< Peter Peterson and Robert Rubin are both enormously wealthy men. (They joked about dividing their lunch tab based on their net worth.) They are lecturing the country on the need to cut Social Security and Medicare benefits for retirees who have a tiny fraction of their wealth. Many of the victims of the cuts that they would push are people who are already struggling. >---------------------------------------------------------------------
Fed Chairman Ben Bernake calls for the GUTTING of America's Social Security, to MAKE GOOD the BAILOUTS LARCENY of his NY, GoddamnSachs, & Tel Aviv bankster friends:
< Failing to curb federal budget deficits would do "great damage" to the U.S. economy in the long run, Federal Reserve Chairman Ben Bernanke warned Tuesday. Bernanke again urged the White House and Congress to come up with a credible plan to reduce the nation's red ink, which hit a record $1.4 trillion last year. >America's Fed Reserve Banking cabal Chairman, Ben Bernanke, having won re-appointment from Idiot (president) Obama to preside over ANOTHER term of American RADICAL FINANCIAL DECONSTRUCTION and thus destruction of the U.S. economy, (Obama's pledges of "CHANGE!" not-with-standing, President Obama has actually resurrected and EMPOWERED Bush's failed banking & economics crew);
and having been confirmed by the insanely courupt, bought-and-owned Lieberman-Baucus-Feinstein-Schumer (et al) Neo-Con controlled U.S. Senate, Mr. Bernanke proudly steps up to perform his real (re-) annointed function:
STEALING TRILLIONS of dollars $$ from American citizens and working families, and transfering those looted & extorted monies over to the banks, vaults, and off-shore accounts of his Rubin, Blankfein, Dimon, (etc.) billionaire bankster friends at Goddamn-Sachs, JPMorgan-Chase, Citi-bank, and other financial extortion institutions.
(Note: Hank Paulson, former Chairman of Golddamn Sachs, Jamie Dimon, current Chairman of JPMorgan-Chase bank, are not Jewish. They have, however, been "adopted into the mispoche," or family, as HEAVY-HITTING ALLIES to share in the spoils of the SERIAL LOOTING of America's wealth, to the coffers and vaults of a small minority of ruthless, "transnational elites," who have no more alliegance to the American people, than the the banksters have to homeowners evicted from homes even as those banks sucked in billions in socialized taxpayer funded "bailouts.")
Indeed, Mr. Obama re-appointed Bernanke to another term as Fed Chairman, despite Mr. Bernanke's chronic gutteral noises that he would "PRIVATIZE SOCIAL SECURITY" the moment he had authority to do so.... that is to say, DEMOLISH one of the foundations of the Democratic Party's claim to being a democratic party, DEMOLISH one of the foundations of the post-WWII American economy; Financial Terrorist Ben Bernanke would DEMOLISH the last civilized vestiges of a modern, "we're all in this together" late 20th Century technologically & socially advanced society, and replace it with an early 20th century rubber plantation economy or lynch-mob terrorized segregation sharecropper farmstead somewhere in the Mississippi Delta circa 1920s.
(To spit this commentary out, we will go to post at this time without digging up Bernanke's persistent "PRIVATIZE Social Security," DEMOLISH Medicare," comments.)
But let's look at the numbers for a moment. According to the comment in the above AP quote, Mr. Bernanke declares we have a "record $1.4 TRILLION in RED INK" from last year. When Mr. Bernanke says:
"The path forward contains many difficult trade-offs and choices, but postponing those choices and failing to put the nation's finances on a sustainable long-run trajectory would ultimately do great damage to our economy,"...what "choices" and "DIFFICULT TRADEOFFS" is "the Great Economic Virtuoso Ben Bernanke" looking for?
The answer, of course, is plain to see, and is found later in the same article: Why, Mr. Bernanke wants to GUT SOCIAL SECURITY & MEDICARE, to GIVE MORE DAMN MONEY, to his THIEVING Bankster friends!
< The options for slicing the deficit – cutting spending on popular entitlement programs like Social Security and Medicare and raising taxes – will be difficult for the White House and Congress to sell to the American public. >But let's look at some "OLD" news - because, way back in October of 2008, Mr. Bernanke and his executive minion over at the NY Fed Reserve Bank, then NY Federal Reserve Bank _President_ TIMMY GEITHNER, were quietly dishing out - JUST GIVING AWAY - $630 BILLION to the SAME "TBTF" Big Banks that were getting $700 BILLION from then Treasury Secretary Hank Paulson Begging/EXTORTING those $700 Billion TAXPAYER-OBLIGATED DOLLARS in so-called "Bailouts" !!!!!
