Monday, May 2, 2011

FRAUD AND CRIMINAL BEHAVIOR IS NOT CAPITALISM

“Advocates of capitalism are very apt to appeal to the sacred principles of liberty, which are embodied in one maxim: The fortunate must not be restrained in the exercise of tyranny over the unfortunate”
~Bertrand Russell



Who's Kidding Who?

President Obama's presidency is under attack from the right, which would be expected leading up to the 2012 election. However, the premises put forward not only are lacking in logic, but also are inaccurate. Further, the positions on issues are expressed in terms that lack civility and diplomacy.

The Administration is characterized as Socialist and as a "Gangster Government". These are terms unbecoming Republicans or Democrats. Also, calling President Obama or President Bush the worst President ever is also not what we expect from elected congresspersons
or candidates.

It is said that President Obama is a Socialist, and he needs to keep his nose out of private business. Former President Calvin Coolidge once said-"The business of the country is business." He was a Republican. Let's look at General Motors Corp.... In truth, GM management was engaged in a socialist oriented operation. GM was carrying non-profitable divisions for years, and also paying laid off workers nearly full pay. GM management blamed the auto workers union for the corporation's inability to make a profit. Hey!!! Who negotiates union contracts? Don't both labor and management sit down at a bargaining table? Don't make excuses for weak leadership. It wasn't the pensions and health benefits of retired employees that were dragging GM down...IT WAS A LINE OF CARS THAT WERE CRAP. Just ask anyone on the street how you decide what kind of a car to buy...Is it the quality of TV advertisements showing GM cars gliding on roads through the beautiful countryside, or is it the reputation of a car for dependability, longevity, low maintenance cost, and low mileage per gallon of gas. GM management on TV programs like Meet the Press said the same thing for years and years putting the blame on the union and said it would take big money and years to retool for new models.

SO, WHAT DID PRESIDENT OBAMA DO? He told GM we'll bail you out if you close unproductive divisions. He told the Union that you'll tell your membership that you'll have to take less until good times roll again. The results speak for themselves. PRESIDENT OBAMA TOOK CHARGE AND RETURNED GM TO PROFITABILITY BY APPLYING CAPITALIST PRINCIPLES. New models are here, are better, and are selling. Obama is also blamed for the increase in the federal deficit and debt. Hey! Doesn't anyone remember the the failure of our "Best and Brightest" management class of bankers??? They made mortgage loans to people who were not qualified to make good on their loans. Why? The bankers would like you to believe that statements by the last 3 presidents about how great it would be if all Americans could be homeowners. Yeah, that would be nice, but that's not why the loans were made... It was the millions of dollars in inexcusably exorbitant fees that bankers cashed in on. Bankers knew these loans would not perform, that's why they came up with the scheme to create "securitized mortgage instruments" which rolled pieces of mortgages into financial instruments and sold them to financiers all over the world. Rating agencies gave high grades to these securities. Oh, by the way,...the rating agencies are paid by the banks!!! That wasn't bad enough, bankers then created credit default swaps, which are quasi insurance policies in case the securitized mortgage instruments drop. Curiously, these credit default swaps do not use the word "insurance", and didn't require any funds to be on hand in case the s.m.instruments failed. What a windfall of profits for those individuals. But, the Banks themselves needed to be bailed out. Trillions of taxpayer dollars were required to save the international financial system. This started with the Bush Administration, not the Obama.

So, what is the response of the richest members of the management class??? THEY HAVE MISDIRECTED THE PUBLIC'S ATTENTION, BLAMING PUBLIC EMPLOYEES, SOCIAL SECURITY RECIPIENTS, AND THE UNFORTUNATE FOR THE RECKLESS BEHAVIOR OF THE MANAGEMENT CLASS. FRAUD AND CRIMINAL BEHAVIOR IS NOT CAPITALISM.
I could go on, but I'll give others a chance to sound off as well.
Your Fellow American,
a Member of the Coffee Party







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