Behind the Economic Fallout
Behind the Economic Fallout
by Richard Aberdeen
There was a program on PBS Frontline last night about someone during the Clinton administration named Born who warned Geitner, Sumner, Greenspan and the rest that the economy would fail due to large banking firms starting to go under because of the de-regulated derivative market and they dismissed her, ridiculed her along with several senators in complicity including Phil Graham, one of the worst and, eventually silenced her completely by getting rid of her non-partisan government watchdog agency, which Geitner, Sumner and Greenspan insisted on and only Congress could approve. At the time, she stated before congress on film that the people's money was in endanger and she was trying to protect it against Greenspan's program of deregulation.
Two of the main cronies involved were Larry Sumner and Geitner, who now advise Obama on economic policies. They along with Greenspan, who unlike them, publicly admitted he had been wrong all along, are in large part responsible for our current economic mess as far as government complicity is concerned. Both Clinton's and Reagan's administrations severely destroyed the economy by engaging in massive de-regulation of the banking industry and Junior Bush only continued what Reagan and Clinton had already been doing; Clinton's administration was probably the most economically corruptive of the three. Only in the U.S, do people who screw up the worst get appointed to advise the next president in line.
Obama reminds me very much of President Grant during the first Gilded Age, a well-meaning president with much popular support and public goodwill behind him due to his Civil War status (which is eerily similar to Obama's status as being the first African-American president). Grant chose some of the worst cabinet members and other advisors in American history and as a result, his presidency remains one of the worst failures in U.S. history, even though he himself apparently meant well and was not corrupt.
According to Born and others interviewed who were involved, Obama's economic advisors are doing nothing to fix the banking de-regulation problem that got us into this mess and our country will continue to experience severe economic recessions leading to depressions down the road, given the current direction that Geitner and Sumner are leading Obama now. Grant's advisors took advantage of Grant's Civil War reputation and public goodwill to wreak havoc on our economy by engaging in all manner of political cronie backroom deals with major wealth interests. Already, crooked banking practices have only shifted into the life insurance market, where they are playing economic charades with life insurance policies similar to what they did with mortgages that caused the current crises. What they are doing now might cause the insurance industry to go under and thus need a giant taxpayer bailout. This might be an even worse economic fallout than the recent bank collapse, because our economy is tied heavily into the life, auto, medical, home and other insurance industry, which are all tied in together (i.e., large insurance companies like Hartford have their fingers in most if not all of the insurance pies).
People who care about our future need to get off the Obama rock-star bandwagon, watch PBS instead of the mainstream networks for their information and start looking at the economic and other hard reality facts, such as the boondoggle coming out of Congress now pretending to be health care "reform".
The Democrats have managed to "trim" a few billion more off an already incredibly bad piece of legislation. What this will ultimately do as far as I can tell is, it will help the very poor because the government will pay for their health care, but it will economically squeeze the middle class and working class by forcing them to pay for health insurance or pay higher co-payments through their employer-based coverage and, the cost for health care will continue to rise dramatically, thus putting the economic squeeze on the majority of Americans and small business and as a result, significantly hurt the economy. Plus, the health insurance industry will continue to suck Medicare and Social Security down the economic sewer into oblivion over time. The new plan also apparently will significantly hurt states coffers by placing a significant economic burden on state Medicaid coffers. This, in the midst of a growing economic funding crises in large states like California.
That is what happens when a president and the party in power gives in to corporate lobby pressure, instead of having the political balls to stand up for what would really help the American people.
Obama's presidency so far, is a mirror-image of Grant on the home front; Grant also engaged in massive public works projects (trans-continental railroad project, which was riddled with massive corruption). And, it is a mirror-image of Lyndon Johnson on the international front, where Obama is leading the U.S. more and more into a military quagmire with no hope of success. The recent election fraud in Afghanistan should be a giant red flag to anybody that we are accomplishing nothing in Afghanistan and instead, Obama appears to be getting ready to increase troop levels and is only stalling because of the health care boondoggle currently front and center on the political radar.
There was again another Afghanistan expert on Bill Moyers again this week, drawing the same conclusions of the many other experts on Moyers over the past year, that the U.S. is in a political quagmire in Afghanistan that is only getting worse and will continue to fail. One expert said recently that it would take 500,000 or more troops and even then, the U.S. effort would probably fail. Which is what happened under Johnson, who eventually along with Nixon, sent in well over 500,000 troops into a situation that only got worse and worse and worse over time and eventually, causing the massive economic fallout recession under President Carter.
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