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 antithesis of capitalism because one of capitalism’s fundamental rules is, if you commit fraud and bankrupt your business, you must be allowed to fail and go to jail. So the last thing Wall Street banks want is to be subject to the rule of law and rules of capitalism. For proof of Wall Street fraud, listen to Neil Barofsky, former Inspector General for TARP, and 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.
TBTF banks are socialist entities on steroids because the Dodd/Frank Finance Reform Act puts taxpayers on the hook for future bailouts. Thomas Hoenig is President of the Kansas City Federal Reserve and says TBTF “is not consistent with the concept of capitalism”. 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.”
Fed President Thomas Hoenig is calling for reinstatement of Glass Steagall as a means to break up big banks and restore the rules of capitalism. Glass Steagall was enacted in 1933 to curb bank speculation after the 1929 market crash but Wall Street lobbyists got it repealed in 1999. Senator Brown also said 8.6 TRILLION will be needed to prop up Wall Street banks. 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. It’s socialism trending toward fascism.
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?
Many citizens are attracted to the “liberal” rhetoric of the Occupy movement just as many are attracted to the “conservative” rhetoric of the Tea Party movement. Unfortunately, the left/right paradigm is nothing more than propaganda designed to divide and conquer citizens on behalf of corporate fascists. I refer to Rush Limbaugh as Rush to Limbo. His agenda is supported by the likes of the Koch brothers. A prominent voice of leftist media is Amy Goodman. Her show is called ”Democracy Now, The War and Peace Report”. Amy’s show is considered “independent” media but she’s supported by billionaire leftist George Soros. Amy Goodman and Rush Limbaugh work together to divide U.S. citizens and create a world controlled by corporate fascists. That ‘s why I call Amy’s show “Hypocrisy Now, The War IS Peace Report”.
The idea that Obama supports democracy, and not the fascist agenda of Wall Street and Big Oil, 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’s calling for a CO2 tax as a means 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. And the wind farm industry needs an extension of the production tax credit in order to keep the cost of wind power from doubling. Leaked emails from the Hadley Climate Research Unit (CRU), demonstrate that falsified climate data was provided to the Intergovernmental Panel on Climate Change (IPCC). And EPA director Lisa Jackson admitted that she used the discredited IPCC data for her CO2 “endangerment finding”. The scientific peer review process has been severely compromised by the fascist corporate agenda, and there needs to be criminal prosecution to restore credibility.
Given the high cost of taxing 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”. Obama did not originate the fraudulent global warming agenda. Those who believe otherwise should watch General Electric’s CEO, Jeffery Immelt, addressing the National Governors Association. Mr. Immelt’s address occurred before Obama was President and persuaded governors to save the planet from CO2 by subsidizing GE’s clean/green energy. For the record, not one Republican Governor objected to Immelt’s proposals.
North America has more domestic fossil fuel reserves than Saudi Arabia, but we’ve alreadey had our first war for clean energy in Afghanistan. Peter O’Malley was on CNBC and 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 according to the CEO of Basin Electric, 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 Frontline 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 that will be equivalent to 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 the lithium in Afghanistan is being mined by companies owned by China’s Communist government. 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/fascist leaders call energy independence. While our troops are 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/green energy is a part of a criminal, fascist takeover of the U.S. economy. Fascist multinationals extract wealth from the U.S. and use it to subsidize slave labor in China’s totalitarian economy. The purpose is to cripple America’s representative government and economy. It’s treason and should be treated as such.
Wall Street fascists are also a driving force behind Cap and Trade, which will force the export of U.S. fossil fuels to Communist China, another fascist regime. 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 and his Occupying minions are just a corporate front doing the dirty work needed to bankrupt the U.S. coal industry, 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.
Using climate fraud to restrict America’s ability to use domestically produced, low cost fossil fuels, is a serious national security threat. Obama acknowledged oil’s importantance 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 national security threat posed by dependence on foreign oil, Obama wants to limit domestic oil production by imposing regulations on fracking, a sixty year old technology that has proven to be safe. The left makes a lot of noise about one instance of ground water contamination in Pennsylvania while ignoring the 8000 other wells that have been safely fracked during the last sixty years. Limiting domestic oil production via fracking regulation would only drive up gasoline prices and benefit the oil companies Obama claims to oppose. Oh what a tangled web politicians weave when first they practice to deceive. Fraudulent climate data is being used to intentionally undermine U.S. national security. This threat must be addressed by prosecuting corporate and political leaders for treason.
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 Saudi’s, China, and Arab Emirates Own Critical U.S. Energy Infrastructure. Our founders created a government where markets are subordinate to moral and legal Constitutional constraints. Markets and the people who run them, are not free to make America dependent on lawless regimes. Why? 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.
The first two links are about the treasonous US/China trade relationship. The last link is the Wall Street/China/Russia plan for a fascist world order. Link1, Link2, Link3 For more info, click on the pdf file Knowledge is Power and read the section on the EPA.