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Obama Advisor, And Goldman Sachs Client, Gene Sperling Filibusters CNBC With "Shared Sacrifice" Speech In Response To Ryan Budget
Earlier we shared some perspectives on the just released Ryan 2013 budget. Shortly thereafter it was the turn of Obama aide and National Economic Council director Gene Sperling to give his spin. In what can only be characterized as an epic filibuster of none other than CNBC, Sperling spoke in length, literally, about "shared sacrifice," about how math fails to matter in a new normal (and nominal) world, how trillions and trilions in underfunded welfare benefits (which even Goldman sees as untenable) are really just a matter of perspective, but mostly about how net tax revenues running below debt issuance (as reported here yesterday) are 'viable.' We leave our readers to make up their own minds. We just want to add the following highlights from a Bloomberg October 2009 article, which just may provide some more color on where and what Mr. Sperling's true allegienaces are.
"Some of Treasury Secretary Timothy Geithner’s closest aides, none of whom faced Senate confirmation, earned millions of dollars a year working for Goldman Sachs Group Inc., Citigroup Inc. and other Wall Street firms, according to financial disclosure forms." Gene Sperling in 2008 "took in $887,727 from Goldman Sachs and $158,000 for speeches mostly to financial companies, including the firm run by accused Ponzi scheme mastermind R. Allen Stanford."
"Goldman Sachs paid Sperling the $887,727 for advice on its charitable giving. That made the bank his highest-paying employer. Even Geithner’s chief of staff Patterson, who was a full-time lobbyist at the firm, did not make as much as Sperling did on a part-time basis. Patterson reported earning $637,492 from Goldman Sachs last year.
He was paid $480,051 as a director of the Philadelphia Stock Exchange and $250,000 for providing quarterly economic briefings to two hedge fund firms, Brevan Howard Asset Management LLP and Sterling Stamos Capital Management.
Sperling also drew a $137,500 salary from Bloomberg News for writing a monthly column and appearing on television, according to his disclosure. "
Is there any wonder now why the CBO, which is essentially a Wall Street, read Goldman, run "impartial" organization, refuses to grade the Ryan budget? Oh and speaking of shared sacrifice - "His total income of $2.2 million was unusually high, Sperling added....The Wall Street ties are troubling to some advocates for investors. “Where is the transparency this administration promised?” asked Lynn Turner, a former chief accountant at the SEC. “You just wonder, who is representing middle Americans?"...
And this was back in 2009.
Full clip, the fun part start 3:40 in.
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Translation: bought and paid for...or another way to put it: WHORE.
These guys are a complete joke.
http://davidmorganblog.blogspot.ca/
Shared sacrifice? What is Gene Sperling sacrificing? Pricks.
“You just wonder, who is representing middle Americans?"
There's still a "middle" American? That's news to me.
"middle" as in "Middle Finger".
Guys, I'm not an American and I don't live in the US but I do have a question for those of you who do: how long more are you going to take this shit?
it must be puzzling from your perspective. as an american i am mbarrassed that we have such an uninvolved populace. i cant believe people are so ignorant.
if you're in a parlimentary system, you may not quite fully understand how our "two" party system has entrenched itself throughout all houses of government and power. the people do stand up (Tea Party & OWS) but the politcal fascist "two" party sytem quickly infiltrates these movements and then corrupts them with lies or injecting bullshit social issues into the mix ie, racists injected into the Tea Party movement and all the hippie/gay marriage/socialist people into the OWS crowd. this in effect fractures the movement that originated against the federal government's policies regarding taxes, spending, bailing out WS, etc.
We're not a democracy, we're a republic. Our involvement in managing our affairs ends the moment we click a box in the voting booth.
As for "how long will it take," I guess I'd say take a look at one of our allies with the same form of goverment: Egypt.
I'm sure your system is better, name your country and let's find out
"middle" as in "Middle Age Serfs"
"What is Gene Sperling sacrificing?"
He sacrificed his soul.
No, they're the "experts" - you know, the geniuses like Bernake who said nothing was wrong with sub-prime mortgages or there was no housing bubble or Fed spending would ignite the economy. I wonder if these guys even believe what they babble about.
