Hillary Clinton on Financial Market Crisis [Update]
By SusanUnPC on March 17, 2008 at 4:35 PM in Economy, Hillary Clinton, Housing & Housing Crisis
UDPATE: Via MSNBC’s First Read “Looking Back” at the day: “With the economy dominating the news, Clinton told reporters that she had spoken with the Treasury secretary and the president of the New York Federal Reserve about the steps the Fed took yesterday to restore confidence in the market.” Obama? He “also spoke on the economy, criticizing Bush’s handling of it. “When I saw the president in his press conference, almost lighthearted and joking about some of these issues, I think it did not instill the kind of confidence in the American people and certainly it didn’t instill any confidence in me that the Administration is taking the situation seriously.”
So, which candidate talked, and which candidate acted presidentially today?
Hillary’s statement today is below, as is more testimony about Hillary’s abilities on the economy. But, first, here’s CNBC host Jim Cramer interviewing Hillary:
Statement from Hillary Clinton, March 17, 2008
“This is a moment of great unique uncertainty in our financial markets. The crisis that began in the subprime mortgage market has spilled over and now poses a broader threat. I am following the developments in our markets closely. This morning I spoke with Secretary Paulson and New York Federal Reserve President Tim Geithner. They both outlined the actions that were taken yesterday to ensure liquidity and restore confidence in the market. I relayed to them my thoughts and concerns. I will continue to monitor the situation closely throughout the day and will seek advice and counsel from a broad range of economic advisors.
“As a senator from New York , I am keenly focused on the impact of these market developments on the lives and livelihoods of thousands of New Yorkers and on the New York economy as a whole. I am also reminded everyday as I meet with families and listen to their stories that the effective function of our market isn’t just about Wall Street, it is about Main Street.
It’s about the families I meet that are struggling to fend off foreclosures and stay in their homes. It’s about construction workers who used to build houses and are now out of work. It’s about the college student who has good credit but is struggling to get a loan. What is happening on Wall Street may well affect the lives and fortunes of tens of millions of Americans who work hard everyday. They’ve done nothing wrong, but they will be impacted.
“In these times of stress and uncertainty, we need to be vigilant, to do everything in our power to maintain confidence in our financial system. I feel very strongly that in every way we’ve got to have more urgency to continue the action that was started yesterday. In my conversations earlier this morning, I raised my concern about the continuing numbers of foreclosures and my very strong belief that in the absence of addressing that aspect of this subprime mortgage credit crisis, we will not be able to make the progress that we have to make. I will follow this closely and as I said, I am particularly concerned about the many employees of Bear Stearns and their families and the ripple through the economy that this is going to cause.”
And here’s Jim Cramer talking about Hillary on Ellen’s show:
###
(small, medium and large sizes; for both dogs and cats)
+ 
Click for more on Hillary Clinton’s positions on the financial and mortgage crises.
My apologies for the O/T comments under the banner of such a serious and important post. I’ll comment on this later one.
But I just found out that
“Sir Elton John To Perform at Clinton Fundraiser on April 9th ”
He said:
“I’m not a politician but I believe in the work that Hillary Clinton does,” said John. “I’m excited to support Hillary by performing at what will be a truly memorable night.”
http://www.hillaryclinton.com/news/release/view/?id=6565
SusanUnPC:
In the midst of this wrecked economy, there are still some performance artists to make to laugh until your body.
I give you Larry Kudlow and Jerry Bower.
I haven’t stopped laughing.
Who is this person on Ellen? I don’t recognize him but bless his heart.
That’s CNBC “Mad Money” host Jim Cramer. Here’s a clip of Hillary on Cramer’s show earlier: she takes his questions on housing, trade, Structured Investment Vehicles, she’s good.
Zowie! Hillary can really think on her feet.
She knows this subject and MANY others and can discuss them with clarity and expertise.
THANKS! I added the clip to the story.
Hey! Just got home from work to see that clip at the top. Love those two clips.
Hillary’s positions on what to do about the subprime crisis need to be better refined. She knows the buzz words better than the rest, but her arguments would benefit from digging deeper. For instance, she proposes a 3-month moratorium for borrowers on sub prime mortgages in which the banks don’t collect interest or principal (taking her suggestion one step further). Who takes the hit for this?
Assuming the hit falls on the shoulders of the commercial banks, this will cause a rise in bad loans at those institutions which will likely result in higher interest rates for borrowers, tighter credit for the general economy and especially her constituency, and ultimately could increase the need for further assistance to some banks by the government (which the taxpayers fund). It’s circular logic. Just saying.
