Elizabeth Warren: No Advise and Consent of Senate

No doubt, she appeals to the small ruling elite, but apparently not the Senate. BHO put her in charge of the so-called reform of Wall Street. She is not going before the Senate, as high level appointees should. Where is the indignation of the press? (Yes, this is the begining of the Wall Street take-over as predicted here.) I do not know her background, but can guess. We will be hearing more about her, no doubt.

Washington State Demos Support BHO Agenda (Openly)

The local television campaign ads may not be examples of all that is wrong with American politics, but they are not far from it. Democrat Senator Patty Murry says that Dino Rossi is a pawn of big corporations, especially Wall Street. To prove it, she plays a short clip in which Dino says he would vote to repeal the Wall Street Reform Bill. He should have said he would repeal the Wall Street so-called reform bill. Obviously no one is against reform but he opposes the bill for what is in it, not for its title. The bill is over 2,000 pages of who knows what. Like the other bills passed by the sitting Democrats with the help of a few Rinos, it enacts into law more of the socialistic, state control agenda of the far left.

This blog and many others along with talk radio have explained some of the aims of recent Wall Street take-over attempts by government. The Party's primary purpose is to funnel power and money to the constituent groups of Barack Obama and his leftist associates, and Wall Street is where the power and money is. Mr. Rossi should obviously want it repealed. Unfortunately, his message is, "Our problems did not start yesterday, but I will start fixing them tomorrow." A Tea Party candidate would go to the the heart of the current debate and point out that Democrat Party socialistic policies are what caused our problems. In other states, the Democrat candidates are facing that kind of opposition and respond by disavowing their support of Obama / Pelosi / Ried. Unfortunately, almost all these 'blue dog' Democrats vote with their party when they are back in Washington, DC. In Washington State, the Demo's don't have to distance themselves from their Masters in the other Washington.

Wall Street Takeover

My message to the LA Times Editorial blog today regarding the passage by the Senate of the Wall Street Takeover: "Correct, this is not reform in that it does not make things better. It limits competition and creates further barriers to entry. It makes the few favoured firms of Big Finance virtual partners with Big Government (along with Big Pharma, Big Auto, Big Agra, Big Ed, Big Labor, Big Energy, Big Media...). It adds ups to Big Brother. My opinion. - Jean-Baptiste of blogspot"

The bill cannot be stopped by fillibuster now because some loathsome Republican Senator(s) voted for it.

Full Court Press against Wall Street

I wrote the following letter to the editor of the Seattle Times today. Of course they won't publish it or any in a similar vein, even if more eloquently stated. They want government to have more say in where the funds of investors go (maybe to them).

"Today's editorial regarding Madoff and Wall Street reform avoids the question of what form regulation should take. Based on the track record of the current administration, it appears that the Madoff Affair is the cause celebre that is being used to usher in regulation that will give government control over important business decisions of financial companies. This is de facto socialism and is the goal of the executive branch and many in the legislative branch. Allocation of capital for its best use is the primary function of financial markets and only further disasters could come from government trying to play that role. Conflicts of interest, government corruption of business and visa versa, and outright fraud are enforcement problems that deserve more attention. We cannot allow these problems to be used as excuses for a power grab by the political operatives and technocrats who allowed and created those problems in the first place."

I think there is a real danger that the BHO gangsters are attempting to control finance so that they can better direct the flow of capital to their political allies and to themselves. Doing it through congress has its limitations. There seems to be a heightened attack right now against banks and investment companies. This also enhances the suffering public image of the Democrats and the BHO White House. Bankers are an easy target and we are seeing and hearing the most blatant populist styled propaganda being directed against them. Little matter that it is nonspecific in its calls for reform. The important thing to the left right now is to bloody the noses of bankers and Wall Street.

The current edition of Mother Jones is a prime example. The cover story: "Too Big to Jail" shows a monopoly style cartoon banker using his get out of jail free card. Two of the Mother Jones writers appeared on Bill Moyers tonight to deliver orchestrated one-two punches against capitalism. "Oh no, not against capitalism. We're for capitalism, we want to fix it. We're against them, the big bankers, who do those things..." they would claim while they employ every Marxist trick in Rules for Radicals. What bothers me is that they were so slick that 99% of the audience will be taken in. Of course, I am taking into account that since they're watching public TV, most of the audience is taken in to begin with.

This is very worrisome because finance and economics seems to be the biggest weak spot in the American public's collective understanding. The 'public' will go along with a bad idea wrapped in a populous cloak every time. With this administration, we can expect maximum exploitation of this weakness. With our defenses spread thin by global warming and health care, they will make enormous gains against liberty and democracy. With control of finances, they will be difficult to dislodge.

The American Banking Association chairman, Art Johnson, apparently was mildly successfully in holding back the congressional hoards while compromising on some regulatory changes. He was attacked on Bill Moyers. The bankers and Wall Street should make some sensible proposals for oversight aimed at preventing fraud and sharp practices. More importantly, they need to go on the offensive with public promotion of their ideas. American financial markets have worked because American securities are more secure. The industry needs a public image make over that will show that they are not avoiding regulations that will actually further that goal.

See my regulatory ideas in following posts.

Obama Wall Street Prescription: Virtual Ownership

The current economic recession/depression was clearly the result of multifaceted government intervention in and regulation of business. However, BHO is blaming Wall Street, which is always an acceptable scapegoat. Hitler used it, only he called them the Jew bankers. Wall Street of course doesn't seem to have a clue either that they are in a public relations propaganda fight. The bottom line is that BHO will use the concept of 'Wall Street' as an excuse for his next big government coup. Any proposal from the current administration and congress will not be 'consumer protection' as they claim. It will be government control of what is currently private finance. But the country and congress is dumb and numb. We have lost or are on the verge of losing the auto industry, healthcare, mortgage lending, energy, and pretty much all unionized trades (which were mostly gone already) to the control of the all-powerful state. The rest should be easy for the totalitarians.