This was DOUBLE DIP BAILOUTS for Mr. Bernanke's insanely greedy, treacherous, fraudulent, and BANKRUPT friends at Chase (JP Morgan-Chase Bank), Citi, Goddamn-Sachs, & other banks, over $1.3 TRILLION taxpayer obligated dollars, but the American public was only told about $700 billion.
Mr. Bernanke's ECONOMIC FRAUD is AS PLAIN AS DAY: GIVE money away to bankers by the bank door, ROB SOCIAL SECURITY & _our_ MEDICARE to make up HIS damn "deficits" via the front-door of the MAJOR CORPORATE MEDIA banging the drum to their bought & bribed congress, "TAXPAYERS MUST MAKE GOOD THE DEFICITS!"
Fed Pumps Further $630 Billion Into Financial SystemMr. Bernanke is a FINANCIAL TERRORIST and ECONOMIC ARSONIST, he is POURING GASOLINE on the rotting structure, the gutted hulk he has made of the American economy since he took over the job of being Fed Chairman from his equally fraudulent and Economic Arsonist predecessor, former Fed Chairman Alan Greenspan.
By Scott Lanman and Craig Torres
Sept. 29 (Bloomberg) -
- The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.
The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed's emergency loan program, will expand by $300 billion to $450 billion. The European Central Bank, the Bank of England and the Bank of Japan are among the participating authorities.
The Fed's expansion of liquidity, the biggest since credit markets seized up last year, came hours before the U.S. House of Representatives rejected a $700 billion bailout for the financial industry. The crisis is reverberating through the global economy, causing stocks to plunge and forcing European governments to rescue four banks over the past two days alone.
Bernanke: Cut Deficit Or Do 'Great Damage' To Economy
WASHINGTON — Failing to curb federal budget deficits would do "great damage" to the U.S. economy in the long run, Federal Reserve Chairman Ben Bernanke warned Tuesday.
Bernanke again urged the White House and Congress to come up with a credible plan to reduce the nation's red ink, which hit a record $1.4 trillion last year.
Failing to do so would push interest rates higher – not only for Americans buying cars, homes and other things – but also for Uncle Sam to service its debt payments, he said.
All that would sap national economic activity and could cause employers to cut back on hiring, Bernanke said.
The Fed chief MADE HIS MOST URGENT CALL yet to get the nation's fiscal house in order. His plea came in prepared remarks to the first meeting of President Barack Obama's commission to tackle the soaring deficit.
"The path forward contains many DIFFICULT TRADE-OFFS & CHOICES [but NOT for bankers who WALLOW in TAXPAYER EXTORTED "bonus" BILLIONS], but postponing those choices and failing to put the nation's finances on a sustainable long-run trajectory would ultimately do great damage to our economy," Bernanke said.
The nation's budget deficit swelled to a record high last year as the recession took a big bite out of tax revenues, while spending rose to stimulate the economy and provide relief to struggling Americans.
Obama wants the panel to come up with a plan to cut the deficit so that it is no bigger than $550 billion by 2015, an amount equal to about 3 percent of the total U.S. economy. That would require deficit savings in the range of $250 billion or more.
The options for slicing the deficit – cutting spending on popular entitlement programs like Social Security and Medicare and raising taxes – will be difficult for the White House and Congress to sell to the American public.
[The "normal" option - GET the BIG BANKERS, to PAY FOR THEIR own TRILLIONS $$ of BAILOUTS LARCENY, is NOT EVEN MENTIONED, by either the Corporate Media, Mr. Financial Arsonist Ben Bernanke, or even the INSANELY INCOMPETENT & CORRUPT so-called "Democratic" Party & President Barack Obama, who is practically George W. Bush ON STEROIDS when it comes to advancing the radical Right-Wing cause of EXTORTING & KILLING Social Security, Medicare, and other public service functions of the U.S. government, so to enrich the ruling class bankster-gangsters who have Mr. Bernanke front for them.]