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Bush Was a Total Disaster ... Obama Is WORSE

George Washington's picture




 

More Redistribution of Wealth to the Richest

Sure, Bush made the rich richer.

But Obama has actually redistributed wealth from the middle class to the very richest more than Bush.

Specifically, income inequality has increased more under Obama than under Bush.

Indeed, inequality in America today is worse than it was in Gilded Age America, modern Egypt, Tunisia or Yemen, many banana republics in Latin America, twice as bad as in ancient Rome  – which was built on slave labor – and worse than experienced by slaves in 1774 colonial America.

A new study shows that the richest Americans captured more than 100% of all recent income gains.  As Huffington Post notes:

The top 1 percent of households by income captured 121 percent of all income gains between 2009 and 2011, during the first two years of the economic recovery, according to new research by Emmanuel Saez, an economics professor at the University of California at Berkeley. (Saez is a renowned income inequality expertand winner of the prestigious John Bates Clark Medal, an award that the American Economic Association gives every year to the top economist under age 40.)

 

How was the top 1 percent able to capture more than all of the recovery’s income gains? They became 11.2 percent richer while the bottom 99 percent got 0.4 percent poorer, when accounting for inflation, according to Saez.

 

Saez released the updated figures in late January after finding last year that the top 1 percent had captured 93 percent of all income gains in 2010, the first full year of the economic recovery.

 

Overall, between 1993 and 2011, the top 1 percent’s incomes surged 57.5 percent, while the incomes of the bottom 99 percent grew just 5.8 percent, according to Saez.

One of the reasons why the super-rich are becoming much richer and everyone else poorer is that Obama is prosecuting fewer financial crimes than Bush, or his father or Ronald Reagan.

And by pointing out that inequality is skyrocketing, we’re not calling for a redistribution of wealth downward.  We’re calling for an end to policies which allow wealth to be concentrated in a few hands.

Without the government’s creation of the too big to fail banks (they’ve gotten much bigger under Obama), the Fed’s intervention in interest rates and the markets (most of the quantitative easing has occurred under Obama), and government-created moral hazard emboldening casino-style speculation (there’s now more moral hazard than ever before) … things wouldn’t have gotten nearly as bad.

Indeed, crony capitalism has gotten even worse under Obama.

We noted in 2011:

All of the monetary and economic policy of the last 3 years has helped the wealthiest and penalized everyone else. See this, this and this.

 

***

 

Economist Steve Keen says:

“This is the biggest transfer of wealth in history”, as the giant banks have handed their toxic debts from fraudulent activities to the countries and their people.

Nobel economist Joseph Stiglitz said in 2009 that Geithner’s toxic asset plan “amounts to robbery of the American people”.

 

And economist Dean Baker said in 2009 that the true purpose of the bank rescue plans is “a massive redistribution of wealth to the bank shareholders and their top executives”.

More Trampling of Civil Liberties

The Hill reports:

A majority of voters believe President Obama has been no better than his immediate predecessor, President George W. Bush, when it comes to balancing national security with the protection of civil liberties, according to a new poll for The Hill.

 

Thirty-seven percent of voters argue that Obama has been worse than Bush while 15 percent say he has been “about the same.”

 

***

 

The results cannot be fully explained as party line responses. More than one in five self-identified Democrats, 21 percent, assert that the Obama administration has not improved upon Bush’s record. So do 23 percent of liberals.

We’ve reported for years that Obama is even more brutal than Bush, and that he’s claimed some tyrannical powers that not only Bush – but even Hitler, Stalin and King George – never claimed.

The former head of the National Security Agency’s global digital data gathering program – William Binney – says that he pervasiveness of spying under Obama has only “gotten worse”.

Obama has prosecuted more whistleblowers than Bush and all other presidents combined.

