Posts Tagged ‘goldman sachs’

“We the Corporations”

March 1, 2010
The contrast between Abraham Lincoln and the modern Republican Party is glaring.   Lincoln fought for democracy and union.  Modern Republicans fight for money and self-interest.  Lincoln was (by report) an unassuming and humble man; name one modern Republican who is not awash in arrogance and hubris.  Lincoln built the Transcontinental Railroad; the present crop created the second Great Republican Recession.

He worked for one nation indivisible.

 The merger of corporations with the state is Mussolini’s original definition of fascism.  Look it up.

IMPEACH THE SUPREME COURT FIVE!

“We the corporations”

On January 21, 2010, with its ruling in Citizens United v. Federal Election Commission, the Supreme Court ruled that corporations are persons, entitled by the U.S. Constitution to buy elections and run our government. Human beings are people; corporations are legal fictions. The Supreme Court is misguided in principle, and wrong on the law. In a democracy, the people rule.

We Move to Amend.

We, the People of the United States of America, reject the U.S. Supreme Court’s ruling in Citizens United, and move to amend our Constitution to:

  • Firmly establish that money is not speech, and that human beings, not corporations, are persons entitled to constitutional rights.
  • Guarantee the right to vote and to participate, and to have our votes and participation count.
  • Protect local communities, their economies, and democracies against illegitimate “preemption” actions by global, national, and state governments.

Signed by 66,763 and counting . . .  CONTACT: http://www.movetoamend.org/

Bust Up the Health Insurance Trusts February 25, 2010 by Robert Reich’s Blog by Robert Reich

Years ago I worked at an agency in Washington called the Federal Trade Commission. The FTC predates the New Deal. It was set up in 1914 during the administration of Woodrow Wilson, at a time when many of America’s industries had combined into giant trusts that had enormous market and political power. The FTC was designed to root out such unfair practices. It ought to take on the health insurance trusts. A few weeks back I mentioned that my health insurer here in California is Anthem Blue Cross. So far, my group policy hasn’t been affected by Anthem’s planned rate increase of as much as 39 percent for its customers with individual policies — but the trend worries me, as it should everyone. Rates are soaring all over the country. Insurers have been seeking to raise premiums 24 percent in Connecticut, 23 percent in Maine, 20 percent in Oregon and a wallet-popping 56 percent in Michigan. How can insurers raise prices as much as they want without fear of losing customers?

Astonishingly, the health insurance industry is exempt from federal antitrust laws, which is why a handful of insurers have become so dominant in their markets that their customers simply have nowhere else to go. But that protection might soon end: President Obama on Tuesday announced his support of a House bill that would repeal health insurers’ antitrust exemption, and Speaker Nancy Pelosi signaled that she would put it toward an immediate vote. READ MORE: http://www.commondreams.org/view/2010/02/25-3 

US Banks Veto ‘Socialist Pay’ in Secret Talks February 28, 2010 by the Independent/UK by Margareta Pagano

America’s top bankers quashed attempts by their British counterparts to persuade the industry to bring down salaries in response to public outrage after the world’s governments spent billions rescuing the system.

Chief executives from the world’s banks discussed the plans at a secret dinner held at Claridge’s, the London hotel, last October, at which several leading British bankers are said to have suggested that the sector should take greater responsibility for its part in the crash, and do more to reduce the vast bonuses paid to staff.

But the recommendations were met by stiff opposition from the US banks JP Morgan, Morgan Stanley and Goldman Sachs, according to one source. “Some of the US bankers were furious about attempts to reduce pay throughout the industry, arguing that any such move smacked of socialism and would be fiercely resisted,” the source said on Friday. “It’s not the way the Americans like to go about their business.”  READ MORE: http://www.commondreams.org/headline/2010/02/28

GOP to the Unemployed: Drop Dead (You Bums) March 1, 2010 by Unsilent Generation by James Ridgeway

On Sunday, unemployment benefits officially ended for hundreds of thousands of Americans, thanks to maneuverings by Senate Republicans to prevent a vote that would have extended those benefits. Unless the extension is passed soon, some 1.1 million of the nation’s unemployed will see their unemployment expire in the coming month, and 5 million will lose benefits by June.

