Arianna Huffington, thank you ...

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Tuesday April 21, 2009 · 1:33 PM PDT

2009/04/21 · 13:33

for "burning the midnight oil" and illuminating our world with the information gained from your "hard day’s night" efforts – you rock!

Ms. Huffington’s article (posted on The Huffington Post), "My Late Night Visits from the Ghosts of Financial Outrages Past, Present and Future," points out the guileful, ad hoc rules that govern our banks.; arcane banking rules which can be as misleading as money is fungible. The ability to change these murky, banking rules in the middle of the game aid and abet our current banking system’s flim-flammery.

Across the jump, this diary will highlight Ms. Huffington’s article and augment the ideas described in her article with a few, additional thoughts on banks, regulation, pension funds and rating agencies.

vetforobama

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Monday April 20, 2009 · 8:25 AM PDT

2009/04/20 · 08:25

As the current American banks continue their theft of our national wealth, all the other needed and equally/more valuable national projects (e.g., healthcare for all Americans, renewal energy development, community infrastructure projects, enhanced education funding, etc.) go wanting for financial suppor (see budget story at The Huffington Post).

This stealing of America’s national wealth by the banks is briefly examined on the other side of the jump.

vetforobama

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Friday April 17, 2009 · 8:59 AM PDT

2009/04/17 · 08:59

Five Pillars Speech – this is the appellation that I have given to the speech that President Obama gave at Georgetown University on 2009 April 14. The White House provided transcript (via TalkingPointsMemo) has the speech’s title as "Obama Speaks On Economy" – a title that doesn’t seem to capture the essence of the speech.

After several readings of the transcript, the second half of the speech seems to be the most critical part; and it deserves greater public analyses than it has received thus far.

After the jump, a highlight of President Obama’s five pillars for a new foundation of national economic growth and prosperity is provided.

vetforobama

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Thursday April 16, 2009 · 10:46 AM PDT

2009/04/16 · 10:46

(Masters of Economic and Financial Disaster), with the help of a three-trillion-dollar, taxpayer funded bailout, continue to weave a calamitous financial and economic web for the nation. The MEFD include the "Masters of the Universe" as well the wannabes.

And, the American politicos repeatedly give these MEFD the benefit of doubt; and possibly in violation of the law according to William Black; speaking on PBS' Bill Moyers Journal and today on Bloomberg TV (see Editors' Video Picks) they disburse trillions of taxpayer dollars to support these purveyors of toxic financial instruments.

Follow me over the jump for a look at several principal economic, financial and political elements (not an all inclusive list) that aided and abetted the Masters of Economic and Financial Disaster in the production of today’s economic calamity.

vetforobama

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Monday April 13, 2009 · 7:27 AM PDT

2009/04/13 · 07:27

Close the 'zombie' banks and use Troubled Asset Recovery Program funds to create a banking and financial system that will help provide real strength and vitality to the nation's economy - not a mirage of such economic attributes.

To restore the efficacy of our nation’s economy, comprehensive renovation and effective regulation of America’s banking and financial system – not a continuation of the present ineffectual and unregulated ‘zombie’ system – seem urgently needed.

Presently, we have a Madoff-like banking and financial system that decimated peoples’ investments and corrupted the nation’s economic system. These dual, pernicious feats were made possible by a banking and financial system which mostly courted investments that offered quick and transitory profits while minimally investing in sustainable and permanent, wealth-producing economic entities.

Continuing below the fold, a quotation from Federalist Paper No. 1 (written by Alexander Hamilton) is offered as a historical perspective on the zealous ‘defenders’ of the people’s rights and liberties, and the failures of the current banking and financial system are highlighted.

vetforobama

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Friday April 10, 2009 · 10:05 AM PDT

2009/04/10 · 10:05

seems to be an apt moniker for our present banking and financial system and a fitting description as well.

Arguably, the name, 'Madoff' Banking and Financial System, accurately conveys the economic and financial harm inflicted on the United States by the banks and other financial institutions

Below the fold, United States banking/financial history and America’s ‘Madoff’ banking system and its impact are briefly highlighted.

vetforobama

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Thursday April 09, 2009 · 4:11 AM PDT

2009/04/09 · 04:11

is the government’s stimulus package is too small to thwart a severe economic downturn.

