Showing posts with label Bailout. Show all posts
Showing posts with label Bailout. Show all posts

Tuesday, December 03, 2013

Barack Hussein Obama Will Be Remembered As One of Our Greatest Presidents - Here Are the Facts

Beneath the Spin * Eric L. Wattree

Barack Hussein Obama Will Be Remembered As One of Our Greatest Presidents -
Here Are the Facts
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I am sick to death of these so-call Black "intellectuals" spending so much time criticizing President Obama - not because I don’t feel that EVERY politician’s feet should be held to the fire, I do, but because most of the nonsense  they’re spewing is pure, unmitigated, ignorance. And what makes it worse is it’s either purposeful ignorance, or ignorance due to a lazy-mindedness that could be corrected with less than ten minutes of objective research.
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The irony is, people like Tavis Smiley, Cornel West, the entire GOP, and a lot of other uninformed haters are severely criticizing the President, while Obama's is showing himself to be one the most fearsome warriors for the American people that this nation has ever had. That's why the GOP is trying to impeach Eric Holder, because he and Obama are killing their cronies on Wall Street for the abuse of the American people that led to the Great Recession.
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Most American's have all but forgotten about the Wall Street debacle, at least in terms of recouping our losses. They’ve simply written it off as a loss, but not Obama. He's made Wall Street pay all of the bailout money back to the American taxpayer, with interest (Bailout Payment Tracker), reimburse customers, admit guilt (which leaves them open to private lawsuits), made them pay billions of dollars over and above what they stole, and THEN, he’s making them cooperate in their OWN criminal prosecution! These corporations may be "too big to fail," but if President Obama has his way, their managers won’t be too big to jail.
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But at the same time, President Obama realizes that he's walking a tight rope. While he understands the importance of having Wall Street pay a price that they won't soon forget, he also understands the importance to the economy that while he's exacting that price, that it not be perceived as blind retribution or reckless political point gathering. So Obama is going about the business of admonishing Wall Street in his typically thoughtful and pragmatic manner. This is exactly how a president should conduct business, by defending the interests of the American people, but at the same time, thoughtfully enough to take all of the pros and cons into account so as to minimize the chances of unintended consequences.
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But nobody's talking about that, and Obama doesn't believe in tootin' his own horn. The man is in Washington walking on water, while his critics are talking about him like a dog. But even as they criticize, he's quietly performing one miracle after another, and then casually walking away without saying a word. So if he has any shortcoming, that’s it - he obviously finds it prudent to pursue the nation’s interest without fanfare.  He fully recognizes the political realities that come with being the first Black President of the United States. Things have to be done just a little bit differently, by necessity - and bragging about his accomplishments is definitely one of those things.
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A perfect example of that is, if the Republicans had captured or killed Osama Bin Laden, they'd still be bragging about it, and at this point, George W. Bush’s image would be near completion on Mt. Rushmore. Clear evidence of that is how the GOP was bragging about how valiantly they were killing innocent people in Iraq in response to 9-11 - Bush even showed up in a flight suit (presumably the one he ran away from when he was actually SUPPOSE to be in the military).  Every Republican in the country was running on it, but all they actually did was spent a trillion dollars with nothing to show for it - which was actually the plan. They purposely used 9-11 to start a senseless war, give Dick Cheney's old firm a huge no-bid contract, and passed a huge tax cut, to enrich their cronies, and intentionally ravaged America’s coffers so they could use that as a pretext to attack the social programs put in place by the New Deal, the GOP’s primary reason for being for over seventy years. 
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How do we know this?
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We know this because after Bush and Cheney spent seven years, a trillion dollars, and were responsible for the death and/or maiming of thousands of American troops, Barack Obama came into office and casually took out Bin Laden with three helicopters and a handful of America's finest. He then simply announced Bin Laden's demise to the American people and walked away to address other issues just as casually as he accomplished it. Yet, we have Republicans running around claiming that he's the most incompetent president that we've ever had - and that's in spite of the fact that they, literally, had to hide Bush and Cheney for two election cycles.
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So to his severe detriment, President Obama just doesn't like to toot his own horn, but he should - if for no other reason than to bench the demagogues. The American people should be lovin' this guy, and they could be of great assistance in helping him move the country forward. So by emphasizing his accomplishments he could not only shut down the Republicans, but he could also shut the mouths of these so-called Black intellectuals who are so busy bashing the most powerful symbol of Black competence in the world, that they’re providing cover for Republicans who are, literally, cutting America’s throat. How could these people not recognize that, and how can President Obama not recognize the value of shutting these people down? But I suppose he has his reasons, and in light of his track record, I'm not prone to second-guess him.
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And again, take what he’s doing in response to the Wall Street scandal. While Obama is walking around smiling and being Mr. Nice Guy in public, Wall Street and the Republicans know who he REALLY is under that nice guy façade - Attila the Hun. While he's being criticized by uninformed idiots as being a tool of Wall Street, Obama has some of the biggest names on Wall Street in the woodshed bent over with their pants around their ankles. He's taking no prisoners - if you screwed the American people, you're going down - and some of the people going down were his biggest supporters, James "Jamie" Dimon, for example, the head of JPMorgan. I bet Cornel West couldn’t tell Jamie that Obama is "a black mascot of Wall Street oligarchs and a black puppet of corporate plutocrats." President Obama is, laterally, shaking that man’s world.
Forbes Magazine: Economically, Could Obama Be America’s Best President?
http://www.forbes.com/sites/adamhartung/2013/05/16/economically-could-obama-be-americas-best-president/

