by Stephen Lendman
Since taking office, Obama, wittingly or otherwise, has headed the largest criminal enterprise in history — the mass looting of national wealth to enrich his Wall Street benefactors. He assembled a rogue economic team of Clinton/Robert Rubin retreads — to fix the current crisis they engineered.
In a March 13 article, (author and former Republican strategist) Kevin Phillips called them "recycled senior (Clinton administration) Democrats (responsible for the) tech mania, deregulation binge and (1997-2000) stock market bubble and crash. (Obama) extend(ed) the (disastrous) mismanagement and pro-Wall Street bias of the 2008 Bush regime bailout."
He called Geithner and Bernanke "hapless," the result of their ruinous misjudgments (and, along with Alan Greenspan, complicit) with finance-sector malfeasance."
He said Summers will be "remembered for helping to block federal regulation of financial derivatives and orchestrat(ing) the 1999″ Glass-Steagall repeal, among his other "achievements." He went down the list of key economic officials and trashed them all as the very types to be avoided, not appointed.
He noted that Bernanke was chairman of George Bush’s Council of Economic Advisers and added: "Imagine if FDR had retained Herbert Hoover’s chief economic advisor and loyal Republican Fed Chairman in 1933….To think that the pussycat Fed (would become) a saber-toothed tiger is a deception." Worse still, ruinous economic policies "could prove fatal" if White House policies favor "Wall Street but not the national economy or American people" — the very direction they’ve now taken.
In a follow-up April 7 article, Phillips highlighted "The Disaster Stage of US Financialization…a much grander-scale disaster than anything that happened in 1929 - 1933. Worse, it dwarfs the abuses of debt, finance and financialization that brought down previous leading world economic powers like Britain and Holland."
Today’s crisis represents "the bursting of the huge 25-year, almost $50 trillion debt bubble that helped underwrite the hijacking of the US economy by a rabid financial sector…" It’s realigning global power with America losing its economic leadership won in WW II.
"The ignominy deserved by Wall Street after 1929-1933 is peanuts compared with the opprobrium the US financial sector and its political and regulatory allies deserve this time." Financialized America radically transformed the country, now "doubly staggering because of the crushing burden of its collapse."
Yet major media pundits and reporters barely noticed and now claim relief is just a few quarters away — ignoring a metastasizing cancer, a national disaster, while policy makers heap fuel on a raging blaze now consuming us, yet too little public rage confronts them.