The US Government: Bought and Paid For

What a coincidence that Ron Paul, , Marcy Kaptur, Dennis Kucinich, Alan Grayson and Brad Sherman are also on my short list of politicians that I find trustworthy.  🙂


us-capitol

Lobbyists from the financial industry have paid hundreds of millions to Congress and the Obama administration. They have bought virtually all of the key congress members and senators on committees overseeing finances and banking.

This is easy to confirm in black-and-white. See for yourself: here, here, here, here, here and here.

Manhattan Institute senior fellow Nicole Gelinas says:

The too-big-to-fail financial industry has been good to elected officials and former elected officials of both parties over its 25-year life span

And economic historian Niall Ferguson says:

Guess which institutions are among the biggest lobbyists and campaign-finance contributors? Surprise! None other than the TBTFs [too big to fails].

No wonder two powerful congressmen said that banks run Congress.

No wonder two leading IMF officials, the former Vice President of the Dallas Federal Reserve, and the the head of the Federal Reserve Bank of Kansas City have all said that the United States is controlled by an oligarchy.

With the exception of a handful couple of Congress members who have the American people’s interest in mind, Congress is bought and paid for.

Note: A friend on the Hill made an important point to me by email.

Maxine Waters and Ron Paul get almost nothing [from the financial lobby. Sherman, Kucinich, Grayson and Kaptur are some other congress members who have not been bought and paid for].

Read moreThe US Government: Bought and Paid For

Congressman Dennis Kucinich on ‘OBAMACARE’: ‘The insurance companies are going to get a windfall’

Obama sold out the US taxpayer to greedy Wall Street banksters.

He sold out the US taxpayer to the military-industrial complex by escalating the war in Afghanistan and not bringing the troops home.

He sold out the US taxpayer by breaking every major promise he made during his campaign, continuing with Bush’s policies.

Now he plans to sell out the US taxpayer to the insurance and pharmaceutical companies.

At least he is consistent with destroying America every time he gets a chance to do so, like – or even worse than – G. W. Bush.

‘Obamanomics’ and now also ‘Obamacare’ will be a complete disaster for the American people.


Congressman Dennis Kucinich Responds To Obama’s Address To Congress

Dennis Kucinich: Health Care Wanted … Dead or Alive

dennis-kucinich

The masquerade is over! The “public option” is … dead.

Health care reform is now a private option: WHICH FOR PROFIT INSURANCE COMPANY DO YOU WANT? You have to choose. And you have to pay. If you have a low income, under HR3200 government will subsidize the private insurance companies and you will still have to pay premiums, co-pays and deductibles.

The Administration plan requires that everyone must have health insurance, so it is delivering tens of millions of new “customers” to the insurance companies. Health care? Not really. Insurance care! Absolutely. Cost controls? No chance.

You will next hear talk about “co-ops.” The truth is that insurance company campaign contributions have co-opted the public interest.

I need your help to spread the word and rally the nation around true healthcare reform which covers everyone and maintains fiscal integrity without breaking our nation’s bank! Your contribution will empower our efforts to continue to fight for the single-payer, not-for-profit health care bill, HR676 “Medicare for All,” which I co-authored with John Conyers.. The bill now has 85 sponsors in the House.

The hotly-debated HR3200, the so-called “health care reform” bill, is nothing less than corporate welfare in the guise of social welfare and reform. It is a convoluted mess. The real debate which we should be having is not occurring.

Read moreDennis Kucinich: Health Care Wanted … Dead or Alive

Congressman Dennis Kucinich: The Federal Reserve is paying banks NOT to make loans to struggling Americans!


Tuesday, 21 July 2009

U.S. Congressman Dennis Kucinich (D-Ohio, 10th District) questions Neil M. Barofsky, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), testifying before the House Committee on Oversight and Government Reform, about interest payments made to banks that keep their TARP funds and other government (taxpayer) bailout money with the Federal Reserve, instead of making loans to struggling Americans (the original intent of the TARP, remember?) The Fed makes generous interest payments to the banks for “parking” their “excess reserves” at the Fed.

Read moreCongressman Dennis Kucinich: The Federal Reserve is paying banks NOT to make loans to struggling Americans!

US House to debate Ron Paul’s ‘Audit the Fed’ bill

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After months of activism and lobbying by Congressman Ron Paul’s supporters, House Resolution 1207, the Federal Reserve Transparency Act, will move out of committee to be debated by the full House of Representatives.

In a show of cross-party unity, Ohio Democratic Congressman Dennis Kucinich became the bill’s 218th co-sponsor, pushing it over the threshold for debate in Congress.

