MSNBC host Rachel Maddow exposed a fake Bernie Sanders supporters face book page that appears to have beens set up by Russians to discredit the liberal senator, Maddow explained that the Russians are using information warfare to confuse, divide, distract, demoralize and ultimately defeat their rival. The MSNBC host said, “When The Huffington Post did …
Tag: Bernie Sanders
It’s the silly season and there is no escape since it the stupidity and schoolyard banality of the GOP candidates has infected the air. Today there is the Democratic caucus in Maine and Republicans hold a primary in Puerto Rico. Apparently there is a very large turn out in Maine where there are 30 delegates …
There are plenty of versions MLK Jr’s Theodore Parker quote “The arc of history..” or “The arc of the moral universe… is long but it bends toward justice.” or “The moral arc of the universe… bends at the elbow of justice.” The “Bends at the elbow” version I hadn’t seen before last night when I …
Epidemics of cholera as well as other serious diseases, including neoliberalism, can take a toll on solidarity. “Trade” deals, and the conduct used in pushing them through to adoption, can be purposely choleric in order to accentuate a breakdown in solidarity. A carefully-orchestrated disinformation and intimidation campaign can provide a loud and pushy disincentive to obtaining and sharing knowledge and growing into a healthier society.
The Gipper is credited with the famous saying “trust, but verify.” However, it is actually an old Russian proverb. The phrase came in handy when scrutinizing the actions of the potentially dastardly Russian Mikhail S. Gorbachev.
With matters of political economics, we have learned over the last hundred years that verification is not always easy because labels sometimes defy reality. Since the fall of the authoritarian state capitalist Soviet Union, which claimed to be real and scientific socialism, apathy has set in about true human choice on matters not having to do with consumer goods. The possibility of a heterodox deeply democratic vision for humanity is laughed at by commenters. They blithely point to North Korea and the supposedly happy riveters south of the border who produce things once made by Americans for the great now debt-driven and trade-imbalanced American marketplace.
Speaking of Russia, its dolls and other trinkets are now made in China too. Ironically, the British Green Quaker documentary filmmaker David Malone aptly says that modern “trade” agreements are like Russian dolls, with lots of other dolls inside that have nothing to do with trade. We are expected to place the doll up on a shelf and not worry what’s inside, even if the shelf is getting repossessed.
Anyway, it’s not really as simple as opening up to see the next doll inside, although it would be nice if we were allowed to at least do that before making the purchase. If the global “we” really wants to understand something that comes with risk, such as a disease, or a series of massive “trade” deals, we must first be able to put the pieces as well as the whole under a microscope, do DNA tests, and have plenty of time to learn what exactly it is we are seeing. Learning the ecological context is also critical.
Sounds like technical questions best left to experts! So, we can sit this one out. Maybe it is we who are dialectical dolls here, expected to live superficially without addressing our interior selves. Why concern one’s pretty little self with such manly and adult details?
More broadly, absolutely do not ponder whether the globalization of hegemonic capitalism is the disease or the cure. That would necessitate openly and closely studying and discussing, without fear of repression, the system that is being imposed, the crises it inevitably causes, the insolvency it constantly courts, the reserve army of unemployed workers, the lack of fair distribution of the winnings that arise from the system, and calmly comparing the available alternatives, including everything from tweaks to overhauls to repeal and replace.
Democracy is this potentially great mass experimental method if the powers that be would allow it to work deeply and openly. If we were allowed to trust but verify we could be engaged citizens. Instead, we are forced to leave democracy to neoliberal politicians, experts, and talking heads, as if they will explain to us what little it is that we need to know after they have made their decisions, which have bound within them unprecedented curtailments to democracy.
This sounds more like oligarchical exploitation than rule by the people. But what can we do to defend ourselves in times like these?
At least from the time of Spartacus, solidarity has been the enemy of exploitation, always has been and always will be. But woe unto those who take the risks of speaking the truth to power, or even seeking the truth. The doubt-inspiring whispers are reaching a chorus of “shut-up and know your place.” Self-doubt cannot help but set in:
In the end, did Spartacus really want to be free and in solidarity with other people in the struggle to be free? Wasn’t it really pretty nice being a Thracian gladiator after all? And for his followers, as they were hanging from crosses every bit as real as Jesus’s, might they not have had a little buyer’s remorse?
