Bernie Sanders 2.0 Attacks Cornel West and Bernie Sanders 1.0

Sabina Salvati ("Sabby Sabs Podcast"), speaking with Glenn Greenwald on System Update:

I think that what Bernie Sanders is doing to Cornel West is absolutely pathetic. I want people to understand what this is really about. Bernie Sanders is a tool of the Democratic Party. What they have done is they have taken someone who appeared to be outside the duopoly – because he's a registered independent – and they have used Bernie Sanders to basically usher people into the Democratic Party, pretending to be an outsider, pretending to be anti-establishment and rallying up a base of young people and working-class people and getting those people energized about a political revolution that Bernie Sanders knew was never going to happen through the Democratic Party. I want to be very clear about that. And then in turn, what Bernie Sanders is to do when they do not allow him to win and they won't allow him to win even in the future, is to take those supporters, that base, and to tell them to vote for the corporate establishment that he told them to fight back against.

Now you see Bernie Sanders attacking Cornel West. Cornel West has the guts to do what Bernie Sanders did not have the guts to do. Bernie Sanders says that this is to protect democracy but Bernie Sanders knows, even when it comes to his own presidential campaigns, there really wasn't a real democracy, at least one would not look through the Democratic Party because of the superdelegates. Bernie Sanders, to this day, doesn't really mention the DNC fraud lawsuit. He doesn't talk about the fact that DNC attorney Bruce Spiva argued that the DNC is a corporation. The judge ruled in that case that the DNC can select a candidate and does not owe you a fair election but Bernie Sanders doesn't mention this. Bernie Sanders is doing a press tour telling everybody how we have to protect democracy. So, you should not support Cornel West and you should support Joe Biden. Once again, he's telling you to support the corporate candidates that he told you to push back against and to fight against. So, what people have to understand is that Bernie Sanders is a tool of the Democratic Party to make you think that you are going to get progress, but to water it down and to prevent you from having any strong outside grassroots movement that is going to change the system.

Continue ReadingBernie Sanders 2.0 Attacks Cornel West and Bernie Sanders 1.0

More details on the $16 trillion backdoor bank bailout

Today I received a mass emailing from Alan Grayson. I had previously heard about this backdoor bailout by reviewing an article by Bernie Sanders and see here. Nonetheless, I hadn't before seen the details of massive loans made by the Fed to banks and non-banks. These numbers are mind-boggling. Click on Grayson’s link to the Federal Reserve report (below) with the outrageously sterilized title: “FEDERAL RESERVE SYSTEM: Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance.” Then follow his road map in order to see the problems with your own eyes. I've printed Grayson's entire mass mailing below. Consider that the Fed created $16 TRILLION and distributed much of it to foreign banks. This amount is 20 times bigger than the publicly disclosed TARP, yet the American People were never given a chance to know about this or have their representatives vote on it. The banks tried to keep this backdoor bailout secret, but it took Senator Bernie Sanders of Vermont, neither Democrat nor a Republican (he is a democratic socialist), to raise hell in order to force the Federal Reserve to account for this backdoor bailout. And back then, it was believed that this backdoor bailout was "only" $2.2 trillion. One more thing: The total annual tax receipts of the United States are “only” $2 trillion. But, of course, based on the news media, you would think that the most important things going on concern Michael Jackson’s doctor and Herman Cain’s sex life. -- Dear Erich, I think it’s fair to say that Congressman Ron Paul and I are the parents of the GAO’s audit of the Federal Reserve. And I say that knowing full well that Dr. Paul has somewhat complicated views regarding gay marriage. Anyway, one of our love children is a massive 251-page GAO report technocratically entitled “Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance.” It is almost as weighty as that 13-lb. baby born in Germany last week, named Jihad. It also is the first independent audit of the Federal Reserve in the Fed’s 99-year history. Feel free to take a look at it yourself, it’s right here. It documents Wall Street bailouts by the Fed that dwarf the $700 billion TARP, and everything else you’ve heard about. I wouldn’t want anyone to think that I’m dramatizing or amplifying what this GAO report says, so I’m just going to list some of my favorite parts, by page number. Page 131 – The total lending for the Fed’s “broad-based emergency programs” was $16,115,000,000,000. That’s right, more than $16 trillion. The four largest recipients, Citigroup, Morgan Stanley, Merrill Lynch and Bank of America, received more than a trillion dollars each. The 5th largest recipient was Barclays PLC. The 8th was the Royal Bank of Scotland Group, PLC. The 9th was Deutsche Bank AG. The 10th was UBS AG. These four institutions each got between a quarter of a trillion and a trillion dollars. None of them is an American bank. Pages 133 & 137 – Some of these “broad-based emergency program” loans were long-term, and some were short-term. But the “term-adjusted borrowing” was equivalent to a total of $1,139,000,000,000 more than one year. That’s more than $1 trillion out the door. Lending for these programs in fact peaked at more than $1 trillion. [More . . . .]

