• Fri. May 27th, 2022

    The Great Recession and Culprits, Sep 15, 2008


    Jul 18, 2018
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    Stocks were tanking all over the financial world, Lehman Brothers declared bankrupt. It precipitate a slow of crash of mortgage markets. A ritzy ceremony at Brooklyn to celebrate Wall Street big hitters ignored their own sins with the financial systems they’ve created. But why German Swiss magazine? What is Germany and Swiss financial interest on Wall street? Its about loaning and gambling with money. Its an old tradition of European money loaning systems; subprime loans and other forms of debts, investments. The money was “world money”, 70 Trillion and there’s army of money managers who watch over the monies with two contradictions: Do not lose but make it grow. So they invest in US Treasuries and Municipal Bonds. What happened to the global pool of money? Well, its a coverup and we not know the details and specifics of those who were the culprits. As typical of European narratives of ‘lesser’ countries and races doing pretty good, but again hide the real reason behind those crashes even if its were other people’s monies. The way U.S journalists recounts this debacle makes me pause, why cover up the doings of their people, less they bring blame on them or what? U.S through finance kept a tight control over the affairs of other governmental purses and didnt want any other to know about it or it was in plain sight. “Financial Securities that nearly brought down the global system and the whole subprime mortgages”. The crisis brought on Obama. With all these happenings we did not hear U.S being hit with a huge sanction for crashing its financial markets globally. Ironic. Instead a crippling financial austerity measures in a Great Recession brought on victimizing of innocent people, loss of jobs and a pro-longed recession unemployment and scarcity of cash. Some whites went on a griping campaign to discredit and attack then new president Obama who initiated relief program for homeowners to avoid foreclosure. They forms a ‘tea party’ to prove their Americanness and to demand no relief program for the affected on CNBC led by a Rick Santelli, an Italian America, 2009, with a group of investors yipping. Key groups, mostly made up of white males. protesting in townhall meetings. Key politicians like Senate leader, Harry Reed appointed a congressional oversight panel to monitor TARP. Elizabeth Warren, Mitt Romney and Trump played a key role to topple Obama during his second term bid. Two African Americans, Tavis Smiley and Cornell West complained bitterly that the most victimized by the crisis were Blacks who were already impoverished by white greed. Obama, they said was not helping African Americans enough. It was a stark reminder of Obama’s weaknesses – not seeing the suffering of minorities overall, a played celebrity but short on compassion and action to alleviate cash strapped populace. A long 7 years of sorrow and deep unemployment. The Bureau of Labor Statistics and media lied about unemployment figures for Obama. President Obama should have come out straight and answer the dire-ness of the U.S indebtedness economy and U.S’ responsibility to the rest of the global economy and its leadership role in the world. They played politics at home internationally, know what I mean?

    U.S. must have counter balances in order for it to function fully. These must work in order to be in leadership position. Afterall it became a ‘pseudo super power after world war I &II.

    The breakdown of the 1% by race are 95% white, 5% Black, Latino, Native and Asians. In deed wealth, as white’s property worldwide, is paramount in this debate. Whites’ wealth

    as of paramount importance while Black and Brown sufferings are personal failures of themselves. The collapse of Lehmann Brothers, financial firm owned by German-Americans and their excesses in financial risks is underpinned by systemized racism and shove-into-your-ass discrimination. Being fair in race-based divided society is tough, a gloriously ruinous dilemma that gnaws at the very spirit of those wronged. Wall Street and Washington is reflective of hegemonic power of Europeans. They hold wealth worldwide and 13 times the wealth in America. The root cause of wealth disparity is at the very root of the inception of America -colonization, a term meaning to overcome a race, a people in a country for wealth and gain, a place for relief and economic stability, a renewal for redemption and a chance to reboot and reclaim a loss. Its highly dependent of indigenous populations and wipes out one group against the newer ones.

    Its like a wry joke played on a bloke for rain. A bitter worry and awe. Because of slavery and unpaid or low paid labor, Black, Brown and Native Americans fall easily at the bottom of the economic heap while whites are adept at nepotism to maintain their majority, slim though it might be, in work places and in employment. They call themselves and rightly so right wingers. At least they have the luxury of the prospect of passing on a wealth to their children. I’m totally impoverished. White politicians will never save Black and Native folks. Never. Whites are poor. They depend on us to be wealthy. For some reason ‘tribalism’ is accorded a faux pas. Unions, fire departments and historically non-diverse jobs and Brown menace (as if they cant roam free in their own continent, pschew.)

    What is the future of U.S economy and the social schisms that prevails? Nix contract work, it doesn’t help anybody. Contract work came specifically from Germany’s Angela Merkel and her EU bosses.

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