Sunday, June 28, 2009

Robert Scheer makes it official: the Obama/Emanuel "Economic Plan" of HANDING FOURTEEN TRILLION taxpayer dollars to Goldman-Sachs is a DISASTER...

The great Robert Scheer (who was FIRED by the LA Times, by being too ruthlessly honest in his critiques of the BUSH-CHENEY administration), makes it official
(and goes where thousands of America's "press/media" professionals, and especially politics & financial writers fear to tread):
The OBAMA/Emanuel/Rubin/Summers/Geithner/ Bernanke/Fed "economic plan" of HANDING FOURTEEN TRILLION TAXPAYER DOLLARS to the Big Banksters
(of whom Goldman-Sachs & JPMorgan-Chase are the biggest)
is a COMPLETE and UTTER FAILURE, an UNMITIGATED DISASTER, at least if "restoring the American economy to its pre-9-11 potential" is the standard of success.

(IF, however, the intention of the Bush/GOP/Goldman-Sachs/Obama "bailouts" was to complete the effort to TURN AMERICAN CITIZENS into DISENFRANCHISED PEONS - as British estate lords and absentee landlords in London did to millions of Irish, Scots, Welsh, and English rural residents during the great "Enclosures" of the 18th & 19th centuries, (which "enclosures," for example, drove MILLIONS of families off of the farms and villages they had tended for generations, as estate lords & absentee landlords in London instructed troops to burn villages and exile the villagers overnight) LED DIRECTLY to the Irish "Great Famine" of 1845-1852, ONE-and-a-half MILLION Irish men, women, & children DIED of FAMINE related diseases - then the Obama/Goldman-Sachs/Bush/Hank Paulson/Robt. Rubin/Lawrence Summers/Rahm Emanuel "BAILOUTS" GIVEAWAYS to Wall Street and foreign banks have been a STUNNING, DRAMATIC SUCCESS.

Which of course WOULD BE TREASON to the ideals of an America "OF, BY AND FOR Americans," and not an America "of, by, and for" Goldman-Sachs & other Wall Street & international finance banksters.


Foreclosure Fiasco Continues: The Bush-Obama Strategy of Throwing Billions at Banks Doesn't Work

By Robert Scheer, at &
Posted June 27, 2009.

Americans are now $14 trillion poorer. Many who thought they were middle class have now joined the ranks of the poor.

Foreclosure Fiasco Continues: The Bush-Obama Strategy of Throwing Billions at Banks Doesn't Work

It's not working. The Bush-Obama strategy of throwing trillions at the banks to solve the mortgage crisis is a huge bust. The financial moguls, while tickled pink to have $1.25 trillion in toxic assets covered by the feds, along with hundreds of billions in direct handouts, are not using that money to turn around the free fall in housing foreclosures.

As The Wall Street Journal reported Tuesday, "The Mortgage Bankers Association cut its forecast of home-mortgage lending this year by 27% amid deflating hopes for a boom in refinancing." The same association said that the total refinancing under the administration's much ballyhooed Home Affordable Refinance Program is "very low."

Aside from a tight mortgage market, the problem in preventing foreclosures has to do with homeowners losing their jobs. Here again the administration, continuing the Bush strategy, is working the wrong end of the problem. Although President Obama was wise enough to at least launch a job stimulus program, a far greater amount of federal funding benefits Wall Street as opposed to Main Street....
(fantastic article which sums up America's economic crisis in one page, continued at...