Also, Hillary, like all candidates, receives significant funding from Wall Street. So, she needs to refine her spiel and know that the Street banks are mostly brokers which do not make the mortgages and were not involved in “duping” the public. What Wall Street does is buy mortgages from commercial banks and package and sell them in what is known as asset-backed (specifically mortgage-backed) securities. The miscalculation of the risk of these assets and the mispricing of them is the real culprit in this crisis. In other words, the commercial banks catch ‘em, and the Wall Street brokers clean ‘em and fry ‘em.
I want her to do better on this topic as a Senator from New York. She’s smart enough.
Goldman sachs contributes heavily to both dems.
You all had your chance with Edwards or Kucinich, you all wanted a “boomer” with an aggrandized sense of entitlement or a cool dude with a mellifluous voice. You have what you wanted. You can always vote for the has been old fart with a killing fetish. Shame he couldn’t buy some more cheap rugs this trip but the seller was killed and the market place is “too dangerous” now even with the whole army and all those helicopters to cover his collaborator’s ass.
On the one hand, we have a candidate who gave a one time speech to a group of 350 ANTI-WAR PROTESTERS! Claiming having good judgement!
On the other hand we have a candidate who has been calling for intervention and action by the GWB administration for a year now before things get to a full blown recession!
Oh by the way, this same candidate who has been demanding action has 35 yrs of experience and actually sits on committees and works! The other, well has a few yrs of experience and feels running for President is more important to the thousands of troops fighting to sit on his committees!
Nothing has become more clear the past few days than who is the person best needed on Day 1 with the Judgement and experience and who will forever change the White House in the fact she is a WOMAN!
Call the DNC and demand the importation of none Democrats ends now in swaying this valuable part of our democracy!
Forgot something, anyone holding media stocks like CNN, NBC, CBS, ABC and the likes, better dump them quickly, like tomorrow before they fall later when people wake up and realize these idiots were supporting the worst candidate for and of our times, which is today, not 8 yrs from now!
Buy stock in the production company of Saturday Night Live, who actually tells Americans the truth during this election season!
Oh forgot again something, anyone know if TODAY OBama is pretending to be Irish????
WE are the ones … we are the world … we are all. Of you.
I got me some hopium and i ain’t ever goin’ down again.
Unfortunately he did http://www.thetimes-tribune.com/site/news.cfm?newsid=19398422&BRD=2185&PAG=461&dept_id=415898&rfi=6
Some of you older folks may remember Jim Cramer from his years on tv touting dotcome stocks. Even after the NASDAQ top, the MSFT anti-trust suit and the droppage like irish potatoes of the dotcom issues, ol Jimbo was there pitching them as buy and hold stocks. He disappeared from TV for several years thereafter.
Others of you younger folks may remember Ol Jim touting the financial soundness of Bear Sterns a few months ago and again a few weeks ago.
ANd a few of you may remember his ranting breakdown on TV last fall demanding that the fed bail out his friends who had made “small” errors in their lending and their derivatives exposure.
Any of you who have followed his advice should be sure to continue to follow it. Maybe the fed will bail you out also.
America does love its clowns, we elect them, we blog for them, and we give them tv shows.
Meanwhile, foreign buyers stayed away in droves from the last auction of US treasury debt. Foreigners are acting a lot like american banks who have stayed away in droves from the last several auctions of municipal and state debt.
Debt is not capital. Debt is not wealth. Folks with real assets do not continue to give them to drunkard debtors. Eventually even the columbians will stop supplying you with your nose candy unless you can pay in euros or Yuan or Iranian currency.
Hillary talking to Paulsin is a lot like you talking to the pimp on the corner. A waste of time and energy, but the bs will sound good. That’s what pimps are for, to sound good and push crap.
As for Hillary’s speech, she does sound like Herbert Hoover, paens to Main street. Is there even a Main Street in NYC?
Free advice, get yourself out of debt. Do you know what the banks and credit card companies call folks who have no debt, who pay their bill’s on time and do not incur interest charges? DEADBEATS. So become a Deadbeat.
Then close your credit card accounts. If for no other reason than the intense pleasure you will get from listening to some hourly chump beg and plead and cry at you to not close the account. Why you ask? Because an open account is carried as an asset on the banks books. Your servitude is their asset.
Banks hate to see your servitude decrease. It is a funny thing how much less impressive Hillary or Barack or John become when you don’t owe anyone anything.
More free advice, learn how to garden. Some of the currently imported foods you take for granted are going to be in short supply by the end of this summer, others will be way more costly in $ than they are now.. Last free advice, bicycling is a fine way to lose weight. Every 20 miles you bike is now $4 in your pocket ( after tax disposable income hike ) by the end of summer my math says it will be $6 in your pocket.