Obama has dramatically escalated the use of drone assassinations, which are creating many more terrorists than they are killing.  Nice job creating more terroristsyou morons. The former chief military prosecutor at Guantanamo says that Obama’s drone surge is as damaging to our country as Bush’s torture program.  I think he’s actually underestimating damage from the program, as drones have become the number 1 recruiting tool for Al Qaeda (especially since children are now being targeted for drone assassination …  Oh, and torture is still happening on Obama’s watch; background).

Bush destroyed much of the separation of powers which made our country great.  Under Obama, it's gotten worse.  For example, the agency which decides who should be killed by drone is the same agency which spies on all Americans.

While some try to say that at least Obama didn’t start any disastrous wars, Obama has in fact launched wars in Libya, Syria, Yemen, Pakistan and up to 35 African nations. And the Obama administration has probably supported even more terrorists – in Libya, Syria and elsewhere – than Bush. See this, this, this, this and this.

Even mainstream Democrats who support Obama’s national security policies more or less admit that they are simply falling into a cult of personality.

So Bush was a disaster … but Obama is worse.

Postscript:  Obama apologists say "at least Obama has created jobs".  But some economists argue that unemployment has actually skyrocketed under Obama (and see this).

Given that government policy is ensuring high unemployment levels, that Obama - despite his words - actually doesn't mind high unemployment, that virtually all of the government largesse has  gone to Wall Street instead of Main Street or the average American, and that a “jobless recovery” is a redistribution of wealth from the little guy to the big boys, Obama's actions in the area of employment don't change our conclusion.

 

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Thu, 02/14/2013 - 22:40 | 3245263 Ned Zeppelin
Ned Zeppelin's picture

There's something wrong here with your post.

Thu, 02/14/2013 - 23:01 | 3245303 Rogue Trooper
Rogue Trooper's picture

I am hopeful that this post from 'The Dude' was 'clever' sarcasm (?)

Thu, 02/14/2013 - 22:18 | 3245191 torabora
torabora's picture

Betcha dead 1%'ers got richer too.

Thu, 02/14/2013 - 22:18 | 3245190 Alpha Monkey
Alpha Monkey's picture

This is the only reason I wanted Obama to win again, to disalusion half or more of the country.  Now, when the repubs win next season, and continue the same path, we will have near 100% discontent.... which should result in some real action... If it lasts that long.

Thu, 02/14/2013 - 22:17 | 3245188 torabora
torabora's picture

John Fucking Kerry....You magnificent Bastard!

Thu, 02/14/2013 - 21:32 | 3245086 ozziindaus
ozziindaus's picture

Obama is the new black death

Thu, 02/14/2013 - 22:44 | 3245273 outofhere
outofhere's picture

AKA "Dark kNight"

Thu, 02/14/2013 - 21:25 | 3245070 f16hoser
f16hoser's picture

Proof positive that Washington needs an enima. I hate both parties. Disclaimer: Registered Republican

 

 

Thu, 02/14/2013 - 21:59 | 3245148 andrewp111
andrewp111's picture

 "enema" not "enima"

Thu, 02/14/2013 - 22:06 | 3245162 booboo
booboo's picture

a high colonic at a minimum.

Thu, 02/14/2013 - 21:18 | 3245052 NoelConfidence
NoelConfidence's picture

The GOP got weird. Democrats became Neocons.

Neither can be trusted.

EVER.

Thu, 02/14/2013 - 22:00 | 3245151 andrewp111
andrewp111's picture

The Democrats are not neocons. But they are in love with Banksters because they are fellow elitists, and the Dems want their political contributions.

Thu, 02/14/2013 - 21:19 | 3245053 scrappy
scrappy's picture

True that bud.

Thu, 02/14/2013 - 21:01 | 3245019 hustler etiquette
hustler etiquette's picture

HIDO.  Hope In. Despair Out.   

