On December 17th, Gallup headlined “Biden Inherits a Battered U.S. Image Abroad”.The Pew surveys have found the same thing: In almost all countries surveyed, other than Poland, public approval of America’s leadership plunged when Trump replaced Obama, and that low approval stayed down throughout Trump’s Presidency.
However, also on December 17th, the great investigative journalist David Sirota headlined at his “The Daily Poster” blog, “End The Austerity Loop”, and he documented that President Obama’s response to George W. Bush’s policies that had crashed the U.S. economy (and actually the entire world’s economy) had actually been to institute a bailout of the megabanks (“broker-dealers”), and — as soon as it was passed by Congress — Obama’s Administration refused to help the people who had been evicted from their homes as a result of what Wall Street had done. Obama said instead that all of the federal money had already been spent and he wouldn’t authorize increasing the federal debt even more than he already had authorized in order to bail out Wall Street.
Of course, Congress was also culpable in all of these Robin-Hood-in-reverse policies (protecting Wall Street while abandoning Main Street), but the ultimate leadership was at the top, and it was a policy of sheer hypocrisy. Trump has merely been hypocritical in a different way, and espousing a different set of excuses for his failures.
On 18 February 2011, National Public Radio headlined “TARP Watchdog Says Foreclosure Plan Is Failing” and reported that
Neil Barofsky, the special inspector general for the massive federal bank bailout program, or TARP, is stepping down from his post in March. He says the Obama administration’s program to prevent foreclosures is broken, and that many of the people it’s supposed to be helping are now “in a far worse place than they would have been had this program not existed.”
The purpose of Title XIII (“Pay it Back Act”) of the DoddFrank Act, according to Senator Michael Bennett, was to “rebuild the credibility of our financial system, save taxpayers billions of dollars, and finally move to end the TARP”12 by “prevent[ing] further government spending, recaptur[ing] taxpayers’ investment in financial institutions, and ensur[ing] that repaid funds are used for deficit reduction.”13 Under Title XIII, TARP funding authorized under the EESA was reduced from $700 billion to $475 billion.14 Also, no additional TARP funds can be spent on any program initiated after June 25, 2010; any money repaid to the TARP fund must be used for deficit reduction only.15 Title XIII amends the Housing and Economic Recovery Act of 2008. The Treasury must allocate the sale of obligations and securities, as well as fees paid by Fannie Mae, Freddie Mac, and Federal Home Loan Banks to the General Fund of the Treasury (“General Fund”).16 The funds must be “dedicated for the sole purpose of deficit reduction” and “prohibited from use as an offset for other spending increases or revenue reductions.”17 Similarly, TARP funds provided to a state under ARRA and rejected by the Governor or by the State legislature, or funds withdrawn or recaptured by the head of an executive agency not obligated by a State or local government, will be rescinded and deposited in the General Fund.18 Once in the General Fund, the money will be “dedicated for the sole purpose of deficit reduction” and “prohibited from use as an offset for other spending increases or revenue reductions.”19 Section 1306 further provides that discretionary ARRA appropriations that have not been obligated as of December 31, 2010 shall also be rescinded and deposited in the General Fund for the sole purpose of deficit reduction.
The megabanks had gotten their federal help, but foreclosures and boarded-up windows and storefronts were appearing everywhere and were lowering the surrounding property-values, so that both lower and middle-class real estate were getting increasingly worse and more run-down. The TARP Bailout Program saved the megabanks but not their victims; and here is why, as explained even by a conservative, pro-corporate, source:
The Problem With the TARP Program for Homeowners
Why didn’t more people take advantage of the HAMP and HARP programs? This would have pumped billions into the economy and helped millions of homeowners avoid foreclosure.
The problem was the banks. They cherry-picked applicants and refused to consider those with lower equity. Banks were too wary of risk to allow the programs to work.
These were the same banks, who just a few years before, were giving out loans to anyone because they were making money on the investments that were created from the loans.
There was no risk to the banks, as all these loans were guaranteed by Fannie Mae or Freddie Mac. Banks didn’t want to be bothered with the paperwork involved with homeowners who had mortgage insurance.
On 25 July 2016, a mortgage-industry website headlined “Obama administration presents a look at life after HAMP” and acknowledged “that there’s more work to be done.” (That was putting it mildly.)
