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Bailing Out The Rich Only Makes It Worse

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(Via Zerohedge)

In 1948, the architect of the post-war American suburb, William Levitt, explained the point of the housing finance system. “No man who owns his own house and lot can be a Communist,” he said. “He has too much to do.”

It’s worth reflecting on this quote on the ten-year anniversary of the financial crisis, because it speaks to how the architects of the bailouts shaped our culture. Tim Geithner, Ben Bernanke, and Hank Paulson, the three key men in charge, basically argue that the bailouts they executed between 2007 and 2009 were unfair, but necessary to preserve stability. It’s time to ask, though: just what stability did they preserve?

These three men paint the financial crisis largely as a technical one. But let’s not get lost in the fancy terms they use, like “normalization of credit flows,” in discussing what happened and why. The excessively wonky tone is intentional – it’s intended to hide the politics of what happened. So let’s look at what the bailouts actually were, in normal human language.

The official response to the financial crisis ended a 75-year-old American policy of pursuing broad homeownership as a social goal. Since at least Franklin Delano Roosevelt, American leaders had deliberately organized the financial system to put more people in their own homes. In 2011, the Obama administration changed this policy, pushing renting over owning. The CEO of Bank of America, Brian Moynihan, echoed this view shortly thereafter. There are many reasons for the change, and not all of them were bad. But what’s important to understand is that the financial crisis was a full-scale assault on the longstanding social contract linking Americans with the financial system through their house.

The way Geithner orchestrated this was through a two-tiered series of policy choices. During the crisis, everyone needed money from the government, but Geithner offered money to the big guy, and not the little guy.

First, he found mechanisms, all of them very technical—and well-reported in Adam Tooze’s new book Crashed—to throw unlimited amounts of credit at institutions controlled by financial executives in the United States and Europe. (Eric Holder, meanwhile, also de facto granted legal amnesty to executives for possible securities fraud associated with the crisis.)

Second, Geithner chose to deny money and credit to the middle class in the midst of a foreclosure crisis. The Obama administration supported this by neutering laws against illegal foreclosures.

The response to the financial crisis was about reorganizing property rights. If you were close to power, you enjoyed unlimited rights and no responsibilities, and if you were far from power, you got screwed. This shaped the world into what it is today. As Levitt pointed out, when people have no stake in the system, they get radical.

Did this prevent a full-scale collapse? Yes. Was it necessary to do it the way we did? Not at all.

(Full Article Here)

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Politics

Where We Go One, We Go All

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In the tumultuous landscape of American politics, one figure stands out as a beacon of unwavering resolve and determination: Donald J. Trump. As the former President of the United States and the Republican nominee for the 2024 presidential election, Trump has consistently demonstrated his commitment to serving the American people, both politically and metaphysically.

Throughout his time in office and beyond, Trump has shown himself to be a leader who is unafraid to confront the challenges facing the nation. His “America First” agenda prioritized the interests of the American people, focusing on issues such as immigration, trade, and national security. Trump’s policies aimed to protect American jobs, secure the nation’s borders, and maintain a strong military presence to deter potential adversaries.

However, Trump’s influence extends beyond the realm of politics. Many of his supporters view him as a metaphysical protector, standing against the forces of evil that threaten the very fabric of American society. This belief is rooted in Trump’s unwavering commitment to his principles and his willingness to fight for what he believes is right, even in the face of overwhelming opposition.

Trump’s supporters often draw parallels between his leadership style and that of a warrior, a man who is willing to stand up for his beliefs and defend the nation against all odds. This image is reinforced by Trump’s own words and actions, such as his famous quote, “I alone can fix it,” which reflects his belief in his ability to tackle the nation’s problems head-on.

The phrase “Where We go one, we go all” has become a rallying cry for Trump’s supporters, symbolizing their unwavering loyalty and determination to stand by their leader. This phrase encapsulates the idea that Trump’s supporters are united in their belief that he is the one who can lead the nation out of the darkness and into the light.

In conclusion, Donald Trump’s influence on American politics and society cannot be understated. As a leader who is willing to stand up for what he believes is right, Trump has become a symbol of hope and determination for his supporters. Whether it be through his political policies or his metaphysical presence, Trump is seen as a protector of the American people, standing against the forces of evil that threaten the nation. Where We go one, we go all.

