Why Barack Obama should not be believed anymore

While Barack Obama gave yet another pretty speech, Matt Taibbi decided to tune out. Here's why:

I remember following Obama on the campaign trail and hearing all sorts of promises before union-heavy crowds. He said he would raise the minimum wage every year; he said he would fight free-trade agreements. He also talked about repealing the Bush tax cuts and ending tax breaks for companies that move jobs overseas. It's not just that he hasn't done those things. The more important thing is that the people he's surrounded himself with are not labor people, but stooges from Wall Street. Barack Obama has as his chief of staff a former top-ranking executive from one of the most grossly corrupt mega-companies on earth, JP Morgan Chase. He sees Bill Daley in his own office every day, yet when it comes time to talk abut labor issues, he has to go out and make selected visits twice a year or whatever to the Richard Trumkas of the world. Listening to Obama talk about jobs and shared prosperity yesterday reminded me that we are back in campaign mode and Barack Obama has started doing again what he does best – play the part of a progressive. He's good at it.

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Time to rename our national holidays after the big businesses who are calling the shots

It has become abundantly clear that the United States has evolved from somewhat of a democracy to much more of a corporatocracy. It's time to rename the national holidays to reflect this reality. I was inspired to write this post when re-considering the attached photo of corporate flags, which I took at the downtown St. Louis Fourth of July celebration this year. Based on the ubiquitous corporate sponsors of that holiday (combined with the salient lack of people who cared about the original reason for this holiday), I'd recommend that we rename Fourth of July as Big Business Day. It's clear now that (as Representative Dick Durbin once said), the banks own the place (referring to Congress), that we set aside a day to remember that development. But why stop there? There's no more need for Labor Day either, since most politicians are leaving workers to fend for themselves. Further, a lot of us don't have jobs anymore. Therefore, let's rename Labor Day as Banker's Day.

Continue ReadingTime to rename our national holidays after the big businesses who are calling the shots

Dick Cheney’s crime stories

Medea Benjamin at Common Cause argues that Dick Cheney's new book, In My; Time, should be sold in the "Crime" section of bookstores. Here's her first two reasons (of ten):

1. Cheney lied; Iraqis and U.S. soldiers died. As Vice President, Cheney lied about (nonexistent) weapons of mass destruction and Saddam Hussein’s (nonexistent) ties to the 9/11 attack as a way to justify a war with a country that never attacked us. Thanks to Cheney and company, hundreds of thousands of Iraqis and over 4,000 American soldiers perished in a war that should never have been fought. 2. Committing War Crimes in Iraq. During the course of the Iraq war, the Bush/Cheney administration violated the Geneva Conventions by targeting civilians, journalists, hospitals, and ambulances, and using illegal weapons, including white phosphorous, depleted uranium, and a new type of napalm.

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Since we need to amend the Constitution anyway . . .

Perhaps we ought to follow the example of the government of Taiwan, and carve out two new branches of government.   In addition to three branches of government matching the American branches of the Executive, Judicial and Executive, the Taiwanese have two additional branches of government: 1. The Control Yuan is an investigatory agency that monitors the other branches of government . . . No member of the Control Yuan can hold another public office or profession while serving in the branch (according to Article 103 of the constitution), and members must be able to perform absent of partisan control or influence.  Wouldn't it be helpful to have such an independent branch of government to root out corruption and prohibit pork? 2. The Examination Yuan is in charge of validating the qualification of civil servants in the Republic of China.  Wouldn't it be interesting to see whether which of the candidates currently campaigning for President of the U.S. could pass a civil service test or, better yet, the U.S. Foreign Service Examination.

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Trillions in secret loans by the Fed reveal massive welfare for too-big-to-fail banks

Thanks to incorruptible Senator Bernie Sanders, who describes himself as a democratic socialist, the Federal Reserve has been forced to reveal information regarding loans that it tried hard to keep secret.   Here's what we are finding, according to IPS:

The Fed provided loans to JP Morgan Chase bank to acquire Bear Stears, a failed investment firm; provided loans to keep American International Group (AIG), a multinational insurance corporation, afloat; extended lending commitments to Bank of America and Citigroup; and purchased risky mortgage-backed securities to get them off private banks’ books. Overall, the greatest borrowing was done by a small number of institutions. Over the three years, Citigroup borrowed a total of 2.5 trillion dollars, Morgan Stanley borrowed two trillion; Merryll Lynch, which was acquired by Bank of America, borrowed 1.9 trillion; and Bank of America borrowed 1.3 trillion.
I'd call it welfare for the too-big-to-fail. Phase One of the bailout was to address a legitimate liquidity crisis. Phase Two went far beyond this, and was kept secret because the public would never have consented to the above actions Here's how Economist Randall Wray sums up Phase Two:
"But then it turned to phase two, which was to try to resolve problems of insolvency by increasing Uncle Sam’s stake in the banksters’ fiasco. That never should have been done. You close down fraudsters, period. The Fed and FDIC (Federal Deposit Insurance Commission) should have gone into the biggest banks immediately, replaced all top management, and should have started to resolve them," Wray said.

Continue ReadingTrillions in secret loans by the Fed reveal massive welfare for too-big-to-fail banks