The Obama Administration did nothing whatsoever to reduce those foreclosures. In fact, there was even less prosecution of financial and other white-collar crimes than there had been under Bush.
The admirers of President Trump are equally deceived — no less deceived than the admirers of Obama had been. Trump promised to “drain the swamp” and did none of that.
In foreign policies, Trump continued Obama’s wars (including aggressive sanctions), such as against Syria, and against Russia, and against Iraq, and intensified Obama’s war against China and against Iran and against Venezuela — all of these being against countries that had never threatened to invade the U.S., and so all of them were (and are) actually wars of aggression, not of defense.
Americans are profoundly deceived to accept such people as leaders, instead of to reject them as liars and as traitors.
Most Americans — and many people throughout the world — prefer one or the other of those two American Presidents on the basis only of political prejudices, but the actual differences between Obama and Trump were more stylistic than substantive.
President Trump, at the end of his Presidency, is polling, among the American public, both as one of the worst Presidents ever and as one of the best Presidents ever, and this is a reflection of the astoundingly sharp partisan divide now between Democrats and Republicans. Pathetically few Americans recognize that both of the two Parties represent only the billionaires — not the American people. This pervasive miscomprehension, by the public, results because the billionaires control not only the Government, they also control the press — they shape the population’s perceptions, so as to make this aristocracy (America’s billionaires) acceptable to the public, directing the public’s rage to be against the opposite Party, instead of against the billionaires themselves, who actually control the country.
Consequently, Democratic Party voters think that that Party is their Party, and Republican Party voters think that that Party is their Party. However, in reality, both Parties are controlled by America’s hundreds of billionaires — not by the given Party’s approximately hundred million registered voters. Obama represented the Democratic Party’s billionaires, and Trump represented the Republican Party’s billionaires (other than the ones who, in 2020, disliked Trump so much that they donated instead to the Biden campaign or to one of its PACs; and Biden’s biggest donor even turned out to be the Republican Michael Bloomberg, at $56,796,137, who had entered the Democratic Presidential primaries because he had feared that a progressive, Bernie Sanders, might win that Party’s nomination; Bloomberg then quit the contest and endorsed Biden on Super Tuesday, 4 March 2020, and immediately became Biden’s biggest funder).
This is a Government of the people, by the billionaires, and for the billionaires. It’s no democracy, whatsoever, and the U.S. Constitution has been covered-over, by the U.S. aristocracy’s Supreme Court’s rulings, so that it has become, by now, merely a parchment document, which ‘means’ whatever the (majority of the) U.S. aristocracy’s Supreme Court say that it means. Although those jurists are paid by the public to represent America’s Founders, they don’t represent America’s Founders, and they don’t represent the American people, either. They represent — and protect the interests of — America’s billionaires. They were chosen because that is what they had been doing before they had been chosen. If they hadn’t been doing this, they wouldn’t have been chosen. That’s the way today’s American Government functions.
Author’s note: first posted at Strategic Culture
A Disintegrating Trump Administration?
If Donald J. Trump wanted a historic presidency, he certainly seems to have achieved it — he is now the only president to have been impeached twice.
According to the rules, the House impeaches followed by a trial in the Senate. There is precedent for the trial to continue even when the office holder has left office. Should that trial result in conviction, it prevents him from seeking any future elected office. Conviction is unlikely, however, as it requires a vote of two-thirds of the members present.
It has been reported that Trump wanted to lead the crowd in the march to the Capitol, but was dissuaded from doing so by the Secret Service who considered it much too dangerous and could not guarantee his safety.
Various sources attest that Trump’s mind is focused on pardons including himself and his family members. Whether it is legal for him to pardon himself appears to be an unresolved question. But then Trump enjoys pushing the boundaries of tolerated behavior while his businesses skirt legal limits.
He appears to have been greatly upset with his longtime faithful vice-president after a conversation early on the day of the riot. As reported by The New York Times, he wanted Mike Pence to overturn the vote instead of simply certifying it as is usual. The certification is of course a formality after the state votes already certified by the governors have been reported. Pence is reputed to have said he did not have the power to do so. Since then Trump has called Vice President Pence a “pussy” and expressed great disappointment in him although there are reports now that fences have been mended.