Thu, 02/14/2013 - 20:56 | 3245013 williambanzai7
williambanzai7's picture

BE MEIN

Thu, 02/14/2013 - 22:20 | 3245196 blindman
blindman's picture

w, that is perfect.
http://jessescrossroadscafe.blogspot.com/2013/02/gold-daily-and-silver-w...
14 February 2013
Gold Daily and Silver Weekly Charts - The Art of Currency War
.
short list of links to take all your time and just scratch the surface.
but funny in a "that isn't funny" sort of way. tell me mr. siegal, how
do i get out of here?
.
Irredeemable Currencies and the Fate of Europe
By Keith Weiner on February 11, 2013
http://monetary-metals.com/irredeemable-currencies-and-the-fate-of-europe/
.
MOMENT OF CLARITY NO. 207?. WITH LEE CAMP!
Posted on February 13, 2013 by
http://maxkeiser.com/2013/02/13/moment-of-clarity-with-lee-camp/comment-...
.
CHRISTOPHER DORNER ASSASSINATED BY LAPD
http://www.youtube.com/watch?v=CxMdaVYpTlQ&feature=youtu.be
.
Chris Hedges: Failure of Liberals
http://www.youtube.com/watch?v=fAzF8abtPyI
.
link o mania continues !
.
Obamikado ? I?ve Got a Little List ? Subtitled
http://www.youtube.com/watch?v=5X9tvMadfXU
.
Horse meat v Nazi Slave Labour private corp Camps
http://www.youtube.com/watch?v=2wNoOE3Txkc&list=UUGThM-ZZBba1Zl9rU-XeR-A...
.
Cargo Cult, how gods and religions appear
https://www.youtube.com/watch?v=zWjGwBpLZdY
.
[KR406] Keiser Report: Horsemeat Burger vs Dutch Sandwich
http://maxkeiser.com/2013/02/14/kr406-keiser-report-horsemeat-burger-vs-...
.
and last but not least ....
Nomenclature of an Assassination Cabal
by William Torbitt
http://scribblguy.50megs.com/torbitt.htm#Chapter%201-%20Permindex%20and%...
.
and there is more ..sadly much much more.
p
ps.
How To Do The Amazing Liver and Gallbladder Flush
http://www.youtube.com/watch?v=sDJF3S-Kiqk
.
never mind the disposable sea slug penis and the 42% body weight cricket testicles !
.
happy v day, love u !

Thu, 02/14/2013 - 21:54 | 3245140 rustymason
rustymason's picture

A much better resemblance would be to Stalin or Mao, who hated their own indigenous populations and oversaw the murder of 10's of millions of them.

Thu, 02/14/2013 - 23:07 | 3245321 dugorama
dugorama's picture

because Obama has killed 10s of millions of americans?  or because he hates native americans?

Thu, 02/14/2013 - 21:25 | 3245060 Rogue Trooper
Rogue Trooper's picture

Pure genius dude. Would be a photoshop nightmare but it would be valid to morph, Bush I, Clinton, Bush II (or is he actually III) into this final hellish construction. The world may get Jeb next round in the 2016 playoffs and that would be, errrm, a surprise(?)  Now if Obozo is really Bush III or IV(?) what will Jeb be, Bush IV or (V).

Would complete the picture.

Thanks WB...

Thu, 02/14/2013 - 20:55 | 3245011 Not Too Important
Not Too Important's picture

An interesting take on where Obama comes from, from Greg Palast:

Billionaire Burglar Breaks into Obama's Cabinet
Pinch-Penny Pritzker pockets Commerce post
By Greg Palast for Truth-out
Wednesday, 13. February 2013

A parade of media reports this week name Penny Pritzker as Obama's prime choice for Secretary of Commerce. No longer will criminal bankers have to lobby the administration - because now they'll have one of their own in the Cabinet.

We never heard of this guy Barack Obama until 2004. Less than three years before taking the presidency, he was in the Illinois state senate, a swamp of scammers, backhanders, and party machine tools - not a stellar launch pad for the White House. And then, one day, state Sen. Barack Obama was visited by his fairy godmother. Her name is Penny Pritzker.

Penny's from Heaven?

