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#OWS Cheers As Defiant Judge Stops Obama From Selling Immunity To Wall Street

I will rejoice before they replace this judge like the one which allowed OWS to camp at Liberty Plaza. Yet a new chapter in the White House/Eric Schneiderman/Wall Street saga

In an audacious move against Citigroup, the SEC, and the practice of “selling immunity”, a Federal Judge in a NY District Court abruptly put the brakes on a settlement agreement proposed between the Obama Administration and another giant Wall Street firm accused of betting against their own investors.

and I absolutely need to borrow the illustration

I think the judge is Captain America, while the other superhero who is tied down must be Scheiderman.

Now, go read it

The cover of the day goes to Miami herald for the most brazen corruption story from “I won’t stop fighting the spill” Obama

I will give Arkansas Democrat Gazette runner upcover of the day – just for simply and clearly stating all the relevant  topics of the day

another runner up for NY Post  for keeping the oil leak front and center

.Less relevant, WaPo adds the “peace breaking in the Senate” over banks bill – I think Wall Street showed them all who is the boss yesterday

.The Floods in Tennessee – the forgotten disaster – is still only covered locally

.Stars and Stripes reminds us of the nonsense of the was again

.while NY Times is a jumble with a pretty picture again

.Trying to figure who started the market fall  (cough, cough, Chicago!) is on The Wall Street page

.while Boston Herald looks at Census Waste


Only one NYC tabloid picked up on the Wall Street bonanza yesterday, the free NY Met – with an appropriate title

Click here to add text
Click here to add text

Those bets on people’s life insurance must be paying off – they must be dying in droves, because the economy is not improving. In NYS, the Herald Tribume is even more exuberant

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Click here to add text

It seems Bloomberg made himself heard during “Postpartisan day”.

New York Times reports that Obama is

Uneasy About Tax on Bonuses

It seems

The White House stopped short on Friday of endorsing legislation to severely tax bonuses paid to executives of companies that accepted taxpayer bailout funds.

It seems Wall Street is none to pleased with the taxing of their loot

Wall Street firms reacted angrily to the tax proposals, with several saying they would explore ways to end their participation in the bailout program.

Therefore, here comes Backtrack Obama:

Mr. Obama, who initially said he welcomed the effort by Congress to tax bonuses, is now taking a more measured approach. The White House press secretary, Robert Gibbs, said the administration would have to consider the impact of the legislation on its wider efforts to prop up banks and increase the flow of consumer credit to families and small businesses.

Which is funny, because, at least with the House, he will now go against…bipartisanship:

Nearly half of House Republicans joined most Democrats in favor of the tax on bonuses, which was approved by a vote of 328 to 93.

So, will he veto the tax on bonuses? Or just get the senate to bog it down?

But, hey, he can afford that politically. Politico reports that no matter how he kicks liberal groups around, they stick around

The liberal interests that spent much of the 1990s clashing with President Bill Clinton and with one another have formed an unprecedented alliance, spanning labor unions and environmental groups, behind President Obama’s agenda. Shrugging off symbolic slights—early talk of bipartisanship, days spent grinning and gripping with Republican governors—liberal groups find themselves on the verge of achieving top goals after years or decades, including national role in health care, new regulation of greenhouse gases, expanded access to abortion, and a vast new round of government spending across the board.

Must be nice to be the king!


More details on the maneuvering for Wall Street

Appearing that evening on the “Tonight Show with Jay Leno,” Obama responded to a question from the comedian on the House bill by further distancing himself from it. “I understand Congress’ frustrations,” he said. “They’re responding to, I think, everybody’s anger. But I think the best way to handle this is to make sure that you close the door before the horse gets out of the barn.”

This statement sums up the hypocrisy of the administration as well as Congress. Obama, both before and after assuming office, intervened to prevent the door from being closed to AIG and other financial firms—including Merrill Lynch, Fannie Mae and Freddie Mac—that used taxpayer money to award lavish bonuses.


He sought to discredit public anger as “finger-pointing,” declaring that he was seeking to “break a pattern in Washington where everybody’s always looking for someone to blame.”

WSJ writes that

administration officials “are looking for ways to blunt the bill’s impact if it becomes law…”

Such is the diagnosis of the Obama solution from the Nobel prize in Economics laureate Joseph Stiglitz (h/t MakeThemAccountable)

In an interview with Democracy Now he said

the Obama administration has failed to address the structural and regulatory flaws at the heart of the financial crisis that stand in the way of economic recovery. Stiglitz also talks about why he thinks Obama’s strategy on Afghanistan is wrong and that Obama’s plan to keep a “residual force” in Iraq will be “very expensive.” On health care, Stiglitz says a single-payer system is “the only alternative.”

More specifically, the interview took place after that bestest speech and on the banks Stiglitz said

is he holding the banks accountable?
JOSEPH STIGLITZ: Well, so far, it hasn’t happened. I think the more fundamental issues are the following. He says what we need is to get lending restarted. If he had taken the $700 billion that we gave, levered it ten-to-one, created some new institution guaranteed—provide partial guarantees going for, that would have generated $7 trillion of new lending. So, if he hadn’t looked at the past, tried to bail out the banks, bail out the shareholders, bail out the other—the bankers’ retirement fund, we would have easily been able to generate the lending that he says we need.

Asked as to why bankers rather than banks are being saved

MY GOODMAN: Why is Obama saving these bankers?

JOSEPH STIGLITZ: Well, we could all guess about the politics. We know one of the problems about American politics is the role of campaign contributions, and that’s plagued every one of our major problems.

And he remarked that most other countries in the world are taking more efficient measures than us.

I didn’t get a Nobel prize and still struggle to understand economics, but I figured this one out the moment the financial crisis was in the news

Obama beholden to Wall Street – how can he reform it?

But I admire Stiglitz’s integrity. Unlike some low self-estime bloggers, the fact that he had conversations with Obama during the campaign didn’t melt his brain.

The sad part however is that the conversations with Stiglitz didn’t leave a trace on Obama either.

On the same topic, as a bonus, also via Make them accountable, Fiore’s cartoon – Zombie Bank

Not Your Sweetie

December 2020