Obama’s pretend quarrel with Wall St..

Webster G. Tarpley
TARPLEY.net
April 24, 2010

The Obama administration has been posturing this week about the life and death issue of Wall Street reform. Obama’s predicament is that of a Wall Street puppet who has been put into the White House thanks among other things to almost $1 million of contributions from the infamous Goldman Sachs – but who now needs to make a show of fighting his own Wall Street patrons for political reasons. Of course, Obama’s health-care reform was largely a bailout of insurance companies, which are themselves a key part of Wall Street. But Obama is now pretending to quarrel with Wall Street to shore up his waning credibility, partly because many House Democrats are desperately seeking anti-banker, economic populist street creds in order to avoid defeat in November. So far, the results have been largely feckless and inadequate.

The urgent problem raised by all this is the $1.5 quadrillion derivatives bubble. The financial crisis which struck the United States and the world in September and October 2008 was in fact a world a derivatives panic. This panic marked the first phase of a world economic depression caused by derivatives speculation. The second phase of this depression, which is now beginning, can also be attributed in large part to derivatives, since derivatives are the main tool being used in the speculative attacks on Greece, Spain, Portugal, Italy, Ireland, and other nations, building up towards a chaotic collapse of the euro.

Derivatives are the Cause of the World Depression of Our Time

Far from being some arcane or marginal activity, financial derivatives have come to represent the principal business of the financier oligarchy in Wall Street, the City of London, Frankfurt, and other money centers. A concerted effort has been made by politicians and the news media to hide and camouflage the central role played by derivative speculation in the economic disasters of recent years. Journalists and public relations types have done everything possible to avoid even mentioning derivatives, coining phrases like “toxic assets,” “exotic instruments,” and – most notably – “troubled assets,” as in Troubled Assets Relief Program or TARP, aka the monstrous $800 billion bailout of Wall Street speculators which was enacted in October 2008 with the support of Bush, Henry Paulson, John McCain and the Obama Democrats.
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We agreed with this assessment last year in April 09′. You can access the article here. We all agree hindsight is 20/20. Count how many things we predicted and got right:

DOES OBAMA REALLY WORK FOR WALL STREET?

All in all, our blog has become a library of a plethora of information for the issues that affect you and me… just ordinary citizens who want to understand what is going on and what the government is doing with our hard earned money. We need to understand enough of what is going on to ask “WHY” the government is taking care of themselves and the BANKS but leaving the middle class out in the cold?

For instance: We wrote in September of 08′ DERIVATIVES, WHAT ARE THEY?
If you approve of the Banks charging us for gambling with our money and LOSING.. If you don’t approve, READ HERE to better understand the system.:

Derivatives, What are They?

and HERE:

THE EXPERTS WANT US TO FORGET ABOUT THEM