"Let Them Have Stained Carpets" - Obama's Marie Antoinette Moment
Obama met with banking industry 'titans,' as the Washington Post calls them.
Instead of handcuffing them and bringing them up on charges of fraud and racketeering, however, Obama asked the bankers politely to try to restrain themselves from spending their ill-gotten gains so conspicuously (isn't that what the ring leader always tells the others after a heist in the movies)?
The president held himself up as an example, saying that he had not yet renovated the Oval Office and was still using George W. Bush's furniture, even noting the stains on the carpet. He urged the banks to show comparable "constraint and responsibility," adding that the nation had undergone a cultural shift.
So let me get this straight. Banking elite, and other government insiders, defrauded savings accounts, pension funds, charitable funds and municipal funds here and around the globe by trading in worthless financial instruments; they manipulated markets and destroyed legitimate businesses along the way; and THEN, when that wasn't enough, they plundered the public purse in the chaos and panic surrounding the crash that they themselves caused.
And the President asks them to kindly refrain from buying new carpet?
These people are not titans. These people are racketeers. And should be treated accordingly. Or at the very least, not be invited to sit in on privileged government meetings determining bailout policy that they then profit from!
Webster's definition of 'titan': "one that stands out for greatness of achievement"
Webster's definition of 'racketeer': "one who obtains money by an illegal enterprise usually involving intimidation"
Remember when Goldman Sachs Hank Paulson threatened the taxpayer with a market meltdown if we didn't give bankers $700 billion. And $180 billion to AIG. And $5 trillion to Fannie Mae and Freddie Mac. And, what is it? $3 trillion now on the Fed balance sheet? And every step along the way, we were told if they didn't take this money from us, everything would crash.
Of course, this state of racketeering continues because the same racketeers have taken control of our government as reported in The Atlantic:
The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government--a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises.
And in his experience in emerging economy crises the former IMF economist, Simon Johnson, found that most crises were brought about by the same sort of corrupt insider risk taking and moral hazard that happened in the US under the 'Greenspan put'. The crash, however, would turn into a full scale sovereign meltdown because the politicians refused to "squeeze" the oligarchs.
. .. at the outset of the crisis, the oligarchs are usually among the first to get extra help from the government, such as preferential access to foreign currency, or maybe a nice tax break, or--here's a classic Kremlin bailout technique--the assumption of private debt obligations by the government. Under duress, generosity toward old friends takes many innovative forms. Meanwhile, needing to squeeze someone, most emerging-market governments look first to ordinary working folk--at least until the riots grow too large.
Sound familiar?
President Obama. Step away from the Goldman Sachs banker and smell the Revolution brewing! People are angry. "Squeeze" the oligarchs.
My suggestion: RICO
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Fantastic article .... LOL funny .....
And even funnier, this is nothing new ..... the following quote is from "The Life of Napoleon" ...
"A change of a fundamental kind had taken place in the economic structure of Europe whereby the old basis had ceased to be wealth and had become debt. In the old Europe wealth had been measured in lands, crops, herds and minerals; but a new standard had now been introduced,namely, a form of money to which the title 'credit' had been given."
The debts of the French Kingdom though substantial were by no means insurmountable, except in terms of gold: and had the King's advisers decided to issue money on the security of the lands and real wealth of France, the position could have been fairly easily righted. As it was the situation was firmly gripped by one financier after another, who either could not or would not break with the system imposed by the international usurers.
Under such weakness, or villainy, the bonds of usury could only grow heavier and more terrible, for debts were in terms of gold or silver, neither of which France produced.
And who were the potentates of the new debt machine; these manipulators of gold and silver, who had succeeded in turning upside down the finances of Europe, and replacing real wealth by millions upon millions of usurious loans?"
wait, are you really getting a show on HBO??? or was that an April fool's joke? I hope so anyway.
my understanding is that there would be no cause under RICO as it is technically stated, to go after financial fraud master #1 Mr. Cassano of AIG, but the Brits certainly should. over here, unless we can somehow prove everything we 'know' but can't yet prove, has happened, we can't just haul people to jail. there needs to be an investigation, and I'd like to see Elliot Spitzer heading it up. they should definitely go after these guys, but they need to sort through all the muck first. Obama is just being detached in the meantime. its a bit infuriating, but hopefully he will get over this nicey nice new agey forgive & forget crap and start kicking some ass.
Ah people just had to vote for the CFR banker owned Candidates. Could have voted Paul, Kucinich, Gravel, Nader, Mckinney..
See Max speak the truth on French TV
on youtube "Max Keiser on Bankers' Bonuses - 27 March 2009"
parts 1 & 2
http://www
http://www
That was awesome, more Huffington posters should watch this.
Thank you Mr. Keiser.
The people at the HP should be proud to read an article like this. I did! I get my news from here, knowing that it liberal biased, just like I am. But I am loyal to the idea, the principles and the goal, not to the man, and if POTUS is wrong, so be it. I wont be the one telling him how good he looks on his new robe, if he is naked.
