Greetings, Mr. President,
I'm posting you a little note, as you seem to have confused Goldman Sachs for Uncle Sam. Believe me, Mr. President, they aren't even related.
Using huge loans from Uncle Sam (that's the people's government) to Goldman Sachs, AIG and other banking and financial institutions, these same institutions have predictably "grabbed the money and run." They want to give huge bonuses to "key" personnel, such as partners, for the grand guidance provided these same institutions by the lucky recipients. Yes, there has been some negative media attention, which generates some negative political posing on Capitol Hill. You and they have weathered that storm. Good show!
I understand from "experts" reporting over radio airwaves that the economy shows signs of life, and in a few years Uncle Sam should be feeling pretty good again. Should he have gotten a vaccine, you think? Let's blame that carelessness on the Bush Administration, shall we?
Now, Mr. President, it's probably too late in your economic game plan to allocate a significant national dividend to the citizenry, as all the money has been allocated to the big banks. How can Uncle Sam possibly borrow abroad any more money for the people? I can't help thinking that the best place to send all that money would have been to small businesses and to the general citizenry. Redistribution of the nation's wealth from big banks to the general population and the small businesses that are of, by and for these same people may not be everyone's "cup of tea," of course.
Your "boyo" over at the Department of the Treasury, Mr. Geithner, thinks that things have improved substantially for the big banks. Your "boyo" over at the Federal Reserve, Mr. Bernanke, intends to hold interest levels near zero on loans to big banks. This allows them to gather large sums of money at almost no interest and invest that same money in U.S. Treasury Bonds at higher interests, pocketing the difference. It's a very safe means of "pumping up" these big banks' assets. When they are "feeling their Wheaties," they will be willing to make many more loans.
Guess what? Trickle, trickle, trickle!
Now, for the more than 10 million unemployed Americans, there is precious little money. That makes spending much on products and services provided by American manufacturers almost impossible. These manufacturers and small businesses need that money to continue in business. Uncle Sam needs for them to have money.
You say: Wait patiently for a couple-to-three years for the big banks to - as with John D. Rockefeller, Sr., - hand out shiny dimes to the begging masses of Americans. Of course, that can only happen after they slice off half a billion here and a couple of hundred million dollars there in bonuses for themselves. I know you consider that "chump change" of no consequence.
Mr. President, you are very comforting about America "fighting" its way out of this "inherited" economic mess. And darn it! If the economy can't be fixed, then we can declare World War III (or IV) and make our debt-holders pay reparations to us! Won't that be fun?
The main thing to remember, Mr. President, is that - in the long run - we're all dead anyway. Soon, the big banks will have enough loot to finance our next "world war." There IS light at the end of the tunnel.
Your Pal,
JGS
November 08, 2009
In our view President Obama has not served the pressing needs of the United States during his time in office. Rhetoric alone does not heal the nation's ills. The ruling circles in America wax richer, even as the nation wanes. Are we alone in seeing an unwholesome situation that itself points in the direction of the source of our illnesses?
Given America's long entrenched leadership - both elected and background "advisers," why do we fear al Qaeda, the Taliban and "lone wolf" terrorists? None of these "Johnny-come-lately" enemies represent a speck on Uncle Sam's shoes, while our leaders loom as monstrous Godzillas, breathing fire and destroying anything in their path.
Mr. President Obama has from the outset of his administration catered to the great banking institutions and international corporations, while encouraging ordinary Americans to spend more and save more. He surely understands the insanity of his approach.
He bids America to await the moment when all the American money that he has given Lloyd Blankfein at Goldman Sachs, et al, trickles down to main street. "Workers of America take heart! Tomorrow is just a day away!" he seems to be saying. No one has ever told President Obama that "tomorrow never comes."
American money is invested by banks and international corporations in the safest possible interest-bearing securities and accounts. Why should they risk their boondoggle loot by loaning it to small businesses, trying to sell products and services to a bunch of near-broke citizens. Better to invest in booming China.
When the problem is a broad-based insufficiency of money in the hands of the citizens, the solution is obvious: you get them earning more money. Once they earn money, then they can save some and spend some.
How do you get them this money? First, you don't borrow it from banks or foreign nations. Second, you don't listen to the rich, ruling circles who have never provided a correct answer for insuring "the general good." Third, you order the Treasury to issue 14 trillion dollars in the form of interest-free U.S. Treasury Notes. Fourth, you begin to immediately spend this money on asset-building infrastructural construction and maintenance projects, institute a national bank with many branches and ATMs, offering checking accounts to all citizens (no savings accounts), and buy homes for interested citizens who can pay the monthly "rent-to-own" from their salaries/wages. Fifth, you have the national bank invest in promising small businesses that agree to operate solely as a domestic company. Sixth, you impose tariffs on all products entering America for sale, based on worker wage differentials, earmarking the proceeds for the Medicare fund. These tariffs would apply to nominally American international companies as well. Hence, General Electric products made overseas would face tariffs when offered for sale in America. Seventh, you "take," after fair recompense, all the nuclear energy facilities held in private hands. This will allow the government to see that enough money is spent to assure a "fail-safe" standard for each nuclear unit and properly monitor the facility thereafter. Maintenance shortcuts by private businesses would be only a bad memory.
