You’ve heard this story before: A trader at a bank is knocking the cover off the ball. His success garners political power within the bank. He creates a fiefdom that insulates him from the rest of the firm; his trading group explodes in size. He lives a conspicuous, extravagant lifestyle. His ego alienates the management and intimidates the support staff. Then the trader hits a rough patch. He uses all the tricks in the book to keep his poor results under wraps while he tries to find a way to recoup. Everyone is gunning for him, so he has to get back into the black, and fast.
How does he try to do that? He ratchets up his risk. He knows he won’t be able to turn it around fast enough if he plays it prudently, whereas there is some chance to stay in the game if he bets it all on 00, or better yet, if he levers up as much as he can, borrows all the money he can get his hands on, and then bets all of that on 00. If he loses, well, he was going to be gone anyway, so he may as well try for the big time.
That is one of the reasons there are risk managers. Risk managers know to put extra focus on traders who are struggling and, for that matter, on traders who seem to have an eerily hot hand. Especially if those traders have the ability to lever and to obscure their risk through the use of sophisticated instruments.
This story is now primed to play out in the hedge fund space. How many hedge funds do you know that more or less fit this description: A hedge fund manager had a run of great returns. His fund has grown by leaps and bounds. He has doubled his staff year after year in anticipation of even greater things to come. He has enjoyed a Page Six lifestyle; he is the belle of the ball, his dance card always filled. But now his kingdom is under siege. Assets under management have dropped precipitously due to redemptions layered on top of poor trading results. The investors that remain are demanding reductions in management fees. Incentive fees are gone until he scales the wall to get back to high water mark. With the way his operation has ballooned, he realizes that if he doesn’t make serious returns over the next few years, he will be crushed under the costs and the dwindling asset base.
What does he do? If he follows the same course as the trader at the bank, he will try to find ways to take on more risk. Of course, any investment fund might face the same temptation, but hedge funds have more tools at their disposal to make good on the try. Hedge funds can lever, delve into wide-ranging and risky markets and readily employ the so-called innovative securities to increase risk in ways that are difficult to discern. And unlike the trader at the bank, the hedge fund can operate without anyone seeing what it is doing. No one is looking over its shoulder at the trading positions each night.
Is the risk management in place to deal with this scenario? Here are seven “habits” that an investor should look out for:
1. No independent risk reporting.
One lesson that has been driven home from Madoff is not to trust the numbers coming out of any fund. Or, at least, trust but verify. If things go wrong and that is what you relied on, you will look like a fool, or worse. The risk numbers must come from having a third party getting the fund’s positions and doing the analysis.
The risk reporting must go beyond the VaR numbers to include measures of leverage, concentration, degree of diversification and size in markets (to assess liquidity risk). Again, all independently provided.
The diversification and concentration are necessary because, as we now know all too well, the relationships between markets can change. These risk measures cannot be calculated simply by knowing how many markets the fund is trading. It is critical to know how linked the markets are; how concentrated positions are when aggregated across similar markets. With globalization, diversification opportunities aren’t what they used to be. And in any case, it isn’t much value to be active in twenty markets if two-thirds of the positions are in three or four markets that are closely related.
2. A change for the worse in the critical risk numbers.
When you get independent reporting, don’t stop with looking at these numbers as they stand today. Demand to know what they have been over the past years. Have the risk statistics changed for the worse? Have they been different than what was represented by the fund’s own, internally generated reports? For example, is the third-party view of leverage, liquidity or diversification as favorable as has been represented by the fund itself, both now and historically?
3. Increased use of derivatives.
In my recent Senate testimony, I said that derivatives are the weapon of choice for gaming the system. Among other things, derivatives can be used to hide increases in leverage. Their complexity and difficulty in marking means that they also can more easily hide losses. There should be extra concern if the fund has only recently decided to start using derivatives and swaps.
4. High level of secrecy.
Does the fund have a monolithic, scripted presence to outside investors? Does it obscure its approach with secret formulas and strategies? Does it invoke its need for secrecy to justify limiting access to essential risk information and to its production staff? If so, you might want to get ready for a Madoff moment.
5. Growth in headcount and lifestyle.
This is the firm’s equivalent of the trader’s lifestyle. The fund’s principles can stretch the envelope in terms of personal lifestyle, and, unlike their banker cousins, their firm is their own domain. They can get an “edifice complex”. If a firm has become bloated, if it has a growing cost base that forces it to be impatient, then it will be more desperate to swing for the fences.
6. Decline in assets under management.
This speaks to motive. The more assets have declined – or are projected to decline with expected redemptions – the greater the stress for the fund, and the more tempting to ratchet up the risk.
Related to this, is the fund far below high water mark? Hedge funds make money from fixed management fees based on assets under management and incentive fees based on the return they generate for their clients. Most hedge funds only start collecting the incentive fees after they get back to high water mark. If a hedge fund is thirty percent below high water market, it may need years of strong returns before any money starts ringing up in the incentive fee register.
7. Lackluster performance in recent years.
Most everyone was lackluster this past year. So you should look back at the recent performance before the 2008 debacle. A comparison of the performance over the past three to five years versus the performance in the more distant past can be an indicator of a failure of the fund’s inherent strategy. It could be that the space has become too crowded and competitive, that the fund has become too large to take advantage of inefficiencies, or that the inefficiencies the fund has focused on have closed down. This creates a pressure to reach. If things have been slowly petering out, if alpha has been diminishing, then more leverage and risk is needed to get back up to the target.
Or, in desperation, the fund might try something new. So a related phenomenon will be style drift or a move into new markets and strategies. Style drift can be an indication that the bread and butter strategy is not pulling its weight. Is there movement toward new markets, a.k.a. ‘new opportunities’. Is an equity fund hiring expertise to gear up in credit, is a macro fund starting to trade volatility? Not everyone standing in the shadows is a mugger. And sometimes a cigar is just a cigar. Although “habits” like a lack of independent reporting are pretty obvious weaknesses, others, such as exploring new trading strategies, might be justifiable. But these are warning signs that justify deeper questioning and tighter oversight.
Originally published at Rick Bookstaber’s Blog and reproduced here with the author’s permission.
55 Responses to “The 7 Habits of Highly Suspicious Hedge Funds”
Update:Materialist Analysis of the Obama RegimePART 1: Abolishing Social Security and “Healthcare Overhaul”Obama is Nothing But a Right-Wing Black Being Provided ContantLEFT-COVER by Republicans and a Huge Capitalist Media Pump asObama Begins to Lose Credibility Among his Constituencies!How and Why the Demagogue OBama Was Elected President! SinceWatergate the Outcomes of All Presidential Elections have beenRigged in Advance By Agreement between the Candidates!The U.S. capitalist dictatorship of millionaires and billionaires required that a Democrat win the presidency in 2008 because it could not achieve its reactionary objectives with Bush and the Republicans who had very little credibility because of those very reactionary objectives. Obama was elected in order to ram down our throats the very Fascist policies which Bush could not implement because Bush was opposed by all Democratic Party constituencies which form the bulk of the U.S. population, and because Bush was the most hated and despised “president” in all U.S. history, followed closely by Ronald Reagan. (Note that Bush was NEVER the president of the U.S. but only a usurper because the 2000 and 2004 “elections” were a continuing coup d’etat.) See below. The capitalist dictatorship calculates that because Obama campaigned as supposedly being “opposed to Bush” and that because he was able to get “elected” using such insultingly phony deceptive nebulous slogans such as “Change We Can Believe In” and “Yes We Can” and believe that Obama’s supporters are so stupid and so ignorant that they will not mind or not notice that his policies once in office are far worse than those of George Bush! Obama’s policies are in fact far to the right of Bush and leave Bush in the dust! Bush is a choirboy compared to Obama! Since taking office Obama has reversed virtually all of his “anti-Bush” campaign promises with the exception of a few minor conciliatory gestures to his Democratic constituencies. Obama’s role is to string people along while carrying out policies which are a continuation, exacerbation and acceleration of the “Bush” policies, which simply represent the one-way dynamic of capitalism. Prime examples include the tiny phony “stimulus” program which Obama knowingly and falsely claims will “take 2 years to work” and the baseless assertion (Big Lie) by the Obama Regime that “the ‘recession’ is over,” while the Economic Crisis deepens by the day with over 30 million unemployed and mortgage foreclosures accelerate with no end in sight. Over half of those polled now smell a rat!Obama has continued all of the Bush Wars in Iraq, Afghanistan and Pakistan, and has continued the U.S./NATO military exercises right on the border of Georgia and the build-up of the Georgian military in preparation for further provocations and yet another possible invasion of South Ossetia/Russia. Obama has even directed its Georgian Proxy Saakashvilli to block and impound shipping to Abkhazia! (New York Times, September 10, 2009) Obama’s abandoning of the so-called “missile shield” in Poland and the Czech Republic on September 17, 2009 was only done to get the Russian Federation into missile reduction agreements where the U.S. retains the strategic advantage and does not for one second mean that the U.S. has abandoned its goal of trying to force Russia into a Second Russian Surrender. (See below.) In addition, Obama is conditioning the U.S. masses to accept the planned bombing of Iran by the U.S. Proxy, so-called “Israel,” despite the combined National Intelligence Estimate (NIE) that Iran had ended its nuclear weapons program in 2003 and the fact that Iran has NOT enriched ANY of its uranium to bomb-grade level and the report that Iran had even ended its enrichment program entirely in May 2009! (Associated Press, August 25, 2009) The Iran “nuclear threat” is another false Bush-type “Weapons of Mass Destruction” pretext which will be used this time to bomb Iran! The most recent fabrication of “computer file evidence” against Iran is being used to try to pressure the International Atomic Energy Agency (IAEA) just exactly like Bush did to try to pressure Mohamed ElBaradei to support the “Weapons of Mass Destruction” Big Lie against Iraq! (New York Times, August 26, 2009) ElBaradei refused to go along with Bush and so far has equivocated on this most recent Bush/Obama rubbish. Obama, usually hides behind a solid wall of denial and has continued and actually accelerated virtually all the Bush programs and policies, many of which were rejected outright when first proposed by Bush including the “private accounts” attempt to eliminate Social Security beginning with an executive decree on September 5, 2009 mandating compulsory employer-sponsored “savings accounts” and the previous permanent termination of the yearly Social Security Cost-of-Living Adjustments on April 22nd. See below.Note: Part II will include additional thorough analysis of the Economic Crisis, the U.S. Swine Flu Biological Warfare Program, the Final Stage of Capitalism: Permanent War and State Terrorism, the fraudulent so-called Mideast Peace Process, U.S./Russian relations, the Bush/Obama Wars and the continued use of torture by the Obama Regime despite all denials. Part II will also include more material on Provocations and the escalating attack on all social programs and public education at the elementary school and college levelFrom the advent of imperialism, which correlates approximately with the beginning of the twentieth century every U.S. presidential administration has been to the right of the one which preceded it, whether it has been Democratic or Republican. This is due to the one-way dynamic of capitalism-imperialism which leads inexorably to Fascism, barbarism and the end of civilization The only exceptions were the administrations of Franklin Delano Roosevelt, who designed the New Deal and the two New Dealers who followed him: Harry Truman and Dwight Eisenhower. The New Deal came about only under the pressure of a million-strong Communist movement in the United States, which later disintegrated primarily because of the false and sabotaging leadership of Joseph Stalin, who was not actually a Communist, (See below) and because the U.S. government either crushed or took over the leadership of all “left” groups in the United States. Today The New Deal has been almost entirely demolished by the hardening capitalist dictatorship. Obama was elected in order to finish that demolition by first targeting Social Security, where within 100 days of taking office he immediately and permanently abolished the yearly Social Security Cost-Of-Living Allowance, while simultaneously giving away 4.7 $trillion in Bank Bailouts backed up by $23.7 trillion “if necessary” (Associated Press, July 20, 2009), the real purpose of which was actually to DIVERT money away from social spending. Thus began the process of terminating the primary function of Social Security: to keep older people alive! (Computer Search: “US Financial Market Bailout Tab Hits $4.7 Trillion.”) And the Obama Regime pretends to be so concerned about the Federal deficit. (See below.)The WorldviewToday we live in a world of nation states. All nation states are dictatorships of one class over another class, either the capitalist class over the working class or vice versa. (These are the only historically destined classes.) There is no “democracy” at the present time, not even for the capitalists themselves. Capitalism has a dynamic or development sequence of its own which at this point is almost entirely ONE-WAY. This one-way dynamic, or dialectic is largely independent of the wills of the capitalists and politicians and leads to a constantly hardening capitalist dictatorship finally to Fascism, barbarism and the end of civilization. Now, due to the beginning of the Runaway Greenhouse Effect, that means the end of all life on Earth! (See Materialist Analysis of Biofuels and the Runaway Greenhouse Effect on the Internet) Within the framework of the class dictatorship there can either be a hard or a soft dictatorship. The hard dictatorship of capitalism is known as Fascism, which has several historical variants. Today the United States is a military, bureaucratic police state, a form of capitalist dictatorship known as Rule by Decree (a form of Bonapartism), which is hardening and growing more naked by the day! Rule by Decree is a step short of Fascism. Actual Fascism requires the full and organized support of the petit-bourgeoisie (the middle class), the organization of armed gangs with specifically targeted scapegoats. The actions of U.S. leaders define them as Fascists, including Obama, because they continually work to support the constantly hardening capitalist dictatorship. Capitalism is fundamentally based on war, mass murder and crime to steal new resources and new markets in order to increase private profits and today is in its Final Stage of Permanent War and State Terrorism. Politicians like Obama, and all capitalist politicians, rise to the top based on the extent which they express and further the one-way dynamic of capitalism. Communism is a stateless society, which has never been practiced and can never be practiced until capitalism is abolished worldwide beginning with a Socialist Revolution in its center—the United States.The steps required to carry out a Socialist Revolution in the United States are briefly outlined at the end of this Part I Analysis. Remember that the United States is NOT our country! It is the country of the capitalist dictatorship of billionaires and millionaires. WE JUST LIVE HERE! That means we must give no support to the U.S. military except in the case of MUTINY, which is the ONLY way to disarm the capitalist dictatorship and which we must call for as a first step toward a Socialist Revolution in the United States. See below. Remember that U.S. patriotism-chauvinism-jingoism means being willing to die for the capitalist warmongers and exploiters and super-exploiters. We should never be sucked into saying “we” or “our” in referring to United States policy or actions! That opportunistic choice of words deceives the speaker into thinking that his or her interests coincide with the interests of the capitalist dictatorship and is wrong in the first place because the United States is not “our country.” In addition, such an opportunistic choice of words immediately implicates the speaker in the crimes of U.S. capitalism-imperialism against the entire world and against its own citizens. We are having class warfare waged against us as the U.S. capitalist dictatorship escalates its economic, biological/military and propaganda warfare against its own domestic population and the entire world. The Working Class is NOT presently organized to fight back. Only a Socialist Revolution in the United States will make this OUR country!Given the choice, 95% of New Yorkers and the overwhelming majority of Americans agree that we need a new system based on human need not private profit. That system is Socialism and requires a Socialist Revolution in the United States, because capitalism cannot be turned into Socialism through “elections” or achieved through “election reform” such as “paper trails,” etc. or