Barach Obama: The Oligarch's President

williambanzai7's picture

I just read an excellent editorial comment written by Charles Ferguson, the director of "Inside Job", Barack Obama: The Oligarch's President.  He does a superb job of encapsulating all that has gone terribly wrong with the Obama Presidency vis-a-vis Wall Street.

I am constantly asked why my attitude about President Obama changed 180 degrees. Instead of answering that question myself, I can now hand out and forward this piece, at least until Election Day.

Here are a few choice quotes:

"When I first decided to make a documentary about the financial crisis, in late 2008, my biggest question was how to handle Barack Obama. Alas, the answer rapidly became all too clear, as my film "Inside Job" shows in painful detail."

"When Barack Obama was elected, he had an unprecedented opportunity to shape American history by bringing the country's new financial oligarchy under control. Elected on a platform of change and renewal by a nation in crisis and with strong majorities in both houses of Congress, his election celebrated throughout the world, Obama could have done great things. Instead, he gave us more of the same. America will be paying for his decision for a very long time."

"And now, nearly two years later, the Obama administration has established a clear record. Beginning almost immediately, the president consistently opposed any effort to control financial industry compensation -- even for firms receiving federal aid, as most were in 2009. Then came a long period of total inaction, followed by the toothless Wall Street reform bill passed this summer and the appointment of a former Fannie Mae lobbyist, Tom Donilon, as the new national security advisor. There was no action on the foreclosure crisis and no serious attempt to investigate the causes of the crisis. The SEC has brought only a handful of civil cases ending in trivial fines, with neither firms nor individuals required to admit any wrongdoing.

Most tellingly, there has not been a single criminal prosecution of any firm or any individual senior financial executive -- literally zero -- and, of course, no appointment of a special prosecutor. While we can debate the extent to which fraud caused the crisis, and precisely how much fraud was committed, the answer is clearly not zero. We already know that Lehman and other firms used fake accounting to hide liabilities and inflate assets; that lenders and securitizers frequently knew that the loans they sold and packaged were fraudulent or defective; and, of course, we also now know that Goldman Sachs and other investment banks sold securities they knew to be defective (they were often sold to pension funds for low-paid government employees, by the way) -- and that they designed many of these securities so that they could profit by betting against them after they were sold. Stunningly, this last practice was not ipso facto illegal; but as a practical matter, it’s pretty hard to do if you’re telling the truth. Yet nobody has been prosecuted, and only a very few individuals have even been sued in civil cases.

It is, in short, overwhelmingly clear that President Obama and his administration decided to side with the oligarchs -- or at least not to challenge them."

I don't think anyone could have said it any better. He makes other perceptive political observations regarding our two party duopoly and how it perpetuates  this sorry state of affairs.

Here is a link to the full piece as published on Linked Article

And here is my visual add-on.






Happy Election Day Mr. President



I am reading everyone's comments and feel inspired to make a point that I feel very strongly about.

It is very easy for us all to get lured into a discussion about what could have/should have been done, who should have been convicted, the inequity of rewarding common thieves etc.

Here is what I think is the most important point: These people, I mean the Wall Street financiers and their Washington puppets, have done very serious damage to our country.

We are more vulnerable than we have ever been. We are competing with serious rivals who are playing for keeps.  Instead of re-channeling ourselves as a nation and making the necessary changes and recalibrations for the benefit of future generations, we have lined the pockets of mortgage pimps, quantitative card sharpers and two bit structured finance artists. 

I consider this to be an unforgivable offense. 

We obsess about terrorists, as we should, but shouldn't we also devote equal attention to those who continue to commit acts of financial terrorism against our economic homeland?

This is the point that needs to be driven over the backfield fence.


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Paul E. Math's picture

You undermine the credibility of this discussion and this blog with this kind of subtle anti-semitism.  I hate to be the PC Police but I'm personally proud of the comments made by this community and ashamed when it goes in the direction you've taken it.

