Bernanke: Obama´s Feng Shui
Rizwan Ghani
September 01, 2009
Vacationing Obama summoned from Martha´s Vineyard by the Bernanke´s godfathers to fulfill the "ceremonial ritual" of "awarding" a second four-year term to the Federal Reserve Chairman has liberal left seething, Main Street orphan and rest of the world disappointed.
Keeping in the so-called tradition of not changing the horses´ midstream, Obama may have preserved the Feng Shui of his political future to achieve maximum harmony with the "financial forces" believed to influence "White House", but in the process has put at stake the very future of ordinary American. Main Street has been pawned to protect country´s greedy, unbridled banking sector. The reports of soaring budget deficit now touching $9.1 trillion, rising inflation and unmanageable liquidity are dulled by the conservative estimates of trillions of dollars hidden in the undisclosed bank inventories while leader turned politician Obama enjoys is holidays at public expense.
I am reminded of "Public Enemies", a movie eerily released at a time when America is heading towards so-called 1930s like Great Depression. Ironically, it is confusing to place Bernanke in a camp: on the side of legendary bank robber John Dillinger ( main character in the movie) who used to rob banks-made public enemy no.1 by the troubles of the times- or infamous FBI director J.Edgar Hoover for using it to stifle freedom of 50 independent states under federal law that Wall Street has so cunningly used to skim the wealth of ordinary American domestically and through "global financial liberalization" to deprive third world of what little hapless billions had languishing below a dollar a day. Individually, Hoover used the political capital to stay in office for 38 years or so.
Dillinger was America´s Robin Hood who made people happy by looting the banks which public believed were responsible for their financial woes. Today, the sentiment on the street is no different. But Obama unlike Roosevelt has decided to ignore it. Obama by allowing Bush´s Federal Reserve Chairman another term in office has missed the opportunity to be the people´s Dillinger and in turn given another four-year lease of life to the "too big to fall" hallowed financial giants who are being protected by the likes of Federal Reserve.
Obama could have ended the financial crisis by legislating a law forcing failed zombie banks to declare bankruptcy to end "toxic debt" and revive the economy. But instead he has opted to "go with the flow" while reportedly banks share bonuses to the tune of $37 billion from tax money. Obama, the job of government is to ensure equitable distribution of wealth among its citizens not dole out trillions in stimulus packages at the cost of country´s future. Democrats have the strength in both houses to pass the law but they lack the will and commitment to do it.
Allegedly, the so-called "surge in economy" is a hoax orchestrated by handful few to lullaby the president into a lumber and gag the critics of the White House. "U" or "W" economic resurgence theories of rise and fall are nothing but cuckoo land fantasies. Obama, the litmus test of your policies is evident in the form of deepening unemployment, surging commodity prices and soaring number of those falling out of health care cover as allegedly corporate baked Republicans filibuster "as bad as possible" health bill. Something Obama´s glib tongued financial experts cannot spin. Here in lies a message for Obama, people do not want to rob banks today, but they sure can always vote to throw a president out.
Roosevelt has left golden messages for future American presidents. In one of his speeches, he said my Fala (name of his dog ) doesn´t care what Republicans think about my policies. He made policies that served the public and catapulted America into an economic giant. He was not intimidated by so-called secretaries, senators or vice presidents. He knew he was the president and acted like one. He had been voted into White House by the public and owed nothing to the bunch of opportunist losers who always leech around to reap the benefits that are public´s due. Obama needs to ignore them and take bold decisions- the decisions that serve and protect public interests alone. The public has voted him to power to make the change not to maintain status quo.
Personally, I am of the opinion that Obama has failed to overcome the reality that he has made it to the White House. He is showing around the swings of his daughters in Sixty Minutes and talking about settings of White House. Obama needs to dig out the 3-Cent Whistler´s Mother Stamp and stand with the nation to face hard times. Following the footsteps of Eleanor Roosevelt, Michelle Obama should get herself photographed with the portrait to make a start. America needs to ruthlessly end what ails national economy, end corruption and uphold accountability.
On the international front America should withdraw from quixotic wars to win hearts and minds instead of spreading democracy to protect capitalism and American concept of social Darwinism. Its beliefs that national characteristics or ethnic traditions were inherited, led Americans to view immigrants from non-industrialized nations as not only economically backward but biologically inferior. It is nothing but E pluribus Unum (US motto of "from many, one"), intolerance for pluralism and by force imposition of Hitler´s ideology of "Blood and Honor". Otherwise, American foreign policy is an open disconnect between public voice and America´s foreign wars and economic meddling in the world.
World is reviewing banking laws, bonuses. France has come up with restrictions on bonuses. In upcoming G-20 moot there will be an attempt to redo the banking sector. Individually, I think banks should return to traditional banking and banking sector should be paid in line with government sector pay scales for the very reason that it is public money they deal with and public they serve. Those who don´t agree should manage their banks and go with looting and plundering private money. But not the public money, anymore. However, the way Washington has settled with details of 6000 tax defaulters instead of seeking complete details of some 52,000 Americans bank accounts hiding their wealth in (many) offshore tax havens world over, there is little hope that Democrats could take the banking sector head on.
Obama needs to throw away relics of the past, let the banks go bankrupt to get rid of toxic debts. The size of American economy will take care of itself. The "out of the box thinking" is to show likes of Bernanke (and Geithner) show the door. History will show that they are there to protect Wall Street, not Main Street. Remember Edward Kennedy speech in which he said, Democrat Party is the party of the New Deal. America needs laws that protect Main Street not rich richer. The answer to country´s financial woes lies in political will to make a change.