any other type of reform of capitalism. History proves this beyond a shadow of a doubt. Elections and “election reform” under capitalism are simply a ruse, the Primary Weapon of Capitalist Deception, designed to permit the capitalist ownership and structure of the state to remain intact and ensure a continuation of the hardening capitalist dictatorship. “Democracy” under capitalism is simply a euphemism for capitalist dictatorship and enslavement. That is why the capitalist class must be expropriated of all of its wealth, all of which has been stolen from the Working Class through various forms of exploitation, super-exploitation and other crime. This is known as the expropriation of the expropriators, an example of the negation of the negation and is possible only through a Socialist Revolution. The Socialist Revolution will extend globally almost simultaneously once it begins in the United States.The Socialist Revolution on the other hand does NOT involve a coup d’etat used extensively by the capitalists, but relies primarily on patient explanation and the avoidance of provocations. Patient explanation and winning over the masses to support a new economic-political-social system involves a genuine grass roots organization. The 1917 October Russian Revolution did not take place until the Bolsheviks, the smallest political party after the February Revolution, had grown to win the support of 70% of Working Class and 30% of the peasantry, which included the all-important army which was already in MUTINY. Mutiny Saves Lives! Provocations on the other hand are invariably orchestrated and led by the capitalists themselves to both discredit the Working Class and lead it to take steps prematurely before there is the overwhelming popular support which is required to take state power. Patient explanation is necessary in order to achieve the popular support and organization necessary to end the dictatorship of billionaires and millionaires and establish a new system where everyone can actually live like a millionaire. There is more than sufficient wealth in the United States to achieve this! Remember that all of the capitalists’ wealth was originally expropriated and stolen from the labor of the Working Class—through expropriation of Surplus Value. Only after class society is abolished through a Socialist Revolution can there be free speech and genuine democracy for the Working Class and everyone else. This analysis is intended as an aid to help progressive people consciously deprogram themselves from the capitalist brainwash which targets the masses every day from every direction and to provide a basis to help organize the Socialist Revolution in the United States. Socialism will abolish the basis of all wars and set the stage for solving the entire complex of problems created by capitalism-imperialism. In the final analysis all wars are won and lost on morale and every movement begins with the call. This analysis is part of that call.The Explanation of the Big Lie TechniqueAnd the Definition of Propaganda:While following the moves of the Obama Regime and the media it is important to understand the Big Lie Technique. There are 2 parts to the Big Lie: 1.) The first part of the Big Lie is that the lie must be BIG, because most people only tell little lies and are entirely unprepared for a Big Lie. 2.) The second part of the Big Lie Technique is to repeat the lie over and over again from every media source even including textbooks and movies until it is accepted as truth or accepted at least as partly true, when it is most invariably entirely false. In addition, lies may be lies of commission or lies of omission. They are equally unacceptable. The media is a privatized arm of the U.S. “intelligence agency,” a vast army of legions of professional liars working in service to the capitalist dictatorship. The U.S. media is very similar to Blackwater, Dyncorp, Custer Battles and Triple Canopy, etc. the armed military contractors in Iraq, except that the media has always been privatized.The Definition of PropagandaThe capitalist dictatorship has also given a falsely pejorative and automatically negative connotation to the word “propaganda” and uses the word to be synonymous with false information. But the word “propaganda” does NOT automatically mean false information and is defined by Merriam Webster’s Seventh New Collegiate Dictionary is “the spreading of ideas, information, or rumor for the purpose of helping or hurting an institution, a cause, or a person.” Propaganda is thus more accurately defined as persuasive ideas, information, or rumor, which may be either 100% true, or 100% false and everything in between. As always the reader must use his or her best judgment to decide whether information is true or false.Despite the Fact that the “Election” of Obama Simply Represents aContinuation of the Capitalist Dictatorship Obama’s “Election” hasOne Very Important Potential Organizational Advantage!While it is undeniable that the “election” of Obama simply represents a continuation and hardening of the capitalist dictatorship his “election” holds one potential organizational advantage IF THE MASSES REALIZE IT AND TAKE ADVANTAGE OF IT: Obama’s “election” proves that the primary division which exists in the United States is NOT on the basis of race. The primary division that exists in the United States is the CLASS DIVISION! This is important because it provides an even stronger basis for Black and white Unity of the Working Class and its allies versus the capitalist dictatorship and its servants and bootlickers represented by the Obama Regime. If Hillary Clinton had won the Democratic primary she would also have won the “election” but that would have been a retrograde step. There would be the complaint that what we need is a “Black” president! So Obama’s election eliminates this extra step and has the potential to more rapidly raise the awareness of the masses enough to increase racial unity against the capitalist dictatorship. The enormous media hype, which was designed not only to pump up their Obama demagogue but also to intimidate those who see through it, is falling flat. Obama is rapidly losing his “popularity” and “political capital”! So don’t be intimidated! Obama is just a balloon, a con man and demagogue trying to string the masses along while setting them up as targets of economic warfare, biological warfare and propaganda warfare. As the prime example of trying to string the people along using the Big Lie Technique Obama and Bernanke announced on September 15, 2009: “The recession is over!” The “recession” is NOT over. There is no such thing as a “Jobless Recovery!” See below.Racism Is An Integral Part of Capitalism andTherefore Cannot Be Abolished under Capitalism!Only a Socialist Revolution in the United States can abolish racism because racism is an integral part of capitalism and cannot be abolished within the framework of capitalism! The reason for this is contained in the definition of racism. Racism is defined as that systematized set of false beliefs in the racial inferiority of Blacks and other People of Color as a false pretext to justify the exploitation and super-exploitation of Blacks and other People of Color. Racism is thus simply a brainwash used to justify economic exploitation and super-exploitation, which began with slavery and exists now as wage slavery. Note that neither Obama nor any of the fake Black leaders, who have been left in place after the assassination of the real Black leaders in the 1960’s and 1970’s have provided this explanation and definition of Racism. This truth is also covered up by the fake “left.” Communists oppose exploitation and super-exploitation of U.S. born Workers employed in so-called “McJobs.” Communists also oppose super-exploitation of immigrants. Immigration is being used by the capitalists to drive down the wage-scale of U.S. Workers and fragment the U.S. Working Class. The Big Lie is that immigrants presently perform low-paying jobs supposedly because “Americans don’t want to do that sort of work.” The reality is that Americans would gladly perform ANY work presently performed by Latin American immigrants, for example, if they received a salary of $40,000 to $50,000.00 a year to do it! Low skilled immigrants are brought into the United States precisely because their “illegal” status forces the to agree to be super-exploited because that is better than what existed in their home countries! Despite this glaring reality Immigration can be and must be supported by simultaneously calling for the union wage scale and equal status for all Immigrants as well as all U.S. born workers!In order that no false illusions are raised by deceptive claims that capitalism can be reformed, equal focus must be placed simultaneously on the reality that such objectives of equality and freedom cannot be achieved under capitalism, but only after a Socialist Revolution in the United States, after which the main economic motivation for mass immigration of workers will largely disappear, because the Socialist Revolution will take place worldwide and with it the end of exploitation and super-exploitation in all countries! All progressive white people and also Black people should be reminded never ever to use the word nigger! Use of that word reinforces racism whenever and wherever it is used. That is the reason the capitalist dictatorship pushes creeps like Chris Rock, whose every other word is “nigger,” in order to reinforce racism among the Black population his primary audience. Isn’t he funny! Hahaha! Very funny! Reject such “humor!” Capitalism offers a world with no future and no longer works and can not be reformed! The reversal of Brown v. Board of Education, the landmark 1954 Supreme Court Decision reversing segregation was overturned on June 28, 2007 that indicated that organized support for Racism had increased—not decreased—in the hardening U.S. capitalist dictatorship. Obama said not a word when it was reverse! No comment either from Hillary Clinton or the openly Fascist George Bush or McCain! In other words Obama agreed with that reversal! When he began his presidential campaign Obama ridiculed the Civil Rights Movement, saying “We have done that. We must go on!” Only when he started to receive enormous adverse comment because of his outrageous statements did he change his line and show up at a commemoration march in Selma. This demonstrates that Obama’s is a total opportunist even on the question of race. See below.THE CAPITALISTS ARE WAGING ECONOMIC WAR AGAINST US!The Obama Regime Has Immediately Taken Steps to Begin to AbolishSocial Security as a Means to Reduce the Population of Senior Citizens!Obama’s Executive Order Designed to Abolish Social Security and OverturnThe New Deal Supposedly Does Not Require a Vote by Congress! CongressDemonstrates its Unanimous Passive Support with its Deafening Silence!The Obama Regime has Decided to Introduce Bush Private Accounts in TwoStages! 1.) On September 5, 2009 Obama Decreed by Executive Order thatPrivate Accounts are Now “Automatic” for Almost All Businesses in Order toPut Pressure on Business 2.) To Demand Legislation or Another Executive OrderTo Make Social Security OPTIONAL and Force Workers to “Choose” Between a401K Plan and Social Security!In his very first speech to a joint session of Congress on February 24, 2009 Obama demonstrated that his population reduction objectives coincided precisely with those of George Bush when he made clear his intention to implement the George Bush “tax-free universal savings accounts for all Americans.” “Private accounts” had been widely recognized and rejected under Bush as simply a clumsy and extremely costly $1 trillion scheme to end Social Security by DIVERTING money away from Social Security into the totally erratic stock market, where the capitalist dictatorship assumes hopefully that most of it would be lost, as 401K Plans and Pensions did in fact become worthless in 2008 (see below), thus bringing Senior Citizens to crushing poverty and an earlier death and thus help to reduce the so-called “population demographic.” This is a codeword for mass murder.On September 5, 2009 Obama followed through on his threat to introduce Bush private accounts by using Rule by Decree just like Bush to introduce compulsory “automatic employer-sponsored private savings accounts…which does not require new legislation from Congress…(and) which “goes into effect immediately” making it difficult for employees to opt out by BRIBING workers with a $1,000 tax credit! (blipped in the New York Times, September 6, 2009) Obama’s Private Accounts Decree was thus designed to simultaneously undermine and abolish Social Security by putting extreme pressure on businesses, which are ALSO forced to pay for Social Security, to demand that Social Security be made optional! Workers and employers both pay 6.2% of the workers’ earned income into the Social Security Trust Fund. Obama’s decree was combined with the false propaganda campaign pushing the so-called “healthcare Overhaul” to try to keep the masses confused and pump up support for the most oppressive policies in U.S. history. This conspiracy/scheme to abolish Social Security by not allowing any Congressional vote was nevertheless supported by passive support from Congress with a UNANIMOUS DEAFENING SILENCE, where NOT ONE Congressman or ONE Senator said a single word opposing this conspiracy/scheme or exposing it and demanding a public discussion just like on the phony “Healthcare Overhaul.” The New Deal required votes by Congress and so should its repeal. This is one more proof that capitalism cannot be “reformed” and that capitalism has a one-way dynamic of its own to Fascism, barbarism and finally the end of civilization. The only solution is not to be intimidated and carry out a Socialist Revolution in the United States. See below.The 2008 Stock Market Crash Wiped Out Many Employer-Sponsored 401K Plans and Many Stock-Based Pension Funds!Obama and his Regime have such total contempt for our intelligence that they believe that we will forget the fact that the 2008 Stock Market Crash caused the value of employer-sponsored 401K Plans to be reduced by at least half with a significant percentage becoming TOTALLY WORTHLESS! PENSION FUNDS which had invested heavily in the stock market also had their stock holdings reduced by more than half and many were completely wiped out! The most recent 2008 Stock Market Crash only one year ago on September 30, 2008 caused a 777.65 point drop (7%) in the Dow Industrial Average and a loss of 40% in one year. The recent Bear Market Rally will also collapse sending the market down even further because consumer spending, which accounts for 70% of the U.S. economy is decreasing and can not be maintained because of the loss of private jobs combined with the Obama Regime’s refusal to create huge Federal jobs programs to put people back to work. A large-scale Federal Jobs Program is the ONLY WAY TO STIMULATE DEMAND, THE ENGINE OF THE ECONOMY! Unemployment totaling over 30 million has destroyed demand! The capitalist dictatorship does not mention that the Social Security obligation of the United States Government the result of the New Deal was NOT effected at all except by the loss of Social Security deductions due to the loss of millions of jobs. The Social Security Trust Fund has had an enormous SURPLUS for years and has been used as a slush fund to fund U.S. wars around the world. But the U.S. government also has another option to back up Social Security, which they refuse to use or even mention: reintroduction of a Progressive Tax Structure. See below.On April 22, 2009 Obama Eliminated the Social Security Cost ofLiving Adjustment (COLA), while Simultaneously Giving $4.7 TrillionTo the Banks! The False Report that Social Security Will SoonBe Totally Insolvent by 2016 and Completely Depleted by 2037Indicates that the COLA Elimination Will Be Permanent!Obama’s first step was to begin the elimination of the FUNCTION of Social Security. On April 22, 2009 the Obama Regime eliminated the Social Security Adjustment COLA for 2010 and 2011, while simultaneously giving $4.7 trillion (!) to the banks, brokerages, insurance companies, hedge funds, groups, private equity groups and car companies. The elimination of the Social Security Cost-of-Living will become permanent in practice with the claim of “no more dollars” due to the $4.7 trillion Bank Bailout and Economic Crisis and “the high cost” of the Obama Health Insurance Plan ($1 trillion to $1.6 trillion), for example, claims which have already been made to justify COLA elimination in the first place! In order to telegraph this future claim of “no more dollars” the elimination of the Social Security COLA was followed on May 13, 2009 with the announcement that the Social Security Trust Fund will be “insolvent” by 2016 and “totally depleted by 2037!” This contrived scenario, which was falsely declared with fanfare by the Congress to be “UNSUSTAINABLE” and supposedly requires “shared sacrifice through reduction of Social Security benefits,” was made possible by using the Social Security Trust Fund as a slush fund for other Federal spending including the funding of the wars against Afghanistan and Iraq and Pakistan.The complete abolition of the progressive tax structure in the United States (see below) is simply an expression of the one-way dynamic of capitalism, and is what forced the capitalists to resort to the Social Security Trust Fund as a slush fund to pay for war. The capitalists are now waging economic war against their own population just like they have waged economic war against Cuba since 1960! According to a report from the Government Accountability Office (Associated Press, August 12, 2008) 66% of U.S. companies paid no federal income taxes and 68% of foreign companies doing business in the United States paid zero corporate taxes between 1998 and 2005, while reporting $2.5 trillion in sales! This includes 1.2 million U.S. companies and 38,000 foreign companies. The ONLY taxes which remain today are regressive taxes meaning that they target the Working Class and Poor primarily. Examples include: 1.) National sales tax, 2.) National value-added tax, 3.) Flat Tax, 4.) Increases in the subway and bus fares and tolls and 4.) Increase in stamp prices and combined with outright cuts in services even in the U.S. Post Office and 4.) The system of fines, which the Bolsheviks abolished entirely in 1917, is even being ridiculously increased.The Tiny “$250 stimulus checks” Sent out to Social Security RecipientsWere Strictly a One-Time Event, a BRIBE Used to BUY THEIR SILENCE inResponse to the Obama Regime’s elimination of the Social Security COLA!If BUSH had tried to eliminate the Social Security COLA there would have been a HUGE PROTEST. But because Obama was a Democrat who took advantage of his early election support based on false promises there was NO protest whatsoever! The recent decrease in Obama’s popularity is due to the masses’ increasing awareness that Obama has betrayed all his pre-election promises and that Obama is no different than the Fascist George Bush, his good buddy and the Fascist Reagan, who Obama never fails to praise as a “great president.” (!) The tiny “$250 stimulus checks” sent out