Sunday, June 17, 2012

Good Luck Mr. President.

This is the kind of thing that really makes me mad. Seriously? Are they for real?

Dear Patricia,
Can you believe that, only four years after Wall Street and the Big Banks brought our economy to its knees, many of those same bank CEOs are helping to shape policy at the Federal Reserve?
Talk about the fox guarding the hen house. These executives are serving as directors of the very same Federal Reserve that bailed them out in 2008 -- and is supposed to regulate them today.
It's unbelievable, and we've got to do everything we can to end these outrageous conflicts of interest.
Please join us, and our friends at Democracy for America, to become a citizen co-sponsor of the Federal Reserve Independence Act -- and help us end these huge conflicts of interest at the Fed!

The General Accounting Office has detailed instance after instance of top executives of financial institutions and corporations who could have used their influence as Federal Reserve directors to financially benefit their firms -- including board members who were affiliated with banks and companies that received near-zero-interest emergency loans from the Federal Reserve during the financial crisis.
The American people deserve a Federal Reserve that is truly independent from the financial institutions it supervises and oversees. That’s why our Federal Reserve Independence Act would:
• Prohibit banking executives or employees of companies regulated by the Fed from serving on the Federal Reserve’s board of directors;
• Prohibit the banking industry from choosing any members of the Federal Reserve’s board of directors; and
• Prohibit Fed employees or board members from owning stock or investing in companies that the Fed regulates, supervises or oversees with absolutely no exceptions. Americans deserve a Federal Reserve that works for them, not just the top one percent. Congress needs to pass the Federal Reserve Independence Act -- and you can help us do it.Please stand with us to end these outrageous conflicts of interest and reform the Federal Reserve by becoming a citizen co-sponsor of the Federal Reserve Independence Act today!

It is time for change at the Fed -- real change. Thank you for joining us and helping to make that change happen.
Bernie Sanders and Barbara Boxer
U.S. Senators
The people in the Fed, appointed by Bush, kept in office by President Obama. The time for change was January 2009. The President had the power to clean house, but for some mysterious Wall Street reason he didn't. I love Bernie Saunders, but this email won't change anything. At least he didn't ask for money. I also liked this article, Roberto Unger, Obama's Former Harvard Law School Professor, Says The President 'Must Be Defeated'
I'm not sure what motivated his professor to speak out, but I liked this,
"the Democratic Party proposes no new direction."
"Give the bond markets what they want, bail out the reckless so long as they are also rich, use fiscal and monetary stimulus to make up for the absence of any consequential broadening of economic and educational opportunity, sweeten the pill of disempowerment with a touch of tax fairness, even though the effect of any such tax reform is sure to be modest," he said. "This is less a project than it is an abdication."
The professor went on to list his complaints:
  • "His policy is financial confidence and food stamps."
  • "He has spent trillions of dollars to rescue the moneyed interests and left workers and homeowners to their own devices."
  • "He has delivered the politics of democracy to the rule of money."
  • "He has disguised his surrender with an empty appeal to tax justice."
  • "He has reduced justice to charity."
  • "He has subordinated the broadening of economic and educational opportunity to the important but secondary issue of access to health care in the mistaken belief that he would be spared a fight. 
  • "He has evoked a politics of handholding, but no one changes the world without a struggle."
 That pretty much sums it up for me. I talk to a lot of people who voted for the President, they are so disillusioned that they are not going to vote at all. I don't blame them.Just to add insult to injury, read this and weep. This PDF shows the President intends to break more promises from 2008. Why didn't he at least say he had no intention of carrying out his platform and save me the waste of time voting for him?


  1. Basically, if one puts any faith in the presidential election, we're screwed. At this point, I think it makes best sense to work on local and state level elections where there might be some hope of over turning (or preventing, depending upon where one lives) the right wing control of the state houses, which impacts us more on a daily basis. As for the national drift to endless wars and its privatization and depersonalization through mercenaries (Blackwater, for example) and drone attacks, both parties will be in the thick of it. That is, until the whole facade collapses from lack of money and the crushing debt they're rung up in our name.

  2. I think I might live in the most right wing state. With Christie as Governor ad nauseum. I totally agree with your take on drones and mercenaries. We are the new Foreign Legion. Sometimes I think the only way the facade will collapse is economically.Wait till the next wave hits us. I am still photographing the empty houses in my area.Then what is next.....? The suffering of the people in this country has absolutely no bearing on the people who supposedly serve us.

  3. I think we have to find some alternative to the two-party system. If not, we'll just end up voting for the lesser of two evils.

  4. Like I always say, the lesser of two evils is still evil.

  5. Patricia,

    I know, the angst and defeated exasperation when PResident Obama and Speaker Pelosi let slide the last 8 years. I think they felt or thought they could get some cooperation and that arresting Bus, Cheney, Alberto Gonzales, David Addington, Rumsfeld et al would be bad for the country.

    Little did they know the GOP was going to be specifically bad for the country in an effort to defeat Barack and to castigate Liberals at every turn.

    Issa's bogus hearings and Contempt of Congress vote show the Republicans have no plan other than to attack and smear and the temptation to have "our" side do it to them was strong.

    But I'm not a right-winger and I'll support the President, who despite all the flaws, mistakes and wrong-headed moves through the end...