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  • "Obamanomics"

    Interesting interview with the author of a book called: Obamanomics: How Barack Obama Is Bankrupting You and Enriching His Wall Street Friends, Corporate Lobbyists, and Union Bosses on Reason TV.

    [media]http://www.youtube.com/watch?v=9ZpHncdXURw[/media]
    Last edited by mp40x; 01-24-2010, 12:03 PM.
    |TG-X| mp40x



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  • #2
    Re: "Obamanomics"

    I wanted to resurrect this post by changing the topic a bit, though it's still related to the economy. Elizabeth Warren appearted Tuesday on the Daily Show with Jon Stewart, many might know her as the person "who chairs the Congressional Oversight Panel created to monitor TARP", she is also the "Leo Gottlieb Professor of Law at Harvard Law School".
    Elizabeth Warren On The Daily Show: If We Don't Act 'The Game Really Is Over' (VIDEO)

    On Tuesday night's Daily Show, bailout watchdog and financial reform advocate Elizabeth Warren told Jon Stewart that "this is really the moment" that will determine the future of America's middle class -- the system must be fixed or "the game really is over."

    Warren, who chairs the Congressional Oversight Panel created to monitor TARP, said: "It is simple. This is America's middle class. We've hacked at it and chipped at it and pulled on it for 30 years now. And now there's no more to do. Either we fix this problem going forward or the game really is over."

    In recent months, Warren has repeatedly warned that America's middle class is on the verge of collapse. In an essay for the Huffington Post last December, she raised the possibility: "America without a strong middle class? Unthinkable, but the once-solid foundation is shaking." A few days later, she told MSNBC's Mika Brzezinski "We are at serious risk in America of having 'middle class' no longer synonymous with the old notions of security and solid, but instead meaning living one paycheck to the next, living one bad diagnosis or pink slip away from financial collapse."

    Warren has been the TARP oversight chair since November 2008, and Stewart asked her why the system hasn't been fixed yet.

    "Well, these guys really do get it." Warren told Stewart -- the CEOs, bankers, and people in power -- "They get it. And they work best behind closed doors." If the decisions are in their hands, she said, "Nothing, nothing will change. You know, I want to turn to these guys sometimes, and I want to say: what part of 'we bailed you out' do you not get? These are people who would not have their jobs because they would not have their companies."

    "The chips are all on the table," Warren added. "We are going to write what the American economy looks like for 50 years going forward. And right now the CEOs have any real change bottled up in the Senate."
    Now, you must click the link to the article above to watch the video segment from the show to get the real essence of what she's saying. She states that most of our problems involving government bank bailouts and economic woes are due to the fact that Wall Street had infiltrated the government many years ago and deregulated the banking industry for the sole pupose of furthering their own profits. This practice started in 1980 when president Reagan nominated former Merrill Lynch chairman and CEO Donald Regan, this has continued with all the presidential administrations since Reagan. This does not even count all the lower regulatory positions inside the government that are riddled with industry insiders and former Wall Street lackeys. My question is, does her argument have merit, should we really have the wolves watching the henhouse so to speak? This question applies to the current Obama administration, who nominated Timothy Geithner who was the president of the Federal Reserve Bank of New York. The Bush administration had former CEO of Goldman Sachs Henry Paulson, and the Clinton administration had Robert Rubin, among others, who also worked for Goldman Sachs.
    |TG-X| mp40x



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    • #3
      Re: "Obamanomics"

      So, if we reign in wall street, all of the budget deficits and trade deficits and government corruption and foreign wars will go away?

      Wow! Let's do it!

      3) Support game play in a near-simulation environment. Where the focus of play would not be solely on doing what it takes to win, but doing so utilizing real-world combat strategy and tactics rather than leveraging exploits provided to players by the design of the game engine.

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      • #4
        Re: "Obamanomics"

        You gotta start somewhere, and wall Street would be a good place to start.

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        • #5
          Re: "Obamanomics"

          Originally posted by Tempus View Post
          So, if we reign in wall street, all of the budget deficits and trade deficits and government corruption and foreign wars will go away?

          Wow! Let's do it!
          No, not really, and the problems you stated don't really have anything to do with what she was saying. But, I agree with the premise of her argument that the bankers have taken over the Federal banking regulatory positions in government and abused it. She also wants a new "consumer financial protection agency", this I don't agree with as I would rather reform the currrent system than forming another agency.
          "We have all worked hard to make the CFPA into a reality, and the next few weeks will determine whether our hard work will make a difference for families or whether families will lose once again," the Harvard Law professor and advocate for the middle class wrote. "The next few weeks will determine whether families will have to play by rules written by the banks and for the banks -- rules that let the industry get away with anything. In my view, we cannot let families lose again."

          The new agency would be equipped with the power to write rules governing basic consumer credit products like home mortgages and credit cards, and would have the authority to regulate big banks and monitor their compliance.

          Federal bank regulators, who focus on the safety and soundness of the country's banking system, are mostly concerned with bank profitability, consumer advocates and law professors say. Consumer protection has not been a priority.

          But there's been a growing recognition that the lack of adequate protection for consumers helped cause the financial meltdown of 2008.

          Blocking the CFPA has been atop the banking industry's legislative agenda since last summer. The industry has spent millions lobbying and campaigning against such an agency, which they argue would lead to increased costs and less credit for consumers.

          The power of the bank lobby on Capitol Hill cannot be understated. As Sen. Dick Durbin (D-Ill.) put it in April, as a bankruptcy bill he championed went down in flames, "they frankly own the place." Full Article
          She also wrote this in an open letter:
          The story of the financial crisis has a thousand twists and turns, but the basic narrative is easy to follow. The financial industry wrote rules that allowed it to act recklessly. The industry captured agencies that were supposed to regulate it, taking cops off the beat and funneling enormous resources into the political process to make sure there wouldn't be any new cops.

          Then, with no laws to hold them back, the banks made hundreds of billions of dollars on the sales of deceptive products.

          That went on for years, and the industry's tricks-and-traps pricing got more and more out of control. Eventually, the sale and re-sale of deceptive mortgages and other dangerous products made trillions of dollars for Wall Street while bringing down the American economy. When the industry's recklessness brought the biggest banks to the brink of collapse, Wall Street turned to the taxpayers for bailouts and guarantees, which put it right back into big profits and big bonuses. The industry got whatever it wanted. Source.
          I think that it's a HUGE conflict of interest to have a former CEO from Wall Street as the Treasury Secretary or in some similar financial regulatory position in government. But, through the past 30 years we have seen a revolving door between big business and Washington. It just corrupts the whole idea of having government departments that are supposed to be regulating the banks and looking out for the consumers.
          |TG-X| mp40x



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          • #6
            Re: "Obamanomics"

            I like Warren, she's very intelligent and seems to know how and when to speak up. She's (rightly) railed against big banks and credit cards (in many cases it's the same thing) for years. It's hard to deny claims that Obama is still looking out for his "wall street friends," but I'm still holding out just a little faith that he'll do the right thing and expressly prohibit banks from engaging in risky investment practices. I certainly fear that he'll fail at this just like he's failing at health reform, and taking a look around congress (the GOP 'response' last night - talk about not getting it) doesn't really make me swell up with pride.

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