JPMORGAN AGREED TO PAY $13 BILLION, AND IN A FIRST, ADMIT GUILT
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According to a CBS News report:
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In the past, "The banks in all the SEC cases were allowed to neither admit nor deny wrongdoing - a practice that brought criticism of the agency from judges and investor advocates.
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"But in a first for a major company, JPMorgan admitted in the agreement with the SEC over the $6 billion trading loss in its London operation that it failed in its oversight. The admission could leave the bank vulnerable to millions of dollars in lawsuits. JPMorgan also reached settlements over the trading loss with the Federal Reserve, the U.S. Office of the Comptroller of the Currency and Britain's Financial Conduct Authority."
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In response, the government in January 2012 set up a task force of federal and state law enforcement officials to pursue wrongdoing with regard to mortgage securities.
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In September, JPMorgan agreed to pay $920 million and admit that it failed to oversee trading that led to a $6 billion loss last year in its London operation. That combined amount, in settlements with three U.S. and one British regulator, is one of the largest fines ever levied against a financial institution. In another case, the company agreed to pay a $100 million penalty and admitted that its traders acted "recklessly" with the London trades.
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To sum up the pound of flesh that Obama is extracted from this one corporation (and one of his biggest supporters) for the abuses that it perpetrated against the American people, Obama has demanded the following:
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1). Of the $13 billion, $9 billion is fines or penalties and $4 billion will go to consumer relief for struggling homeowners.
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2). JPMorgan also agreed to provide cooperation in investigations against individuals within the company.
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3). JPMorgan settled SEC charges in June 2011 by agreeing to pay $153.6 million and reached another such agreement for $296.9 million last November.
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4). As part of the tentative agreement, JPMorgan dropped its demand for the Justice Department to take a "non-prosecution agreement" off the table, which means a criminal investigation of the bank's conduct being handled by federal prosecutors in Sacramento, Calif., continues.
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"Mounting legal costs from government proceedings pushed JPMorgan to a rare loss in the third quarter, the first under Dimon's leadership. The bank reported Oct. 11 that it set aside $9.2 billion in the July-September quarter to cover a string of litigation stemming from the financial crisis and its "London Whale" trading debacle. JPMorgan said it has placed a total of $23 billion in reserve to cover potential legal costs."
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And they’re not through paying yet, because in spite of this "settlement" the administration is STILL coming after them with MORE charges, including criminal. And again, in another first - the head of JPMorgan, James Dimon, was one of Obama's biggest supporters. So Obama has taken a "take no prisoners" approach - if you screwed the American people, you're going down, no matter who you are. That’s a new wrinkle in American politics (http://www.cbsnews.com/8301-201_162-57608321/jpmorgan-chase-justice-department-reach-tentative-$13-billion-deal-over-mortgage-backed-securities/).
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And Obama’s accomplishments go far beyond simply punishing Wall Street. In addition to getting Osama Bin Laden - again, something that Bush spent a trillion dollars allegedly trying to do - Obama, literally, saved the world from slipping into another Great Depression. While the Republicans, and many Black Obama haters, have the audacity to ask "Where’s the jobs?," these people are conveniently failing to recall that under George W. Bush the nation was hemorrhaging 850,000 jobs PER MONTH. So compared to that, we’re experiencing a robust economy. Obama also saved the American auto industry, cut the deficit in half, and he’s providing health insurance to millions of Americans who couldn't previously obtain it.
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In addition, he’s gotten Syria to give up their chemical weapons, and persuaded Iran to allow nuclear weapons inspectors inside the country. If George W. Bush had been as effective in Iraq as Obama has been in both Syria and Iran, he could have saved the nation a trillion dollars, and saved the lives of more than a million people.