Come to daddy. Put aside those passions. Don’t question too much. It’s for your own good that you are being led through the valley of the shadow of death in a blindfold.
“We were talking about the space between us all”
“It’s always the same story. For a fact that interests us, touches us, it is necessary that it becomes part of our inner life, it is necessary that it does not originate far from us, that is the people we know, people who belong to the circle of our human space.”
“Hasta allí Gramsci. Siempre un adelantado. Siempre con los que sufren.”
We all need justice and safety, none more than Jews in the wake of the Holocaust. But apparently those “filthy Arabs” are humans too. An artificial redefinition of space known as “a new nation” can be founded for ostensibly “humane” reasons but use patently inhumane means of achievement.
I thought in a “constitutional” “democracy” we were supposed to all agree on certain basic organic principles (not including freedom from want and fear, of course) and then work out the details with voting?–unless, of course, we are Native Peoples, African Americans, or European Americans who happened to be poor in the temperate Atlantic region of North America in the late 1700’s. What could possibly go wrong? For a contemporary answer to this non-academic question, so dependent on militarization and deception, look to the southeastern side of the Mediterranean Sea.
One of the architects of the audit of the Federal Reserve was former Rep. Alan Grayson (D-FL) who is running for his old house seat. He appeared with Keith Olbermann to discuss the Bloomberg report on the secret no strings, 0% interest $7.7 trillion had out to the banks that they also reaped another $13 billion in profits. As Rep. Grayson points out it is far worse than even the Bloomberg report.
So what does the Obama administration have to say about this? Apparently not a lot. The president is too busy raising campaign money from those who benefited most from this bailout. Obama’s minions on Twitter and in so-called “progressive” blogs have rushed in to defend him against any appearance that he sides with the banks. They ignore the history of the president’s part in the dilution of the Dodd/Frank regulations which has yet to take affect. So here is a brief refresher to keep this based in reality.
Way back at the beginning of Barack Obama’s administration and in the aftermath of the 2008 Wall St/Banking meltdown, financial reform had strong bipartisan support. The original Dodd-Frank Bill contained a provision for regular audits to the end the secrecy of the Federal Reserve. It was introduced in the House by Rep. Alan Grayson (D-FL) and Rep, Ron Paul (R-TX) with strong support from on the Senate side from Sen. Bernie Sanders (I-VT) and Sen. Jim DeMint (R-SC). However, the amendment was opposed by not only Wall St. and the Federal Reserve, it was also opposed by the Obama administration so strenuously that Obama threatened to veto the entire Dodd/Frank bill if the audit was included. That amendment failed and a second one was crafted for the one time audit which was just as adamantly opposed by Obama and company.
Deal Killer? White House Takes Aim At Fed Audit Provision
by Brian Beutler | May 4, 2010,
Possibly today, but if not today then soon, the Senate will decide whether or not to follow the House’s lead and adopt a provision requiring government auditors to open up the books at the Federal Reserve. The measure enjoys a great deal of popularity on both the left and the right, but is so fiercely opposed by powerful interests that it could nonetheless become a stumbling block in the way of financial regulatory legislation.
Right now Sen. Bernie Sanders (I-VT) is trying to round up 60 or more votes to overcome a likely filibuster and include an “audit the Fed” provision in the Senate’s bill. There are just a few small obstacles: the White House, major financial institutions, and the Fed itself. Their resistance is fierce–but the measure is so popular that killing it will be difficult for them and that, in their eyes, threatens to put a grenade at the center of efforts to to tighten the rules on Wall Street. [..]
That’s why, according to the Wall Street Journal they’ll “fight to stop it at all costs.” The White House is hoping to cut off “audit the Fed” in the Senate, so that they’ll have a stronger hand when House and Senate negotiators meet to iron out the differences between their regulatory reform bills. If the Senate bill does not include Sanders’ amendment, then the House will be in a weak position vis-a-vis the Senate and White House and the provision could be easily stripped.
