Something to think about as you read the below; the context of that quote was related to the civil rights movement, but it certainly appears to apply to the current situation.
In both cases we had a government that refused to listen to the will of the people.
In one case, a significant subset of the population that was oppressed by another due to the color of their skin.
In the latter, the entirety of the taxpaying population (still a majority of Americans, even if just barely) has been financially enslaved to support a tiny number of bankers and their cronies, including members of our current government.
In both cases, Congress and government was the cause of the enslavement, empowering those holding the whips and chains, stepping on the necks of the enslaved.
In both cases, The People made clear their demand for redress.
In one case, a Democrat President, John F. Kennedy, led the process which not long thereafter resulted in Dr. Martin Luther King making his famous "I have a dream" speech on the steps of the Lincoln Memorial.
President Kennedy recognized the truth in his statement above, and then acted in accordance with both reality and his conscience.
Our nation was served well.
Of late we have instead been served a plethora of lying, deceit, and outright fraud. Firms claiming to be worth $50 billion in a public filing and three days later selling themselves off for 1/3rd of that. Claims of needing $700 billion in taxpayer money to buy "troubled assets" with the bald claim that if Congress does not immediately assent martial law will be declared and Depression will descend upon the nation, then as soon as the law is passed handing $70 billion out for bonuses, $150 billion in off balance sheet tax breaks not contemplated in the original package, and tens of billions used to intentionally overpay for underlying assets on credit default swaps - but not one penny is spent to actually buy the original "troubled assets" - mortgage securities - that were the basis of the request.
Banks, the very same Henry Paulson who just grabbed $700 billion for his banking buddies, and Congress all claimed back in July that "Hope For Homeowners" was going to help hundreds of thousands of people stay in their homes, but more than a month after it launched, the total number of applications received has been...... one hundred and eleven.
"Hope For Homeowners" has turned out to be its namesake and nothing more - hope - and hope has always been a truly crappy investment (or life) strategy.
Congress feigns outrage, yet Congress was warned, repeatedly, that this would happen by many in both cases. In fact, I have been sounding this warning since October of 2007 with myriad faxes, phone calls and even public petitions with thousands of signatures of concerned citizens across the land.
These bills were not truthfully intended to do what was claimed, and they wouldn't have worked even if they had been.
Congress feigns outrage, but they passed the EESA over the objections of the American People, and have yet to haul the protagonists before Congress and cite them for contempt or cut off their money - both of which Congress could do right here and now if it was really outraged, rather than being complicit in the scam and screaming "outrage!" for the purpose of public theater, rather than true anger.
Today we have a new President-Elect, a Democrat, with a momentous challenge before him - a challenge in which he must either stand with the majority of Americans, or with "The Pigmen" who have plundered our nation, enslaved our people and lied through their teeth.
Anna Schwartz, one of the few economists who was alive during The Depression, has warned that Bernanke and Paulson's policies are bankrupt at best and threaten our nation's sovereignty at worst.
Now John Whitehead has similarly warned of dire consequences of the path currently being taken:
"I think it would be worse than the depression," Whitehead said. "We're talking about reducing the credit of the United States of America, which is the backbone of the economic system." Whitehead encountered plenty of crises during his 38 years at the investment banking firm and was a young boy during the 1930s.
Whitehead warned the country's financial strength is at risk due to the sweeping demand for tax relief and a long list of major government spending plans.
"Before I go to sleep at night, I wonder if tomorrow is the day Moody's and S&P will announce a downgrade of U.S. government bonds," he said. "Eventually U.S. government bonds would no longer be the triple-A credit that they've always been.""
We cannot bail out those who made bad bets on the backs of everyday Americans.
It is both mathematically impossible to achieve the claimed goal and mathematically impossible to "expand credit growth" when the consumer is tapped out, having spent 20 years exporting the good jobs to China, then enticing Americans to "keep up their standard of living" by going further and further into debt.
The bankers who inappropriately granted credit to those who cannot pay, enabling this faux veneer of prosperity while fully aware of what they were doing, must be forced to eat their losses, and public subsidization of poor investment decisions must stop and in fact be reversed.
The People said "Not No but Hell NO!" during debate on the EESA/TARP.
Congress passed it anyway.
In fact, congress has repeatedly been told "NO!" by the people on its subsidization of banking and business losses by the people, but has refused to stop literally robbing the public purse and by extension, every taxpayer's pocketbook.
Will Barack Obama be John F. Kennedy in his statements and actions?
Or is he, instead, one to hand out more whips and chains to the bankers?
We know what role Ben Bernanke, Henry Paulson and George W. Bush have chosen, not to mention the bankers who have been beneficiaries of the funds taken from us, our children and our grandchildren at gunpoint via future tax burdens.
We also know that but for President Kennedy's actions you, President-Elect Obama, would have never gone to Harvard Law School - nor would you have had the opportunity to be elected President of The United States.
America, and indeed the world, is watching Mr. Obama.
Will you do the right thing and hold those accountable according to both common sense and the law?
Or will you continue to allow these men to plunder our nation and our citizens at will, ignoring their repeated misdirections and falsehoods?
It is time for you to declare your allegiance Sir.
The world, and all of America, is watching.
Where We Are, Where We're Heading (2013) - The annual 2013 Ticker
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