The sight of Bill Clinton back on the White House podium defending tax cuts for the super-rich was more a sick joke than a serious amplification of economic policy. How desperate is the current president that he would turn to the great triangulator, who opened the floodgates to banking greed, for validation of the sorry opportunistic hodgepodge that passes for this administration's economic policy? A policy designed and implemented by the same Clinton-era holdovers whose radical deregulation of the financial industry created this mess in the first place.
As a candidate running against Hillary Clinton, Barack Obama quite accurately excoriated the economic policies of the Clinton years when the Democratic president united with congressional Republicans, led by Senate Banking Committee Chairman Phil Gramm, to obliterate sensible regulations of the New Deal. The result, as candidate Obama noted in March 2008, has been chaos:
"Unfortunately, instead of establishing a 21st century regulatory framework, we simply dismantled the old one--aided by a legal but corrupt bargain in which campaign money all too often shaped policy and watered down oversight. In doing so, we encouraged a winner-take-all, anything-goes environment that helped foster devastating dislocations in our economy."
These dislocations were authorized when Clinton signed off on the Gramm-Leach-Bliley Act, which reversed the Glass-Steagall Act's separation between the high rollers of investment banking and the properly conservative, insured and regulated activities of commercial banks entrusted with the life savings of ordinary folks. With a stroke of a pen that he then presented as a gift to Citigroup CEO Sandy Weill, Clinton opened the door to the too-big-to-fail monstrosities that have caused so much misery.
Back in 1999, even though he had been warned of the coming financial instability, foreshadowed by the collapse of Long-Term Capital Management, Clinton was giddy in signing the bill: "Over the past seven years we have tried to modernize the economy," he enthused. "And today what we are doing is modernizing the financial services industry, tearing down those antiquated laws and granting banks significant new authority."
A year later Clinton signed off on the Commodity Futures Modernization Act, advanced most fiercely by his treasury secretary, Lawrence Summers, who has been the dominant personality setting economic policy for Obama. Titles 3 and 4 of that act summarily exempted from the surveillance of any existing regulatory agency or laws all of the newfangled financial gimmicks -- the collateralized debt obligations and credit default swaps -- that have proved so toxic to the jobs and homes of tens of millions of Americans.
In his rambling and somewhat incoherent comments on the economy at the White House last week, Clinton attempted to explain away the failure of the banks to use the money that the government has made available to them to shore up housing and create jobs. As an aside, in commenting on community banks, Clinton touched on the mortgage security mess that his law enabled, but he still doesn't seem to get his connection with the problem: " ... some of them may have a few mortgage issues unresolved, most of that mortgage debt has been offloaded to Fannie Mae and Freddie Mac or has vanished into cyber-sphere with those securitized subprime mortgages. I don't like the securities, but they happened."
What gibberish. The mortgage-backed securities didn't just happen. Clinton signed legislation freeing those securities from any effective government regulation. Most Americans' homes, which represented their dreams and savings, were turned into gambling chips in the Wall Street casino on a scale unknown and indeed unthinkable before the Clinton presidency. What has vanished is the equity of homeowners. As for the offloading to Fannie Mae and Freddie Mac, that represents at least a $700 billion burden on taxpayers who have had to bail out those government-sponsored agencies that became totally corrupt on Clinton's watch.
The bottom line on the Clinton legacy is that the census now finds an all-time high of 44 million Americans living under the poverty line, bringing us back, as a percentage of the population, to Bill Clinton's first two years in office. One big difference is that thanks to Clinton's so-called welfare reform program, there is no longer a significant federal anti-poverty program, and the plight of the poor is now a problem for the state governments, which also have been impoverished thanks to the bursting of the Clinton bubble.
As a candidate, Obama laid responsibility for the meltdown on the bipartisan deregulation of the Clinton years: "This loss has not happened by accident. It's because of decisions made in boardrooms, on trading floors, and in Washington. Under Republican and Democratic administrations, we failed to guard against practices that all too often rewarded financial manipulation instead of productivity and sound business practices. We let the special interest put their thumbs on the economic scales."
That's the path Clinton followed after his party's electoral reversal after he had been in office two years, a fact that made it all that more ominous to witness the great triangulator back on a White House podium.
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1 person fucked his mother deep throat :O
I was born in china, but I’m really from mexico.
i love their older albums now it doesnt really sound like linkin park anymore
I LOVE YOU LP!!
MORE THAN WORDS AND SONGS CAN SAY!!
THUMB UP!
Awsome song and awsome video
Holy crap is this a replica of Akira
@ckleingang1 naah its not chester’s son..
@m0dN0oB yes man hybrid theory i think was their best album…probably the greatest…im listening to them since 2004 when i was12 years old…6 years captured by linkin park…now i think their old music is dead,im released now..i will miss them…i will miss them really…
one of here doesnt like lp hes probally a fag LP OLD TIME METEORA HYBRID THEORY FUCK YEA LP IS JUST THE BEST .. <3 but the new almbus are just fail ..
That must be eat a jb concert is like people
Covering their ears crying
@SIMONDUKEN no I mean its better^^
@m0dN0oB you mean Hybrid Theory..
@SIMONDUKEN and who thinks hybrit theory was a bit better thumbs up!
meteora, hybrid theory, some songs of minutes to midnight are the best ,i miss old LP
meteora, hybrid theory, some songs of minutes to midnight are the best ,i miss LP
mteora, hybrid theory, some songs of minutes to midnight are the best ,i miss LP
this band made me an musician! and now i have a goal in my life! thank you good old LP <3
@rudracer80 nice man…i have missed my first favoured band…
@SIMONDUKEN Meteora is my favorite album, so I rised your thumb ^^
I got heavy goosebumps all over.
hm.. the old albums are much better than the new mainstream stuff :S
Thumb up if you agree
the sound is really great quality if you compate it with the most other versions of this song but the video should be 16:9.
