Omarova Hit Job by Banks and Their Republican Senate Henchmen:This is why we can’t get regulators who want to do the job of protecting the people

see https://www.npr.org/2021/12/13/1063767973/saule-omarova-gets-candid-banks-sank-her-nomination-to-head-occ

Sheila Bair was forced to resign as head of the FDIC. Very few people remember that Obama made her resign. That means she was fired. She objected to the “save the banks” strategy started by the Bush administration in 2008 and continued by the Obama, Trump and Biden Administrations.

All of them are captive audiences who are hearing only one story — that any relief given to homeowners will trash the financial and social system in this country. It is a threat of Armageddon. And it is a fake threat just like the fabricated, false, fraudulent, forged documents that have been used since the late 1990s.

So along comes someone who is thinking outside the tiny box that Wall Street money has trapped the minds of most politicians, and what happens? Wall Street panics and accuses her of being anti-everything and then because of their own accusations creating the false narrative that her nomination is “too controversial.” Wall Street wins again.

Spoiler Alert: Controversial does not mean unqualified. We lost someone who could have been an important contributor to the good of the country.

3 Responses

  1. Nice hit job Poppy. It’s worth nothing that the Democrats should be included in the group of “Senate Henchman.” The OCC traditionally belongs to the Banksters so good ideas aren’t really allowed there. Omorova is too much of a threat to the moral failings or advantages of the status quo. The upside is more people than ever are reading her work and can decide for themselves.

  2. Thank you Poppy for this. And, as to the Wall Street fraud – it has had bipartisan support for decades.

  3. Omarova is a controversial choice. Born in the former Soviet Republic of Kazakhstan, Omarova was educated in the Soviet Union, graduating from Moscow State University in 1989, and as recently as 2019 openly praised various Soviet policies.

    Omarova’s university thesis has raised alarm bells. Although no one knows exactly what she wrote in the thesis, its title, “Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital,” coupled with her refusal to hand the paper over to members of the Senate Banking Committee, has led many to believe Omarova’s views on Marx are out of step with Americans’ largely pro-market sentiments.

    Even more pertinent, Omarova has called for moving most of the consumer banking industry out of private institutions and into the hands of the Federal Reserve.

    According to past statements, Omarova’s vision for transforming the U.S. economy involves significant centralization of investment and banking, putting a new public institution in charge, directly or indirectly, of virtually all economic activity. In an extensive interview with MSNBC host Chris Hayes in 2020, Omarova outlined some of her most expansive proposals to reshape the United States.

    After complaining that the current financial system does not do enough to ensure private institutions prioritize issues such as climate change, Omarova told Hayes that a new federal agency should be created to restructure the American economy to make it

    “more resilient in the face of shocks, big pandemics, big climate change, big whatever kind of shocks we experience that we have resources that we can mobilize and reapportion in the way we need it.”

    Omarova’s proposed public institution, which in her interview with Hayes she referred to as the National Investment Authority (NIA), would be a “public entity that acts directly in financial markets and acts as a venture capitalist, as a private equity investor, as a lender, as a guarantor, as an insurer, to basically make it easier, not only for the public capital but for the private capital to flow into more sustainable industries rather than into the dying industries.”

    Like the Federal Reserve, the National Investment Authority would have a governing board, with seven to nine members appointed by the president for terms of 10 to 12 years.

    Through “special federal charter government corporations,” Omarova’s NIA would provide banking and investment services directly to industries and projects favored by the federal government. It would, in effect, become, in her words, “the asset manager, like a private equity firm, like a venture capital firm like BLACK ROCK,” except instead of being run by private individuals and groups, it would operate on behalf of the collective, with the full faith and credit of the U.S. government.

    Omarova imagines the NIA to be America’s “public manager” that “will select” investment projects for the country, but “not on the basis of what is the most profitable in the next five years, in the next seven years.”

    The federal government is in “a position to make that kind of a decision,” Omarova added, because it doesn’t have to worry about financial losses in the near term; it can simply finance the debt through money-printing and taxes.

    The idea that Omarova could soon oversee one of the United States’s most important financial regulatory agencies is shocking. But even if Omarova is rejected by the Senate – a very real possibility considering that some Senate Democrats have expressed serious concerns about her nomination – that the White House would even consider her to head a key regulatory agency reveals that the Biden administration is interested in fundamental transformations of the U.S. economy, not moderate policies that would unite the country.

    If Omarova’s ideas are put into place, a politicized board central planners would effectively be empowered to lord over American society and eliminate many of the liberties inherent in our free-market economic system.

    Here you have it folks, “no financial losses”….all funded by the citizens, through taxes and printing money….with nothing to back it.

    Regulation is more the problem here. We do not need another Communist in conjunction with the Federal Reserve running 100% of the currency.

    We are already heading in that direction…not going well! Who closes all the access to fuel, before an infrastructure is in place to wean ourselves off the current system….who pulls the military out of an occupation before civilians? Open borders? Guess who’s picking up this tab? …and Cyrpto currency is nothing but a Ponzi Scheme.

    Come on Neil….just my opinion here.

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