The cost of an effective economic recovery package may be greater than the average American taxpayer is willing to stomach. But a demise of the nation’s economy, as we currently know it, is an equally, insufferable alternative. So get ready for some major spending by the United States government or get ready for a long and devastating economic downturn.

Below the fold we will take a look at a New York Times article on how the United States’ economy may be in a uncontrolled, downward spin – possibly a death spiral.

vetforobama

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Wednesday April 08, 2009 · 6:47 AM PDT

2009/04/08 · 06:47

bequeathed the American people is the long-term economic and financial calamity that may now only be in its incipient stages.

Our present, economic calamity is the Great Legacy a la the Great Depression that Presidents Ronald Reagan, George H. Bush, William J. Clinton and George W. Bush and their enablers/supporters have will to the United States of America.

The economic recovery effort, as James K. Galbraith wrote in his Washington Monthly article, "No Return to Normal: Why the economic crisis, and its solution, are bigger than you think," , may be larger than currently foreseen by government analysts. Galbraith’s comments are paraphrased below.

Because of the severe damage inflicted on our financial and economic systems, this economic crisis is larger than the Obama Administration and Congress have acknowledged. A clear window on the causes and answers to the present economic crisis is beyond the view of the government analysts – a kind of analytic myopia.

For a new and different view on this enormous, economic/financial crisis please continue below the fold.

vetforobama

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Tuesday April 07, 2009 · 6:50 AM PDT

2009/04/07 · 06:50

Because of the ‘zombie’ banks America is becoming a ‘zombie’ nation a la Japan of the ‘lost decade.’

As the Obama Administration continues the ill conceived, bank bailout policies of the George W. Bush Administration, the ‘zombie’ banks continue to hold hostage Main Street American businesses and consumers.

To examine how the ‘zombie’ banks are turning America into a ‘zombie’ nation, please follow me over the jump.

vetforobama

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Sunday April 05, 2009 · 11:27 AM PDT

2009/04/05 · 11:27

that began in the Bush Administration and is commonly referred to as the "bank bailout," continues under the oversight of the Obama Administration.

This Great Credit Bailout begs many questions. A few of these questions and their possible answers are addressed in this diary, below the fold.

vetforobama

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Friday April 03, 2009 · 5:54 AM PDT

2009/04/03 · 05:54

On yesterday, 2009 April 2, the U.S. House of Representatives and Senate voted on a draft of the Obama Budget; and the results of those votes were a score of House Democrats and two Senate Democrats voting with all the members of the Party of No (PoN) and against the Obama Budget.

The votes of the score and two on the draft Obama Budget raise several questions.

Who are the Ministers of No?

Why did these Democrats vote with PoN members and against moving America forward?

What are their plans for moving American forward?

What would their budget look like – the budget picture as portrayed by the PoN leaders?

Lets go to the jump page for the answers to these questions.

vetforobama

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Thursday April 02, 2009 · 7:21 AM PDT

2009/04/02 · 07:21

According to economist Thomas Worsley, who served in President Franklin D. Roosevelt's administration, President Obama should attend to his stimulus "knitting" - that is the key to economic recovery.

Worsley served as an economist at the treasury department in President Franklin D. Roosevelt's Administration, and at age 97 he is now an amateur historian.

Below the fold you can read more of what Thomas Worsley has to say about the current economic calamity and how it compares to the Great Depression.

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Arianna Huffington, thank you ...

Banks:Pillagers of America's National Wealth (Update)

President Obama's Five Pillars Speech (+ Postscript)

The MEFD ...

Here's a real banking (and financial) stress test ...

America's 'Madoff' Banking and Financial System...

The Sum of It All ...

The Great Legacy ...

'Zombie' Banks Create A 'Zombie' Economy ...

The Great Credit Bailout, ...

The Ministers of No ...

Conservative Dems hindered FDR too...