( l )
-- Sen. Barack Obama[ D-Ill.], 2006
Yes, yes ... if only two liars and frauds made one decent human being, but alas, no.
Unproductive, white collar criminal Sperling sucks the taxpayer tit. Nice life. Wonder if he knows how to change a light bulb?
To the Mayans, shared sacrifice was involuntary.
That's because they knew what to do with a douche.
It a lightbulb needs changing, the taxpayer will do it.
the art of deception is the foundation upon which the career of a politician is built.
It is important for a leader to have this essential skill to be used in aid of people that he leads against the force from outside that seeks to destroy his people.
however, when a leader uses his skills againts his own country,which is the case today in many parts of the world, this essential skill diminishes, deception becomes obvious ..people wake up
thats when one resorts to shouting shared sacrifice.. and such
This never happened! Do you hear me!!! Obama never said this...this quote if written or reported was sent to the Ministry of Truth and was rewritten. Please stay put as this misquote has been reported to the proper authority sir!
what was more awesome...the awesomeness of that guys deliberate filibustering or the awesomeness of having to watch a CNBC talking head have to sit there and take it? Too bad it was Simon I like him.
I'm with you, fonzannoon. That was actual entertainment. Talking over the other speaker has been standard practice for some of our pundits for at least 15 years. It's amusing to see the government mouthpieces adopt the same practice.
Yeah, Simon is alright, but I have seen CNBC cut off/interrupt, even subtly ridicule people with an inconvenient view that did not follow the party line that they are pimping. Letting this clown filibuster like he did showed their bias, or at least a pandering to a White House staff that CNBC apparently thinks they need to do to keep their news pipeline open.
Watched this with complete disbelief.A Complete Obamatron clown ala Rahm. Surprised he didn't have a stroke mid sentence.
The political class is really getting more and more robotic these days. This guy is an o-robot.
Rahm as in the mayor of the city that had 10 murders and 50 shootings this past weekend?
Gene, Gene, the dancing machine...
... it is hard for me to have any respect for this guy. I wonder if his kids know just how big of a "tool" he is.
Middle Americans need representing?
I thought they just needed patronizing millionaires pretending to represent their "best" interests and more trickle-down economic theories.
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012...
http://i.qkme.me/35ufae.jpg
We Americans are too fucking stupid to understand we are being fucked in the ass with no reach around. Most of the few that do understand are prostitutes geting paid to get fucked in the ass.
And no lube.
Which is it?
1) I get paid to get fucked in the ass by my government
2) I did not know I was getting fucked in the ass by my government
3) I like getting fucked in the ass by my government
4) I do not like getting fucked in the ass by my government, and I am going to do something about it
its all fantasy options.. wanna hear real one...?
ITS TOO LATE..
150 YY EXPERIMENT IS ALMOST OVER.. pack your stuff, get that fuck out of here.. back to motherland..
leave this holly land to people who owned it before mayflower assholes took it over.
alx
Ben Bernanke in new effort to demystify Fed
I'm so glad The Bernank is going to come clean.
/sarc
"demystify" or "fumigate"?
You missed one:
5) I get free money from the gubmint, so they fuck other people in the ass on my behalf. And I love it!
I keeel the poster who junks your comment, sir!
Post of the day!
#6) I enjoy watching others get fucked in the ass so I vote Democrat.
Still can't believe that people are still blaming parties. Dems and Repubs are the two stinky balls repeatedly slapping into our cheeks. My sister somehow seems to think Obama is doing a great job and plans to vote for him, again... Then again Romney isnt much of a choice either. Sigh.
Go Amerikkka!
no, it's just "amerika".
small "a" - one "k"
I'd like to start all zerohedgers on a kampaign to use "amerika" whenever referring to the country, to the point where the sheeple begin to notice this omnipresent "new spelling" and wonder at the number of their fellow citizens who believe, like me, that we are "no longer in kansas anymore"...
and to remark on that government of the bankers, by the corporations, for the elites™....
The sheeple believe in Gubment...Gubment education, so this means the sheeple will not even realize the spelling is different.
