But apart from being extremely elitist and hypocritical, Mr. Obama’s attitude is also utterly stupid and ultimately suicidal, hardly the mark of a leader and certainly not that of a President, but rather the actions of a man lining up his next gig when the one in 1600 Penn is over, considering that these so-called “Masters of the Universe” just caused a global meltdown.
The white collar crime syndicate has their best friend in the form of the highest elected official of the country. Discrimination There is also another issue to this tragedy that has not been analyzed or discussed at all, and that is the double discrimination and it’s implications of the disaster on people who could least afford it. The first is that the people who were hit the first and hardest were people who were sold products they couldn’t afford and didn’t understand finance.
Specifically, rather than being the “greedy wanna be homeowner of the “McMansion” that created the subprime disaster, the real seeds of this mess were sewn at places like Fannie Mae and Freddie Mac, two semi autonomous government loaning institutions, set up to allow lower income people long left out of the housing market due to discrimination, and thus with credit that was less than stellar due to a life time of low income paying jobs, no access to education, and all the other problems of entrenched racism, to own their own homes.
The opportunities offered by Fannie and Freddie however, were quickly co-opted however into something else, even within these two organizations, which had a noble intent and mission, but unfortunately within their walls, a white collar criminal mindset had taken root.
The organizations were led by the same kind of business elites that often came from Wall Street (in fact there’s a revolving door there too, so there should be no surprise to find financial Al Capones in either place) who then sold products to people who didn’t have the education to understand the dangers of the products (i. e. adjustable rate mortgages or ARMS) that they were being sold. And the people doing the selling knew that. That is also known as fraud, and white collar criminal activity.
Furthermore, the down the line actions of further chopping and slicing and dicing such risky loans into something else that looked like a Triple AAA security, creating investment portfolios to fail (as was done at Goldman Sachs) and the deliberate movement to quickly foreclose on struggling homeowners who had never been adequately warned (again a tails you lose-heads I win proposition for the banks) was fueled by a fundamental elitism, if not racism by those who perpetuated these business strategies and sold such products that belied a deep seated philosophy of those who engaged in such activity as seeing the victims lives as worthless (or not even thinking of them as victims at all) that led to such wanton carelessness with ultimately people’s lives. Bankers were merely dealing with “assets,” and “products” and “CDOs” and another form of cool new derivative to boast about in the Masters of the Universe culture that rules the world of Wall Street. And in DC, politicians got to boast about the economic boom. This racist attitude even carried over into the early days of the bust, when poor people were initially blamed for the meltdown by buying houses they couldn’t afford, before the true underpinnings and widespread fraudulent activity of the banks began to surface. Role Of Government The Stealing of The Presidential Election 2008 – Another White Collar Crime
On top of this, while inevitable, the timing of the crash itself was suspicious as it happened literally two months before a presidential election, and handed the presidency in an increasingly tight race, to Obama. The fact that Obama never publicly disclosed that the bank that benefitted the most from the Wall Street bailout, 100 cents on the dollar, and the only Wall Street firm to do so, while being his main Wall Street campaign contributor, before voting for the bailout bill, could be called conflict of interest. It could also be called covering up fingerprints at the scene of a well coordinated government and executive white collar crime. Of exactly the same kind exhibited by the “evil demon CEOs of Wall Street.
” And in fact cooked up by both them and their candidate. Obama’s failure to disclose his connection to Goldman Sachs is both unethical and deceptive but not necessarily a crime, although it might violate campaign finance laws. However it will have an implication on his decisions on how to regulate and clean up the mess as President. And so far the record is abysmal. However, seen from a broader perspective, it also implicates the President himself as part of a broader white collar criminal culture and syndicate of the political and corporate elite that leads to widespread corporate criminal behavior if not directly perpetrated by him directly.