Wall Street

The Consumer Financial Protection Bureau: Republicans And Wall Street Bankers Attempt To Destroy It!

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The Republican Party is in full attack on the new Consumer Financial Protection Bureau passed by the Democrats into law after a long battle, in which Elizabeth Warren became the number one target of the opposition party, and was unable to be named head of the new agency she helped create.

Instead, Elizabeth Warren is running for the US Senate, and in her place, former Ohio Attorney General Richard Cordray was nominated to head the new agency.

But instead of Barack Obama appeasing the opposition by Warren’s withdrawal, the Republicans have now gone ahead and prevented a vote on Cordray’s nomination, which would get a majority if the 60 vote filibuster requirement for a vote was possible, but instead the vote was 53-45.

Interestingly, the one Republican vote for Cordray was from Massachusetts Senator Scott Brown, who faces Warren in his Senate reelection battle next year, and obviously wanted to cover his rear end, particularly with some polls now showing Warren leading Brown, who has been called the “darling” of the Wall Street bankers in regards to campaign contributions!

President Obama denounced the Senate vote, and is considering a recess appointment to get Cordray into the position. Meanwhile, Utah Senator Orrin Hatch claims the bill is harming the banks, as if they do not make enough profit, and have not done great harm to millions of homeowners and those who use their credit cards, with illegal, unethical, and immoral actions!

Obama needs to declare greater war on the banks, as they are the greatest evil that exists in America, and the most responsible for the economic collapse we are involved in, and some of these Chief Executive Officers and their underlings need to be prosecuted and go to prison for a long time for their reprehensible white collar crimes that have destroyed so many people!

Police Brutality at University Of California-Davis Against Peaceful “Occupy” Demonstrators: Must Be Condemned And Prevented From Happening Again ANYWHERE!

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The shocking action of police at the University of California-Davis against peaceful, nonviolent “Occupy” demonstrators, utilizing pepper spray into their faces, debilitating them, and sending eleven to the hospital, must be condemned by all decent citizens, and prevented from happening ever again ANYWHERE in America!

The police involved must be fired and prosecuted, and the Chancellor who allowed these actions needs to resign!

The right wing is spreading the myth that the “Occupy” demonstrators at Wall Street and in hundreds of other demonstrations all over America are a bunch of bums, drifters, drug addicts, and petty criminals, and that there are widespread crimes, property damage, and sexual activity taking place. Also, it is being claimed that these are just people who want a handout, and don’t want to work.

This is an outrage to attack Americans who have become victims of the Great Recession, and that is most of us in some form, who wish to use their First Amendment rights to call for action against the one percent who control the economy and dominate the national income, with greater stratification than at any time in American history.

If the police and law enforcement authorities are going to react like the Southern states acted toward civil rights demonstrators in the 1950s and 1960s, then there is the danger of a much more violent action, which would be highly regrettable, and is no solution to the issue.

The “Occupy” demonstrators all over the country include students who see no future with their skyrocketing education costs and lack of job opportunities; senior citizens who have seen their pensions and 401 Ks decimated; middle class homeowners who have been foreclosed on, after losing their employment; veterans coming back from Iraq and Afghanistan, who have few opportunities after sacrificing for their country; and every day average Americans who insist on a sense of fairness and equal opportunity for all, not just the wealthy and corporations!

If mayors and college administrators decide to use police in a forceful way against peaceful demonstrators, they should be forced out as working against American traditions of the right of freedom of speech, freedom of assembly, and the right to petition for the redress of grievances!

And those conservative talk show hosts who condemn these demonstrators and condone police violence against them need to be boycotted by all decent Americans, who are tired of their backing of the wealthy and the corporations!

Reverse Robin Hood: Republican Class Warfare On The Middle Class And The Poor

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The Republican Party loves to accuse the Democrats and President Barack Obama of conducting “class warfare”.

In reality, what the GOP has been doing is conducting reverse “class warfare” on the middle class and the poor!

It is as if they are a reverse Robin Hood, and have no conscience about defending Wall Street, the banks, and the corporations, the one percent, against the 99 percent!

The only principle they have is to promote greater acquisition of wealth, and redistribute wealth to those who already have much more than anyone needs, and show no concern about those less fortunate, those unemployed due to their policies over a decade, those victimized by the stratification of society encouraged by these Republicans, as they believe in no regulations economically, but certainly wish to intrude on and control a person’s private rights and social existence!

82nd Anniversary Of The Great Crash On Wall Street Which Led To The Great Depression

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Today is a day that 82 years ago changed the course of history in a way only matched in significance by the outbreak of the Civil War at Fort Sumter, South Carolina on April 12, 1861.

In many ways, the onset of the Great Depression, as a result of the crash of the stock market on Wall Street, had a greater effect, since the population was four times as much, and more people were directly affected by the ten year long Great Depression than by the Civil War.

America would never be the same again, as big government was here to stay with the New Deal of Franklin D. Roosevelt and American involvement in World War II and the ensuing Cold War, along with the improvements on the New Deal best personified by the Great Society of Lyndon B. Johnson.