 - directed at the jewish reference above

anony's picture

One word for you:

geithnersorosorszagbernankesummerspaulsongreenspanrubinfriedmanfuld,frank,thain,dodd,mozillo,o'neal,gensler,cassano, blankfeinshapiroyellinfinkkashkaricohndudleydugankaganlippman,fink,dimonmadoff--

Let us count the gentiles amongst the triumphant financial elite who managed to get trillions in "bonus" money while the world they trashed goes begging AND they are going to do it again.

The Jews, a particklelerly well-placed set of them, have created a wonderful world for themselves of money even when they LOSE, with the aid of their Irish Consigleres, right smack out of The Godfather.  Truth, Stranger than fiction and we are sorry that it offends your exquisitely sensitive feelings. Go see Barry Manilow.


Bob's picture

Get used to it.  I sounded the alarm on this issue over a year ago and it continues to be a  problem.  That would appear to be an inevitable downside of an anonymous public forum that applies no formal censorship.  Note, however, that such comments invariably reap a harvest of junks from the community. 

lynnybee's picture

deleted.   i hit the save button twice.

lynnybee's picture

I've forwarded this article to my circle of friends.   Most of my friends & family do not believe the things I tell them about what is happening, why is to blame & MOST OF ALL, they do not believe that OBAMA is the Enforcer-in-Chief for the banking system.    My friends & family think that OBAMA is a great guy who is going to give them all free health care (after they pay higher taxes for the next four years, they might just get something free.)    This article should be on the front page of the NEW YORK TIMES.     p.s. thanks, i loved it !

williambanzai7's picture

Tnx lynnybee, spreading the truth is the first step

Kayman's picture

Excellent piece, Sir William

1. Obama sold his soul to the Wallstreet criminals when Paulson enlisted him to "save" the nation during the $700 billion daylight robbery. Perhaps he was bought off much earlier.  Not all Swiss (and offshore) bank accounts have been disclosed by the IRS.

2. I think a third party could be formed, so long as it had a constitution that paralleled the American constitution. That, along with some contemporary updates, like capital punishment for financial crimes which require the entire nation to clean up.

And a third party would need to embrace free enterprise by breaking up dominant banks and corporations.  Too big to Fail (jail) is Too Big To Exist.

blindman's picture



Thoughts on Government

John Adams

Apr. 1776 Papers 4:86-93



"If the colonies should assume governments separately, they should be left entirely to their own choice of the forms; and if a continental constitution should be formed, it should be a congress, containing a fair and adequate representation of the colonies, and its authority should sacredly be confined to these cases, namely, war, trade, disputes between colony and colony, the post office, and the unappropriated lands of the crown, as they used to be called.

These colonies, under such forms of government, and in such a union, would be unconquerable by all the monarchies of Europe.

You and I, my dear friend, have been sent into life at a time when the greatest lawgivers of antiquity would have wished to live. How few of the human race have ever enjoyed an opportunity of making an election of government, more than of air, soil, or climate, for themselves or their children! When, before the present epocha, had three millions of people full power and a fair opportunity to form and establish the wisest and happiest government that human wisdom can contrive? I hope you will avail yourself and your country of that extensive learning and indefatigable industry which you possess, to assist her in the formation of the happiest governments and the best character of a great people. For myself, I must beg you to keep my name out of sight; for this feeble attempt, if it should be known to be mine, would oblige me to apply to myself those lines of the immortal John Milton, in one of his sonnets:--


"I did but prompt the age to quit their clogs
By the known rules of ancient liberty,
When straight a barbarous noise environs me
Of owls and cuckoos, asses, apes, and dogs."  "

williambanzai7's picture

Nice Blindman!!  But I am not even sure they deserve the Post Office ;-)

Flatchestynerdette's picture

I found it strange that a judge stopped all foreclosures from Bank of America but President Obama wanted to push forward with foreclosures. anyone know what that's about?

williambanzai7's picture

All you have to do is remember that their mindset on how to fix everything is to help Wall Street. He has been totally indoctrinated by Summer's and Geithner who both advocate any short term solution that helps the bankers.

