Taibbi: Obama’s sellout creates ‘permanent bailout'
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http://rawstory.com/2009/12/taibbi-obamas-big-sellout/
If passed as it is, the financial reform bill winding its way through Congress will create a "permanent bailout mechanism," and will give complete control over future bailouts to the White House, says columnist Matt Taibbi.
In a video preview of an upcoming Rolling Stone article, Taibbi explained how the Obama administration started selling out to Wall Street interests almost as soon as the 2008 election was over.
"The really big thing that's in these bills that's really, really scary is that it kind of outlines a permanent bailout mechanism," Taibbi said. "If it survives in the way that it was originally conceived, it's basically going to formalize an arrangement whereby the government is expected to bail out the top 20 to 25 largest financial companies. ... It will be entirely up to the White House to determine whether or not these companies are in trouble in the future, so there won't be any congressional role in deciding when and when not to give a bailout."
Taibbi's words echoed the concerns of some in Congress that, far from ensuring that America's financial system will be healthy, the financial reform being proposed will make Wall Street more dependent on taxpayers than it is already.
US House Rep. Spencer Bachus, the ranking Republican on the House Financial Services Committee, said in October that the financial reform plan would create a "permanent bailout authority." And Paul Volcker, the Jimmy Carter-appointed former head of the Federal Reserve who is widely credited with successfully fighting off inflation in the 1980s, said the Obama administration's proposed financial reform would maintain the "too-big-to-fail" mentality and could lead to further bailouts.
Story continues below...
Taibbi also said that President Barack Obama gave key economic positions away to Wall Street insiders instead of keeping on progressive voices from his presidential campaign.
During the campaign, Obama was primarily advised by people like Austan Goolsbee from University of Chicago and Karen Kornbluh who is a well known progressive economist. Obama gets elected, the very day he gets elected those people are basically off the team and he brings in a whole bunch of people from Wall Street.
Primarily he brings in his former college buddy Michael Froman who is a Harvard classmate of Obama's. Froman was a high-ranking Citigroup executive. He puts Froman in charge on November 5th of running the economic transition team. He was in charge of hiring people for the White House to run economic policy.
Froman also brought in Jamie Rubin to be his number two. Rubin is the son of Bob Rubin who is a big Citigroup executive as well.
...
Rubin probably more than any other person -- single person -- was responsible for the financial crisis by deregulating the economy in the White House. He also had a major role in helping to destroy one of the world's biggest companies. You know, Citigroup. He has like one of the worst track records you can possible find in the country and yet he was the guy who was basically the architect of the entire Obama policy. Obama put him in charge of everything. The crew that's running the policy in the White House is basically all tied to Bob Rubin.
A couple of weeks after he hires these Citigroup people to run all those hires, they announced the Citigroup bailout which is a massive $300 billion giveaway to Citigroup...
Watch all of Matt Taibbi's comments below. His full story is expected in the January edition of Rolling Stone.
This video is from Rolling Stone, broadcast Dec. 1, 2009.
I will have to check out that issue and if I can find it online in the future I will update this thread with the actual Taibbi article for those few who are interested.
If passed as it is, the financial reform bill winding its way through Congress will create a "permanent bailout mechanism," and will give complete control over future bailouts to the White House, says columnist Matt Taibbi.
In a video preview of an upcoming Rolling Stone article, Taibbi explained how the Obama administration started selling out to Wall Street interests almost as soon as the 2008 election was over.
"The really big thing that's in these bills that's really, really scary is that it kind of outlines a permanent bailout mechanism," Taibbi said. "If it survives in the way that it was originally conceived, it's basically going to formalize an arrangement whereby the government is expected to bail out the top 20 to 25 largest financial companies. ... It will be entirely up to the White House to determine whether or not these companies are in trouble in the future, so there won't be any congressional role in deciding when and when not to give a bailout."
Taibbi's words echoed the concerns of some in Congress that, far from ensuring that America's financial system will be healthy, the financial reform being proposed will make Wall Street more dependent on taxpayers than it is already.
US House Rep. Spencer Bachus, the ranking Republican on the House Financial Services Committee, said in October that the financial reform plan would create a "permanent bailout authority." And Paul Volcker, the Jimmy Carter-appointed former head of the Federal Reserve who is widely credited with successfully fighting off inflation in the 1980s, said the Obama administration's proposed financial reform would maintain the "too-big-to-fail" mentality and could lead to further bailouts.
Story continues below...
Taibbi also said that President Barack Obama gave key economic positions away to Wall Street insiders instead of keeping on progressive voices from his presidential campaign.
During the campaign, Obama was primarily advised by people like Austan Goolsbee from University of Chicago and Karen Kornbluh who is a well known progressive economist. Obama gets elected, the very day he gets elected those people are basically off the team and he brings in a whole bunch of people from Wall Street.
Primarily he brings in his former college buddy Michael Froman who is a Harvard classmate of Obama's. Froman was a high-ranking Citigroup executive. He puts Froman in charge on November 5th of running the economic transition team. He was in charge of hiring people for the White House to run economic policy.
Froman also brought in Jamie Rubin to be his number two. Rubin is the son of Bob Rubin who is a big Citigroup executive as well.
...
Rubin probably more than any other person -- single person -- was responsible for the financial crisis by deregulating the economy in the White House. He also had a major role in helping to destroy one of the world's biggest companies. You know, Citigroup. He has like one of the worst track records you can possible find in the country and yet he was the guy who was basically the architect of the entire Obama policy. Obama put him in charge of everything. The crew that's running the policy in the White House is basically all tied to Bob Rubin.
