Tag Archives: Obamacare

Trump Will Let The Bankers Continue Destroying The U.S.

About 30 days into Obama’s first term I predicted that, “Obama will eventually go down as a worse President than W, which is hard to do because W might be one of the worst Presidents in U.S. history.”  I am making the same prediction of Trump:  he’ll go down as a worse President than Obama.

I would surmise that a majority of Trump’s voters voted for Trump as a vote against Hillary. Many of them have expressed relief that “Trump is not as bad a Hillary.”   But, au contraire. The decision faced by voters was no different than choosing between liver cancer and pancreas cancer.

Trump promised to “drain the swamp.”  That was nothing more than a clever marketing slogan adopted by Trump’s team to galvanize the majority of Americans who felt betrayed by the Democrats, led by Obama, who beginning on day one back-pedaled and repudiated the policy platform on which he campaigned (anyone besides me recall these promises:  “I’ll close Guantanomo in the first 90 days”  and “I’ll eliminate the use of Executive Orders” and “I’ll repeal all of Bush’s surveillance Executive Orders”).

The Democrats I know have the memory of fruit fly because every one of them seems to have a case of selective memory.  Perhaps Obama’s most memorable promise, aside from universal healthcare (Obama’s version of which is collapsing before he leaves office), was his vow to clean up the corruption on Wall Street.  Of course, his Attorney General appointment for most of his Presidency was Eric Holder, a career Democratic operative who worked at the Covington Burling law firm.  Covington Burling is Wall Street’s “body guard” in Washington, DC.  Most people have never heard of Covington Burling, which is how it is intended to be.  CB is the real life version of Bendini, Lambert and Locke, the infamous mob law firm in John Grisham’s, “The Firm.”

A little trivia:  Holder, as AG for the District of Columbia in the late 1990’s, drafted the pardon letter for Marc Rich, the infamous tax-evader who fled to Switzerland, signed by Bill Clinton as he walked out of the Oval Office for the last time (Clinton’s reward was carnal knowledge of Rich’s wife, Denise).

While the politicians promised that Dodd Frank and the Consumer Financial Protection Bureau and other legislative reforms had made America safe from Wall Street, in fact the opposite is true.  The subprime mortgage bubble has been replaced by a nearly equally as large, if not more insidious, subprime auto debt bubble.  With the help of Obama’s Government-backed mortgage “reforms,” Wall Street banks have spawned another subprime mortgage and housing bubble.   Derivatives “reforms” did nothing other than enable banks to hide their criminal use of these highly profitable weapons of mass financial destruction.

In other words, the only “cleaning” up that was accomplished over the last eight years by Obama was removing the last remnants of transparency from Wall Street’s operations, as all of these so-called “reforms” have enabled the Too Big To Fail Banks to conduct their fraudulent activities further “off balance sheet.”

So Obama has left his successor with 100% more Government debt, a collapsing healthcare system that is unaffordable for most other than corporate fat-cats and the recipients of free medicaid (and of course for the Congressmen who are exempt from Obamacare and have their healthcare paid for by the public anyway) and a financial bubble that dwarfs the bubble that was popping when Obama took office.

The Wall Street problem for this country is going to get worse under Trump.  In some ways it makes sense.  Trump’s casino business was a product of Drexel Burnham Lambert’s junk bond juggernaut.  I know this because I traded all of the old Trump junk bonds which, by the early 1990’s, were trading at distressed levels.  Trump is a real estate guy and real estate guys love debt more than they love their mothers.  And Wall Street loves nothing more than to underwrite that debt loved by guys like Trump.  In other words, in some ways Trump is a slave to Wall Street as much as, if not more than, his predecessor.  Note that among the first words out of Trumps mouth when he claimed victory was a promise to take deficit spending to new levels in order to build out the infrastructure.  There’s only way to finance deficit spending…

Circling back to Trump’s promise to “drain the swamp,” I think most of us assumed it not only meant getting rid of the career politicians like Hillary Clinton who had become completely controlled by corporate/Wall Street interests but also getting rid of the elements that controlled them.  Most notably the Wall Street bankers ensconced throughout all levels of the Obama Government.