Instead of saying this:

We need to restore confidence in the capital formation process from the ground up, so the first thing we need to do is cleanse the system of all the pollution that has accumulated...

They say this:

Oh my god, if we suspend the foreclosure process to protect a few wronged homeowners, the whole system will seize up and we will crash and burn!!!!!

Let me tell, PhD or no PhD, these people think they are really smart. But they are the stupidest most short sighted fools you will ever find.

Shell Game's picture


'From your lips to revolutionaries ears...'  Well done, addendum especially resonated!  I am very glad you are here.

williambanzai7's picture

Tnx Shell Game...that sounds funny ;-)

Gordon Freeman's picture

ZHers should be the first in line to go out, and support, "Inside Job". I saw it this weekend, and even though it was stuff most of us is aware of, it's great to sit with the people and see understanding come over them.

It's an important film, it's being suppressed, and we all should support it.

williambanzai7's picture

Yes it is our duty to communicate this simple message in whatever manner we each can do so effectively. 

Pay it forward!!

calltoaccount's picture

Agreed!   But we can also do more.

David DeGraw, says it all right here (albeit the music's a bit of a distraction):

The American people need to see/hear/understand this message.  

We can help spread the word.


williambanzai7's picture

They are railroading that guy. He was probably trying to take their software, but this is overkill and it is another example of misplaced prosecutorial priorities. Go chase mortgage fraud you schmucks!


SRV - ES339's picture


I respect your amazing talent, and I can't say I disagree with much of what you have to say, but blaming Obama for everything is exactly what the the GOP plan has been since day one... the Tea Party was born of the plan.

I am very disappointed (in the Obama administration) but not really surprised... the power is complete, and entrenched, so how can Obama be blamed for losing that battle. He tried, and for the most part failed... but I see a knee jerk run to the GOP as capitulation to "the power." Big money is going "all in" for the GOP and the Tea Party... that should tell you something, shouldn't it?

Bob's picture

Obama is the greatest oratorical talent the world has ever seen.  He could fully utilize that via television and mobilize public opinion on fundamental issues of widespread popular sentiment any way he sees fit.  He could use that to bend the financial world to his will. 

Given that this gift would appear to be the only notable talent he has--and what got him elected--not using it justifies placing 100% of the blame on him, imo. 

williambanzai7's picture

I am the last person to advocate running to the GOP...the devil we know how to hate! I can raant on and on about them. But I won't...

Obama needs to have his feet held to the fire and if he does not want to get it then we are no better off...

His team is busy selling his accomplishments. But if he can't get the most important issue right, whatever he thinks he has accomplished is hollow.

The bottom line is we need to come up with an alternative to Palin and Beck. Two Qs? Quack quack...

Is this the best the disaffected can come up with? If it is, we are playing into the hands of the real enemy.

Ripped Chunk's picture

Best yet William. Thanks.

I can't wait to get a copy of "Inside Job"

williambanzai7's picture

Me too! I saw the preview and it is visually stunning as well.

Got my Towel's picture

I've found that trite phrase "actions speak louder than words" a very good thing to remember when casting a vote for any politician.  I admit that I didn't watch or listen to any speeches by Obama or McCain prior to the election.  I did, however, note that both of them voted in favor of the TARP ransom bill.  This is the sole reason I voted for neither of them, despite any and all pretty words they might have spewed forth.

While I am not surprised in the least with Obama's horseshit performance, I will say that I'm disappointed.  I had sincerely hoped that I was wrong in my assessment of the man.  As for everyone who voted for him, I am so sorry you (along with the rest of the nation) were betrayed with yet another pack of lies.

