When The S*** Hits the Fan

#Obama Jokes About the “End of the #Republic,” Giving Speeches to #GoldmanSachs

May 3, 2016 by antimedia

 

Elizabeth Montag
May 2, 2016

(ANTIMEDIA) If the corporate media wasn’t gushing over Justin Bieber’s new haircut or the nation’s lingering transphobia bathroom drama this weekend, it was lauding President Obama for his speech at the final White House Correspondents’ dinner of his presidency.

The black-tie dinner draws the nation’s top celebrities, journalists, and politicians and includes a stand-up comedy routine from the president. The assemblage of attendees often resembles the elite crowd that populates the lavish capital in the Hunger Games — and the president’s statements this weekend detail an oligarchical American society similar to that depicted in the dystopic novels.

This year, the president seemed unusually candid about the country’s state of affairs — even if he articulated them in a comedic, albeit smug, way.

“It is an honor to be here at my last — and perhaps the last White House Correspondents’ dinner,” he said as he opened his set, obviously referencing the increasingly doomed presidential race.

“You all look great. The end of the republic has never looked better,” he said to laughs and applause.

“If this material works well, I’m gonna use it at Goldman Sachs next year,” he said.

The joke could have been referencing his former Attorney General, Eric Holder’s new job at a law firm that lobbies for corporate banks — or, more likely, Hillary Clinton’s exorbitant fees for giving speeches to the loathed company. His comments are particularly jarring considering he accepted massive donations from Goldman Sachs and its employees during both of his presidential campaigns, and upon taking office, invited former Goldman Sachs employees to join his cabinet. He has famously failed to take any meaningful action against big banks.

In spite of his acknowledgment of Goldman Sachs as an influential player in American politics, he appeared to indirectly endorse Hillary Clinton’s candidacy, which has been marred by the influence of special interests, including Goldman Sachs.

“Next year someone else will be standing here in this very spot, and it’s anyone’s guess who she will be,” he said. The president dished out tame insults to all of the presidential candidates, ultimately turning his attention to the chairman of the Republican Party, whom Donald Trump has said “should be ashamed of himself” for the Republicans’ attempts to thwart his nomination.

“GOP chairman Reince Priebus is here as well. Glad to see you feel you earned the night off. Congratulations on all your success. The Republican Party, the nomination process … it’s all going great,” Obama sarcastically quipped.

The president also focused his attention on journalism and freedom of the press in the United States. Whether or not he intended to highlight the revolving door between government and corporate news, he did exactly that.

“Key staff are now starting to leave the White House. Even reporters have left me. Savannah Guthrie, she’s left the White House Press Corps to host the Today show. Norah O’Donnell left the briefing room to host CBS This Morning. Jake Tapper left journalism to join CNN,” he said.

He also joked about the power of journalists to hold politicians and government accountable, referencing a recent award-winning film about reporters:

“As you know, Spotlight is a film, a movie about investigative journalists with the resources and the autonomy to chase down the truth and hold the powerful accountable. Best fantasy film since Star Wars. Look — that was maybe a cheap shot.”

Adding insult to injury, the president, who has worked tirelessly to silence journalists, told reporters in attendance that though they have not always seen eye to eye with him, he still appreciates their work:

“But we’ve always shared the same goal  — to root our public discourse in the truth; to open the doors of this democracy; to do whatever we can to make our country and our world more free and more just. And I’ve always appreciated the role that you have all played as equal partners in reaching these goals.”

Obama has presided over the country’s slip in press freedom rankings, the prosecution of whistleblowers, and the intimidation of journalists. The corporate media he addressed in his speech has, in that same time, shown its corruption and lack of concern for the truth. Amid the current election cycle, establishment news outlets have shown their role is not to educate, but to manipulate, yet Obama maintained “[their] power and [their] responsibility to dig and to question and to counter distortions and untruths is more important than ever.”

As the media celebrated his epic “mic drop” at the end of his stand-up routine, those reading between the lines of his performance witnessed the not-so-secretive mechanisms of chaos, power, and corruption in Washington — as joked about by a president who maintained them.


This article (Obama Jokes About the “End of the Republic,” Giving Speeches to Goldman Sachs) is free and open source. You have permission to republish this article under a Creative Commons license with attribution to Elizabeth Montag and theAntiMedia.org. Anti-Media Radio airs weeknights at 11 pm Eastern/8 pm Pacific. Image credit: Edalisse Hirst. If you spot a typo, please email the error and name of the article at edits@theantimedia.org.