I am glad that Hillary has talked to the people who caused the problem and is assured that they have our interests at heart now. See me do the happy hamster dance as once again Hillary enables the thugs who have already stolen 10% from your pocket in just 3 short months this year.
That will be $6 nominal, in purchasing power, if the current trend continues, that $6 will buy you about $4 of stuff in today’s values. Erosion of your purchasing power is what happened yesterday with the Bear Stearns bailout, it is what happens every time the Fed gives paper to the banks and now the non-banks in return for worthless derivatives and underwater mortgages.
Every one of those folks who took out a Liar’s loan and will default, and every one of the banks that thought they could bundle the liar’s loans and shed the risk through CDOs SIVs and derivative risk swaps will be bailed out our of your purchasing power. You will pay the moral hazard penalty, and the loss of market value and the loss of notional value for those things with no market to value them and no value even if there were a market.
If foreign governments were staying away in droves from the government bond auctions, the Treasury curve would not be able to hold current tight levels. Still, we continually bemoan the deteriorating state of our country’s balance sheet.
I suggest you compare US ratios of financial health to those of non-US G-7 - forget about emerging countries - countries. If our finances are as bad as you suggest, the whole world needs to be taken down several relative notches in terms of creditworthiness. The reality is we blow the entire developed world away on credit worthiness on a stand alone and weighted average basis.
Is that realistic given current trends, or are you just trying to put a good spin on it?
Given past actions of foreign governments, and the potential for alternate action on their behalf (switching the oil dollar to the euro, for instance) how does this affect the US?
I always look to the numbers to tell a different story, or show a scenario where the US is sinking in comparison to other rising powers when we look at aggregate sovereign financial statistics. To date, my statement holds true.
It’s a fact that globally, other countries or investors gnerally look to offset their US exposure by investing in other currencies/debt instruments that offer better total return. But the treasurers of non-US governments behave like portfolio managers. The fact remains that now, and likely for a long time to come, on a weighted average basis, the US remains the best risk-adjusted total return play on the globe. (This is veering off topic - apologies.) If you will, our piece of the pie is more than half, so how we perform makes or breaks your year by their measures. We are the global proxy.
WHy would the whole world need to be taken down just because one nation is a bankrupt?
If you want comparatives, the US economy is now the second largest in the world the EU free trade zollverin is the largest. Thanks to the deterioration in the value of the dollar.
Our finances are worse than I suggest. We save not, we are in debt to the world, we export nothing with high value added other than weaponry.
We are net importers of high tech, and importers of high tech workers.
China is still very credit worthy, India is becoming more credit worthy. And both those nations are rapidly decoupling their economies from the deadbeat trap that is the USA. The race is between how fast they can decouple and how quickly Bernanke and friends can complete the bankruptcy of the USA. One itty bitty slip and the AAA rating of US govt debt is history.
Since the rest of the world is not so invested in subsidizing Israel and not so invested in the make believe war on terror, the objectives they are working to achieve are not the same as the USA’s objectives. As for governmentally created data sets, I love the new inflation indexes. Figures don’t lie but liars figure.
The depth of Hillary’s understanding coupled with the wisdom and practicality of her solutions is TRULY inspiring. I often feel anxious listening to Barack, because I keep waiting for him to explain how he’s going to accomplish what he hints at - but even what he’s hinting at seems vague. Hillary’s background - what she has studied, the work she has done, the many great things for others, her voting record, are all consistent with the issues she offers solutions for in her speeches. This isn’t just sound-bite material - it’s deeply rooted in a lifetime of service and dedication to our country. Hillary is a great TREE with deep roots. Obama seems like a sapling, easily blown in the wind, easily damaged by attack. We all go through such times, but these formative periods are not the time to take on big leadership roles and to fight difficult battles on behalf of Billions of people! We need Hillary!
On the other hand what has Obama done for anybody?