to Social Security recipients were strictly a one-time event, a bribe used to BUY THE SILENCE of Social Security recipients in response to the Obama Regime’s elimination of the Social Security Cost of Living Allowance, which will be permanent, and in order to keep Senior Citizens CONFUSED while he takes further steps to abolish the function of Social Security and wage economic war on the masses from every conceivable angle while falsely talking about “the (jobless) economic recovery” and falsely claiming that HE has “pulled the economy back from the brink.” Another Big Lie!There is No Such Thing as a “Jobless Recovery!”The economy is NOT “back from the brink,” the “Recession” is NOT over and THERE IS NO SUCH THING AS A “JOBLESS RECOVERY.” The capitalist dictatorship admits that over 30 million Americans are actually now unemployed if all categories are included and even more when those who fall into no official category are included. The stock market has experienced a Bear Market rally only through stock market manipulation achieved through: 1.) huge lay-offs of millions of workers which temporarily improve the bottom line of corporations by creating over-valued stock prices based on unsustainable “increased profits,” 2.) new high-frequency trading programs used by the large investment banks, hedge funds, private equity groups and insurance companies and 3.) A Big Lie propaganda campaign falsely claiming that the economy is “recovering” and “back from the brink,” which it is NOT! (See below and Part II, which will be posted next.) The Bear Market rally began to fall apart in late August 2009 “on speculation the Standard & Poor’s 500 Index’s 52% rally since March isn’t justified.” (Bloomberg, August 27, 2009). But once again “the financials” have been able to employ market manipulation to hold the market almost flat and not permit a large drop! Yet even on September 15, 2009 Bernanke continued the Big Lie brazenly stating: “The recession is probably over.” (Associated Press) At a certain point demand will decrease to such a degree because of the tens of millions of unemployed and foreclosures that the market will undergo another more catastrophic collapse. The capitalist dictatorship states that the recovery will include continued unemployment and “persistent weakness consumer spending which accounts for 70% of the U.S. economy.” (New York Times, August 30, 2009) as part of “The New Normal.” In other words the “Great Recession” is supposedly over but its effects will be permanent. This is one more Big Lie! An unsustainable Big Lie!In addition to the immediate and permanent direct reduction in Social Security Benefits the capitalist dictatorship’s so-called “Social Security Overhaul,” which is scheduled to be implemented following the so-called “Healthcare Overhaul,” will in addition to implementation of the Bush/Obama Private Accounts (see above), undoubtedly also include a switcheroo from wage-based indexing which is used to calculate the original Social Security Benefit amount, to price-based aka inflation-based indexing, which will also help to abolish the FUNCTION of Social Security. (See further below for an easy solution proposed by Representative Robert Wexler (D) of Florida to make Social Security solvent forever.) The capitalists still intend to retain Social Security for appearances but to use it NOT for its original purpose to keep older people alive, but primarily to maintain it as a slush fund to pay for various U.S. wars as it is already! Meanwhile as mentioned the progressive tax structure in the United States, which would eliminate ALL the financial problems associated with the funding of social programs, has been permanently abolished. See below.The ONLY REASON that the Economic Crisis has NOT YET assumed the form of the Great Depression is because of reforms instituted under the New Deal which are still in place such as Unemployment Insurance, Social Security and the FDIC insuring banks deposits. Unemployment insurance also can be ended at any time and is under enormous pressure from the Republicans. The Obama Regime’s so-called Public-Private Investment Program, which is part of the Troubled Asset Relief Program (TARP) money supposedly to be used by the Federal government to buy toxic assets in the toxic derivative market which includes securitized subprime mortgages, credit default swaps and collateralized debt obligations, etc. (see below), is to be backed by the $700 billion bank bailout fund, the Federal Reserve and the Federal Deposit Insurance Corp! The FDIC!!! Whaaaat? So far the banks have not wanted to sell their toxic assets, but the FDIC is what backs the individual accounts in banks to $100,000, now supposedly increased to $250,000. The capitalist dictatorship is perfectly willing to sacrifice the FDIC reserves for the security of OUR bank accounts! This is deliberate economic warfare against the U.S. masses! Actually the government claims of insuring individual accounts by the FDIC are all fiction in the first place. See below. If there were actual bank runs as in the 1930s Great Depression there would be no money at all for most Americans! (See below.) There would be a total collapse of the U.S. standard of living and poverty greater than in the Great Depression! In late August 2009 market analysts Richard Bove and Meredith Whitney stated that they “expect 150 to 300 small bank failures in the next 12 months” and revealed that the large banks profit from failure of the small banks! Buying back toxic assets by the U.S. government is yet one more PHONY PRETEXT to divert money from social spending and demolish what remains of the New Deal.This analysis was confirmed on August 11, 2009 when it was reported in the New York Times: ‘The nation’s banks continue to hold on their books billions of dollars in assets about whose proper valuation there is a dispute (?) and that are very difficult to sell. (Because ‘toxic assets’ are indeed entirely worthless!) As a result, many banks could find themselves short of capital if the economy suffered another downturn and their losses on troubled loans soared.” Based on the results of the so-called stress tests in April 2009 the report stated that 18 of the 19 biggest bank holding companies would probably have enough capital even if economic and financial conditions deteriorated more than they have already. The report warned that thousands of small and medium-size banks, which it defined as those with assets of $600 million to $100 billion, might find themselves short a total of $21 billion if the conditions matched its worst-case assumptions.” This kind of economy is designed to do the maximum damage to millions of people. (Parenthesis and emphasis added.)Bank Bailouts Were Unnecessary and Unwanted andUsed as a Pretext to Divert Money From Social Spending!The OBAMA BANK BAILOUTS were thus both 1.) unnecessary and 2.) unwanted by the banks and have had NO part in any falsely claimed “green shoots/jobless economic recovery” which has NOT occurred in the first place despite the capitalist dictatorship’s Big Lie propaganda campaign to the contrary! The reasons that the banks said that the so-called Troubled Asset Relief Program (TARP) money was unnecessary is that the banks simply have simply written the TOXIC ASSETS off their books by scrapping mark-to-market accounting thus making the toxic assets supposedly NONTOXIC. (!?) For real!! The banks have even steadfastly refused to sell their toxic assets to the U.S. Treasury Department insisting that the prices offered were too low and that they would take “the long view” and wait. The bank bailouts were also unwanted because those banks which accepted TARP money had to agree to conform to any new financial regulations or laws. Demonstrating once more that he is simply the corrupt puppet of the banks and the capitalist dictatorship of billionaires and millionaires, Obama announced that he had allowed the 10 largest banks to escape future reforms and regulations simply by repaying only $68.3 billion, which represents only a quarter of the $239.4 billion Bank Bailout money they have received (!), and thereby exit the Troubled Asset Relief Program (TARP)!In addition, instead of DELAYING GOVERNMENT ACCEPTANCE of these piddling repayments until the supposedly “broad regulatory reform proposals were announced in another week” or however long it might have taken to be passed by Congress, Obama accepted the money early in order that those 10 largest banks would NOT have to submit to any serious banking regulation or oversight or salary caps! (New York Times, June10-11, 2009). Those banks have been allowed to keep the remainder of the $239.4 billion, TARP money which is simply stolen, primarily from the working class, money which has been brazenly and deliberately diverted away from social programs such as Social Security, Medicare, Medicaid, the new “Healthcare Overhaul” and public education thus serving the same economic/political purpose as Supply-Side economics. And it should be noted that $4.7 trillion have been turned over to the banks NOT merely $billions! See below. As an indication that the large banks are fully in the loop and understand that the U.S. economy is to be deliberately permitted to contract in accordance with Globalism and in order to reduce a “redundant work force” and reduce the overall population, the banks are NOT EVEN LENDING TO SMALL BUSINESS or individuals using either the bank bailouts OR Obama “stimulus” money ($255 million) expressly directed to the Small Business Administration! (New York Times, August 13, 2009) The masses, who have no genuine representation under capitalism, and who have been inoculated against Socialism—the only solution to the entire complex of problems which have been created by capitalism—are expected to simply nod their heads “OK” in passive brainwashed acceptance.Open Fascists Take Over Town Hall Meetings andOrganize Marches Against “Big Government!”The enemy of my enemy is my friend and the friend of my enemy is my enemy. This is inductive reasoning, the reasoning of science. We should not forget that our greatest enemy is the capitalist dictatorship of millionaires and billionaires. The Town Hall protests against the Obama Healthcare Overhaul were taken over by the Republicans and other assorted Fascists with heavy media focus on shills planted in the audience. The open Fascists, such as Dick Armey and Freedom Works organized the September 12th “Tea party Demonstration” at the White House supposedly “opposed to big government” with most carrying placards and signs stating that they opposed “Obama Socialism,” “Communist-Fascism” and “government take-over of medicine,” slogans designed to provide Obama with Left Cover and to keep the masses confused (Because a confused person cannot act!). These slogans also SUPPORT Obama by providing him with LEFT COVER among his constituencies, while helping to move the entire political process to the right. Obama Care completely turns over all medical care to the insurance companies and HMOs parasites! For all intents and purposes the “Healthcare Overhaul” was written by the insurance companies: “The (healthcare) industry has been the leader in creating the proposals everyone is about to endorse” according to the CEO of America’s Health Insurance Plans the industry trade group, Karen Ignagni. (New York Times, September 11, 2009) Obama Care has absolutely NOTHING to do with Socialized Medicine and is indeed an example of medical Fascism not Socialism!Some of those attending the town hall meetings and the September 12th anti-big government White House demonstration carried signs portraying Obama as another incarnation of Adolph Hitler. While Obama’s actions do indeed define him as a Fascist (see above) he is not yet a NAZI. The signs portraying Obama as Hitler indicate that while the Fascists have been able to co-opt and take over grass roots opposition and have been able to falsely portray Obama as a “Socialist” many understand that Obama is actually a Fascist. The signs labeling Obama a “Communist-Fascist” are deliberately designed by the U.S. “intelligence community” to falsely conflate the 2 opposites of the political spectrum to keep people confused. The majority of those attending the Town Hall meetings and a significant percentage of those attending the White House demonstration are nevertheless actually opposed to the private insurance/HMOs and would support the so-called Single-Payer Health Plan, which is a form of socialized medicine and attended the demonstration because they opposed Obama. The claim that the march was simply racist opposition to a (technically) Black But so far unfortunately the present correlation of class forces, where the capitalist dictatorship is still much stronger than the unorganized forces of the Working Class and its allies, permits the U.S. masses to be easily misled and manipulated against their own best interests.Obama is Much More Dangerous and is Much Worse than Bush!It should be noted that Clinton, also a Democrat, abolished the first part of Social Security—Welfare, something which Ronald Reagan and George H.W. Bush could NEVER have done that because they were so hated and despised by the Democratic constituencies which form the overwhelming majority of the U.S. population. In addition, Clinton deliberately turned control of the Congress over to the Republicans in the 1994 Midterm “elections” in order to make that possible. See Part II. For those with short memories Clinton also presided over the division and subjugation of Yugoslavia by the U.S. and NATO, bombed Belgrade in Serbia, dleiberately bombed the Chinese Embassy there and bombed Iraq continuously almost every day of his administration! Obama is subsequently far more dangerous than George E. Bush ever was because the Democratic constituencies which voted for Obama do not yet suspect what the capitalist dictatorship has planned and they do not understand the one-way dynamic of capitalism and mistakenly still think in terms of individuals, bad guys versus good guys—cops and robbers—rather than understanding that what happens is due to the natural one-way development of the economic-political system of capitalism!The Real Purpose of the So-called “Obama Healthcare Overhaul” is to AbolishMedicare and Medicaid in Practice by Cutting $400-$500 Billion of “Savings” fromThose Government Programs to “Help Pay” for the $900 Billion to $1.6 TrillionObama Plan, while Turning Over All Healthcare to the Insurance CompaniesAnd HMOs under the False Slogan of “Healthcare for All”!The Capitalist Dictatorship intends to Escalate Economic Warfare AgainstThe Working Class and the Poor! The Objective is to Reduce the PopulationBy Denying and Rationing Healthcare in Order to Bring People to an EarlierDeath! Any “Public Option” Will be Limited Only to a Few and Designed to ProfitFrom Human Illness and Disease Just Like the Private Insurance/HMO Parasites!Re-introduction of a Progressive Tax Structure Would Easily Pay Entirely forSingle-Payer Government Run Health Care and Pay for Social Security ForeverBut the One-Way Dynamic of Capitalism Prevents This! Socialism is the Answer!The real purpose of the Obama “Overhaul” is to turn over all healthcare to the insurance companies and HMOs while ending the government programs of Medicare and Medicaid by cutting $400 billion to $500 billion in “savings” from those programs, which the capitalist dictatorship will eventually simply fold into “Obama Care. The Obama Regime covers up this reality by saying that Obama Care will EXPAND Medicaid and cover millions of more people with greatly reduced coverage! “With greatly reduced coverage?” That is NOT an expansion of Medicaid. That is the reduction of Medicaid! Any complaints about Medicare and Medicaid will increase not decrease under the so-called “Healthcare Overhaul” and will be due to the so-called “savings” which are merely a euphemism for the Obama Regime’s CUTS. Demonstrating once again that he is not afraid to Big Lie right to the face of his victims Obama stated at a town-hall type meeting organized by the treacherous AARP: “Nobody is talking about cutting Medicare benefits.” (New York Times, July 29, 2009)) Cutting Medicare Benefits is EXACTLY what the Obama Regime intends to do! Obama has frequently promised to “rein in spending on retirement programs such as Social Security and Medicare.” (New York Times, January 8, 2009). And that is what the so-called “Healthcare Overhaul” is all about. Being “deficit neutral” means cutting government healthcare programs with the private insurance companies supplying even more reduced coverage than the present system of parasite insurance companies and HMOs.In another Big Lie the Obama Regime announced: “it would not try to cut the short-term deficits until the economy recovers enough that businesses and consumers resume their spending and investment.” (New York Times, August 26, 2009) But the economy is NOT going to recover and CAN NOT RECOVER unless the government institutes huge Federal Jobs Programs equivalent to 37% of GDP, which is the only possible way to sufficiently stimulate DEMAND, the engine of the economy. Instead the plan by the capitalist dictatorship of millionaires and billionaires is to DELIBERATELY ALLOW THE ECONOMY TO CONTRACT according to the dynamic of Globalism! See below. After the Big Lie that HE has “pulled the economy back from the brink” the Obama Regime obviously intends at some point simply to declare that “the Great Recession” (the word Depression is never used) is over and that will be the signal to “cut short-term deficits,” meaning cutting more social spending. On July 31, 2009 the government reported that the GDP was negative for the 4th successive quarter! Officially it takes 6 negative quarters of GDP growth to define a depression. But the capitalists will falsify the numbers as they already do routinely in order to never permit that truth to appear. The truth is that without large-scale Federal jobs programs the equivalent of New Deal/WWII spending to the level of 37% of GDP there will be NO recovery! Period! The economy will simply continue to contract. That’s NOT recovery!Meanwhile the false “Grandma Death Panels” issue is a deliberately designed but easily discredited distraction used to divert focus away from this central objective of eliminating Medicare and Medicaid in practice as part of the “Healthcare Overhaul” and turning everything over to the insurance companies and HMOs. The $400 billion to $500 billion cuts to Medicare/Medicaid will definitely cut end of life treatment for Seniors, who will in many case simply be sent home to die! The reason that Obama has delayed naming a new head for the Centers for Medicare and Medicaid Services is because the Obama Regime does NOT want ANY focus on Medicare and Medicaid or anyone speaking in support of those government programs, which Obama has now scheduled for huge cuts and eventual elimination. In fact the reason that Obama had filled only 43% of his top policy making positions by September 2009 (New York Times, August 24, 2009), which he could easily get confirmed by his Democratically controlled Congress, is that the Obama Regime wants to appear weak and unable to function and this would not be possible if those policy