The few at the top of their class might recognize that "American Idol" is spelled differently on the tv, but very good point.
No. People get it there's just no alternative.
No, Gene, there are options. We are just a bunch of idiots and pussies.
Hey dont tell me Im stupid, Ive been warning this was coming for years! Remember 4 years ago you couldnt even warn people about ObaMao, without being called a 'racist terrorist' and years before that called a 'fringe kook doomsdayer' or whatever...yea but everyone suddenly gets it now, uh huh.
I just wish everyone gets ... Paul Ryan is still being cast as the enemy of the senior, killer of children, and 'fringe kook doomsdayer'
Tentacles in all places.
#You just wonder, who is representing middle Americans
NOBODY.. GOT THAT ? AND #UCK YOU, in George Carlin style... :)))
alx
forgot to add.
SHEEPLE DONT NEED TO BE REPRESENTED... ONLY SLAUGHTERED TIME TO TIME..
hey, macho- war loving- baby killing assholes.. IRAN IS GOOD FOR YOU
alx
I say let these guys talk all they want, just exposes the truth even more for the regular people.
Save yourselves, these clowns are incapable of rational thought.
twatt
That was the longest sentence I've ever heard.
Along with the least truth per word
A balanced approach.
TPTB do not want any sensible slashing of the debt. They want us to keep increasing the debt levels and divide us with nonsensical debates like abortion issues or gay marriage, while they continue enriching themselves and keeping most of the public dumb.
Why is my SLV getting crushed today? Can anyone fill me in on what the trading desks are doing?
sik12 down 3.4% ... major risk off everwhere ... silver just leads the pack up or down. Silver is the most thinly traded of the majors, hence the most easily manipulated and first to be impacted when risk-off rises.
Thanks Bear, your the man.
Hey Mr. Fuckstick Sperling, I already gave, my ass is bleeding and I have no more to give.
Last year I took a $148,000 loss on sale of my home from what I paid for it. I earned approx $7,000.00 on my $700,000 of savings that I accumulated by working my entire life. Fuck You very much. I'm 60 years old and my only wish is that a punk like you or Geithner, or Bernanke would wander onto my property
Just giving a green arrow is not enough.
+100 bonus points
can you please use some of that 700,000 and buy more property so the odds of them walking on your property become better
You need a lure. Hmm, what would be an irresistable attractant to a Wall St banker?
RE: ..what would be an irresistable attractant to a Wall St banker?
Hmmmm.... a defenseless, wheelchair-bound, geratric paraplegic with a nickel in his pocket?
Instead of a salt block put up a dopamine dispenser.
azz - if you think you've been abused already, just wait until rapid inflation starts to take a real bite of your savings. You and savers like you are the ones who are going to carry the load. Real cash must be devalued as a way to devalue debt. It's just math.
I feel for you, man. All of your options involve more risk than you'll likely want at your age.
You must have gone way out on the risk end of the curve to do that well.
This whole adminstration is trained to use double speak to convey messages. Disgusting.
No, we do not intend to raise taxes on the top hedge fund managers, but we do intened to generate more revenue from those who have been more fortunate.
So are they only planning to tax lotto winners?
Amazing how many dumbed-down people will just accept this at face value. There's no point trying to change people's minds anymore.
The Double-Speak from these guys gets worse by the week.
You don't "pay for" tax cuts.
The sacrifice of surrendering your money to the government is not equivalent to the "sacrifice" of someone else getting less (of your) money from the government.
Federal income tax relief -for instance- only applies to the well off by definition if only the well off (top 50%) are paying any taxes at all.
You can't include yourself ("us, "we" "our") in a group of healthcare recipients after you have written the laws to exclude yourself from that very same (captive) pool of healthcare recipients.
Whenever they have these spokemen for the Obama reign on...that is all they do....is a canned speech with many talking points...you heard elderly..sharred sacrifice..people in need...blah blah blah...they know the IQ of the general public is 10-15 maybe..but what they forget is the people that watch CNBC....probably have a little higher....he spoke for 5 minutes and said absolutly nothing...just words strewn together...
