When Biden took office, one of his first acts was the elimination of our border security. Like a power-hungry dictator, Biden simply decided to ignore our immigration laws. His catastrophic border policy resulted in untold millions of unidentified foreign citizens from around the world pouring into our country. Its impact is now being felt in cities across the country. The worst is yet to come. PETER LEMISKA - AND WE'RE ALREADY THERE!!!
Monday, August 6, 2012
NY regulator: British bank helped Iran evade sanctions, hide billions - The Hill's On The Money BANKSTERS ARE CRIMINALS! ALL OF THEM ARE! JUST IN DIFFERENT DEGREES
Senate GOP says Obama administration violating law on admissibility of immigrants - The Hill's Floor Action
Senate GOP says Obama administration violating law on admissibility of immigrants - The Hill's Floor Action
OBAMA’S HISPANICAZATION OF AMERICA
FOR THE LA RAZA VOTE:
*
WIKI LEAKS EXPOSES OBAMA’S OPEN
BORDERS AGENDA – BUILDING A BORDERLESS TERRITORY WITH NARCOMEX:
*
OBAMA’S LA RAZA PARTY INFESTED
ADMINISTRATION:
*
OBAMA’S PHANTOM IMMIGRATION ENFORCEMENT:
*
LA RAZA CRIME TIDAL WAVE:
*
POLITICIANS HISPANDERING FOR LA RAZA VOTE:
http://mexicanoccupation.blogspot.com/2011/05/how-to-accurately-detect-disingenuous.html
*
OBAMA’S LA RAZA ICE RELEASED 8,000 MEX CRIMINALS
BACK ONTO US:
*
OBAMA AND THE FASCIST MEXICAN SUPREMACY MOVEMENT OF LA RAZA “THE RACE”
*
OBAMA PROMISES NON-ENFORCEMENT OF LAWS THAT HINDER LA
RAZA OCCUPATION:
*
FEDS ALLOW ILLEGALS OVER OUR BORDERS:
http://mexicanoccupation.blogspot.com/2011/05/feds-allow-illegal-aliens-to-cross.html
*
8 OUT OF 10 ILLEGALS CAUGHT, NEVER PROSECUTED:
8 Out of 10 Illegals
Apprehended in 2010 Never Prosecuted
http://www.alipac.us/article-6162-thread-1-0.html
http://www.alipac.us/article-6162-thread-1-0.html
*
OBAMA HANDS TAX
DOLLARS TO MEXICAN SUPREMACIST:
*
ON THE GROWIN POWER OF “LA RAZA” FASCISM FOR MEX SUPREMACY
*
OBAMA’S CATCH AND RELEASE PROGRAM WRITTEN BY MEXICO:
*
OBAMA SABOTAGES OUR BORERS FOR ILLEGALS:
*
OBAMA QUIETLY ERASING BORDERS BY DEMAND OF MEXICO,
LA RAZA, AND THE U.S. CHAMBER of COMMERCE:
*
OBAMA TELLS LA RAZA
ALL ILLEGALS ARE LEGAL:
*
Lou Dobbs Tonight
Monday, September 28, 2009
And T.J. BONNER, president of the National Border Patrol Council, will weigh in on the federal government’s decision to pull nearly 400 agents from the U.S.-Mexican border. As always, Lou will take your calls to discuss the issues that matter most-and to get your thoughts on where America is headed.
Monday, September 28, 2009
And T.J. BONNER, president of the National Border Patrol Council, will weigh in on the federal government’s decision to pull nearly 400 agents from the U.S.-Mexican border. As always, Lou will take your calls to discuss the issues that matter most-and to get your thoughts on where America is headed.
*
TERRORIST IN OUR UNDEFENDED NATION, WHILE BILLIONS
SQUANDERED OVER IN MUSLIM LAND:
*
OBAMA ARMS MEXICAN ILLEGAL REBELS:
*
OBAMA KEEPS NARCOMEX ROUTES OPEN TO EASE MORE LA RAZA OVER
OUR BORDERS AND INTO THE VOTING BOOTHS:
*
OBAMA CELEBRATES LA RAZA INVASION:
*
*
OBAMA TELLS PENTAGON NO TROOPS ON OUR OPEN BORDERS:
http://www.wsws.org/articles/2011/feb2011/mexi-f10.shtml
Pentagon
official: US could send troops to fight Mexican “insurgency”
FAIRUS.org
The
Administration's Phantom Immigration Enforcement Policy
According
to DHS’s own reports, very little of our nation’s borders (Southwestern or
otherwise) are secure, and gaining control is not even a goal of the
department.
By Ira Mehlman
Published on 12/07/2009
Townhall.com
Published on 12/07/2009
Townhall.com
The setting was not
quite the flight deck of the U.S.S. Abraham Lincoln with a “Mission
Accomplished” banner as the backdrop, but it was the next best thing. Speaking
at the Center for American Progress (CAP) on Nov. 13, Homeland Security
Secretary Janet Napolitano declared victory over illegal immigration and
announced that the Obama administration is ready to move forward with a mass
amnesty for the millions of illegal aliens already living in the United States.
Arguing the Obama
administration’s case for amnesty, Napolitano laid out what she described as
the “three-legged stool” for immigration reform. As the administration views
it, immigration reform must include “a commitment to serious and effective
enforcement, improved legal flows for families and workers, and a firm but fair
way to deal with those who are already here.”
Acknowledging that a
lack of confidence in the government’s ability and commitment to effectively
enforce the immigration laws it passes proved to be the Waterloo of previous
efforts to gain amnesty for illegal aliens, Napolitano was quick to reassure
the American public that those concerns could be put to rest.
“For starters, the
security of the Southwest border has been transformed from where it was in
2007,” stated the secretary. Not only is the border locked up tight, she
continued, but the situation is well in-hand in the interior of the country as
well. “We’ve also shown that the government is serious and strategic in its
approach to enforcement by making changes in how we enforce the law in the
interior of the country and at worksites…Furthermore, we’ve transformed
worksite enforcement to truly address the demand side of illegal immigration.”
If Rep. Joe Wilson
had been in attendance to hear Secretary Napolitano’s CAP speech he might well
have had a few choice comments to offer. But since he wasn’t, we will have to
rely on the Department of Homeland Security’s own data to assess the veracity
of Napolitano’s claims.
According to DHS’s
own reports, very little of our nation’s borders (Southwestern or otherwise) are
secure, and gaining control is not even a goal of the department. DHS claims to
have “effective control” over just 894 miles of border. That’s 894 out of 8,607
miles they are charged with protecting. As for the other 7,713 miles? DHS’s
stated border security goal for FY 2010 is the same 894 miles.
The administration’s
strategic approach to interior and worksite enforcement is just as chimerical
as its strategy at the border, unless one considers shuffling paper to be a
strategy. DHS data, released November 18, show that administrative arrests of
immigration law violators fell by 68 percent between 2008 and 2009. The
department also carried out 60 percent fewer arrests for criminal violations of
immigration laws, 58 percent fewer criminal indictments, and won 63 percent
fewer convictions.
While the official
unemployment rate has climbed from 7.6 percent when President Obama took office
in January to 10 percent today, the administration’s worksite enforcement
strategy has amounted to a bureaucratic game of musical chairs. The
administration has all but ended worksite enforcement actions and replaced them
with paperwork audits. When the audits determine that illegal aliens are on the
payroll, employers are given the opportunity to fire them with little or no
adverse consequence to the company, while no action is taken to remove the
illegal workers from the country. The illegal workers simply acquire a new set
of fraudulent documents and move on to the next employer seeking workers
willing to accept substandard wages.
In Janet Napolitano’s
alternative reality a mere 10 percent of our borders under “effective control”
and sharp declines in arrests and prosecutions of immigration lawbreakers may
be construed as confidence builders, but it is hard to imagine that the
American public is going to see it that way. If anything, the administration’s
record has left the public less confident that promises of future immigration
enforcement would be worth the government paper they’re printed on.
As Americans
scrutinize the administration’s plans to overhaul immigration policy, they are
likely to find little in the “three-legged stool” being offered that they like
or trust. The first leg – enforcement – the administration has all but sawed
off. The second – increased admissions of extended family members and workers –
makes little sense with some 25 million Americans either unemployed or
relegated to part-time work. And the third – amnesty for millions of illegal
aliens – is anathema to their sense of justice and fair play.
As Americans well
know, declaring “Mission Accomplished” and actually accomplishing a mission are
two completely different things. When it comes to enforcing immigration laws,
the only message the public is receiving from this administration is “Mission
Aborted.”
Health Care Law - Rasmussen Reports™ Did Obama Lie to the Nation That Illegals Are Not Included in Obamacare?
Health Care Law - Rasmussen Reports™
What happened to President Obama? His wax wings having melted, he is the man who fell to earth. What happened to bring his popularity down further than that of any new president in polling history save Gerald Ford (post-Nixon pardon)?
Illegals Receiving Health Care…."But....( of course there is!)"
LA RAZA DEMS WORKING HARD FOR THEIR PARTY BASE OF ILLEGALS:
Some illegal immigrants have used stolen Social Security numbers to qualify for health programs -- a form of medical identity theft increasingly on hospital radars. Many more scramble to pay for their medicine and doctors visits in cash, a challenge in an economy where day-laborer work has dried up.
Florida ER doctor's notes
Having spent three weeks in a hospital in Naples, Florida with my wife I couldn’t help noticing what was going on in the hospital and I had a lot of time to talk to the doctors and nurses about what I had observed. Below is a commentary from an ER Doctor. Do you think this might be a big reason our health care system and our social security system are so screwed up? Do you think this might be a big reason our taxes keep going up? Who do you think these people are going to vote for?
From a Florida ER doctor:
"I live and work in a state overrun with illegals. They make more money having kids than we earn working full-time. Today I had a 25-year old with 8 kids - thats right 8; all illegal anchor babies and she had the nicest nails, cell phone, hand bag, clothing, etc. She makes about $1,500 monthly for each; you do the math. I used to say, We are the dumbest nation on earth. Now I must say and sadly admit: WE are the dumbest people on earth (that includes ME) for we elected the idiot idealogues who have passed the bills that allow this. Sorry, but we need a revolution. Vote them all out in 2010. "
“What's needed to discourage illegal immigration into the United States has been known for years: Enforce existing law.” ….. CHRISTIAN SCIENCE MONITOR
*
Is Obama no longer serving the Mexican Fascist Party of LA RAZA?
*
THE PURPOSE OF LA RAZA “THE RACE” IS TO EXPAND THE MEXICAN WELFARE STATE, AND MAKE SURE THAT LAWS NEVER APPLY TO ILLEGALS.
PRESS RELEASE FROM LA RAZA.
That seems to be the same conclusion over at the National Council of La Raza:
Yesterday, the White House released a plan that once again excluded proposals to adequately address high uninsurance rates in the Latino community. It missed out on a key opportunity to fix serious flaws in Senate health care reform legislation, bypassing a number of pending legislative priorities that are critical to Latinos' well-being.
*
Pro-Illegal-Immigration 'La Raza' Blasts Obama Health Plan . . . (for Not Including Illegal Aliens)
Pro-Illegal-Immigration 'La Raza' Blasts Obama Health Plan for Not Including Illegal Aliens
By Roy Beck, - posted on NumbersUSA
The open-borders lobby is wailing about Pres. Obama's health care compromise, and that seems like it should be good news on the immigration front.