The development of enhanced nuclear energy would allow America to "go electric" on its highways at an expedited rate. This would be needed, as U.S. government investment through its national bank to entrepreneurial electric car-makers (not to GM, Ford, et al) would soon result in numerous affordable options for ordinary citizens.
However, President Obama has neither the vision nor the freedom-from-bankers capacity to do anything but "wait for the bros" over at Goldman Sachs to decide to throw scraps from their bountiful table to the citizen dogs below.
October 09, 2011
Having just endured a 26" blizzard in my section of Northern Virginia, I was just advised about 7:00 PM that another two-day storm was imminent. Television viewers were advised to expect anywhere from 4" to 14" of additional snow between the evening of Tuesday, the 9th of February, and the evening of Wednesday, the 10th of February. In my case the current prediction was 6" to 12." Areas in nearby Maryland can expect 12" to 20" of snow. Areas 25 miles or so south of my location may have only 2" to 5" of additional snow. Therefore, in my case there may be 3' of snow or more which has been measured during the seven-day period ending Wednesday, when this latest "snowstorm" subsides.
The storm was sufficiently bad that my area had no Internet service from Friday evening through Sunday evening. A call to Cox Cable established that they were working desperately to repair the cable transmission by Super Bowl 44 kickoff. This is perfectly understandable, as irate football fans might migrate in droves to dish television, Verizon, or however else they might obtain reliable television/Internet service. Furthermore, tomorrow, viewers were advised by tv weather people, high winds up to 40 miles per hour may rip about my area. This conjured images of fallen trees and broken limbs wiping out electric lines. That could be chilling.
According to the radio news reports and also tv reports, the airlines had cancelled flights out of local airports. Due to closed government offices, businesses, schools, etc., the traffic flowing along the snowy roads were relatively light.
Considering all these matters and factoring in the power that President Obama can bring to bear for special, localized projects, I thought that this would be an excellent time to invite the leaders of the World Community to Washington, D.C. to discuss the urgent problem of global warming. The objective conditions would limit press intrusion, make security easier, and, when it was all over, the President could lead the World Leaders to the White House lawn for a good old-fashioned, snowball fight. When the World Leaders play together, then they stay together.
Andrews Airforce Base outside Washington, D.C. could easily make ready its airstrips to accommodate the flights from overseas. The National Harbor hotels and convention facilities could be pre-empted by presidential edict. Non-World Leaders could be escorted to suitable alternate facilities at some Virginia or District of Columbia site(s). Pet scientists and eggheads from around the world could also come to add factual evidence about global warming to persuade the most skeptical minds. Each World Leader could bring six. However, the White House snowball fight would be strictly limited to World Leaders.
February 09, 2010
Ever since the great assembly in Copenhagen, Denmark to discuss global problems, most prominently that of global warming, that latter issue seemed to have been - excuse the expression - put on ice. What gives?
Even President Obama and Michelle flew to Copenhagen to lobby the representatives of the "world community" on the urgent need for action. More than a few weeks have passed since then, and there has been no further alarming pronouncements.
Desperate for the latest knowledge, I attempted to contact former "world community" spokesperson, Condoleezza Rice. I had no luck.
Cynical friends have opined that the fact that much of North America, Great Britain and Europe were dealing with unusually cold weather made jeremiads about "global warming" seem oddly inappropriate. Some viewed such preaching questionable at any rate. Given the tons of snow that fell upon Great Britain and straight across to Germany and beyond, warnings of global warming and melting Polar Regions seemed downright ludicrous.
No wonder, then, that the Great Chill gave birth to the Great Silence. However, this issue is not likely to go away. To quote Alexander Pope:
" 'Tis with our judgement, as our watches; None go just alike, and each believes his own."
January 25, 2010
The word coming out of the White House and from the media is that there are signs that the economy is "picking up." This suggests that great banking institutions will cease borrowing money at very lay rates from the Fed and investing that money in Treasury bonds at higher rates, guaranteeing a handsome profit even a bank couldn't "blow." Gorged now on easy money, they will begin to "eye" loans calculated to bring in much higher profits.
However, the lending may be initially selective. Not all sectors of the economy ascend at the same rate. Yes, diversity operates in the economy too. In the American system surviving banks lead the way, followed by surviving corporations operating in lucrative niches or in non-discretionary product areas. Slowly, the bull emerges from the pit.
President Obama has carefully explained that it was "W." fault that things got so bad. There is some reason to credit this assertion.
"W." has remained mute on his ranch in Crawford, Texas.