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Filed Under: Uncategorized Tagged With: american republic, Business, Civil Liberties, constitution, Corporatocracy, Freedom of the Press, goldman sachs, Government Accountability, Government Corruption, Justice, Media, News, obama, Politics, United States, white house corr

Did #GoldmanSachs’ Latest Move Into Main Street #Banking Just Give Us A Warning About The Coming Financial Crisis?

April 26, 2016 by mac slavo

goldman-lloyd-blankfein2

goldman-lloyd-blankfein(Goldman Sachs CEO Lloyd Blankfein has claimed his company is “Doing God’s Work.”)

If there were ever a signal that large investment banks may be preparing for financial crisis and that they’ll be using your money to bail themselves out when it hits, this could be it.

According to a new report from the Financial Times via The Daily Star, mega-banking giant Goldman Sachs is now getting into the retail banking business and looking for more depositors to help fund their operations. The bank has reportedly “been under pressure to develop new streams of funding” after posting lower than usual equity returns in the first quarter of 2016. In response, Goldman recently acquired a portfolio of 145,000 retail depositors from GE Capital totaling some $16 billion in deposits.

Goldman now intends to aggressively pursue retail depositors whose accounts they will then tap to help fund their investing and trading operations:

The bank last week launched GSBank.com, a platform it inherited via the acquisition of a $16bn book of deposits from GE Capital.

Through that deal it gained about 145,000 retail depositors and is now seeking more, offering annual interest rates of 1.05 per cent on a savings account – many times better than the rates of the biggest US brick-and-mortar lenders such as Citibank, JPMorgan Chase or Bank of America. Stephen Scherr, Goldman’s chief strategy officer, said the aim was to broaden sources of funding for GS Bank, its New York State-chartered lender. Until now, the unit has focused on wholesale funding sources and so-called “brokered deposits”, which are bulk sums that banks acquire from brokers in exchange for high interest rates.

By tapping regular retail depositors, Mr Scherr said, the bank can open up “a different avenue to use, with a different orientation and a different tenor”.

For as little as $1 you can now start your own savings account with Goldman at a whopping annual interest rate of 1.05%.

What could possibly go wrong when you deposit your money with one of the firms directly responsible for the fraud that led to Crash of 2008? They are, after all, doing God’s work according to Goldman CEO Lloyd Blankfein.

While depositing your money at Goldman’s new bank could well be a spiritual experience, we highlight for our readers the fact that Goldman is doing this for one specific reason: to fund their trading operations with new deposits from retail customers. And if they’re doing business anything like they did ahead of the 2008 crash, we can assume that when the whole thing blows up again Goldman is going to be in serious trouble, and that means depositors will be in serious trouble. Back in 2008 Goldman Sachs was “forced” to take a $10 billion TARP bailout from the Federal government.

According to Federal Reserve Vice Chairman Stanley Fischer, the next time such a crisis strikes, there will be bailouts, but not like before. This time, those bailouts, dubbed “bail-ins” will not come from the government, but rather, from you, the bank account holder.

Recent comments delivered by Federal Reserve Vice Chairman Stanley Fischer suggest that not only are global and domestic economies still struggling, but the U.S. government itself is preparing financial contingency plans in anticipation of another widespread economic event.

However, this time around, according to Fischer, the government won’t be bailing out financial institutions in need of cash. Instead, failing banks will turn directly to their unsecured creditors when they need money. And within this context, that means you:

As part of this approach, the United States is preparing a proposal to require systemically important banks to issue bail-inable long-term debt that will enable insolvent banks to recapitalize themselves in resolution without calling on government funding–this cushion is known as a “gone concern” buffer.

Though Fischer doesn’t detail exactly what “bail-inable long term debt” actually is, one only needs to look to Europe, namely Cyprus, to understand what he means.

When the Cypriot banking system collapsed because of an inability to service its debt in 2013, the government forced bank depositors to cover the debts. This led to banks forcibly seizing funds from depositor accounts in order to pay their debts.

Goldman Sachs needs more money for their Wall Street gambling houses.

They’re coming to you to get it.

And when the whole thing detonates, they’ll simply seize your funds to compensate for their losses… and every other retail bank in America will do the same.

Just so we’re clear, we are all bank creditors by these definitions, thus the regulations being created apply not to just large bond holders, but every individual depositor.

Notice how they didn’t say “in case future bank rescues are necessary.” That’s because they know what’s coming.

…When the next banking crisis hits the United States you can be assured that creditors (i.e. individual depositors) will be forced to ‘bail them in.’

…So, if you’ve got any significant amount of money at financial institutions, you’d better think twice about how safe it is.

You’ve been warned.

 

Hattip Durango Kid

SHTFplan and Mac Slavo www.shtfplan.com

Filed Under: Uncategorized Tagged With: banking, crisis, goldman sachs, main street

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