They say the President is leaving all illegal aliens out of the plan. And they are calling on their activists to phone the White House to demand that illegal aliens be included.
Pres. Obama's printed outline of changes doesn't mention immigration status at all. That certainly alarmed us at first.
You may recall that the President promised last summer that illegal aliens will not be included in any part of a new national health care plan. The Senate followed that for the most part in the bill it passed (as opposed to the House bill which is wide open for illegal-alien use).
Our NumbersUSA experts on the Hill have told me that they believe the Senate bill remains operative except in the cases of changes outlined by Obama this week. That should mean that illegal aliens are excluded.
That seems to be the same conclusion over at the National Council of La Raza:
Yesterday, the White House released a plan that once again excluded proposals to adequately address high uninsurance rates in the Latino community. It missed out on a key opportunity to fix serious flaws in Senate health care reform legislation, bypassing a number of pending legislative priorities that are critical to Latinos' well-being.
U.S. Latinos should be furious with the way the National Council of La Raza equates Latinos with illegal aliens.
The fact is that the Obama plan doesn't treat Latino Americans any differently than any other Americans. But it does treat legal U.S. residents differently than illegal ones. And La Raza should keep in mind that illegal aliens aren't just Latino but come in every nationality and ethnicity.
La Raza's action alert vilifies Obama's plan for requiring verification of a person's eligibility to have access to the government health coverage.
The pro-Amnesty, pro-illegal-immigration National Council of La Raza continued its recent attacks on Obama:
Unfortunately, the failure of the White House to act on these core priorities is more of the same inaction that we have seen in the past year. It is clear to NCLR that unless Latinos speak up now, we will continue to have our priorities undermined in the future.
-- National Council of La Raza
-- ROY BECK is Founder & CEO of NumbersUSA
*
THIS IS THE REALITY OF WHY OUR BORDERS ARE LEFT OPEN AND UNDEFENDED:
MOST OF THE FORTUNE 500 ARE GENEROUS DONORS TO LA RAZA – THE MEXICAN FASCIST POLITICAL PARTY
*
“The principal beneficiaries of our current immigration policy are affluent Americans who hire immigrants at substandard wages for low-end work. Harvard economist George Borjas estimates that American workers lose $190 billion annually in depressed wages caused by the constant flooding of the labor market at the low-wage end.” Christian Science Monitor
*
LA RAZA – “THE (MEXICAN) RACE”….
THE NATIONAL COUNCIL OF LA RAZA
1126 16th Street, N.W.
Washington, D.C.
202-785 1670
Get on La Raza’s email list to find out what this fascist party is doing to expand the Mexican occupation. NCLR.org
FOR THE EXPANSION OF THE MEXICAN WELFARE STATE, AND MEXICAN SUPREMACY
LA RAZA is the virulently racist political party for ILLEGALS (only Mexicans) and the corporations that benefit from illegals, and the employers of illegals. IT IS ILLEGAL TO HIRE AN ILLEGAL.
LA RAZA IS THE MEXICAN FASCIST PARTY of AMERICA and has contempt for AMERICANS, AMERICAN LAWS, AMERICAN LANGUAGE, AMERICAN BORDERS, and the AMERICAN FLAG.
However LA RAZA does like the AMERICAN WELFARE SYSTEM. The welfare system in the country is so good that Mexico has dumped 38 million of their poor, illiterate , criminal and frequently pregnant over our border.
*
FAIRUS.org
FEDERATION FOR AMERICAN IMMIGRATION REFORM
OBAMA LIED! PELOSI LIED! ILLEGALS ( THEIR LA RAZA PARTY
BASE) ARE SILL INCLUDED IN OBAMACARE!
THESE TWO CORRUPT LA RAZA DEMS RIGGED IT LIKE THEY ALWAYS DO
FOR ILLEGALS. THEY WROTE THE LAW STATING THAT ILLEGALS MAY NOT GET OBAMACARE,
BUT THEN ADDED A CLAUSE MAKING IT ILLEGAL FOR HEALTHCARE OPERATIONS TO ASK THE
ILLEGALS THAT CAN'T SPEAK ENGLISH, IF
THEY ARE ILLEGAL!
PELOSI HAS LONG HIRED ILLEGALS AT HER ST. HELENA, NAPA WINERY.
HER LA RAZA SISTER AND OBAMA DONOR, DIANNE FEINSTEIN HAS
LONG HIRED ILLEGALS AT HER S.F. HOTEL, ONLY MILES FROM FEINSTEIN'S $16 MILLION
DOLLAR WAR PROFITS MANSION! YOU WONDERED WHY FEINSTEIN VOTED FOR WAR, WAR, WAR,
ENDLESS WAR???
FEINSTEIN AND BOXER HAVE THREE (3) TIMES PUSHED ON BEHALF OF
THEIR BIG AG BIZ DONORS FOR A "SPECIAL AMNESTY" FOR 1.5 MILLION
ILLEGAL FARM WORKERS FROM MEXICO, DESPITE THE FACT THAT CA PUTS OUT $20 BILLION
PER YEAR IN SOCIAL SERVICES TO ILLEGALS, AND THAT ONE-THIRD OF ALL
"CHEAP" LABOR EXPLOITED FARM WORKERS END UP ON WELFARE!
BOXER WAS REELECTED WITH THE VOTES OF ILLEGALS DESPITE HER
STAGGERING CORRUPTION THAT HAS HELPED HER AMASS A FORTUNE OF MILLIONS WHILE IN
ELECTED OFFICE.
MEXICANOCCUPATION.blogspot.com
IS THERE ANYONE CELEBRATING THE LA RAZA
PELOSI OBAMA HEALTHCARE SCAM THAT STILL BELIEVES THAT OBAMA DIDN’T LIE! HE LIED
THROUGH HIS TEETH ON THE SENATE FLOOR TO THE ENTIRE NATION!
HIS BIT BY BIT AMNESTY PLAN DOES
INCLUDE ILLEGALS! NOW LOOK AT THE STAGGERING COST OF THE LA RAZA–PELOSI-OBAMA
HEALTHCARE PLAN, MUCH OF WHICH WILL END UP IN BIG FARMA POCKETS, THEN MULTIPLY
THAT BY 38 MILLION ILLEGALS PELOSI, OBAMA, BOXER AND FEINSTEIN WANT TO GIVE OUR
JOBS TO!
WHAT’S
YOUR FIGURE FOR THIS BAILOUT$?$?$?$?$?$?$?$?$?
QUOTE FROM JOHN EDWARDS CAMPAIGN
MANAGER
"Barack Obama's
kind of change is where you sit down and you cut a deal with the corporate
world," Edwards Campaign Manager David Bonior said during an interview
with MSNBC’s Joe Scarborough. "If you look at his record in Illinois when
he had a major — sponsored a major health bill that's what he did. He watered
down with the help of the corporate lobbyist and they got a weak product out of
that."
Scarborough asked:
"Are you saying that Barack Obama is a sellout to corporate
interests?"
Bonior replied:
"He was four years ago in Illinois. All you have to do is look at the
legislation I'm referring to."
Bonior was referring
to health care legislation that Obama was instrumental in passing when he was
an Illinois state senator five years ago, in part because he worked with
insurance companies to make additions to the bill that would ensure their
approval of the measure.
*
All this while the administration was cutting backroom deals with every manner of special interest - from drug companies to auto unions to doctors - in which favors worth billions were quietly and opaquely exchanged.
All this while the administration was cutting backroom deals with every manner of special interest - from drug companies to auto unions to doctors - in which favors worth billions were quietly and opaquely exchanged.
DENVERPOST.com
opinion
Krauthammer: The decline of Obama
By Charles Krauthammer
Posted: 09/04/2009 01:00:00 AM MDT
What happened to President Obama? His wax wings having melted, he is the man who fell to earth. What happened to bring his popularity down further than that of any new president in polling history save Gerald Ford (post-Nixon pardon)?
The conventional
wisdom is that Obama made a tactical mistake by
All this while the
administration was cutting backroom deals with every manner of special interest
- from drug companies to auto unions to doctors - in which favors worth
billions were quietly and opaquely exchanged.
farming out his
agenda to Congress and allowing himself to be pulled left by the doctrinaire
liberals of the Democratic congressional leadership.
ALL THREE, OBAMA,
REID AND PELOSI MAKE JUDICIAL WATCH’S 10 MOST CORRUPT EVERY YEAR!
But the idea of Harry
Reid and Nancy Pelosi pulling Obama left is quite ridiculous. Where do you
think he came from, this friend of Chavista ex-terrorist William Ayers, of PLO
apologist Rashid Khalidi, of racialist inciter Jeremiah Wright?
But forget the
character witnesses. Just look at Obama's behavior as president, beginning with
his first address to Congress.
Unbidden, unforced
and unpushed by the congressional leadership, Obama gave his most deeply felt
vision of America, delivering the boldest social democratic manifesto ever
issued by a U.S. president. In American politics, you can't get more left than
that speech and still be on the playing field.
In a center-right
country, that was problem enough. Obama then compounded it by vastly misreading
his mandate. He assumed it was personal.
This, after winning
by a mere seven points in a year of true economic catastrophe, of an
extraordinarily unpopular Republican incumbent, and of a politically weak and
unsteady opponent.
Nonetheless, Obama
imagined that, as Fouad Ajami so brilliantly observed, he had won the kind of
banana-republic plebiscite that grants caudillo-like authority to remake
everything in one's own image.
Accordingly, Obama
unveiled his plans for a grand makeover of the American system, animating that
vision by enacting measure after measure that greatly enlarged state power,
government spending and national debt.
Not surprisingly,
these measures engendered powerful popular skepticism that burst into tea-party
town-hall resistance.
Obama's reaction to
that resistance made things worse. Obama fancies himself tribune of the people,
spokesman for the grass roots, harbinger of a new kind of politics from below
that would upset the established lobbyist special-interest order of Washington.
Yet faced with
protests from a real grass-roots movement, his party and his supporters called
it a mob - misinformed, misled, irrational, angry, unhinged, bordering on
racist.
All this while the
administration was cutting backroom deals with every manner of special interest
- from drug companies to auto unions to doctors - in which favors worth
billions were quietly and opaquely exchanged.
"Get out of the
way" and "don't do a lot of talking," the great bipartisan
scolded opponents whom he blamed for creating the "mess" from which
he is merely trying to save us.
If only they could
see. So with boundless confidence in his own persuasiveness, Obama undertook a
summer campaign to enlighten the masses by addressing substantive objections to
his reforms.
Things got worse
still. With answers so slippery and implausible and, well, fishy, he began
jeopardizing the most fundamental asset of any new president - trust.
You can't say that
the system is totally broken and in need of radical reconstruction, but nothing
will change for you; that Medicare is bankrupting the country, but $500 billion
in cuts will have no effect on care; that you will expand coverage while
reducing deficits - and not inspire incredulity and mistrust. When ordinary
citizens understand they are being played for fools, they bristle.
After a disastrous
summer - mistaking his mandate, believing his press, centralizing power,
governing left, disdaining citizens for (of all things) organizing - Obama is
in trouble.
