Monday, August 22, 2011

Obama Shows His Colours

From a post by Yves Smith on her Naked Capitalist blog:
Corrupt Obama Administration Pressuring New York Attorney General to Support Mortgage Whitewash

It is high time to describe the Obama Administration by its proper name: corrupt.

Admittedly, corruption among our elites generally and in Washington in particular has become so widespread and blatant as to fall into the “dog bites man” category. But the nauseating gap between the Administration’s propaganda and the many and varied ways it sells out average Americans on behalf of its favored backers, in this case the too big to fail banks, has become so noisome that it has become impossible to ignore the fetid smell.

The Administration has now taken to pressuring parties that are not part of the machinery reporting to the President to fall in and do his bidding. We’ve gotten so used to the US attorney general being conveniently missing in action that we have forgotten that regulators and the AG are supposed to be independent. As one correspondent noted by e-mail, “When officials allegiances are to El Supremo rather than the Constitution, you walk the path to fascism.”

Revealingly, one of the Administration’s allies said: “Wall Street is our Main Street.” And the worst is that this remark may not be a cynical Ministry of Truth pronouncement. Team Obama bears all the hallmarks of being so close to banks and big corporations that it has lost all contact with and understanding of mainstream America.

The latest example is its heavy-handed campaign to convert New York state attorney general Eric Schneiderman to a card carrying member of the “be nice to our lords and masters the banksters” club. Schneiderman was the first to take issue with the sham of the so-called 50 state attorney general mortgage settlement. As far as the Administration is concerned, its goal is to give banks a talking point and prove to them that Team Obama is protecting their backs in a way that the chump public hopefully won’t notice.

The Administration joined this effort to hurry it forward and assure it resulted in a suitably financier-friendly outcome. And it has done so despite recent HUD inspector general’s audits finding that the five biggest servicers were defrauding taxpayers. We’ve heard not a peep of follow up on that front; instead, the Administration keeps leaking its tired “A settlement is just around the corner” story.


So get this: we have unemployment at roughly 16% if you include discouraged workers, and many “employed” workers are underemployed. The housing market hasn’t bottomed; experts have pushed their hopes estimates from 2011 to 2012. And continued concerns about unaddressed chain of title issues may well impede any housing recovery.

Yet rather than address real, serious problems, senior administration officials are instead devoting time and effort to orchestrating a faux grass roots campaign to con a state AG into thinking his supporters are deserting him because he has dared challenge the supremacy of the banks.
Go read the whole article and get the embedded links.

Americans have an ugly future. The 2012 elections will give them a choice between a fake friend of the people and a fake populist. Obama will lead the Democrats pretending that he is outraged at how the rich have raped the land while quietly moving heaven and earth to ensure that the bottom 90% are supine and uncomplaining as they get raped again and again. Whoever the Republicans nominate will be a born-again, fire-breathing right wing "family values" barn-burning evangelizer telling Americans that the rich are the "job creators" and they need to be coddled. That the little people should line up and sign over their first born so that their overlords can show paternalistic concern for them and ensure that they and the next generation can work for below minimum wage rates to "help build a better tomorrow" and "restore America as that shining City on a Hill". In other words, the Republicans will offer up a snake oil salesman to lure them into yet another round of rape and pillage by their overlords.

What a choice! What a future to look forward to!

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