The fact that Obama insists on extending the Bush tax cuts, thereby ensuring stagnation in jobs, the future dissolution of the Social Security, a leap in the rich/poor divide plaguing the country, and continuing growth of the deficit is related to the following three items.
ONE: The president met with Jamie Dimon to discuss the economy yesterday.
Dec. 8 (Bloomberg) — “President Barack Obama met with JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon at the White House today to discuss ways the administration and business community can work together on economic growth, an administration official said.
“The Oval Office meeting with Dimon was part of the president’s attempts to reach out to U.S. businesses, said the official, speaking on condition of anonymity because the meeting was private.
“Also as part of that effort, Shelly Lazarus, chairman of advertising agency Ogilvy Group Inc., met today at the White House with senior adviser Valerie Jarrett, Obama’s liaison to the business community, the official said.
“Joe Evangelisti, a JPMorgan spokesman, declined to comment….
“Over the last week the president has announced a series of measures, including a deal to extend the Bush tax cuts, which have the support of the business community.
“ ‘The president has shown a willingness to learn,’ Ivan Seidenberg, CEO of Verizon Communications Inc. chairman of the Business Roundtable, said today at a news conference in Washington. ‘The things that occurred in the past couple of days are extraordinary.’
“Obama announced a deal with South Korea on Dec. 3 that would allow a free-trade agreement between the two nations to proceed. Preserving the decade-old tax rates and passing long- stalled trade deals have been among demands of corporate advocates such as the Business Roundtable.
“Seidenberg issued a list of complaints against Obama and Democrats in Washington six months ago, saying proposals to raise corporate taxes and impose environmental regulations threatened to undercut companies’ ability to expand and hire.
“The Business Roundtable, a Washington-based group, representing chief executives from companies including JPMorgan and Exxon Mobil Corp., released a “Roadmap for Growth” today that called for changes to corporate tax policy, a cut in spending and revisions in new financial rules and health-care legislation. The group said it shared Obama’s goal of retooling the U.S. education system and modernizing the electricity grid.
“Since his party’s losses in last month’s midterm elections, Obama has held meetings with current and former top executives including Michael Duke, chief executive officer of Wal-Mart Stores Inc., Alan Lafley, a former CEO of Procter & Gamble Co., and Steven Reinemund, former chairman and CEO of PepsiCo Inc.”
TWO: the revelations of the size and scope of the Fed’s bailout of the banking sector:
From David Degraw at ampedstatus:
“What if the greatest scam ever perpetrated was blatantly exposed, and the US media didn’t cover it? Does that mean the scam could keep going? That’s what we are about to find out….
“This is the Wall Street equivalent of the Pentagon Papers….
“We were finally granted the honor and privilege of finding out the specifics, a limited one-time Federal Reserve view, of a secret taxpayer funded “backdoor bailout” by a small group of unelected bankers. This data release reveals “emergency lending programs” that doled out $12.3 TRILLION in taxpayer money – $3.3 trillion in liquidity, $9 trillion in ‘other financial arrangements.'”The Federal Reserve was secretly throwing around our money in unprecedented fashion, and it wasn’t just to the usual suspects like Goldman Sachs, JP Morgan, Citigroup, Bank of America, etc.; it was to the entire Global Banking Cartel. To central banks throughout the world: Australia, Denmark, Japan, Mexico, Norway, South Korea, Sweden, Switzerland, England… To the Fed’s foreign primary dealers like Credit Suisse (Switzerland), Deutsche Bank (Germany), Royal Bank of Scotland (U.K.), Barclays (U.K.), BNP Paribas (France)…
“Even the Financial Times, which named Lloyd Blankfein its 2009 person of the year, reacted by reporting this: ‘The initial reactions were shock at the breadth of lending, particularly to foreign firms. But the details paint a bleaker and even more disturbing picture.’…
“Think about it. In just this one peek we got at its operations, we learned that the Fed doled out $12.3 trillion in near-zero interest loans, without Congressional input….
“Can you imagine what we could do to restructure society with $12.3 trillion? Think about that…People also can’t grasp the colossal crime committed because they keep hearing the word ‘loans.’ People think of the loans they get. You borrow money, you pay it back with interest, no big deal.”That’s not what happened here. The Fed doled out $12.3 trillion in near-zero interest loans, using the American people as collateral, demanding nothing in return, other than a bunch of toxic assets in some cases. They only gave this money to a select group of insiders, at a time when very few had any money because all these same insiders and speculators crashed the system.
“Do you get that? The very people most responsible for crashing the system, were then rewarded with trillions of our dollars. This gave that select group of insiders unlimited power to seize control of assets and have unprecedented leverage over almost everything within their economies – crony capitalism on steroids.
“This was a hostile world takeover orchestrated through economic attacks by a very small group of unelected global bankers. They paralyzed the system, then were given the power to recreate it according to their own desires. No free market, no democracy of any kind. All done in secrecy. In the process, they gave themselves all-time record-breaking bonuses and impoverished tens of millions of people – they have put into motion a system that will inevitably collapse again and utterly destroy the very existence of what is left of an economic middle class. That is not hyperbole. That is what happened.
“We are talking about trillions of dollars secretly pumped into global banks, handpicked by a small select group of bankers themselves. All for the benefit of those bankers, and at the expense of everyone else. People can’t even comprehend what that means and the severe consequences that it entails, which we have only just begun to experience….
“Welcome to the neo-feudal-fascist state.
“The Global Banking Cartel has now been so blatantly exposed, you cannot possibly get away with pretending that we live in a nation of law based on the Constitution. The jig is up.
“It’s been over two years now; does anyone still seriously not understand why we are in this crisis? Our economy has been looted and burnt to the ground due to the strategic, deliberate decisions made by a small group of unelected global bankers at the Federal Reserve….”
THREE: wikileaks is said to have a file on a large US bank which they are going to dump in January. For some reason, our members of Congress and this administration are going rabid about wikileaks, even to the extent of talk about retroactively changing our laws so they can charge Assange with something, anything, here in the US. This is a strange and savage attack on freedom of the press from our own Congress. Since the State Dept. documents are not likely to be the cause of this uproar, one could conclude that the coming bank dump is the real motive behind this willingness to subvert the Constitution in order to take down one man, who only publishes what is given to him by someone else and is certainly not the author of the leaked documents themselves. And we will find the driving force behind the outrage from Congress regarding Assange and wikileaks to be the real rulers of the United States: the banking and business cartels. If wikileaks has information on a major US bank, they surely don’t want this getting out. If the coming bank dump is fairly benign, wikileaks serves as a good distraction from the ongoing financial global thievery and is as useful a tool for that purpose as any fake terrorist attack has proven to be so far. It is not coincidence that wikileaks has dominated the news cycles, while the findings about the Fed have been completely ignored by the media. The wikileaks brohaha also serves as an excuse to circumvent the freedom of the press and a free internet while the global bankers continue robbing us blind. What could be a more satisfactory arrangement for the bankers? They can steal from us at will and keep the press muzzled on the issue through our own new laws rather than having to spend their cash to bribe members of Congress or buy the media. There is, after all, a provision in the State of Emergency law (under which we are operating currently, as Obama renews Bush’ “state of emergency” each year) which already protects much of the operation of the US financial world as state secrets. New laws curtailing the press would ensure that nothing about financial decisions is allowed to be discussed in the press.