"It's the Inequility Stupid!"

"Some people question the validity of the "rebelious" artists who made big money - they are accused by revolutionary purists of being a part of the system, and for being rich. I do not share that feeling - I think that it's OK to make big money - it's OK to become rich if it's based on creating a real value - art, inventions, services of products. What is not OK is a legalized systemic swindle - and that is what we are against..." - Roger Waters

I lifted the title for today's post from a Mother Jones article It's the Inequality Stupid! it has several graphic representations of just how large and pervasive is the wealth gap in the United States. You think you know because you feel it every day but when you see the numbers graphically you have to wonder why anyone in the 99% isn't with us on this.

Here's another interesting piece, this one from the Washington Post, they call it The Big Lie. The big lie is that our current financial mess was caused by Washington and not by Wall Street. Now the reasonable assessment is that there is plenty of blame to go around. But the perverse explanation goes like this - Congress made the banks lend to borrowers who could not afford to own those houses. What a lot of people seem willing to overlook is that it was not the home loans that brought on the financial crisis. No, it was the packaging of those loans into fifty and one hundred million dollar portfolios and selling them to pension funds and other financial institutions with false ratings. Then creating a secondary market buying and selling derivatives on those suspect loans. 

Now when exactly did Congress passed legislation demanding that Wall Street banks create such risky investment products? What Congress did or rather didn't do was regulate. I know that is a dirty word for conservatives but you can't have it both ways. If government is the problem and they didn't do their job, then the problem was not enough regulation and enforcement. If Wall Street was the problem then who was supposed to stop them - the government? If so, how without regulation? 

The Tea Party wants to blame it all on big government and Occupy Wall Street - well the name does say it all. But do we really want to have another good versus evil standoff here? Isn't the country already locked into inaction by the republican/democrat divide. Please take note that both Washington and Wall Street are promoting the divisions between conservatives and progressives, they want us divided because united we scare the hell out of them.

So hug a liberal, kiss a conservative or at least talk to each other. Keep your eyes on the real target - "It's the Inequality Stupid!"

The Truth About TARP

"The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing."

You owe it to yourself, your children, your retirement savings, your home and your sanity to take fifteen minutes to read the analysis from Bloomberg.com, which provides for the first time the details of the 2007-2009 financial bailout of the U.S. banks. Over 29,000 pages of documents were obtained using the Freedom of Information Act. The U.S. Federal Reserve resisted releasing these documents, the government clearly does not want you to know the truth about how much of the taxpayers money was used. Remember the $700 Billion dollar number - that was how much Congress approved for the Bush Bank Bailout in 2007. Want to know the real number for all the bailouts under both Bush and Obama including the secret monies that neither President approved - $7.77 Trillion. What the heck, it's only one more zero.

No more grumbling about Obama's spending or the Fed's 'Too Big to Fail' policies until you read this article.

Here's another little teaser:

“When you see the dollars the banks got, it’s hard to make the case these were successful institutions,” says Sherrod Brown, Democratic Senator from Ohio. “This is an issue that can unite the Tea Party and OccupyWall Street. There are lawmakers in both parties who would change their votes now [on bank regulation].”