Pritzger's net worth is listed in Forbes as $1.8 billion, which is one hell of a heavy magic wand in the world of politics. Her wand would have been heavier, and her net worth higher, except that in 2001, the federal government fined her and her family $460 million for the predatory, deceitful, racist tactics and practices of Superior, the bank-and-loan-shark operation she ran on the South Side of Chicago.

Superior was the first of the deregulated go-go banks to go bust - at the time, the costliest failure ever. US taxpayers lost nearly half a billion dollars. Superior's depositors lost millions and poor folk in Sen. Obama's South Side district lost their homes.

Penny did not like paying $460 million. No, not one bit. What she needed was someone to give her Hope and Change. She hoped someone would change the banking regulators so she could get away with this crap.

Pritzker introduced Obama, the neophyte state senator, to the Ladies Who Lunch (that's really what they call themselves) on Chicago's Gold Coast. Obama got lunch, gold and better - an introduction to Robert Rubin. Rubin is a former Secretary of the Treasury, former chairman of Goldman Sachs and, when Robert met Barry, co-chairman of Citibank. Even atheists recognized Rubin as the Supreme Deity of Wall Street.

Rubin opened the doors to finance industry vaults for Obama. Extraordinarily for a Democrat, Obama in 2008 raised three times as much from bankers as his Republican opponent.

This article is based on the chapter Penny's from Heaven? 
From Palast's New York Times Bestseller Billionaires & Ballot Bandits with comics by Ted Rall.
Donate and get a signed copy.

So what did Citibank's Rubin get for showering Obama with gold? Obama agreed to take care of Rubin's poodles, Larry Summers and Tim Geithner. They became Obama's first cabinet picks: Summers as Economics Czar and Geithner as his czarina, Secretary of the Treasury.

Geithner and Summers were the gents who, under Treasury Secretary Rubin, designed the deregulation of banking. In effect, they had decriminalized the kind of financial flim-flammery that brought the planet to its knees while bringing Rubin, Pritzker and the banksters loads of lucre.

So, in 2008, Summers and Geithner were put back in the saddle - Obama's horse but Rubin's saddle.

Rubin received more than $100 million from Citigroup, the gargantuan commercial bank/investment bank/casino created by deregulation. It is worth a mention that Rubin's centi-million-dollar payoff went unchallenged by Citi's new owner, the US Treasury, which had put up more than a trillion dollars in loans and guarantees to pull Rubin's creature out of bankruptcy.

Rubin rocked, but Penny was pissed off.

Pritzker had taken this state senator/community organizer from the ghetto, made him a US Senator, then, as Obama's campaign finance chairwoman, raised a mind-blowing three-quarters of a billion dollars to make him president.

In return, in 2008, Obama decided to make his patron Penny the Secretary of Commerce. But then, in November 2008, just as Obama was about to submit her nomination to Congress, a bunch of Pritzker's victims marched on Washington. They were not from her busted bank, but unhappy workers from the lucrative nursing homes that her family owns through a string of complex offshore trusts. Obama slammed the door on Penny pronto.

In the 2012 campaign, Obama, to his credit, kept the door shut on Pritzker, reducing her to hosting an election fundraiser at her Gold Coast digs, which she had to bill as a Goldman Sachs PAC event. This marks possibly the first time anyone has used Goldman Sachs as a PR cover.

The Pritzker family made its billions mostly from Hyatt Hotels and Hyatt nursing homes. Penny, on the Hyatt board of directors, is an infamously combative anti-union apostle. UNITE HERE, the union that represents Hyatt workers, has called for an international boycott of Hyatt hotels. In 2012, UNITE HERE and its parent, the AFL-CIO, were crucial to Obama's winning Ohio, Michigan and Wisconsin. So, in this last campaign, Obama had to keep his billionairess heiress on the down-low.

But today, with the unions' money and votes already pocketed and counted, Obama can give working folks The Finger and give Penny her pound of flesh: the Commerce post.

