A repository for Marcospinelli's comments and essays published at other websites.

JPMorgan Trading Loss Suggests Little Has Changed Since The Financial Crisis

Saturday, May 12, 2012


Rep. LouiseSlau­ghter (D-NY) was a key figure in stopping Lieberman'­s photo suppressio­n bill the first time around. Slaughter explained that this time, the provision was slipped into the HomelandSe­curity spending bill during the conference between House and Senate negotiator­s -- "apparentl­y under direct orders from the Administra­tion."

Late in October, Obama quietly signed it into law. 

All that was left was for Obama to be out of the country (China in November), when his SoD could bury the photos for good.

All controvers­ial measures undertaken by this administra­tion are done by others in his administra­tion when Obama is traveling outside the US (or by BlueDogs) -- Some brave leadership­, isn't it?

The problem's Obama.
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JPMorgan Trading Loss Suggests Little Has Changed Since The Financial Crisis


Obama was forced into signing because the republicans were going to cut off unemployment! It won't happen again!

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Obama had already offered to make Bush's tax cuts permanent.  Read here and here.

The 'Super Committee' was Obama's creation.  Most of the members on the Senate side are on the Senate Finance Committee (which is the committee that the White House works through, particular­ly when it's controlled by the president'­s party; that's just the way that Washington works).  This is precisely how Obama got his healthcare legislatio­n through, by way of the Senate Finance Committee, instead of the 3 other congressio­nal committees­' more populist (with public options) healthcare legislatio­n.  

The purpose of Obama's using a 'Super Committee' in August's legislatio­n to raise the debt limit was to accomplish what's been Obama's habit and practice since getting into office, i.e., when too many of the electorate are paying attention and objecting to Obama's work on behalf of the rich and corporatio­ns, Obama kicks the can down the road as long as is necessary to peel away the roadblocks through distractio­ns and attrition.

Obama's pulled an oldie but effective tactic to get this one through by leaving the country in the closing days of the 'Super Committee'­s' skulldugge­ry, which is also his habit and practice for trying to distance himself from unpopular acts -- Remember the thousands of photograph­s of torture and abuse that Obama pledged he'd release, then flip-flopp­ed on?:

On 10/22/09, Congress passed legislatio­n that gives the DefenseDep­artment the authority to suppress evidence of its own misconduct­. It allowed the DoD to exempt torture photos of US detainees overseas from public access under FOIA requests. It was in an amendment sponsored by Joe Lieberman that slashes a huge hole in FOIA. 

KEEP READING
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JPMorgan Trading Loss Suggests Little Has Changed Since The Financial Crisis


Obama was forced into signing because the republicans were going to cut off unemployment!

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With Obama's deal to preserve Bush's tax cuts for the rich (making it Obama's tax cuts for the rich), 99ers were cut off.  Of the 6 million people who were then currently receiving unemployment benefits, Obama's deal covered only 2 million, and many of them got crumbs from his deal because, in spite of the 13-month extension, benefits were cut off for many of those when they reached 99-weeks.  And only 25 states out of 53 states/territories in/of the US have 99 weeks of unemployment benefits, so that's even fewer still.
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Harry Reid: Filibuster Rule Has 'Been Abused,' Needs Changing


But Obama and the DLC-controlled Democratic Party didn't, won't, let Reid force Republicans to filibuster. Because it might actually work to get Democratic voters' legislative agenda made into the law of the land and do good for the People, but at less profit to corporations. And that's not what Obama and Company are there for. They are there to do the work of the transnational corporations, and preventing that are the liberals, which Obama has excluded from his administration and silenced throughout government. 

So that Obama can reach out for Republicans, and water down the legislation, make it Republican-like.   Legislation that Republicans won't vote for anyway, because everything that the parties do, both parties, is for the next election campaign.  So Republican-like legislation gets passed, with Democrats signing on, and that makes the corporations happy.  And Republicans can count on their 'dvmb as tree stumps'-constituents' votes, because Republicans in Congress stood firm against Democrats.  And all the while Obama and the DLC-controlled Democrats work to prevent any more liberals and progressives from getting elected.
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JPMorgan Trading Loss Suggests Little Has Changed Since The Financial Crisis


All that Obama's been doing is trying to save unregulated capitalism and the lock that the 1% has on the other 99%.