And things are only gonna get worse. I wonder what it will really be like when they admit things are "bad"? Assumming they do that is.
Just another monkey throwing his shit around. Just ignore it.
White Hizzy fillibuster, beotchez.
That dickhead is fighting like a guy who has a lot to lose if Barry doesn't get reelected.
Mr Sperling, Mr Sperling, Mr Sperling. Interviewer.... if you want the guys attention just wave a $100 bill in front of the camera. By the way Mr Sperling your a cunt. It will be over my dead body when you sell my childrens future away...you arse.
What a circle-jerk!
Comrade Sperling, why do the Democrats continue to refuse to propose a budget and vote on it? Three years and counting the fraud continues...
So it was the "Bush tax cuts" that put us in this deficit today Mr Sperling? (We have been hearing this for about ten years now.)
Fine. Let them expire. We'll see how principled the left is on this issue. Get rid of the Bush tax cuts and the Social Security gutting payroll tax cut while you are at it.
Yes those same Bush tax cuts that Obama demaned be extended.....lol....how dumb does he think we are....oh never mind
Let the Bush tax cuts expire now! Make sure everyone realizes that Obama and Dems are a bunch of liers. It was always a spending problem. I had to cut spending to make my budget work. Go to hell gene!!!!!
You can disagree with the republicans and Ryan on particular all you want but you cannot agree with Obama and his boys. They are annoying liars with no respect for themselves. And if they believe what they say, they need serious psychiatric care.
I think that clip just about says it all.
time to sacrifice Sperling for the good of all
hopefully, someone will make it in and blow up the whole damn house....time for change indeed
If I hear "shared sacrifice" or "raise revenue" one more fucking time I'm going to break my computer with my face. Shared sacrifice would mean taxing the 49% parasites who don't pay any federal income taxes. Have them chip in - I pay enough to this bloated corrupt government.
Wake the fuck up people.
" . . . And Goldman Sachs Client"
Client, or Consultant?
But I had to stop the video about 2 minutes in. Made my head hurt listening to the guy try to talk his way over questions and logic.
You have to wonder if a fuckface cunt like Sperling actually believes the bullshit that rolls off his tongue or if he is just a fucking robot pussy of the elites. Either way, you're a cunt Sperling and I would welcome the opportunity to piss on your grave
I wonder if the people that ZH writes about ever read the comments?
Right after the Sperling rant ...the ES got a bid. The HFT's have it all perfectly timed.
Buy,buy,buy....Bernake in his interview with Steve Lies_man, says that all is moving in the right direction.
Nicely produced by CNBC. Their timing will be perfected by the time the Pres. Election comes around.
Right ... all is moving in the right direction for whom?
We know, by observing Jason Russell, that if Sperling has any conscience at all he will be doing the "naked breakdown dance" in a matter of weeks. Alternatively, can someone stick Sperling's head on Jason Russell so that I can just laugh at his ass?
What complete douche. I can't stand these bastards who think that an intelligent discussion means that THEY can just go on & on & on with THEIR point of view and never let the other guy get a word in. He's proposing a 300bn or so cut in entitlements when we have a 4 trillion dollar hole to fill? And how much longer can they go on with ths charade that somehow the whole entire deficit problem can be resolved by taxing the super rich? Oh, and by the way, these are the super rich who seemingly pay no tax right now....never mind the TRUTH which is that they pay a frikkin phenomenal amount of tax already! You focus on a couple of thousand people who make billions, of which most is in capital gains which attracts a lower tax rate, and then paint ALL "rich" people with that same brush? And gimme a break, you're really seriously gonna try to blame the un-fucking-believably ridiculous Obama deficit on Dubya's tax cuts???
Very impressed with Simon's ability to contain himself and not interrupt the guy with a Dylan Ratigan style tirade...he's got far more class than that clown. And by clown I mean Sperling and Ratigan both!
Lies, lies, lies and more lies ... no discussions, just talk, talk, and more talk
if its a politician talking, why listen..its bullshit and lies. Both sides... once you understand that..
