Do you remember when the financial crisis was getting serious?
On the Friday where Lehman Bros went bankrupt, Obama was down by 5 points in the polls. He flew back to DC to meet with banking leaders. He was up by 5 points the following Monday and never looked back.
How many banks were ever prosecuted? That would be zero.
And we're still baling out US AND European banks every single day, 11 years later. Bush enacted the bank bailouts on his way out the door as a parting gift, but it had Obama's blessing.
Does that answer why Obama didn't let them go bankrupt? Or why there was no attempt made to put real banking reform in place? Or shrink the size of banks to reduce systemic risk?
Yep, back in 2007-08. It was later in 2009-10 Obama did his $1 Trillion bailout.
I know Lehman Brothers went broke, as well as Enron etc. I know Bush saved the US Automobile industry ... but the bank bail outs .... no.
So, the way you're putting it, Obama did not put real banking reform into place, because, Wikileaks exposed that CITI Group did much of his formation into his 1st cabinet.
The auto industry was not saved. It went through an organized bankruptcy scripted by the Obama Admin to favor Democrat unions. Basically, they ignored 240 years of contract law to supersede the claims of senior debt holders to keep the union pensions intact. Very illegal, and the long-term impacts of breaking that trust are just starting to be felt.
Enron was a DS operation, with fake convictions that were all overturned......but after they'd ruined 1000's of jobs and taken down a Big 5 accounting firm (Arthur Anderson). The attorney who did that? Andy Weissman (Muellers Pit Bull).
Lehman didn't go broke so much as they had their access to capital cut off to partition them away from the rest of the financial system. ALL banks are broke in that context, as none can survive a capital call. Lehman just got picked to be the fall guy.
Citi has now been bailed out by the US gov't 6 times in a little over a century. I know; I used to work for them.
What I'm saying is Obama made a deal with the banks. They've been working together ever since, and you're seeing the results with these woke corporations today.
I was on the asset management side at Citi. I probably shouldn't say much more than that. I left when I figured out how corrupt the system really is.
When I got into the business, there was a barrier between the Wall Street Banks and DC. It was frowned upon for the government to get involved in the private sector. That changed very quickly in 2008 when the Banks had to go to Congress hat-in-hand to remain solvent.
Now the two work hand in hand, as the politicians ensure massive liquidity is in the system so the Banks can continue their usurious ways and make sure no banker ever goes to jail. When they do catch someone, they end up negotiating a settlement that comes out of shareholders pockets and ends up in the pockets of politically favored NGO's or other connected entities.
So what do the politicians get? The usual grift, but there was much more.
Obama got elected as a huge influx of campaign contributions showed up that weekend and a ton of favorable coverage and polls appeared to sway public opinion.
Beyond that, this ushered in the age of the richest corporations working hand-in-hand with the White House to enact their social and economic goals they now had in common. All Obama had to do was convince them that he wasn't a radical socialist who would actually threaten their existence and was instead very much for sale to the highest bidder.
Obama promised no real regulation and in return worked in partnership with the richest corporations in the world to destroy his political opponents.
Since then, wealth accumulation was concentrated in the top 1% at the expense of everyone else. It was only under Trump where the middle class started to stage a comeback, and that just couldn't be allowed.
This was always about naked power and greed, and the corruption became institutionalized; that's the moral hazard we warned about.
Do you remember when the financial crisis was getting serious?
On the Friday where Lehman Bros went bankrupt, Obama was down by 5 points in the polls. He flew back to DC to meet with banking leaders. He was up by 5 points the following Monday and never looked back.
How many banks were ever prosecuted? That would be zero.
And we're still baling out US AND European banks every single day, 11 years later. Bush enacted the bank bailouts on his way out the door as a parting gift, but it had Obama's blessing.
Does that answer why Obama didn't let them go bankrupt? Or why there was no attempt made to put real banking reform in place? Or shrink the size of banks to reduce systemic risk?
Yep, back in 2007-08. It was later in 2009-10 Obama did his $1 Trillion bailout.
I know Lehman Brothers went broke, as well as Enron etc. I know Bush saved the US Automobile industry ... but the bank bail outs .... no.
So, the way you're putting it, Obama did not put real banking reform into place, because, Wikileaks exposed that CITI Group did much of his formation into his 1st cabinet.
The auto industry was not saved. It went through an organized bankruptcy scripted by the Obama Admin to favor Democrat unions. Basically, they ignored 240 years of contract law to supersede the claims of senior debt holders to keep the union pensions intact. Very illegal, and the long-term impacts of breaking that trust are just starting to be felt.
Enron was a DS operation, with fake convictions that were all overturned......but after they'd ruined 1000's of jobs and taken down a Big 5 accounting firm (Arthur Anderson). The attorney who did that? Andy Weissman (Muellers Pit Bull).
Lehman didn't go broke so much as they had their access to capital cut off to partition them away from the rest of the financial system. ALL banks are broke in that context, as none can survive a capital call. Lehman just got picked to be the fall guy.
Citi has now been bailed out by the US gov't 6 times in a little over a century. I know; I used to work for them.
What I'm saying is Obama made a deal with the banks. They've been working together ever since, and you're seeing the results with these woke corporations today.
Interesting. You worked for CITI Group you say ... in what position? Were you a senior investment banker?
So, what is the "deal" Obama and the banks made, and what is the eventual result it leads to?
Also, I know about the corruption of the DOJ from Sydney Powell's testimony and interviews.
I was on the asset management side at Citi. I probably shouldn't say much more than that. I left when I figured out how corrupt the system really is.
When I got into the business, there was a barrier between the Wall Street Banks and DC. It was frowned upon for the government to get involved in the private sector. That changed very quickly in 2008 when the Banks had to go to Congress hat-in-hand to remain solvent.
Now the two work hand in hand, as the politicians ensure massive liquidity is in the system so the Banks can continue their usurious ways and make sure no banker ever goes to jail. When they do catch someone, they end up negotiating a settlement that comes out of shareholders pockets and ends up in the pockets of politically favored NGO's or other connected entities.
So what do the politicians get? The usual grift, but there was much more.
Obama got elected as a huge influx of campaign contributions showed up that weekend and a ton of favorable coverage and polls appeared to sway public opinion.
Beyond that, this ushered in the age of the richest corporations working hand-in-hand with the White House to enact their social and economic goals they now had in common. All Obama had to do was convince them that he wasn't a radical socialist who would actually threaten their existence and was instead very much for sale to the highest bidder.
Obama promised no real regulation and in return worked in partnership with the richest corporations in the world to destroy his political opponents.
Since then, wealth accumulation was concentrated in the top 1% at the expense of everyone else. It was only under Trump where the middle class started to stage a comeback, and that just couldn't be allowed.
This was always about naked power and greed, and the corruption became institutionalized; that's the moral hazard we warned about.