Volcker Resigns and Goldman Sachs Moves In

corp alliance pledge
The Obama administration is having a shake up. Former Federal Reseve Chief Paul Volcker is quitting. His final act? Trying to get real financial reform, known as the Volcker Rule and was beaten down at every turn.

Now here comes Goldman Sachs and JPMorgan Chase, straight into the White House.

Gene Sperling, a former Goldman Sachs consultant and more infamous, architect for many of the current consequences our economy is suffering, laid down in the Clinton administration, is slated to replace the equally corporate driven Larry Summers for the top economic adviser spot.

Even Time Magazine calls Sperling Obama's corporate Ambassador and Dean Baker suspects Sperling thinks asset bubbles are cool:

The primary issue is not that Sperling got $900,000 from Goldman Sachs for part-time work, although that does look bad. The primary issue is that Sperling thought, and may still think, that the policies that laid the basis for the economic collapse were just fine.

Sperling saw nothing wrong with the stock market bubble that laid the basis for the 2001 recession. The economy did not begin to create jobs again until two and a half years after the beginning of this recession and even then it was only due to the growth of the housing bubble. Gene Sperling also saw nothing wrong with the growth of that bubble. Gene Sperling also saw nothing wrong with the financial deregulation of the Clinton years which, by the way, helped make Goldman Sachs lots of money. And, he saw nothing wrong with the over-valued dollar which gave the United States an enormous trade deficit. This trade deficit undermined the bargaining power of manufacturing workers and helped to redistribute income upward.

In short, Sperling has a horrible track record of supporting policies that were bad for the country and good for Wall Street.

Then we have former JPMorgan Chase executive, William Daley, as Obama's new chief of staff:

Daley serves on JPMorgan's Executive Committee in charge of Corporate Responsibility and is a board member of the pharmaceutical company Merck.

He was also US Secretary of Commerce during the Clinton administration, where he helped shape the North American Free Trade Agreement (NAFTA) and worked on trade relations with China. He's currently a board member at the centrist Democratic think tank "Third Way."

Daley joined JPMorgan in 2004 as Midwest Chairman, and in 2007 began to lead the firm's efforts in corporate social responsibility.

Goldman Sachs revolving door
Get that? One of the people responsible for causing the massive trade deficit and the American economic decline is now whispering in the ear of the President of the United States. Even Fox News noticed the globalist, labor arbitraging, multinational corporate revolving door is on speed spin to the White House.

We have extreme conservatives outraged over the revolving door as well as those on the left. In this summary of the Goldman Sachs connections of Obama's staff, finding someone not connected to Goldman Sachs or the Banksters in the Obama administration is a Where's Waldo exercise.
where's Waldo

Why not just officially outsource the government to Goldman Sachs? They are buying it, might as well run it too. Think of the savings and efficiency if we simply have the Multinational Corporations of America officially running the country instead of this inefficient system. Gee, they have to buy our Congress, lobby politicians, hand their written bills to be passed under the table and eventually move into the White House through the revolving door. Why bother? By-pass the middle man, let's get to it!

While the right wing is noticing the Obama administration is in bed with the Banksters, odds are it's just a jealousy ploy, after all Obama stole their girl. What is the GOP planning, now that they control the House of Representatives?

Straight out of the gate, they are attacking social security.

Well the first line of attack is opening up. Lindsay Graham is threatening to hold up the Debt Limit Increase Bill, and so potentially throw this whole country and perhaps the world into default unless he gets cuts to Social Security.

something needs to be done, but how does Social Security fit in?

It doesn't. As you can see 'Public Debt' is the sum of 'Debt Held by the Public' and 'Intragovernmental Holdings' which latter includes the current $2.6 trillion Social Security Trust Funds. But cutting Social Security benefits in the short to medium term just makes Public Debt GO UP (or at under some formulations stay even).

The now infamous slogan, change you can believe in must represent the change left in your pocket after you lose your job, home, retirement and savings.

Meta: 

Comments

nice background summary

I just watched CNBC documentary Facebook, where Facebook helped use social media to elect Obama. We were duped, what a waste.

You must have Javascript enabled to use this form.

NAFTA

Great, now that the banks got all of the money, here comes more bad trade?

You must have Javascript enabled to use this form.

Wall Street banksters bought

Wall Street banksters bought the Fed, congress and regulatory agenices, so it only makes sense to now buy the White house. Corporatism is now in full bloom. Instead of Commander and Chief, we now have a Bankster and Chief. At least with GWB you knew you were getting an incompetent, bumbling Wall Street butt kisser, but I thought that Obama would be more than simply another Wall Street lackey. Didn't vote for him, but expected more.

You must have Javascript enabled to use this form.