A couple of weeks after he hires these Citigroup people to run all those hires, they announced the Citigroup bailout which is a massive $300 billion giveaway to Citigroup...
Watch all of Matt Taibbi's comments below. His full story is expected in the January edition of Rolling Stone.
This video is from Rolling Stone, broadcast Dec. 1, 2009.
I will have to check out that issue and if I can find it online in the future I will update this thread with the actual Taibbi article for those few who are interested.
Post edited by Unknown User on
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Comments
http://www.rollingstone.com/politics/st ... ig_sellout
Fascinating read, especially for those who were actually expecting some sort of "change."
"either obama really is a new breed of politician, someone who is caring, kind and will bring real change, or he is merely another disturbing example of the lengths to which the system reinvents itself and packages itself as change".
We all know what happened....
what are you but my reflection? who am i to judge or strike you down?
"I will promise you this, that if we have not gotten our troops out by the time I am president, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank." - Barack Obama
when you told me 'if you can't beat 'em, join 'em'
i was thinkin 'death before dishonor'
They’re lack of response to this post leads me to believe they feel this is okay. Do to their lack of interest on real issues I will say the libs on MT have nothing to say on issues that matter and are just here on the MT only to create propaganda and create hate towards anyone that they may see as a conservative. :idea:
maybe they didn't see it? i didn't until it was bumped today.
maybe they feel they have nothing to add?
anyways, in threads about Obama i don't see many people, if any, saying not to post it or it's a waste of time which happens in Palin threads. she ran for VP, she is very vocal and isa talking head on 'the highest rated cable news(sic) network' and i'm sure there will be people thinking she should run in 2012.
if she had resigned and done so to be with her family or have a private life i could understand the complaints of bringing her up as often, however....the reality is she quit to push a book and go on TV and yap, she is putting herself in the public eye to push her views but then acts like questioning her is some sort of personal/political attack. she does this because she is just 1 great big contradiction and likes the spotlight and money, at least in my opinion. she criticized Clinton when hillary said she thought she was being treated differently in the press, i forget exactly how she said it...Palin ran her mouth about how she needs to stop crying and deal with it or get out....until she was campaigning herself and making similar claims about her treatment.
and i can guarantee you if Clinton or Obama were using their PAC on their book or legal problems the right would be foaming at the mouth about it as would the people complaining about the Palin threads. if something is gonna be wrong it's gotta be wrong all the way around the circle, you can't pick and choose
what are you but my reflection? who am i to judge or strike you down?
"I will promise you this, that if we have not gotten our troops out by the time I am president, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank." - Barack Obama
when you told me 'if you can't beat 'em, join 'em'
i was thinkin 'death before dishonor'
I'm guessing they are not debating it probably because they agree with it. Seems the further left you are the more disappointed you are in Obama.
"With our thoughts we make the world"
This thread I missed and I don't agree with this permanent bailout mechanism IF it is passed. Which if passed will go unto other future presidents however keep in mind some of these bailouts may take some years to create the effect its intended to do.
Aerial I see no difference what you do either, you find your way to every anti Obama thread and appear to feel quite comfortable there. Whether it's his citizenry, bailouts or anything else you oppose, I agree and disagree with many of Obama's proposals/issues and feel quite comfortable in doing so . You on the other hand will defend the likes of Sarah Palin to the end of time when she's clearly is a hypocrite and just because some WILL speak out against her don't necessarily mean she's HATED.
You use that quite often, DISLIKE I think is more appropriate I certainly don't hate her. Do you hate Obama?
Peace
*MUSIC IS the expression of EMOTION.....and that POLITICS IS merely the DECOY of PERCEPTION*
.....song_Music & Politics....Michael Franti
*The scientists of today think deeply instead of clearly. One must be sane to think clearly, but one can think deeply and be quite INSANE*....Nikola Tesla(a man who shaped our world of electricity with his futuristic inventions)
.....And it's NO different than the previous administration, it's just that they had 8 years to rip this country apart and Obama so far has had 1. Yeah I know can't wait for 2012, just be careful what you wish for.
Peace
*MUSIC IS the expression of EMOTION.....and that POLITICS IS merely the DECOY of PERCEPTION*
.....song_Music & Politics....Michael Franti
*The scientists of today think deeply instead of clearly. One must be sane to think clearly, but one can think deeply and be quite INSANE*....Nikola Tesla(a man who shaped our world of electricity with his futuristic inventions)
i did not see this thread aerial, so please mind your own business and keep from smearing me for not responding to something i did not see....that would be like me ripping you because you did not start complaining about the country until after bush left office... unlike you, i do not prowl around here every day waiting to pounce on something i disagree with and call everyone out who feels differently or have not read the thread....i have not read the article yet but i will and i will post my opinion on it, until then, i would advise that you do not go baiting people like me or brandon when i have not even clicked on the thread until now...i do feel somewhat honored that you felt the need to point out that my lack of a reply in this thread has left it somehow lacking... :oops:
you say that palin has no influence, but i would beg to differ...she is speaking at your tea party convention is she not??? so how is that "no influence"??
that said i will debate you on issues any day of the week, but it is impossible when i ask you direct questions and you ignore them. about 75% of the time the issues you feel are important are not important to me, and vice versa, so i have no urge to engage you on any level because it would be a futile waste of my time and your time because nobody will change their minds...until you come at me with anything other than tax cuts and tea party ideas i am just going to ignore you.... i would ask you to do the same to me...
"Well, you tell him that I don't talk to suckas."
is that satisfactory to you aerial??
"Well, you tell him that I don't talk to suckas."
You are a joke.