The New York Times says that, "At Commerce, Ms. Pritzker could provide the president with a new way to reach out to the business community." The last time Pritzker reached out to the business community was to sell them sub-prime mortgage securities, worthless bags of financial feces manufactured by Superior Bank.

If Penny the Piggy Banker gets Commerce, we'll have to drop Obama's rating to sub-prime.

Thu, 02/14/2013 - 23:39 | 3245378 sitenine
sitenine's picture

Interesting read, thanks. I think your too kind to big O though -

"If Penny the Piggy Banker gets Commerce, we'll have to drop Obama's rating to sub-prime."

This dude's been junk since day one, even S&P and Moody's would agree.

Thu, 02/14/2013 - 22:44 | 3245272 Ned Zeppelin
Ned Zeppelin's picture

Great stuff. 

Thu, 02/14/2013 - 21:26 | 3245074 hangemhigh
hangemhigh's picture

@ NTI  324 5011

in the yomama chronicles, some other political details matter, too

http://www.sfgate.com/politics/article/Sex-scandal-ends-bid-for-Illinois-Senate-seat-2711155.php

 

 

 

Thu, 02/14/2013 - 20:44 | 3244995 PeaceLover
PeaceLover's picture

Once again nice Job GW!
Thanks for being one of the true!
Truth only hurts if your crooked!

Watch this worth your time

 

All Wars Are Bankers' Wars

 

http://www.youtube.com/watch?v=5hfEBupAeo4&feature=youtu.be

Thu, 02/14/2013 - 21:25 | 3245071 CH1
CH1's picture

The Presidents suck, the Congress sucks, the Supremes sucks....

Why on Earth do we obey these pieces of crap?

Thu, 02/14/2013 - 20:33 | 3244977 shovelhead
shovelhead's picture

Maybe I should have paid more attention...

I thought I was voting for that "Snakes on a Plane" guy.

Thu, 02/14/2013 - 20:06 | 3244916 are we there yet
are we there yet's picture

Thomas Jefferson's ideals in governance were noble and wise. What we have now not so much. Since president Eisenhower every president has been more authoritarian, statist, corrupt, bigger, indebted. I do not know how it can get worse but it will I think.

Thu, 02/14/2013 - 20:04 | 3244907 Tsunami Wave
Tsunami Wave's picture

It's gaining in notice.. if a liberal blog writes a story about it, it captures my attention:

http://www.buzzfeed.com/bennyjohnson/things-democrats-would-have-freaked...

 

If you read the comments though, many people are still very hypocritical, citing the basic "but Obama is doing it differently" meme... let alone falling into the left/right dichotemy.

Thu, 02/14/2013 - 19:33 | 3244825 Kastorsky
Kastorsky's picture

yea, blame it on Bush (or Obummer) like 90% of idiots didn't vote for one of them. 

Now eat it!

Thu, 02/14/2013 - 19:27 | 3244818 BullyBearish
BullyBearish's picture

Bush gave us Obama...Obama wants more lower class to join the middle class.  They won't have to do anything...the middle class is coming to them.

Thu, 02/14/2013 - 19:52 | 3244879 Ignatius
Ignatius's picture

Touche'.

Thu, 02/14/2013 - 19:23 | 3244807 FeralSerf
FeralSerf's picture

Bush and his gang of murdering thieves were responsible for the deaths of over a million people.  How is Obama worse than that?  That's not to say I, in any way, believe Obama is not a murdering thief.

Thu, 02/14/2013 - 19:20 | 3244801 Zap Powerz
Zap Powerz's picture

I expect this expose to be headlining tonights 6 o'clock news casts!

Either that or a story about a storm somewhere.

Thu, 02/14/2013 - 19:19 | 3244800 exgop
exgop's picture

Tell me something I don't know !!!

Thu, 02/14/2013 - 19:16 | 3244792 Tango in the Blight
Tango in the Blight's picture

At least Obama made the trains run on time.

