Obama appoints architects of economic collapse, financial globalism to economic team
Just one thing must be added to the following: Timothy Geithner, current chairman of the Federal Reserve Bank of New York, is also a huge fan of bank mergers and just the sort of centralized oversight that is now being proposed. He made this clear a week after returning from the 2008 Bilderberg conference. Is there any surprise, then, that the institutional recipients of bailout money have declared that they will no longer use the money to purchase toxic debt, but would rather focus on acquiring less fortunate smaller banks that were not deemed too large to fail?
Steve Watson, Infowars.net
November 24, 2008
Today President elect Obama officially introduces his economic team to the world. What many may fail to recognize, however, is the fact that those tasked with rescuing the economy are the very people who helped create the financial crisis in the first instance.
We already know that the team will include Tim Geithner as Treasury Secretary; Lawrence Summers as head of the National Economic Council; Peter Orszag as director of The Office of Management and Budget; and Jason Furman, Austan Goolsbee and Jack Lew in other senior economic positions.
The man that ties almost all these people together is former Treasury Secretary and current Citigroup executive Robert Rubin.
Rubin is as much to blame for the creation of the current financial crisis as Alan Greenspan is, as both men ignored the advice of the Commodity Futures Trading Commission (CFTC) and strongly opposed the regulation of derivatives. Over-exposure to credit derivatives of mortgage-backed securities – or credit default swaps (CDS) was a key reason for the failure of Bear Stearns, Lehman Brothers, Merrill Lynch, American International Group, and Washington Mutual in 2008.
At Citi, Rubin was one of the grand strategists of the speculation in securitized loans, on November 4, 2007, he became the Chairman there.
Rubin is also currently co-chairman of the board of directors of the Council on Foreign Relations and a member of the Group of Thirty.
Every one of the afore mentioned economic “experts” to be appointed by Obama, with the exception of Skull and Bones representative Austan Goolsbee, is a protégé of Rubin.
Furthermore, as the New York Times pointed out in a weekend feature:
Even the headhunters for Mr. Obama have Rubin ties: Michael Froman, Mr. Rubin’s chief of staff in the Treasury Department who followed him to Citigroup, and James P. Rubin, Mr. Rubin’s son. All three advisers – whom Mr. Obama will officially name on Monday and Tuesday – have been followers of the economic formula that came to be called Rubinomics: balanced budgets, free trade and financial deregulation, a combination that was credited with fueling the prosperity of the 1990s.
Today the government approved a radical plan to stabilize Citigroup in an arrangement in which will see the taxpayer assume the risk on $306 billion of Citigroup’s predatory loans, including billions in mortgage-related securities.
In addition, the U.S. Treasury will invest $20 billion in Citigroup from the Troubled Asset Relief Program (TARP), on top of the $25 billion that the government gave Citi in October.
Critics have called it the worst and most undeserved bailout to date, pointing out that less than two months ago, the agencies tried to give Citigroup the whole of Wachovia, portraying Citi as a savior.
The Financial Times’ chief business commentator writes:
The downfall of Citigroup has taken place over a long time and involved many people, but attention is now focussing on the role of Robert Rubin, the former US Treasury Secretary, who is a Citi director and senior adviser and was briefly its chairman. Mr Rubin has had an influential role at Citi since being brought on board by Sandy Weill in 1999 but has not been an executive. Having formerly been co-chairman of Goldman Sachs, he preferred to exercise influence behind the scenes.
(…) Now, of course, a big loss has been disclosed at Citi and various people are asking what Mr Rubin had to do with it. That was among the subjects covered in a long article in The New York Times on Saturday. It found that Mr Rubin and Chuck Prince, Citi’s former chairman and chief executive, played “pivotal roles” in the bank’s disastrous push into underwriting and trading collateralised debt obligations. The man in charge of this effort was Tommy Maheras, the former head of capital markets at Citi, who lost his job a year ago, shortly before Mr Prince resigned. Mr Rubin was then influential in selecting Vikram Pandit to succeed Mr Prince…
As a New York magazine’s headline states Robert Rubin Helped Break Citigroup and Now He Must Fix It.
“This seems a little awkward. We’re giving the guys that broke the system the contract for the reconstruction project?” the article concludes.
Perhaps of even greater concern is the fact that Rubin does not even acknowledge his own role in the crisis.
As Matthew R. Lee of Inner City Press has noted, Rubin has no regrets, does not acknowledge that he has damaged the economy and has stated that it was “not under my aegis” to reign in Citigroup’s predatory lending.
The only “change” Obama’s economic team represents is that the foxes are now guarding the hen house, rather than plundering it.