positions were filled and those new Democratic Party policy chiefs were out there speaking forcefully and building support for a genuine Public Option, for example!In other words not all of these future policy chiefs can be brought into confidence on Obama’s reversal of his anti-Bush campaign promises. It should also be noted that whenever possible Obama tries to appoint Republicans rather than Democrats to key policy-making positions thus further undermining the will of the voters! On August 25th Obama reappointed the Bush criminal Ben Bernanke to send the message that it will be BUSINESS AS USUAL and that there will be no restoration of the 1933 Glass-Steagall Act officially abolished by Clinton or restoration of banking regulation abolished under Reagan! See below.During his campaign Obama promised that “everything is on the table” in reforming health care. As soon as he was elected Obama stated that “The Single-Payer Health Plan,” where the government, rather than the insurance companies/HMOs, directly pay the healthcare providers was “OFF THE TABLE.” Social Security, Medicare and the Veterans’ Administration are the most popular government programs, where the government makes NO actual medical decisions, and could EASILY be paid for by re-instituting a Progressive Tax Structure in the United States! See below. Obama is for all intents and purposes nothing but a (technically) Black Bush! “Technically Black” is a description used by the Black Panther Party to describe someone like Obama. Obama is “Black” like Kindasleezy Rice is “Black” or like Colin Powell is “Black” or like Clarence Thomas is “Black” or like “Black” news anchors and commentators are “Black.” That’s not Black! Black is Malcolm X, Martin Luther King Junior, preferably after he finally took a position against the Vietnam War in April 1967, and of course the Black Panther Party and especially its leaders, Mark Clark and Fred Hampton. Fred Hampton said that the answer to white capitalism was NOT Black capitalism. The answer is Socialism!Obama Immediately Abandoned His Support for the Single-Payer HealthPlan which He only Used to Con Support from Democratic ConstituenciesIn Order to Get Elected and then Turn Everything over to the HMOs!Those Who Already have Coverage are “Not Eligible” for any Public PlanAnd are “Not Eligible” for the So-called “Healthcare Exchanges”!Obama quickly reversed his position and outright opposed support for Single-Payer because it is a fact that a government plan PAID FOR ENTIRELY BY THE GOVERNMENT would indeed compete with and COMPLETELY REPLACE the insurance companies and HMOs and REDUCE the cost of healthcare! Obama and the Democrats’ previous support for Single-Payer Socialized Medicine, which was supported by the overwhelming majority of the U.S. population, was done ONLY in order to SUCK PEOPLE IN and then twice employed the BAIT AND SWITCH, first by offering the Public Option to compete with the insurance companies. Then when it became clear that even the conservative so-called “Blue Dog” Democrats would not support ANY healthcare legislation which included “the Public Option,” the Obama Regime announced that the final so-called “Healthcare Overhaul” legislation will effectively turn over healthcare lock stock and barrel to the insurance companies and HMOs and that a Public Plan was “NOT essential” and “fading from the debate.” (New York Times, September 13, 2009) Pressure from the masses and some liberal Democratic Party leaders may force some sort of a “Public Plan.” But that public plan, according to CNN, September 1, 2009 may not be available for 2 years and also will also eventually be based on profit just like the private plans AND those who already have healthcare coverage will NOT be eligible for the Public Plan.Real Choice is Off Limits in All Versions of the so-called “Healthcare Overhaul!Despite Obama’s talk of “healthcare exchanges,” actually switching from one insurance company to another would NOT be permitted for those who already have health insurance and is available ONLY to those who have no health insurance and are forced to buy it out of their own pocket! In addition, universal coverage would cause the costs of healthcare will go up by at least 10% for all those already possessing health insurance. (New York Times, August 30, 2009) The rise in premiums will be partly due to the fee/fine being imposed on the health insurance industry supposedly to help pay for the $1 trillion “Healthcare Overhaul” but will simply be passed on to customer/victims as yet another regressive tax. Permitting people to switch from one healthcare plan to another has no support in Congress and is strongly opposed by Labor Unions, employers, hospitals and drug companies! (New York Times, 26, 2009) The reason that the Obama Regime has been deliberately as vague as possible about the actual facts of the so-called “Healthcare Overhaul” is to hide the information which appears in this materialist analysis and to set the masses up for escalation of economic warfare directed against them! Obama’s line is to repeat the Big Lie that doing nothing is worse than whatever he offers! A so-called “Reconciliation Vote.” which is primarily used to deal with budget items that effect the deficit, requires only a simple majority vote and avoids a filibuster but cover only 5 years and would require further legislation. The scenario is to pass such an onerous “Healthcare Overhaul” bill and let Obama take the blame early in his administration and use the media to try to continue to deflect that blame from Obama and the capitalist dictatorship. The media will trumpet Obama’s Big Lie that “something is better than nothing!” Obviously making something worse is not better than nothing and the so-called “Healthcare Overhaul” is nothing but a means to accelerate economic warfare against the domestic U.S. population. It is obvious that we need a Socialist Revolution in the United States! Capitalism offers a world with no future where the Working Class HAS NO REPRESENTATION WHATSOEVER and the entire system is run by the millionaires and billionaires and their representatives, which includes ALL 535 members of Congress. NOT ONE MEMBER OF CONGRESS CALLS FOR A NEW ECONOMIC-POLITICAL-SOCIAL SYSTEM BASED ON HUMAN NEED AND POINTS OUT THAT SOCIALISM CANNOT BE TURNED INTO CAPITALISM AND REQUIRES A SOCIALIST REVOLUTION IN THE UNITED STATES!There is no reason whatsoever why healthcare should be permitted to exist as a BUSINESS in the first place where insurance companies “COMPETE” for PROFITS at the people’s expense while parasitizing off human illness and disease! Competition has no place whatsoever in healthcare! The capitalist dictatorship has brainwashed the masses to falsely believe that healthcare is just like a piece of bread that you can go out and “buy.” Free healthcare should be a right and it is in a Socialist system in fully consolidated Workers’ States! Even in some capitalist systems! Although the insurance companies use the term “private” to try to make its largely Working Class victims think they are receiving “exclusive” or “special” healthcare coverage, the truth is that “special” is one more 1984 Orwellian Newspeak/Big Lie deception. “Private” insurance actually means big time PRIVATE PROFITS for the insurance companies and HMO billionaires! “Private” insurance means NO CHOICE for the its “customers” (victims) because insurance companies make their HUGE PROFITS primarily by limiting medical care and by denying and rejecting every conceivable treatment, test and surgery sometimes even for emergencies! Real choice is also off limits in all versions of the so-called “Healthcare Overhaul.” In order to cover up this fact Obama promises that the insurance companies will not be allowed to deny coverage based on previous medical history or a pre-existing condition. That’s all! Obama is strongly supported by the AARP which supported the Bush Medicare Part D which was deliberately designed to set Medicare on the course to bankruptcy! See below. The Fascist “Families USA,” the American Medical Association, the Federation of American Hospitals, the sell-out SEIU labor union and the pharmaceutical industry (PhRMA) fund ad campaigns backing Obama Care! The ad campaigns deceptively promise “a cap on out-of-pocket costs, no annual or lifetime limits on coverage and “focus on preventive care.” In other words there WILL BE out-of-pocket costs. And “preventive care” according to http://www.factsaboutreform.org means “eliminating co-payments for tests like mammograms and colonoscopies,” which can be and will be more frequently DENIED. In other words HEALTHCARE RATIONING WILL SUBSTANTIALLY INCREASE UNDER ANY VERSION OF THE OBAMA HEALTHCARE OVERHAUL! Healthcare rationing will increase under ANY version of Obama Care! Obama simply uses the Big Lie technique to deny that healthcare rationing will increase for everyone except the rich.Obama Cut a Secret George Bush-Type Deal With the Pharmaceutical IndustryThat Prevents the U.S. Government from Negotiating for Lower Drug PricesObama made a dirty sell-out deal with the pharmaceutical industry (PhRMA) first revealed on June 20, 2009 the exact same sort of deal made by George Bush where in exchange for Obama’s promise 1.) not to permit the new Obama Healthcare Overhaul System to negotiate lower prices for prescription drugs and 2.) not to permit additional rebates from drug manufacturers, the drug companies agreed to contribute $80 billion in “savings” over 10 years. The $80 billion in “savings” from the drug companies is NOTHING compared to the $300 billion annual profits of the drug companies, which TOTAL $2.4 TRILLION over the same 10 years! And that is why the drug companies are running a measly $150 million ad campaign pushing Obama Care! The $80 billion “savings” would apply ONLY to those Medicare patients with Bush Medicare Part D who fall into a gap in their drug coverage known as the “doughnut hole” and only applies for brand name drugs thus ruling out use of the much cheaper generic drugs! Just like Bush! The “doughnut hole” is the area that falls between the less than $2,700 and the more than $5,100, a gap which Medicare has refused to pay for seniors’ prescription drugs. Anything in between, seniors are supposed to pay themselves but in practice many seniors are simply forced to completely stop taking their medications. That way they get sicker and die quicker! And as explained Medicare Part D also accomplished its purpose of putting Medicare on the edge of bankruptcy! What’s not to like?Some Democrats such as Henry Waxman are now going through the motions of trying to recover a comparatively tiny amount in rebates from the drug companies of the $billions paid since 2003 for name brand drugs rather than generic equivalents. (New York Times, August 26, 2009) As explained in a 2003 New York Times Op-Ed, the PURPOSE of the 2003 Bush’s Medicare Part D prescription drug plan, which cost $678 billion over 10 years and prevented the federal government from negotiating lower prices from drug companies, and was to help put Medicare on the road to bankruptcy, saving the final coup de grace for the next Democratic president. And here comes Obama to finish the job with Medicare “savings/CUTS!” Note that the Medicare Trust fund will indeed supposedly be “exhausted” by 2017 right on schedule according to a Trustees report! (Healthcare Finance News, May 19, 2009) But there is a way to get rid of the insurance companies/HMOs and brand name drugs and pay for everything easily: Simply re-institute a Progressive Tax Structure in the United States. See below! But capitalism cannot be genuinely reformed or turned back into New Deal liberalism because of the one-way dynamic of capitalism. That is why we need a Socialist Revolution in the Unite States.A “Public Plan” Will Also Offer NO Choice Whatsoever becauseIt Will ALSO Be Based Primarily On Profits NOT Patient Health!Obama and the U.S. Congress are ALL merely puppets of the capitalist dictatorship, which includes the insurance companies and HMO’s. It is now obvious that the Obama Regime intends to use “HEALTHCARE OVERHAUL” as the pretext to END the government plans known as Medicare and Medicaid and privatizing them in practice simply by cutting their funding to help pay for “Obama Care” and later folding them into the “Healthcare Overhaul,” which will be run entirely by the private insurance companies and HMOs. The controversy over the “Public Plan” is being used as a diversion from this glaring reality which leaves the private health insurance business completely intact and increases their business ASTRONOMICALLY! Because of the fact that a genuine Public Plan would indeed replace all private insurance plans because it would NOT be based on profit, “Chucky Boy” Schumer came up with a trick to deceive the masses for whom he has only total contempt. “Chucky Boy” Schumer wrote a “compromise public healthcare plan which would abide by the same rules and regulations as private plans” designed to start off with start-up government funding and initially to be 20% to 30% cheaper than the “private plans” but then eventually to change to be PROFITABLE AND EXPLOITIVE JUST LIKE THE PRIVATE PLANS. That ignores the question that if the public plan and the private plans would really abide by the exact same rules, what would be the point of a public plan in the first place? The only answer is to deceive the increasingly skeptical but still credulous masses! Will the U.S. population agre
The only answer is to deceive the increasingly skeptical but still credulous masses! Will the U.S. population agree to be so deceived? It does not seem to matter. Even such an amended Schumer plan where the “Public Plan” would be temporarily only slightly less profitable and therefore only slightly cheaper (20% to 30%) than the private HMOs was rejected by the Republicans and rightwing Democrats, who simultaneously 1.) provide Obama with LEFT COVER with his own constituencies by hilariously labeling him a “socialist” and 2.) move the entire political process to the right! In fact Obama is actually to the right of those Republicans which have pointed out that the “healthcare Overhaul” will effectively eliminate Medicare. This helps keep the masses confused, which is an objective because a confused person cannot act. Alternative “nonprofit consumer-owned cooperatives” have even been offered as an alternative to a public plan. But healthcare cooperatives are a sham and are also run by the insurance companies! It should be noted that “Chucky Boy” Schumer was the author of the Fascist repressive Patriot Act (reportedly nearly half written by the time of the 911 U.S. Government-Facilitated Provocation by in-the-loop Chucky) and now fully supported by the Fascist Barack Obama on all the key points. Associated Press, September 15, 2009. See below.The Democrats Proposal for a Tiny 1% Surcharge on Individual Incomes MakingOver $280,000 and on Couples Making Over $350,000 is a JOKE and Is No SubstituteFor Reintroduction of a New Deal Type Progressive Tax Structure in the United States!The answer is that supposedly trying to “reduce healthcare costs” is all a diversion! Obama and the entire Congress are all paid off by the insurance companies/HMO’s, banks, oil companies and military industrial complex. Any healthcare plan that emerges will be run by the parasite insurance companies and HMOs, just like the present state plans, which have also been disingenuously offered as an alternative to a public plan to try to keep people confused! As noted, a confused person cannot act and is more easily manipulated! As mentioned the Obama Regime’s healthcare plan will be paid for largely by “savings” (!) by cutting Medicare payments to hospitals and also by taxing the healthcare benefits of those who already have healthcare! Whaaat? But NEVER by seriously taxing the rich! The request by the Democrats in the House for a TINY surcharge beginning only in 2011 (!) starting at 1% on individuals making over $280,000 and couples making over $350,000, with slight increases at incomes of over $400,000 and $800,000, or even a 1% surtax ONLY on those making over $1 million, is not even meant to pay for healthcare entirely and is strongly opposed in the Senate. Starting with the John Kennedy administration the progressive tax structure of the New Deal, which used to exist in the United States, has been completely eliminated. The House also protects the millionaires and billionaires and is simply going through the motions! See below.It should be noted that even this tiny 1% surtax on the incomes of the capitalists themselves would raise $550 billion over 10 years! This is about a third of the $1.6 trillion needed for 10 years according to the Congressional Budget Office and over half needed for recent “scaled-down” versions of Obama Care costing less than $1 trillion over ten years. (The nonpartisan Congressional Budget Office (CBO) estimates the cost of the original “Healthcare Overhaul” will be $1.6 trillion not $1 trillion!) But $550 billion is a small amount compared to the $4.7 trillion which has already been permanently turned over to the banks in the bank bailouts who were told that they had to accept the money whether they need it or not! See below. As mentioned, the remainder of “the cost of healthcare” is to come from regressive taxes and “savings” primarily from Medicare/Medicaid. Obviously a 3% surtax rather than a 1% surtax would ENTIRELY pay for any “Healthcare overhaul” and would entirely pay for a Single-Payer Government run Healthcare Plan—Socialized Medicine. But capitalism can not be reformed and made better because of the one-way dynamic of capitalism described above! At some level the masses are beginning to understand that and is the reason that 95% of New Yorkers and presumably the majority of Americans when given the choice agree that we need a new system based on human need not private profit! That is a Communist response although few would presently describe themselves as Communist. But it does mean that the majority of Americans would be receptive to Socialism right now! The overwhelming majority of the American people want Socialized Medicine and when polled honestly they choose Socialism and recognize that capitalism has failed. The contradiction is that the U.S. Working Class is presently so deliberately misinformed, misled, deceived, divided, disorganized, demoralized, intimidated, infantalized and so brainwashed on every conceivable basis that they are prevented from engaging in any sort of organized effective action on the basis of their own class interest because of the present correlation of class forces, where the capitalists are still too strong. (See below.) But this will not last forever because capitalism is on the road to economic collapse NOT “recovery.” See below.Fines For Not Being Covered by the “Healthcare Overhaul” AreExpected to Raise at least $52 Billion as Capitalism DRAINS US DRY!The capitalist dictatorship also intends to make the masses pay for Obama Care through the nose primarily through cuts in Medicare/Medicaid, regressive taxes and “mandates” which target individuals and small business, meaning that those who are uninsured must now either buy health insurance or be fined in order to further