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With that said, I'm going to repeat myself here, because I feel obliged to ram the following point home. Compare President Obama's accomplishments above with the fact that Tavis Smiley and Cornel West, two of his most persistent and severe critics, traveled all across the country on a bus under the pretext of being so passionately concerned about poverty in America that they felt honor-bound to take a stand - but of course, that was BEFORE the election, and when they had books to sell. But now that the election is over, and they don't have any books to sell, they couldn't bring themselves to walk down the street from Tavis' office to support the Black Friday demonstrations taking place all across the country against Wal-Mart - Tavis' major sponsor, a member of ALEC, and the biggest abuser of the working class in America today.
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And not only did they fail to attend ANY of the demonstrations taking place across the country against Wal-Mart, they didn't even issue a statement of support. All we've heard coming from the Smiley/West camp are crickets - and as everyone knows, that's extremely uncharacteristic of Cornel West, who's renowned for being willing to trade a kidney for a sound byte. 

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So I'd say that just about says it all about those two - Tavis Smiley and Cornel West are two of the biggest hypocrites that the Black community has ever suffered, and their constant denigration of the most powerful symbol of Black competence in the world is a slap in the face of the Black community, and nothing short of a distraction that allows cover for the GOP to more easily pursue their agenda of cutting America's throat.  
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Thus, contrary to the criticisms of the GOP, and the attempted character assassination of the president by a handful of self-serving, and/or clueless, Black "intellectuals," Barack Hussein Obama has already accomplished enough to be remembered by history as one of our greatest presidents.  So, he, the Black community, and his supporters, would be well served to begin to trumpet that fact, and tell the idiots, demagogues, and poverty pimps to go take a nap - and that has nothing to do with becoming an Obama cheerleader or lending blind support for everything that he does. It's about reflecting the facts, supporting our own best interests, and countering the brutal assault on Obama being staged by self-serving demagogues whose activities are lending comfort to those who have morphed into the domestic enemy of the United States.  

 
Citizens Against Reckless Middle-Class Abuse (CARMA)
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Religious bigotry: It's not that I hate everyone who doesn't look, think, and act like me - it's just that God does.

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Monday, September 30, 2013

Obamacare: What's So Wrong with Having Government Protection?

BENEATH THE SPIN • ERIC L. WATTREE

Obamacare: What's So Wrong with Having Government Protection?
(Reprise)
 