Source | See Also: Citigroup seeks ‘emergency cash’ | Deficits ‘essential,’ Harper says | Harper vows Canada will remain open to international trade | Paulson uttered threat of Martial Law to get bailout passed | ‘Hard decisions’ needed during economic crisis: throne speech | Paulson, Bernanke defend change of plan: $700-billion now to be given directly to banks | After G20 meeting, Ottawa ready to spend to spark economy | Congress Accuses Federal Reserve Bagman Of Bailout “Bait and Switch” During Angry Hearing | Flaherty eyes sale of Canadian government assets | Analysts Predict Hyper-Inflation To Push Gold To $2000, Oil to $300 | Terence Corcoran: Rescuers pulling market under | U.S. government won’t use bailout fund to buy troubled assets | Ottawa to pour another $50B into mortgage markets | Bank of Canada adds $8B to credit markets | Merrill CEO: Economic Environment Recalls 1929 | Fed Hides Destination Of $2 Trillion In Bailout Money | PM, premiers agree to speed up infrastructure investment | Flaherty lauds Keynesian global ‘economic stimulus’ strategies | Who are the Architects of Economic Collapse? | The Bush gang’s parting gift: a final, frantic looting of public wealth | IMF may need to “print money”, act as “world’s central bank” as crisis spreads | Morgan Chase Exec Brags Bailout Is for Takeovers, Restructuring, Not Lending | Draft letter calls on IMF to play critical role in financial crisis | Ottawa to guarantee interbank lending | More cash needed to save economy: Bernanke | Wall Street banks in $70bn staff payout | German parliament backs bail-out | Regulator says brokers failed on ABCP, sets new guidelines | US Bailout Cost Heads Towards $5 Trillion | Market Euphoria Dissipates | Loonie leaps, then reverses course | $25B credit backstop for banks ‘not a bailout’: Harper | Brown wants ‘global’ bank support | US considers following British example of taking stakes in banks | New World Order: Global co-operation, nationalisation and state intervention – all in one day | TSX closes up 226 points in wild day after rate cuts | Federal Reserve Moves to Monetize Commercial Paper Debts | Stocks recoup some losses after markets hit by panic selling | Star column blames ‘Capitalism’ for market woes, offers false choice: Authoritarianism or Socialism | Bank of Canada greases financial system with $12B in new cash | Stock markets drop despite bailout | Why Paulson’s Plan is a Fraud | Representatives Were Threatened With Martial Law In America Over Bailout Bill | Congress Rejects (First) Bail-Out Plan | Congressman Ron Paul: Bailout Will Destroy Dollar, World Economy | Paul Martin calls for ‘global solution’ | Markets sink as woes spread | UK banking shares plunge as crisis deepens | Congressman Ron Paul Schools Fed Chairman Bernanke on the Bailout Plan | Bailout is “petty cash”, Inflation is the Federal Reserve’s real crime | Private Federal Reserve Makes Power Grab as Bush, McCain Urge Congress to Approve Plan | Canadian Supreme Court refuses to hear appeal in ABCP case | Last major investment banks in U.S. change status | U.S., British market regulators ban short-selling | Next Federal Reserve bank bailout round could cost taxpayers 1$ Trillion Dollars | Bank of Canada piles on in global inflationary swindle | Central banks continue inflating global economy | Central Banks Move to Transfer Wealth from Taxpayers to Banks | Crisis on Wall St. as firms collapse | Goldman-Sachs Alumni Hold Reins of Financial System | Frontrunners emerge in scramble to save another major bank | Lehman Brothers on Verge of Collapse, Wall Street Fears | US Treasury nationalizes Freddie Mae, Fannie Mac | Cities Debate Giving Away Public Infrastructure to Bankers | Court Grants Big Banks Immunity from Lawsuits over Derivatives Losses | Bush Calls for New Highway Tolls, More Private Funding of Roads | US mortgage firm bailout includes rider clause to expand police state: all credit card transactions now to be reported to IRS | Global ‘liberalization’ illusion under threat. Economist calls for world economic regime, Keynesian saviour. Irony? | Federal Reserve cites global stakes in Fannie and Freddie rescue | Financial ’super cop’ role for Fed | What Really Killed Bear Stearns? | Soros points out regulated markets fail to operate on market fundamentals, calls for more regulation | Competition study calls for lowered barriers to foreign ownership, bank mergers | Massive overhaul urged on foreign investment in airlines, media, and banks | Bilderberg Seeks Bank Centralization Agenda | Secretive Bilderberg Group Reverses Policy, Releases Press Release and Attendance List | Banks face “new world order,” consolidation: report
November 25th, 2008 at 3:48 pm
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November 27th, 2008 at 11:35 pm
[...] trying to print our way out of a money crisis | Britain to introduce massive stimulus package | Obama appoints architects of economic collapse, financial globalism to economic team | Jim Flaherty Urging Greater Federal, International Control over Canadian economy | Citigroup [...]