I think that splitting the "bill of ills" is fair. "W." must take the blame for the second Iraqi invasion. Barack must accept the blame for the endless Afghanistan War. "W." must take responsibility for the bulk of the incredible debt incurred over the last ten years. Barack must accept responsibility for the Great Depression-like levels of unemployment.
Goldman Sachs and Morgan Stanley can shoulder the blame as the leading elements in the derivative poison introduced into the world economy.
I learned from an "expert" commenting on jobs in the economy that there were signs that skilled jobs in technical areas were hiring. This commentator rued the fact that most of our American unemployed happened to have worked in areas not much needed in the New American Economy. For them the prospects don't appear so rosy. However, for the worker with a masters in engineering AND in cyber-ciphering (or some such), there were great opportunities.
It's funny how these fields are never mentioned by guidance counselors in schools. Perhaps they feel that they aren't realistic options for ordinary students.
Recently, Dell Computers announced they were closing down their factory in the Carolinas and opening facilities in Mexico and China. It only makes sense to go with the winners.
September 26, 2010
Several blogs ago, I voiced the opinion certain that President Obama needed to get money to small businesses. This was only one of my suggestions for getting money directly into the hands of the general citizenry. Small business has for years been the major source of employment for working Americans. Hence, it was only common sense to provide "dividends" or outright grants to small business to halt their perilous slide toward their extinction.
The money would return in taxes. But before that occurred, the money would have been banked by small businesses at the bank of their choice. This would have helped the smaller banks who are most directly related to small businesses, while lessening the pressure on them to "call in" loans. The latter situation only worsens an economic slide, as money is extinguished from circulation in the process of calling in the loans.
Alas, President Obama chose to first help the dinosaur mega-banks, beginning with Citigroup and Goldman Sachs.
Both of these were led by people who were politically influential. The financial support of Barack Obama's campaign by "bigwigs" at Goldman Sachs would naturally be "remembered." The AIG rescue again centered on an influential VIP of business. Good Gussie! The assumption of a political quid pro quo is utterly mundane. However, I lobbied by means of my blog for the general citizenry first, as well as small business. Emphatically, I opposed putting the interests of mega-banks first.
I believe that I've lost every fight I've ever engaged in. No matter! Why? Because I have been right. If being right isn't motivation to continue, what would be? Money? Sadly, for many the answer is just that. Mega-banks are dominated by this sort. For me the lure of an idea trumps the ability to buy things I don't need nor even have the time to enjoy.
However, money does bring political recognition and may bring power as well. Speaking of motivation, Dr. Henry Kissinger stated decades back that "money was the best aphrodisiac." Is Dr. Kissinger's "days of aphrodisiac bliss" over? General Jones allegedly stated recently that he gets his orders from Dr. Kissinger. There is food for thought!
The mega-banks, mega-corporations, and mega-egos all seem to constitute a "me-first" elite that is anything but wholesome for America or the world community.
I therefore applaud President Obama finally making a move to get federal funding going toward the remaining small businesses in America. For many of them it's not too late.
December 12, 2009
Living as I do within the Washington, D.C. metropolitan area, specifically Northern Virginia, I have had some exposure to international, national and local politics. Usually, one of the sources of information that observers utilize are news outlets employing the printed word. This week the "rough-n-tumble" contest for governor of the Commonwealth of Virginia took an unexpected turn. The usually partisan but measured approach of newspapers and news magazines witnessed a tantrum in their ranks, when The Washington Post went "wilding" against Mr. Robert F. McDonnell. Among his dreaded flaws, according to the Post is a law degree from a law school that is affiliated in some way with Pat Robertson, the Christian Cable Network founder.
The Post did not accuse him of being a "shyster" lawyer. I am not aware that the Post has charged that he is incompetent to practice law, due either to his education or to his demonstrated abilities (or lack thereof). The Post has not developed evidence which shows that the law school in question is not accredited. The Post has not produced evidence that Mr. McDonnell failed, or cheated on, his Bar Examination (presumably administered by the Commonwealth of Virginia). Is his crime that he didn't graduate from Harvard University Law? Or is it a religious thing with the Post?
Intolerance in matters of religion has been discouraged in America for many years. Is it this discouragement that the Post fears? Is religious intolerance toward people such as Pat Robertson the "tomorrow" that the Post yearns for - and feels that Mr. McDonnell threatens?
Perhaps only The Washington Post publisher, Ms. Catharine Weymouth, can answer this question. There is an unwholesome "state of mind" at the Post. It has become overtly divisive in expressing its most profoundly held viewpoints. There is a "flighty" quality haunting its belfry, which has been let loose to inform their nightmarish perception of a McDonnell "tomorrow." Yes, it IS almost Halloween. Has Ms. Weymouth merely directed the Post to don its costume for the Virginia elections? Will the dark arts of the Post melt away before the dawn of the November elections? Or are the signs of hate more substantial and consequential than a mere Halloween pose?
Say a little prayer for this "troubled" newspaper.
October 21, 2009