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Politics

President Donald Trump Owned the RNC Convention

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In a night filled with political stars and Hollywood glamour, Donald Trump delivered a speech at the Republican National Convention that resonated with the populist spirit that propelled him to the presidency in 2016. The Fiserv Forum in Milwaukee, Wisconsin, was the stage for a celebration of conservative values, patriotism, and a vision for America’s future.

Trump’s speech was a masterful blend of fiery rhetoric, personal anecdotes, and policy proposals aimed at appealing to the working-class voters who form the backbone of his base. He spoke passionately about the need to put America first, protect American jobs, and secure the border. Trump’s populist message was clear: he is the champion of the forgotten men and women of this country, and he will fight for their interests.

The highlight of the evening was undoubtedly the presence of several celebrities who threw their support behind Trump. Hulk Hogan, a professional wrestler and entertainer, delivered a powerful endorsement of the president, saying, “Trump is the only one who truly understands the struggles of everyday Americans.” His speech was met with thunderous applause from the crowd, who were thrilled to see a celebrity openly supporting the president.

Another celebrity who made waves at the convention was Eric Trump, the president’s son and a key figure in the Trump Organization. Eric delivered a heartfelt speech about his father’s leadership and the importance of family values in America. He spoke about the sacrifices his father has made for the country and the love he has for the American people. Eric’s speech was a touching tribute to his father and a reminder of the importance of family in the Trump administration.

The night was a resounding success for the Trump campaign, with the president delivering a speech that was both powerful and inspiring. The presence of celebrities like Hulk Hogan and Eric Trump only added to the excitement and energy of the event. As the 2024 presidential election approaches, it is clear that Trump remains a force to be reckoned with, and his populist message continues to resonate with voters across the country.

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Media

Assange’s Freedom: A Blow to the Neo-Con and Neo-Liberal Elite

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In a surprising turn of events, Julian Assange, the controversial founder of WikiLeaks, has been freed from prison, sending shockwaves through the political establishment. For years, Assange has been a thorn in the side of the global elite, exposing their secrets and lies to the world. Now, as he walks free, many on the right-wing populist side of the aisle are celebrating, while others, particularly those with skeletons in their closets, are trembling in fear.

The release of Julian Assange is a victory for truth and transparency. For too long, the powers that be have operated in the shadows, manipulating the masses and advancing their own agendas. Assange and WikiLeaks have been instrumental in shining a light on the dark underbelly of global politics, revealing the corruption and deceit that permeates our institutions.

However, not everyone is happy about Assange’s newfound freedom. Neo-cons and neo-liberals, who have long been in cahoots with the global elite, are terrified that their treasonous activities will be exposed. They fear that Assange’s release will lead to a flood of information that will expose their lies and destroy their carefully constructed narratives.

Take, for example, Mike Pence, the former Vice President of the United States. Pence, a known neo-conservative, has been a vocal opponent of Assange and WikiLeaks. Why? Because he knows that his own treasonous actions could be exposed. Pence has been accused of colluding with foreign powers and selling out the American people for his own gain. The release of Assange could be the final nail in the coffin for Pence and his ilk.

The truth is, the opposition to Assange’s release is not about national security or protecting classified information. It’s about protecting the interests of the global elite and their puppets in government. The neo-cons and neo-liberals are terrified of losing their grip on power, and they will do anything to silence those who threaten their reign.

But the people are waking up. They are tired of being lied to and manipulated. They are hungry for the truth, and they will not be silenced. The release of Julian Assange is a step in the right direction, but it is only the beginning. The fight for truth and transparency is far from over.

As a right-wing populist, I believe that the people have a right to know the truth about their leaders and the institutions that govern them. I believe that the global elite and their puppets in government should be held accountable for their actions. I believe that Julian Assange is a hero, and his release is a victory for the people.

So, to Mike Pence and all the other neo-cons and neo-liberals who oppose Assange’s release, I say this: The truth will come out, and you will be exposed for the traitors that you are. The people will not be silenced, and they will not be fooled. The fight for truth and transparency is just beginning, and we will not rest until justice is served.

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