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Old 08-02-2009, 04:19 AM
 
12,869 posts, read 14,067,261 times
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snopes.com: Obama's Troubling Internet Fund-Raising

a recent article from snopes on obama's troubling internet donations


http://www.nytimes.com/2009/06/19/us...s/19obama.html

a june article from the NYT on obama's troubling lobbying connections

why these bonuses are important in context:
Wall Street and the banks didn't make ANY MONEY IN THE LAST 10 YEARS, for all that they booked record profits. The combined losses of the financial firms is larger than their entire reported profits. What they did was sell synthetic securities based on dubious assumptions about the future -- that the housing bubble would continue forever, there would never be another recession, and defaults wouldn't cluster; and book the entire calculated future profits of these securities as profit in the year they were created. Of course, those future profits were fictional, but the bonuses based on them were in real money. (huffington post)
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Old 08-02-2009, 06:04 AM
 
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,249 posts, read 23,119,479 times
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Quote:
Originally Posted by floridasandy View Post
My Budget 360

U.S. Treasury and Federal Reserve are suddenly neo-Keynesians but only when it comes to saving themselves, which is convenient. If you think of the stimulus plan for example, it was passed in February and had a price tag of $789 billion. This may seem gigantic but compared to the $13.5 trillion banking and Wall Street bail out it is relatively small.

The road to financial serfdom is paved with bad intentions here. The U.S. Treasury and Federal Reserve are operating under the premise of “what is good for Wall Street is good for America.” It is not. When are we going to investigate Wall Street with a strong arm? And don’t you think it would make sense to investigate why things failed before committing $13.5 TRILLION to the cause? Interesting how they already know how much money they need right? That is why you shouldn’t be surprised when you get reamed with another trillion for commercial real estate, more trillions in bad toxic mortgage debt, and the government running to bail out Wall Street for bad bets.
You cannot be dogmatic in these cases but it is incredible what is happening. Looks like the financial overlords on Wall Street want to make Americans into their financial serfs.
They would argue- maybe legit- that if you have a hole and the boat is sinking, you fix the hole first and then investigate why it happened later.
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Old 08-02-2009, 07:36 AM
 
12,869 posts, read 14,067,261 times
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the point is that it was a lie! the economic troubles facing this country were never because the banks would not lend. the banks tightened the lending after the disaster hit, not before. the lending is tightening now, not before. those big banks failed because of bad banking decisions, greed, and derivative speculation.

our economy is failing because of job losses due to outsourcing, illegal immigration which drives down wages and reduces job opportunities, and the global agenda of all administrations, which is why WE IMPORT MORE THAN WE EXPORT.

we never had to bail out wall street. if you remember, the first bank bailout failed and the stock market dropped, but did not implode. as a matter of fact, it dropped after the bailout as well. the 2nd bailout attempt did pass, but this was done to rescue bad banking decisions, not to save the american economy. we still have the same problems that we had before as a country, although wall street is better funded and is doing quite well. this does not translate into an improvement for main street america.

the facts are that wall street made no money in the last 10 years and the federal reserve does not want to be audited for a reason! there is corruption and since when should corruption be protected?
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Old 08-02-2009, 12:24 PM
 
12,869 posts, read 14,067,261 times
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another fact to digest:

offshoring has boosted corporate earnings by lowering labor costs, thereby concentrating income growth in the hands of the owners and managers of capital. According to Forbes magazine, the top 20 earners among private equity and hedge fund managers are earning average yearly compensation of $657,500,000, with four actually earning more than $1 billion annually.
The otherwise excessive $36,400,000 average annual pay of the 20 top earners among CEOs of publicly-held companies looks paltry by comparison. The careers and financial prospects of many Americans were destroyed to achieve these lofty earnings for the few.

make no mistake that obama is a globalist as well. would a president who put americans first push for cap and trade? would a president who put americans first run up the deficit 4 times more than george bush did, when he knew the economy was in trouble. would a president who cared about america first want to sponsor cap and trade, raising energy costs for americans who are already financially struggling, while even more manufacturing jobs disappear to china? would a president who cared about america fight wars on 2 fronts when he knew the US economy was in trouble, and get special taxpayer funding to do so? would a president who cared about america want to wipe out world debt to america? would a president who cared about america want to assimilate illegal immigrants at a time that unemployment is skyrocketing? would a president who cared about america first want to quadruple the debt that americans are already saddled with, and expose them to ever higher interest and future hyperinflation? would a president who cared about america first bow to foreign companies on the auto rebate and allow foreign car companies to receive american taxpayer dollars? wouldn't a president who cared about america first want the corrupt federal reserve exposed for what they are doing on the backs of american taxpayers? people need to really think about what is going on in this country.


"America is at that awkward stage. It's too late to work within the system, but too early to shoot the bastards." -- Claire Wolfe, 101 Things To Do Until the Revolution

Last edited by floridasandy; 08-02-2009 at 01:25 PM..
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Old 08-03-2009, 06:52 AM
 
12,869 posts, read 14,067,261 times
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for once, krugman may be more right than wrong:
http://www.nytimes.com/2009/08/03/op...gman.html?_r=1 in part:

It’s hard to imagine a better illustration than high-frequency trading. The stock market is supposed to allocate capital to its most productive uses, for example by helping companies with good ideas raise money. But it’s hard to see how traders who place their orders one-thirtieth of a second faster than anyone else do anything to improve that social function.

What about Mr. Hall? The Times report suggests that he makes money mainly by outsmarting other investors, rather than by directing resources to where they’re needed. Again, it’s hard to see the social value of what he does.

And there’s a good case that such activities are actually harmful. For example, high-frequency trading probably degrades the stock market’s function, because it’s a kind of tax on investors who lack access to those superfast computers — which means that the money Goldman spends on those computers has a negative effect on national wealth. As the great Stanford economist Kenneth Arrow put it in 1973, SPECULATION BASED ON PRIVATE INFORMATION IMPOSES A DOUBLE SOCIAL LOSS: IT USES UP RESOURCES AND UNDERMINES MARKETS.

Now, you might be tempted to dismiss destructive speculation as a minor issue — and 30 years ago you would have been right. Since then, however, high finance — securities and commodity trading, as opposed to run-of-the-mill banking — has become a vastly more important part of our economy, increasing its share of G.D.P. by a factor of six. And soaring incomes in the financial industry have played a large role in sharply rising income inequality.

What should be done? Last week the House passed a bill setting rules for pay packages at a wide range of financial institutions. That would be a step in the right direction. But it really should be accompanied by much broader regulation of financial practices — and, I would argue, by higher tax rates on supersized incomes.

Unfortunately, the House measure is opposed by the Obama administration, which still seems to operate on the principle that what’s good for Wall Street is good for America.

Neither the administration, nor our political system in general, is ready to face up to the fact that we’ve become a society in which the big bucks go to bad actors, a society that lavishly rewards those who make us poorer.
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Old 11-23-2009, 02:12 PM
 
Location: Tampa
3,982 posts, read 9,930,518 times
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Brighter signs in economy haven't boosted confidence or hiring - CNN.com

related article.
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