It's All Obama's Fault
Matt Taibbi, Rolling Stone's financial reporter, has pointed his guns at Barack Obama in a new investigative piece, titled "Obama's Big Sellout." As you might have gleaned from the headline, the piece is not about a White House yard sale, but the President's collusive dealings with big, bad Wall Street.
Taibbi, a master conspiracy theorist who has yet to figure out he works for a music magazine, accuses the President of running as a progressive and then getting into bed with bankers. Sounds like quite a few women I've dated. He also maintains that the financial reform bill making its way through congress will give the White House control of all future bailouts, taking that power away from congress and making Wall Street more dependent on taxpayers.
Here's a glimpse:
The journalist also believes he has found a few noteworthy links between the White House and de-regulation superhero Bob Rubin that provide evidence for his theory. Obama brought in former Citigroup exec Froman (and former Harvard classmate) to head his economic transition team, Taibbi says. Froman then hired Bob Rubin's son, James Rubin, to be his number two, therefore essentially putting the White House under the sway of big bad Bob:
"[Bob] Rubin probably more than any other person was responsible for the financial crisis by deregulating the economy [while] in the White House. And he had a major role in helping destroy one of the world's biggest companies in Citigroup. He has one of the worst track records you can find, but he was basically the guy who was the architect of the entire Obama policy. Obama put him in charge of everything."
Slow clap for Obama?
I don't see how you mock the work Taibbi has done. He isn't a "master conspiracy theorist," he's an investigative journalist who does the work that those on CNBC, CNN, Fox, MSNBC, etc should be doing.
I recommend that everyone reads the article (along with much of the other work he's done) and be open-minded. Too often there is a desire to be a shill for big banking and it's just sad.
I'm not mocking Matt Taibbi. In fact, I read his work religiously and believe him to be one of the more thorough investigative reporters out there. That doesn't mean I can't appreciate the irony of his working for Rolling Stone. I think it's unfortunate that journalists working with orgs that have reputations for being narrow-mindedly left or right are often dismissed because of that bias. I don't mean to perpetuate that. I posted the video because I want people to read his stuff.
Clearly I misread your tone. Taibbi is the man. Clearly Helphere needs to do some reading. We were completely fleeced by TARP...
We did get fleeced. Thanks Edmundo for providing some great evidence. Thanks for reading.
Leaving it up to the white house is a genius idea. If this bill would have been in place 2 years ago we would have never seen Lehman Brothers, Merryl, Bear Stearns, etc. Fall. Banks should be bailed out should this happen ever again, America would have fallen in to a deep depression and things would be far worse than they are to this date if TARP did not happen. We need strong banks for strong economy. no lending would = chaos. Debt makes the world go round. Sadly too many ignorant people in this world that can not comprehend it. TARP will be paid back in full, it's half way there.
Haha, that line made my day.
how were we fleeced by TARP? explain
To begin with, the TARP bill Congress voted on was to fund $700 billion FOR THE PURCHASE OF TOXIC ASSETS, not to re-capitalize the banks. Bernanke managed to sneak 6 lines of text into the several-hundred page final bill that gave him (and his sock puppet Paulson) carte blanche to do whatever they wanted. None of this was disclosed to Congress or the taxpayer.
Now watch this and see how market realities and karma are about to kick Bernanke square in the nuts:
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