@N1k1mon Where did you gather the information you talk about here? I’d like to read what you’ve read and delve further into what you’re saying here.
It makes a lot of sense to me, and I’d like to learn more.
Can you give me some suggestions of reading materials please?
@N1k1mon What they did was create a system deemed free that wasn’t and incited us all mostly in sight but some in will to be sucked. Being sullen in face and raged isn’t so bad if your survival doesn’t depend on status. Culture of celebrity and a few other things have killed us. His or her self-determination is not true but desperate.
@N1k1mon I do. It’s either be captured or capture. I don’t care about that. Mwhaha I care about corruption because then the best do not ascend, no, you cannot compare to me, but they will and have found crazy new ways to annoy. Back at you, bitches. I don’t have to live, and I can offer my slave ass to someone else. None will take me? Okay, well, I won’t be productive if given no tools to succeed and tormented all of the time, so I guess I’ll cater to your imperfections of many.
Science is pointing to the fact that all mental illness besides damage to the brain, is a form of confusion. The dissonance created in the mind by distortions of the truth and from lies create complex problems within the psychological/emotional framework and become more severe and troubling in proportion to the amount of confusion and over what. Sorry YouTube boxes just aren’t big enough to explain all.
How many people know that music used to be based on a different scale and held restorative properties? That the Julian calendar is a disruptive way of viewing time? Know the circadian rhythm is altered by modern schedules? That public schools only teach left brain obedience to authority? It’s not only information that’s manipulated, it’s the foundations of our existence, the truth about life is so far from what people have been forced to believe.
@returnoftheramble3 When all input starting from birth has similairly been distorted and “arranged”, I’m afraid what I’d being done is profoundly effective. I woke up to the fact that everything I knew was a lie 2 years ago. Mostly things are only a few shades from reality which may be what you’re referring to but compounded and built on top of eachother, this “brainwashing” is powerful. How many people know that they are in slave status via Capitas Diminutia Maxima?
@N1k1mon I’m saying this could be but it won’t unless it’s only in the hands of a few, judges. I’m saying that your power will be your life because you react to your enironment and thrive in it via the things you value. They can only deviate you so much.
@returnoftheramble3 Im trying to put your statements into context with everything else on the page, having a hard time. I guess your handle has a real signifigant meaning.
What exactly are you on about?
Thx
@N1k1mon no, things will happen. I don’t like orange juice, and I’ll be pissed if I suddenly like it. That’s how we’ll break free. We’re all reactions to our environments, so if something isn’t right, we’ll auto-correct because it will conflict with something else. You can only do so much. Learning to value certain things is how you can have freedom because they’ll surround you and remind you.
Like school, they’re going to use this to be “fair” to other people and screw me over. The only benefit I can think of is that they’ll see reactions and understand them a little better. Oh wait, they won’t care and will use them against me to make me as ignorant as possible so that they can take advantage of me then corrupt me to nothing because I’m a bitch, but I’m usually true, don’t use perception to get away. They will. We’re going to evolve to something nasty. Everything has meaning.
@pinto9988 Do they teach you the principles of Auto Suggestion? From all I have learned, A.S. is the only way a person can, by himself, gain power over the sub conscious. There are other technologies in existence and being created that can aid this, but a person without these technologies can do this with Auto Suggestion. Its amazing how many people have been tricked into believing Subliminals and hynosis arent real.
@antonbuckley Awesome statement, I just did some research and some heavy reading on the matter and it blew “Free Will” right out of the water. We are controlled by our sub conscious mind, not by our wonscious volition. We have very limited ability to make choices based on free will because our frame of references is controlled by the sub coscious. Only learning to gain control over the sub conscious will we even begin to have any tye of freedom. Im def. getting this book.
time to unplug from the matrix
great yes, but did anyone else notice the use of repetitive music, the use of words like “new light” “hopeful” “showing” etc?
and the effect of the text coming toward the screen.
all designed to suggest to the subconscious, buy this book
i would buy it, but not due to suggestions, but rather i am interested in this field
Eldon – You Rock! Keep up the great work!
To confirm this, to see if this is true.
Search on Derren Brown.
He tries this on people and it works!
You think it’s free choice, but the subconsious mind is the biggest part of the brain!
For everyone that doesn’t believe this, I am a business student and in our marketing classes they actually teach us the science of how to do this. There are also numerous books in our library to market specifically to Christians, children etc.
To de-program yourself more, google 9/11 and Hurricane Erin – and see videos on my channel.
Programming can also help to keep things covered up…
can you post the 1st trailer you had like 1.5-2 years ago.. thanx
You can take back the reins… it really is a choice!
Great video! I have ordered the book…can’t wait to read and reconfirm what I have known and suspect for some time. Does anyone knows the name of the music theme used in this trailer? would love to listen without the background talking.
and by the parents, friends, teachers, idols, doctors…
Bo-hoo
Incredible. When you stop long enough to see how discreetly things have been done and how we have been programmed, it’s frightening. And yet, with your book Eldon, we become conscious.
Great trailer.
Kathleen Gage
This is so true! I have been feeling this for some time…my 15 year son and I talk about this same issue.
I can’t wait to read your book! Thanks Eldon for continuing with your excellent work!