The House finally voted to extend benefits on Thursday, after several days of stalling and posturing. But in the Senate, the measure was blocked by Kentucky’s Jim Bunning. Politico reported that late into Thursday night, Bunning held out against repeated Democratic attempts to pass the extension by unanimous consent. In response to entreaties from colleagues across the aisle, other Republican senators rose to defend Bunning’s right to obstruct the vote, and Bunning himself was heard to utter, “Tough shit.” READ MORE:  http://www.commondreams.org/view/2010/03/01-3

Ralph Nader Was Right About Barack Obama March 1, 2010 by TruthDig.com by Chris Hedges

We owe Ralph Nader and Cynthia McKinney an apology. They were right about Barack Obama. They were right about the corporate state. They had the courage of their convictions and they stood fast despite wholesale defections and ridicule by liberals and progressives. 

Obama lies as cravenly, if not as crudely, as George W. Bush. He promised us that the transfer of $12.8 trillion in taxpayer money to Wall Street would open up credit and lending to the average consumer. The Federal Deposit Insurance Corp. (FDIC), however, admitted last week that banks have reduced lending at the sharpest pace since 1942. As a senator, Obama promised he would filibuster amendments to the FISA Reform Act that retroactively made legal the wiretapping and monitoring of millions of American citizens without warrant; instead he supported passage of the loathsome legislation. He told us he would withdraw American troops from Iraq, close the detention facility at Guantánamo, end torture, restore civil liberties such as habeas corpus and create new jobs. None of this has happened. READ MORE: http://www.commondreams.org/view/2010/03/01-0

He wanted any bill that enriches a corporation to be subject to a vote of approval by the "We the People"! "The world is my country.  To do good is my religion."  Author of COMMON SENSE, arguably the single document that most inspired the American Revolution.

Thomas Paine - Author-Patriot, 1737-1809.

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OH, AMERICA!

December 2, 2009

Patriot's Dream

ABSTRACT

15 Signs American Society Is Coming Apart at the Seams By David DeGraw, Amped Status,  edited excerpt from the Amped Status report, “The Critical Unraveling of U.S. Society.”  LINKto full report at END of ABSTRACT.

Are we nearing a tipping point as rapacious elites push a heavily armed populace too far?

The economic elite have launched an attack on the U.S. public and society is unraveling at an increased rate. You may have missed it in the mainstream news media, but statistical societal indicators are reading red across the board. Let’s look at the top 15 statistics that prove we are under attack.

1) The inequality of wealth in the United States is soaring to an unprecedented level. The U.S. already had the highest inequality of wealth in the industrialized world. Since the crisis, the gap between the top 1 percent and the remaining 99 percent of the U.S. population has grown to a record high.

2) As the stock market went over the 10,000 mark and surged to a 13-month high, the three big banks that took taxpayer money and benefited the most from the bailout have just set a new global economic record by issuing $30 billion in annual bonuses this year, “up 60 percent from last year.” Goldman Sachs is on pace for the best year in the firm’s history, and it is also benefiting by only paying 1 percent in taxes.

3) The profits of the economic elite are “now underwritten by taxpayers with $23.7 trillion worth of national wealth.”

As the looting is occurring at the top, the U.S. middle class is just beginning to collapse.

4) Workers between the ages of 55 to 60, who have worked for 20 to 29 years, have lost an average of 25 percent off their 401k. During the same time period, the wealth of the 400 richest Americans went up by $30 billion, bringing their total combined wealth to $1.57 trillion.

5) Home foreclosure filings “hit a record high in the third quarter (of 2009)… They were the worst three months of all time… some experts estimate that next year will be even worse.”

President Obama has enacted a $75 billion taxpayer funded program that has been a spectacular failure in stemming the foreclosure crisis and another massive waste of billions of taxpayer dollars.

6) 25 million people are unemployed or underemployed.

We have 25 million people who urgently need to increase their income, and they’re quickly running out of options. “The president’s chief economic adviser warned that the nation’s unemployment rate could stay ‘unacceptably high’ for years to come.”

The New York Times reports: “Americans now confront a job market that is bleaker than ever in the current recession, and employment prospects are still getting worse.

Economist Nouriel Roubini, just reported on unemployment stating: “Think the worst is over? Wrong. Conditions in the U.S. labor markets are awful and worsening…. So we can expect that job losses will continue until the end of 2010 at the earliest. The jobs just are not coming back.”

7) As the few elite banks thrive, there have been 123 U.S. bank failures this year. The troubles put taxpayers at risk of losing as much as $5.1 billion invested in the banks since TARP was launched in October 2008.”

8) As bankruptcies surge across the board, 10 U.S. states are on the verge of bankruptcy, with several ready to declare a financial state of emergency. California, Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island and Wisconsin, raising the likelihood of higher taxes, more government layoffs and deep cuts in services.”

