Saturday, March 21, 2009
The New Terrorists: Wall Street Bankers
America is confronted by a new and cryptic type of terrorists who are destroying America and castrating our system of government and extorting the American tax-payer to had over incredible wealth. These are not entrepreneurs, these are not even decent businesspeople: they are terrorists who deserve to be grabbed up off the street and sent to Guantanamo. A new article in The Rolling Stone [March 19, 2009] by Matt Taibbi called “The Big Takeover: The global economic crisis isn’t about money—it’s about power. How Wall Street insiders are using the bailout to stage a revolution” paints an appalling portrait of the wreckage the Bush Republicans have left us: what he calls “the gang rape of the American Dream.”
Beginning in the last half of the 90’s, Financial companies lofted $1.700,000,000 into campaign budgets of Washington politicians who might help defeat the built-in protections left over from the era of the Great Depression. In addition, during this same ten year period, they pumped another $3.400,000,000 into the Washington Lobby industry to make sure these bought and paid for pols—Republicans and Democrats alike—knew exactly what was demanded of them. The Grima Wormtongue these Wall Street Wizards enslaved was Senator Phil Gramm, who quickly mobilized the congress to repeal the offensive legislation which restrained their world wrecking plans. First, he repealed the Glass-Steagall Act facilitating the creating of mega terrorist banks like Citigroup. Then with the help of the Lobbyist Orcs set loose on Congress, this same grinning creature wrote and passed the Commodity Futures Modernization Act the last barrier was removed which set loose the chaos we are now experiencing.
Generating a gorgon’s knot of arcane financial instruments these Wall Street wizards began paying themselves enormous salaries compounded by golden bonuses. They got very wealthy very quickly, all the while the Bush Administration cut their income taxes so they could keep as much of their blood money as possible. The Black Wizard in the tower who generated much of this chaos was a culprit named Joe Cassano who ran the London based unit of AIG called AIGFP, the very group AIG tried to give bonuses too this month.
When the bubble burst one of these Wizards, Hank Paulson, was named Secretary of the United States Treasury by G.W. Bush. The TARP proposal this terrorist sent to Congress dared to describe the powers to disperse the requested $700 billion he demanded this way: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.” This extortionate request was met with shock by the Congress who realized they were being railroaded once again with the “do-as-I-say-or-world-comes-to-an-end” logic which had characterized many of the legislative initiatives of the Bush Administration. Even though they rejected this extortion and slapped a slew of restrictions and regulations on the money, dividing it in half, Paulson managed to give $254 billion to the terrorist banks while he took $176 billion in value in return. This represents a flat-out gift of $78 billion to these terrorists.
In the meantime The Federal Reserve Bank has been rushing $3 trillion into the hands of these terrorist financial institutions and has made another $5.7 trillion in guarantees of private investments. Neither the Fed nor the Treasury has operated openly about dealing with these terrorists, lest the American People discover just how this extortion works.
Now Obama’s Secretary of the Treasury, Timothy F. Geithner, who was trained by Paulson in the arcana of the extortion these terrorist Wizards have concocted, is planning another $1 Trillion for them. When will it stop? When we are reduced to a banana republic? When the last super power is reduced to a shrunken vestige of its once mighty bastion of freedom? I say, get the Gulag ready. Fill it up with these financial terrorists and throw away the key.
Posted by Roger Easson at 4:01 PM