The bill, which achieved its 222nd co-sponsorship on Thursday, has been in consideration by the House Financial Services Committee since Feb. 26.

Congressman Kucinich, along with Rep. Edolphus Towns (D-NY), announced Tuesday that the House Financial Services Committee will subpoena the Federal Reserve to ascertain the details of the Fed’s agreements with Bank of America in the institution’s acquisition of Merrill Lynch.

“The full committee and Domestic Policy Subcommittee, under the leadership of Chairman Dennis Kucinich (D-OH), have been investigating the circumstances surrounding the federal government’s bailout of the Bank of America-Merrill Lynch transaction,” Kucinich’s office noted in a Tuesday release. “Specific documents subpoenaed include emails, notes of conversations and other documents.”

While the bill enjoys some Democratic supporters, the vast majority of H.R. 1207 co-sponsors are Republican.

“The tremendous grass-roots and bipartisan support in Congress for HR 1207 is an indicator of how mainstream America is fed up with Fed secrecy,” said Congressman Paul in a Thursday media advisory. “I look forward to this issue receiving greater public exposure.”

Read moreUS House to debate Ron Paul’s ‘Audit the Fed’ bill

Four largest TARP recipients spent billions on ‘questionable transactions’: memo

Rather than using federal bailout money to reinvigorate lending to consumers, some banks that received funds from TARP have spent it on questionable items that have done little to improve the health of the country’s financial sector but have certainly helped out foreign economies such as Dubai and China.

For instance, Citigroup Inc, which received $50 billion in Troubled Asset Relief Program funds, made an $8 billion December loan, not to an American entity, but to a Dubai public sector company, according to a newly released Monday memo by Rep. Dennis Kucinich (D-OH), chairman of the House Domestic Policy Subcommittee.

The Goldman Sachs Group, which received $10 billion in TARP funds at the end of October, saw fit to spend $2 billion earlier in the year on the repurchase of company stock, which resulted in an increase in company share price.

The memo notes of that stock repurchase, “That increase would have constituted a significant benefit to top executives at Goldman Sachs, who typically own large amounts of company stock.”

As of January 3, Goldman Sachs CEO Lloyd Blankfein owned 1,995, 835 shares of the company, according to the memo.

In mid- November, Bank of America spent $7 billion investing in the China Construction Bank Corporation. Bank of America received $25 billion in TARP funds.

J.P. Morgan Treasury Services spent $1 billion investing in cash management and trade finacie solutions in India also in November. J.P Morgan Chase & Co. received $25 billion in TARP funds.

Read moreFour largest TARP recipients spent billions on ‘questionable transactions’: memo

Kucinich: Who Told SEC to “Stand Down” on Stanford Probe?

Chairman of Domestic Policy Subcommittee Opens Inquiry

Chairman of the Domestic Policy Subcommittee, Congressman Dennis Kucinich (D-OH) today sent a letter to Ms. Mary Schapiro, Chair of the Securities and Exchange Commission (SEC) requesting documents that could reveal which government agency told the SEC to “stand down” rather than take enforcement action against the Stanford Group in October 2006 as has been reported by the New York Times.

Related articles:
US authorities had been investigating Allen Stanford for 15 years! (Times)

FBI tracks down Texas financier in $8 billion fraud case (AP):
Stanford is not under arrest and is not in custody.
Past probes sought to tie Stanford to drugs (Houston Chronicle)

Recent media reports have indicated that the SEC was aware of improprieties at Stanford Financial Group as early as October 2006, but withheld action at the request of another government agency.

In a report published in the February 17th edition of the New York Times, an SEC official said that an inquiry had been opened on Stanford in October of 2006. According to the Times report, an associate regional director of enforcement said the SEC “stood down” on its investigation as a result of the intervention of another federal agency.

Stanford is now the focus of an $8 billion fraud investigation and, presumably, an earlier inquiry would have spared many Stanford investors and triggered similar inquiries into other funds which lacked transparency.

“The SEC’s recent filing against Stanford stemmed from the 2006 SEC inquiry that had been apparently shelved at the request of the unnamed agency. If this is true, we must find out why the SEC delayed enforcement, and if there were other cases where other government agencies intervened to block enforcement,” Chairman Kucinich said.

“If the SEC did indeed begin an inquiry in 2006 and was called off by another agency, our subcommittee will demand that the SEC reveal the name of that agency which told it not to enforce federal laws which protect investors,” said Chairman Kucinich.

Read moreKucinich: Who Told SEC to “Stand Down” on Stanford Probe?