This piece was reprinted by OpEd News with permission or license. It may not be reproduced in any form without permission or license from the source.
Then in 2008, the Bush administration began looting the federal Treasury to reward criminal bankers for their crimes and accelerated the process of transferring public wealth to Wall Street. Obama greatly stepped up the practice, and on July 20, 2009, AP reported that:
"The federal government has devoted $4.7 trillion to help the financial sector through its crisis, a watchdog report said Monday," referring to Neil Barofsky, the Special Treasury Department's Inspector General in charge of overseeing the Troubled Assets Relief Program (TARP).
"Under the worst of circumstances, the report said, the government's maximum exposure could total nearly $24 trillion, or (an) $80,000 (liability) for every American."
On March 31, Bloomberg reported that the Treasury and Fed "spent, lent or committed $12.8 trillion," an amount approaching America's 2008 $14 trillion GDP. Currently, the number at least matches and may exceed it.
At the same time, the economic crisis is worsening. Credit remains frozen. The worst housing and commercial real estate slump since the Great Depression continues. Foreclosures threaten millions. Job losses keep mounting. True unemployment, according to economist John Williams (with all uncounted categories included), approaches 21% and is rising. Savings have greatly eroded. Government debt levels are unparalleled during peacetime. Major banks are effectively insolvent. Households are too over-extended to spend or borrow more, and the administration offered little relief to them or states unable to meet their budget commitments, so they adjust by slashing essential social services, including health care, education, and everything for the most needy.
Power of the Judiciary
For years and especially under George Bush, the federal judiciary has been stacked with judges from or affiliated with the extremist Federalist Society. It advocates rolling back civil liberties; ending New Deal social policies; opposing reproductive choice, government regulations (except industry approved ones), labor rights and environmental protections; and subverting justice in defense of privilege.
Bush's Justice Department was just as corrupted by putting politics ahead of the rule of law, hiring and firing prosecutors and other employees based on their loyalty to the Republican party, targeting the innocent opportunistically, waging war on Islam and Latino immigrants, creating justifications for administration crimes, then turning a blind eye to them.
Next Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
1
1
1