impoverish them! These fines alone are expected to “raise (at least) $52 billion to cover the costs of the uninsured (!).” (New York Times, August 13, 2009) The Obama “Healthcare Overhaul” is also to be paid for by regressive taxation as mentioned above targeting primarily the Working Class—not the “middle class”—and “savings” (cuts in other social programs) rather than seriously taxing the rich through legislating a New Progressive Tax Structure in the United States where the top tax rate would be over 90% like it was under the New Deal and up until the end of the Eisenhower administration during the period of greatest economic prosperity in the United States! In addition ALL income should be taxed, not just the first $102,000.00 as is presently the case! (A millionaire or billionaire pays taxes ONLY on the first $102,000!) The top tax rate should be at least 90% on ALL income! The “Effective Top U.S. Federal Tax Rate” is now only 27.9%, while the Effective Tax Rate for the average taxpayer is 18.2%. (New York Times, August 28, 2009) THIS IS ALMOST A FLAT TAX! See below. The capitalist dictatorship has DRAINED US DRY and is now literally moving in for the kill. This is no exaggeration! See below. The despised beady-eyed scheming scoundrel Timothy Geithner and Big Liar Lawrence Summers have also stated: “(Working Class) taxes might have to go up to pare budget deficits or to pay for the proposed overhaul of the nation’s health care system.” (Associated Press, August 3, 2009)Obama Proposed a Bush-Privatization of the VeteransAdministration within 2 Months of Taking Office!Because of the fact that the VETERANS ADMINSTRATION is socialized medicine it was initially partially de-funded by the Bush Regime and more than 20 VA hospitals were threatened with closure! Obama’s claimed “support” for the VA is a sham and a Big Lie starting with an immediate attempt announced on March 16, 2009 to begin to privatize the Veterans Administration less than one month of taking office! The Obama/Bush Regime attempted to authorize the Department of Veterans Affairs to force veterans to begin to partially pay for treating war-related injuries and other medical conditions, such as post-traumatic stress disorder, that are war-related using private insurance companies! The pretext was supposedly to “save” the VA about $530 million a year! The overhead of the Veterans Administration Hospitals is less than 5% and the overhead for Medicare is only 2%, while the overhead of the parasite HMO/private insurance plans is 30% or more, which forms the basis for their profits! There is NO money whatsoever “saved” by privatizing the Veterans Administration or Medicare. Just the opposite! Obama is a liar and he knows he’s a liar! The Obama regime is simply maneuvering to permit private health insurers to increase their parasitizing off the misery, illness and disease of the American people and bring people to an earlier death! Incidentally, Veterans are already charged a privatized co-payment for non-war acquired medical conditions in order to help out the HMO parasites!Obama was immediately opposed on his privatization scheme by all veterans groups, which finally forced the new Veterans Affairs Secretary/Obama puppet Gen. Eric Shinseki to reverse his initial support for the Obama privatization plan! Previously the capitalists were able to deceive the masses domestically by throwing out a few crumbs and scraps, while the overwhelming bulk of their programs in the last several decades were deliberately designed to directly attack the lives and living standard of the majority of the American people. On June 24, 2009 after widespread criticism and increasing awareness among veterans that Obama was giving them the same treatment doled out under Bush the Congress passed legislation approving the budget for the Veteran’s Administration one year in advance to prevent the delays which had occurred for 19 of the last 22 years! Those delays combined with cutbacks were deliberately designed to cause cancellation or postponement of programs, not enough equipment, fewer doctors, longer waiting times and restricted access to healthcare for veterans causing rationing of healthcare in order to falsely discredit the Veterans Administration healthcare because it is SOCIALIZED MEDICINE!Remember that the words “reform” and “overhaul” under capitalism are simply code words for attack on the Working Class. The capitalists have now decided to escalate their attacks on the masses and have switched their gears to EXTERMINATE a significant percentage workers made “redundant” under Globalism as well as a significant percentage of the general population both in the United States and worldwide. Globalism has rendered millions of workers redundant—no longer necessary under capitalism—and the present Economic Crisis/Second Great Depression has provided the ideal point for the U.S.-led World Capitalist Dictatorship to reduce their populations and the entire world population using Biological Warfare and Biofuels, which are merely yet another Conspiracy for Mass Murder achieving its objective by creation food shortages and mass starvation primarily in developing countries in Africa and Asia, where the populations are mostly People of Color! The TV ad focus on the use of algae by the oil companies Exxon and British Petroleum, which is extremely expensive to produce, is simply the propaganda stalking horse for the reality that Biofuels are derived primarily from crops which are being deliberately diverted from human and animal consumption to burn them to create mass starvation and food shortages and to produce fuel which produces at least 10% less energy than oil and according to CNBC “makes no economic sense whatsoever.” All members of congress understand this actual objective of Biofuels as population reduction and that is why they ALL support Biofuels to the hilt! All fuels sold in the U.S. ar now legally mandated to contain at least 10% of Biofuel! This is one more reason why we need a Socialist Revolution in the United States! (See: Materialist Analysis of Biofuels and the Runaway Greenhouse Effect by this writer.).The Capitalists Have Completely AbolishedThe Progressive Tax Structure of the New Deal!The progressive tax structure was completely and totally abolished starting with John Kennedy who was far to the right of the New Dealer Dwight Eisenhower. (The Kennedys hated Roosevelt and the New Deal after FDR appointed Joe Kennedy as the U.S. Ambassador to the UK at the Court of St. James, a total insult to the Irishman Kennedy, who was then later withdrawn in humiliation because of his multiple statements in support of Adolph Hitler! FDR and the Great Britain DID support Hitler both through the covert economic aid provided by U.S. capitalists and diplomatically by refusing to sign any alliance with the USSR against the NAZIs, and helped build Hitler’s rise to power in order to send the NAZIs against the USSR, in a failed attempt to destroy the USSR militarily in WWII! But that was a state secret NOT for public consumption!)JFK reduced the top tax rate from 91% under Eisenhower down to 70%! Under the Fascist Ronald Reagan the Kemp-Roth Tax-Cut of 1981 reduced the top rate from 70% to 50%! The Reagan the Tax Reform Act of 1986 led by Fascist-Democrat Bill “basketballs” Bradley lowered the top tax rate from 50% to 28%, an economic crime which he still brags about! (New York Times, August 30, 2009) The top tax rate was later increased slightly to 39.6% under Bill Clinton and then reduced to 35% under the Bush Regime! Obama has promised to “raise” the top tax rate back to an astronomical…39.6% in another 2 years! What a joke! The joke is on you and me! As mentioned, the “Effective Top U.S. Federal Tax Rate” is now only 27.9% and that will NOT change appreciably! Abolishing the progressive tax structure of the United States has permitted the capitalist dictatorship to completely rob every last penny so that there is NO money whatsoever to pay for anything, especially Social Security and other social programs, which are derisively referred to as “entitlements” as in “who do THEY think THEY are being ENTITLED to ANTHING—why don’t they (the Working Class, their allies and the Poor) “just pull themselves by their own bootstraps” like Herbert Hoover said? But today the capitalists have other fish to fry: population reduction in the United States and worldwide. The extermination of millions of people! See above.The truth is that for all intents and purposes Obama is a (technically) “Black” Bush as explained above. The reason that we know for a fact that Obama never had any intention of changing anything is that politicians rise to the top based on their ability to express and further the one-way dynamic of capitalism, a dynamic which leads to Fascism, barbarism and finally the end of civilization. Now with the Runaway Greenhouse Effect having begun, this means the end of all life on Earth because capitalism intends to do nothing serious to combat Global Warming and treats that threat the very same way they “reform the economy” or “reform healthcare,” meaning they are just going through the motions. This is how we know for a fact that Obama most certainly had no intention of changing anything for the better despite his phony propaganda slogans to represent nebulous “change”! Note that Obama propaganda never specifies what kind of “change” it is that we can believe in. “Yes we can” Obama trumpets! Those nebulous slogans were carefully designed to say nothing! Obama means a continued change for the worse! Obama understands that his role is to deceive the masses and he clearly enjoys that role! Obama’s role is to string people along and placate the masses with his so-called “golden rhetoric,” while carrying out the dismantlement of as many social programs as possible, and to demolish what is left of the New Deal. Obama is actually not even a very good speaker either technically or in substance, primarily because he is selling poison and he knows it, not that he has any conscience, but the media pump him up and tell us that he is and that is supposed to fill the gap!The only “change” which can actually occur under Obama is the continued hardening of the capitalist dictatorship! Obama has been chosen for his ability to deceive the masses regarding that actual dynamic, development sequence and direction of capitalism. Obama is a slicker, a con man, a demagogue out to bamboozle the unsuspecting victims of capitalism: the Working Class and its allies primarily. Obama openly brags: “My job is to make the tough choices, to make the hard decisions!” (CNBC, September 15, 2009) Those are euphemisms for decisions taken against the best interest of the Working Class and the Poor. And Obama is correct; capitalism never offers an improvement in standard of living but only a worsening! Under capitalism all news is bad news! Obama’s book, “The Audacity of Hope” was written initially to demonstrate to the capitalist dictatorship that he was best able to perpetuate false hope in capitalism-imperialism. Only after he became a candidate did public curiosity increase sales enough among the duped masses to make Obama a millionaire. “Hope in capitalism” is what Jesse Jackson meant when he introduced his slogan: “Keep Hope Alive!” Much earlier Martin Luther King publicly reviled Jesse Jackson to his face with numerous witnesses as “nothing but an opportunist.” For anyone following the presidential campaign and “elections” it should have been obvious that McCain was only running as a foil to take a fall for the Democratic candidate, whoever it would be just like in TV wrestling.Progressive Taxation is Good for the Economy!Regressive Taxation is Bad for the Economy!The Capitalist Dictatorship Keeps the Masses Totally Confused About Taxes!There is never any explanation provided concerning the vast difference between progressive taxes, which normally tax the rich more than 90% of their income, versus regressive taxes which tax the poor and which are correctly opposed by the masses. By cleverly manipulating and omitting these simple, fundamental facts of taxation the capitalist dictatorship of billionaires and millionaires is able to keep the masses totally confused and opposed to “taxes” in general, and with their reduced understanding this means only regressive taxes, the only taxes which are imposed in this, the most reactionary period of end stage capitalism. Abolishing the progressive tax system and imposing only regressive taxes combined with the bank bailouts, supply-side economics and basic exploitation of labor through expropriation of surplus value mentioned above has allowed the capitalist dictatorship to steal virtually every last penny leaving nothing for social services or even infrastructure maintenance! This follows naturally from the one-way dynamic of capitalism, which is not based on human need but only on increasing private profits. This dialectical and historical analysis is the only explanation which fits the facts.The Real Purpose of Bank Bailouts Was to Divert Money FromSocial Spending—the Same Purpose as Supply-Side Economics!The Only Way to Lift the Economy Out of Crisis is toSTIMULATE DEMAND—the Engine of the Economy through HugeFederal Jobs Programs Just Like the New Deal and World War II!Note that Franklin Delano Roosevelt gave no money whatsoever to the banks to lift the U.S. out of the Great Depression! Instead FDR created DEMAND by creating JOBS with huge New Deal Federal Jobs programs (e.g. the WPA, etc.) to replace the jobs lost in the private sector, and finally by the huge spending of WWII, which was the largest federal jobs program in all U.S. history! Creating Demand through enormous Federal Jobs Programs is equally important in the present Economic Crisis as it was during the Great Depression, despite the fact that origins of the 2 crises are somewhat different. (See Part II Analysis.) The reasons for this are twofold: 1.) The jobs which have been lost, more than 18-20 million actual jobs lost and more than 30 million unemployed if ALL categories are included, are from the PRIVATE SECTOR and there are NO more private employers! and 2.) Demand is what drives the economy! The $4.7 trillion Bank Bailouts of 2008-2009 are simply being used as the pretext to DIVERT money away from Social Programs just as Supply Side/Trickle Down/Reaganomics/Bush Tax Cut economics is also used to divert money from Social Spending and has NOTHING to do with stimulating the economy, as so eloquently explained by Ronald Reagan’s economic Czar, David Stockman in his book “The Triumph of Politics: Why The Reagan Revolution Failed!”Instead of Implementing Another New DealObama Offers THE NO DEAL and THE BAD DEAL!Emphasis on the Federal Deficit Is Being UsedTo Set the Stage for Cuts in Social Programs!The real reason that Obama started talking about cutting the deficit in half the day after his tiny deliberately-designed-to-fail $787 billion “stimulus plan” was signed into law was to set the stage and provide a false basis for huge $500 Billion cuts in Medicare/Medicaid and eliminating the Social Security Cost-of-Living Allowance and other social programs. Today, the spending level required to lift the capitalist economy out of the economic crisis is $5.2 trillion (37% of $14.2 Trillion—the 2008 GDP), which must be concentrated on large-scale federal jobs programs like the New Deal Works Progress Administration and other New Deal programs, but even larger than the level of the New Deal to reach the spending level of World War II, the spending level which raised the U.S. out of the Great Depression. The amount allotted in the Obama Stimulus Plan does not even begin to address the amount of spending actually needed to create jobs or even to repair the crumbling, decayed U.S. infrastructure, which is estimated to require $2.2 trillion by the American Society of Civil Engineers (New York Times, January 27, 2009) and could at least put many people back to work. The Obama Regime keeps talking about funding “shovel ready” construction projects but that is a bad joke on all of us. Despite huge media hype to the contrary the Obama Regime is not seriously interested in infrastructure at all in reality and refuses to provide a Stimulus Plan large enough to work but the false media campaign which hides this is designed to make it appear that “things are happening.” People could also be put to work constructing Tidal Electric Power Plants. (See: Materialist Analysis of Biofuels and the Runaway Greenhouse Effect)As mentioned, Obama has frequently promised to “rein in spending on retirement programs such as Social Security and Medicare.” (New York Times, January 8, 2009). On May 8, 2009 Obama even called for making 121 budget cuts to save a paltry $17 billion (Associated Press), budget cuts most of which are designed to target the Working Class and the Poor and to help to put them in the gutter. Then later in order to provide further false basis for these cuts in social programs the Obama Regime Office of Management and Budget raised its 10-year federal deficit estimate to $9 trillion stating that Obama is also “committed to addressing the shortfall in the Social Security system.” (New York Times, August 26, 2009) But Obama has already taken 2 steps to totally eliminate the function of Social Security and accelerate the economic war against the Working Class by introducing “automatic and compulsory employer-sponsored 401K-type savings accounts” by executive decree (see above) and eliminating the Social Security COLA for present retirees. See above.The Obama Regime is Deliberately Using Mortgage Defaultsto Increase Homelessness and Reduce the Population! The MediaAdmit that there will be 10 million Foreclosures in the Next 3 Years!The Obama plan to “reduce mortgage foreclosures” is actually deliberately designed to INCREASE FORECLOSURES! It was openly admitted on the front page of the New York Times (July 30, 2009) that astronomical Late-Fee Profits DWARF the tiny $1000 to $4,000 “incentive” offered banks by the Obama Regime not to foreclose on customers! The Obama incentives help only 9% of “eligible homeowners” (New York Times, August 5, 2009). In addition, the massive loss of jobs makes even previously so-called creditworthy homeowners fall behind on mortgage payments and become homeless. Housing foreclosures escalate every day under Obama’s “PLAN” which is deliberately designed to help only a TINY percentage of borrowers in order to increase homelessness and bring people to an earlier death! Obama said nothing while the Democratically-controlled Senate, which is completely controlled by the big capitalists, BLOCKED CHANGING THE BANKRUPTCY LAW to permit reducing the amount that homeowners owed on a first mortgage, stating that homeowners must instead enter the government foreclosure relief program, controlled by the banks, whose participation is entirely voluntary (!) and which only permit much smaller reductions in mortgage payments. The banks, in turn, almost uniformly give homeowners bad deals or fail to negotiate in good faith with borrowers because the late fees they earn far exceed the paltry “enticements” offered by Obama. CNBC TV reported that there will be up to 10 million foreclosures in the next 3 years! (See also