Sunday, March 22, 2009

Barack 'Hoover' Obama

Barack 'Hoover' Obama
Bruce Marshall

The American people must quickly understand this one reality: that the economic policies of Barack H. Obama are essentially identical to those of Herbert Hoover's ill-starred Reconstruction Finance Corporation, which bailed out bankrupt banks in a totally futile exercise between 1931 and 1933.. Obama is doing the same thing as Hoover ; bailing out a hopelessly bankrupt zombie banking system, this time with trillions of dollars, while further destroying the productive economy of the United States in this insane giveaway to those who caused the crisis. Unlike Hoover, Obama has put some popular programs up as camouflage for the massive giveaway to the derivatives mafia that is going on in the background under the auspices of Geithner, Summers, Bernanke, and Volcker.

The present problem is that Obama is more dangerous than Hoover . This is because Obama has people fooled into thinking that he will initiate New Deal policies and leadership akin to FDR to deal with the present financial meltdown crisis and depression. Consider that the stimulus package offers a measly $45 billion towards infrastructure projects with very limited $20 billion increase in food stamps and a microscopic $18 billion of welfare benefits needed in this crisis. These crumbs allow Obama to continue to present the image that he is some sort of populist from the left, while Obama provides massive welfare for the 'Zombie banks" on Wall Street to the tune of 10 Trillion, no questions asked.

Here is the breakdown of the giveaway: Federal Reserve $8 trillion, $5.5 trillion, Bush-Paulson TARP- $.7 trillion, Obama-Geithner derivatives bailout $.75 trillion, carbon cap and trade tax scam $.65 trillion - the next bubble. Geithner's undisclosed phase 2 will be at least at least $750 billion, but will soon spiral into the trillions. Thus the beginning of Obama's era of his 'responsibility' to the derivatives speculators first.

To keep the charade going Obama has launched into an attack on the reactionary Rush Limbaugh, Wall Street's right wing enforcer, who is all to eager to continue to mislead people about the true nature of the present crisis. Obama and Rush are working together, in a false polemic that divides people and prevents real solutions from being discussed and implemented. Rush provides Obama with the left label and cover that he needs to implement policies that Rush and the right could never deliver for their same Wall Street masters. Yes, both are creatures of Wall Street, Obama the Keynsian Malthusian, and Rush the Austrian School free market Malthusian. Rush will freak out about increases for food stamps and the paltry help that Obama will give to a fraction of the foreclosed, but not a word about the real problem: the $ 1.8 quadrillion dollar derivatives bubble black hole which Obama is feeding with the U.S taxpayer and economy as collateral. Why is Rush not freaking out about this real tax increase and enslavement? The answer is that he really approves of it.

Derivatives are at the center of this financial meltdown and economic depression. Derivatives are financial instruments that are based upon a fictitious reality that does not correspond with activities that yield tangible wealth and economic progress. Derivatives are essentially exotic betting practices that involve real money, thrown into a huge pool. We are talking quadrillions of dollars, sums of money that can never be repaid, even by the combined GDP of the world. Obama is giving the "Zombie banks" trillions, where nothing will satiate the speculative derivatives black hole, while at the same time it is estimated that trillions are needed to keep people in homes and factories producing. The fact already seen is that the trillions from the Fed, the TARP's have done nothing to stop the economic depression. That money will never be recovered as it is already lost to derivatives speculation.

The only solution is to outlaw all derivatives once again. They were once illegal, until 1982 when options trading in commodities was introduced and later in the 1990's when Fed Chair Alan Greenspan created and fed the fictitious derivatives racket.

Along with outlawing derivatives, the responsible approach to this crisis is to force the derivatives investment houses, the Wall Street banks and hedge funds, into bankruptcy organization, wiping out the bad dept with one stroke of the pen. Instead of doing this as he could and should have, Obama has instead rewarded these criminals with more trillions of taxpayer money, money that should be invested in infrastructure, by the trillions.

The fact of the matter is that Obama has proven that he is no FDR, but a Hoover money vacuum for Wall Street derivatives 'zombie' banks, to which he blows the nation's wad, and thus the chance for a real economic recovery.

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