And yet, now in the midst of the Great Recession and its effect on America, the worst economic times since the Great Depression, we are hearing the same old arguments for less government and deregulation, when it was precisely those factors in the 1920s and the 2000s that led to the two greatest economic collapses of the past century.

Franklin D. Roosevelt faced the same vehement opposition as Barack Obama, although the internet, talk radio, cable news and social media have multiplied the effect as compared to the 1930s.

The same battles keep on being fought, as we do not learn from history, and rather repeat its mistakes.

But as Barack Obama starts conducting himself for reelection in a similar manner as Franklin D. Roosevelt and Harry Truman, the American people will realize that he, not his opposition, is truly interested in resolving the issues that the opposition took which caused the economic mess we are now in.

Why Barack Obama Will Be A Repeat Of Bill Clinton Electorally, Rather Than Gerald Ford, Jimmy Carter, And George H.W. Bush!

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A lot of political observers seem to think that Barack Obama is doomed to lose re-election, just as Gerald Ford, Jimmy Carter, and George H. W. Bush did in 1976, 1980, and 1992.

The author will contend that rather than that unfortunate history, Barack Obama will repeat the electoral experience of Bill Clinton in 1996!

The question, of course, is what is the rationale behind this thought of the author?

Gerald Ford–was an unelected President, coming after Watergate, challenged in the primaries by Ronald Reagan, an extremely charismatic individual, who almost took the nomination from him. Ford was unable to unite the party around him after the Reagan battle, despite dumping Nelson Rockefeller for Bob Dole for Vice President. Ford had little opportunity to convince the country that he was deserving of election, and yet ALMOST defeated Jimmy Carter, which he would have done if he had won a few more thousand votes in Ohio and Hawaii! Ford was not seen as all that capable to be President by many people, with the poor economy of the time.

Jimmy Carter–had a difficult last year in office, with the Afghanistan invasion by the Soviet Union, the Iranian hostage crisis, and the challenge in the primaries by Senator Ted Kennedy and Governor Jerry Brown. He faced a charismatic opponent in Ronald Reagan, and a third party opponent in John Anderson. He was not a warm personality, and came across as weak and ineffective.

George H. W. Bush–faced a primary opponent in Pat Buchanan, and a strong third party challenger in Ross Perot. His Democratic opponent, Bill Clinton, had a lot of charisma, and was helped by the strong showing of Perot. And Bush did not have a particularly likeable personality, more respected for his ability than his understanding of average Americans and their lives.

Bill Clinton–engendered strong feelings for and against during his first term, and had charisma dripping off him, as compared to Bush and Bob Dole, his 1996 re-election opponent. Times were good, and he looked strong in his battles against the GOP Congress run by Speaker of the House Newt Gingrich. He had no opposition for the second term nomination, and his opponent, Dole, being 73 years old, did not help his challenge to Clinton. Also, Wall Street gave more financial support to Clinton to hedge their bets, frustrating Bob Dole!

Barack Obama–well liked, even by those who do not like what he has done, but he has accomplished a lot in office, particularly in foreign affairs and national security. He has brought about substantial domestic reform despite strong opposition from the Republican party, and has loads of charisma, and tons of funding, including as with Clinton, from Wall Street, which, even if opposed as they were to Clinton and now Obama, hedge their bets and support him more than the Republican nominee, just as with Bob Dole in 1996. Also, there is a good chance of a Tea Party right wing party rebellion if Mitt Romney, the likely nominee, is the choice of the Republican party. The opposition does not have a candidate to excite the nation, so although the economy is horrible, the likelihood is that more Americans will recognize the reality that one does not overcome a near depression overnight, and will decide to stick with Obama, just as they did in the height of the Great Depression with Franklin D. Roosevelt!

The “Occupy” Movement Nationally: In The Best American Political Tradition!

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As the “Occupy Wall Street” and other “Occupy” movements throughout the United States take hold, we see and hear bitter denunciations by the Tea Party Movement in the most wretched and venal manner!

This Tea Party Movement, which brought guns to gatherings, spit on members of Congress, and used racist language against President Barack Obama, and has no concern about the future of millions of middle class and poor families, has the gall and nerve to set out to destroy the reputation of ordinary citizens, who are having their homes taken away from them, their jobs lost, their children’s college education debts soar beyond ability to pay, their health care being denied, and their pensions being decimated, and seem to think this should be reacted to in silence, while the top one percent control 40 percent of the income, and continue through Wall Street to victimize America daily with their greed and selfishness!

The “Occupy” movement is in the best tradition of other reform movements, including the abolitionist crusade against slavery; the populist movement against the rich and powerful a century ago; the labor union movement; the civil rights movement after World War II; the woman’s rights movement in the 1960s and after; the anti Vietnam war movement in the 1960s and 1970s; and the gay rights movement since 1969.