Finally, Obama, the ball is therefore in your court. Like Dillinger who promised to take care of his girl, you should let America know that you will take care of it. Let Republicans know that your Bo doesn´t care what they think. It is the man who leaves the legacy not the Feng Shui.
Keeping in the so-called tradition of not changing the horses´ midstream, Obama may have preserved the Feng Shui of his political future to achieve maximum harmony with the "financial forces" believed to influence "White House", but in the process has put at stake the very future of ordinary American. Main Street has been pawned to protect country´s greedy, unbridled banking sector. The reports of soaring budget deficit now touching $9.1 trillion, rising inflation and unmanageable liquidity are dulled by the conservative estimates of trillions of dollars hidden in the undisclosed bank inventories while leader turned politician Obama enjoys is holidays at public expense.
I am reminded of "Public Enemies", a movie eerily released at a time when America is heading towards so-called 1930s like Great Depression. Ironically, it is confusing to place Bernanke in a camp: on the side of legendary bank robber John Dillinger ( main character in the movie) who used to rob banks-made public enemy no.1 by the troubles of the times- or infamous FBI director J.Edgar Hoover for using it to stifle freedom of 50 independent states under federal law that Wall Street has so cunningly used to skim the wealth of ordinary American domestically and through "global financial liberalization" to deprive third world of what little hapless billions had languishing below a dollar a day. Individually, Hoover used the political capital to stay in office for 38 years or so.
Dillinger was America´s Robin Hood who made people happy by looting the banks which public believed were responsible for their financial woes. Today, the sentiment on the street is no different. But Obama unlike Roosevelt has decided to ignore it. Obama by allowing Bush´s Federal Reserve Chairman another term in office has missed the opportunity to be the people´s Dillinger and in turn given another four-year lease of life to the "too big to fall" hallowed financial giants who are being protected by the likes of Federal Reserve.
Obama could have ended the financial crisis by legislating a law forcing failed zombie banks to declare bankruptcy to end "toxic debt" and revive the economy. But instead he has opted to "go with the flow" while reportedly banks share bonuses to the tune of $37 billion from tax money. Obama, the job of government is to ensure equitable distribution of wealth among its citizens not dole out trillions in stimulus packages at the cost of country´s future. Democrats have the strength in both houses to pass the law but they lack the will and commitment to do it.
Allegedly, the so-called "surge in economy" is a hoax orchestrated by handful few to lullaby the president into a lumber and gag the critics of the White House. "U" or "W" economic resurgence theories of rise and fall are nothing but cuckoo land fantasies. Obama, the litmus test of your policies is evident in the form of deepening unemployment, surging commodity prices and soaring number of those falling out of health care cover as allegedly corporate baked Republicans filibuster "as bad as possible" health bill. Something Obama´s glib tongued financial experts cannot spin. Here in lies a message for Obama, people do not want to rob banks today, but they sure can always vote to throw a president out.
Roosevelt has left golden messages for future American presidents. In one of his speeches, he said my Fala (name of his dog ) doesn´t care what Republicans think about my policies. He made policies that served the public and catapulted America into an economic giant. He was not intimidated by so-called secretaries, senators or vice presidents. He knew he was the president and acted like one. He had been voted into White House by the public and owed nothing to the bunch of opportunist losers who always leech around to reap the benefits that are public´s due. Obama needs to ignore them and take bold decisions- the decisions that serve and protect public interests alone. The public has voted him to power to make the change not to maintain status quo.
Personally, I am of the opinion that Obama has failed to overcome the reality that he has made it to the White House. He is showing around the swings of his daughters in Sixty Minutes and talking about settings of White House. Obama needs to dig out the 3-Cent Whistler´s Mother Stamp and stand with the nation to face hard times. Following the footsteps of Eleanor Roosevelt, Michelle Obama should get herself photographed with the portrait to make a start. America needs to ruthlessly end what ails national economy, end corruption and uphold accountability.
On the international front America should withdraw from quixotic wars to win hearts and minds instead of spreading democracy to protect capitalism and American concept of social Darwinism. Its beliefs that national characteristics or ethnic traditions were inherited, led Americans to view immigrants from non-industrialized nations as not only economically backward but biologically inferior. It is nothing but E pluribus Unum (US motto of "from many, one"), intolerance for pluralism and by force imposition of Hitler´s ideology of "Blood and Honor". Otherwise, American foreign policy is an open disconnect between public voice and America´s foreign wars and economic meddling in the world.
World is reviewing banking laws, bonuses. France has come up with restrictions on bonuses. In upcoming G-20 moot there will be an attempt to redo the banking sector. Individually, I think banks should return to traditional banking and banking sector should be paid in line with government sector pay scales for the very reason that it is public money they deal with and public they serve. Those who don´t agree should manage their banks and go with looting and plundering private money. But not the public money, anymore. However, the way Washington has settled with details of 6000 tax defaulters instead of seeking complete details of some 52,000 Americans bank accounts hiding their wealth in (many) offshore tax havens world over, there is little hope that Democrats could take the banking sector head on.
Obama needs to throw away relics of the past, let the banks go bankrupt to get rid of toxic debts. The size of American economy will take care of itself. The "out of the box thinking" is to show likes of Bernanke (and Geithner) show the door. History will show that they are there to protect Wall Street, not Main Street. Remember Edward Kennedy speech in which he said, Democrat Party is the party of the New Deal. America needs laws that protect Main Street not rich richer. The answer to country´s financial woes lies in political will to make a change.
Finally, Obama, the ball is therefore in your court. Like Dillinger who promised to take care of his girl, you should let America know that you will take care of it. Let Republicans know that your Bo doesn´t care what they think. It is the man who leaves the legacy not the Feng Shui.
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