What the fuck?! That Sperling clown is such pompous, blow-hard ass hole.
http://www2.tbo.com/news/politics/2012/mar/20/tampas-tax-fraud-epidemic-...
Check this little excerpt out from the article...
Officer Edwin Perez said he found nearly $9,000 in cash during the stop, along with an iPad that had "a lot of history on there" showing tax fraud.
The next day, he said, he heard from his accountant that the IRS had blocked his tax return because someone else had already filed for a refund using his wife's name, date of birth and Social Security number. Perez later learned he may have to wait as long as a year before he sees a penny of the $7,000 refund he is due.
$7,000?!?!?!? Someone needs to look into the officer as well.
We are all getting so ass raped...At what point do we seriously start thinking about not allowing these politicians to steal our hard earned money?
Thanks Gene, now everybody knows that paying taxes is meaningless and taking gov benefits is a right. Nothing else really matters, just stop working and give us all a teat to suck off; everything's fine.
Who decided that "shared sacrifice" was somehow the appropriate social agenda in our country? If that's the case when are the politcal elites going to start their part in sharing the sacrifice. Do away with the entire House of Reps. Through the use of the internet I don't need a rep as I can represent myself in any vote needed. That's archaic idea back to the days of the horse and buggy as an entire community could not be hear thus they needed a rep to speak for them. That is no longer the case. Gee I wonder how much that would actually save? Share that sacrifice bitch! Just think of how many less people there would be to bribe or front run bills. Or I guess it could be think of how many more people would need to be bribed and how many more would be able to front run bills up for vote, then we would all be better off financially. Lobbyist would have to go to individual houses with their bags of money. Now that would be more of the way to share.
Plato had issues, such as instituting "sacralism" by making it illegal to worship in private. All "worship" was public only, by law, violation of which was the death penalty.
But he had some smarts. For instance, he rated "democracy" one short step above, wait for it...fascism.
Yes because what we need is shared sacrifice...for fraud...for the betterment of banksters. Yep Wall Street wants it all. Even Paul Ryan's idiot plan, doesn't give Wall Street what it truly wants....at least until they get into power again...or more donations. It really isn't even a plan, it looks like an F grade PowerPoint presentation to me. Let alone the feasibility of it.
The rebuttal to the Greg Smith situation laid it out about how people should have known what they were getting into by working on Wall Street, but here's a nice concise way to look at how far down things have gone.
It used to be that one only had to worry about their soul for the screw jobs they did on Wall Street, now they have to also worry about THIS life.
Because as the stories go, if you're a fraud you can't convince god you aren't a fraud. But now you can't convince us mortals either.
So whether it is the afterlife, or this life, in either case, you're viewed as a fraud.
Funny, because monetarism is a fraud. Go figure.
They should enjoy the fiat because without the purchasing power of the money, they don't have anything...and when they hyperinflation hits, they'll have lost it all, for nothing.
The grand bargain? You give up everything through cuts (though they lie through obfuscation that it isn't an entire overhaul even though it is) and increase taxes (which can't keep up with the fraudulent monetary system's thirst to backstop fraud), and the phd's say the economy gets better under their factual* based monetarist rules. All lies.
Just like Ryan's plan. Also lies. One would be correct to call it a Path to Lunacy.
No a bullshit plan is not any better than no plan. BOTH are an abdication of duty by our gov't on behalf of the people. Both are a Path to Lunacy.
Paul Ryan's way and Obama's way is nothing but a dead end. Neither way gets rid of the fraudulent debt. Neither way gets rid of the setup that allowed the creation of fraudulent debt (thus anything cut or taxed goes into the black hole of fraud and has no impact on the perception that is driving markets). Neither does jack shit for the physical economy, or its drivers to enable its expansion.
What great plans! Don't address the real issues. Don't find a real alternative. Sounds like the only shared thing I see is the shared monetary idiocy of Paul Ryan and Barack Obama who think their monetary dogma (either side...it's the same coin) will save us from the pitfalls of many things, all under the legitimacy umbrella of monetarism.
What an economic system, this had to be what the founding fathers broke away from monetarist England to set up their own monetarist gang. Oh wait, they didn't set up a monetary gang now did they.
