the product or the service? I get a chance to win. So, I am willing to pay for that chance. It's a service or a product of sorts. So, what if I found out that the casino had rigged its games? Would I still be obligated to pay for the alleged services or product? No, because rigging a game is a crime.

The banking and financial industry is playing a rigged game with our dollars while they get to win and I get no product or service and no chance to win. Interesting game!
jhNY
Mercy.
01:12 PM on 10/27/2009
The nation has endured, mostly unaware, a coup de finance. Trillions were shoveled toward the overclass-- nobody who knows will say how much exactly or to whom. And reasonable people continue to debate the role of government in the affairs of the financial sector, as if whatever they think has relevance. Well, wake up! The time for that debate has passed, and we are, pace McCain, all corporatists now. The proper role of government in a corporatocracy such as this one is simple enough: footstool to their benfactors and iron heel on the people.

The bankruptcy laws passed under Bush II would have been repealed by a legislature that represented the voters-- and not the banksters-- as soon as this latest economic crisis was unleashed on our economy. The government, had it wished to solve the problems of credit default instruments and toxic-mortgages-as-assets debacle, etc., would have made good on the public's debt and not the insurer's obligations to the oligarchy. Interest rates charged by recipients of federal bailout money would have been set by the government, not the greediness of the banksters. But none of these things were done because: the nation has endured,mostly unaware, a coup de finance.
12:58 PM on 10/27/2009
Charitably we might say Summers, Rubin and Geithner got the Wall Street Casino back on its feet. Now its time to address joblessness, fraud, graft and monopoly and replace them with people like Volcker, Steiglitz and Reich.
02:04 PM on 10/27/2009
It's become increasingly true that problems don't get fixed unless there is an immediate crisis. Obama, Bush and Congress managed to avert the crisis (they didn't *fix* anything, but managed to prevent catastrophe), and in doing so, they've wasted the only opportunity for any real fix to be implemented.

Now, there's no crisis (for any of the players that "matter"), so the "reform" process will putter along slowly, getting watered down and resulting in "finance reform legislation" that won't come close to deserving the name.

Bush/Ashcroft knew that this was the way things worked. The Patriot Act would have been gutted if they didn't force Congress to pass it immediately after 9/11. Obama knows this too, but somehow he still wants to aim for consensus rather than edict, even though he knows full well that consensus necessitates delay and delay results in dilution.
02:27 PM on 10/27/2009
I agree except for giving Bush credit for anything but the crisis itself.

Things could get fixed if the American government was more like the Swiss or Scandinavian governments. That's one reason why America's berserking oligarchy conditions Americans to think they are too exceptional to learn from other successful governments.