If Sanders prevails, then the White House will be all but out of options and President Obama will likely be left with the choice of vetoing the legislation, or signing it and raising the ire of very powerful people. Stay tuned.
Sanders’ amendment for a one time only audit prevailed and was conducted this past year that has revealed a massive handout to banks. We now know why the Federal Reserve and the banks didn’t want this audit. The question now is what is going to be done to prevent the Federal Reserve from dong this again. It’s fairly obvious what the president’s policy is, he sides with Wall St and the banks, the 1%.
Preferably some independent adult supervision
What was revealed in the audit was startling: $16,000,000,000,000.00 had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest. Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious – the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs.
To place $16 trillion into perspective, remember that GDP of the United States is only $14.12 trillion. The entire national debt of the United States government spanning its 200+ year history is “only” $14.5 trillion. The budget that is being debated so heavily in Congress and the Senate is “only” $3.5 trillion. Take all of the outrage and debate over the $1.5 trillion deficit into consideration, and swallow this Red pill: There was no debate about whether $16,000,000,000,000 would be given to failing banks and failing corporations around the world.
In late 2008, the TARP Bailout bill was passed and loans of $800 billion were given to failing banks and companies. That was a blatant lie considering the fact that Goldman Sachs alone received 814 billion dollars. As is turns out, the Federal Reserve donated $2.5 trillion to Citigroup, while Morgan Stanley received $2.04 trillion. The Royal Bank of Scotland and Deutsche Bank, a German bank, split about a trillion and numerous other banks received hefty chunks of the $16 trillion.
Angry? Check out page 131 of the GAO Audit to see the actual amounts that each institution received.
Senator Bernie Sanders released his report on Friday and appeared with Dylan Ratigan to discuss the problems and conflicts within the Fed.
October 19, 2011
WASHINGTON, Oct. 19 – A new audit of the Federal Reserve released today detailed widespread conflicts of interest involving directors of its regional banks.
“The most powerful entity in the United States is riddled with conflicts of interest,” Sen. Bernie Sanders (I-Vt.) said after reviewing the Government Accountability Office report. The study required by a Sanders Amendment to last year’s Wall Street reform law examined Fed practices never before subjected to such independent, expert scrutiny.
The GAO detailed instance after instance of top executives of corporations and financial institutions using their influence as Federal Reserve directors to financially benefit their firms, and, in at least one instance, themselves. “Clearly it is unacceptable for so few people to wield so much unchecked power,” Sanders said. “Not only do they run the banks, they run the institutions that regulate the banks.”
Sanders said he will work with leading economists to develop legislation to restructure the Fed and bar the banking industry from picking Fed directors. “This is exactly the kind of outrageous behavior by the big banks and Wall Street that is infuriating so many Americans,” Sanders said.
The corporate affiliations of Fed directors from such banking and industry giants as General Electric, JP Morgan Chase, and Lehman Brothers pose “reputational risks” to the Federal Reserve System, the report said. Giving the banking industry the power to both elect and serve as Fed directors creates “an appearance of a conflict of interest,” the report added.
The 108-page report found that at least 18 specific current and former Fed board members were affiliated with banks and companies that received emergency loans from the Federal Reserve during the financial crisis.
In the dry and understated language of auditors, the report noted that there are no restrictions in Fed rules on directors communicating concerns about their respective banks to the staff of the Federal Reserve. It also said many directors own stock or work directly for banks that are supervised and regulated by the Federal Reserve. The rules, which the Fed has kept secret, let directors tied to banks participate in decisions involving how much interest to charge financial institutions and how much credit to provide healthy banks and institutions in “hazardous” condition. Even when situations arise that run afoul of Fed’s conflict rules and waivers are granted, the GAO said the waivers are kept hidden from the public.