WB7 - I really enjoy your work - you've brought me many a laugh over the past few weeks, and I thank you for it!  Please keep it up!

williambanzai7's picture

I remember the whole series of events very well. First of all, neither Paulsen nor Bernanke had any idea about the details and size of what they were dealing with. Blankfein scared them silly. They both went and scared all of Washington silly. It was a classic stick up!

I still have a copy of that first draft of TARP. What a piece of shit, all 2 pages worth!

I am glad you are enjoying my stuff, that makes it enjoyable for me. 

Rasna's picture

I know,

Paulsen pulled the $700B figure out of his ass.  The plan was ritten on toilet paper and he wouldn't let any one see it... He threatned Congress by saying that martial law would have to be imposed if his plan were not passed.

What a crock!

williambanzai7's picture

And he purports to be a spiritual man...what kind of bullshit is that!

Mercury's picture

I really don't see what the big surprise is with people like this. Barack Obama wants to form a society where the government controls everything all the time. A society in which everything that happens in your life, where every decision you make the government is the largest deciding factor.  That's all Obama was ever talked about, advocated and worked toward.  If people actually bothered to read his books in 2008 it's all laid out inside plain as day.

But even Obama can't simply wave his wand and make something like that happen overnight.  Central planning involves a lot of government infrastructure and a lot of government people. He has no other choice (short of violence) but to co-opt, further empower and enrich the majority of existing, private industry oligarchs either by making them offers they can't refuse or making co-operation the path of least resistance.  The health care bill is a perfect example of this and so is TBTF Wall St. 

Eventually, the distinction between giant private industry and government agency will become harder and harder to determine and then there will be no distinction at all.  The elites who run these agencies and work at the top levels of government will be the only oligarchs there are, the "experts" that set all rules and determine all outcomes for everything of significance in your life.  They and only they (a few tens of thousands of people and their families perhaps) will enjoy the kind of personal autonomy and wealth that at one time just about anyone in America could hope to aspire to through private enterprise and hard work.  Sex and shopping will be about all the average person will feel that he has a reasonable amount of control over and freedom with.  And for many people that will be enough.

At this point, smart, ambitious and self-disciplined non-oligarchs will do what such people have always done in pretty much every advanced civilization that has ever existed: pour all their energy into preparing their children for that one single day which will determine the quality of the rest of their lives in almost every meaningful way and after which nothing else will ever matter: the civil service exam.

williambanzai7's picture

The civil service exam....LOL! Very good

Mercury's picture

Well when the government controls the economy and all important industry and services within it they also set the rules and requirements and are the gatekeepers for any and every half decent job there is.  That's not an opinion, that's a historical fact.

williambanzai7's picture

I know it exactly! Central planning at the apex...we will all be nomenklats!

Rasna's picture


Excellent post, as usual.

Although I haven't bee here all that long, the point that I keep making over and over is that O and all presidents, with very few exceptions, back to Jacksons time have been carrying the water for Wall Street and the financial elite.

NO ONE SHOULD BE SURPRISED BY O's ACTIONS OR LACK THERE OF.  No one, I repeat, no one gets within a stones throw of the presidency who Wall Street, the financial elite, the corporate oligarchy and the international financial puppet masters dont approve of.

The actions that presidents will take are pre-wired in even before the next president appears on the scene to run.  This is now filtering down to the Congressional Level.  The judges from the circuit courts to SCOTUS are bought and paid for as well.  The decision on the Bloomberg suit has already been determined.

This country has been controlled from England since the 1800's.  So yes, we have tyrrany.  We shouldn't be surprised.  The only way this changes is by radical change of the political process, which will become increasingly difficult because of the recent SCOTUS decision regarding corporations and essentially opening the flood gates for dark pool campaign contributions.

