Thursday, November 3, 2011

Michael Bloomberg talks about the Republican Recession

"Those who own this country ought to govern it," - John Jay

New York Billionaire Mike Bloomberg, angry that his beloved 1% are correctly being blamed for Wall Street's Rigged Toxic Economic System which led to the current Financial Disaster, recently told the OWS protests; "I hear your complaints. Some of them are totally unfounded. It was not the banks that created the mortgage crisis. It was, plain and simple, Congress who forced everybody to go and give mortgages to people who were on the cusp."

Thank You Mayor Bloomberg for pointing out this Economic Disaster was accomplished at the behest of the 1% by the REPUBLICAN PARTY. This is a Republican Recession. This is the Economic Collapse is the Fault of the Republican Party.

Okay not exactly, the current Recession is being pushed on America by the Rich 1% Plutocrats with the vicious Republican dogs and conservative dupes aiding them. Bloomberg can't help himself. His Aristocratic sensibilities are offended by the sight of the 99% expressing their 1st Amendment Rights. But, Bloomberg can't wallow in the mud like Faux News "Reporters" or Conservative Smear Merchants.

Bloomberg isn't the only angry One Percenter, BofA CEO Brian T. Moynihan is "incensed" by the plebes. How dare these OWS types not recognize their Moneyed Masters beneficence! "I, like you [speaking to BofA Executives], get a little incensed when you think about how much good all of you do, whether it's volunteer hours, charitable giving we do, serving clients and customers well," Moynihan said. Addressing critics, he said, "You ought to think a little about that before you start yelling at us."

But, let's not forget the Wall Street Criminals and Bank Thieves could not have accomplished this theft of Billions without the aid of the Republican Party. But, unlike what the alternate reality the Rightwing revisionists are trying to sell these days the Government didn't force any bank, any lender to make these loans. The Banksters and Wall Street Criminals wanted the housing bubble and choose the Republicans in Congress and the White House to push through legislation making their crimes "legal".

It doesn't even start with Senator Phill Gramm or the Gramm-Leach-Bliley repeal of Glass-Steagal in 2000. It doesn't end with the Heritage Foundation's 2001 ridiculous claims the Bush Tax Cuts on the Wealthy would accomplish the following:
1) Effectively pay off the federal debt;
2) Reduce the federal surplus by $1.4 trillion;
3) Substantially increase family income;
4) Save the entire Social Security surplus;
5) Increase personal savings;
6) Create more job opportunities.
No this Republican Recession is not an accident. It is the culmination of the Republican Party's Owners to shrink Government down to be drowned in a bathtub. The despicable Grover Norquist, originator of the Drowning phrase, longtime conservative smear merchant, long-time partner of convicted criminal Jack Abramoff, president of the conservative Americans for Tax Reform, said President Bush will be remembered “long after people can no longer pronounce or spell Fallujah.”

And Grover will be correct. Bush's "Ownership Society" ideals, which began when he was Governor of Texas in the 1990s, will be remembered in US History classes as the either, the realization of a long held Republican goal, the destruction of the Middle Class, the largest Transfer of Wealth to the Richest 1%, and the creation of perpetual Wage Slavery for America or the rise of #Occupy and the beginning of the Renaissance of the American People.

Once Bush got into the White House (and in his spare time of ordering Americans to torture, making up stories about phantom Iraqi WMDs, and not spending much time worrying about Osama Bin Laden) Bush was aiding and abetting Alan Greenspan and the Wall Street Thieves in creating an financial housing bubble in which Wall Street would end up receiving Trillions of dollars under the guise of helping everyone own a home, "And part of it is working together as a Nation to encourage folks to own their home." President George W. Bush, Oct. 15, 2002.

The really bad credit default swaps, the really divorced from reality derivative gambling, the really evil chop and blend bundling of worthless toxic assets into AAA rated loans occurred between 2002-2006, at a time the White House, Supreme Court, House of Representatives, and Senate were all completely dominated by Republicans.

Republicans are in the business of destroying Government. But, Republicans never take blame and for what they have deliberately wrought. So even though private sector loans were responsible,
During those same explosive three years [2004-2006], private investment banks — not Fannie and Freddie — dominated the mortgage loans that were packaged and sold into the secondary mortgage market. In 2005 and 2006, the private sector securitized almost two thirds of all U.S. mortgages, supplanting Fannie and Freddie, according to a number of specialty publications that track this data.
Ask any conservative what caused the Financial Collapse, they will cite Fannie and Freddie, ACORN and Barney Frank. But, the rising inequality in our Society? The Incredible Gap between the Richest 0.1% and the Rest of America? That is unknown to them.

So we have Republicans at the behest of their Moneyed Masters enacting policies, rigging laws, and ignoring crimes which has nearly destroyed the Nation, has made millions of Americans unemployed and plunged the 99% into a spiral of destitution which will take a decades long radical battle against the 1%, who will spend every second cheating, stealing, buying politicians, rewriting laws, rigging elections, altering textbooks and the historical narrative, employing thousands of rightwing hacks at conservative think tanks and, yes, relying on Govenrment officials to discourage, harass, arrest and beat We, the 99%.

Bloomberg's Awful Comment; What can we say for certain regarding the GSEs?
My sense is that these are people who can’t accept that some markets, especially financial ones, are disasters when completely unregulated – and thus find any far-fetched excuse to blame the government.


Truth 101 said...

I've searched for the rule that ordered banks to loan money to people they knew couldn't repay and still haven't found it.

Grung_e_Gene said...

Ha, kept searching TRUTH. You'll not find it. But, you will find cryptic references to the CRA of 1977, because while 11/03/08 was the end of George W. Bush's responsibility in every conservatives eyes, things which happened under Carter or FDR are still relevant!