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Hello my dearest Conflucians! We’ve been doing a lot of money talk here at the blog. Even though I don’t know jack about finance or economics like my more illustrious brethren here, I thought I’d add my two cents (about what we all have in our wallets and purses now) regarding the crisis.
So, anybody feel that Obama brand of Hope pouring through your soul?
Yeah, me neither.
Instead, I feel fear and cynicism all rolled up in a ball of “f__k you” and it’s the same kind I felt during the Bush 2.0 years.
Remember 7 years ago when Bush took office and brought us the Iraq war based on false information? Yeah, and 7 years later we are still fighting that war. BASED ON FALSE INFORMATION. From my view at the bottom of the totem pole, I can’t shake the feeling that our financial meltdown is engineered the same exact way the Iraq War was. And since it’s Tinfoil Tuesday (h/t to Stateofdisbelief), I’m betting that all this financial meltdown is an illusion made to appear like a crisis/catastrophe. Here’s a quote from Conflucian Resident Economist DakiniKat that really stuck out at me:
The market seems to have stabilized for awhile as Ben Bernanke has been giving speeches and making appearances every where he can. For those of you that really want to take on empirical studies in Economics (econometrics and all), this is a part of a strategy he outlined in Monetary Policy.
From my simplistic, peasant, lay-woman’s point of view, Wall Street is just some glorified Las Vegas gambling casino without the neon lights and flashy shows, although it very well could be. It’s all speculation, opinion-based gambling. For example, if there’s a rumor that corn farmers are scared that next years crops aren’t going to be as plentiful as last year, suddenly you see corn stock (pun intended) plummet and by the end of the day thousands of workers are laid off. All based on speculation. There’s no gradual or incremental adjustment to curtail the possible loss of corn, no riding out the storm, none of those things. Actions are taken swiftly and severely in a matter of hours. You punch in at 8 am, rumor gets released at 9:30am, stockbrokers go bezerk on the trading floor by 10:00am and you walk out with a pink slip by 5:00pm. Who suffers? You and me. Who started the rumor? No one will ever know (because no one is held accountable anymore), maybe a sugar ethanol lobbyist firm, who knows? Then the fear/hope peddling cycle goes wash, rinse, repeat.
Yet in the same way Wall Street reacts to bad news via the government, all it takes are positive words and Wall Street shall be healed. Here’s what Big Dawg said:
It used to be gospel in the nation’s power center: Presidents didn’t talk publicly about what the markets were doing. The notion was that anything a president said on this subject could be too easily misinterpreted, sending Wall Street into a dive.
Now, former President Clinton says he thinks President Barack Obama should talk more optimistically about the prospects that the nation will recover from its current deep economic woes.
Remember Obama’s quote regarding pressuring Congress to pass the stimulus package because “a failure to act “could turn a crisis into a catastrophe.” President Obama learned that fearmongering got Bush 2.0 what he wanted, so he’s continuing the fear-peddling push. Scare the masses into submission! Worked for Stalin & Bush 2.0. F__k Hope.
Color me a rainbow of stupid, but I ask myself the following questions:
- If Wall Street is the gear that keeps America afloat since so many of our conglomerates which own everything trade publically, why do they depend on the government for morale-boosting if they are that powerful?
- Why is it that Wall Street trading goes up when positive words are spewed by the President and the Cabinet, or it goes waaaay down when negative words are said, like “stimulus package?”
- Who the f__k is really in control? Is it truly Wall Street? Who controls who?
- And why is it that the only people that are benefiting from everything are banking conglomerates? And like MYIQ said below, where’s the money?
- Bush 2.0’s agenda was clear as a bell. Bush 2.0 started a war to get the oil speculators going batsh_t crazy and hike the price of gas and oil, which made Exxon-Mobil and other oil companies VERY happy while many families around the world choose between fuel or food. But what is Obama’s agenda? Instead of oil, Obama is favoring the super elite global bankers. What is it that global bankers want?
- And what happens to us, the people who sweat and bleed to make this country the great place it should and could be?
Well, looks like Obama and the O Cabinet are heeding Big Dawg’s words, because some of the pesky peons that Hillary and Bill understand so well (i.e. the people footing the bill a.k.a you and me) aren’t as drunk on the Hopium as Obama (and the media) would like. Daily Telegraph from the UK has this to say:
Barack Obama goes upbeat on economy after popularity declines
President Barack Obama has launched an upbeat strategy over the economy in the face of approval ratings that have dipped below those of George W Bush at the same stage of his presidency.
