PANIC AMONGST WALL STREET MASTERS OF THE UNIVERSE

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“What’s going on here? The answer, surely, is that Wall Street’s Masters of the Universe realize, deep down, how morally indefensible their position is. They’re not John Galt; they’re not even Steve Jobs. They’re people who got rich by peddling complex financial schemes that, far from delivering clear benefits to the American people, helped push us into a crisis whose aftereffects continue to blight the lives of tens of millions of their fellow citizens.” Paul Krugman

EDITOR’S COMMENT: If you are a member of the inner circle sitting on hundreds of millions or billions of dollars that you know you stole, you’ve got to be worried. The protests voiced by Occupy Wall Street are echoes of protests that began in Europe and the result has been worrisome for Wall Street titans.

Governments around the world are enacting reforms to calm an enraged citizenry,  while the American public is just revving up the expression of long pent-up anger. Reforms are coming — and so are prosecutions of civil, administrative and even criminal actions. Just look at any new source and you’ll find that from Israeli parliament to Spain, Greece, and the United Kingdom, the movement is creating a form of self governance by the people, for the people and most importantly, of the people.

Change is coming — and it is not from Obama, or government initiative. It is from people who still know, deep in their hearts that they are the boss. Thomas Jefferson said that government only stands with the consent of the people. He was right. And while we have a remarkable document in the United States Constitution, the pattern of behavior has been to ignore the protections we adopted when the document was written and especially when the Bill of Rights was established. Remember that dusty 9th Amendment that nobody talks about — it reserves rights to the people in the final analysis.

If Government doesn’t take jurisdiction, the people will do it legally and constitutionally and they are doing exactly that — which means that the protection of bankers by buying off legislators, policy-makers and law enforcement is in grave danger of being lost to those Wall Street greed-pandering geniuses who started this mess, stole the public purse and now refuse to give back what they obtained through illegal means.

FINALLY, we have the people in power more scared of us than we are of them. In a Democracy, that is the way it should be.

October 9, 2011

Panic of the Plutocrats

By

It remains to be seen whether the Occupy Wall Street protests will change America’s direction. Yet the protests have already elicited a remarkably hysterical reaction from Wall Street, the super-rich in general, and politicians and pundits who reliably serve the interests of the wealthiest hundredth of a percent.

And this reaction tells you something important — namely, that the extremists threatening American values are what F.D.R. called “economic royalists,” not the people camping in Zuccotti Park.

Consider first how Republican politicians have portrayed the modest-sized if growing demonstrations, which have involved some confrontations with the police — confrontations that seem to have involved a lot of police overreaction — but nothing one could call a riot. And there has in fact been nothing so far to match the behavior of Tea Party crowds in the summer of 2009.

Nonetheless, Eric Cantor, the House majority leader, has denounced “mobs” and “the pitting of Americans against Americans.” The G.O.P. presidential candidates have weighed in, with Mitt Romney accusing the protesters of waging “class warfare,” while Herman Cain calls them “anti-American.” My favorite, however, is Senator Rand Paul, who for some reason worries that the protesters will start seizing iPads, because they believe rich people don’t deserve to have them.

Michael Bloomberg, New York’s mayor and a financial-industry titan in his own right, was a bit more moderate, but still accused the protesters of trying to “take the jobs away from people working in this city,” a statement that bears no resemblance to the movement’s actual goals.

And if you were listening to talking heads on CNBC, you learned that the protesters “let their freak flags fly,” and are “aligned with Lenin.”

The way to understand all of this is to realize that it’s part of a broader syndrome, in which wealthy Americans who benefit hugely from a system rigged in their favor react with hysteria to anyone who points out just how rigged the system is.

Last year, you may recall, a number of financial-industry barons went wild over very mild criticism from President Obama. They denounced Mr. Obama as being almost a socialist for endorsing the so-called Volcker rule, which would simply prohibit banks backed by federal guarantees from engaging in risky speculation. And as for their reaction to proposals to close a loophole that lets some of them pay remarkably low taxes — well, Stephen Schwarzman, chairman of the Blackstone Group, compared it to Hitler’s invasion of Poland.

And then there’s the campaign of character assassination against Elizabeth Warren, the financial reformer now running for the Senate in Massachusetts. Not long ago a YouTube video of Ms. Warren making an eloquent, down-to-earth case for taxes on the rich went viral. Nothing about what she said was radical — it was no more than a modern riff on Oliver Wendell Holmes’s famous dictum that “Taxes are what we pay for civilized society.”

But listening to the reliable defenders of the wealthy, you’d think that Ms. Warren was the second coming of Leon Trotsky. George Will declared that she has a “collectivist agenda,” that she believes that “individualism is a chimera.” And Rush Limbaugh called her “a parasite who hates her host. Willing to destroy the host while she sucks the life out of it.”

What’s going on here? The answer, surely, is that Wall Street’s Masters of the Universe realize, deep down, how morally indefensible their position is. They’re not John Galt; they’re not even Steve Jobs. They’re people who got rich by peddling complex financial schemes that, far from delivering clear benefits to the American people, helped push us into a crisis whose aftereffects continue to blight the lives of tens of millions of their fellow citizens.