But Trump’s appointments, for the most part, suggest that Trump is merely “draining” the swamp of the Blue swamp monsters and is replacing them with Red swamp monsters.  And in reality, Wall Street monsters do not distinguish between Red and Blue. That’s because the god they worship is GREEN.    The latest proposed appointment is a Sullivan & Cromwell lawyer to head the SEC.   Sullivan & Cromwell is Wall Street’s most highly regarded legal operative in NYC.   Need anymore be said?

Obama’s Presidency: Probably The Worst In U.S. History

I vividly recall stating to friends and colleagues in the summer of 2008 that W was the worst President in history.  At that point I was welcoming the idea of Obama:  a guy who seemed completely detached from Washington’s inside mafia and Wall Street’s never-arraigned felons.   I was ecstatic over his promise to clean up the fraud and corruption that had been engulfing Wall Street and Capitol Hill over the past couple of Presidents.

About a year into his first term, I had Obama figured out.   His campaign slogans were empty billows of mendacious smoke billowing from his mouth.  He has not followed through on one plank in his campaign platform.   The only people who can’t see it are his slavishly blind devotees, many of whom are afraid to say anything negative about a black man out of fear of being labelled a racist.  It was brilliant exercise in psychology by the insiders who selected Obama over Hillary in 2008.   At that point I told friends and colleagues that Obama will possibly go down as the worst President in history.

Part of the catalyst was the high expectations for which we were set up.   He seemed like he really wanted to make a difference.  A close friend argued with me the other day that it’s not Obama’s fault – that Congress has prevented Obama from fulfilling his promises. But that is thoroughly untrue.   Obama has actively employed the act of Executive Order routinely and systematically to override Congress, as a threat to override Congress and as a device to circumvent the Constitution.  This is the very same act of Executive Order he promised to eliminate from the Oval Office tool chest.   Everyone remember him making that promise?  Because I recall it distinctly

The author of Washington’s Blog wrote a must-read commentary which details why Obama’s Presidency has been a complete failure – possibly the greatest failed Presidency in history:   “Bush was a horrible president. At the time, I thought he was the worst president in American history…”

…But Obama has made a lot of firsts himself:

  • Prosecuted fewer financial crimes than President Reagan, Clinton or either of the Bush presidents. (As bad as the Bush administration was, they at least prosecuted the heads of Enron, Worldcom and some other white collar crooks. In contrast, Obama hasn’t prosecuted even one high-level Wall Street executive.)
  • Is the most secretive president ever
  • Is more hostile to the press than any president in history
  • Claims the power to strip Americans’ liberty in a way that no other president has ever tried to claim … and that even King George of England didn’t claim. Indeed, Obama has rolled back some of our liberties to the time of the enactment of the Magna Carta in 1215.

That’s a partial list.  I highly recommend reading the rest of the article:   Washington’s Blog.

Now Obamacare, doomed from the beginning, is collapsing as big insurance companies successively drop out of the Obamacare network and the quality of healthcare in this country continues to deteriorate.  I can’t wait to see what happens to retail sales when the next round of health insurance premiums hits the system shortly before the November election…

Obama’s Comments Are Mindblowing

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?”

ObamaCare Costs Are Rising – Ability To Pay Falls

Hospital patients felt an increased financial burden in 2014 as medical costs rose while revolving credit became less available, according to TransUnion’s latest Healthcare Report. The report found that consumers’ ability to pay for select medical procedures fell by more than 11% last year…Our latest report demonstrates that consumers continue to feel the pressure of rising healthcare costs,” McCarthy said.

Here’s the link to the full article – you’ll need to register to access it but it’s painless and spam-free:  Patient Costs Rise as Ability to Pay Falls.

The data shows that Obamacare is doing exactly what it was designed to do by the big pharmaceutical, hospital and insurance corporations who drafted the legislation and paid their subservient Congressmen to vote for it:   transfer billions from the middle class to pharmaceutical/healthcare/insurance corporatocracy.

Meanwhile, the Taxpayer burden of shouldering the Government subsidies, which go indirectly into the corporatocracy coffers, accelerates as evidenced by the parabolic rise in Treasury debt outstanding.   Thanks Barack!