The Fix Is In: Washington's Planned Social Contract Destruction - by Stephen Lendman
The criminal class in Washington is bipartisan, united against working household interests. In fact, lawmakers yield on virtually everything big money wants, notably when banks and other corporate favorites are affected.
Last December, Obama capitulated to Republicans, rigging a deal for up to $1 trillion dollars in handouts, mostly to corporate giants and America's wealthy with working households almost entirely left out.
They still are, enduring a protracted Main Street depression, stiff-armed by Obama-led bipartisan crooks. In fact, he's more crime boss than president - stealing from the many for the few. More on his dirty scheme below.
As a result, America and other "(e)conomies are being turned into rentier ('tollbooths') to pay debts that ('real' ones) can't sustain," according to Michael Hudson. "It's a losing game," but goes on, criminally defrauding millions of people to assure creditors are paid, sucking massive amounts of wealth to their coffers, unreported by major media scoundrels, suppressing what people most need to know.
In fact, new audit figures show that Bernanke's Fed gave Wall Street and European banksters at least $16.1 trillion (called emergency loans) from December 1, 2007 - July 21, 2010, besides unknown amounts earlier and in the past year.
Moreover, it's well known that trillions of dollars are stolen, handed to corporate interests and never returned, as well as gotten in other illegal ways. As a result, taxpayers get stuck with the bill, the nation with unsustainable mounting debt, heading it eventually for ruin.
About $13 trillion in Fed bailouts went to US financial institutions, the rest to their counterparts in Britain, Germany, France, Switzerland, and Belgium, according to a Government Accountability Office (GAO) analysis.
In addition, asset swaps (good ones for toxic corporate junk) were arranged with banks in Britain, Switzerland, Canada, South Korea, Norway, Mexico, and Singapore.
Moreover, the Wall Street controlled Fed mostly outsourced its lending operations to the same institutions responsible for engineering the financial crisis, letting them profit hugely at the public's expense.
Though unsustainable, the dirty game goes on, a take the money and run scam, leaving hollowed out economies and impoverished millions on their own sink or swim.
In dirty back room deals, Obama's out in front arranging it, doing what no Republican leader would dare. No wonder Hudson accused him of governing to the right of George Bush, Sarah Palin and Michele Bachmann - America's right-wing lunatic fringe.
Notably, only Republican Nixon could go to China when America had no diplomatic relations. Only Democrat Obama dares ending America's decades-long social contract, especially Social Security, Medicare, Medicaid, and publicly funded pensions.
Hudson agrees, saying "(o)nly a Democrat posing as a left-winger could really pull off what (he's) proposing," pretending it's to sustain programs otherwise heading for insolvency.
In fact, pay-as-you-go payroll tax deductions sustain Social Security and Medicare, and will keep doing it if properly administered, needing only occasional modest adjustments.
Most workers, in part, fund public pensions, and Medicaid provides mandated safety net care for poor beneficiaries, jointly funded by the states and Washington, managed at the state level.