RealtyTrac, June 16, 2009)Obama Should Decree a Complete Moratorium on MortgageForeclosures and a Reversal of All Foreclosures Since he took Office!The Phony Obama “Stimulus Plan” deliberately does not address this reality. The truth is that the Obama so-called “Stimulus Plan” is actually deliberately designed to INCREASE the number of homeless in the United States and thereby reduce the “population demographic” by bringing these people to an earlier death! Videos on the Evening News document that tent cities now exist in many U.S. cities inhabited by those who had their mortgages foreclosed upon, similar to the Hoovervilles during the Great Depression. A government decreed complete moratorium on mortgage foreclosures is obviously required and should have been announced the day Obama took office if he had been serious, which he never was! The Obama Regime could still announce a moratorium on mortgage foreclosures but it will NEVER DO SO because Obama represents the capitalist dictatorship of billionaires and millionaires not the Working Class and their allies, and because of the one-way dynamic of capitalism described above. False emphasis on the federal deficit rather than on creating a massive federal jobs program to stimulate demand demonstrates the sophisticated and extensive manipulation of public opinion which is involved. Obama offers the No Deal and the Bad Deal of capitalism. This is covert mass murder combined with maximum denial and is another demonstration of just how effective the Big Lie technique is when directed at an unorganized population which has been rendered “anti-Communist” but still agrees that we need a new system based on human need not private profit. It should also be noted that the ONLY reason that housing purchases have increased slightly in the U.S. is because of the $8,000 Tax Credit for first-time home buyers! This hides the reality that the housing market is NOT BOTTOMING! How could it with 10 million more foreclosures predicted for the next 3 years! The real estate industry wants the Tax Credit extended and made permanent and increased to $15,000! (New York Times, September 16, 2009) What this all points to is that we need Socialism to solve the problems created by the Economic Crisis, not more capitalism! Under Socialism there will be no homelessness and all housing that requires it will be upgraded so that all living accommodations are excellent.Cutting Government Spending to “Cut the Deficit” isHistorically Documented to Deepen Economic Crisis!Only by Increasing Spending to the Level of CombinedNew Deal/World War II Spending to 37% of GDP andALL on Federal Jobs Programs is it Possible LiftThe United States Out of the Economic Crisis!False focus on the federal deficit is deliberately used to 1.) provide false support to cut Social Security Benefits and cut $500 billion from Medicare/Medicaid and 2.) divert attention from what is actually required to end the Economic Crisis and will make that crisis much worse! The capitalist dictatorship of millionaires and billionaires believes that this is necessary in order to solve the political problem of the “population demographic” in order to help reduce the population in the U.S. in accordance with the demands of Globalism and the One-Way Dynamic of capitalism. The Obama Regime professes to be SO CONCERNED about the federal deficit increasing because of the “Healthcare Overhaul,” and so-called “entitlements,” Medicare, Medicaid and Social Security. But it is also well known that cutting government spending while in an economic crisis will only deepen the crisis as when FDR mistakenly listened to the right wing and cut spending after the 1936 elections resulting in the “recession within the Depression” in 1937-1938. Cutting spending deepened the Japanese recession in the 1990’s. On the other hand, increasing spending sufficiently will lift a capitalist economy out of depression and entirely eliminate the federal deficit.The combination of New Deal and especially World War II spending on Federal Jobs Programs, to the level of 37% of GDP, is the ONLY thing which lifted the U.S. out of the Great Depression and eliminated the huge federal deficit, which was much greater than the present federal deficit! This spending on Federal Jobs Programs STIMULATED DEMAND—THE ENGINE OF THE ECONOMY and in combination with the Progressive Tax Structure, strict banking regulation and the Glass-Steagall Act described above, permitted the greatest economic expansion in all U.S. history in the late 1940’s and 1950’s. This has been corroborated by history and PREVIOUS explanations of the capitalists’ own Nobel Prize winner economist Paul Krugman and many others. Paul Krugman has recently tried to place the focus and blame for the Economic Crisis on individuals such as Reagan and others rather than being due to the dynamic of capitalism about which he deliberately remains silent. Krugman does this to keep readers confused as to what precisely is actually required in order to lift the economy out of the Economic Crisis. Krugman has become a full-time cheerleader for Obama and hides the fact that Obama’s tiny “stimulus” is just going through the motions. Krugman now just calls for “more stimulus” but refrains from saying HOW MUCH MORE and how it should be spent. Krugman acknowledges that running a large deficit is normal during an Economic Crisis but hides the fact that the Obama Regime is putting so much focus on the deficit in order to provide a false pretext for cuts in government spending on social programs. Demonstrating that he is simply a tool of the capitalist dictatorship, Krugman SUPPORTS these cuts in social programs and false “savings” and no longer mentions that Federal spending to the level of New Deal/WWII spending, 37% of GDP is what is required to both lift the economy out of the crisis and totally eliminate the federal deficit. Is it bad guy versus good guys or is it increasing spending to 37% of GDP, primarily centered on federal jobs programs? The answer is obvious!The reality is that while people such as Reagan, Alan Greenspan, Ben Bernanke, William Clinton, Robert Rubin, Larry Summers, Tim Geithner and many others, including all of those who are now pretending to try to “save the economy,” were indeed involved in creating the economic crisis, the economic crisis was CAUSED by the dynamic of capitalism itself. The real reason the capitalist dictatorship of billionaires and millionaires talks about cutting the federal deficit and the real reason that false propaganda articles are written about “the dangers of the federal deficit” is to set the masses up to accept the gradual abolition of the social programs and even to make the masses feel somehow obligated to give up benefits for the national good. For example, both Social Security and Medicare/Medicaid are falsely claimed to be “unsustainable” and supposedly HARMFUL to the capitalist economy. (!) But the absence of a Progressive Tax Structure in the United States is NOT considered harmful to the economy! Note that Bush deliberately set Medicare on the road to bankruptcy. Those programs are to be eventually abolished by folding them into the Obama “Healthcare Overhaul,” ending free healthcare under the phony banner of “healthcare for all.” Capitalism is fundamentally based on war, mass murder and crime to steal new resources and new markets to increase private profits, a system where those who rise to the top are those who best express and further that one-way direction of capitalism! This should be increasingly obvious, and first and foremost it includes Obama. See below!Obama’s New so-called “Financial Overhaul” is a Total FraudWill Permit Banks to Continue BUSINESS AS USUAL!All Trading in Derivatives Should be Banned NOT Regulated!Under the new Obama “Financial Reform” the Federal Reserve would be given increased powers to supervise large financial institutions which are judged to be “to big to fail” because of the deleterious effect on the economy from such an economy in the absence of huge federal jobs programs, a new Consumer Financial Protection Agency will be created to oversee financial products from mortgages to credit cards and require companies to plainly state the terms of financial products while banning the most unfair practices. But that only addresses the problem from one end!!! These 2 points are already strongly opposed by the all-powerful banks who want their victims to enjoy not even the semblance of “protection.”The Obama plan also requires: 1.) higher capital levels at financial institutions to avoid over-leveraging, 2.) creation of a new national bank regulator for all federally chartered banks (while eliminating the Office of Thrift Supervision which oversees savings institutions) 3.) greater disclosure by hedge funds as well as regulations of credit default swaps and over-the-counter derivatives that previously operated outside of government oversight and 4.) introduces the requirement that the originators of future securitized mortgage loans, credit default swaps, etc.—meaning toxic assets—retain 5% of them (Wow!) rather than simply selling them ALL off to suckers around the world, the bottom line is that it is business as usual! Under the Obama plan trading in derivatives is merely to be partially regulated where plain vanilla derivatives trade on an exchange while the big boys trade the genuine article, the customized derivatives privately with no oversight or regulation. All trading in derivatives should be permanently banned! But it will NEVER HAPPEN because of the one-way dynamic of capitalism.Under Obama’s new so-called “Financial Reform” the banks and insurance companies will be allowed to continue to deal in derivatives such as CREDIT DEFAULT SWAPS (CDS) and COLLATERALIZED DEBT OBLIGATIONS, MORTGAGE BACKED SECURITIES and STRUCTURED INVESTMENT VEHICLES! Credit Default Swaps, which have helped bring down the capitalist economic system, are derivatives invented in 1994 by JPMorgan to create a device that would supposedly protect banks if their loans defaulted, and free up the huge amounts of capital which they were required by law to keep in reserve in case any of those loans went bad. The buyer of the CDS makes several payments to the seller who receives a payoff if the loans: corporate debt or municipal bonds or subprime mortgage backed securities default. Credit default swaps transfer the risk of default of the illiquid subprime mortgages and other subprime products from the seller to the buyer so that even if the mortgage holders or holders of the subprime loan default on their mortgage payments and are turned out into the street, the holder of the credit default swap is guaranteed the full amount of the mortgage or other loan! But because of the increasing number of defaults the banks cannot pay these increasing amounts! The CDS in turn are used in speculation, hedging and arbitrage in transactions all over the capitalist world permeating virtually every existing financial institution.The CDS market is $65 trillion in a total derivative market amounting to more than $680 trillion in funny money. But when the subprime credit crunch caused an overall deterioration in market liquidity the value of these derivatives and all derivatives decreased to virtually NOTHING! The truth is that the capitalist banking system today is worth virtually NOTHING! This is no way to restore genuine confidence and the capitalists admit: “The real obstacle is fear, which has made banks reluctant to lend and companies reluctant to invest in expansion.” (New York Times, January 10, 2009) So the Treasury chief, Tim Geithner devised the so called “stress tests,” the so-called Supervisory Capital Assessment Program, which was designed to assess the banks’ ability to endure a further decline in the economy under a baseline scenario and “worst case scenario” and required the banks to project their credit losses and revenues for 2009 and 2010, including the level of reserves that they would need at the end of 2010 to cover expected losses in 2011. The result showed that the banks supposedly required an additional $75 billion bailout! (Associated Press, May 9, 2009) But on June 10, 2009 several of these same banks returned $68.3 billion in order to escape regulation and oversight! See above.New Exotic Investments Emerging on Wall Street Prove That it is Business as Usual!Securitized “Life Settlements” Are the Newest Pie in the Sky When You Die Bye and Bye!Because the mortgage-backed security derivative business brought down the world economy the capitalists have been forced to devise a new but similar scheme: securitized “life settlements.” Life settlements are life insurance policies sold by ill an elderly people sell for cash. The banks buy the life settlements which can bring up to $400,000 for a $1 million policy which may vary depending on the person’s life expectancy. These policies are then securitized or repackaged just like subprime mortagages by packaging hundreds and thousands together into bonds, which are resold to investors LIKE BIG PENSION PLANS (Oy!!!), which then receive the payouts when people with the insurance die. The earlier the policyholder dies the bigger the return! People who live long make investors lose money! Hey! The Financials profit either way from huge fees for creating the bonds, reselling them and then trading them. But the process will cause insurers to raise premiums if they have to pay out more death claim than anticipated. In addition to life settlements investment banks and their ilk are repackaging their toxic assets into higher-rated ones called “re-remics (re-securitization of real estate mortgage investment conduits).”This is big stuff with Morgan Stanley reporting $30 billion in residential re-remics were done in 2009! Hey! The only problem is that the scheme pits the insurance industry against the financials. Policyholders normally often allow their policies to lapse for many reasons which benefits the insurance companies who then do not have to make a payout. But if policies are repackaged into a security investors must keep paying the premiums causing the insurers to lose money because more policies remain in force causing more payouts by the insurers over time. This causes the insurers to raise life insurance premiums and can cause fewer people to take out life insurance which can further increase rates. The financials are undeterred and moving ahead to exploit the $26 TRILLION in outstanding U.S. life insurance policies, which provides an actual market for these crooks and ghouls of about $ 500 BILLION even if only a small percentage of people sell their policies! This is just a taste of the future and the “new normal” under Obama and demonstrates that nothing is going to be done that was done under the New Deal because the New Deal came about only under the pressure of a million strong Communist movement in the United States. (See huge front -page article in the New York Times, September 6, 2009)While the capitalist media and phony “economists” keep talking about credit and bank loans the truth is that DEMAND is the engine of the economy, which can only be created by large-scale federal jobs programs. But Demand is NEVER EVER mentioned by the media or capitalist economists, because they must go along with the Capitalist Dictatorship’s plans as explained above to use the economic crisis as economic warfare against the masses to eliminate workers made “redundant” by Globalism and to set them up for actual extermination through Biowarfare using the so-called “Swine Flu,” which has been declared to be part of “The New Normal” and will, “according to experts” return in “waves over several years” to whittle down the population numbers. See Part II. All of the actions by the capitalist dictatorship on the economy sound totally ridiculous except when you understand that the capitalists’ ulterior motive is to welcome the Economic Crisis and the economic contraction and use it as the driving force to deliberately generate a huge amount of unemployment and weaken the overall health of the masses by enforced homelessness, food shortages and government food hoarding in the U.S. as well as actual starvation in developing and poor countries in Africa and Asia. Biowarfare agents such as the “Swine Flu” are developed at Fort Detrick and the CDC and brought in to exterminate them “through natural causes.”The Obama “Election Was Rigged FundamentallyAnd by Direct Agreement With John McCain!The “presidential election” was rigged by agreement between the presidential candidates as all presidential elections have been since the Watergate removal of Richard Nixon. See below. McCain deliberately sabotaged his own candidacy and took a fall so that the Democrats would take the White House. Please note: the purpose of the U.S. government’s focus on the clumsily rigged, fraudulent elections in Iran in June 2009 was: 1.) To falsely legitimize the U.S. presidential “elections” in comparison, which are rigged fundamentally but also rigged from every other conceivable angle in much more sophisticated ways (see below) and 2.) To discredit the Islamic Theocracy not only in Iran but also generally throughout Central Asia and other Moslem areas where Islamic Fundamentalists are trying to set up Islamic Theocracies! The United States itself installed the Islamic Theocracy in Iran after the 1979 overthrow of the Shah, in order to counterpose Islamic Fundamentalism to Marxism-Leninism and the national liberation movement in Iran, when it became apparent that the Peoples Fedayeen a Marxist group might take state power and then as a new Workers’ State side with the USSR. The U.S. especially did not want to lose the huge oil reserves of Iran! At that point the USSR was considered a far greater threat to world capitalism than Islamic Fundamentalism, which the capitalist dictatorship has always easily manipulated to its own advantage. (See below.) The U.S. supported the Green (colored) counter-revolution of Mir-Hossein Mousavi not because of any U.S. friendly policies of Mousavi (who targeted the U.S. when he was Prime Minister from 1981 to 1989, when he helped organize the 1983 truck bombings of the U.S. Embassy and Marine barracks in Lebanon, for example). The U.S. supports the Iranian “opposition” only because Mousavi is NOT Mahmoud Ahmadinejad and in order to try to undermine the Islamic Theocracy, introduce chaos and set the stage for later regime change. Mousavi’s nuclear energy policies do not differ substantially from those of Ahmadinejad so the planned bombing of Iran nuclear facilities by the U.S. Proxy, so-called “Israel” has not been called off. (See Materialist Analysis of the Mideast by this writer)U.S. Presidential Elections Were Rigged in Advance Even Prior to the2000-2004 Coup D’Etat by the Bush Regime, which FundamentallyAltered the U.S. Capitalist Dictatorship, Hardening its DictatorshipWith Aid and Full Cooperation of Democratic Party Leadership!The “presidential elections” have been staged every 4 years with the outcome decided upon in advance by agreement between the candidates themselves ever since the removal of Nixon in Watergate. In this respect it has been similar to TV Wrestling. It is a fact of capitalist statecraft that policies, programs including wars may be