The left and Wall Street

The President in his address on monday mentioned Social Security : “we default, we would not have enough money to pay all of our bills – bills that include monthly Social Security checks, veterans’ benefits, and the government contracts we’ve signed with thousands of businesses.”
That is absolutely untrue, Social Security administration has its own savings, in fact Obama isn’t there to save old folks and SS, or Medicare and Medicaid for that matter, he’s there to gut them.
Obama’s agenda is Wall Street’s agenda, his appointees to the Deficit Reduction Commission are all enemies of Social Security, headed by Republican Senator Alan Simpson of Wyoming, and President Clinton’s chief of staff Erskine Bowles.
Mr. Obama warns that thirty years from now, the Social Security fund may run a $1 trillion deficit, coming from a government who has spent $13 trillion in financial bailouts since Lehman failed in September 2008, it looks like peanuts, still, the cuts are coming and Wall Street are dancing.
As I mentioned in a previous post, this whole debt ceiling thing is idiotic at best but the melodrama around it serves a purpose, the longer the crisis goes on, the more to the right Obama will move and the more the rich win. You don’t actually believe you live in a democracy, do you?
Instead of being tied to the land as under feudalism, families today may live wherever they want – as long as they take on a lifetime of debt to pay the mortgage and then enjoy paying taxes on the land they own.
Wall Street Democrats are not new, FDR’s regulations were all dismantled under Clinton, take a close look at where the bankers and hedge fund managers put their money during electoral campaigns.
The debt ceiling extravaganza helps you believe that the economy will be plunged into crisis if Wall Street does not get its way – freeing it from taxes and deregulating it.
As the excellent Michael Hudson, a research professor of Economics at University of Missouri points:
“Mr. Obama’s first fallacy is that the government budget is like a family budget. But families can’t write IOUs and have the rest of the world treat it as money. Only governments can do that. It is a privilege that the banks would now like to obtain – the ability to create credit freely on their computer keyboards, and charge interest for what is almost free, and what governments can indeed create for free.”