the ONE-to-ONE CORRELATION between the
TOTAL COST to US TAXPAYERS of the Bush/Obama 'financial industry' BAILOUTS
- which Dave Sirota had compiled using Bloomberg financial reports at approximately $12.8 TRILLION dollars - and the
- "MONEY LOST BY AMERICAN HOUSEHOLDS in this (Bush/Obama) ECONOMIC CRISIS
- approximately FOURTEEN TRILLION DOLLARS -
as we posted in our previous comment about the great Robert Scheer article.
"$13 Trillion to $14 trillion" is of course a NEARLY ONE-TO-ONE correlation... and completely jibes with what any first-year economics or finance student is taught in college, "THAT ALL FINANCIAL TRANSACTIONS are TWO-SIDED DEALS", and if there is a loser on one end of a financial transaction, there is at least one party on the other end profiting from that deal.
The bottom line is that the "Democratic" Party and President Barack Obama have TAKEN UP where DICK CHENEY, George W. Bush, HANK PAULSON, and the NY/Wall St/Enron/Exxon/Goldman-Sachs/Big Bankers left off: TRANSFERRING hundreds of millions upon tens of billions upon FOURTEEN TRILLION consumer & US taxpayer dollars FROM American working households TO THE BANKING & FINANCIAL LORDS who "OWN" the USA.
(Don't forget one of our previous posts from just a week or two ago: the same Robert Scheer whose great column examines the $14 TRILLION dollar loss in net wealth suffered by American households during this economic crisis, earlier took on the popular "liberal" notion that Ronald Reagan's policies & agenda were guilty of THIS CURRENT economic crisis.
While it is true that Reagan's policies of LOWER TAXES on the WEALTHY, SLASHING of union contract negotiating power & government social benefits spending, and wrapping that agenda up in a candy-coated, Hollywood happy-American package were Reagan's core agenda, and all Republicans since Reagan have tried to mastere Regan's "it's Morning in America" happy outlook for often ruthless economic policies; the fact is that President Reagan had NOTHING to do with the DERIVATIVES and DEREGULATION of FINANCIAL MARKETS** that led to this current economic crisis, and in fact Mr. Scheer places a higher degree of culpability for "DEMCORATS" ROBERT RUBIN and LAWRENCE SUMMERS for economic crisis 2008, than he, Scheer, allocated to even President Bush or Vice President Cheney.)
(**though Reagan did help Phil Gramm and the usual suspects deregulate and then LOOT the Savings & Loan industry back in the 1980s, leading to the Savings & Loan crisis and the Bush-1 Deficits & Recession)
Needless to say, the most stunning aspect of these outrageous economic atrocities is the FLIPPANT, ARROGANT manner with which President Obama has DONE a 180-degree reversal, a COMPLETE FLIP-FLOP on his earlier, campaign 2008 pledges to (we paraphrase) "RESTORE OPENNESS and TRANSPARENCY to America's government process and restore economic and financial oversight."
Mr. Obama is as smug, arrogant and conceited as BILL KRISTOL, GEORGE W. BUSH, DICK CHENEY, Bill O'Reilly, Lawrence Kudlow, and all the other radical right-wing demagogue liars: he has the notion that if his critics DO NOT HAVE a MEDIA PLATFORM of MILLIONS of viewers where we can CONTRAST VIDEO of his earlier "TRANSPARENCY" pledges with his administration's current policies of an IRON CURTAIN on Wall Street's & Goldman-Sachs' TOTAL BAILOUT real extortions costs, then he, President Obama, SIMPLY DOES NOT HAVE TO ANSWER for his flip-flop lies.
Sirota: TOTAL BAILOUT COSTS to US taxpayers upwards of $12.8 TRILLION dollars:
< In the last decade, the financial industry's $5 billion investment in campaign contributions and lobbyists resulted in deregulation, which generated trillions for executives. And when the bubble burst, there was another boatload of free money! By Bloomberg News' account, $12.8 trillion worth of taxpayer loans, grants and guarantees - all to Wall Street! >
Robert Scheer: American Households HAVE LOST $14 TRILLION in economic meltdown over past few years:
< According to the Federal Reserve's most recent report, seven straight quarters of declining household wealth have left Americans $14 trillion poorer. Many who thought they were middle class have now joined the ranks of the poor. >
There are some feeble signs of life in Congress: as party to the vast FOURTEEN TRILLION dollar THEFT of the US economy, congress-critters and senatorial pooh-bahs are making some low, gutteral noises about investigating or auditing all that TRANSFER OF WEALTH from American households to the banking thieves & feudal extortion barons -
(Congress calls for Audit of the Wall St/JPMorgan/Goldman-Sachs extortion machine commonly known as the US VERY PRIVATELY OWNED Federal Reserve System -
However, since Congress-critters & senate grand-extortion pooh-bahs have been PURCHASED, BOUGHT, & OWNED by FIVE BILLION DOLLARS of legalized LOBBYISTS' BRIBERY over the past dozen years (alone), this call for Congressional oversight & audits of the Fed are as doomed as, well, as the Black Congressiona Caucus simple demand for a SIMPLE Congressional investigation into MASSIVE Jim Crow VOTER DISENFRANCHISEMENT in Florida in 2000
(run by, wouldn't you know it, the Florida-governor BROTHER of the Republican presidential candidate that year) -
- not just thousands of minority voters ROBBED of their votes in Florida,
but nearly FIFTY ONE MILLION Democratic voters nation-wide in that 2000 presidential election BE DAMNED - by their own cowering, corrupt "DC Democrats" party!
America no longer has a "representative democracy" - we now have a CORPORATE-FUEDAL AUTOCRACY/dictatorship run by kleptocratic media lords and big finance loan sharks, with their hired financial extortion ENFORCERS such as (senators) DIANNE FEINSTEIN and MAX BAUCUS OPENLY CONTEMPTUOUS of American voters.