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The Party's Over, The Bubble Has Burst, Let's clean Up The Mess

by Allen L Roland

 

Detroit's former Lee Plaza Hotel closed in the '90s. (photo: Marchand, Meffre /TIME)

The Party’s over for America, the greed bubble fueled by excessive debt has finally burst. Its time to clean up the mess started by the Bush/Cheney administration, perpetuated by the Obama/Biden administration and which is now a deserted ballroom ~ strewn with broken dreams, broken promises and economic devastation.

As 2011 crawls to a close, the true reckoning of the financial devastation wrought by the policies of the Clinton and Bush administrations and perpetuated by the Obama administration have yet to be fully revealed ~ but the economic devastation by these political actions and inaction is now fully felt and experienced by millions of Americans.

 Nobel laureate Joseph E. Stiglitz, Vanity Fair, brilliantly summarized this devastation on December 25, 2011 ~ “It has now been almost five years since the bursting of the housing bubble, and four years since the onset of the recession. There are 6.6 million fewer jobs in the United States than there were four years ago. Some 23 million Americans who would like to work full-time cannot get a job. Almost half of those who are unemployed have been unemployed long-term. Wages are falling-the real income of a typical American household is now below the level it was in 1997... The Bush and Obama administrations justified a bailout on the grounds that only if the banks were handed money without limit-and without conditions-could the economy recover….The banks got their bailout. Some of the money went to bonuses. Little of it went to lending. And the economy didn’t really recover ~ output is barely greater than it was before the crisis, and the job situation is bleak. The diagnosis of our condition and the prescription that followed from it were incorrect … In the end, bank managers looked out for themselves and did what they are accustomed to doing..“ Read full article ~

Stiglitz correctly makes this important point ~ “The fact is the economy in the years before the current crisis was fundamentally weak, with the bubble, and the unsustainable consumption to which it gave rise, acting as life support. Without these, unemployment would have been high. It was absurd to think that fixing the banking system could by itself restore the economy to health. Bringing the economy back to “where it was” does nothing to address the underlying problems.”

And therein lies my point ~ for re-inflating the same debt bubble that eventually burst in 2008 is not going to succeed when personal debt and unemployment are at such historic heights and real income is below the level it was in 1997. In other words, the financial elite are telling people to keep spending, keep borrowing by using your credit cards, keep the mirage of financial stability in tact, keep wishful thinking and, by all means, keep the debt party going ~ even though the economic dance hall is in shambles.

 Here are the facts ~ 42% of all financial wealth is controlled by the top 1% in that 400 Americans have more money than the other 155 million Americans. Add to that, the fact that the billionaire Banksters, who wrecked the economic well-being of millions for pure profit, have apparently got off scot-free. Is it any wonder that a growing nonviolent Occupy movement has risen to decry those acts of greed as unjust, immoral and undemocratic.

Pope Benedict

Then we have the obvious hypocrisy of Pope Benedict, cloaked in gold and jewels, holding his solid silver staff, showing Jesus hanging on the cross, sardonically telling 1.3 billion Roman Catholics “ Look through the glitter of Christmas”   See story ~

It’s all a blatant illusion, folks ~ and as far as the Obama administration is concerned, the ballroom is still operating, it’s only intermission and the music will resume at any moment. Just keep drinking my oratory Kool Aid, and re-elect me next year and then I’ll deliver on the many promises I never fulfilled because of the evil obstructionist Republicans (chuckle).

In other words, I’m your known political betrayer of your moral values and the constitution (which I swore to defend), so why replace me with an unknown betrayer of those same values and the constitution?