9) This is occurring at a time when the “federal budget deficit for the fiscal year that just ended was $1.4 trillion, nearly a trillion dollars greater than the year before.”  In total, “U.S. public debt topped $12 trillion for the first time in history, meaning Congress would have to raise the debt ceiling to prevent a shutdown of government operations.”

Economist Dean Baker explains the risk “If the debt limit is not passed, then at some point the government will not be able to pay workers and contractors. It won’t be able to send out Social Security checks or make payments for Medicaid and unemployment insurance to state governments. And, it will not be able to make interest payments on government bonds, effectively defaulting on the national debt.”

10) Although the government’s official figure tries to low-ball the number, 47.4 million U.S. citizens live in poverty, and the U.S. poverty rate is the highest in the industrialized world.

Predictably, homelessness is rising at an increased rate as well. “The fastest growing segment of the homeless population is families with children.”

Children have been hit especially hard by the economic crisis:

11) One out of every two children in the United States of America will need to use a food stamp… to EAT!

Washington Post report: “The nation’s economic crisis has catapulted the number of Americans who lack enough food to the highest level since the government has been keeping track, according to a new federal report, which shows that nearly 50 million people — including almost one child in four — struggled last year to get enough to eat… ‘This is unthinkable. It’s like we are living in a Third World country,’ said Vicki Escarra, president of Feeding America.”

These numbers don’t take into account the millions more unemployed throughout 2009.

This a national tragedy. But it gets much worse.

12) In 2008, according to the Census Bureau, the number of U.S. citizens without health care grew to a record 46.3 million.

13) Lack of health insurance has caused 45,000 preventable U.S. citizen deaths in the past year. The American Journal of Medicine recently released a study that stated, “Nearly two out of three bankruptcies stem from medical bills, and even people with health insurance face financial disaster if they experience a serious illness.”

Studies report that: 17,000 children have died due to lack of health care; 2,266 U.S. veterans have died in 2008 due to lack of insurance.

The Senate continues to strip meaningful amendments from a health care bill that wouldn’t even take effect until 2013; the health care bill is going to fall far short of meaningful reform and continue to rig the game in favor of large insurance company profits at the expense of the U.S. population. Change is not on the horizon.

The economic hit men have now hit the United States and millions of American citizens are now effectively sentenced to a slow death.

And the clock is ticking…

14) The gun and ammunition manufacturing industry in the United States has over 200 companies producing billions of dollars in annual revenues. This huge manufacturing base cannot fulfill demand quickly enough.

Americans are arming themselves to the teeth!

15) In the past year, 100 new armed militia groups have been formed, as militia members have doubled in numbers. One federal authority recently said, “All it’s lacking is a spark. I think it’s only a matter of time before you see threats and violence.”

So let’s break down these numbers.

You have 50 million people in desperate need of money, have no health insurance and can’t afford to get health care of any kind. They are running out of options fast, and time delayed is time closer to death.

The richest 1 percent have never had it so good.

We are sitting on a powder keg.

Read the rest of the report here.

Denial isn't a river in Africa.

BEAT GOES ON, ROME BURNS

October 22, 2009

While Rome Burns

Take Action on Oct. 24: Join One of the Largest Global Protests in the Fight Against Climate Change by Tim Kingston, AlterNet.

On Oct. 24, tens of thousands of people will be in the streets and on mountains, rivers and glaciers around the world demanding action to reduce CO2 emissions.

What started out a couple of years ago as a idea promoted by author/climate-change activist Bill McKibben and a few students at Vermont’s Middlebury College has morphed into the biggest environmental, and possibly the most extensive worldwide protest, ever.

On Oct. 24, tens of thousands of people will be in the streets and on mountains, rivers and glaciers around the world demanding action to reduce CO2 emissions to 350 parts per million (ppm).

With just five days to go, 3,422 events are planned or under way in 160 nations on every continent, including Antarctica. More are coming online daily at 350.org, a small (seven staffers) organization based in Berkeley, Calif., that is coordinating the international day of action.

Organizers of the event are targeting the United Nations Climate Change conference in Copenhagen, Denmark, in December. They hope the international day of action will apply pressure on the assembled heads of state and governments to reduce global greenhouse gas CO2 emissions to below 350 ppm, the number that scientists say is the safe upper limit for carbon dioxide in the atmosphere.  READ MORE:

http://www.alternet.org/action/143365/take_action_on_oct._24%3A_join_one_of_the_largest_global_protests_in_the_fight_against_climate_change

Sen. Al Franken (D-MN) Humbles Hudson Institute Dilettante Over Health Care Bankruptcies AlterNet.

