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Saturday Morning Talkies - August 4, 2012 at 8:00am

Saturday Morning Talkies, for August 4, 2012 - 8:00am

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In time all hell will break

In time all hell will break out in Latin America. The US will not let those countries do as they please.

It seems that we're stuck in

It seems that we're stuck in memory hole where everything happened yesterday. Here is what I said back in October 2011. These were some of the thirteen reasons that we should have primaried President Obama.

His failure to re-regulate the Banking System (repeal the Clinton Securities Modernization Act – in other words, put back Glass–Steagall Act). And for not allowing the insolvent banks, including but not limited to JP Morgan, to be put through bankruptcy! The bankruptcy would wipe out the US Banks' portion of 1.5 Quadrillion (some say it's down to 800 Trillion) in derivative (assets) debts these zombie banks have on/off their balance sheets. We must "HIT The Reset Button" or there can never be a normal economic recovery!

President Obama shepherded through the greatest transfer of wealth in human history from the US Taxpayer/Treasury to private US and European banks and Corporations - literally pouring trillions of dollars of our money into a derivative "black hole"! And consequently into the pockets of the worlds richest families – the 1%.

President Obama was told that his initial stimulus package was too small. Most economist now believe that the initial stimulus needed to have been 50-100% bigger – roughly $1.6 Trillion+. This recovery method is now being discredited by the right wings of the Democrats and Republicans. This makes a second stimulus package almost impossible. So, what we see is a shameful national discussion of "Dickensian austerity cutting” as the only way to resolve our depressed economic situation, like Greece or California.

We need an FDR approach with 1 trillion dollars of 0% credit from the Federal Reserve Bank off budget. If need be President Obama must invoke emergency Presidential Powers to temporarily or permanently nationalize the Federal Reserve Bank. This money goes only for infrastructure building and social services at the state level in the United States. We can buy state bonds with this Federal Reserve credit. The various states will carry out the rebuilding and fully fund social services including Unemployment Insurance for the duration of this depression – no 99 week limit. This should be done for 5-7 years and we'll have a booming recovery! President Obama is ideologically unwilling or politically unable to execute the necessary recovery process and is therefore unfit to continue being our President.
====================End of some of what I said in October 2011=============

You may correctly interpret this as a “jobless recovery” by desige. Here is how Mike Whitney sees it. I won't include the whole article, but a very important part to drive my point home!
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The short and uninspiring "one term" career of Barack Obama
by Mike Whitney | June 3, 2012 - 9:29am (From CounterPunch and a buddy of Alexander Cockburn)

Did you know that one of Obama's top economics advisors, Christina Romer, pushed for a $1.8 trillion stimulus package when the administration took office? That's right. Of course, Obama nixed the idea pronto because a strong recovery was never even on his radar. What he wanted, was what he got; a barely-breathing economy with poor growth, weak demand and high unemployment. Here's the story from Huffington Post:
"....members of the president's economic team felt that if they were to properly fill the hole caused by the recession, they would need a bill that priced at $1.8 trillion -- $600 billion more than was previously believed to be the high-water mark for the White House.
The $1.8 trillion figure was included in a December 2008 memo authored by Christina Romer (the incoming head of the Council of Economic Advisers) ...
"When Romer showed [Larry] Summers her $1.8 trillion figure late in the week before the memo was due, he dismissed it as impractical. So Romer spent the next few days coming up with a reasonable compromise: roughly $1.2 trillion," Scheiber writes.
As has now become the stuff of Obama administration lore, when the final document was ultimately laid out for the president, even the $1.2 trillion figure wasn't included. Summers thought it was still politically impractical. Moreover, if Obama had proposed $1.2 trillion but only obtained $800 billion, it would have been categorized as a failure. ("The Escape Artist': Christina Romer Advised Obama To Push $1.8 Trillion Stimulus", Huffington Post)
Paul Krugman and other economists arrived at similar figures as Romer, but they were brushed off by the hawkish Obama whose real goal was to cut entitlements and keep the government on as lean a diet as possible. (State and local job losses under Obama are now above 550,000, the highest of any president in history) The truth is, Obama could have pushed through any amount he wanted. He was elected in a landslide with a mandate to change the direction of the country. No one could have stopped him. He had carte blanche. Instead, he chose to betray the trust of the people who put him in office. He surrounded himself with the same Wall Street flunkey's as Bush and then proceeded to starve the government as best he could without literally sending the economy off the cliff.
---------------------------------End of snippit from Mike Whitney -------------------------------------
So, the choice is between “trickle down” from Obama or getting shoved off the cliff by Romney.
May I suggest that we broaden the economic discussion to include someone like a Rob Johnson from the Roosevelt Institue http://rooseveltinstitute.org/ or a Jack Rasmus, Professor of Political Economy at St. Mary’s College and Santa Clara University, right down the road from KPFA.

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