"Clown Prince" Weekly Blather; April 17th

A Patriotic Response To The "Clown Prince," 04/17/2010
The White House
April 17, 2010

   There were many causes of the turmoil that ripped through our economy over the past two years. But above all, this crisis was caused by failures in the financial industry. What is clear is that this crisis could have been avoided if Wall Street firms were more accountable, if financial dealings were more transparent, and if consumers and shareholders were given more information and authority to make decisions.  But that did not happen. And that’s because special interests have waged a relentless campaign to thwart even basic, common-sense rules – rules to prevent abuse and protect consumers. In fact, the financial industry and its powerful lobby have opposed modest safeguards against the kinds of reckless risks and bad practices that led to this very crisis.
   The consequences of this failure of responsibility – from Wall Street to Washington – are all around us: 8 million jobs lost, trillions in savings erased, countless dreams diminished or denied. I believe we have to do everything we can to ensure that no crisis like this ever happens again. That’s why I’m fighting so hard to pass a set of Wall Street reforms and consumer protections. A plan for reform is currently moving through Congress.  [What I'm not telling you:  We have to create a victim here-whether actual or perceived.  And who comes to mind?  Those who've lost a considerable amount of their retirement investments during this economic downturn.  Even without my fascist monetary policies, losses would have occurred; albeit, not nearly as severe as has been experienced.    As I keep pointing out, this financial catastrophy was precipitated by the "foot-loose, fancy-free" policies of "Slick-Willie" Clinton, with the help of Andrew Cuomo.  They both tinkered with the mortgage origination policies of Fannie-Mae and Freddy-Mac so as to put more welfareRATs into housing they couldn't and probably wouldn't, pay for.  President Bush followed their policy, when he should have tightened the lending policies {See how well I can shift blame; one of my best qualities!!}.  The financial reform bill currently in the Congress, has been authored by "Crooked-Chris" Dodd; one of my favorite senators, but one of the worst crooks the Senate has ever seen!! You can be sure that any "reform" WILL NOT BENEFIT THE TAXPAYER!!   The legislation has the potential-as with the  obamaCare legislation, forced down your throats-to control more aspects of the American daily lives as well as continuing wealth re-distribution.   Notice how I'm promoting transparency in financial dealings but TOTALLY IGNORE the same policy  that I practically guaranteed during my latest "Campaign of Fluff?!?!"  This legislation is another 1,300++ page document that the taxpayer probably won't see before it's voted on; let alone having been read by the legislators!!] 
Here’s what this plan would do. First, it would enact the strongest consumer financial protections ever. It would put consumers back in the driver’s seat by forcing big banks and credit card companies to provide clear, understandable information so that Americans can make financial decisions that work best for them.   Next, these reforms would bring new transparency to financial dealings. Part of what led to this crisis was firms like AIG and others making huge and risky bets – using things like derivatives – without accountability. Warren Buffett himself once described derivatives bought and sold with little oversight as “financial weapons of mass destruction.” That’s why through reform we’d help ensure that these kinds of complicated financial transactions take place on an open market. Because, ultimately, it is a marketplace that is open, free, and fair that will allow our economy to flourish.  We would also close loopholes to stop the kind of recklessness and irresponsibility we’ve seen. It’s these loopholes that allowed executives to take risks that not only endangered their companies, but also our entire economy. And we’re going to put in place new rules so that big banks and financial institutions will pay for the bad decisions they make – not taxpayers. Simply put, this means no more taxpayer bailouts. Never again will taxpayers be on the hook because a financial company is deemed “too big to fail.”   Finally, these reforms hold Wall Street accountable by giving shareholders new power in the financial system. They’ll get a say on pay: a vote on the salaries and bonuses awarded to top executives. And the SEC will ensure that shareholders have more power in corporate elections, so that investors and pension holders have a stronger voice in determining what happens with their life savings.  [What I'm not telling you:   This legislation is just more "nanny-state" blather!!  The American public CAN NOT do anything for itself; CAN NOT protect itself from big banking no more than it can protect itself from the many unscrupulous legislators and my 'slightly less than unscrupulous' administration in Washington!!   I do realize that most of this week's blather makes very little economic sense.  My hope is though, that the taxpayer actually believes that an open, free and fair marketplace will cause our economy to flourish.  What I hope they don't find out is that that is but a small component of a flourishing economy.  A much greater economic segment, with a far greater positive impact, is the current confiscatory tax rates!!   With only one or two exceptions, the U.S. has the highest corporate tax rates in the industrialized world!!  With my out-of-control deficit spending, we're approaching "Europe-like" personal income tax rates of 50++% as well.  As my nemesis, President Ronald Reagan proved beyond a doubt: Tax rate cuts, at all levels, are the greatest economic stimulus!!  The word "bailout" certainly has taken on a negative connotation, hasn't it??  The taxpayer can rest assured that giveaways to certain classes of Americans, supportive corporations and business segments as well as most of the labor unions WILL CONTINUE!!  We just have to come up with a different euphemism to placate the American public!!]
   Now, unsurprisingly, these reforms have not exactly been welcomed by the people who profit from the status quo – as well their allies in Washington. This is probably why the special interests have spent a lot of time and money lobbying to kill or weaken the bill. Just the other day, in fact, the Leader of the Senate Republicans and the Chair of the Republican Senate campaign committee met with two dozen top Wall Street executives to talk about how to block progress on this issue.  Lo and behold, when he returned to Washington, the Senate Republican Leader came out against the common-sense reforms we’ve proposed. In doing so, he made the cynical and deceptive assertion that reform would somehow enable future bailouts – when he knows that it would do just the opposite. Every day we don’t act, the same system that led to bailouts remains in place – with the exact same loopholes and the exact same liabilities. And if we don’t change what led to the crisis, we’ll doom ourselves to repeat it. That’s the truth. Opposing reform will leave taxpayers on the hook if a crisis like this ever happens again.  [What I'm not telling you:  ANYTHING I can do or say that will defame and denigrate the republicRATs is a democRAT plus in my book!!   Of course they are going to oppose any legislation that puts more-and-more control on the lives of their constituents.  Why would the republicRATs NOT meet with 'big-banking?'  Those politicians realize that their constituents do not need continuous 'nannying,' only periodic explanations; they're able to make their own financial decisions.  Any individualism goes against the fascist playbook!!  The republicRATs are right in one aspect, though-that of continuing taxpayer bailouts of my supporters-we just have to use the new euphemism I mentioned earlier.   That   ".....we'll doom ourselves to repeat it...." that only applies to issues that I care about, not to history in general!!]
   So my hope is that we can put this kind of politics aside. My hope is that Democrats and Republicans can find common ground and move forward together. But this is certain: one way or another, we will move forward. This issue is too important. The costs of inaction are too great. We will hold Wall Street accountable. We will protect and empower consumers in our financial system. That’s what reform is all about. That’s what we’re fighting for. And that’s exactly what we’re going to achieve.  [What I'm not telling you:  I really DON'T CARE if republicRATs support democRATs on this or any other issue(s).  If I or other democRATs can carjole republicRATs to support any adminstration-supported issue, that'll provide us with a scapegoat when everything "goes to Hell in a handbasket!!!"]