Let's be clear: This
is a fall, not a collapse. He's not been repudiated or even defeated. He will
likely regroup and pass some version of health insurance reform that will
restore some of his clout and popularity.
But what has occurred
- irreversibly - is this: He's become ordinary. The spell is broken. The
charismatic conjurer of 2008 has shed his magic. He's regressed to the mean,
tellingly expressed in poll numbers hovering at 50 percent.
For a man who only
recently bred a cult, ordinariness is a great burden, and for his acolytes, a
crushing disappointment. Obama has become a politician like others.
And like other
flailing presidents, he will try to salvage a cherished reform - and his own
standing - with yet another prime-time speech.
But for the first
time since election night in Grant Park, he will appear in the most unfamiliar
of guises - mere mortal, a treacherous transformation to which a man of Obama's
supreme self-regard may never adapt.
*
Illegals Receiving Health Care…."But....( of course there is!)"
CNN
INTERVIEW OF LYING LA RAZA PELOSI ON HEALTHCARE TO ILLEGALS
“If you’re in this country illegally,
should you be able to get health care?” CNN’s John King asked Mrs. Pelosi.
“No, illegal immigrants are not covered
by this plan,” she replied.
Mrs. Pelosi’s remarks are downright
deceptive, according to Congressman Lamar Smith (R-Texas), who points out that
the proposed health care legislation “contains gaping loopholes that will allow
illegal immigrants to receive taxpayer-funded benefits .”
These loopholes, Rep. Smith maintains, are “no accident.” He
maintains that the proposed legislation, despite months of debate, still
contains no mechanism for verifying if applicants are legal residents or not.
The
Republican members of the Ways and Means Committee attempted to address this
loophole by an amendment proposed by Congressman Dick Heller (R-Nevada) which
would have required applicants for government provided or subsidized health
care to demonstrate eligibility through the Income and Eligibility Verification
System (IEVS) and the Systematic Alien Verification for Entitlements (SAVE)
systems.
*
THE LA RAZA DEMS AT WORK! CALL THEM TODAY! SEND THEM PACKING
BACK TO MEXICO!
LA RAZA DEMS WORKING HARD FOR THEIR PARTY BASE OF ILLEGALS:
But, on July 29, the
Heller Amendment was soundly defeated by the following 26 Majority Members of
the House Ways & Means Committee: Xavier
Becerra (Calif.), Shelley Berkley (Nev.), Earl Blumenauer (Ore.), Joe
Crowley (N.Y.), Artur Davis (Ala.), Danny Davis (Ill.), Lloyd Doggett (Texas),
Bob Etheridge (N.C.), Brian Higgins (N.Y.), Ron Kind (Wis.), John Larson
(Conn.), Sander Levin (Mich.), John Lewis (Ga.), Jim McDermott (Wash.),
Kendrick Meek (Fla.), Richard Neal (Mass.), Bill Pascrell (N.J.), Earl Pomeroy
(N.D.), Chairman Charlie Rangel (N.Y.), Linda
Sanchez (Calif.), Allyson Schwartz (Pa.), Pete Stark (Calif.), John Tanner (Tenn.), Mike Thompson (Calif.), Chris
Van Hollen (Md.), and John Yarmuth (Ky.).
The Federal for American Immigration
Reform (FAIR) believes the legislation is now purposefully self-contradictory
in order to ensure that the millions of illegal Latinos will receive coverage.
FAIR points out that while one provision of the proposed health care reform
bill states illegal immigrants will not be eligible for benefits, the
legislation remains without any system of verification for determining if a
patient is a legal or illegal U. S. resident.
Moreover, Fair insists, the bill leaves
open the possibility that if one citizen family member is eligible for benefits,
then the entire family —including illegal immigrants — is also eligible for the
benefits.
“At a time when the federal government
is running trillion dollar deficits, and the projected costs of the proposed
health care overhaul seem to grow with each passing day, the committee that
writes our tax laws wants Americans to pay for the health care costs of illegal
aliens,” says FAIR President Dan Stein. “Given the opportunity to close
loopholes that would cost the public billions of dollars each year, Democrats
on the committee unanimously rejected an amendment that would bar illegal
aliens from a national health care program.”
The cost of treating illegal aliens
amounts to nearly $11 billion a year, according to calculations done by the
Federation for American Immigration Reform (FAIR), a non-profit group that
opposes illegal immigration. And that cost is not expected to go away if a
health insurance reform bill becomes law.
According to FAIR’s Director of Special
Projects Jack Martin, illegal immigrants presently cost U. S. taxpayers $10.7
billion a year for health care. The numbers are contained in a report that FAIR
plans to publish in the near future.
“The current health care bill is
looking as if it is leaving a very large loophole for medical coverage being
provided to illegal aliens,” Martin said.
So
again, yes, the speaker of the House can say: "We've made no provision for
Health Care for Illegal Aliens". But, is she in fact telling you the WHOLE
truth or only half a truth. I am an independent voter and I, at this point,
have my opinion. You be the judge for your own opinion.
*
The politics of Healthcare Reform
from the AP -
"Immigration analyst James R. Edwards Jr. reported last
week in National Review that "no health legislation on the table requires
federal, state or local agencies -- or private institutions receiving federal
funds -- to check the immigration status of health-program applicants, so some
of the money distributed via Medicaid and tax credits inevitably would go to illegal
aliens." Moreover, the Senate Finance Committee plan creates a preference
for illegal aliens by exempting them from the mandate to buy insurance.
That's
right. Lawabiding, uninsured Americans would be fined if they didn't submit to
the ObamaCare prescription.
Lawbreaking
bordercrossers and deportation fugitives would be spared.
For years, advocates of uncontrolled
immigration have argued that illegals aren't getting free health care, and that
even if they were, they'd not be draining government budgets. The fiscal crisis
in California gives lie to those talking points. In March, the Associated Press
reported that Sacramento and Contra Costa counties were slashing staff and
closing clinics due to the prohibitive costs of providing nonemergency health
services for illegals.
"The
general situation there is being faced by nearly every health department across
the country, and if not right now, shortly," Robert M. Pestronk of the
National Association of County and City Health Officials, told the AP."
*
AND OBAMA IS STILL SABOTAGING OUR
BORDERS, LAWS AND JOBS FOR ILLEGALS, WHOM HE’S PROMISED AMNESTY or at least
CONTINUED NON-ENFORCEMENT!
Lou
Dobbs Tonight …Thursday, April 9, 2009
Plus, outrage after President Obama prepares to push ahead with his plan for so-called comprehensive immigration reform. Pres. Obama is fulfilling a campaign promise to give
legal status to millions of illegal aliens as he panders to the pro-amnesty, open borders lobby. Tonight we will have complete coverage.
*
Plus, outrage after President Obama prepares to push ahead with his plan for so-called comprehensive immigration reform. Pres. Obama is fulfilling a campaign promise to give
legal status to millions of illegal aliens as he panders to the pro-amnesty, open borders lobby. Tonight we will have complete coverage.
*
ACCORDING TO CA ATTORNEY GENERAL KAMALA
HARRIS, A LA RAZA DEM FOR OPEN BORDERS, NEARLY HALF THE MURDERS IN MEXIFORNIA
ARE BY MEX GANGS!
Lou Dobbs Tonight
And there are some
800,000 gang members in this country: That’s more than the combined number of
troops in our Army and Marine Corps. These gangs have become one of the
principle ways to import and distribute drugs in the United States. Congressman
David Reichert joins Lou to tell us why those gangs are growing larger and
stronger, and why he’s introduced legislation to eliminate the top three
international drug gangs.
*
Lou Dobbs Tonight …Monday, February 11, 2008
In California, League of United Latin American Citizens has
adopted a resolution to declare "California Del Norte" a sanctuary
zone for immigrants. The declaration urges the Mexican government to invoke its
rights under the Treaty of Guadalupe Hidalgo "to seek third‑nation neutral
arbitration of ....disputes concerning immigration laws and their
enforcement." We’ll have the story.
*
Lou Dobbs Tonight Wednesday, March 5, 2008 Immigration experts
are appearing on Capitol Hill today to release the results of a study showing
the cost of illegal immigration on the criminal justices system in the 24 U.S.
counties bordering Mexico–more $1 billion in less than a decade.
*
Lou
Dobbs Tonight … Wednesday, June 10, 2009
Gov. Schwarzenegger said California is facing “financial Armageddon”. He is making drastic cuts in the budget for education, health care and services. But there is one place he isn’t making cuts… services for illegal immigrants. These services are estimated to cost the state four to five billion dollars a year. Schwarzenegger said he is “happy” to offer these services. We will have a full report tonight.
Gov. Schwarzenegger said California is facing “financial Armageddon”. He is making drastic cuts in the budget for education, health care and services. But there is one place he isn’t making cuts… services for illegal immigrants. These services are estimated to cost the state four to five billion dollars a year. Schwarzenegger said he is “happy” to offer these services. We will have a full report tonight.
*
Lou
Dobbs Tonight … Thursday, May 28, 2009
Plus drug cartel violence is spreading across our border with Mexico further into the United States. Mexican drug cartels are increasingly being linked to crimes in this country. Joining Lou tonight, from our border with Mexico is the new “border czar” Alan Bersin, the Department of Homeland Security Assistant Secretary for International Affairs and Special Representative for Border Affairs.
Plus drug cartel violence is spreading across our border with Mexico further into the United States. Mexican drug cartels are increasingly being linked to crimes in this country. Joining Lou tonight, from our border with Mexico is the new “border czar” Alan Bersin, the Department of Homeland Security Assistant Secretary for International Affairs and Special Representative for Border Affairs.
*
PELOSI HAS ALWAYS VOWED THE WALL WOULD
NOT BE BUILT. OBAMA HAS SABOTAGED THE WALL CONSTRUCTION EVERY INCH AND TURNED
DHS INTO DEPT. of HOMELAND SECURITY = PATHWAY TO CITIZENSHIP & GRINGO JOBS!
Lou Dobbs Tonight … Monday, February 16, 2009
Construction
of the 670 miles of border fence mandated by the Bush administration is almost
complete. The Border Patrol says the new fencing, more agents and new
technology
have reduced illegal alien apprehensions. But fence opponents are trying to stop the last few miles from being finished. We will have a full report, tonight.
have reduced illegal alien apprehensions. But fence opponents are trying to stop the last few miles from being finished. We will have a full report, tonight.
HOSPITALS
IN MEX-OCCUPIED CA PUT OUT $1.3 BILLION IN “FREE” MEDICAL FOR ILLEGALS!
OBAMA
LIED!!! WHEN HE SAID ILLEGALS WERE NOT INCLUDED IN HIS OBAMAcare.
WE ARE
MEXICO’S WELFARE AND PRISON SYSTEM! IT IS TIME THEY PAY FOR THEIR OWN POOR,
ILLITERATE, CRIMINAL AND PREGNANT? THE LA RAZA DEMS SAY NO! GRINGOS WILL KEEP
PAYING! EVEN AS THESE VERY ILLEGALS HAVE OUR JOBS!
*
For
some, a struggle WHO THINKS ABOUT THE STRUGGLE OF THE AMERICANS?
Some illegal immigrants have used stolen Social Security numbers to qualify for health programs -- a form of medical identity theft increasingly on hospital radars. Many more scramble to pay for their medicine and doctors visits in cash, a challenge in an economy where day-laborer work has dried up.