Trump’s response to the mob attacking the Capitol has also infuriated many, including lawmakers who cowered in the House chamber fearful for their lives. Instead of holding an immediate press conference calling on the attackers to stop, Trump responded through a recorded message eight hours later. He called on his supporters to go home but again repeated his claims of a fraudulent election.
Aside from headlining the US as the laughingstock among democracies across the world, the fall-out includes a greater security risk for politicians. Thus the rehearsal for Biden’s inauguration scheduled for Sunday has been postponed raising questions about the inauguration itself on January 20th.
Worse, the Trump White House appears to be disintegrating as coordination diminishes and people go their own way. Secretary of State Pompeo has unilaterally removed the curbs on meeting Taiwanese officials put in place originally to mollify China. If it angers China further, it only exacerbates Biden’s difficulties in restoring fractured relationships.
Trump is causing havoc as he prepares to leave the White House. He seems unable to face losing an election and departing with grace. At the same time, we have to be grateful to him for one major policy shift. He has tried to pull the country out of its wars and has not started a new one. He has even attempted the complicated undertaking of peace in Afghanistan, given the numerous actors involved. We can only hope Biden learned enough from the Obama-Biden administration’s disastrous surge to be able to follow the same path.
Flames of Globalization in the Temple of Democracy
Authors: Alex Viryasov and Hunter Cawood
On the eve of Orthodox Christmas, an angry mob stormed the “temple of democracy” on Capitol Hill. It’s hard to imagine that such a feat could be deemed possible. The American Parliament resembles an impregnable fortress, girdled by a litany of security checks and metal detectors at every conceivable point of entry. And yet, supporters of Donald Trump somehow found a way.
In the liberal media, there has been an effort to portray them as internal terrorists. President-elect Joe Biden called his fellow citizens who did not vote for him “a raging mob.” The current president, addressing his supporters, calls to avoid violence: “We love you. You are special. I can feel your pain. Go home.”
That said, what will we see when we look into the faces of these protesters? A blend of anger and outrage. But what is behind that indignation? Perhaps it’s pain and frustration. These are the people who elected Trump president in 2016. He promised to save their jobs, to stand up for them in the face of multinational corporations. He appealed to their patriotism, promised to make America great again. Arguably, Donald Trump has challenged the giant we call globalization.
Today, the United States is experiencing a crisis like no other. American society hasn’t been this deeply divided since the Vietnam War. The class struggle has only escalated. America’s heartland with its legions of blue-collar workers is now rebelling against the power of corporate and financial elites. While Wall Street bankers or Silicon Valley programmers fly from New York to London on private jets, an Alabama farmer is filling up his old red pickup truck with his last Abraham Lincoln.
The New York banker has no empathy for the poor residing in the southern states, nothing in common with the coal miners of West Virginia. He invests in the economies of China and India, while his savings sit quietly in Swiss banks. In spirit, he is closer not to his compatriots, but to fellow brokers and bankers from London and Brussels. This profiteer is no longer an American. He is a representative of the global elite.
In the 2020 elections, the globalists took revenge. And yet, more than 70 million Americans still voted for Trump. That represents half of the voting population and more votes than any other Republican has ever received. A staggering majority of them believe that they have been deceived and that Democrats have allegedly rigged this election.
Democrats, meanwhile, are launching another impeachment procedure against the 45th president based on a belief that it has been Donald Trump himself who has provoked this spiral of violence. Indeed, there is merit to this. The protesters proceeded from the White House to storm Congress, after Trump urged them on with his words, “We will never give up, we will never concede.”
As a result, blood was shed in the temple of American democracy. The last time the Capital was captured happened in 1814 when British troops breached it. However, this latest episode, unlike the last, cannot be called a foreign invasion. This time Washington was stormed by protestors waving American flags.
Nonetheless, it is not an exaggeration to say that the poor and downtrodden laborers of America’s Rust Belt currently feel like foreigners in their own country. The United States is not unique in this sense. The poor and downtrodden represent a significant part of the electorate in nearly every country that has been affected by globalization. As a result, a wave of populism is sweeping democratic countries. Politicians around the world are appealing to a sense of national identity. Is it possible to understand the frustrated feelings of people who have failed to integrate into the new global economic order? Absolutely. It’s not too dissimilar from the grief felt by a seamstress who was left without work upon the invention of the sewing machine.
