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Dee's avatar

I was living in Chicago in 2008. I remember being in tears as Obama spoke in Grant Park; it appeared that after the horrors of the Reagan, Clinton and Bush eras, we as a nation had turned a corner. Then three weeks after the election, Obama named Tim Geithner as his Treasury Secretary nominee, Larry Summers as the director of the National Economic Council, and Hank Paulson as an economic adviser. It was then I knew we had been deceived in the most egregious way.

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David Gosselin's avatar

Obama was possibly one of the greatest frauds foisted on America. Were there to have even been a remotely genuine picture of Obama painted, the following fun facts would have been included:

-This is a guy who sat with his CIA chief John Brennan every Tuesday and went over a "kill list" where Obama was a defacto judge, jury and executioner, often ordering drone attacks that resulted in many innocent victims, including bombing crowds at weddings. That's actually the kind of guy we're talking about here

-Obama, along with the help of the French, ordered the assassination of the Libyan head of state, overthrew the government of one of the most prosperous African nations. Open slave markets filled with Africans followed.

-The majority of the 16 Trillion dollar bailouts of the Wall Street and European banks happened under Obama. There was a bill in both the House and Senate to re-instate Glass-Steagall, break up the banks, and cancel the toxic debts. In that case, Americans would not have had to pay for the purchase of trillions of toxic paper, and could have had a real massive infrastructure and rebuilding program. Obama and his team tried did everything to prevent the bill from advancing and instead forced all of America to foot the bill for Wall Streets totally worthless financial paper.

Because of that, we're now looking at an even more epic financial bubble. However, thanks the Obama's Dodd-Frank financial "reform," Title II of Dodd-Frank authorizes bank "bail-ins" where financial institutions can directly seize depositor accounts, and yes, depositors would also be responsible for covering derivatives contracts:

"As unsecured creditors, depositors and bondholders are subordinated to derivative claims. Derivatives are the investments that banks make among each other, which are supposed to be used to hedge their portfolios. However, the 25 largest banks hold more than $247 trillion in derivatives, which poses a tremendous amount of risk to the financial system. To avoid a potential calamity, the Dodd-Frank Act gives preference to derivative claims."

-https://www.investopedia.com/articles/markets-economy/090716/why-bank-bailins-will-be-new-bailouts.asp

As the bubble pops, all the financial wizards and heads of the zombie banking system will tell us there is no alternative, the worthless debts have to be paid, or else the whole system will crash. It's a lie. Hopefully people don't fall for it. We need an orderly bankruptcy re-organization and bank separation.

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