*
HERE’S HOW
WELL MEXICO’S WELFARE SYSTEM IN OUR BORDERS WORKS!
AN AMERICAN SEES & SPEAKS – Illegals and the
MELTDOWN OF OUR HEALTHCARE SYSTEMS ACROSS THE COUNTRY – The Ever Expanding
Mexican Welfare System
WHY WE ARE IN SUCH A MONEY SQUEEZE
Florida ER doctor's notes
Having spent three weeks in a hospital in Naples, Florida with my wife I couldn’t help noticing what was going on in the hospital and I had a lot of time to talk to the doctors and nurses about what I had observed. Below is a commentary from an ER Doctor. Do you think this might be a big reason our health care system and our social security system are so screwed up? Do you think this might be a big reason our taxes keep going up? Who do you think these people are going to vote for?
From a Florida ER doctor:
"I live and work in a state overrun with illegals. They make more money having kids than we earn working full-time. Today I had a 25-year old with 8 kids - thats right 8; all illegal anchor babies and she had the nicest nails, cell phone, hand bag, clothing, etc. She makes about $1,500 monthly for each; you do the math. I used to say, We are the dumbest nation on earth. Now I must say and sadly admit: WE are the dumbest people on earth (that includes ME) for we elected the idiot idealogues who have passed the bills that allow this. Sorry, but we need a revolution. Vote them all out in 2010. "
*
Mexico Promotes Free U.S. Healthcare
For Illegal Immigrants
Time to wake up
people! With unemployment at 12% and the state going broke, our tax dollars are
going to pay for healthcare for hundreds of thousands of illegal aliens. To the
tune of over a billion dollars a year!
Read on:
Mexico's government operates programs in about a dozen American cities that refers its nationals--living in the U.S. illegally--to publicly funded health centers where they can get free medical care without being turned over to immigration authorities.
The program is called Ventanillas de Salud (Health Windows) in Spanish and its mission is to help illegal immigrants find U.S. hospitals, clinics and other government programs where they can get free services without being deported for violating federal immigration laws.
Chicago, Houston, Los Angeles, San Diego and Indiana are among the cities where Mexican consulates operate the health referral system which annually costs U.S. taxpayers billions of dollars. In Los Angeles County alone, illegal immigrants cost taxpayers nearly $440 million in health services annually and a whopping $1.1 billion statewide.
Read on:
Mexico's government operates programs in about a dozen American cities that refers its nationals--living in the U.S. illegally--to publicly funded health centers where they can get free medical care without being turned over to immigration authorities.
The program is called Ventanillas de Salud (Health Windows) in Spanish and its mission is to help illegal immigrants find U.S. hospitals, clinics and other government programs where they can get free services without being deported for violating federal immigration laws.
Chicago, Houston, Los Angeles, San Diego and Indiana are among the cities where Mexican consulates operate the health referral system which annually costs U.S. taxpayers billions of dollars. In Los Angeles County alone, illegal immigrants cost taxpayers nearly $440 million in health services annually and a whopping $1.1 billion statewide.
(THE
COUNTY OF LOS ANGELES PUTS OUT $600 MILLION PER YEAR IN WELFARE TO ILLEGALS)
The Mexican consul in Los Angeles proudly announced that nearly 300,000 Mexicans in the area have benefited from his government's health referral program, which he says actually saves the county money by encouraging immigrants to seek preventive care rather than waiting for more expensive emergency treatment.
The Southern California operation promises to assess "consulate clients" for eligibility to government-funded health insurance and other primary care services and offers free legal assistance to those who are denied coverage. Its goal is to improve access to health services for immigrants of Mexican origin by formalizing a health education, medical home referral and insurance enrollment program.
In Chicago, the Mexican consul's Spanish-language web site heavily promotes the Illinois Department of Health's low-cost prescription medicine program for illegal aliens and various free medical services throughout the state. It encourages all Mexicans in the area to pursue the valuable U.S. government-financed services for their entire family.
The Indiana-based program boasts that it serves thousands of "Mexican nationals" living in that state as well as Ohio, Kentucky and southern Illinois. Mexican officials claim that its highly successful pro-health program sends out a clear message to other Mexican consulates throughout the country and the world.
Although these programs facilitate people to remain in the country illegally, Mexico is working hard to expand them to all 47 U.S. consulates to better serve its nationals. In the meantime, U.S. taxpayers will keep picking up the exorbitant tab of medically treating the millions who live in the country illegally.
www.judicialwatchwatch.org
The Mexican consul in Los Angeles proudly announced that nearly 300,000 Mexicans in the area have benefited from his government's health referral program, which he says actually saves the county money by encouraging immigrants to seek preventive care rather than waiting for more expensive emergency treatment.
The Southern California operation promises to assess "consulate clients" for eligibility to government-funded health insurance and other primary care services and offers free legal assistance to those who are denied coverage. Its goal is to improve access to health services for immigrants of Mexican origin by formalizing a health education, medical home referral and insurance enrollment program.
In Chicago, the Mexican consul's Spanish-language web site heavily promotes the Illinois Department of Health's low-cost prescription medicine program for illegal aliens and various free medical services throughout the state. It encourages all Mexicans in the area to pursue the valuable U.S. government-financed services for their entire family.
The Indiana-based program boasts that it serves thousands of "Mexican nationals" living in that state as well as Ohio, Kentucky and southern Illinois. Mexican officials claim that its highly successful pro-health program sends out a clear message to other Mexican consulates throughout the country and the world.
Although these programs facilitate people to remain in the country illegally, Mexico is working hard to expand them to all 47 U.S. consulates to better serve its nationals. In the meantime, U.S. taxpayers will keep picking up the exorbitant tab of medically treating the millions who live in the country illegally.
www.judicialwatchwatch.org
*
“What's needed to discourage illegal immigration into the United States has been known for years: Enforce existing law.” ….. CHRISTIAN SCIENCE MONITOR
*
Is Obama no longer serving the Mexican Fascist Party of LA RAZA?
*
THE PURPOSE OF LA RAZA “THE RACE” IS TO EXPAND THE MEXICAN WELFARE STATE, AND MAKE SURE THAT LAWS NEVER APPLY TO ILLEGALS.
PRESS RELEASE FROM LA RAZA.
That seems to be the same conclusion over at the National Council of La Raza:
Yesterday, the White House released a plan that once again excluded proposals to adequately address high uninsurance rates in the Latino community. It missed out on a key opportunity to fix serious flaws in Senate health care reform legislation, bypassing a number of pending legislative priorities that are critical to Latinos' well-being.
*
Pro-Illegal-Immigration 'La Raza' Blasts Obama Health Plan . . . (for Not Including Illegal Aliens)
Pro-Illegal-Immigration 'La Raza' Blasts Obama Health Plan for Not Including Illegal Aliens
By Roy Beck, - posted on NumbersUSA
The open-borders lobby is wailing about Pres. Obama's health care compromise, and that seems like it should be good news on the immigration front.
They say the President is leaving all illegal aliens out of the plan. And they are calling on their activists to phone the White House to demand that illegal aliens be included.
Pres. Obama's printed outline of changes doesn't mention immigration status at all. That certainly alarmed us at first.
You may recall that the President promised last summer that illegal aliens will not be included in any part of a new national health care plan. The Senate followed that for the most part in the bill it passed (as opposed to the House bill which is wide open for illegal-alien use).
Our NumbersUSA experts on the Hill have told me that they believe the Senate bill remains operative except in the cases of changes outlined by Obama this week. That should mean that illegal aliens are excluded.
That seems to be the same conclusion over at the National Council of La Raza:
Yesterday, the White House released a plan that once again excluded proposals to adequately address high uninsurance rates in the Latino community. It missed out on a key opportunity to fix serious flaws in Senate health care reform legislation, bypassing a number of pending legislative priorities that are critical to Latinos' well-being.
U.S. Latinos should be furious with the way the National Council of La Raza equates Latinos with illegal aliens.
The fact is that the Obama plan doesn't treat Latino Americans any differently than any other Americans. But it does treat legal U.S. residents differently than illegal ones. And La Raza should keep in mind that illegal aliens aren't just Latino but come in every nationality and ethnicity.
La Raza's action alert vilifies Obama's plan for requiring verification of a person's eligibility to have access to the government health coverage.
The pro-Amnesty, pro-illegal-immigration National Council of La Raza continued its recent attacks on Obama:
Unfortunately, the failure of the White House to act on these core priorities is more of the same inaction that we have seen in the past year. It is clear to NCLR that unless Latinos speak up now, we will continue to have our priorities undermined in the future.
-- National Council of La Raza
-- ROY BECK is Founder & CEO of NumbersUSA
*
THIS IS THE REALITY OF WHY OUR BORDERS ARE LEFT OPEN AND UNDEFENDED:
MOST OF THE FORTUNE 500 ARE GENEROUS DONORS TO LA RAZA – THE MEXICAN FASCIST POLITICAL PARTY
*
“The principal beneficiaries of our current immigration policy are affluent Americans who hire immigrants at substandard wages for low-end work. Harvard economist George Borjas estimates that American workers lose $190 billion annually in depressed wages caused by the constant flooding of the labor market at the low-wage end.” Christian Science Monitor
*
LA RAZA IS THE FASTEST GROWING POLITICAL PARTY IN AMERICA.
IT IS THE FASCIST PART FOR MEXICAN SUPREMACY
LA RAZA – “THE (MEXICAN) RACE”….
THE NATIONAL COUNCIL OF LA RAZA
1126 16th Street, N.W.
Washington, D.C.
202-785 1670
Get on La Raza’s email list to find out what this fascist party is doing to expand the Mexican occupation. NCLR.org
FOR THE EXPANSION OF THE MEXICAN WELFARE STATE, AND MEXICAN SUPREMACY
LA RAZA is the virulently racist political party for ILLEGALS (only Mexicans) and the corporations that benefit from illegals, and the employers of illegals. IT IS ILLEGAL TO HIRE AN ILLEGAL.
LA RAZA IS THE MEXICAN FASCIST PARTY of AMERICA and has contempt for AMERICANS, AMERICAN LAWS, AMERICAN LANGUAGE, AMERICAN BORDERS, and the AMERICAN FLAG.
However LA RAZA does like the AMERICAN WELFARE SYSTEM. The welfare system in the country is so good that Mexico has dumped 38 million of their poor, illiterate , criminal and frequently pregnant over our border.
*
FAIRUS.org
FEDERATION FOR AMERICAN IMMIGRATION REFORM
IS IT TIME FOR NARCOMEX TO COVER THE COST OF THEIR ILL?
THERE ARE MORE BILLIONAIRES IN MEXICO THAN SAUDI ARABIA OR SWITZERLAND!
INCLUDING A MAJOR SHARE OWNER OF THE NEW YORK TIMES,
MOUTHPIECE FOR LA RAZA, CARLOS SLIM!
*
HAS ANYONE EVER HEARD EVEN ONCE OF AN AMERICAN POLITICIANS
SUGGESTING THAT MEXICO BEAR THE COSTS OF THEIR OWN PEOPLE’S HEALTHCARE, WELFARE
AND PRISON COSTS?
