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The Money Party at Work

We keep doing the same things over and over again and expect different results.

Michael Collins

Who are the officers guiding our ship of state, steering us through the troubled waters of a failed economy and two tragic and costly wars?

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Do we have bold leaders ready to move us away from the failed policies that generated a free market kleptocracy for insiders and their masters, the ultra wealthy?

Are they brilliant tacticians who can think far enough outside of the box to get us out of calamitous foreign adventures that generate nothing but death, destruction, and ill will on the part of those we seek to "help"?

At the start of President Obama's administration, it was clear that this would be a cabinet that spanned those few degrees of that mythical political spectrum called "the middle."  The political middle, like the Hobbits' "middle earth," is a contrivance, although much less artful.  It's where you're supposed to be if you're the president.  You stand for those who count; those with the vested interests in the economy.  You are that special gatekeeper at the intersection between avarice and the nation's wealth.

Will anything truly change?

We can tell by the key players in domestic and foreign policy.

Chief economic adviser Larry Summers and Secretary of the Treasury Tim Geithner are the stewards of economic policy and programs.  They have a long public track record.  Summers was a key player in repealing the Glass Steagall Act in 1999.  In place since the Great Depression, that law prevented banks from wild, risky speculation.  Since it was repealed in 1999, banks have run free doing the very things that the act prevented.

Summers was also a key player in the passage of the Commodity Services Modernization Act of 2000.  That act brought back derivatives which had been illegal since 1906.  These highly speculative market products were the very thing Glass-Steagall would have prevented.

Geithner served as one of the nation's top bank regulators as Chairman of the Federal Reserve Bank of New York, the most powerful Fed by far.  He had his own stress test for banks in 2007 and thought everything was fine.  Most of those banks are so stressed two years later that they require welfare from the federal government just to stay afloat.

Summers is guiding government policy in the most spectacular welfare program of all - Wall Street welfare.  Banks have now received twice as much in welfare payments as they received under Bush and its just beginning.

As Treasury secretary, Geithner is making this happen. He's also working to see that the Federal Reserve offered trillions more in credit guarantees for the failed banks and bankers.  Geithner also ratified what most experts called an illegal tax break for the nation's largest banks written into code by a Bush Treasury staffer.  It's a $140 billion giveaway that no one will even talk about.  By failing to repeal or even discuss it, it's become Geithner's giveaway.

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It's refreshing to read the truth. Our MSM is ... by ronheri on Tuesday, May 26, 2009 at 9:03:20 AM
The public is so far ahead of the "rulers" it's am... by Michael Collins on Wednesday, May 27, 2009 at 2:52:04 AM
...there is only ONE "party:" The Money ... by waldopaper on Tuesday, May 26, 2009 at 11:27:07 AM
said that the optimum population for the world was... by Jack Harrington on Tuesday, May 26, 2009 at 1:47:00 PM
"Could they be planning for the die-off? Could th... by Nikko Gold on Tuesday, May 26, 2009 at 8:26:09 PM
That's not how we planned it or what we want. ... by Michael Collins on Wednesday, May 27, 2009 at 3:05:57 AM
These evil control freaks seriously believe that m... by ronheri on Wednesday, May 27, 2009 at 11:19:19 PM
That's prime material. It looks like you've updat... by Michael Collins on Wednesday, May 27, 2009 at 2:58:27 AM
Well, wake up Nikko! Indeed as Alex Jones has... by crispy on Wednesday, May 27, 2009 at 8:02:30 AM
I totally agree, well put.... by ronheri on Wednesday, May 27, 2009 at 11:22:51 PM