The Rev. Jeremiah Wright, Obama’s pastor for the last 20 years at the Trinity United Church of Christ on Chicago’s south side, has a long history of “inflammatory rhetoric,” “The government gives them the drugs, builds bigger prisons, passes a three-strike law and then wants us to sing ‘God Bless America.’ No, no, no, God damn America, that’s in the Bible for killing innocent people,” he said in a 2003 sermon. “God damn America “Here is his pastor of 20 years preaching anti-American, racial hatred, anti-seminitc, revenge-seeking language. That candidate wouldn’t last 15 minutes! (Neither should this one.) No wonder Michelle Obama felt so comfortable saying she finally has a reason to be proud of her country! Bet she hangs on every word her Pastor says! The hatred he spews toward whites is about as bad what the KKK is noted for spewing toward blacks. Neither has any place in this country. Obama has been going to this church for 20 years, listening to this subversive, anti-American crap and continues to go to the church and call this man his spiritual advisor. Why is the media not going after Obama and asking him why he didn’t leave this anti-American’s flock? How can someone be President of the United States when for the past twenty years he has been going to an “I Hate America” lecture every Sunday. I want a President who is committed to America 100%. Obama himself stated that he did support the committment to Africa. Just think of how “God Damn America” will be played over and over and over again in Republican ads. The Democratic party needs to wake up and realize that we’re being sold a bill of goods where Obama is concerned. What has the man accomplished during his short time in the U.S. Senate?The Rev. Jeremiah Wright’s anti-American, hate speech sealed the deal for me and millions of other citizens of this Great nation. Wakeup American we do not need to have three mistakes in row. This Guy singing for 20 years “God Damn America” and now some people want to give him the honor to be president.
To insult our country and to damn our country, while this man enjoys the very blanket of freedom that I (being military) provide, is absolutely unforgivable. I would NEVER vote for Obama. Not even for the president of the PTA. I HOPE THE SUPERDELEGATES OF THE DEMOCRATIC PARTY TAKE A GOOD HARD LOOK AT THIS BEFORE THEY MAKE THE DECISION TO GIVE THE NOMINATION TO SOMEONE WHO SEEMS TO BE LACKING IN GOOD JUDGEMENT WHERE HE RECEIVES HIS SPIRTUAL GUIDANCE
yawn…I’ve said this before, BUT she wants to raise taxes on ALL dividends, interest & cap gains by 5%.(From 15% to 20%) Inflation is runnin at about 7%, since the FED’s rate cuts you’re lucky to get 3% interest (tomorrow it’ll be around 1.5%) on a lousey CD. The dollar has lost about 6% of its value in the past month. Don’t be fooled by the “I’ll only raise taxes on folks makin’ 250K annually or above”, if you have a dime in savings Hillary wants 20% of it & Obama wants 24%. They don’t seem to care if you’re 80 yrs old & need every dime to cover cost of living, you’ll get punished so they can redistribute the wealth. ATTENTION Obama & Clinton, leave the rates at 15% on the 1st 25K or admit you don’t give a damn about the middle class. Bill Clinton went way over board with the Community Reinvestment Act, NAFTA & fast trac. BTW who are her economic advisors? Hillary & Obama both created their economic plans prior to meltdown & both need to readjust their plans. Is she still listening to Allen Greenspan?
We can pontificate all different financial directions and possibly all be right.
Let me suggest that Hillary’s philosopy is to aid the Free Market to make the right decisions for society.
None of the things we want can be done by government alone. Government has to be the guiding force in terms of solvency, tranparency and regulation to keep the crooks at bay. The inovation in the solution is still with the people in a Free Fair Market environment.
Susan, your should try to get the clip of Cramer on Hardball assessing HRC on todays development and comparing it to Obama’s statement, it was priceless!
Matthews didnt replay it in second hardball he did live coverage with Andrea Mitchell instead, it was that good!
yes fiscal liberal!!
it is a “Well Regulated” free market that we need and Hill certainly gets that, Obama’s advisers and friends Goolsbee, Pritzker and Crown are not the folks you want around the President when we need a plan like Rep Franks to buy these mortgages to stop the bleeding…
Sheela you are so right
I see that the TV media finally has started thinking that Clinton is the better candidate than Obama after bashing her since Jan 1. Also notice that all the Afro American commentators side with Obama all the time. How racist can you get ?CNN specially is anti Clinton. Donna Brazille, Kelli Goff , Roland Martin, Dan Lothian and Amy Holmes ( who is supposed to be representing the Republicans) always talk against Clinton. Similarly Gwen Ifill ( another Afro American) on PBS and Meet The Press always talks against Clinton. Shame on you all. 50% of the commentators on CNN are Afro Americans and are 100% of the time talking against Clinton.These are the same commentators who would not have any jobs if they were not Afro Americans. Gwenn Ifill works for Publically funded program and should resign if she is going to be constantly talking in favor of OBAMA. Obama should not be made President because he has only 36 months experience in US senate out of which he spent 14 months running for presidencyExecutive Level experience is what is needed. and to be president national & International level experience is what is important. Obama has none. Hillary has been in the Senate for 86 month. Also Hillary was Governor’s wife in Arkansas for 8 years and later for 8 years’ President’s wife. She was not just a housewife. Being an attorney herself and a smart politician she was constantly advising Clinton and was his right hand person. Bill was named the best Governor and he was the best President with no deficits and strong economy under his administration and you have to give a lot of credit to her as well for this. Hillary has been to 88 countries representing USA & knows their leaders . Obama been to may be 10. Where is the BEEF? .