carried out more easily under one party than another because of the difference in constituency support of the 2 parties. If certain policies and programs are carried out under the wrong party that can result in loss of constituency support for that party and work to undermine the illusion of “democracy” in what is actually a hardening capitalist dictatorship in the United States. In order to achieve the agreed upon election outcome the candidate who has agreed to take a fall invariably makes some deliberate “mistakes” of commission or omission, similar to shooting himself in the foot, which is focused on by the media to provide a basis to vote against that candidate. The media moves in hard to make the point and cover-up other information which otherwise might lead to a contrary result. There have been many variations on this theme since Watergate. This approach, which has now become vastly simplified with the introduction of computerized/touch-screen voting machines, has also required the use of “Third Party” candidates, which have been used to split the election so the chosen candidate is able to win. Up to the 2004 “election” this has been necessary to overcome the natural “advantage” of an incumbent president or party.The candidates chosen for the staged presidential elections are infull agreement with the principal that the interests of the capitalistsystem supercede their own personal goals and aggrandizement.This has been the case ever since Watergate, the bloodless removal of Nixon by the Nelson Rockefeller faction in 1974. (As a matter of record “Seconds in Command at the FBI” such as Mark Felt do not bring down governments!) The assassinations of the 1960’s had become much too messy and created unnecessary cover-up problems for the capitalist system, putting it on the defensive. This was in addition to the direct threat that Nelson Rockefeller felt from Richard Nixon, who had previously assassinated John Kennedy in 1963, Robert Kennedy in 1968 and also shot George Wallace out of the race in 1972, because if Wallace had been healthy and not a paraplegic due to the bullet directed by Richard Nixon he would have split the right-wing vote and the Democrats would have won. In addition, Nelson Rockefeller knew that Nixon had apparently assassinated former president Lyndon Johnson, who had been photographed after he left office and grew his hair long like a hippie and smoked marihuana and was considered a “bad role model.” In addition, Nixon who used Dealey Plaza “tramps”/later “Watergate Burglars” CIA assassins E. Howard Hunt and Frank Fiorini Sturgis to assassinate JFK in 1963 (confirmed by photo-overlay identification) apparently also may have had a hand along with then president Johnson and FBI Chief J. Edgar Hoover in the assassination of Adlai Stevenson, perennial presidential candidate and a well-known and highly respected leader in the Democratic Party in London on July 14, 1965 after stating that he was taking a position against the Vietnam War and would return to the United States and play a leading role in order to bring the war to an end. Stevenson was assassinated by the Nixon-directed CIA “wet section” apparently with a gun, which shoots a capsule of either shellfish toxin or VX liquid nerve gas (which penetrates right through normal clothing) either of which will kill a person within 2 minutes after touching the skin. (Stevenson supposedly suffered a “heart attack” while on a London street.) Rockefeller forced this gun to be brought out in the 1976 Rockefeller Hearings where its use was described in full, but not its targets. This fact is now fully covered up on the Internet.Gore Won the 2000 Election but Permitted a Coup D’Etat!Kerry Actually Won the 2004 Election in a Landslide!Bush was Never the President of the United States!The 2000 and 2004 Coup D’Etat Made Bush a Usurper!Despite making every effort to lose 2000 Gore won the 2000 U.S. presidential election and also Florida but allowed Bush to take power through a coup d’etat! If Gore had simply said one word Bush could not have taken office. That word was “NO!” In 2004 Kerry actually won the “election” by upward of a million votes or more, perhaps much more, just as Gore won by at least 500,000 votes in 2000. Kerry was way ahead on the Exit Polls up until late afternoon on Election Day. Exit Polls are nearly always within one percentage point of actual U.S. election results. CBS, NBC and ABC did not carry out Exit Polls because the discrepancy of so many Exit Poll results having Kerry way ahead would be too glaring a contradiction with the planned election outcome, which the government intended to announce, namely a “Bush victory.” Instead Edison International and Mitofsky International alone carried out Exit Polls. In the Nov 5, 2004 New York Times and on the News Hour with Jim Lehrer also on Nov 5th, Warren Mitofsky, CEO of that company, stated that when he discovered that the results showing Kerry far ahead by millions of votes had gotten out on the Internet on Election Day, he cancelled the Exit Polls and thereafter reported “only the official election results,” which suddenly put Bush ahead by millions of votes! This Simply Does Not Compute! And contrary to the orchestrated campaign of lies to the contrary it most certainly had nothing to do with false claims such as “the median age of the surveyors, 34, which over-represented young voters, who tended to vote for Kerry.” (!) New York Times, January 20, 2005. The CEO of Diebold Walden O’Dell stated in a mailing that he would “do everything in his power to make sure that Bush was re-elected President.” (Of course, Bush is not president and never was president. He remains a usurper.) And Florida, which had been going to Kerry BIG by well over a million votes was, few hours later conceded to Bush.The same for Ohio, and in the Ohio recount Kerry and the Democratic leadership, under pressure from their hapless duped constituents, agreed to demand a recount, but assured the Republicans in advance that “no matter what the outcome the Democratic Party did NOT intend to challenge the election outcome!” There were tens of millions, not millions, of new voters in the 2004 “elections.” The registrations and votes of a large percentage of them were simply thrown out, vaporized. The election process in both Ohio and Florida was controlled by the Republican Party, and the Democratic Party leadership cooperated fully just as they did in 2000 and 2004, in a consolidation of what has been and is in fact an ongoing Coup D’Etat. Ralph Nader’s role in splitting the opposition to Bush especially in Florida where in 2000, according to the New York Times, he reportedly drew 93,837 votes and helped assure a Bush “victory” was not as important in 2004 because his 2000 role was exposed under pressure primarily originating from Communist elements. In addition, two-thirds of the 2004 U.S. presidential “elections” were carried out on computerized touch-screen voting machines. This was where Bush was given his fictitious “3½ million vote lead.” If the Democratic Party was serious which it is not, it would demand vote by paper ballot as in Canada and Europe, for example, where there is a much higher population density and it is realized that it is much easier to stuff an electronic/touch screen computerized voting machine than a paper ballot box, which the masses insist on! Not a “paper trail”—paper ballots! This was the objective, the reason computerized touch-screen voting machines were installed in the first place. With this weapon the throwing of presidential elections has now become a piece of cake. The vote-splitting assistance of a pumped up 3rd party candidate, used since Watergate to split the elections for one candidate or another, is hardly necessary anymore, except as a distraction or protest vote by those who are more easily duped. Because of this 2000-2004 coup d’etat Bush was never the “president” of the United States. He was a usurper at all times and should always be referred to as such. This means that everything which transpired during the Bush Regime was illegal on its face, including all legislation passed, all policies and all military invasions of other countries. Obama is continuing those illegal wars, etc.The basic question of every revolution is that of state power. The state is nothing more than a machine for suppressing one class by another. Unless this question is understood, there can be no intelligent participation in the revolution, not to speak of guidance of the revolution. Although the capitalist regime today is composed largely of Fascists we do not yet have Fascism in the United States. We have Rule By Decree, technically known as Bonapartism, in the form of a constantly hardening bureaucratic-military police state. What is most important to understand is that capitalism is a class dictatorship based on the fact that the capitalists own the means of production, the factories, the land, the banks, the military, the media (a privatized arm of the U.S. government’s so-called “intelligence community”), the educational system, where the state begins the brainwash of the youth who become the brainwashed adults and are instructed to pledge allegiance to the hardening capitalist dictatorship, which is falsely labeled “a democracy,” and to be ready to fanatically fight and die for the capitalists’ interests only—never their own interests! Finally, the capitalists own and operate the entire political process with their 2 parties which represent only capitalist interests. Even under a parliamentary system such as in France, Italy or England the capitalists run all of the parties including those that falsely claim to be “Communist.”Once the Socialist Revolution has been consolidated, the capitalists have been expropriated and class society has been abolished worldwide, the primary function of the state as a class dictatorship to suppress one class by another disappears and the state as such begins to wither away, its bureaucratic apparatus smashed and the functions of the new government apparatus taken over by the very same workers and other employees, against whose transformation into bureaucrats preventative measures will be taken, namely 1.) Direct Election, 2.) Recall at any time and 3.) Payment no higher than the union wage scale. But before that process of the withering away of the state can be entirely completed the reality is that because the capitalists have created such a range of problems that immediately confront the very survival of the human race the Socialist States of the entire world will have to work together very closely to undo the damage which has been done, for example, the Runaway Greenhouse Effect, which has now begun. Only a Socialist Revolution will permanently end the capitalist tyranny by an insignificant minority of millionaires and billionaires by expropriating all of the capitalists’ wealth and will actually make it possible for everyone to live like a millionaire with a future and with complete security. There is more than sufficient wealth to achieve this. Remember that all of the capitalists’ wealth was originally expropriated and stolen from the labor—the Surplus Value from the goods and services created and generated from the labor of the Working Class. See below.After the Socialist Revolution all officials in the U.S. Socialist government, without exception, will be elected and subject to recall at any time and their salaries reduced to ordinary union worker’s wages, which along with the salaries of all workers will rise substantially enough to be quite sufficient to live like a millionaire in the Socialist system! That fact alone will demonstrate more clearly than anything else the permanent break from capitalist dictatorship to a genuine worker’s democracy, from the dictatorship of the oppressors to the democracy of the oppressed classes, from the state as a “special coercive force” for the suppression of the Working Class, the middle class and the Poor, by an insignificant minority, to the suppression of the oppressors by the general force of the majority, after which the state in the proper sense of the word begins to wither away as the functions of the state are taken over by the general population. See below. There will be an end to the present situation where elections are staged periodically to decide which mostly predetermined members of the capitalist class will repress and crush us through the “presidency” and congressional parliamentarism, which has reached the stage of Rule by Decree. After the capitalists have been completely expropriated and the Socialist Revolution has triumphed, a reconstituted Socialist Congress, which exclusively represents the interests of the Working Class will become the ruling body in the United States, a truly flexible Working-Class government. The final name for it would be decided at that time.The Congress, which will be constituted with directly elected representatives of the masses, will be transformed from the present talking shop given over to phrasemongering and resolutions for the special purpose of fooling the credulous masses in televised committees, speeches and “debates,” where the real business of state is performed behind the scenes and is carried out by the general staffs in the White House, the National Security Agency, the Department of War (so-called “Defense”), and other departments of state, to a real working, not a parliamentary body, both executive and legislative at the same time. Remember that under capitalism all issues reduce to a single question: how best to preserve capitalism-imperialism! There is no other apparent agenda! What does that mean in actual practice? There is a contradiction! The dynamic of capitalism works at cross-purposes to the actual preservation of capitalism! The policies which are actually adopted at this stage of capitalism by the usurped executive, gerrymandered legislative and stacked judicial branches of the capitalist dictatorship do away with all previous checks and balances which, though minimal, had allowed capitalism to exist in balance up to the point of the Soviet surrender (see below). Removal of those checks and balances and the existence of the Soviet Union now allows the dialectic of capitalism to develop and be expressed in its hardest, most naked and unrestrained form.Under Socialism the U.S. Constitution, which has been largely abolished in practice by the parasite capitalist dictatorship, will be completely rewritten to encompass the reality of the abolition of the capitalist state and its replacement with a Socialist Government and organization of society on the basis of a network of Workers’ Councils in every city, town and military garrison. Most of the Amendments to the present U.S. Constitution will be retained except those dealing with maintaining the capitalist state and its bureaucracy, which will be abolished totally, though many if not most of the personnel will help in the transition to a Socialist system. These measures, which involve the reorganization of the state and purely political reorganization of society, take on their full meaning and significance only in connection with the expropriation of the expropriators, i.e. with the transformation of capitalist private ownership of the means of production into true social ownership. With the achievement of the Socialist Revolution worldwide, which will occur virtually simultaneously with the Socialist Revolution in the United States, the basis for all wars will cease because there will be no more “center of world capitalism,” which formed the basis of justification for the hard dictatorship of the USSR and other Workers’ States hand because Socialism unlike capitalism is based fundamentally on human need, not war and mass murder.There was No “Collapse” of the Soviet Union!Gorbachev’s 1988 Soviet Surrender Was Based onLenin’s Strategy of the Treaty of Brest-Litovsk!The capitalist dictatorship of millionaires and billionaires constantly repeats the Big Lie every day that the Soviet Union “collapsed.” That is a very Big Lie! Gorbachev actually surrendered to the threat of a nuclear threat created by the United States. In carrying out his 1988 surrender to the threat of a nuclear war Gorbachev was following the Strategy of Brest Litovsk, where Lenin was forced to sign an ignominious peace agreement with the German Kaiser in order to gain time with the understanding that all the Russian land that the early Soviets were forced to give up would be later regained. That was the case and the Soviets later recovered all of the land which they had given up to the Germans. Gorbachev was completely correct in believing that the inexorable outcome of a nuclear arms race was nuclear war and that the situation at that time left no other choice at the time but to surrender. Gorbachev also knew and calculated that by the Soviet Union leaving the field in the so-called “Cold War” that the dynamic of capitalism would continue unchecked thus exacerbating and accelerating the contradictions of capitalism-imperialism and hopefully making these contradictions stand out in bold relief and bringing it closer to the final scrap heap of human history. The dynamic of capitalism has indeed been accelerated in spades! The result was the present Economic Crisis. But the U.S.-led Fascists are once again on the Russian doorstep. Gorbachev wanted to try to eliminate the nuclear threat. And he did so—but only for a time! Gorbachev did buy important time just like Lenin did. But was it enough time? Time will tell!! Gorbachev also wanted to integrate the former USSR into the world capitalist economy making it much less likely to be a nuclear target of world capitalism. And he did so but only up to the point of Bush’s abandoning the 1972 ABM Treaty, on June 13, 2002, in U.S. preparation to continue its so-called “missile defense” in the Czech Republic and Poland on the border of the Russian Federation, which combined with the NATO presence now on the border of Russia, is nothing more than an attempt to force a second Russian Surrender. (See below.) But the 1988 Soviet Surrender to the Threat of a Nuclear War also created many more contradictions.Today, even the Russian Federation in a typically bizarre Stalinist opportunist fashion, sounding especially strange in light of the economic crisis, has now agreed to the U.S. fraudulent propaganda claim of “economic collapse of the USSR” in order to try to placate and guarantee peace with U.S.-led world imperialism, now that the Soviet Workers’ State has largely been dismantled. And even Russia Today TV, while still presenting the Russian response to world events, which correctly always seeks to avert confrontation, has taken the mildly polemical “In Context” by Peter Lavelle completely off the air as an obsequious gesture to placate the United States prior to any possible new arms agreements. Russia Today TV never loses an opportunity to repeat the Big Lie about the supposed “Soviet Collapse” in order to try to ingratiate Russia with the U.S. capitalist dictatorship. But now “Russia” finds how fast that “peace” has disappeared, with the U.S. breaking virtually all of the U.S.-Soviet Peace Treaties of the 1990’s starting with the cornerstone
