President Barack Obama and Governor Mitt Romney, to me, appear to be
two sides of the same coin. In this regard, a choice between them is
like choosing again between President Bush and Barack Obama – who also
had a great deal in common. The electorate will be told that there are
differences, but the differences, I argue, will not mean actual change
once either candidate is in office. That is the true meaning of the Feds
Continuity of Government Program, which could be renamed to Continuity
of Big Government Big Corporate Financial Plan. History does not lie.
Both the United States government and Central Banking system have at
their disposal the best business and accounting minds; these officials
and executives are educated at Wharton, Harvard, Stanford, Yale , and
Chicago. I believe that there is, now, a set of common themes that both
Big Government and Big Banking are joined in pursuing, that transcend
political party. The elites in both ‘industries’ are now part of a
revolving door with common interests.
The movement to create this meta-structure with its goals transcending party, started with President Clinton; his administration repealed the Glass–Steagall Act,
which in turn deregulated the banking industry. The deregulated banks
began trading in derivative programs; these were predominately created
and managed by Goldman Sachs.
President Clinton’s Secretary of Treasury was Robert Rubin;
Rubin served in this role during both the first and second Clinton
administrations. Before his government service, he has spent 26 years at
Goldman Sachs. Eventually Rubin served as a member of its Board; he was
Co-Chairman from 1990-1992.
Next let’s look at who surrounded President G W Bush; [url=http://en.wikipedia.org/wiki/Henry_Paulson]Henry "Hank" Paulson Jr.[/url],
a banker, served as Secretary of the Treasury under this President
Bush. But previously, Paulson had served as the Chairman and Chief
Executive Officer of -- Goldman Sachs. As Treasury Secretary, Paulson
was responsible for TARP 1
– the vast government bailout of banks deemed ‘too big to fail.’ This
added massive amounts to the US deficit , a debt level that was, of
course, escalated by with the Bush Administration’s war in Iraq – a war
waged over non-existent “weapons of mass destruction.” During Mr
Paulson's previous tenure at Goldman Sachs, before his becoming G W
Bush's Treasury Secretary, he oversaw Goldman Sachs program of
collateralized debt obligations (CDO's). These products formed the basis
of the 2008 banking derivative crisis that eventually spread to Europe.
This toxic product with its vast profits was an active part of Goldman
Sachs’ business model during Paulson's tenure
Our tax dollar bailouts went to the large institutional banks, as
noted. But these banks did not pay us back in real terms; rather, the
unaudited and privately held Federal Reserve Bank simply printed money for the ‘repayment’ of TARP funds.
Is this the end of the manipulation of the system by these officials,
former bankers, in this particular revolving door? I am afraid not. Now we are learning that top level bank executives manipulated the LIBOR rate in London, so as to benefit the profits and cook the books of the world’s largest European and American banks.
Now let us look at President Obama; his Treasury Secretary is Timothy Geithner,
an economist, and former Federal Reserve central banker. Geithner was
president of the Federal Reserve Bank of New York during the last Bush
administration. Geithner's position with Obama's administration included
a major role in directing the Federal Government's spending as the '08
financial crisis was extending into '09; this spending included the
allocation of $350 billion in funds from the Troubled Asset Relief
Program that had been released during the previous Bush administration. I
think the continuities in commitment here have become apparent.
Now let’s go to: what if Romney becomes President? His economic advisor is Glenn Hubbard.
Hubbard was Deputy Assistant Secretary at the U.S. Department of the
Treasury from 1991 to 1993 under the first President Bush. From February
2001 until March 2003, under the second President Bush, Hubbard served
again – this time as chairman of the Council of Economic Advisors. A
supply-side economist, Hubbard was instrumental in designing the 2003
Bush tax cuts. In January 2006, he was tapped to serve on the advisory
board of a think tank formed by the Federal Reserve Bank of Dallas -- to
study the impact of globalization on the international economy. The door revolved again.
So you see, Presidents and political parties now may come and go; that
is not the real story. More important, it appears, is the fact that
this revolving door of senior executives – many from Goldman Sachs and
the Federal Reserve -- form a kind of Continuity of Big Government/ Big
Business financial model that has outsize and mutually reinforcing
influence in domestic policy regardless of the Party or President that
is nominally directing events.
Following the money is always wise: unethical, corrupt monetary policy
has taken the financial reins of the US Federal Government. Partisan
punditry and partisan diatribes are a form of theatre now, that
corporate-owned media continually directs at the US electorate – helping
to keep us divided, and distracted from the real story -- the goals of a
handful of banks, executed by a handful of former-banker officials --
that is far more critical.http://dailycloudt.com/voice/263/the-big-banks-story-behind-both-obama-and-romney
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