It’s all a big lie ~ Everything is rigged to give the illusion that things are fine; Illegal occupations are glorified as wars; Body counts are falsified ~ only those killed on the battlefield are listed as KIA ~ if you died from your wounds while in transit to care or in care, you are not listed as KIA ( Courtesy of Bush/Cheney );  Unemployment figures are falsified where large numbers of workers have supposedly left the labor force and they are not counted as unemployed;  The core cost of living index does not include food and energy costs (thanks to Bill Clinton) ~ thus distorting the true inflation figures and robbing seniors of needed social security income; the stock market is rigged ( think plunge protection team ) whereas unregulated high speed trading as well as derivatives give the false impression of stability in a highly leveraged crap game fierce with insider trading. Regarding the still unresolved mountain of Derivatives ~  “Contrary to popular belief, which blames the global financial crisis on subprime borrowers, it was the derivatives, based upon the likelihood that those borrowers would pay their debts, that were the primary catalyst triggering the global economic crisis of 2008. Back then, the derivative obligations of AIG (AIG) imploded the insurer. Under the pressure of fear-mongering from the Federal Reserve and the financial industry, the U.S. government committed hundreds of billions of dollars to bail out AIG’s counter-parties, including the biggest banks of Europe and America. Had the government not stepped in, virtually all the banks on Wall Street would have gone bankrupt. A host of European and Asian banks would have followed……Even if we net out the notional value of the derivatives involved, down to the net potential obligation, the amount is so large that the United States could not hope to pay it off without a major dollar devaluation…..”  See story ~

 The name of the game is to maintain the status quo and Obama was chosen by the global financial elite to do that very thing ~ and it is one of the few promises that he has kept. Meanwhile, almost 50% of Americans are in poverty or at a “low income” level ~ a claim based on a report by the Census Bureau that includes health care, transportation, and other essential living expenses in the poverty calculation.

The party’s over, the Bubble has burst , there’s no music and no one reveals this truth more knowingly than Gerald Celente ~  In his latest interview Celente discusses a variety of different topics ~ from Iran and Europe to domestic militarization and the economy ~ and warns that our worst fears will soon be realized.

“ Bottom line? You ain’t seen nothin’ yet ~ This (National Defense Authorization Act) passed the Senate by 93-7. I’m mentioning this because all the pieces are in place now; The economy is going to crash. There is going to be chaos. Economic martial law will be called. Banks will close. And, chaos will ensure. The law is now in place for the military to come in and take over. Fascism has come to America.”

Celente Warns Of 2012: Economy Will Crash, Banks Will Close, Chaos Will Ensue, Military Will Take Over | Before It’s News  See video ~

Meanwhile, the slow beat of corporate fascism continues on ~ While on Christmas vacation in Hawaii, Obama tapped Jerome Powell to serve on the Federal Reserve Board of Governors.
Powel served as the undersecretary for finance under president George H. W. Bush and was a partner of The Carlyle Group. The Carlyle Group is a massive private equity firm and one of the largest defense contractors in the world. See story

There is a solution and Senator Bernie Sanders (I-Vt.) has offered it as a Constitutional Amendment to the Constitution to exclude corporations from First Amendment rights to spend money on political campaigns. The Sanders amendment is co-sponsored by Sen. Mark Begich (D-Alaska), and a similar amendment has been proposed in the House by Rep. Ted Deutch (D-Fla.).

Watch and listen to one of our true constitutional patriots make his impassioned case that Corporations are not persons with constitutional rights; that corporations are subject to regulations by the people; that corporations cannot make campaign contributions and that Congress and the states have the right to regulate campaign finance. 12 minute video

“Few men are willing to brave the disapproval of their fellows, the censure of their colleagues, and the wrath of their society. Moral courage is a rarer commodity than bravery in battle or great intelligence. Yet it is the one essential vital quality for those who seek to change a world which yields most painfully to change.” Robert F. Kennedy


About the Author: Allen L Roland is a Freelance Alternative Press Online columnist. He is also a practicing psychotherapist, author and lecturer who also shares a daily political and social commentary on his web site at AllenRoland.com. He also guest hosts a Truthtalk, a national radio show that airs monthly. He is available for comments, interviews, speaking engagements and private consultations via email at allen@allenroland.com.

Birth certificates to reflect NY gay-marriage move

AP Online December 14, 2008 | JENNIFER PELTZ State officials will now let married same-sex couples list both their names on their children’s birth certificates in a policy shift deeply important to many gays and lesbians. site ny gay marriage

The decision, which echoes similar provisions in states that allow gay marriages or civil unions, is one of many changes since Gov. David Paterson ordered state agencies in May to respect out-of-state gay marriages.

The state Health Department said Friday it had agreed to the change, which came after a lesbian couple who are expecting a baby filed a lawsuit. The change would apply statewide except in New York City, which is considering revamping its own birth certificate forms to accommodate same-sex couples.