We are in a fight for America and our way of living.  We can begin getting engaged by waking up from our stupor and recognizing that presidential elections are pure theatre as are the machinations of Congress.  This fight has to start at the grass roots level and it will be brutal. 

williambanzai7's picture

Well, you have to approach it using the pay it forward principle. Convince one person at a time and so on...;-)

tony bonn's picture

"I consider this to be an unforgivable offense. "

god bless you!!!

obama is george bush's twin. obama is the perfect oligarchical stooge being the perfectly blackmailable liar. he is an indonesian citizen born in kenya in 1961. he was selected by the rockefellers (u of chicago) to be president in 1991. all of that slush money coming from mochtar riadys during the clinton presidency is part and parcel of the obama asscendancy.

the banksters control both parties. the oligarchs must be destroyed. they are enemies of the nation but are using the patriot act and every other form of suppression to make war on the citizens.


williambanzai7's picture

All I will say is I find it puzzling that they don't just cough up that birth certificate. ;-)

Blues Traveler's picture

Thank you....Banzai!!!

The irony is that if you didnt like Bush, you should hate Obama bc he is campaign against what he ended up supporting/endorsing.  And the collaborating press covers his ass.  Where are the days when the press defended our liberties and our democracy?  They have sold out, just like a hooker - appologizies to the hookers - they may not like their customer, but cash is always good.  We have a bifurcated political system based on the ideology of money.  Congress obviously has more blood on their hands than anyone.  We need a third party to represent the slumbering majority.

williambanzai7's picture

I really never thought it could get this bad. BTW I watched King Pins last night, BT plays in the end credits. What an awesome band.

optimator's picture

His bosses got him the job, and a nice one it is with lots of perks.  I didn't expect him to turn against those bosses, but did expect him to do what they told him to do.  What they didn't tell him is that when the everything collapses he's going to be the Fall Guy that takes 100% of the blame while the poor FED goes to work to try and tidy things up.  The bosses always win.

williambanzai7's picture

If you visualize him as a circus clown, it all becomes clearer ;-)

anonnn's picture

WB7, your graphics so effectively assist learning.

Unfairness breeds chaos.

The Golden Rule, per Hillel, is:

Do not do to others what you, yourself, would find distasteful. All the rest of law is commentary.


willien1derland's picture

William - Outstanding Post - unfortunately, I fully admit that I was taken in by Obama during the campaign as well as his first nine months in office - I was a fool & I admit my mistake - the article, posts & your artistic sarcasm have truly captured the issue - your insight into Weimar Germany is poignant as it is frightening - as 1 in 8 Americans require assistance from the SNAP program Wall St investors are insulated from any/all losses - I believe when history reviews this time it will be criminals like Tim & Ben will be portrayed in the proper light - continued success William & I will continue to assert that you are the Norman Rockwell of our time - capturing the essence of the moment - brilliantly...

williambanzai7's picture

I can't tell you how much I appreciate that Norman Rockwell compliment. There was so much more to his work than what was on the cover of the Saturday Evening Post. Tnx Again

New Revolution's picture

I read yesterday that the general population (The Sheople) believe it is not the system, but the people running the system which are to blame.   This is a common misconception in every Revolution.   The problem is not the people, its the system, or more exactly, the institutions which have become so internally incestuous that they threaten the nation at large with their bankrupt ways.   That is the historical definition of a Revolution.   It is the action against the threat of the governments bankruptcy of a nation.

It's a total reset.   It's not that our Constitution is flawed, its the changes that Congress with the consent of a Supreme Court rapidly becoming more narrow in its representation of America and now with the force of a police state in Home Defense in place.

Its not a good situation.   But its a battle that needs to be fought at the ballot box while we still can.   I'll do my part.   Now is the time to galvanize yourself and those around you to vote on Tuesday and build upon that for 2012.   It may be our last opportunity to save America. 

Clark_Griswold Hedge Mnger's picture

allow me to be the devils advocate here;

what makes you think that the new Congressional recruits have any more honor than those leaving?

You may have a few good apples there but without a majority you and I are still SOL