Is it worth trying to resist globalization as did the Luddites of the 19th century, who fought tooth and nail to reverse the inevitability of the industrial revolution? The jury is still out.
The world is becoming more complex and stratified. Economic and political interdependence between countries is growing each and every day. In this sense, globalization is progress and progress is but an irreversible process.
Yet, like the inhumane capitalism of the 19th century so vividly described in Dickens’ novels, globalization carries many hidden threats. We must recognize and address these threats. The emphasis should be on the person, his dignity, needs, and requirements. Global elites in the pursuit of power and superprofits will continue to drive forward the process of globalization. Our task is not to stop or slow them down, but to correct global megatrends so that the flywheel of time does not grind ordinary people to the ground or simply throw nation-states to the sidelines of history.
Deliberate efforts were made to give a tough time to President Joe Biden
President Trump-Administration is over-engaged in creating mess for in-coming President Joe Biden. The recent deliberate efforts are made to give a tough time are: naming Cuba a state sponsor of terrorism, designating Yemen’s Houthi rebels as a foreign terrorist organization, Terming Iran as a new home to al-Qaida, and lifting restrictions on contacts between American officials and representatives from Taiwan.
The consequence may turn into dire situations, like a return to cold war era tension. Efforts were made to resume Cuba-US relations to normal for decades and were expected to sustain a peaceful co-existence. Any setback to relations with Cuba may destabilize the whole region. Pompeo’s redesignation of Cuba as a sponsor of state terror will possibly have the least material impact, but it signifies a personal loss to Biden and a momentous political win for Trumpism. In doing so, Trump is hitting the final nail in the coffin of Barack Obama’s efforts to normalize relations with Cuba.
Yemen issue was a creation of Arab spring sponsored by the CIA, and after realizing the wrongdoings, the US was trying to cool down the tension between Saudi Arabia and Yemen, but with the recent move to name Yemen’s Houthi rebels as a foreign terrorist organization, may open new hostilities and bloodshed. It has been designated by UNICEF as the “largest humanitarian crisis in the world, with more than 24 million people — some 80 percent of the population — in need of humanitarian assistance, including more than 12 million children.” Such statements may halt humanitarian assistance and may result in a big disaster.
The history of rivalries with Iran goes back to 1953 when the UK and the US jointly overthrew the legitimate government of Prime Minister Mossadeq. But the real tension heightened in 2018 When President Trump withdrew from JCPOA. But the recent allegation that Iran as a new home of al-Qaida may take a new turn and give a tough time to Joe Biden–Administration. Although there is no evidence, however, Secretary of State Pompeo made such an allegation out of his personal grudge against Iran. It can complicate the situation further deteriorate and even may engulf the whole middle-east.
Lifting constraints on contacts between American officials and representatives from Taiwan, is open violation of “One-China Policy.” Since Washington established formal diplomatic relations with Beijing in 1979, it has resisted having official diplomatic associations with Taipei in order to avoid a confrontation with the PR China, which still comprehends the island — home to around 24 million people — as part of China. Chinese are very sensitive to the Taiwan issue and struggling for peaceful unification. However, China posses the capabilities to take over by force, yet, have not done so far. Secretary of State Mr. Pompeo’s statement may be aiming to instigate China and forcing toward military re-unification. It might leave a challenging concern for Joe Biden-Administration.
Raffaello Pantucci, a senior fellow at Singapore’s S. Rajaratnam School of International Studies, said, “The Trump administration is locking in place a series of conflicts that change the starting point for Biden walking into the office on the world stage.”
Even Mr. Pompeo had a plan to travel to Europe to create further hurdles for in-coming administration, but fortunately, some of the European countries refused to entertain him, and desperately he has to cancel his trip at the eleventh hours.
It is just like a losing army, which destroys all ammunition, weapons, bridges, infrastructures, etc., before surrendering. Although President Trump’s days in office are numbered, his administration is over-engaged in destruction and creating hurdles for the next administration. He is deliberately creating hurdles and difficulties for President-Elect Joe Biden.
President Joe Biden has many challenges to face like Pandemic, unrest in the society, a falling economy, losing reputation, etc. Some of them might be natural, but few are specially created!
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