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I initially wrote this article in August of 2009. Since that time the single payer plan has been taken off the table, because the insurance industry and the Republicans in congress fought tooth-n-nail on behalf of the insurance industry and against the American taxpayer - the very same taxpayer who had just recently bailed the industry out from certain disaster to the tune of 700 billion dollars during the Wall Street crisis. So yet again, the fat cats had convinced an uninformed American public that protecting themselves, and their families, from corporate manipulation was a form of socialism, and therefore, un-American. Essentially, they convinced us that President Obama was un-American, because he was engaged in a socialist plot to protect our families. Think about that.
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Those in congress who are protecting the insurance industry from government intrusion are doing a great job - of protecting their campaign contributions. They've managed to so complicate the healthcare debate that many Americans have been completely blinded to what should be clearly obvious. There's only one issue in this debate - whether or not we want to entrust the healthcare of our families to an entity whose only goal is to provide service, or one that's in the business solely to make as much profit as humanly possible.
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In order to see through the smoke and mirrors of this debate we need ask ourselves only a few very basic questions. First, do we really believe that the insurance industry is giving politicians $1.3 million a day just so they can protect our well being? Second, how have the insurance companies become so rich that they can afford to give away that kind of money? Third, if they're doing such a good job of looking after our interest, why do they fear that a public option will lead to a government takeover of the industry?
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And finally, what's so bad about government-protected healthcare anyway? The government protects us with the police department, the fire department, the military, social security, and medicare. So why do we allow these things to be run by government? What do they have in common? The answer is very simple - they are all services that are much too essential to our well being to entrust to those whose single motive, and sole reason for being, is to make a profit.
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Can you imagine what it would be like having to negotiate with the police department after having a child kidnaped? Imagine the police telling you, "I sorry but your daughter just turned eighteen, so she's no longer covered under your kidnaping policy." That's exactly what's happening to Americans on a daily basis regarding their family's healthcare.
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The fact is, the so-called insurance industry is not an industry at all. An industry produces products. The insurance business produces nothing. It is made up of Wall Street speculators who take your money with the promise that they'll protect you from financial ruin. Then if something unforeseen does happen, they spend much of that money trying to find loopholes to get out of honoring their agreement.
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Their entire business model is based on the proposition that they can get more money out of you than they'll have to pay back. So they're not in the business of providing you with a service. On the contrary - they're in the business of taking your money while providing you with as little service as possible. That's how they make a profit.
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Now, with his healthcare reform, it is President Obama's contention that too many Americans are being denied services, and as a result, they're dying or losing everything they own just so these speculators can make money. He wants to bring that to an end.
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In response, the politicians who the insurance companies are paying to deceive you are screaming bloody murder - and since they don't have truth on their side, they've taken to lying to the American people.
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If your representative is among them, instead of representing your interest, he's being paid by the insurance companies to lobby against you. He's trying to convince you that it's a bad thing for you to have the choice of a public option that would protect you and your family from loss of coverage if you're laid off your job, or having your insurance cancelled if a member of your family contracts a disease that the private insurance companies deem so expensive to treat that it cuts into their profits. In short, he's placing his seat in congress before the welfare of your family.
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These politicians will often claim that a public option would place a government bureaucrat between you and your doctor. But the fact is, the healthcare plan that the president is proposing for you is the exact same plan that your representative and every member of congress enjoys, and I've never once heard a member of congress complain about their healthcare.
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In addition, they always conveniently fail to mention that with your current healthcare you have a businessman, who's out to make a profit, between you and your doctor. You're rarely aware of what goes on between your doctor and your current insurance company, because your doctor simply won't prescribe a treatment that he knows the insurance company won't cover. But how many times have you gone to the pharmacy and had a generic drug suggested because your insurance won't cover the drug that the doctor originally prescribed, and wanted you to have?
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In addition, we mustn't forget that the infamous AIG is also an insurance company. It was suppose to be insuring Wall Street against investment losses, and you see what happened there - AIG was so greedy for profits and paid so little attention to the precarious condition of its customers, that when Wall Street collapsed and AIG's customers came to it to cover the losses that they'd paid billions of dollars to insure, AIG simply said, "Sorry, we can't help you."
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Thus, if the crooks on Wall Street can't trust the insurance companies, the average American family doesn't have a chance. And remember, even though AIG was founded, appropriately enough, in Shanghai, China, and was doing business and spreading its money all over the world, when it found itself in trouble it ran back to the United States to pick your pocket, in order to get back on it's feet.
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And that's not the worst of it. Once the American taxpayer did agree to help them to get back on their feet, they took much of our hard-earned tax money (while we were losing our homes and jobs) and used it to wine and dine company bigwigs at plush resorts, and pass out multi-million dollar bonuses to the very people who ran the company in the ground, and they are currently spending the gains that they received from YOUR tax dollars, to pay YOUR representatives, to undermine YOUR interests.
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So now, these are the people that many of your representatives want to protect from a government takeover - never mind what's in the best interest of your family. And it is these very same people who have already robbed you of your tax dollars, that your representative want to see standing between you and your doctor, with calculator in hand. Of course he does, because the government is not going to contribute to his campaign.
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So if your representative comes to you during this break and tries to feed you this nonsense, you should respond with just one sentence - "You're out of here in the very next election." You'd be entirely justified, since his support of the insurance lobby is irrefutable evidence that what he sees as his vested interest, is far removed from your own.
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Eric L. Wattree
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Religious bigotry: It's not that I hate everyone who doesn't look, think, and act like me - it's just that God does.

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