Without public participation in the form of protest movements, nothing can be done to overcome injustice and unfairness! All those involved in protest movements will be bitterly attacked, but the answer is to deflect the criticism, and focus on the job at hand, and it does not look as if the “Occupy” movement is going away anytime soon!

Eric Cantor At It Again: Calls Wall Street Protestors “Mobs”!

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Eric Cantor, the Republican House Majority Leader, is condemning the “Occupy Wall Street” movement in New York and dozens of other cities in America, as “mobs”!

The fact that the movement is one to challenge banks, corporation, and Wall Street, which have victimized the middle class, is overlooked by Cantor, who had no problem with the hate mongering and anarchism of the Tea Party Movement in the past two and a half years!

The horrible behavior of the Tea Party gatherings were not seen as a “mob” by Cantor or other Republicans, but once the “99 percent” marched against the unfairness of one percent controlling a growing percentage of the entire wealth of the nation, all he can do is criticize it, and promote it as dangerous and unjustifiable!

Eric Cantor should be ashamed of himself, but he has no shame and no humility, and how anyone can support his behavior and rhetoric is impossible to justify!

It is clear that if nothing is done to deal with the income disparity, the greatest since 1929, we may face violence and bloodshed in America, and that would be truly tragic!

The Arrogance And Gall Of Rush Limbaugh, Donald Trump, And Herman Cain Toward The “Occupy Wall Street” Movement!

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When the Tea Party Movement, a right wing reactionary group with fascist tendencies, formed in 2009, the Republican Party, conservative talk radio, Fox News Channel, and wealthy people on Wall Street embraced it, and they set out to further harm the middle class and the poor, and are still in the process of doing so on Capitol Hill and in the state governments!

Now that the outraged “99 percent” have decided to march and demonstrate and occupy Wall Street, but also march and demonstrate in dozens of cities all across America, demanding action to make our government deal with the corruption on Wall Street, the mortgage debacle, the unemployment crisis, the health denials to millions of citizens, the pension disaster, the long term student loan mess, and the homelessness and poverty of millions of children, we are being told by the likes of Rush Limbaugh, Donald Trump, and Herman Cain that these people are “losers”, or as Cain says, if one is unemployed or not rich, don’t blame anyone, blame yourself!

For an African American candidate to ignore totally the reality of his own race being in worse condition than ever due to the Great Recession and its supposed aftermath, is a total disgrace, and shows how becoming wealthy can totally corrupt a person’s judgment and make him look down on those who are less fortunate, not only of his race, but across the board, despite the worst unemployment since the Great Depression, and caused by Wall Street and the corporations!

These right wing fascists should be warned that if nothing is done to deal with the economic crisis in this country, there is the terrifying danger of real bloodshed and violence breaking out, and that would be a total tragedy!

Just as in the Middle East with the “Arab Spring”, we are now seeing the extension of what began in the state of Wisconsin and elsewhere earlier this year, and the government cannot ignore this, as that is a danger to the future of the nation!

Obama, The Middle Class, And Small Business: Poll Indicate Widespread Support For The President!

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A new Washington Post-ABC News Poll indicates that the middle class and small businessmen see President Obama as supportive of their interests.

At the same time, the polls indicate that Congressional Republicans are perceived as in league with Wall Street financial institutions and large business corporations.

The middle class issue is won by Obama by 53 -35, while the small business question sees a 48-39 lead for the President.

Meanwhile, majorities across party lines see the Republicans as more concerned about big business and Wall Street.

One would think this would reverberate in Obama’s favor as the country tries to deal with the Debt Ceiling crisis, and will backfire on the Republicans, because the vast majority of the country is not in agreement with the Tea Party Movement that is controlling the House of Representatives majority, to the chagrin of Speaker John Boehner, although he has carefully avoided any comments on the subject!

The Republican Party’s Effect Since 2001: Promotion Of Ignorance, Poverty, Shorter Life Span!

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Since the inauguration of President George W. Bush in January, 2001, the Republican Party has been going down the path of promoting hatred of government, a tone of mean spiritedness and lack of compassion, and extreme advocacy of the interests of the rich and powerful at the expense of the rest of American society!

Whether it is the national government, state governments, or local governments, the Republican Party philosophy has been in unison with the promotion of ignorance, by doing everything within their capability to undermine educational opportunity, the major way for an individual to advance in social mobility!

The Republican Party has also managed to destroy the American economy through lack of regulation of corporations and Wall Street, and through manipulation and incompetence, they have created the worst economic conditions since the 1930s. And any attempt by President Barack Obama and his Democratic Party to reverse course has been met by total obstructionism and refusal to deal with the jobs crisis, therefore creating a higher level of poverty in America than we have seen in many decades.

And now, with the refusal to recognize the humanity of promoting health care for ALL Americans, and instead doing everything to DENY health care, and to advocate the destruction of Medicare as we know it, the Republican Party is making clear its lack of concern for longevity of life of anyone who is poor or elderly.

How any decent human being could be a loyal Republican, with the total lack of humanity and compassion that the present party membership in politics has, is beyond comprehension!