CK, you su-prized me, I finally feel less alone. Did you happen to see the treasurySEC on tv today, sweatin’ & studderin’? Crammer’s been sayin’, “My bad” alot lately when MAD Money callers phone crying about their losses from his tips. Ron Paul was right when he said, “This whole country is sub-prime”. Who backs FDIC? Is it the same groups that are the primary dealers in Government securities? I hope not cause 2 of them are already down & out & a couple more are on the ropes.
Dr. Paul is correct. Actually he is the only one of the “candidates” who is correct on most things to do with foreign policy and economics. Dreadfully boring to be so correct.
Cramer is an idiot, folks love idiot schtiks, soon folks will learn how to operate idiot sticks and learn some pidgin Mandarin.
The FDIC is backed by the full faith and credit of the US government, in other words the FDIC is backed by the printing presses of the FED. ( or the taxpayer’s wallets if there is anything left in them).
Bear Stearns by the way was one of the PRIMARY dealers in US govt debt. http://en.wikipedia.org/wiki/Primary_dealers
CK,
Paul may be glad he’s not in the running and I had a thought the other day that the emergence of Rev. Wright might be a blessing in disguise if these lies and distortions keep Obama from becoming the nominee.
He’ll be saved from having to try to right this leaking ship, or the blame if he can’t.
The UK guardian has a frank take on this.
I expect the rioting to start late this summer.
GLobal warming, hotter summer, electricity price hikes.
I expect it for several reasons:
1) Gasoline will be over $5 a gallon
2) Unemployment will be up ( currently the honest unemployment number is about 8% counting those who are now longer looking, and underemployment is horrendous. The next college graduating class is facing some really difficult job entry markets … the only one hiring is the federal government )
3) I expect the dollar to continue to decline against other currencies, and oil exporting nations to start making private arrangements in other currencies. This will lead to oil shortages, and while the strategic reserve is now full, its fullness is not enough to keep the suburbs running and what little industry we have left running.
4) I expect food prices to inflate hugely. Oil is the base for most of the fertilizer and pesticide use that farms must have to keep pumping out food. Fertile farm land is being migrated from food production to ethanol production. The taxpayer funded subsidy to ethanol is unconscionable but will expand.
5) Currently there are 1,000,000 names on the domestic terrorist watch list, expect that to increase also as folks realize just how badly they are getting ripped by the two wings of our single political party.
6) The dollar has been steadily losing 5% a year in purchasing power, that rate will zoom as the government bails out more of the failures instead of letting the market wipe them out.
7) IF the Chinese, Indian and OPEC nations continue to stay away from the government debt sales, the interst cost on government debt will explode. Muni’s have already been faced with 20% interest on some of their latest attempts to borrow as the us banks have sat out the auctions.
Good times comin’ Cee … good times indeed.
Invest in yardarms, portable guillotines and lamposts. Forget about tar and feathers, those are both imports now.
ginaswo, Why do you like Barney Frank’s plan to have FHA buy bad debt?
Susan, great post. Hillary (and Bill) on the economy is a no brainer for me.
I said to someone overseas a long time ago, if there is some reason anyone who deoesn’t care about health care, SS, etc (say…a republican) should vote for HRC is: “The economy, stupid”. It was true in 1991 and it is true today. Probably more so, according to Krugman today. Even if you forget about everything else and you shine your best light on Obama and McCain:
they come so so so far behind HRC that is not funny.
Today, Iraq’s address by HRC was ignored, her remarks about the financial crisis and the employees of Bear Stearns and their families were ignored…
All what the media care is about how Obama will give this “JFK-type” race speech tomoorwo that will make Wright go away and the sun shine back on them.
Would someone give me a break ?
I feel like a character in one of Samuel Beckett’s play….
HRC has a drive at her website for PA, I just donated a small amount; check it out.
“It’s the stupidity, stupid!”
And I hope the stupidity– be it Bush or McCain or Obama — does not continue to run and ruin our poor morally and fiscally bankrupt country . . .
Too bad Hillary can’t manage her own campaign finances. And why on earth is she hiding her 2007 tax returns? How does she expect anyone to trust her with our money?
Too bad Obama isn’t showing his 2007 tax returns EITHER. I wonder what does he have to hide… That is besides his 20 year relatisonship with Wright, his mentor, his sounding board, his salvation. Wright, the racist, the bigor, Obama’s pastor for 20 years.
Kathryn: try to read, learn and think before you write. It is good exercise for the neurons.