Only 32% Think Bill Clinton, Obama See Eye-to-Eye on Economy - Rasmussen Reports™ 98% Think Obama is Merely Bush's Third Term of Steroids
Only 32% Think Bill Clinton, Obama See Eye-to-Eye on Economy - Rasmussen Reports™
Ex-TARP overseer denounces
US government cover-up of Wall Street crimes
31 July 2012
THERE’S NO ONE
IN AMERICAN HISTORY THAT HAS WORKED FOR CRIMINAL BANKSTERS MORE THAN BARACK
OBAMA! THERE’S NO ONE THAT HAS TAKEN MORE MONEY FROM BANKSTERS THAN OBAMA.
Predator
Nation: Corporate Criminals, Political Corruption, and the Hijacking of America
[Hardcover]
GET THIS BOOK!
Obamanomics: How Barack Obama Is Bankrupting
You and Enriching His Wall Street Friends, Corporate Lobbyists, and Union
Bosses
Ex-TARP overseer denounces
US government cover-up of Wall Street crimes
31 July 2012
In interviews prompted by the publication of his new book (Bailout) on the $700 billion
US bank bailout scheme—the Troubled Asset Relief Program (TARP)—the former
special inspector general for the program, Neil Barofsky, has denounced bank
regulators and top officials in the Bush and Obama administrations for covering
up Wall Street criminality both before and after the financial crash of
September 2008.
In an interview last Thursday with the Daily
Ticker blog, Barofsky
accused Treasury Secretary Timothy Geithner of facilitating the banks’
manipulation of Libor, the global benchmark interest rate, when he was
president of the Federal Reserve Bank of New York in 2007-2008, prior to his
joining the Obama administration. Recently published documents show that as
early as 2007, Geithner knew that London-based Barclays Bank was submitting
false information to the Libor board to conceal its financial weakness.
Geithner merely
wrote to the Bank of England suggesting certain changes in the Libor
rate-setting mechanism, but made no public statement and failed to notify
regulators at the US Justice Department, the Commodity Futures Trading
Commission and the Securities and Exchange Commission, even though major US
banks were alleged to be involved in the rate-rigging fraud.
In his interview,
Barofsky rejected Geithner’s claims to have acted appropriately. Calling the
Libor scandal a “global conspiracy to fix one of the most important interest
rates in the world,” the former TARP inspector general said, “[Geithner] heard
this information and looked the other way. Geithner and other regulators should
be held accountable, they should be fired across the board. If they knew about
an ongoing fraud, and they didn’t do anything about it, they don’t deserve to
have their jobs. I hope to see people in handcuffs.”
In the same interview and others given over the past week,
Barofsky has spoken in scathing terms of the domination of Washington by Wall
Street and the subservience of both major parties to the financial elite. “It
was shocking,” he told the Daily Ticker, “how much control the big banks had
over their own bailout and how they often would dictate terms of some of the
TARP programs and the overwhelming deference shown by Treasury officials to the
banks. I saw no differences in these core issues between the Bush and Obama
administrations.”
In an interview
with CBS News’ Charlie Rose on July 23, Barofsky referred to key elements of
his account of TARP, including the lack of any restrictions on the banks’ use
of bailout funds and the fact that they were not even required to tell the
government what they were doing with the taxpayer money that had been handed to
them.
“When I got to
Washington,” he said, “I saw that it had been hijacked by a small group of very
powerful Wall Street banks... It’s not Democratic, it’s not Republican, it’s
across political barriers… [Geithner] oversaw a policy that saw our largest
banks, the too-big-to-fail institutions, get bigger than ever and more
powerful, more politically connected.”
In his book,
Barofsky derides the cynicism of the claims made when President Bush, candidate
Obama and congressional leaders of both parties were seeking to ram through the
TARP law over massive popular opposition that the bailout would benefit Main
Street as well as Wall Street. He notes, for instance, that the government’s
mortgage modification program—billed as a means to help millions of
homeowners—has disbursed only $3 billion out of the $50 billion set aside for
it.
Barofsky, who
served as the Treasury Department’s special inspector general for TARP until
his resignation last February, is well placed to document the collusion of the
government with the banks. He issued numerous reports while in his TARP post
exposing the lack of any real government oversight over the taxpayer money
funneled to the banks, as well as decisions ensuring that Wall Street firms
such as Goldman Sachs recouped tens of billions of dollars in potential losses
at the public’s expense.
Deprived of any enforcement powers under the TARP law drafted by
Wall Street lawyers and ratified by Congress, Barofsky was simply ignored by
Geithner and the Obama administration and his reports were largely buried by
the media.
Barofsky’s book has
received a similar response from the media, as did reports issued last year by
the Financial Crisis Inquiry Commission and the Senate Permanent Subcommittee
on Investigations documenting in detail fraudulent and illegal activities by
the banks in the lead-up to the financial crash of 2008.
Four years after the crisis precipitated by the banks, not a
single top banker has been prosecuted, let alone convicted. Meanwhile, the same
bankers, and the government officials who shielded them and ensured that they
grew even richer, are demanding that American workers accept the “new normal”
of wages at $13 or less, along with the destruction of pensions, health care
and working conditions.
For all of his
exposures, Barofsky, a Democrat, fails to draw the requisite conclusions,
suggesting that popular rage can “sow the seeds for the types of reform that
will one day break our system free from the corrupting grasp of the megabucks.”
The criminality of the financial system and the complicity of all
of the official institutions are not, however, mere aberrations or blemishes on
an otherwise healthy system. They are expressions of the putrefaction and
failure of the capitalist system itself. Its mortal crisis is reflected above
all in the ever-greater scale of social inequality.
There is no way to
break the power of the financial oligarchy outside of a mass working class
movement armed with a socialist program, including the seizure of the
ill-gotten wealth of the financial mafia and the nationalization of the banks
and major corporations under the democratic control of the working population.
Andre Damon and
Barry Grey
The authors also recommend:
JPMorgan scandal: The tip of the iceberg
[17 July 2012]
[17 July 2012]
Libor scandal exposes banks’ rigging of global rates
[6 July 2012]
[6 July 2012]
THERE’S NO ONE
IN AMERICAN HISTORY THAT HAS WORKED FOR CRIMINAL BANKSTERS MORE THAN BARACK
OBAMA! THERE’S NO ONE THAT HAS TAKEN MORE MONEY FROM BANKSTERS THAN OBAMA.
DURING IS FIRST 2 YEARS IN OFFICE, BANKSTERS MADE MORE THAN
ALL 8 UNDER BUSH! AND NOT ONE HAS BEEN PROSECUTED!
Predator
Nation: Corporate Criminals, Political Corruption, and the Hijacking of America
[Hardcover]
BY CHARLES H. FERGUSON
Book Description
Publication Date: May 22,
2012
Charles
H. Ferguson, who electrified the world with his Oscar-winning documentary Inside
Job, now explains how a predator elite took over the country, step by
step, and he exposes the networks of academic, financial, and political
influence, in all recent administrations, that prepared the predators’
path to conquest.
Over the last several decades, the United States has undergone one of the most radical social and economic transformations in its history.
· Finance has become America’s dominant industry, while manufacturing, even for high technology industries, has nearly disappeared.
· The financial sector has become increasingly criminalized, with the widespread fraud that caused the housing bubble going completely unpunished.
· Federal tax collections as a share of GDP are at their lowest level in sixty years, with the wealthy and highly profitable corporations enjoying the greatest tax reductions.
· Most shockingly, the United States, so long the beacon of opportunity for the ambitious poor, has become one of the world’s most unequal and unfair societies.
If you’re smart and a hard worker, but your parents aren’t rich, you’re now better off being born in Munich, Germany or in Singapore than in Cleveland, Ohio or New York.
This radical shift did not happen by accident.
Ferguson shows how, since the Reagan administration in the 1980s, both major political parties have become captives of the moneyed elite. It was the Clinton administration that dismantled the regulatory controls that protected the average citizen from avaricious financiers. It was the Bush team that destroyed the federal revenue base with its grotesquely skewed tax cuts for the rich. And it is the Obama White House that has allowed financial criminals to continue to operate unchecked, even after supposed “reforms” installed after the collapse of 2008.
Predator Nation reveals how once-revered figures like Alan Greenspan and Larry Summers became mere courtiers to the elite. Based on many newly released court filings, it details the extent of the crimes—there is no other word—committed in the frenzied chase for wealth that caused the financial crisis. And, finally, it lays out a plan of action for how we might take back our country and the American dream.
Over the last several decades, the United States has undergone one of the most radical social and economic transformations in its history.
· Finance has become America’s dominant industry, while manufacturing, even for high technology industries, has nearly disappeared.
· The financial sector has become increasingly criminalized, with the widespread fraud that caused the housing bubble going completely unpunished.
· Federal tax collections as a share of GDP are at their lowest level in sixty years, with the wealthy and highly profitable corporations enjoying the greatest tax reductions.
· Most shockingly, the United States, so long the beacon of opportunity for the ambitious poor, has become one of the world’s most unequal and unfair societies.
If you’re smart and a hard worker, but your parents aren’t rich, you’re now better off being born in Munich, Germany or in Singapore than in Cleveland, Ohio or New York.
This radical shift did not happen by accident.
Ferguson shows how, since the Reagan administration in the 1980s, both major political parties have become captives of the moneyed elite. It was the Clinton administration that dismantled the regulatory controls that protected the average citizen from avaricious financiers. It was the Bush team that destroyed the federal revenue base with its grotesquely skewed tax cuts for the rich. And it is the Obama White House that has allowed financial criminals to continue to operate unchecked, even after supposed “reforms” installed after the collapse of 2008.
Predator Nation reveals how once-revered figures like Alan Greenspan and Larry Summers became mere courtiers to the elite. Based on many newly released court filings, it details the extent of the crimes—there is no other word—committed in the frenzied chase for wealth that caused the financial crisis. And, finally, it lays out a plan of action for how we might take back our country and the American dream.
Guest
Reviewer: Simon Johnson on Predator Nation by Charles H. Ferguson
Simon
Johnson is coauthor of 13 Bankers: The Wall Street Takeover and the
Next Financial Meltdown and White House Burning: The Founding Fathers,
Our National Debt, and Why It Matters To You.
Predator Nation demolishes the view that the global financial
crisis was merely some sort of freak accident. Charles Ferguson makes a
convincing case that the world’s banking system was brought to the brink of
complete collapse in 2008–09 by a virulent combination of unchecked greed and
criminal behavior.
This is an epic crime story with an apparently clean getaway,
courtesy of the George W. Bush and Barack Obama administrations. Both
presidents proved unwilling to hold anyone to account—or even to launch
meaningful investigations.
Leading bankers walked away with billions of dollars in
unjustified compensation. The costs imposed on the rest of us can be measured
in the trillions of dollars.
Predator Nation provides a roadmap for prosecution,
systematically covering the banks involved, the names of culpable executives,
the obvious crimes, the precise laws broken, and the evidence hiding in plain
sight. No doubt it will be widely ignored by our legal officials.
Ferguson’s points are also intensely political. Reckless behavior
by bankers can be traced back to the bipartisan consensus around deregulating
finance in recent decades. This result is a socially destructive industry with
immense political power—and capable of defeating all attempts at meaningful
reform. The continued predominance of rogue finance is greatly facilitated by
its effective corruption of American academia and many so-called “independent
experts” (documented in Charles Ferguson’s Oscar-winning movie, Inside Job.)