Under state law, a woman’s husband is automatically deemed a parent of a child the pair conceives through artificial insemination, whether or not he is the genetic father. Gay couples have complained about having to jump through legal hoops to secure equivalent parental rights.

Carolyn Trzeciak and Nina Sheldon Trzeciak of Ulster County, who got married in Canada in 2006, sued last month. Nina Sheldon Trzeciak is carrying their first child, conceived through in vitro fertilization.

The couple argued they both should be designated as parents under Paterson’s directive. The governor told state agencies to make sure policies and regulations treat married same-sex couples equally, saying a recent court ruling suggests they would otherwise risk discrimination claims.

Gay couples may be able to secure a second parent’s rights through adoption. But having their names on a child’s birth certificate immediately gives both spouses such rights as nursery visits and information on the child’s medical condition, the lawsuit said.

“That gives them equal treatment,” said the Trzeciaks’ lawyer, Melissa B. Brisman of Park Ridge, N.J.

The Health Department said in a statement that it had been exploring how to apply Paterson’s directive to birth certificates for some time but arranged a quick resolution for the couple because the baby was due Friday. see here ny gay marriage

Massachusetts and Connecticut are now the only U.S. states that allows gay marriages; California briefly did until voters banned it last month. Some other states let same-sex couples enter into civil unions that offer some of marriage’s legal advantages.

States that allow gay marriage or civil unions have made provisions for birth certificates to list both partners’ names, said Susan Sommer, senior counsel for the gay rights advocacy group Lambda Legal. It was not involved in the Trzeciak case.

While the group urges couples to cement both parents’ rights through an adoption or other court order, Sommer said getting the names of both parents on the birth certificate is a great help to the children.

The Alliance Defense Fund, a conservative legal organization based in Scottsdale, Ariz., is challenging various attempts to extend spousal rights to gay couples in New York. In September, a Bronx judge threw out the group’s challenge to Paterson’s directive; the organization is appealing.

The alliance argues that only the Legislature, not the governor, has authority to recognize out-of-state gay marriages.

(This version corrects that Connecticut also allows same-sex marriage) JENNIFER PELTZ

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Posted by on Dec 28 2011, With 0 Reads, Filed under Civil Liberties and Freedom, Corruption, Editor, Government, Legislation, Politics. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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2 Comments for “The Party's Over, The Bubble Has Burst, Let's clean Up The Mess”

  1. ” From what I can see, Obama and all the Republican candidates with the exception of Ron Paul are taking us straight into WW III to save the asses and assets of the elites,”

    You are seeing correctly, Dan ~ Paul is picking up momentum for a good reason ~ he is a voice of sanity and truth in a circus of Presidential pretenders. More and more people are seeing the very same thing ~
    Iowa will validate this perception and further render the MSM irrelevant.

  2. Allen, I think the boom-bust economic cycle was set on its fateful trajectory, soon to come crashing down, when Nixon closed the gold convertibility window in ’71, meaning the Fed could counterfeit dollars without the dollar immediately going over a cliff into worthlessness. Corporate tax and personal capital gains taxes were so warped that our best corporations were taken over by financial types, indistinguishable from the criminal class on Wall Street raping this country blind. The big NY banks may not be technically bankrupt, but they are, in fact, bankrupt when their assets are market valued. But, they don’t lend to the small businesses that create nearly all new jobs anyway. Last I heard, local banks that make the $1-$5 million loans that create the jobs have their own balance sheet woes with bad commercial real estate paper and can’t lend, making all the talk of getting the bailed-out banks to lend and create jobs largely irrelevant and an intentional smoke screen. QE3 is well underway and the big question is when the effect of all the money being counterfeited by the Fed to buy the Treasury’s crap paper to pay the gov’s bills hits the shelves in stores. If shadowstats has it about right, all Americans, even those on welfare, got whacked with a stealth tax last year of 12% or more due to this debasement. Next year surely has to be worse, and the dam may burst as all those dollars drive the economy into hyperinflation. From what I can see, Obama and all the Republican candidates with the exception of Ron Paul are taking us straight into WW III to save the asses and assets of the elites, who won’t suffer so much as a missed dinner engagement at the poshest of restaurants unless there’s so much blood running in the streets it makes them squeamish. They have to fly off to Montenegro to party with the Rothschilds in that case.

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