Correction:
Second line: “relationship” and
Third line: “bigot”
In case the typos throw you off and it isn’t clear enough from the context.
Peter Paul and Hillary Clinton
http://www.networlddirectory.com/blogs/permalinks/3-2008/peter-paul-hillary-clinton-connection.html
So?
What this has to do with Wright and Obama ?
So?
What does this have to do with the Economy?
Who won the democratic primary in Texas?
http://www.networlddirectory.com/blogs/permalinks/3-2008/who-won-the-democratic-primary-in-texas.html
Why do you ask? You don’t know yet?
I Voted For Hilary Clinton
But camparing Jeremiah Wright to John McCain Minister ,,You
Can not compare,,, John McCain,, the minister he know just gave him Money,,he does not Go to his church,,, He did not Baptise john McCain kids,,, he is not on John McCain Campaign,, Just gave John McCain money,,, to compare him with Jeremiah Wright is something the Media, and the Obama Camapaign,, doing,,Barack Obama Has a Racist man who worked on his Campaign,, Jeremiah Wright, ,, who helped Barack with the title of his book,,, who baptise his kids, Barack Obama Miinister, gave Louis Farrahkan life time achievement award, ,,, Barack Obama who went to this Racist mans church,,, for 20 years,
Whats even sad is Barack Obama, followers don’t even Care, He can run over a person right now ,,, and people will still follow him,,, but one thing is for certain Barack no matter what, just lost this election,,, even if he wins the primary,,, from Hilary,,, Barack can not win a big state, Hilary followers will not back Barack Obama,,, just like if Hilary wins the primary,,, Barack Obama followers will not back Hilary ,,,,,
Obama is definitely Not Muslim, but he is a closet Racist, who employed a racist,, of all Racist, ,,,,, he is done
Watch Obama weblink
http://www.youtube.com/watch?v=Prhnc2fxAzg&feature=related%20…%20http://www.youtube.com/watch?v=u4YxPBAkfp4&feature=related
HEAR HER ROAR!
Hillary is the best.
How can you listen to this woman and vote Obama??? He could NEVER talk intelligently with Cramer like she did.
If she does not win the nomination I will quit the democratic party along with many others.
Don’t believe one optimistic word from any public figure about the economy or humanity in general. They are all part of the problem. Its like a game of Monopoly. In America, the richest 1% now hold 1/2 OF ALL UNITED STATES WEALTH. Unlike ‘lesser’ estimates, this includes all stocks, bonds, cash, and material assets held by America’s richest 1%. Even that filthy pig Oprah acknowledged that it was at about 50% in 2006. Naturally, she put her own ‘humanitarian’ spin on it. Calling attention to her own ‘good will’. WHAT A DISGUSTING HYPOCRITE SLOB. THE RICHEST 1% HAVE LITERALLY MADE WORLD PROSPERITY ABSOLUTELY IMPOSSIBLE. Don’t fall for any of their ‘humanitarian’ CRAP. ITS A SHAM. THESE PEOPLE ARE CAUSING THE SAME PROBLEMS THEY PRETEND TO CARE ABOUT. Ask any professor of economics. Money does not grow on trees. The government can’t just print up more on a whim. At any given time, there is a relative limit to the wealth within ANY economy of ANY size. So when too much wealth accumulates at the top, the middle class slip further into debt and the lower class further into poverty. A similar rule applies worldwide. The world’s richest 1% now own over 40% of ALL WORLD WEALTH. This is EVEN AFTER you account for all of this ‘good will’ ‘humanitarian’ BS from celebrities and executives. ITS A SHAM. As they get richer and richer, less wealth is left circulating beneath them. This is the single greatest underlying cause for the current US recession. The middle class can no longer afford to sustain their share of the economy. Their wealth has been gradually transfered to the richest 1%. One way or another, we suffer because of their incredible greed. We are talking about TRILLIONS of dollars which have been transfered FROM US TO THEM. All over a period of about 27 years. Thats Reaganomics for you. The wealth does not ‘trickle down’ as we were told it would. It just accumulates at the top. Shrinking the middle class and expanding the lower class. Causing a domino effect of socio-economic problems. But the rich will never stop. They just keep getting richer. Leaving even less of the pie for the other 99% of us to share. At the same time, they throw back a few tax deductible crumbs and call themselves ‘humanitarians’. Cashing in on the PR and getting even richer the following year. IT CAN’T WORK THIS WAY. Their bogus efforts to make the world a better place can not possibly succeed. Any ‘humanitarian’ progress made in one area will be lost in another. EVERY SINGLE TIME. IT ABSOLUTELY CAN NOT WORK THIS WAY. This is going to end just like a game of Monopoly. The current US recession will drag on for years and lead into the worst US depression of all