Big banks hold American politics in a death grip. To understand
this—and to start to think about how to break this grip—read Predator Nation
and give a copy to everyone you know.
*
THE
BANKSTER-OWNED PRESIDENT PROMISED HIS CRIMINAL BANKSTER DONORS NO real
REGULATION, NO PRISON TIME, AND UNLIMITED PILLAGING OF THE NATION’S ECONOMY!
DESPITE
THE DEVASTATION THESE BANKSTERS HAVE CAUSED AMERICANS, THEIR PROFITS SOARED
GREATER DURING OBAMA’S FIRST TWO YEARS, THAN ALL EIGHT UNDER BUSH. SO HAVE
FORECLOSURES!
Records show that
four out of Obama's top five contributors are employees of financial industry
giants - Goldman Sachs ($571,330), UBS AG ($364,806), JPMorgan Chase ($362,207)
and Citigroup ($358,054).
*
“Barack Obama's favorite banker faces losses of $2 billion and
possibly more -- all because of the complex, now-you-see-it-now-you-don't trading
in exotic financial instruments that he has so ardently lobbied Congress not to
regulate.”
Is JPMorgan's Loss a Canary in a Coal Mine?
Posted: 05/16/2012 4:49 pm
That sound of
shattered glass you've been hearing is the iconic portrait of Jamie Dimon splintering
as it hits the floor of JPMorgan Chase. As the Good Book says, "Pride
goeth before a fall," and the sleek, silver-haired,
too-smart-for-his-own-good CEO of America's largest bank has been turning every
television show within reach into a confessional booth. Barack Obama's favorite banker faces losses of $2 billion and
possibly more -- all because of the complex, now-you-see-it-now-you-don't
trading in exotic financial instruments that he has so ardently lobbied
Congress not to regulate.
Once again, doing
God's work -- that is, betting huge sums of money with depositor funds knowing
that you are too big to fail and can count on taxpayers riding to your rescue
if your avarice threatens to take the country down -- has lost some of its
luster. The jewels in Dimon's crown sparkle with a little less grandiosity than
a few days ago, when he ridiculed Paul Volcker's ideas for keeping Wall Street
honest as "infantile."
To find out more
about what this all means, I turned to Simon Johnson, once chief economist of
the International Monetary Fund and now a professor at MIT's Sloan School of
Management and senior fellow at the Peterson Institute for International
Economics. He and his colleague James Kwak founded the now-indispensable
website baselinescenario.com.
They co-authored the bestselling book 13 Bankers and a most recent book, White House Burning,
an account every citizen should read to understand how the national deficit
affects our future.
Bill Moyers: If Chase began to collapse because of
risky betting, would the government be forced to step in again?
Simon Johnson: Absolutely, Bill. JPMorgan Chase is
too big to fail. Hopefully in the future we can move away from this system, but
right now it is too big. It's about a $2.5 trillion dollar bank in terms of
total assets. That's roughly 20 percent of the U.S. economy, comparing their
assets to our GDP. That's huge. If that bank were to collapse -- I'm not saying
it will -- but if it were to collapse, it would be a shock to the economy
bigger than that of the collapse of Lehman Brothers, and as a result, they
would be protected by the Federal Reserve. They are exactly what's known as too
big to fail.
Moyers: I was just looking at an interview I did with you in February of 2009, soon
after the collapse of 2008 and you said, and I'm quoting, "The signs that
I see... the body language, the words, the op-eds, the testimony, the way these
bankers are treated by certain congressional committees, it makes me feel very
worried. I have a feeling in my stomach that is what I had in other countries,
much poorer countries, countries that were headed into really difficult
economic situations. When there's a small group of people who got you into a
disaster and who are still powerful, you know you need to come in and break
that power and you can't. You're stuck." How do you feel about that
insight now?
Johnson: I'm still nervous, and I think that
the losses that JPMorgan reported -- that CEO Jamie Dimon reported -- and the
way in which they're presented, the fact that they're surprised by it and the
fact that they didn't know they were taking these kinds of risks, the fact that
they lost so much money in a relatively benign moment compared to what we've
seen in the past and what we're likely to see in the future -- all of this
suggests that we are absolutely on the path towards another financial crisis of
the same order of magnitude as the last one.
Moyers: Should Jamie Dimon resign? I ask that
because as you know and as we've discussed, Chase and other huge banks have
been using their enormous wealth for years to, in effect, buy off our
politicians and regulators. Chase just had to pay
up almost three
quarters of a billion dollars in settlements and surrendered fees to settle one
case alone, that of bribery and corruption in Jefferson County, Alabama. It's
also paid out billions of dollars to settle other cases of perjury, forgery,
fraud and sale of unregistered securities. And these charges were for actions
that took place while Mr. Dimon was the CEO. Should he resign?
Johnson: I think, Bill, there should be an
independent investigation into how JPMorgan operates both with regard to these
losses and with regard to all of the problems that you just identified. This
investigation should be conducted separate from the board of directors.
Remember that the shareholders and the board of directors absolutely have an
incentive to keep JPMorgan Chase as a too-big-to-fail bank. But because it is
that kind of bank, its downside risk is taken by the Federal Reserve, by the
taxpayer, by the broader economy and all citizens. We need to have an
independent, detailed, specific investigation to establish who knew what when
and what kind of wrongdoing management was engaged in. On the basis of that,
we'll see what we'll see and who should have to resign.
Moyers: Dimon is also on the board of the Federal
Reserve Bank of New York, which, as everyone knows is supposed to regulate
JPMorgan. What in the world are bankers doing on the Fed board, regulating
themselves?
Johnson: This is a terrible situation, Bill. It
goes back to the origins, the political compromise at the very beginning of the
Federal Reserve system about a hundred years ago. The bankers were very
powerful back then, also, and they got a Federal Reserve system in which they
had a lot of representation. Some of that has eroded over time because of
previous abuses, but you're absolutely right, the prominent bankers, including
most notably, Jamie Dimon, are members of the board of the New York Federal
Reserve, a key element in the Federal Reserve system. And he should, under
these circumstances, absolutely step down from that role. It's completely
inappropriate to have such a big bank represented in this fashion. The New York
Fed claims there's no impropriety, there's no wrong doing and he doesn't
involve himself in supervision and so on and so forth. Perhaps, but why does
Mr. Dimon, a very busy man, take time out of his day to be on the board of the
New York fed? He is getting something from this. It's a trade, just like
everything else on Wall Street.
Moyers: He dismissed criticism of his dual
role yesterday by downplaying the role of the Fed board. He said it's more like an "advisory group
than anything else." I had to check my hearing aid to see if I'd heard
that correctly.
Johnson: Well, I think he is advising them on
lots of things. He also, of course, meets with some regularity with top
Treasury officials, and some reports say that he meets with President Obama
with some regularity. The political access and connections of Mr. Dimon are
second to none. One of his senior executives was until recently chief of staff
in the White House, if you can believe that. I really think this has gone far
enough. Under these kinds of circumstances with this amount of loss of control
over risk management, what we need to have is Mr. Dimon step down from the New
York Federal Reserve Board.
Moyers: He told shareholders at their annual
meeting Tuesday -- they were meeting in Tampa, Florida -- that these were "self-inflicted mistakes"
that "should never have happened." Does that seem reasonable to you?
Johnson: Well, it's all very odd, Bill, and
I've talked to as many experts as I can find who are at all informed about what
JPMorgan was doing and how they were doing it and nobody really understands the
true picture. That's why we need an independent investigation to establish --
was this an isolated incident or, more likely, the breakdown of a system of
controlling and managing risks. Keep in mind that JPMorgan is widely regarded
to be the best in the business at risk management, as it is called on Wall
Street. And if they can't do this in a relatively benign moment when things are
not so very bad around the world, what is going to happen to them and to other
banks when something really dramatic happens, for example, in Europe in the
eurozone?
Moyers: Some of his supporters are claiming
that only the bank has lost on this and that there's absolutely no chance that
the loss could have threatened the stability of the banking system as happened
in 2008. What do you say again to that?
Johnson: I say this is the canary in the coal
mine. This tells you that something is fundamentally wrong with the way banks
measure, manage and control their risks. They don't have enough equity funding
in their business. They like to have a little bit of equity and a lot of debt.
They get paid based on return on equity, unadjusted for risk. If things go
well, they get the upside. If things go badly, the downside is someone else's
problem. And that someone else is you and me, Bill. It goes to the Federal
Reserve, but not only, it goes to the Treasury, it goes to the debt.
The Congressional
Budget Office estimates that the increase in debt relative to GDP due to the
last crisis will end up
being 50 percent of GDP,
call that $7 trillion dollars, $7.5 trillion dollars in today's money. That's
extraordinary. It's an enormous shock to our fiscal accounts and to our ability
to pay pensions and keep the healthcare system running in the future. For what?
What did we get from that? Absolutely nothing. The bankers got some billions in
extra pay, we get trillions in extra debt. It's unfair, it's inefficient, it's
unconscionable, and it needs to stop.
Moyers: Wasn't part of the risk that Dimon
took with taxpayer guaranteed deposits? I mean, if I had money at JPMorgan
Chase, wouldn't some of my money have been used to take this risk?
Johnson: Again, we don't know the exact
details, but news reports do suggest that yes, they were gambling with
federally insured deposits, which just really puts the icing on the cake here.
Moyers: Do we know yet what is Dimon's
culpability? Is it conceivable to you that a risk this big would have been
incurred without his approval?
Johnson: It seems very strange and quite a
stretch. And he did tell investors, when he reported on first quarter earnings
in April, that he was aware of the situation, aware of the trade -- he called it a "tempest in a teacup,"
and, therefore, not something to worry about.
Moyers: He's been Wall Street's point man in
their campaign against tighter regulation of derivatives and proprietary
trading. Were derivatives at the heart of this gamble?
Johnson: Yes, according to reliable reports,
this was a so-called "hedging" strategy that turned out to be no more
than a gamble, but the people involved perhaps didn't understand that or maybe
they understood it and covered it up. It was absolutely about a bet on
extremely complex derivatives and the interesting question is who failed to
understand exactly what they were getting into. And how did Jamie Dimon, who
has a reputation that he burnishes more than anybody else for being the number
one expert risk manager in the world -- how did he miss this one?
Moyers:I've been reading a lot of stories
today about members of the House, Republicans in particular, saying this
doesn't change their opinion at all that we've got to still diminish
regulation. What do you think about that?
Johnson: I think that it is a recipe for
disaster. Look, deregulating or not regulating during the boom is exactly how
you get into bailouts in the bust. The goal should be to make all the banks
small enough and simple enough to fail. End the government subsidies here. And
when I talk to people on the intellectual right, Bill, they get this, as do
people on the intellectual left. The problem is, the political right largely
doesn't want to go there because of the donations. I'm afraid some people, not
all, but some people on the political left don't want to go there either.
Moyers: The Washington Post reported
that the Justice Department has launched a criminal investigation into
JPMorgan's trading loss. Have you spotted -- and I know this is sensitive --
but have you spotted anything in the story so far that suggests the possibility
of criminality? Dodd-Frank is not in existence yet, so where would any
possibility of criminality come from?
