On Thu, 27 Aug 2009 11:53:25 -0700, wismel@yahoo.com wrote:
>>
>>Americans: Serfs Ruled by Oligarchs
>>
>>Paul Craig Roberts
>>
>>August 20, 2009
>>
>>"In a little time [there will be] no middling sort. We shall have a
>>few, and but a very few Lords, and all the rest beggars." R.L. Bushman
>>
>>"Rapidly you are dividing into two classes-extreme rich and extreme
>>poor." "Brutus"
>>
>>Americans think that they have "freedom and democracy" and that
>>politicians are held accountable by elections. The fact of the matter
>>is that the US is ruled by powerful interest groups who control
>>politicians with campaign contributions. Our real rulers are an
>>oligarchy of financial and military/security interests and AIPAC,
>>which influences US foreign policy for the benefit of Israel.
>>
>>In the middle of the worst economic downturn since the Great
>>Depression, Goldman Sachs announced record second quarter profits and
>>large six-figure bonuses for every employee.
>>
>>Have a look at economic policy. It is being run for the benefit of
>>large financial concerns, such as Goldman Sachs.
>>
>>It was the banks, not the millions of Americans who have lost homes,
>>jobs, health insurance, and pensions, that received $700 billion in
>>TARP funds. The banks used this gift of capital to make more profits.
>>In the middle of the worst economic downturn since the Great
>>Depression, Goldman Sachs announced record second quarter profits and
>>large six-figure bonuses for every employee.
>>
>>The Federal Reserve's low interest rate policy is another gift to the
>>banks. It lowers their cost of funds and increases their profits. With
>>the repeal of the Glass-Steagall Act in 1999, banks became high-risk
>>investment houses that trade financial instruments such as interest
>>rate derivatives and mortgage backed securities. With abundant funds
>>supplied virtually free by the Federal Reserve, banks are paying
>>depositors virtually nothing on their savings.
>>
>>Despite the Federal Reserve's low interest rate policy, beginning
>>October 1 banks are raising the annual percentage rate (APR) on credit
>>card purchases and cash advances and on balances that have a penalty
>>rate because of late payment. Banks are also raising the late fee. In
>>the midst of the worst economy since the 1930s, heavily indebted
>>Americans, who are losing their jobs and their homes, are to be bled
>>into bankruptcy by the very banks that are being subsidized with TARP
>>funds and low interest rates.
>>
>>Moreover, it is the American public that is on the hook for the TARP
>>money and the low interest rates. As the US government's budget is 50%
>>or more in the red, the TARP money has to be borrowed from abroad or
>>monetized by the Fed. This means more pressure on the US dollar's
>>exchange value and a rise in import prices and also domestic
>>inflation.
>>
>>Americans will thus pay for the TARP and low interest rate subsidies
>>to their financial rulers with erosion in the purchasing power of the
>>dollar. What we are experiencing is a massive redistribution of income
>>from the American public to the financial sector.
>>
>>And this is occurring during a Democratic administration headed by
>>America's first black president, with a Democratic majority in the
>>House and Senate.
>>
>>Is there a government anywhere that less represents its citizens than
>>the US government?
>Washington DC has met and exceeded every Peter Principle of
>incompetence.
>ted
>http://www.newnation.org/ New Nation News
In the fields of civil service nowadays it can be shown the one of the
"Peter Principles," people rise to their level of incompentence is
completely out of wack. Those people can rise six, seven, eight, or
higher steps of their level of incompentencies. Government is now
mainly a clerical operation with differing acronyms that attempt to
keep the voters mystified.
DCI
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>>Americans: Serfs Ruled by Oligarchs
>>
>>Paul Craig Roberts
>>
>>August 20, 2009
>>
>>"In a little time [there will be] no middling sort. We shall have a
>>few, and but a very few Lords, and all the rest beggars." R.L. Bushman
>>
>>"Rapidly you are dividing into two classes-extreme rich and extreme
>>poor." "Brutus"
>>
>>Americans think that they have "freedom and democracy" and that
>>politicians are held accountable by elections. The fact of the matter
>>is that the US is ruled by powerful interest groups who control
>>politicians with campaign contributions. Our real rulers are an
>>oligarchy of financial and military/security interests and AIPAC,
>>which influences US foreign policy for the benefit of Israel.
>>
>>In the middle of the worst economic downturn since the Great
>>Depression, Goldman Sachs announced record second quarter profits and
>>large six-figure bonuses for every employee.
>>
>>Have a look at economic policy. It is being run for the benefit of
>>large financial concerns, such as Goldman Sachs.
>>
>>It was the banks, not the millions of Americans who have lost homes,
>>jobs, health insurance, and pensions, that received $700 billion in
>>TARP funds. The banks used this gift of capital to make more profits.
>>In the middle of the worst economic downturn since the Great
>>Depression, Goldman Sachs announced record second quarter profits and
>>large six-figure bonuses for every employee.
>>
>>The Federal Reserve's low interest rate policy is another gift to the
>>banks. It lowers their cost of funds and increases their profits. With
>>the repeal of the Glass-Steagall Act in 1999, banks became high-risk
>>investment houses that trade financial instruments such as interest
>>rate derivatives and mortgage backed securities. With abundant funds
>>supplied virtually free by the Federal Reserve, banks are paying
>>depositors virtually nothing on their savings.
>>
>>Despite the Federal Reserve's low interest rate policy, beginning
>>October 1 banks are raising the annual percentage rate (APR) on credit
>>card purchases and cash advances and on balances that have a penalty
>>rate because of late payment. Banks are also raising the late fee. In
>>the midst of the worst economy since the 1930s, heavily indebted
>>Americans, who are losing their jobs and their homes, are to be bled
>>into bankruptcy by the very banks that are being subsidized with TARP
>>funds and low interest rates.
>>
>>Moreover, it is the American public that is on the hook for the TARP
>>money and the low interest rates. As the US government's budget is 50%
>>or more in the red, the TARP money has to be borrowed from abroad or
>>monetized by the Fed. This means more pressure on the US dollar's
>>exchange value and a rise in import prices and also domestic
>>inflation.
>>
>>Americans will thus pay for the TARP and low interest rate subsidies
>>to their financial rulers with erosion in the purchasing power of the
>>dollar. What we are experiencing is a massive redistribution of income
>>from the American public to the financial sector.
>>
>>And this is occurring during a Democratic administration headed by
>>America's first black president, with a Democratic majority in the
>>House and Senate.
>>
>>Is there a government anywhere that less represents its citizens than
>>the US government?
>Washington DC has met and exceeded every Peter Principle of
>incompetence.
>ted
>http://www.newnation.org/ New Nation News