time. The richest 1% will live like royalty while the rest of us fight over jobs, food, and gasoline. So don’t fall for any of this PR CRAP from Hollywood, Pro Sports, and Wall Street PIGS. ITS A SHAM. Remember: They are filthy rich EVEN AFTER their tax deductible contributions. Greedy pigs. Now, we are headed for the worst economic and cultural crisis of all time. Crime, poverty, and suicide will skyrocket. SEND A “THANK YOU” NOTE TO YOUR FAVORITE MILLIONAIRE. ITS THEIR FAULT. I’m not discounting other factors like China, sub-prime, or gas prices. But all of those factors combined still pale in comparison to that HUGE transfer of wealth to the rich. Anyway, those other factors are all related and further aggrivated because of GREED. If it weren’t for the OBSCENE distribution of wealth within our country, there never would have been such a market for sub-prime to begin with. Which by the way, was another trick whipped up by greedy bankers and executives. IT MAKES THEM RICHER. The credit industry has been ENDORSED by people like Oprah Winfrey, Ellen DeGenerous, Dr Phil, and many other celebrities. IT MAKES THEM RICHER. Now, there are commercial ties between nearly every industry and every public figure. IT MAKES THEM RICHER. So don’t fall for their ‘good will’ BS. ITS A LIE. If you fall for it, then you’re a fool. If you see any real difference between the moral character of a celebrity, politician, attorney, or executive, then you’re a fool. No offense fellow citizens. But we have been mislead by nearly every public figure. WAKE UP PEOPLE. THEIR GOAL IS TO WIN THE GAME. The 1% club will always say or do whatever it takes to get as rich as possible. Without the slightest regard for anything or anyone but themselves. Reaganomics. Their idea. Loans from China. Their idea. NAFTA. Their idea. Outsourcing. Their idea. Sub-prime. Their idea. High energy prices. Their idea. Obscene health care charges. Their idea. The commercial lobbyist. Their idea. The multi-million dollar lawsuit. Their idea. The multi-million dollar endorsement deal. Their idea. $200 cell phone bills. Their idea. $200 basketball shoes. Their idea. $30 late fees. Their idea. $30 NSF fees. Their idea. $20 DVDs. Their idea. Subliminal advertising. Their idea. Brainwash plots on TV. Their idea. Vioxx, and Celebrex. Their idea. The MASSIVE campaign to turn every American into a brainwashed, credit card, pharmaceutical, love-sick, celebrity junkie. Their idea. All of the above shrink the middle class, concentrate the world’s wealth and resources, create a dominoe effect of socio-economic problems, and wreak havok on society. All of which have been CREATED AND ENDORSED by celebrities, athletes, executives, entrepreneurs, attorneys, and politicians. IT MAKES THEM RICHER. So don’t fall for any of their ‘good will’ ‘humanitarian’ BS. ITS A SHAM. NOTHING BUT TAX DEDUCTIBLE PR CRAP. In many cases, the ‘charitable’ contribution is almost entirely offset. Not to mention the opportunity to plug their name, image, product, and ‘good will’ all at once. IT MAKES THEM RICHER. These filthy pigs even have the nerve to throw a fit and spin up a misleading defense with regard to ‘federal tax revenue’. ITS A SHAM. THEY SCREWED UP THE EQUATION TO BEGIN WITH. If the middle and lower classes had a greater share of the pie, they could easily cover a greater share of the federal tax revenue. They are held down in many ways because of greed. Wages remain stagnant for millions because the executives, celebrities, athletes, attorneys, and entrepreneurs, are paid millions. They over-sell, over-charge, under-pay, outsource, cut jobs, and benefits to increase their bottom line. As their profits rise, so do the stock values. Which are owned primarily by the richest 5%. As more United States wealth rises to the top, the middle and lower classes inevitably suffer. This reduces the potential tax reveue drawn from those brackets. At the same time, it wreaks havok on middle and lower class communities and increases the need for financial aid. Not to mention the spike in crime because of it. There is a dominoe effect to consider. IT CAN’T WORK THIS WAY. But our leaders refuse to acknowledge this. Instead they come up with one trick after another to milk the system and screw the majority. These decisions are heavily influensed by the 1% club. Every year, billions of federal tax dollars are diverted behind the scenes back to the rich and their respective industries. Loans from China have been necessary to compensate in part, for the red ink and multi-trillion dollar transfer of wealth to the rich. At the same time, the feds have been pushing more financial burden onto the states who push them lower onto the cities. Again, the hardship is felt more by the majority and less by the 1% club. The rich prefer to live in exclusive areas or