The organizers of Occupy Wall Street believe capitalism caused the financial crisis so they advocate for a more socialist system. But Too Big To Fail (TBTF) banks are the opposite of capitalism because a fundamental rule of capitalism is, if you make bad decisions and bankrupt your business, you must be allowed to fail. This is essential for an efficient market economy based on merit, not privilege. So the last thing Wall Street banks want is to be subject to the rules of capitalism.
Some say the government’s Community Reinvestment Act (CRA) forced Wall Street to make subprime loans that couldn’t be repaid. But most of the subprime loans were originated by lenders who were exempt from the CRA. And there’s compelling evidence that the mortgage industry knew they were originating, buying, and securitizing worthless paper. For evidence of Wall Street fraud listen to William Black, former Deputy Director of the Savings and Loan Insurance Corporation. Mr. Black helped obtain 1000 criminal convictions of “elite” bankers after the 1980’s Savings and Loan crisis.
Fed President Thomas Hoenig said TBTF is “inconsistent with the concept of capitalism” and is calling for the reinstatement of Glass Steagall as a means to break up big banks. Glass Steagall was enacted in 1933 to curb bank speculation after the 1929 market crash, but President Clinton repealed it in 1999. An Investors Business Daily article says “20 TRILLION in taxpayer funds” have been committed to prop up Wall Street. This is why the stock market has doubled since Obama took office.
Some say banks and AIG paid back the 700 Billion TARP bailout. Technically it’s true, but they’re getting near zero percent money from the Fed so the bailout was repaid with taxpayer money. And the Fed’s QE3 is buying 40 Billion per month of toxic mortgage backed securities from Wall Street banks, so the bailout continues. It’s socialism trending toward fascism. TBTF banks are socialist entities because Dodd-Frank’s Resolution Authority (Obama’s finance reform) puts taxpayers on the hook for future bailouts. Senator Sherrod Brown said
“the implicit assumption that government will backstop their losses gives companies the incentive to engage in what economists have called LOOTING…Companies can risk bankruptcy at the expense of society rather than bearing the losses themselves….This is not capitalism in any sense of the word”.
Nobel Prize winning economist Joseph Stiglitz said TBTF banks privatize profits, socialize losses, and have an implicit government guarantee, “this isn’t capitalism.” Fannie and Freddie were Government Sponsored Entities (GSE’s) which had an implicit government guarantee, just like TBTF banks. How did Fannie and Freddie work out for taxpayers? Harvard economist Jeffrey Miron said the TBTF parachute “allowed Wall Street to take a lot of risk and make a lot of money at taxpayer expense, that is not capitalism.” The ratings agency Moody’s said Bank of America’s debt is rated five notches above what it would be without government support.
So capitalism is not the problem, it’s the solution when subject to moral and legal Constitutional constraints. The socialist agenda of Occupy Wall Street (OWS) is precisely what Wall Street wants. That’s why corrupt media focus on incoherent blather coming from OWS while ignoring leaders who say TBTF is the opposite of capitalism. Getting behind the OWS movement is like following horses in a parade, you’ll be stepping in a lot of HS. They should change their name to the “Bowel Movement” because while socialist elites sip cocktails in Wall Street penthouses, their Occupying minions push socialist feces through the system. The ideology that has the most in common with TBTF is Nazism. The term NAZI means National Socialism and was the first word in the title of the National Socialist German Workers Party. German industries willingly partnered up with Hitler and created a fascist regime. How did national socialism work out for German workers and the world?
The notion that Obama opposes Big Oil and Wall Street fat cats is ludicrous. According to Open Secrets, Obama received nearly double the campaign contributions from Wall Street as John McCain. And it’s Wall Street banks that finance Big Oil. Rahm Emanuel, Obama’s first chief of staff, was living rent free in a Washington DC apartment with a British Petroleum adviser. And Obama appointed Steve Koonin, a former BP exec as Undersecretary of the Department of Energy. Rahm Emanuel’s “roommate” developed BP’s new green image and the name change to “Beyond Petroleum”. Thanks to Obama, Big Oil is positioned to monopolize the phony clean energy market, and in the process, extract Trillions of tax dollars to subsidize their fascist agenda.
In addition to socialist TBTF banks, the CEO of General Electric appointed himself as Obama’s job czar. He wants a government imposed carbon market to subsidize GE’s “smart” grid and green energy projects. The CEO of Exxon, Rex Tillerson, is also calling for a CO2 tax to subsidize Exxon’s algae fuels research. Chevron is running ads about their efforts to save the planet from climate change caused by CO2 emissions from fossil fuels. The wind farm industry needs an extension of the production tax credit in order to keep wind power costs from doubling. And Federal loan guarantees for solar farms are subsidizing Chinese manufacturing. But it’s all based on fraud. Leaked emails from the Hadley Climate Research Unit (CRU), demonstrate that falsified climate data was provided to the UN’s Intergovernmental Panel on Climate Change (IPCC).