Continue ReadingMore details on the $16 trillion backdoor bank bailout

Senator Bernie Sanders proposes changes to America’s corrupt banking system

At Huffpo, Senator Bernie Sanders, who remains one of my heroes, points out that the secret bailout by the Federal Reserve makes the better-known bailout look tiny:

More than three years ago, Congress rewarded Wall Street with the biggest taxpayer bailout in the history of the world. Simultaneously but unknown to the American people at the time, the Federal Reserve provided an even larger bailout. The details of what the Fed did were kept secret until a provision in the Dodd-Frank Act that I sponsored required the Government Accountability Office to audit the Fed's lending programs during the financial crisis. As a result of this audit, the American people have learned that the Federal Reserve provided more than $16 trillion in low-interest loans to every major financial institution in this country, huge foreign banks, multi-national corporations, and some of the wealthiest people in the world. In other words, when Wall Street was on the verge of collapse, the federal government acted boldly, aggressively, and with a fierce sense of urgency to save our financial system from collapse with no strings attached.
The huge backdoor bailout is a slap in the face to American taxpayers, especially since the big Wall Street banks are bigger than ever and because they are taking more risks than ever, presumably emboldened by the fact that they are "too big to fail," and that the federal government will come bail them out yet again. Here's what Bernie Sanders proposes to clean up this despicable situation: 1) Break up the big banks. 2) Cap credit card interest rates ("Today, more than a quarter of all credit card holders in this country are paying interest rates above 20 percent and as high as 59 percent.") 3) Force the Federal Reserve to make low interest loans directly to small businesses. 4) Put an end to speculation that jacks up the price of petroleum products. 5) Demand that Wall Street invest in real businesses instead of "gambling on derivatives." 6) "Establish a Wall Street speculation fee on credit default swaps, derivatives, stock options and futures. Both the economic crisis and the deficit crisis are a direct result of the greed and recklessness on Wall Street." Sanders points out that there was such a fee (.2% tax on all sales and transfers of stock) from 1914 - 1966. Sanders points out that getting these measures passed will be enormously difficult, given that these Wall Street banks spent $5 billion on lobbying over the past decade.  Which leads to another enormous need: to get money out of politics.

Continue ReadingSenator Bernie Sanders proposes changes to America’s corrupt banking system

Bernie Sanders discusses the power of big money and the need for publicly funded elections

How does it happen that a year after the economic crisis, Congress has enacted no real economic reform? Is it because financial corporations have spent five billion dollars on campaign contributions? Why do Americans pay the highest prices in the world for prescription drugs? Why do we have an enormous military despite the end of the cold war? Independent Senator Bernie Sanders points to the common source of the problem:

On and on it goes. The reality of Washington, to a very significant degree, is that those people who have the money are able to influence public policy. Big money controls the agenda. If you don’t have the money, you get to the end of the line. That’s the reality today. It could get worse. Right now, the Supreme Court is considering a case that could be used to open the coffers of all the big corporations to directly fund campaign ads in this country. So you would not just be dealing with political action committees and lobbyists, you would have to deal with the treasuries of large corporations. This is a huge issue. The antidote, in my view, is public funding of elections so that everybody has the opportunity to run for office without having to be beholden to powerful special interests.
Here's another issue where money is corrupting the debate: net neutrality. I agree with Sanders. In fact, I'm ready to concede that we are unable to deal with any important issue in the United States because the conversation has been thoroughly corrupted by money in the form of private campaign contributions. We desperately need publicly funded campaigns to have a chance to honestly deliberate important issues.

Continue ReadingBernie Sanders discusses the power of big money and the need for publicly funded elections

Why we won’t solve any other major problem confronting the U.S. without media reform.

The following remarks were delivered by Bernie Sanders to the National Conference for Media Reform. Sanders is the junior United States Senator from Vermont.  He is an independent, but caucuses with the Democrats.  Amy Goodman describes Sanders’ speech as an “alternative State of the Union.”

The full text to Sanders’ speech can be found here.  Video of his presentation can be found here.  Here are excerpts of Sanders’ speech to the NCMR in Memphis:

[W]e will not succeed unless you are there, unless there is a strong grassroots media, which demands fundamental changes in media today and the end of corporate control over our media. We’ve got to work together on that.

Now, you are going to hear from a lot of folks who know more about the details of the media than I do, but what I do know a lot about is how media impacts the political process, what media means for those of us who day after day struggle with the major issues facing our country and a goal of trying to improve the quality of life for all of our people.

And I want to spend just a minute in telling you what I suspect most of you already know. If you are concerned, as been said, about healthcare, if you are concerned about foreign policy and Iraq, if you are concerned about the economy, if you are concerned about global warming, you are kidding yourselves if you are not concerned about corporate control over the

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Continue ReadingWhy we won’t solve any other major problem confronting the U.S. without media reform.