Thu, 02/14/2013 - 22:11 | 3245173 andrewp111
andrewp111's picture

Obama couldn't even get his high speed trains built. Just a lot of dead-end vapor track to nowhere.

Thu, 02/14/2013 - 19:14 | 3244787 stant
stant's picture

bush was a banana republic, we are now a military dictatorship, that marketed itself as marxist

Thu, 02/14/2013 - 19:12 | 3244786 DaveyJones
DaveyJones's picture

Both parties are criminally evil

We could not get here without that truth

Finance and a collapsing empire's government, desperate for real physical resource need each other to hide that fact

Both grow exponentially and feed on their own people on the way down out of a false perceived necessity

As SheepDog says, most of the people don't figure it out until it's too late   

Thu, 02/14/2013 - 19:11 | 3244778 sitenine
sitenine's picture

I hate what's going on, and dont condone any of this redistribution mentality bullshit. As strategy goes, I think I can see what's going on here though. Yes, the wealth is going to the rich, and this is purposefully done. Now, the Emperor, I mean POTUS, can declare he wants to tax the shit out of the rich (true or not hardly matters). This makes the middle class cheer even though it was rightfully their money in the first place that is now being redistributed to the poor. This is how I understand it, anyway.

Thu, 02/14/2013 - 21:11 | 3245035 scrappy
scrappy's picture

Nice quick analysis. +

Thu, 02/14/2013 - 21:11 | 3245031 scrappy
scrappy's picture

Thanks

Thu, 02/14/2013 - 19:42 | 3244854 RopeADope
RopeADope's picture

Somewhat similar to financial institutions defrauding Americans and then DOJ asking for its cut of the proceeds?

Thu, 02/14/2013 - 19:10 | 3244776 dadichris
dadichris's picture

do you really think Bernanke answers to Obama any more than Greenspan answered to Bush?  all politicians are a product of the elites, so of course they serve the interest of the elites. democracy and free markets are a myth.

Thu, 02/14/2013 - 19:45 | 3244857 are we there yet
are we there yet's picture

Ron Paul is an exception.  Banks and elites do not own him in my opinion.

Thu, 02/14/2013 - 19:10 | 3244775 world_debt_slave
world_debt_slave's picture

the Bilderbergers, CFR, Illuminati, whatever you want to call them give the marching orders.

Thu, 02/14/2013 - 19:08 | 3244765 steveo77
steveo77's picture

http://oahutrading.blogspot.com/2013/02/a-valentine-for-those-confused-p...

 

Kind of funny, kind of....from an email

Big Gov and their "partners" have a real conundrum on their hands, they can't figure out whether they should kill us, or make us produce.   

You have to feel sorry for them, the sheeple are a real problem.

Thu, 02/14/2013 - 19:01 | 3244744 Clowns on Acid
Clowns on Acid's picture

Geez GW... plenty of people told you this 4/5 years ago.
Just think if you had listened then...

Thu, 02/14/2013 - 18:58 | 3244729 apberusdisvet
apberusdisvet's picture

Both the Marxist/Progressives and the Neocons are morphing into one big totalitarian monster; let's call it FUCK-U-ism

One the count of three, everyone grab your ankles.

Thu, 02/14/2013 - 21:42 | 3245097 Radical Marijuana
Radical Marijuana's picture

The foundation of the current American, and globalized, FUCK-U-ism is the legalized counterfeiting, which everyone else is forced to accept. That is the SOURCE. Private banks get to make "money" out of nothing, and everyone else is forced to accept that triumphant FRAUD, by their government, through the requirements to pay their taxes in that fiat money, as well as use that fiat money as the legislated legal tender.

Thu, 02/14/2013 - 22:05 | 3245161 rustymason
rustymason's picture

And we slaves are forced to "pay back" the banksters' paper which never even existed in the first place with our real goods and services, on penalty of total ruin. Overseas, American paper is backed by the U.S. military. Gaddafi and Saddam knew about that.

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