They said, you can have that fucked up bullshit monetarism, we're going to go with something that works. Something real.
Until we didn't keep it. We're all colonists again, because the ideology we broke away from, runs our gov't, wall street, corporations, etc, etc.
Wall Street is doing nothing more than creating a bunch of fake money for them, and wants to cancel the currency in circulation for needs/services to achieve as best a balance as they can to keep their newly created dollars as worthy as their old ones. But if they can't destroy that which is locked up in such needs/services, they'll just print their way to it. (or liberate it from 3rd world nations, or blackmail Russia and China to bail them out at the risk of WWIII...all of which is in play today)
We can continue running the economic system of the oligarchy, monetarism, or ditch this foreign influence of fools. All forms of monetarism are intrinsically an imperial form of oligarchism.
Paul Ryan's plan is pro oligarchy
Barck Obama's plan is pro oligarchy
Because both use the oligarchy's ideology. One way may have a more desirable effect than the other, especially to interested parties, but in the end (and through the beginning and middle), using the oligarch's game, benefits the oligarch. Just like Vegas. You can win individual hands, but eventually the house wins. Because you're playing the casino's game. Well we play the oligarch game. Guess who wins? The only choice presented is between different forms of monetarism. Different paths of prosperity for the oligarchy.
..and as ZH astutely points out, the CBO uses Wall Street ideology (because that's who staffs it), which means the CBO, which gives its judgment to those congressmen to help shape the policy and the eventual vote in it's favor, judges based on what the oligarchy wants them to know (or perceive).
Under such a system, what the oligarchy wants, the oligarchy gets...and they have.
How do you break from the oligarch? Simple.
2. Glass-Steagall (takes us from utterly insolvent to bankrupt....wiping out the fraud of the oligarch...who the fuck is against that on here? But it's also a standard which means this crap can't exist...sorry there's no reason to allow it to exist)
3. American Credit System (into that void creates the credit for the revival of the physical economy, because there won't be enough money to go around after wiping out the fraud)
What's #1? Getting the people that understand and will push this come hell or high water into office, and removing the current constituents from office. Including the impeachment of the current enabler of the oligarchy, Barack Obama.
Three steps, two of which are policy.
Of course then you have to use these powers effectively, so you let science aid you.
Basing it off of sophistry and dogma or even pseudo science is to be avoided.
But hey, our founding fathers just gave us the construct of a gov't based on reality, rather than England who based it in monetarism aka fantasy world.
It was up to us to add to it. It was up to us to keep it. Same here. Up to us to keep it. But at least it actually works, unlike monetarism.
While each generation has to learn things for themselves, we can't save the future. We can only give them a solid foundation, and the principles to work from to keep it. Let's win the now first. Then we can worry about how our grandchildren decades from being born, keep it.
Sounds like another Sperling.
Not only is he a (advisor) to the President, he's also a client (of Goldman Sachs)!
What a joke. Let me guess - he wants to raise taxes on the poor so we can create more jobs?
Oi Gene, STFU.
That tool needs to "share" this: http://www.prisonplanet.com/dick-gregory-got-warning-to-leave-new-york-night-before-911.html
Obama extended the "bush tax cuts".
Definition: Shared Sacrifice.
When two or more individuals stand side by side on the gallows.
There's a reason why he yaps and yaps, without saying anything of economic sense: he has no economics training or degree.
This guy is a fraud and liar, extraordinaire.
WE HAVE A FUCKING SPENDING PROBLEM NOT A FUCKING TAXATION PROBLEM, SHITFORBRAINS SPERLING
Fuck you and your nonexistent economics degree, Sy Sperling.
And fuck your ignorant boss.
The shortfall can be eliminated by clawing back all the ill-gotten gains from the politicians and banksters. In fact, there would be a surplus.
A Judaic of the parasite industry lying to (mostly) goyim! Heavens to mergatroid! I wonder why?
Someone told me of a dream in which a bomb blew up DC and took TPTB to the promised land.
double post
Stock market bottom August 2012
http://stockmarketbottom.com