EPA director Lisa Jackson admitted to using discredited IPCC data for her CO2 endangerment finding, and that capping U.S. CO2 emissions would have no effect on global warming. So the cost-benefit ratio of capping CO2 is as follows: ZERO demonstrable benefit and TRILLIONS in higher energy costs. The U.S. has a 250 year supply of coal and the cleanest coal plants in the world. But clean energy mandates force taxpayers to subsidize wind and solar, meanwhile, the EPA has placed a cap on CO2 emissions that effectively ban new U.S. coal plants. And in June 2013, Obama announced plans to limit CO2 emission from existing coal plants. All of these dictatorial policies undermine U.S. global competitiveness and are being implemented even though Cap and Trade was not passed by Congress. The scientific peer review process has been severely compromised by the fraudulent global warming agenda, and there needs to be criminal prosecution to restore credibility.
Given the high cost of taxing and sequestering CO2 emitted from burning fossil fuels, let’s examine the facts. First, climate models are unproven theories, not settled science. And a consensus of unproven climate models does not constitute settled science. Second, CO2 is a trace gas that comprises only 33/1000ths of the atmosphere, and of that 33/1000ths, only 3% is man made. CO2 emissions have risen significantly during the past 15 years due to China’s fossil fuel driven growth, but there has been no warming during that period. That’s why climate alarmists have dropped the term global warming and begun using “climate change”.
Bottom line, CO2 is not a pollutant. Every human being exhales CO2 and every plant requires CO2 for growth. CO2 levels were 50 times higher when dinosaurs roamed the earth, and life was more abundant at that time. In spite of these facts, Bill Gates says, in order to save the planet from global warming, the U.S. needs to reduce CO2 emissions to “near zero”. In this video, he presents an equation that will achieve his goal of zero CO2 emissions. One of the factors in his equation is the human population. He said
“the world today has about 6.8 billion people, and that’s headed up to about 9 billion. If we do a really great job on vaccines, healthcare, and reproductive services, we could lower that by perhaps ten or fifteen percent.”
Think about what he said, i.e., in order to save the planet from global warming caused by CO2 emissions, healthcare and vaccines will be used to reduce the human population. Bill Gates is a big supporter of Obamacare, so those who think death panels are just right wing rhetoric should reflect on Bill Gates statement. Using healthcare and vaccines to reduce human population is something Nazi Germany would have done.
Obama did not originate the fraudulent global warming agenda. Those who believe otherwise should watch General Electric’s CEO addressing the National Governors Association. Mr. Immelt’s address occurred before Obama was President, and encouraged governors to save the planet by subsidizing GE’s clean/green energy. Not one Republican Governor objected to Immelt’s proposals. Using climate fraud to restrict our ability to use domestically produced, low cost fossil fuels, is a serious national security threat. Obama acknowledged oil’s importance to national security during a speech in Ohio. He said
“an even more immediate and direct security threat comes from our dependence on foreign oil. The price of a barrel of oil is now one of the most dangerous weapons in the world. Tyrants from Caracas to Tehran use it to prop up their regimes, intimidate the international community, and hold us hostage to a market that is subject to their whims. If Iran decided to shut down the petroleum rich Strait of Hormuz tomorrow, they believe oil would skyrocket to $300-a-barrel in minutes, a price that one speculator predicted would result in $12 dollar-a-gallon gas.”
The comments above come at 2min/42sec into Obama’s speech. In spite of the security threat posed by dependence on foreign oil, Obama wants to limit domestic oil production by imposing regulations on hydraulic fracturing. Fracking of oil and gas wells began in 1947 and has a proven safety record. The left complains about one instance of ground water contamination in Pennsylvania, meanwhile, they ignore the 800,000 thousand oil and gas wells that have been safely fracked in the Ogallala aquifer, America’s largest water aquifer.
T. Boone Pickens cites this information on the safety record of fracking at 15:50 into a speech on the use of natural gas as a transportation fuel. At 8 minutes into his speech, he said U.S. natural gas reserves are equivalent to 3 times the Saudi oil reserves. Limiting domestic oil and gas production via fracking regulation would only drive up energy costs and benefit the oil companies Obama claims to oppose. Fraudulent climate data is being used to intentionally undermine U.S. national security, and unfortunately, T. Boone starts his speech saying he believes in global warming. This threat must be addressed by prosecuting corporate and political leaders for treason.