Regards from Mexico
Bravo! Excellent article! You are a brave human being, and a credit to the human race, for speaking up like this. I hope the citizens prevail and all the criminals in our government are brought to justice. Well said!
President Obama is consummately rational; he is highly-skilled at seeing the big picture and communicating the right things to the right people at the right time, in order to facilitate the end objective.
To understand the depth of these traits, just look at the details of the 2008 election, or read his books. I see him doing exactly the same, here, regarding finance-sector CEOs. President Obama actually outlined his priorities in his recent speech to Congress and the American people: he's not concerned with banks; he's concerned with people (his term; referring to consumers, homeowners, former homeowners; the innocent, in this situation). Arresting and/or firing everyone who deserves it, at this time, would be staggeringly counter-productive on every level, in terms of protecting, helping and uplifting the financial health of those who need help the most, and who are utterly innocent of any culpability in the crimes that put us all in this situation. It would also be staggeringly counter-productive to do so, per the health of local, regional, national and international economies. In general, I feel the same way you do; I’m sure most of us do; including the President. He's just a bit more even-keel, far-sighted and strategic than most of us are, or are willing to be. That's why we elected him.
Nice reminder, Mokshaman, thanks. I certainly hope you are right. It's just that the American people have been totally scammed for so long by their government (including the Presidency, Congress, Justice Department, etc., we are VERY skeptical at this point. As in Missouri's motto, "Show Me!"
I agree--there's good reason for skepticism. I see a lot of folks desperately rushing around trying to preserve the status quo. As was said in the campaign; the Fundamentals are Not Sound. So, how are we changing those fundamentals?
And, uh, Prosecution is not counter-productive. There's no limit to the risks unscrupulous folks will take in a consequence-free environment.
If you can go to prison for possession of few ounces a controlled substance, I think it probably makes sense that you could go to jail for trashing countless retirement accounts and dropping the entire US economy in the can.
The president held himself up as an example, saying that he had not yet renovated the Oval Office and was still using George W. Bush's furniture, even noting the stains on the carpet. He urged the banks to show comparable "constraint and responsibility," adding that the nation had undergone a cultural shift.
############
Misinterpretation Max. What the president was refering to was all those renovation cost going on.with curtains and waste bins costing millions.
Everyone knows where the president stand on Bonuses ,he wrote about it,before he considered running. He spoke about it while he was running,he has spoken about it since this crisis.
So please,dont misinterprete the guy. I could understand people misinterpreting W Bush,he is not articulate and invented english words,so one could make an excuse for not have understood what he meant. But Obama is as articulate as it gets. Just listen when he speaks
Your writing appear to be catch 22 for the president. If the bank executives are sharply reprimanded, it becomes government interference in private enterprise. While appealing to their consciences, you label him a partner in their loot. You appear to be very sanctimonious in your write up. Did you have the courage to write like this last year? Executive looting did not start from 20th. January 2009.
'Stains on the carpet'... Because strawberry Yoo Hoo and corn dog mustard doesn't wash out of Italian berber very easily.
EXCELLENT analysis. Would love to see more from this author.
You are absolutely correct. These guys hold the economy in their grasp. That's why the President cannot move precipitously. Over the past 30 years, these folks gained so much power over our economy that they can virtually dictate the terms of their companies' bailout. The President and his team are facing men who are armed with the ability to hurt us. They must be shown that they could lose all that gold they've stashed away in vaults abroad if they don't start to cooperate. And who can take their place? Who knows where all the rest of the economic bombs are hidden and how to detonate them? Is there anyone who wasn't involved in ripping off the country that has the knowledge to start clearing up the economic minefields without accidentally damaging the economy even more? I don't think I'd trust a hothead like Krugman to do it.
Max,
The most recent OCC report showed that Goldman Sachs’ total credit exposure at year-end was 1,056 percent!
Yes, yes, yes, YES, the Goldman boy needs to go.
OCC reports are linked to in the following piece on commercial bank losses related to interest rate derivatives:
http://www
Clearly and acturately stated. This is not a democracy. Democrat-respecting citizens recognize criminal defrauding, manipulating and plundering. Oligarchies are the result of massive bribery and kickbacks, such that the legislature and executive become enfeebled by their own greed and corruption.
Criminals and criminal actions are ignored or rewarded. Finally, they become accepted and acceptable. The entire system becomes paralyzed and checkmated. And the organization collapses and is replaced by leaders that provide perceived fairness and relief out of the barrel of a gun. Commonly, the oligarchs are stripped of their wealth and reforms are emplaced to reinvigorate commerce and industry. Order, security and economic justice are achieved for a time at the expense of liberty and self government.
Simply stated the purpose of the fraudulent scheme was to enrich the RACKETEERing defendants by 1 attempting to realize extraordinary profits by gambling the assets and 1 diverting funds thru exorbitant salaries, bonuses, benefits and the like.....
It's not Shakespeare folks, it from the Complaint against Charles Keating et all....
And we all know who was involved in the Keating 5 scandal, don't we?
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