Johnson: Well Dodd-Frank is in existence but
the rules have not been written and therefore not implemented. So yes, it is
hard to violate those rules in their current state. And many of those rules, by
the way, violation would be a civil penalty, not a criminal penalty. If you
violate a securities law -- if you've mislead investors, if there was material
adverse information that was not disclosed in an appropriate and timely manner
-- that's a very serious offence traditionally.
I have to say that
the Department of Justice and the Securities and Exchange Commission have not
been very good at enforcing securities law in recent years, including and
specifically since the financial crisis. I am skeptical that this will change.
But if they have an investigation that reveals all of the details of what
happened and how it happened, that would be extremely informative and show us,
I believe, that the risk management approach and attitudes on Wall Street are
deeply flawed and leading us towards a big crisis.
Moyers: So what are people to do, Simon? What
can people do now in response to this?
Johnson: Well, I think you have to look for
politicians who are proposing solutions, and look on the right and on the left.
I see Elizabeth Warren, running for the Senate in Massachusetts, who is saying
we should bring back Glass-Steagall to separate commercial banking from investment
banking. I see Tom Hoenig, who is not a politician, he's a regulator, he's the
former president of the Kansas City Fed, and he's now one of the top two people
at the Federal Deposit Insurance Corporation, the FDIC. He is saying that big
banks should no longer have trading desks. That's the same sort of idea that
Elizabeth Warren is expressing. We need a lot more people to focus on this and
to make this an issue for the elections.
And I would say in
this context, Bill, it's very important not to be distracted. I understand for
example, Speaker Boehner, the Republican Speaker of the House of
Representatives, is proposing to have another conflict over the debt ceiling in
the near future. This is the politics of distraction. This is refusing to
recognize that a huge part of our fiscal problems today and in the future are
due to these risks within the financial system that are allowed because the
people running the biggest banks hand out massive campaign contributions across
the political spectrum.
Moyers: Are you saying that this financial
crisis, so-called, is at heart a political crisis?
Johnson: Yes, exactly. I think that a few
people, particularly in and around the financial system, have become too
powerful. They were allowed to take a lot of risk, and they did massive damage
to the economy -- more than eight million jobs lost. We're still struggling to
get back anywhere close to employment levels where we were before 2008. And
they've done massive damage to the budget. This damage to the budget is long lasting;
it undermines the budget when we need it to be stronger because the society is
aging. We need to support Social Security and support Medicare on a fair basis.
We need to restore and rebuild revenue, revenue that was absolutely devastated
by the financial crisis. People need to understand the link between what the
banks did and the budget. And too many people fail to do that. "Oh, it's
too complicated. I don't want to understand the details, I don't want to spend
time with it." That's a mistake, a very big mistake. You're playing into
the hands of a few powerful people in the society who want private benefit and
social loss.
Watch Moyers &
Company weekly on public
television. See more web-only
features like this at BillMoyers.com
*
Why hasn’t Obama been impeached?
His violations of our borders laws, inducing illegals to vote, sabotage of jobs
for Americans, connections to criminal banksters…. WHAT DOES IT TAKE?
NO WORKS IN THE CORRUPT OBAMA WHITE HOUSE THAT IS NOT
CONNECTED TO THE BANKSTERS THAT OWN OBAMA, OR THE MEXICAN FASCIST PARTY of LA
RAZA!
THE REASON OBAMA BROUGHT IN DALEY WAS BECAUSE WAS FROM
JPMORGAN, AND AN ADVOCATE FOR OPEN BORDERS.
For much of Obama’s tenure, Jamie Dimon was known as the
White House’s “favorite banker.” According to White House logs, Dimon visited
the White House at least 18 times, often to talk to his former subordinate at
JPMorgan, William Daley, who had been named White House chief of staff by Obama
after the Democratic rout in the 2010 elections.
OBAMA PROMISED HIS CRIMINAL BANKSTER DONORS NO
PRISON TIME AND NO REAL REGULATION. DID HE DELIVER?
The JPMorgan scandal also throws into
relief the government’s failure to prosecute those responsible for the 2008
financial meltdown. Despite overwhelming evidence of wrongdoing and criminality
uncovered by two federal investigations last year, those responsible have been
shielded from prosecution.
Records show that four out of Obama's
top five contributors are employees of financial industry giants - Goldman
Sachs ($571,330), UBS AG ($364,806), JPMorgan Chase ($362,207) and Citigroup
($358,054).
The
JPMorgan debacle
15
May 2012
The economic and
political fallout from JPMorgan Chase’s sudden announcement last Thursday night
that it lost more than $2 billion from speculative bets on credit derivatives
continued to grow on Monday. The biggest US bank announced the forced
retirement of Ina Drew, who headed up the bank’s London-based Chief Investment
Office, which placed huge bets on the creditworthiness of a collection of US
corporations. Other top executives and traders are expected to be sacked or
demoted.
The bank’s shares
fell another 3.2 percent, bringing its two-day market capitalization loss to
nearly $19 billion. The Wall Street Journal reported that JPMorgan was
prepared for a total loss of more than $4 billion over the next year from its
soured stake in credit default swaps—the same investment vehicle that played a
central role in the collapse of Lehman Brothers and the government bailout of
insurance giant American International Group (AIG) in September of 2008.
In an interview on
NBC’s “Meet the Press” program on Sunday, JPMorgan CEO Jamie Dimon sought to
present the loss as an innocent mistake, resulting from “errors, sloppiness and
bad judgment.” Only a month ago, Dimon, who has led the public campaign by Wall
Street against even the mildest restrictions on speculative banking practices,
dismissed warnings over the massive bets being made by his Chief Investment
Office as “a complete tempest in a teapot.”
The scale of the loss
and the denials that preceded it raise the likelihood that banking rules and
laws against investor fraud and deception were breached.
President Obama, however, rushed to the
defense of JPMorgan and Dimon, declaring on a daytime television talk show
Monday that JPMorgan was “one of the best managed banks there is” and Dimon was
“one of the smartest bankers we got.”
At the same time he cited the bank’s loss as a vindication of the Dodd-Frank
financial regulatory bill that he signed into law in July of 2010. “This is why
we passed Wall Street reform,” he said.
In fact, the JPMorgan debacle
demonstrates that nearly four years after the Wall Street crash nothing has
changed for the financial aristocracy. No measures have been taken to rein in
the banks, which received trillions of dollars in government handouts,
guarantees and cheap loans. The same forms of speculation and outright
swindling that led to the financial meltdown and the worst economic crisis
since the Great Depression continue unabated.
The big banks, such as JPMorgan, have
increased their stranglehold over the US economy. They have recorded bumper
profits by withholding credit from consumers and small businesses, keeping
unemployment high, while speculating on credit default swaps and other exotic
financial instruments that drain resources from the real economy. On this
basis, bank executives and traders, including those at bailed-out institutions,
have continued to rake in eight-figure compensation packages. Last year, Ina
Drew made $14 million, and Jamie Dimon took in $26 million.
The Dodd-Frank law trumpeted by Obama
is a fraud, an attempt to give the appearance of financial reform while enabling
the banks to continue their parasitic and criminal activities. A case in point is the so-called
Volcker Rule, named after the former chairman of the Federal Reserve and
economic adviser to the Obama White House, Paul Volcker.
The rule,
incorporated into the Dodd-Frank Act and supposedly one of its most daring
provisions, ostensibly bars proprietary trading—speculation by a bank on its
own account—by commercial banks whose consumer deposits are guaranteed by the
federal government. The idea is to prevent government-insured banks from
speculating with depositors’ money.
But the regulation as
drafted by federal regulators—under pressure from the Federal Reserve and
Obama’s treasury secretary, Timothy Geithner, as well as the banks—would
actually allow the type of speculative bet made by JPMorgan in the guise of a
“hedge” to offset risk in the bank’s overall investment portfolio.
The Volcker Rule,
whose precise form is yet to be announced, will do nothing to halt speculation
by government-backed banks using small depositors’ money.
The JPMorgan scandal also throws into
relief the government’s failure to prosecute those responsible for the 2008
financial meltdown. Despite overwhelming evidence of wrongdoing and criminality
uncovered by two federal investigations last year, those responsible have been
shielded from prosecution.
When Iowa Senator
Charles Grassley submitted a letter to the Justice Department earlier this year
asking how many bank executives had been prosecuted in response to the
financial crisis, the Justice Department replied it did not know because it was
not keeping a list.
According to a study
by Syracuse University, however, federal financial fraud prosecutions have
fallen to 20-year lows under the Obama administration, and are down 39 percent
since 2003. Under Obama, the number of financial fraud cases has fallen to
one-third the level of the Clinton administration.
These facts
demonstrate the de facto dictatorship exercised by the financial aristocracy
over the entire political system and both major parties. The Obama
administration, in particular, is an instrument of the most powerful financial
institutions. It has focused its efforts on protecting and increasing the
wealth of the privileged elite while utilizing the crisis to permanently slash
the wages and living standards of the working class.
For much of Obama’s tenure, Jamie Dimon
was known as the White House’s “favorite banker.” According to White House
logs, Dimon visited the White House at least 18 times, often to talk to his
former subordinate at JPMorgan, William Daley, who had been named White House
chief of staff by Obama after the Democratic rout in the 2010 elections.
The incestuous and
corrupt relations between Wall Street, the Obama administration and the entire
political system underscore the necessity for the working class to build its
own mass socialist movement to fight for its interests in opposition to the
ruling elite.
The bankers
responsible for the financial crisis, including Dimon and his co-conspirators,
must be held criminally liable for their lawlessness and held accountable for
the social suffering that has resulted from their actions. The ill-gotten
trillions accumulated by the banks must be expropriated, with full protection
for small depositors and small businesses, and used to provide decent jobs,
housing, health care and education for all.
There is no way to
rein in the banks and end their socially destructive activities within the
framework of the capitalist system. The only way to stop the fraud and
parasitism that go on every day on Wall Street is to nationalize the banks and
run them as democratically controlled public utilities.
Andre Damon and Barry
Grey
FACT: JP MORGAN IS ONE OF BANKSTER-BOUGHT OBAMA’S BIGGEST
PAYMASTERS! HE’S PROMISED THEM NO PRISON TIME AND NO REAL REGULATION.
THERE IS A REASON WHY THE BANKSTERS INVESTED HEAVILY IN
OBAMA’S CORRUPT ADMINISTRATION!
Records show that four out of Obama's
top five contributors are employees of financial industry giants - Goldman
Sachs ($571,330), UBS AG ($364,806), JPMorgan Chase ($362,207) and Citigroup
($358,054).
Obama: JPMorgan Is 'One of the
Best-Managed Banks'
By Mary Bruce | ABC
OTUS News – 2 hrs 31 mins ago
Obama:
JPMorgan Is 'One of the …
Lou
Rocco / ABC News
Just
hours after a top JPMorgan Chase executive retired in the wake of a
stunning $2 billion trading loss, President Obama
told the hosts of ABC's "The View" that the bank's risky bets
exemplified the need for Wall Street reform.
"JPMorgan is one of the best managed banks there
is. Jamie Dimon, the head of it, is one of
the smartest bankers we got and they still lost $2 billion and counting,"
the president said. "We don't know all the details. It's going to be
investigated, but this is why we passed Wall Street
reform."