But now “Russia” finds how fast that “peace” has disappeared, with the U.S. breaking virtually all of the U.S.-Soviet Peace Treaties of the 1990’s starting with the cornerstone of the agreements with the Soviet Union, the Anti-Ballistic Missile (ABM) Treaty of 1972, which Bush formally broke on June 13, 2002 thus forcing the Russian Federation to withdraw from Start II, which banned the use of MIRV warheads on ICBMs. The recent impounding of ships bound to Abkhazia by the U.S./Georgia (!) is to be mostly ignored and forgiven in anticipation of possible nuclear arms agreements, while the U.S./NATO plan to try to force a Second Russian Surrender continues on track. See below! Forcing a Second Russian Surrender is the present strategic centerpiece of U.S. “statecraft” with Russia in order to try to take over all the natural resources of Russia for U.S. capitalist exploitation.NATO and U.S. ships now fill the Black Sea as a further provocation after the U.S./Georgian Invasion/Provocation of South Ossetia, which the U.S. indubitably is rearming. In addition the U.S. is directing their Ukraine puppet Viktor Yushchenko to push the provocation/demand that the Russian fleet abandon its main Sevastopol base in the Crimea inhabited by 70% Russians!! Lots of luck! The Russian Federation also have opened Russian airspace to all U.S. military flights involved with the U.S. Invasion of Afghanistan and directed Kurmanbek Bakiyev, the president of Kyrgyzstan Manas, to reverse his “permanent” decision forcing the U.S. to leave the Manas airbase in 180 days in exchange for largely increased rent, only a pittance to the U.S. The U.S. is also building air bases in Georgia, just like they built Camp Bondsteel in Kosovo, which it plans to use against Iran and other central Asian and Mideastern countries. In addition, the U.S. is trying to steal Russian oil by planned diversion of the Caspian pipeline away from Russia (the Nabucco Pipeline) but is not having much success because the South Stream Pipeline, designed by Putin himself, makes much more sense and has Turkish support! Public opinion in Europe does not support either the U.S. or NATO in such anti-Russian adventures, which are bound to fail no matter how many provocations are carried out and how many Big Lies are told.The false claim of “economic collapse of the Soviet Union” was fabricated by the United States in order to try to demoralize the masses of the world, and the United States especially, against the only solution to the complex of problems created by capitalism-imperialism. That solution is Socialism! Which can only be achieved through a Socialist Revolution in the United States, which itself can only be carried out peacefully by winning over popular support as occurred in the October Russian Revolution of 1917. Mikhail Gorbachev’s Op-Ed column in the New York Times, August 20, 2008, was the typical Stalinist (Not Communist!) opportunist, anti-Communist response, which did not explain the clever U.S. strategy of provocation, primarily in order to create ethnic division in the Caucuses designed to last for generations and that Russia was forced to respond to these provocations.Analysis of the 1988 Soviet SurrenderTo the Threat of a Nuclear WarIn his 1988 surrender to the United States Gorbachev, in his efforts to please the capitalists, carried out some rather heinous acts of murder of prominent Soviet statesmen, prominent Soviet representatives and assorted “stones in the shoe” of the capitalists. For example, Gorbachev undoubtedly had his own Soviet Foreign Minister Andrei Gromyko murdered in July 1989 because it would be inconceivable that Gromyko could espouse the surrender terms that Gorbachev had agreed to and may have openly opposed them. Gromyko was thus seen as a potential troublemaker in the planned Soviet surrender. A living Gromyko would be more respected than a live Gorbachev. The U.S. and the USSR had also previously agreed to the murder of NAZI Rudolph Hess in preparation for the rather long-planned Soviet Surrender. (Remember even before he took power on March 12, 1985 British Prime Minister Margaret Thatcher’s December 1984’s highly publicized statement: “We can do business with Mr. Gorbachev!”) Hess was a totally frail 93 years old NAZI imprisoned in Spandau Prison in Germany and simply refused to die a natural death. Hess was a continuing symbol of the NAZIs and the need for a continuing Soviet presence in Eastern Europe and thus an obstacle to the planned Soviet surrender and the planned break-up and Soviet withdrawal from the countries which made up the Warsaw Treaty Organization. An extremely frail Hess, who needed help in tying his shoes by a male nurse, was murdered by the Americans with USSR agreement, by wrapping an electric cord around his neck and choking him to death. The media trumpeted “suicide, when he had never ever attempted “suicide” previously, despite media “Big Lie” claims to the contrary. And the prolific Hess left no suicide note and was moreover physically totally feeble and completely unable to choke himself to death according to testimony by relatives! See extensive coverage in the New York Times on and after August 17, 2008. In addition, Gorbachev also gave the order for the murder of Kim Philby in May 1988, a Soviet Agent who had led the Russian division of British Intelligence (!) for 19 years (!) from 1944 and had escaped to the USSR in 1963 just in the nick of time to prevent his capture. His existence was a total embarrasment to British “Intelligence.” In 1965 Kim Philby was awarded the Order of the Red Banner, one of the highest Soviet awards, and was made a General in the KGB. Philby was another “stone in the shoe” of the capitalists who had to be removed! With these people dead no one could ask THEIR opinions on the Gorbachev surrender. Because they were dead! Several others who had defected to the Soviet Union were also murdered to “clear the slate” for the coming Soviet Surrender.Gorbachev’s own wife considered him to be a traitor and was estranged from him after Gorbachev carried out the final provocation(s) he used to discredit the Soviet leadership, many of whom were previously the respected and personal friends of both Gorbachevs, but who were not allied to him in his surrender to the United States and had to be eliminated. On August 4, 1991 with great fanfare the hugely unpopular Gorbachev took a vacation to the Crimea and behind the scenes encouraged the so-called “Gang of Eight,” some of whom accompanied him to the Crimea (!) to stage what was described later as a “coup,” but unknown to them Gorbachev cut all their lines of communication and chain of command. Gorbachev controlled the media completely, NOT the other way around as officially portrayed, thus setting this “Communist (Stalinist)” opposition up to be discredited and removed officially from all top government posts. Boris Yeltsin, an expert demagogue, was appointed beforehand by Gorbachev to move into the gap while Gorbachev was supposedly being “imprisoned in the Crimea.” Yeltsin was new and did not share Gorbachev’s mantle of unpopularity in the Soviet Union and the crowds were peppered with shills to scream his name, which the world capitalist media reported with glee. The media showed Yeltsin “heroically” denouncing the “coup” from the top of a tank. Gorbachev himself directed the so-called “Gang of Eight” to set up a plan of measures that supposedly could be taken in case a state of emergency!Deputy USSR Defense Minister General Valentin Varennikov stated that Gorbachev himself had supported the coup and was behind all eight and had told the group: “Do what you think is needed, damn you!” to restore order and declare a state of emergency. Gorbachev knew these individuals opposed him and gave them the rope to hang themselves. The official name for the group was the State Committee on the State of Emergency (GKChP), and was headed by Vice President Gennadii Yanayev. Others included KGB head Vladimir Kryuchkov, Soviet Prime Minister Valentin Pavlov, Defense Minister Dmitry Yazov, the USSR Internal Affairs Minister, Boris Pugo, Deputy Chief of the USSR Defense Council Oleg Baklanov, Vasily Starodubtsev, chairman of the USSR Peasant Union and Alexander Tizyakov, president of the Association of the State Enterprises and Conglomerates of Industry, Transport, and Communications. This group was almost immediately dismissed from their offices by Gorbachev after the coup began and Gorbachev returned to Moscow with some of those very members (!), who were then all arrested. Pugo and his wife supposedly “committed suicide” but the reported circumstances at the time indicate that it was murder. A highly publicized and staged attack on the Soviet Parliament, the so-called “White House,” which had to be put down militarily, was then carried out as yet another provocation to send the message of intimidation to the Communist Party members of Parliament and the masses (who hated Gorbachev and what was happening under his leadership), that the Soviet military supported the Gorbachev/Yeltsin leadership. Later Gorbachev resigned officially and the Soviet surrender was consolidated under Yeltsin who liquidated the USSR officially on December 8, 1991, when the USSR, Belarus and the Ukraine signed the Belovezh Agreement, dissolving the Soviet Union and establishing a Commonwealth of Independent States. Pretty quick work! No?In his August 20, 2008 New York Times Op-Ed Gorbachev also lied through omission by omitting the obvious long-range U.S. objectives of the U.S./Georgian Invasion/Provocation of South Ossetia. Putin and Medvedev to their credit eventually exposed these objectives although only secondarily and without appropriate focus and emphasis! Russia has used others wherever possible such Alexandr Chachiya, for example. (See Materialist Analysis of the August 7, 2008 U.S./Georgian/Ukrainian Invasion of South Ossetia.) By honestly and precisely explaining these provocations Russia would be able to explain how the U.S. intends to manipulate public opinion. This way the public in all countries would be on guard not to allow itself to be manipulated by the country which lied about “Weapons of Mass Destruction” in Iraq and which lies about everything including the most recent Bailout of Wall Street. This should be a no-brainer but Stalinist opportunism blocks the mind.Capitalism is in its Final Stage of Permanent War, Which isPotentially the Most Ideal Pre-Revolutionary Situation Possible!The negatives of capitalism far outweigh the positives and have for a long time! The choice we have is to remain passive passengers on this Titanic, which is going only one way—down with us on it, or we can begin to call for and organize a Socialist Revolution, which will provide the solution to the entire complex of problems created by capitalism-imperialism which now directly threatens all life on Earth. In order for alternative viewpoints to be heard equally as loud as those of the capitalist dictatorship the capitalists must first be deprived of the ability to send bodies of armed men against the masses. The capitalist class must be disarmed!! That is why the Pre-Condition for Socialist Revolution in the United States and any developed country is Mutiny in the armed forces, which is what happened in Russia in 1917 when the Russian army mutineed during WWI. That’s our model just as the Paris Commune was their model, but just as they did not make the mistakes of the Commune, we will not make the mistakes they made and there will be no more center of world capitalism to contend with! That is why we must begin by supporting the only position with successful historical precedent and call for Mutiny in Iraq as in Vietnam—the Real Reason the Vietnam War Ended in 1975! There is no “third way” or alternative to capitalism-imperialism, which can not be reformed through any form of elections within the constantly hardening capitalist dictatorship, or by any other means such as “Impeach Bush” or “Impeach Blair,” which are just strategies designed to deceive the masses and bring those opposed to the capitalist dictatorship back into the fold. Impeaching Bush or Blair would not change anything because the capitalist class dictatorship would not have changed The strategy, tactics and techniques of achieving a Socialist Revolution in the United States are discussed further herein and in future posts.The Declaration of Independence:No Founding Document of the United States Enshrines Capitalism as the Permanent Economic System! On the contrary, The Declaration of Independence written by Thomas Jefferson is a actually a Transitional Document which authorizes a Socialist Revolution in the United States as the Only Prudent and Appropriate Response to the Level of Tyranny, Oppression and Threat to Human Civilization and Indeed All Life on Earth, which the United States Capitalist Class Dictatorship has Subjected the Entire World!Some people think that a Socialist Revolution in the United States is some sort of foreign idea which would not work in the United States. That is absolute nonsense! In fact, the author of the Declaration of Independence provided the remedy, the solution, for today’s situation in this founding document of the United States. The underlined sections below document that today Thomas Jefferson would fully support a Socialist Revolution in the United States and that he would be declared a Communist. Which would be correct! Jefferson was the most politically intelligent and far-sighted of all of the so-called Founding Fathers of the United States. The capitalist system is not enshrined in ANY founding document of the United States! All that is necessary in the last sentence of the Declaration is to substitute the words—the capitalist system—in place of “the King of Great Britain,” and it applies to today. The Declaration of Independence clearly authorizes and calls for a Socialist Revolution in the United States today!This document was written with careful foresight by one of the greatest intellectuals of the American bourgeois revolution and the world at that time. Most people have not read the Declaration of Independence since they have been children or have never read it. We are usually taught to learn only the first 2 lines and not to bother about the rest! The essence or gravamen of the Declaration of Independence makes up most of its text and appears below in the underlined sections. The fact that Jefferson wrote the document to apply not only to American revolutionary times but in fact expressly designed it to protect us from intolerable crimes of all future governments, in particular the destructive capitalist economic-political-social system in the present day, is covered up by the capitalist educational system, which clearly understands its true meaning and significance! (For example, if an attempt is made to enter a comment which contains the underlined sections below on certain Blog sites, the entry is rejected with programmed X-marks crossing out each word written by Thomas Jefferson!) And whenever the Declaration of Independence appears in writing as the backdrop for a political event for example, it is always in script and almost invariably on a dark background in order to make reading it impossible. In the beginning of organizing it is important to cite this founding document whenever calling for a Socialist Revolution in the United States. Obviously no pre-existing legal basis is actually required to carry out a Socialist Revolution! At this point however where there is no organized call for a Socialist Revolution and critical mass has not been reached it is a very important document in winning over the masses.All of this naturally is covered up by U.S. government-operated phony “opposition” such as the “United Action Center,” ANSWER, United For Peace and Justice, Move-on, Workers World Party, the so-called “Revolutionary Party,” the Socialist Workers Party, Spartacist League, Workers League, Communist Party USA, the Progressive Labor Party etc., etc. Proper use of this document can greatly increase the acceptance of a revolutionary change in the form of the State and supports the present call right now for a Socialist Revolution in the United States. It is important to cite this founding document whenever calling for a Socialist Revolution in the United States. The founding fathers all signed this document, which states: “whenever any Form of Government becomes destructive of…the unalienable Rights of Life, Liberty and the pursuit of Happiness…it is their right, it is their duty, to…throw off such Government…to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness…and “to provide new Guards for their future security…” This obviously does not mean to hold new “elections.” It calls for laying a new foundation and principles, which in today’s context means to organize the state and society on a different basis of class ownership, which is the only means to achieve the rights of life, liberty and the pursuit of happiness:We hold these truths to be self-evident, that all men are created equal, that they are endowed…with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. –That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, –That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn that mankind are more disposed to suffer, while evils are sufferable than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security. –Such has been the patient sufferance of these Colonies; and such is now the necessity which constrains them to alter their former Systems of Government. The history of the present King of Great Britain is a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute Tyranny over these States. To prove this, let Facts be submitted to a candid world.”The handwriting is on the wall! It is time to organize! It is your right and it is your duty!_____________________________________William H. Depperman, CoordinatorUnited Front Against RacismAnd Capitalism-ImperialismUnion Square ParkNew York, N.Y. 10003September 18, 2009
I had done a little research on JPM over the past couple of weeks. And as I read this article, I was surprised to find out the similarities between JPM and the 7 points Rick has enlisted. Though not literally, most points he discussed here is relevant to JPM per se. It seems JPM functioning like a hedge fund and forgotten its core business of banking, probably in the pursuit of higher profits through higher exposure. And as it seems to me through this report: (http://boombustblog.com/index.php?option=com_docman&task=doc_download&gid=238) they’ve failed miserably. JPM’s share of trading revenues in proportion to its total revenues is among the highest in the industry (and in the present scenario, most of the other large US banks too). Poor performance of its trading desk has become a matter of increased concern especially in light of increased volatility in the markets. Besides high volatility in revenues, the sources of returns for trading revenues suggest that there is hardly any real alpha generated by portfolio managers. The performance of its trading desk has been more or less in line with the S&P 500, there seems to be an absence of real alpha generated by these fund managers. Hedge funds and JPM both seem to be heading the same way…
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