Franken drove home the point that medical bankruptcies are unheard of in countries with viable heath care systems.

http://www.alternet.org/blogs/video/#143452

Dept of Homeland Security Expands Controversial Program Empowering Local Police By Amy Goodman, Democracy Now!

The 287(g) program gives local law enforcement authority to enforce federal immigration laws, which has led to accusations of racial profiling.

AMY GOODMAN: The immigration debate is heating up on Capitol Hill, and the Department of Homeland Security said Friday it plans to enter into new agreements with sixty-seven state and local law enforcement agencies. These agreements expand the existing 287(g) program, which delegates some federal immigration enforcement authority to certain state and local agencies. The announcement comes shortly after DHS released a report on immigrant detention noting the vast majority of those detained under the 287(g) agreements were never charged with a criminal offense. The 287(g) program has come under intense criticism in recent months from over 500 organizations, including the ACLU, the Congressional Hispanic Caucus, calling on the government to end the program. Many of the agencies involved have been accused of racial profiling, and the Maricopa County Sheriff, Joe Arpaio in Phoenix, Arizona, is being investigated by the Justice Department.

On Friday the Immigration and Customs Enforcement agency, known as ICE, said it would go forward with a new jails agreement with Sheriff Arpaio but remove his field authority to enforce federal immigration laws on the street. Well, that didn’t stop the Sheriff, and he conducted his twelfth so-called immigration sweep Friday, arresting some sixty people. The Sheriff defended his stance on Fox’s Glenn Beck Show earlier last week.  READ MORE:

http://www.alternet.org/immigration/143372/dept_of_homeland_security_expands_controversial_program_empowering_local_police

The Battle Against Letting Wall Street Continue to Make a Killing on Derivatives By Art Levine, AlterNet.

Protections for consumers and Wall Street’s skullduggery are at stake in an obscure series of hearings going on in Congress right now.

Early in the morning, outside the House Financial Services Committee hearing room in the Rayburn office building last week, there were scruffy ex-homeless and other low-income folks, wearing their dreadlocks or sloppy jeans, mixed in with the pinstriped reps for the financial industry.

 They all seemed to be lining up to see what $223 million in financial lobbying in the first six months of this year could buy in thwarting real reform on Capitol Hill. And they were hoping to get the few dozen of the public seats available inside the room, for a critical 10 a.m. hearing marking up a bill that was supposed to regulate the now-private market in complex “derivatives.”

Those derivatives are nominally worth at least $450 trillion worldwide, with $555 billion in credit at risk in the U.S. banking industry. (Derivatives are forms of insurance or bets on underlying assets, such as now-toxic subprime mortgages, supposedly designed to manage risk.) No wonder Warren Buffett called them “financial weapons of mass destruction.”  READ MORE:

http://www.alternet.org/workplace/143407/the_battle_against_letting_wall_street_continue_to_make_a_killing_on_derivative

This Year’s Biggest Hoax Is Tim Geithner’s ‘Solution’ for the Economy, Not the Balloon Boy By Robert Scheer, Truthdig.

If we could get one of the banking lobbyists to float a duct-taped flying saucer balloon, Wolf Blitzer might cover the real hoax.

Who are these people? I am not referring to the pathetic parents of “Balloon Boy,” whose fake drama I have been unable to escape while on the treadmill this week, thanks to my gym’s insistence on tuning its flat-screen TVs to Wolf Blitzer’s nonstop self-parody.

The Colorado incident was significant only in the tawdriness of those who perpetrated the made-for-TV scam and their allies in the mindless media who covered this sham “reality” so relentlessly. But even so, it was enough to push aside most consideration of the true hoax reported last week with far less fervor: the obscene rewards that Wall Street bankers bestowed upon themselves for ripping off our economy.

The people I want to know more about are the superrich who expect to be rewarded for their failures, like the folks at Goldman Sachs who will receive $16.71 billion in bonuses—an average of $530,000 per employee—this year after their company did as much as any to bring the world economy to the brink of disaster.

“The Guys from Government Sachs” is what The New York Times once called them in recognition of their chokehold on the federal government. Their power is marked by the two treasury secretaries who led the fight to legally enable and then reward Wall Street for its obscene excesses. Why wasn’t there a CNN stakeout at the homes of former Goldman-execs-turned-treasury-chiefs Robert Rubin and Henry Paulson aimed at finding out how they feel about the almost $7 billion profit that Goldman Sachs made in the last two quarters in the wake of the government’s bailout of the firm?

http://www.alternet.org/media/143433/this_year%27s_biggest_hoax_is_tim_geithner%27s_%27solution%27_for_the_economy%2C_not_the_balloon_boy

gonefishin'