upper class communities. They get the best of everything. Reliable city services, new schools, freshly paved roads, upscale parks, ect. The middle and lower class communities get little or nothing without a local tax increase. Which, they usually can’t afford. So the red ink flows followed by service cuts and lay-offs. All because of the OBSCENE distribution of bottom line wealth in this country. So when people forgive the rich for their incredible greed and then praise them for paying a greater share of the FEDERAL income taxes, its like nails on a chalk board. I can not accept any theory that our economy would suffer in any way with a more reasonable distribution of wealth. Afterall, it was more reasonable 30 years ago. Before Reaganomics came along. Before GREED became such an epidemic. Before we had an army of over-paid executives, bankers, celebrities, athletes, attorneys, investors, entrepreneurs, developers, and sold-out politicians to kiss their asses. As a nation, we were in much better shape. Strong middle class, free and clear assets, lower crime rate, more widespread prosperity, stable job market, lower deficit, ect. Our economy as a whole was much more stable and prosperous for the majority. WITHOUT LOANS FROM CHINA. Now, we have a more obscene distribution of bottom line wealth than ever before. We have a sold-out government, crumbling infrastructure, energy crisis, home forclosure epidemic, 13 figure national deficit, and 12 figure annual shortfall. The cost of living is higher than ever before. Most people can’t even afford basic health care. ALL BECAUSE OF GREED. I really don’t blame the 2nd -5th percentiles in general. No economy could ever function without some reasonable scale of personal wealth and income. But it can’t be allowed to run wild like a mad dog. ALBERT EINSTEIN TRIED TO MAKE PEOPLE UNDERSTAND. UNBRIDLED CAPITALISM ABSOLUTELY CAN NOT WORK. TOP HEAVY ECONOMIES ALWAYS COLLAPSE. Bottom line: The richest 1% will soon tank the largest economy in the world. It will be like nothing we’ve ever seen before. The American dream will be shattered. and thats just the beginning. Greed will eventually tank every major economy in the world. Causing millions to suffer and die. Oprah, Angelina, Brad, Bono, and Bill are not part of the solution. They are part of the problem. THERE IS NO SUCH THING AS A MULTI-MILLIONAIRE HUMANITARIAN. EXTREME WEALTH MAKES WORLD PROSPERITY ABSOLUTELY IMPOSSIBLE. WITHOUT WORLD PROSPERITY, THERE WILL NEVER BE WORLD PEACE OR ANYTHING EVEN CLOSE. GREED KILLS. IT WILL BE OUR DOWNFALL. Of course, the rich will throw a fit and call me a madman.. Of course, they will jump to small minded conclusions about ‘jealousy’, ‘envy’, or ’socialism’. Of course, their ignorant fans will do the same. You have to expect that. But I speak the truth. If you don’t believe me, then copy this entry and run it by any professor of economics or socio-economics. Then tell a friend. Call the local radio station. Re-post this entry or put it in your own words. Be one of the first to predict the worst economic and cultural crisis of all time and explain its cause. WE ARE IN BIG TROUBLE.
Clinton or Obama?
If you think Robert Rubin and Alan Greenspan will ‘fix the economy’, vote for Hillary Clinton.
If you think Paul Voker will correct the economy, vote for Barrack Obama.
The financial wreck we are in is the result of the deregulation by the agencies and commission of the US federal government, aided and abetted by the US Congress and the US President from Reagan through Bush II, but most fiercely, the GOP Congress, Sec Treasury Rubin, President Clinton, and the Presidential Working Group established in 1988 under Executive Order by President Ronald Reagan. With the 1999 repeal of key provisions of the 1933 Emergency Banking Act aka Glass-Steagall (adopted in response to the 1929 stock market crash and bank failures, 1 out of 4 banks ‘went under’), the decimation of US financial stability was completed.
By the way, Alan Greenspan, the former big fed chairman, was in attendance at the last meeting of the “Gulf States”, i.e. Saudi Arabia etc advising them to drop the US dollar and shift to a basket of ‘world’ currencies for valuing petroleum.
At least Paul Volker advocated restraint in financial markets although at the time his position might have made a huge difference he was ‘overruled’ by the rest of the Presidential Working Group (PWG) at the time. Although established by Reagan, the PWG went into quiessence but resurrected by Henry Paulson with great vigor and devastating results.
Volker is part of a financial network that profits off of the Iraq mess, ie Volker, Germany, China, Taliban, Iraq, Chinese arms, and nuclear energy.
Right.
Shithead.
Does that make him, technically, a traitor?
http://www.canadafreepress.com/2004/cover121504.htm