Yet they have paid no price. Their institutions were bailed out by taxpayers, with few strings attached. They continue to benefit from explicit and implicit federal guarantees — basically, they’re still in a game of heads they win, tails taxpayers lose. And they benefit from tax loopholes that in many cases have people with multimillion-dollar incomes paying lower rates than middle-class families.

This special treatment can’t bear close scrutiny — and therefore, as they see it, there must be no close scrutiny. Anyone who points out the obvious, no matter how calmly and moderately, must be demonized and driven from the stage. In fact, the more reasonable and moderate a critic sounds, the more urgently he or she must be demonized, hence the frantic sliming of Elizabeth Warren.

So who’s really being un-American here? Not the protesters, who are simply trying to get their voices heard. No, the real extremists here are America’s oligarchs, who want to suppress any criticism of the sources of their wealth.

19 Responses

  1. My older son’s friends who have already graduated from college are either working for a pauper’s wage, if they have a job at all, or they are going on to grad school and hoping things will change by the time they finish their education. Sadly, most will be in debt for years to come thanks to the high cost of education and the student loans that will cripple them financially for years to come. Almost all of them are still living at home because there are no decent jobs for young people. When you criticize the OWS protesters, you are criticizing those young people for whom there are no jobs right now. They are not lazy bums…they want the same things we were promised, and I know for a fact that most of them want to work. They are justifiably mad as hell, and the rest of us should be, too! If you’re not, you are either blind, stupid, extremely naive…or part of the 1%.

  2. pretty much agree except we’re not and never were intended to be a Democracy….very dangerous form of governance…

  3. Paul K is another fuc’in idiot. He’s a paid hack. a shill.

    That’s my 2 cents. They all are, BS artists.

  4. @tnharry,

    you are like may neighbor, and I wish to slap you.

  5. @ tnharry…you incurred my wrath? What in the hell are you smoking down there? I’ve never been wrathful to you. There’s always tomorrow though 🙂

  6. Moon Beam Jerry Brown is acting more like Stalin than Mother Teresa (he claims her to be one of his mentors).

  7. tnharry beck and pat are irrelevant. Toilet paper is more useful and relevant in our lives.

    What is relevant is the President of the United States the Attorney Generals that our allowing this Fruad to continue.

    Tommorow More people lives are gonna be effected by this Fraudsters and the Politicians who will allow this to happen.

    Tommorow at least 30 more people will be kicked out of their properties just by Recontrust in California due to alleged fraud by the Banksters.

    The Attorney General of California is allowing this to happen.

    NEVER AGAIN

  8. that’s just lazy e.tolle. why not rip into them for making the same comments i did and incurred your wrath?

  9. If you guys would leave beck.com for a moment, you’d understand just how wrong you are about OWS. It’s coming to a corner near you.

  10. DCB ,

    You are 100% correct ,, and the Wall Streeters , Blankfein et al , know what they have done … it is imperative that the mess be cleaned up , Glass Steagall be re-implemented , overseas , undocumented moneyflows returned and that the bad guys do a major perp-walk…

    The problem is that the protesters are for the most part lazy worthless kids who want a handout ,, sponsored by the Communist faction within and without the Obama government… They want anarchy as a reason to implement communism.

    We know that there is a HUGE amount that all reasonable people , no matter whether they are Dem’s , Rep’s , Ind’s or something else can agree to … but the Workers Party , George Soros and Van Jones are using that kernel of truth to destroy , not repair this country.

  11. Louise: Google “internet kill switch” and look into the legislation that has been proposed. They haven’t gotten it crammed through yet, but are hoping to attach it as a rider to an unrelated bill and slide it through. CONgress says its necessary for “homeland security”. Uh-huh. Back when Lieberman was trying his hardest to get this through he experienced a backlash of protest and he announced he will not be running again. He’s a lame duck this year. We must all be vigilant as he may try to cram his “pet” bill through again as the departing act of defiance against his consituents. When you find out more on the internet kill switch legislation, you may be suprised to see who voted FOR it the last time they tried to get it through.

  12. Yes. The ship is hitting the fan. Do not give up. Keep it going. We have the Internet which allows all of us peons to communicate with each other. The Internet is the great equalizer.

  13. This fraud would have never had a chance to become as massive
    as it is, globally, without the aid and abetting of government. Local
    to federal to foreign, the corruption is on both sides of the fence.
    It’s all about the elite becoming the global governance with the
    majority held as prisoners, serfs, peasants, or just plain ol’ slaves. Freedom in priceless, and it’s never free.