Peter O’Malley manages mining investments for HSBC. While on CNBC, he said Afghanistan is the “Saudi Arabia of lithium”. Lithium is used for electric car batteries and for General Electric’s “smart” grid. The smart grid will require huge banks of batteries to store the intermittent energy generated by wind and solar farms. Wind and solar farms are not clean or renewable, and the CEO of Basin Electric said it’s five to seven times more expensive than electricity from coal. Lithium batteries are highly toxic when damaged and exposed to water, and mining for lithium is no cleaner than mining for coal.
The “green” energy industry will also require vast quantities of copper. PBS did a documentary on a proposed copper mine in Alaska, the title is Alaska Gold. The mine will create a multi-billion gallon tailings pond the equivalent of battery acid, and it will require costly maintenance, forever. A scientist appearing on the program said electric cars require 50% more copper than conventional vehicles. But they’re good for the environment, right? Peter O’Malley also said companies owned by China’s Communist government are mining Afghan lithium. So the lithium will be transported to China where General Electric and it’s communist partners will build batteries, wind turbines and solar panels for America’s smart grid and electric cars. And this is what our socialist leaders call energy independence.
While our troops are in Afghanistan fighting and dying in the first war for “clean energy”, America’s fossil fuels are being exported to fuel China’s growing industrial economy. In reality, clean energy is part of a fascist takeover of the U.S. economy. Bipartisan leaders work with multinationals to extract wealth from the U.S. and use it to subsidize Communist China. As this Wall Street Journal article indicates, many US leaders prefer China’s command and control economic model.
Wall Street is a driving force behind Cap and Trade, which will force the export of U.S. fossil fuels to Communist China. And what a coincidence, the Occupy movement is a big supporter of Cap and Trade, a CO2 tax, GE’s smart grid, and a phony green economy that will enable Exxon and BP to monopolize “clean” energy. Check out the book Climategate. Obama is just a corporate front man doing the dirty work needed to bankrupt new U.S. coal plants, thereby forcing coal exports to their Communist partners in China. And Obama has admitted his energy policies will cause electricity costs to skyrocket. This will be a backdoor subsidy for Big Oil’s alternative energy projects that cannot compete with low cost fossil fuels.
Many citizens are attracted to the “liberal” rhetoric of the Occupy Movement, and many are attracted to the rhetoric of “conservatives” like Rush Limbaugh. Unfortunately, the left/right paradigm is designed to divide and conquer America on behalf of fascist elites. Rush repeats the mantra, big government is bad and big business is good. Amy Goodman is a prominent media leftist. She says the opposite, big government is good and big business is bad. The truth is, totalitarian regimes have always been a public/private partnership involving big government and big business.
Before the American Revolution, it was king George III and the British East India Company. Nazi Germany was a product of fascist political and industrial leaders. Today, China’s Communist government owns most major industries and has partnered with US multinationals. Amy Goodman’s show is called “Democracy Now, The War and Peace Report”. It’s considered independent because it’s allegedly not part of the corporate media. But she’s supported by billionaire leftist George Soros, the global poster boy for corporate fascism. That’s why I call her show “Hypocrisy Now, The War IS Peace Report”. Amy Goodman and Rush Limbaugh work together to divide America and create a nation controlled by corporate fascists and their political cronies.
To a degree, the U.S. economy has always been a public/private partnership. President Thomas Jefferson used government to acquire the Louisiana Purchase, which may have been the most successful economic development policy in U.S. history. The Homestead Act returned government land to private individuals who had a vested interest in protecting and growing the domestic economy. But today, under the guise of a “free” market, Wall Street fascists are selling America off to totalitarian governments like China and Saudi Arabia. Check out my post Saudis, China, and Arab Emirates Own Critical U.S. Energy Infrastructure.
Our founders wanted a market economy, not a free market, i.e., a market free from legal and moral Constitutional constraints. By placing the Commerce Clause in the Constitution, they made market principles subordinate to the Constitution and Bill of Rights. Markets, and the people who run them, are not free to make America dependent on totalitarian regimes. Why not? Our Constitutionally guaranteed freedoms depend on America being a nation of laws, and a market “free” from moral and legal Constitutional constraints is nothing more than organized crime. Another interesting source is the book Godonomics, which illustrates the Biblical principles behind private property rights and market economies based on moral principles.
For more info, check out the post “Communist China Tortures Religious and Free Speech Advocates”, and section on the EPA in the pdf Knowledge is Power.