One Percent/End the Fed (Nader-Paul, Paul-Nader American Presidency!)

Sunday, May 16, AD 2010
I just watched the documentary “One Percent” with my wife and I have been reading Ron Paul’s book – End the Fed. Very interesting points of contact and dissonance between the two viewpoints.
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3 Responses to One Percent/End the Fed (Nader-Paul, Paul-Nader American Presidency!)

  • The little guy is getting shafted by the World Bank?

    Today’s little guy will usually be the least prepared to weather economic changes. Tomorrow’s little guy has the most to gain but he doesn’t know it yet. Thus, the appeal of protectionism. It’s better to aid the adversely affected than to shield them.

    Lots of little guys depend on big banks and multinationals.

    Both Nader and Paul are experts at proposing the wrong solutions to the right problems. I was swept up in the Ron Paul Revolution in 2008 but I’ve recovered. My biggest issue with him is that, to my knowledge, he’s never articulated how he expects to pay for anything.

  • So the very wealthy investor class member has found a way to get government to print up money to cover the biggest of losses, and enough extra money is spread around giving people some unemployment bail out monies, dubious temporary stimulus paychecks, and other little social service type funds- so that no one wants to completely overturn the current establishment.

    For the record, the folks receiving ‘bailouts’ thus far are as follows:

    1. The Federal National Mortgage Association and the Federal Home Loan Mortgage Corp.

    2. Citigroup and the Bank of America.

    3. Chrysler and General Motors

    4. The American International Group.

    5. Miscellaneous finance and insurance companies who received access to the soft loan windows opened by the Treasury department and the Federal Reserve.

    The last were ancillary beneficiaries. The shareholders of the American International Group saw their stake in the company diluted to the tune of 80%. It was the creditors of AIG who were bailed out. That would be institutions like Citigroup who bought credit default swaps from Mr. Cassano’s outfit, and miscellaneous others.

    The shareholders of Citigroup saw the value of their holdings fall by more than 90%, and those of Bank of America more than 60%. Who got paid in full were the owners of bank bonds. Bank bonds are owned by insurance companies and pension funds, whose clientele may be affluent as a rule, but far from ‘very wealthy’.

    The shareholders and owners of mortgage backed securities issued by Fannie Mae and Freddie Mac likely are an affluent crew, maybe even ‘very wealthy’. Commercial banks held about a quarter of the outstanding Fannie Mae and Freddie Mac debt, and commercial banks have depositors. Sovereign wealth funds held another large bloc, so defaulting would likely create a political problem with the Far East. Please recall that these are leftover New Deal programs and that efforts by the Bush Administration to reform their accounting practices and increase their capital cushions were sabotaged by Barney Frank, whose boy toy was a Fannie Mae official. Frank ‘cares’ about housing, dont’cha know.

    The Chrysler and General Motors deals were a gift bestowed upon the United Auto Workers, whose clientele are certainly better off than the average American, but not ‘very wealthy’.

    The folks who were bailed out were those whose defaults might generate systemic problems and those who had connections. The latter are not the generically wealthy, ‘very’ or not.

    They are both very good at identifying the wastefulness of most of the wars that now seem to be perpetual,

    Identify for me a bloc of years prior to 1940 when there was not armed conflict in progress somewhere on the globe.

    If you are speaking about the United States in particular, we have not been subject to a general mobilization since 1945. In the intervening 64 years, we were at war for 3 years in Korea, 8 years in Indo-China, < 1 year over Kuwait, and 8 years in Iraq and Afghanistan. That would be about a third of the time, which falls short of 'perpetual'. The wars in Korea, Kuwait, and Afghanistan were initiatives of the other party without qualification and none of our opponents in any of these wars were of the character of the Hapsburg or Hohenzollern empires.

    and they both see that the little guys in this country and around the world are basically getting shafted by the global econom

    Yeah, they are being shafted by reductions in excise taxes on imports.

  • I certainly agree with both men in the video. Both parties are owned by the same people behind the scenes. It is easy for us to fall in lockstep with that idea because we hear that American Electorate process is so civil and gives the people real choices.

    The more I learn what it means to be Catholic, the more I reject our broken political process. I really can’t believe my choices last year were John McCain and Obama just like people were forced to choose between Bush and Gore. Believe what you will, but they are all the same people. They are basically owned.