  14. Judge Parker in Akron Ohio should turn Himself in for Corruption, all judges should surrender who stole homeowners property and broke rule of law , i have absoulute proof of his lies under oath , he directed pretend lenders lawyers to tell lies in final decree order , he has seen 14 forgeries of Deutsche Bank attorney’s signature on sworn documents to court and has ignored them , and used the forgeries and robo signed documents to award Deutcshe Bank a summary judgment without a signed affidavit, it was blank with no name on it, it was without a signature and it was not notarized. Here is the case number if you don’t believe it read it : Case No 2007 11 8364 Summit County Common Pleas Court is still on docket the judge is hiding this is the forth(4) judge in this case , its the worst corruption i have ever seen , the judges are taking more from people than any other criminals in our Nations HISTORY combined, with a stoke of a pen than they have with guns.

  15. While the common wisdom was that writedowns of debt to sustainable levels somehow would destroy free markets and the security of western civilization–thus justifying seizre of homes for fees —and investor writedowns—-now it is generally accepted across the entire european continent that writedowns and haircuts are absolutely vital to sustainability of economies–sort of a double standard.

  16. Mr Garfield

    With all government institutions hopelessly corrupted, surely you don’t really believe the corporatists are afraid of the death throes of the dwindling middle  class or even the population at large as represented by the so called occupation of wall street.

    That’s delusional. If this country were salvageable, the unconscionable behavior of “wall street” would be in the criminal courts by now

    The banksters/government cabal’s  only worry is “mob” management.    This is not 1776.  Big Brother is upon us and WILL keep us serfs in line   If ridicule won’t do it, more drastic measures will follow

  17. I know it is not very well viewed on this blog but… I’ve always liked Paul Krugman sarcastic witt. And since the very beginning, he’s made some pretty good points. Too bad he does what the majority of people do: generously offer his criticisms and observations while failing to propose solutions.

  18. Sarasota FL – Free Foreclosure Defense Seminar 15 Oct 2011

    Sat. Oct 15, 2011 – Sarasota, FL – FREE Foreclosure Defense Forum & Anti-Foreclosure Advocacy Workshop (Trawick, Charney, Weidner) & showing of Inside Job documentary

    For immediate release.
    Foreclosure Event Hosts Two Most-Famous Florida Attorneys
    Sarasota.

    April Charney, nationally-known foreclosure defense attorney from Jacksonville Legal Aid, hero to many as the Mother Theresa of foreclosure defense, has joined the all-star lineup of speakers at the “Save Your Home” event. Ms. Charney has characterized banks as “court interlopers [who] might as well be wearing a ski mask and carrying an Uzi for as much right as they have to force homeowners out of their homes”: fighting words that have given hope to tens of thousands of frightened Florida homeowners facing foreclosure.

    “Save Your Home” is a FREE day-long foreclosure defense workshop to be held on Saturday, October 15, at the Unity Church of Sarasota, 3023 Proctor Road, from 9-5.

    Ms. Charney joins Mr. Henry P. Trawick, Jr., iconic author of Trawick’s Florida Practice and Procedure. Mr. Trawick’s speech is titled “The Foreclosure Mess.” Matt Weidner, prominent Tampa foreclosure defense attorney and Lisa Epstein, widely-quoted citizen/advocate and owner of ForeclosureHamlet.com will round out the speakers. Numerous local attorneys will also be on hand to answer questions about the latest news and foreclosure defense strategies, and to discuss proposed changes to mortgage/foreclosure laws in the 2011-2012 session of the Florida legislature.

    There will be a free screening of the Academy Award-winning movie, Inside Job, at 7 p.m.

    This event is being sponsored by The Mortgage Justice Group, an organization of citizens helping citizens in foreclosure. For additional information, please call the Mortgage Justice Group at (941) 504-4873 or email mortgagejustice1@yahoo.com.

    Flyer: http://www.scribd.com/doc/66045723/Oct-15-2011-Sarasota-Fraud-Seminar

    Comfort Inn 5778 Clark Road, Sarasota, FL. 34233/ (941) 921-7750
    $69.00 + tax (2 queen-size beds in room), includes a “hot breakfast bar” (eggs, waffles, etc.)
    Mention “FORECLOSURE SEMINAR” to person who takes the reservation.
    Clark Road is the first exit off I-75 for Sarasota. Comfort Inn is about a block off the exit going West on left. This is about 10-15 minutes from the event at Unity Church Sarasota (3023 Proctor Road).


    Lisa Epstein
    ForeclosureHamlet.org
    Latest Fraudclosure News on Twitter here
    Blog
    Facebook

  19. I demur with the point that the 1% “realize” that they are beyond the pale and at risk. Historically the same thing has happened repeatedly. The “ruling class” runs the entire economy into the ground precisely because they are always blind to anything other than self-interest. They are not prescient beings–the are ignorant of the frstration of the mases and ignore it –until the pot boils over. It is a historical fact. Going backwards in time: collapse of Soviet Union, the great Depression, 1923 Europe, the wisdom of Nicholas and Alexandra vis Bolshevism, 1848 pan-Europe uprisings, The insight and wisdom of Marie Antoinette. The disintegration of the largest empire ever on the face of the earth–that of Charles the 5th of Spain, italy, Germany, Holy Roman Empire and 3/4 of the new world.

    The Romans–etc

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