As well as sounding more optimistic, the president will push more aggressively against Republican critics – painting them as belonging to a “party of no” – and sharply remind the public that the problems he has to cope with were very largely inherited from Mr Bush.
Mr Obama is changing his rhetorical course after criticism from fellow Democrats, including former President Bill Clinton, that he has sounded too negative in the first weeks of his presidency.
This week he will speak forcefully to Congress and the public about the need to pass his $3.6 trillion budget, which will double the national deficit, while stressing his belief that there is hope ahead.
The new president has already told an audience of business leaders that the economic crisis “is not as bad we think”. Over the weekend, Mr Obama assured investors of the soundness of investments in the US economy, after Chinese premier Wen Jiabao expressed his alarm about the safety of the “massive” number of US Treasury bonds Beijing was buying.
“There’s a reason why even in the midst of this economic crisis you’ve seen actual increases in investment flows here into the United States,” Mr Obama said. “I think it’s a recognition that the stability not only of our economic system, but also our political system, is extraordinary.
“I think that not just the Chinese government, but every investor, can have absolute confidence in the soundness of investments in the United States,” he added.
And of course, let’s make China super confident that their investment in the US of A is safe and sound. Ni Hao, Wen Jiabao! A-OK in the USA! Mi casa es su casa, right Wen?
But wait, here comes Larry to add his input as well:
Lawrence Summers, chairman of the national economic council, exemplified the administration’s new approach with a populist swipe at AIG for paying in excess of $100 million in bonuses to staff, despite receiving $170 billion of taxpayers money.
“There are a lot of terrible things that have happened in the last 18 months, but what’s happened at AIG is the most outrageous,” he said on ABC on Sunday.
Mr Summers has also said Americans are showing “too much fear” about the economy.
Ok, let me stop right there. Larry Summers??? Populist??? Outraged over AIG getting bonus money from the bailout??? BWAHHAHAHA!!!! Slap on the wrist for AIG! Bad little bankers! Americans showing too much fear? So it’s now OUR FAULT we’re feeling fear? BTW, China, it’s not our corrupt government giving banking conglomerates unlimited amounts of money that’s at fault, it’s our citizens freaking out over nothing! Nothing to see here.
Earth to Larry Summers: When you are at your job and 1/2 of the workers on your floor are suddenly asked to leave at the bat of an eye, wouldn’t you be afraid? When you’ve scrimped and saved for retirement only to watch that 401K lose 10-15 years worth of investment, with businesses suddenly shutting down, industries coming to a screeching halt, wouldn’t you be afraid? It’s like RD said this morning: it’s financial terrorism. And with oligarchal and misogynist assholes like Larry Summers (among the many in Obama’s cabinet), running this whole speculation game from his cushy office, betting on fear/hope and gambling away the future of America like a craps game in the Bellagio, I’m very frightened. And there is nothing Larry or his puppet prince president can do or say anything to change that except saying the words “I RESIGN FROM OFFICE, EFFECTIVE IMMEDIATELY.”
Despite the control the financial sector has on the White House, Wall Street also controls the financial sanctity of our nation. If all they need are inspiring words to invest and trade confidently for our nation to prosper, I hope that they can see these:
I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
Thomas Jefferson, (Attributed)
3rd president of US (1743 – 1826)
Let Thomas Jefferson repeat that last part again:
The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
And with the 2 or 3 bailouts (I’ve lost count) – WE, THE PEOPLE, are the owners of these institutions. We always had the power, it’s just that the perception buttons of hope/fear is what controls Wall Street and in turn, Wall Street controls our livelihoods and/or survival.
And I’m f__cking tired of it.
I was going to post Rage Against the Machine’s – “Killing in the Name,” but for some reason the video’s not showing in the preview, so here it is.
The financial machine is killing the name of life, liberty and the pursuit of happiness. I don’t know what to do next, except the only thing people do when they’ve had enough. Protest.
PS: To the Irish Conflucians, Happy St. Pat’s Day!
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Filed under: Barack Obama, corruption, culture, financial bailout, Financial Meltdown of 2008, General, R(D)ecession of 2008, Recession/Depression 2008, Stimulus bill, The Obama Depression | Tagged: AIG, bailout, Barack Obama, Bill Clinton, financial meltdown, Larry Summers, Rage Against the Machine, Thomas Jefferson, Wall Street | 90 Comments »