(9 am. – promoted by ek hornbeck)
We must give Obama credit for brazenly stating that the Federal Government cannot manage the banking system and must, instead, be managed by the banks. Here are his own words from a speech delivered today:
we believe that preemptive government takeovers are likely to end up costing taxpayers even more in the end, and because it is more likely to undermine than to create confidence. Governments should practice the same principle as doctors: first do no harm. So rest assured – we will do whatever is necessary to get credit flowing again, but we will do so in ways that minimize risks to taxpayers and to the broader economy. To that end, in addition to the program to provide capital to the banks, we have launched a plan that will pair government resources with private investment in order to clear away the old loans and securities – the so-called toxic assets – that are also preventing our banks from lending money.
Geithner and Summers told Obama that the fraudsters and grifters running the banks inspire “confidence” in the markets, and that nationalizing these institutions and firing their managers would create “risks to taxpayers.” Got that? Keeping the managers who wrecked our financial system in power is low-risk!
The Hippocratic oath reference (First do no harm) applies directly to the CEOs of the banks, because Obama is insisting on protecting their jobs and bonuses. It certainly does not apply to ordinary American citizens who are being foreclosed, fined, feed, and otherwise squeezed by bankers desperate to avoid collapse of their insolvent institutions.
This is the unadulterated bull$hit that passes for economic policy in the Obama administration, a government so completely dominated by Wall Street cronies that it can’t even INVESTIGATE the biggest economic collapse since the Great Depression. Obama’s economic team has persuaded him that his administration can’t run the top five US banks better than the clowns who rendered them insolvent. This is a deliberate decision to reinforce failure, and it stinks of legalized corruption through a network of influence.
Capitulation complete; surrender accomplished. The banks are running America, and Obama is now their top PR man.
10 comments
Skip to comment form
It has to be said:
But it’s only been 90 days!!!!
What a fucking liar he is.
The reasons he gave for not going national on the banks was weak and indefensible. I know he ran as a moderate but keeping the same people in power and turning over our treasure to them is really rather insane. Doing the same thing over and over and hoping for a different result.
ON daily Kos you are attacked relentlessly if you don’t buy the spin as if you are either a tool a sabateur or cretin and traitor. If we allow finance to helm the economy there is going to never be real stabioity or wealth creation for the working class. There will be exploitative rates of usery and draconian methods of collection. The wealth being sent upstream to the banks is not going to trickle back. He speech was full of rhetoric but empty on the kind of policy that really would result in a redistribution of wealth. It seened to have the desired effect of lulling the many back to sleep. The bankers are going to remain in charge and there is little we will be able to do. Dissent on the left is being shot down. I was told on Daily Kos to join the Tea parties and I am on the left and think their protests are ridiculous. Let’s just villify Krugman and RIch and Greenwald and Black and anyone else who dares to question the leader. They weren’t elected so they don’t count. Right.
What’s good for General Motors, er, Citigroup, is good for the USA! and wow, a’int Bo cute?