The report by the non-partisan research arm of Congress did not name but unambiguously described several individual cases involving Fed directors that created the appearance of a conflict of interest, including:
Stephen Friedman In 2008, the New York Fed approved an application from Goldman Sachs to become a bank holding company giving it access to cheap Fed loans. During the same period, Friedman, chairman of the New York Fed, sat on the Goldman Sachs board of directors and owned Goldman stock, something the Fed’s rules prohibited. He received a waiver in late 2008 that was not made public. After Friedman received the waiver, he continued to purchase stock in Goldman from November 2008 through January of 2009 unbeknownst to the Fed, according to the GAO.
Jeffrey Immelt The Federal Reserve Bank of New York consulted with General Electric on the creation of the Commercial Paper Funding Facility. The Fed later provided $16 billion in financing for GE under the emergency lending program while Immelt, GE’s CEO, served as a director on the board of the Federal Reserve Bank of New York.
Jamie Dimon The CEO of JP Morgan Chase served on the board of the Federal Reserve Bank of New York at the same time that his bank received emergency loans from the Fed and was used by the Fed as a clearing bank for the Fed’s emergency lending programs. In 2008, the Fed provided JP Morgan Chase with $29 billion in financing to acquire Bear Stearns.At the time, Dimon persuaded the Fed to provide JP Morgan Chase with an 18-month exemption from risk-based leverage and capital requirements. He also convinced the Fed to take risky mortgage-related assets off of Bear Stearns balance sheet before JP Morgan Chase acquired this troubled investment bank.
Lets not forget who President Obama chose to replace Rahm Emanuel, Bill Daley, son of legendary Chicago Mayor Richard J. Daley (D) and brother of the more recent Mayor Richard M. Daley (D). Oh, I forgot, Geithner is also the architect of Bill Clinton’s NAFTA Agreement that Obama promised to fix and Midwest Chairman of JPMorgan Chase.
Then there is our Treasury Secretary, Tim Geithner, a protégé of Lawrence Summers and Robert Rubin, who while president of the Federal Reserve Bank of New York, played a large role in directing the Federal Government’s spending on the late-2000s financial crisis, including allocation of $350 billion of funds from the Troubled Asset Relief Program enacted during the previous administration.
None of these people should be allowed anywhere near either the Federal Reserve or the Treasury. Most of them should be in jail.
I know, you have “breaking news” overload. But I can’t help but see the parallels between the Middle East and what happens here at home.
Wisconsin is waging its own fight for democracy and economic liberty, without the aid of an international coalition. They are planning to oust leaders who voted for enslavement. But what should they demand from the new people they elect to the legislature? How could they permanently break the bonds of economic enslavement?
I have a few suggestions.
In his speech yesterday, Bernie Sanders spoke of (and I am paraphrasing here) he spoke of needing his fellow citizens to back him up so that he could represent us.
Representing your constituents is a power in and of itself.
We have certainly seen and felt the power of those who represent the rich and powerful in this country. Their constituents pay a great deal of attention to their representatives.
Our guys? Not so much. And often for very good reason. The dynamic, for one thing, is very different. The rich constituents are used to succeeding, they truly do buy governmental power.
We may convince some reps of our POV, but we usually don’t have the means or sometimes even the skills, to transfer our power as citizens to our representatives in a way they can use to counter the power of the other constituency.
I am speaking literally here. Power is not an abstract thought, it is a real force in this universe, and we all have it whether we abuse it, use it, hide it or throw it away, don’t matter.
Anyway, I give Bernie credit for knowing where his power comes from. He knows it viscerally. There are probably some others in Congress, and in state and local government now who know that the same way.
I am heartened that me and my fellow citizens are now aware, in whatever capacity we have, that this kind of power may take longer to amass, but once people are brought together, the represented supporting and informing the representative, and the representative allowing that power to come forth, to truly represent the former, there is no power that can withstand it.
Ed and Bernie take on the Chamber of
Commerce Outsourcing …
They urge Congress to pass this Act designed to slow the pace of Outsourcing:
Creating American Jobs and Ending Offshoring Act
WHO in the World — Does the CHAMBER work for, anyways?
Cuz it aint you and me.