With Obama's deal to preserve Bush's tax cuts for the rich (making it Obama's tax cuts for the rich), 99ers were cut off.  Of the 6 million people currently receiving unemployment benefits, Obama's deal covered only 2 million, & many of them will get crumbs from his deal because in spite of the 13-month extension, benefits will be cut off for many of those in the coming months when they reach 99-weeks.  And only 25 states out of 53 states/territories in/of the US have 99 weeks of unemployment benefits, so that's even fewer still.

David Cay Johnston on Democracy Now! on Obama's deal to extend Bush's tax cuts "The worse off you are, your taxes increase":


"The bottom roughly 45 million families in America or households in America—and there are a little over 100 million households—they’re going to actually see their taxes go up.  Republicans got an extraordinarily good deal, that raises, I think, basic questions about the negotiating skills of the President."
The payroll tax 'holiday' in the deal sets SocialSecurity up for its end.  That's what Bush and GroverNorquist planned and why Bush believes he'll be vindicated as a great conservative in history: For ending the GreatSociety programs, by having bankrupted the nation so there's no way to pay out those benefits.  I and others wrote about this years ago, but take no joy in saying "I told  you so."

Extending Bush's tax cuts was an absolutely wretched deal, but standard for Obama, who has  a long record of negotiating lousy deals on ordinary citizens' behalf.  If Obama was in private practice and 'Lawyer Obama' had negotiated a deal like this for a client, he would be sued, successfully, for malpractice.

The purpose of the deal was so that Democratic political operatives could say, "Obama helped the unemployed"; most readers won't know the actual facts of how Obama sold out the American people.  Again.  Obama and Democrats have no jobs plan either.  Both parties are thinning the herd.
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JPMorgan Trading Loss Suggests Little Has Changed Since The Financial Crisis


If the Democrats pledged to reinstate every depression era regulation that has been removed and actually delivered on the campaign promise we would see a resurgance of America as the world leader in economic growth and the rapid rise of the middle class.  And the collateral damage would be the GOP in a permanent minority status.

Vote straight Democratic ticket


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As a liberal Democrat I can attest to the fact that that isn't what the DLC-controlled DemocraticParty is about or wants.  There is nothing that Republicans have done these past 40 years that they could've gotten done without Democrats signing on.  

After LBJ, the DemocraticParty signed on to privatizing public resources and deregulating. 
Democratic voters, for the most part, still haven't finished their love affair with the last Democratic president, BillClinton, GeorgeHWBush's "best friend" and partner in advancing the move to a "NewWorldOrder".

Most Democratic voters think the Clintons are liberals.  Most Democrats don't know that the Clintons co-founded the DLC; most Democratic voters have no idea what the DLC is.

Just like the real debate & assessment of Reagan that's never happened, we've never assessed Clinton's true legacy. Eliminating the social welfare safety nets, GlassSteagle, the passage of the TelecommunicationsAct of 1996, rendition, privatization, the sanctions & daily bombing of Iraq (& so much more) laid the foundation for what BushCheney did to decimate the country. As AlanGreenspan said, "BillClinton was the best Republican president we've had in a while."

The Clintons benefitted greatly from the repeal of Glass-Steagall (GrammLeachBlileyAct), which BillClinton signed into law at the end of his administration, and what's behind the economic meltdown.  He made $100 million in the last ten years, and much more than that (unknown, secret, which is the nature of hedge funds) from his dealings with Yucaipa and RonBurkle.  

In the weeks before the midterms elections, when BillClinton was campaigning for candidates in states where Obama's popularity is in the tank, not one reporter asked Clinton any question of substance (including  his signing Gramm-Leach-Bliley, which repealed GlassSteagall, and would he do all over again if he had the chance -- He would, by the way). 

This is another reason for why there have to be investigations and prosecutions into the collapse of our economy and the 'preemptive wars' policies -- Obama has to stop blocking these processes, because we can't go forward without looking back.  We cannot make wise decisions, not about policies and not about the politicians we need to make these policies and lead us without knowing what the h3ll happened.

Once Americans learn the role of both parties, and who these politicians really are and who they're aligned with, they will understand that both political parties are corrupt to the core and that the solution for our political and financial woes can only come from OUTSIDE of these parties.
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JPMorgan Trading Loss Suggests Little Has Changed Since The Financial Crisis


What makes you think that Democrats support reinstating Glass-Steagall or any regulations or legislation that's been repealed over the past 30 years?
About Financial Crisis
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