December 5th, 2008 at 4:39 pm
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December 9th, 2008 at 11:39 am
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December 18th, 2008 at 5:44 am
[...] whistleblower incident | Congressman Warns Of Secret Plans To Create International Central Bank | Obama appoints architects of economic collapse, financial globalism to economic team | Jim Flaherty Urging Greater Federal, International Control over Canadian economy | 5 injured [...]
December 28th, 2008 at 12:40 am
[...] trying to print our way out of a money crisis | Britain to introduce massive stimulus package | Obama appoints architects of economic collapse, financial globalism to economic team | Jim Flaherty Urging Greater Federal, International Control over Canadian economy | Citigroup [...]
January 17th, 2009 at 4:07 am
[...] freeze | Maybe we should look at Zimbabwe before trying to print our way out of a money crisis | Obama appoints architects of economic collapse, financial globalism to economic team | Paulson, Bernanke defend change of plan: $700-billion now to be given directly to banks | [...]
January 28th, 2009 at 3:27 pm
[...] before trying to print our way out of a money crisis | Britain to introduce massive stimulus packageObama appoints architects of economic collapse, financial globalism to economic team | | Jim Flaherty Urging Greater Federal, International Control over Canadian economy | Citigroup [...]
January 28th, 2009 at 4:17 pm
[...] whistleblower incident | Congressman Warns Of Secret Plans To Create International Central Bank | Obama appoints architects of economic collapse, financial globalism to economic team | Jim Flaherty Urging Greater Federal, International Control over Canadian economy | 5 injured [...]
January 28th, 2009 at 5:50 pm
[...] freeze | Maybe we should look at Zimbabwe before trying to print our way out of a money crisis | Obama appoints architects of economic collapse, financial globalism to economic team | Paulson, Bernanke defend change of plan: $700-billion now to be given directly to banks | [...]
January 30th, 2009 at 4:09 am
[...] freeze | Maybe we should look at Zimbabwe before trying to print our way out of a money crisis | Obama appoints architects of economic collapse, financial globalism to economic team | Paulson, Bernanke defend change of plan: $700-billion now to be given directly to banks | [...]
February 6th, 2009 at 10:36 am
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February 9th, 2009 at 12:19 pm
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February 20th, 2009 at 2:30 pm
[...] before trying to print our way out of a money crisis | Britain to introduce massive stimulus packageObama appoints architects of economic collapse, financial globalism to economic team | | Jim Flaherty Urging Greater Federal, International Control over Canadian economy | Citigroup [...]
February 22nd, 2009 at 8:17 am
[...] whistleblower incident | Congressman Warns Of Secret Plans To Create International Central Bank | Obama appoints architects of economic collapse, financial globalism to economic team | Jim Flaherty Urging Greater Federal, International Control over Canadian economy | 5 injured [...]
February 22nd, 2009 at 10:24 am
[...] before trying to print our way out of a money crisis | Britain to introduce massive stimulus packageObama appoints architects of economic collapse, financial globalism to economic team | | Jim Flaherty Urging Greater Federal, International Control over Canadian economy | Citigroup [...]
March 20th, 2009 at 9:28 am
[...] freeze | Maybe we should look at Zimbabwe before trying to print our way out of a money crisis | Obama appoints architects of economic collapse, financial globalism to economic team | Paulson, Bernanke defend change of plan: $700-billion now to be given directly to banks | [...]
March 22nd, 2009 at 8:06 pm
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March 26th, 2009 at 12:48 pm
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March 27th, 2009 at 11:36 pm
[...] whistleblower incident | Congressman Warns Of Secret Plans To Create International Central Bank | Obama appoints architects of economic collapse, financial globalism to economic team | Jim Flaherty Urging Greater Federal, International Control over Canadian economy | 5 injured [...]
April 2nd, 2009 at 4:09 pm
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April 20th, 2009 at 10:45 am
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April 21st, 2009 at 11:29 am
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April 26th, 2009 at 7:11 pm
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March 22nd, 2010 at 9:36 am
[...] trying to print our way out of a money crisis | Britain to introduce massive stimulus package | Obama appoints architects of economic collapse, financial globalism to economic team | Jim Flaherty Urging Greater Federal, International Control over Canadian economy | Citigroup [...]
June 21st, 2010 at 4:13 pm
[...] whistleblower incident | Congressman Warns Of Secret Plans To Create International Central Bank | Obama appoints architects of economic collapse, financial globalism to economic team | Jim Flaherty Urging Greater Federal, International Control over Canadian economy | 5 injured [...]