We are witnessing the fall of capitalism. From there, our rights as a free people will dissolve with hardly a murmur from the serfs. After the first death, there is no other.

Can We Realy Share the Wealth?

My answer is: No, not without destroying the wealth. Every redistribution plan ultimately does not work. Not in the long run, not in the medium run, or even much beyond today. Analysis of the outcome of plans to redirect economic activity from the free market shows that eventual collapse of any such plan is inevitable. It may not be obvious because a dozen other plans will usually be adopted to correct the outcome of the initial plan but they always result in the same thing: less wealth or impoverishment for everyone and back to the drawing board.

This weekend Les Leopold was on the Coast to Coast radio program. He is the author of "The Looting of America." He is a good spokesman for socialism of the disguised form, as is president Obama and a large segment of his administration. He has all the arguments and is able rhetorically to avoid the tough questions. Ian Pundant, the shows host, did a good job of allowing him enough rope to hang himself. He allowed Mr. Leopold to explain his ideas without the least hint of criticism.

Mr. Leopold's ideas all stem from the notion the there is an unequal distribution of wealth. This is especially true of Wall Street and that inequality is somehow the cause of the last and probably all other market collapses. He says that great wealth leads to a "casino atmosphere." This certainly is in keeping with popular sentiment and may be exactly the kind of argument that leads to the BHO takeover of the financial system. That is essentially what he proposed although in the most veiled terms. He states that Milton Friedman is the most to blame for our current economic troubles because his philosophy led to all of "this deregulation." Again, I ask what deregulation? Also again I ask, how could regulators have helped when it was government policy itself that they would have to regulate? Callers to the talk show program and later the host disputed Mr. Leopold's thesis. His responses revealed him for the well rehearsed snake oil salesman that he is. He asked one caller if he would agree with his various schemes if he could convince him that the great inequality of wealth on Wall Street was what causes collapses in the financial system. He said that his book contained definitive arguments. The caller said that he could never convince him of that and he couldn't convince me either.

(some of Mr. Leopold and friends: http://www.huffingtonpost.com/les-leopold/fear-and-looting-in-ameri_b_208153.htmlhttp://www.expressmilwaukee.com/blog-3834-qa-with-les-leopold-author-of-the-looting-of-ameri.html)

I, like Thomas Jefferson, "have sworn hostility against every form of tyranny over the mind of man." I cannot be convinced that socialism is in some way just or can be beneficial to either the immediate recipient of government largess or to the ones that must be robbed to enable that largess. I agree with the dictums of Frank Chodorov, of the old right. It was written of him in 1952:

"Listening to Mr. Chodorov, you won't
get any meaningless gabble about "Right" and "Left," or "progressive'" and
"reactionary," or liberalism as a philosophy of the "middle of the road." Mr. Chodorov deals in far more fundamental
distinctions. There is, for example, the Chodorovian distinction between social
power and political power. Social power develops from the creation of wealth by
individuals working alone or in voluntary concert. Political power, on the other
hand, grows by the forcible appropriation of the individual's social power."

"People on Our Side: Frank Chodorov"
Mises Daily by John Chamberlain
Posted on 10/5/2009 12:00:00

http://mises.org/story/3741

　

New Target for Hate and Takeover: Wall Street

A method of the revolutionary left seems to be to accuse conservatives and Republicans of some imaginary wrong, then some time later, they actually do what they had accused the conservatives of doing. Then when they are confronted, their defence essentially is: Bush did it first. Aside from being intellectually repugnant on several levels, this is generally a lie. Is it that we are so jaded by hearing the fraudulent complaints of the left, that like Pontus Pilot, we ask, "what is Truth?"

We have heard for the last eight years all kinds of bizarre accusations directed against the Republicans of how they are attempting to control the population by imposing their Farwellian, fundamentalist morality. Aside from the fact that Christianity has retreated so far, that we are at last putting up a feeble defense of the last two or three percent of our former territory, I would say, "who cares?" I do not see our freedoms currently under any serious threat from the Christian right. On the other hand, anyone with eyes to see and with the slightest sense should realize that the left, under President Barack Husein Obama [BHO] with the aid of the leftest congress and liberal press, are currently a great threat to our liberties.

BHO's attack on Wall Street is the latest attempt to gain more power over the institution of this nation. It should be clear, based upon recent similar tactics, that the anti-Wall Street propaganda coming directly from BHO is the harbinger of another take-over attempt. I hope he is stopped. Unfortunately, the public hears only one side. They know about the excesses of Wall Street executives and they have heard over and over that they are the sole culprits responsible for the present and all other economic downturns. On the contrary, government economic intervention itself has been and remains the main culprit. Capitalism, the free market, and our complicated financial system has been responsible for the greatest advances in the history of humanity. Its abundant shortfalls, as aforesaid, are chiefly the fault of government intervention.

There are also dishonest people. We should be protected from them by the police powers of the government. Fraud is an ever present danger, which in fact could probably be avoided by the unimpeded functioning of a free market better that is is by the government. BHO's covetousness of the productive forces of this nation far exceeds the mere policing of sharp business practices. Unfortunately, the results of government failings in detection of fraud along with problems created by intervention in financial markets by government, is not even an issue under discussion. Instead, big business and industry along with their needed financial system are blamed for all our ills and are currently under threat of destruction from BHO. This is madness and chickenshit of the highest order.