I don’t know if he’s delusional and really believes what he’s saying or if he’s so used to saying the opposite of the truth that the lies just flow naturally out of his mouth. I just don’t know. But this I do know: the truth about anything is the opposite of what Obama claims to be the case. I just have to point to Obamacare to prove that point.
Fox News this morning is reporting that Obama’s Syria policy has failed. It’s more like Obama’s Presidency has failed.
Obama made the claim yesterday that the movie, “The Big Short” is a lie and that his Presidency reigned in Wall Street and made “the financial system more stable.” But the truth is that not only is “The Big Short” 110% true, the reality is that Wall Street’s fraud and criminality is worse now than it was during the housing bubble.
The reforms passed by the Obama Government not only did nothing to clean up Wall Street, but in fact these reforms were nothing more than acts of misdirection which enabled Wall Street to engage in even more recklessly fraudulent business activities.
This point of fact really struck hard the second time I watched the movie (two weeks ago). Not only is Wall Street’s lending and securitization activities just as corrupted now as it was then, it’s actually worse because it extends beyond mortgages and into any asset class which can be monetized with debt which is then packaged into derivatives-enshrouded “structured financial” instruments.
In 2008 the public was forced by Obama to bail out the securities divisions of the big Wall Street banks. After 2008 every big securities converted into a bank holding company. This has enabled all the big banks to shift their derivatives holdings out of their securities units and into their FDIC-insured bank holding shells. This time around the country will be asked to not only bail collapsed securities units, but the also the entire bank.
I suggested back in 2003, after I realized what was really happening in this country vs. the media-fed propaganda gobbled up by a dumbed-down, naive and faith-driven public, that the elitists would hold up this country with printed money and credit-based Ponzi schemes until they had swept every last crumb on middle class wealth off the table an into their pockets. Unfortunately for those of you who are worth several million based on whatever value measurement of your assets you want to use, you are middle class.
The truly wealthy strata of elitists are ones who have enough spare cash sitting in offshore tax haven accounts to buy several of their own Congressmen. Hillary Clinton may be worth $10’s of millions that have been transferred to her by these elitists, but she’s no more than a pawn. She will be destroyed or put out to pasture with the likes of Jon Corzine or Franklin Raines when they are done with her. The rest of us are mere ants, waiting to by squashed by Orwell’s “boot stamping on a human face.”
The U.S. financial system is edging closer every day to a collapse that will make everyone long for simply a repeat of 2008. The amount of debt that has been assumed by all segments of the system is far greater now than it was in 2008. Same with the amount of derivatives connected to this debt. The only difference is that the rules were changed by Congress and the SEC to enable the banks to more effectively hide the truth.
I had a long conversation with Paul Craig Roberts last night and we both agreed that if applied a true market to market on the pension system in this country, just about every single pension fund would be 80-90% underfunded at the very least. An underfunded pension is no different than a securities account on margin. The looming pension disaster is one of the primary reasons the Fed is working overtime to keep the stock market from collapsing.
The wife of a friend and colleague of mine is reading “1984” for the first time. He told me that he hears occasional “gasps” of shock and horror coming from her as she reads. The gasps are because she knows that what is unfolding right now in this country is very similar to the world portrayed by Orwell when he wrote the book. She remarked in amazement “how did he know back then what was going to happen to this country?”