The
full interview airs on "The View"
Tuesday on ABC at 11 a.m. ET
While
a powerhouse like JPMorgan might be able to weather an error that the bank's own
CEO called "egregious," the president questioned what might happen to
smaller institutions in similar situations.
"This
is one of the best managed banks. You could have a bank that isn't as strong,
isn't as profitable managing those same bets and we might have had to step
in," he said. "That's why Wall Street reform is so important."
While
touting his efforts to rein in the Wall Street behavior that led to the massive
taxpayer bailout of the banks following the financial crisis, he noted his
administration is still fighting for tough reform.
Pivoting
to November, the president said Wall Street reform is one of the many critical
areas where he and his Republican challenger, presumptive GOP nominee Mitt
Romney, have a different vision for the future.
The
president's full interview airs Tuesday on "The View." Tune into
"World News with Diane Sawyer" tonight for more.
*
Nicole Gelinas
It’s Not About Jamie Dimon
We should look to markets, not men, to govern the economy.
14 May 2012
It’s Not About Jamie Dimon
We should look to markets, not men, to govern the economy.
14 May 2012
On
Meet
the Press
yesterday, JPMorgan Chase chief Jamie Dimon epitomized what’s wrong with
America’s approach to the financial crisis. The American media and political
elite remain obsessed with personalities, looking for heroes and villains
instead of focusing on what we really need: the dispassionate rule of law that
would allow free markets to flourish. Meet the Press is for politicians,
and Dimon performed like a model one. He spoke in short sentences and
apologized directly: “I was dead wrong,” he offered, for having made a
“terrible, egregious mistake.” Specifically, last Thursday, JPMorgan announced
a $2
billion trading loss
on a derivatives bet.
Theoretically,
anyway, such a loss should be a matter between the bank and investors, not TV
fodder. Yet Dimon’s business—too-big-to-fail
banking—is
no ordinary business. Washington’s willingness to subsidize failure means that
Dimon’s job is as much political risk management as financial risk management. Because JPMorgan depends on Uncle Sam’s backing, one of
Dimon’s key constituencies is politicians and government regulators. And one way to charm
regulators—and the voters who elect the politicians—is through a killer
interview.
In
October 2008, the Bush administration, not normally a fan of government
expropriation, forced
nine big banks,
including Dimon’s, to accept $125 billion in TARP money. The banks were deemed
so important that they had to take the money to protect them against failure,
whether they wanted it or not. Since then, the
banks and the government have stayed bound together. President Obama’s
Dodd-Frank financial reform law, enacted two summers ago, has tied the two
sides closer still.
The problems that led to the financial crisis, remember, included investors’
perception—honed over two decades of smaller-scale bailouts—that big banks were
too big to fail. Dodd-Frank has given such banks an official title:
“systemically important financial institutions.”
Another
problem that led to the financial crisis was that, over the years, politicians
and regulators determined that banks had become so good at risk management that
they no longer needed to abide by consistent rules—fixed limits on borrowing,
for example, so that banks could fail without leaving behind so much unpaid
debt that they endangered the economy. Instead, banks could largely do what
their executives wanted, as long as regulators believed, on a case-by-case
basis, that they knew what they were doing.
In
the aftermath of the JPMorgan mess, politicians and reporters have been invoking
the Dodd-Frank law’s “Volcker Rule.” Named after Paul Volcker, the Federal
Reserve chairman from the Carter and Reagan eras, the rule prohibits banks
whose customers benefit from taxpayer-backed deposit insurance from engaging in
“proprietary trading,” or speculation. But the Volcker Rule isn’t a rule at
all: it prohibits behavior that has no set definition. Twenty-two months after
Dodd-Frank became law, regulators have delayed
enforcing the rule
because they still cannot figure out what proprietary trading really is.
Consider how JPMorgan lost all that money: creating derivatives that let it
sell billions of dollars’ worth of protection against the risk that some
corporate securities would default. That sure doesn’t sound like a good idea.
Banks, because they’re lenders, are already at risk if people and companies
default in droves.
But
does selling such synthetic “insurance” constitute proprietary trading?
Michigan Senator Carl Levin, who helped draft the Volcker Rule language, says
it does. Bank officials have argued that such behavior is hedging, which would
be okay under Dodd-Frank.
Real
rules could govern Wall Street, but politicians must give regulators the
backing to create and enforce them. Rather than worry about the Volcker Rule,
politicians and reporters should be focusing on derivatives rules. One reason
that Washington had to bail out the financial system four years ago was that
financial firms such as AIG had taken on virtually infinite risk through the
derivatives markets. Through derivatives, AIG could “sell” protection against
other companies’ defaults with almost no cash down. Lo and behold, that’s what
JPMorgan Chase was doing, too. Regulators should demand that traders—whether
big banks or tiny hedge funds—put a set amount of cash down behind such bets,
curtailing the amount of potential unpaid debt in the financial system.
Regulators should also require that traders execute such transactions on open
clearinghouses and exchanges—so that markets can determine which bets are going
well and which aren’t, and clearinghouses can demand more money from traders to
cover their losses. Such rules empower market signals, not regulatory
micromanagement, to control risk. If such rules were in place, it’s unlikely
Dimon would have visited the White House 18
times in three years,
as he would have had no way to manipulate a restriction that, after all,
applied to everyone.
The
best way to stop bailouts is to limit borrowing and demand transparency. When
markets know that financial firms have put a cash cushion behind their bets—and
where the risk behind such bets lies—they’re unlikely to pull their money out
of the financial system en masse, necessitating a government rescue. The
Volcker Rule, by contrast, adds no such protection against future taxpayer
rescues; all it does is unleash regulators to debate, in private, the
definitions of risk.
Dodd-Frank
gave regulators the authority to impose real rules on derivatives, and the
regulators have done
so. But
lobbyists demanded and secured exceptions, which could eventually prove the
rule. With such loophole-ridden reform, America has hardly set a good example
for Europe, which lags even further behind in enacting derivatives rules. In
fact, JPMorgan Chase may have executed the derivatives deals from London
because the bank perceived London as a looser environment. Moving this activity
around the world so that financiers can play inconsistent rules against one
another does nothing to help the struggling Western economies.
The
media and the politicians, however, would rather discuss people than arcane
issues like financial rules. Look at how politely—almost obsequiously—NBC’s
David Gregory treated Dimon. Gregory asked Dimon: “Here you are, Jamie Dimon,
you’ve got a sterling reputation. . . . How does a guy like you make this
mistake? If this happened at JPMorgan Chase . . . what about all the other
banks out there? If somebody else made a mistake like this, would we be again
talking about too big to fail and taxpayer bailouts?” Then, when asking
delicate questions about potential criminal liability, Gregory unconsciously
switched from “you” to “the bank.” Lowly regulators will hardly be more willing
to take on Dimon and his colleagues.
Focusing
on one man represents bailout thinking. Policymakers continue to be distracted
from the rules needed to protect the economy from the consequences—including
corporate failure—of the bad decisions that individuals can make. Nearly four
years after the financial crisis began, Washington seems to have learned almost
nothing.
Nicole Gelinas is a contributing editor to the
Manhattan Institute’s City Journal. She tweets at @nicolegelinas.
NO PRESIDENT IN HISTORY HAS TAKEN MORE LOOT FROM
CRIMINAL BANKSTER DONORS THAN OBAMA. HE PROMISED HIS BANKSTERS NO CRIMINAL
PROSECUTION, AND NO REAL REGULATION.
PROFITS FOR BANKSTERS HAVE SOARED UNDER OBAMA, JUST
AS FORECLOSURES HAVE. DURING HIS FIRST 2 YEARS THE BANKSTERS MADE MORE LOOT
THAN ALL 8 UNDER BUSH!
WHAT DOES THAT TELL YOU?
*
"In general,
these are professional prognosticators," said Ritsch. "And they may
be putting their money on the person they predict will win, not the candidate
they hope will win."
Shaping up to be the most corrupt
administration in American history:
administration in American history:
- Obama’s team:
Not the “best of the Washington insiders,” as the liberal media style
them, but rather, a dysfunctional and dangerous conglomerate of
business-as-usual cronies and hacks
- In the first two
weeks alone of his infant administration, Obama had made no fewer than 17
exceptions to his “no-lobbyist” rule
- Why the fact
that the massive infusion of union dues into his campaign treasury didn’t
trouble him in the least reveals Obama’s credibility as a reformer
- The lack of
unprecedented pace of withdrawals and botched appointments -- and how
getting through the confirmation process was no guarantee of ethical
cleanliness or competence, even as Obama’s cheerleaders were glorifying
the Greatest Transition in World History
- Inconsistency:
How Obama, erstwhile critic of the campaign finance practice known as
“bundling,” happily accepted more than $350,000 in bundled contributions
from billionaire hedge-fund managers
- How Obama broke
his transparency pledge with the very first bill he signed into law --
helping make hostility to transparency is a running thread through Obama’s
cabinet
- Michelle Obama:
Beneath the cultured pearls, sleeveless designer dresses, and eyelashes
applied by her full-time makeup artist, is a hardball Chicago politico
- Joe Biden: It’s
not just that he lies, it’s that he lies so well that you think he really
believes the stuff he makes up
- Treasury
Secretary Geithner: His ineptness and epic blundering -- including how he
nearly caused the collapse of the dollar in international trade with a
single remark
- The appalling
story of Technology Czar Vivek Kundra, the convicted shoplifter in charge
of the entire federal government’s information security infrastructure
- Obama’s “Porker
of the Month” Transportation Secretary, Roy LaHood: An earmark-addicted
influence peddler born and raised on the politics of pay-to-play
- SEIU:
Responsible for installing a cabal of hand-chosen officers who exploited
their cash-infused fiefdoms for personal gain and presided over rigged
elections -- in the process, becoming all that they had professed to stand
against as representatives of the downtrodden worker
- How Obama lied
on his “Fight the Smears” campaign website when he claimed that he “never
organized with ACORN”
- ACORN: How the
profound threat the group poses is not merely ideological or economic --
it’s electoral
- ACORN’s own
internal review of shady money transfers among its web of affiliates: How
it underscores concerns that conservatives have long raised about the
organization
- Liar, liar,
pantsuit on fire: How Hillary Clinton has already trampled upon her
promise not to let her husband’s financial dealings sway her decisions as
Secretary of State
- How even a few
principled progressives are finally beginning to question the cult of
Obama -- even as Obama sycophants in the mainstream media continue to
celebrate his “hipness” and “swagga”
*
GET THIS BOOK!
*
Obamanomics: How Barack Obama Is Bankrupting
You and Enriching His Wall Street Friends, Corporate Lobbyists, and Union
Bosses
BY TIMOTHY P
CARNEY
Editorial Reviews
Obama Is Making
You Poorer—But Who’s Getting Rich?
Goldman
Sachs, GE, Pfizer, the United Auto Workers—the same “special interests” Barack
Obama was supposed to chase from the temple—are profiting handsomely from
Obama’s Big Government policies that crush taxpayers, small businesses, and
consumers. In Obamanomics, investigative reporter Timothy P. Carney digs
up the dirt the mainstream media ignores and the White House wishes you
wouldn’t see. Rather than Hope and Change, Obama is delivering corporate
socialism to America, all while claiming he’s battling corporate America. It’s
corporate welfare and regulatory robbery—it’s Obamanomics.
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