A Vote of No Confidence in 2012 Congressional Budget Debate

President Obama generally has continued the Bush policies regarding U.S. economic management acting as a conservative since taking office. He has bailed out banks and forced two manufacturing corporations into bankruptcy. He has signed off on a Bush II era tax cut extension. Some of the Wall Street regulation reforms were eliminated in the 2011 budget. The President left much of the Bush II era economic managers in office such as Tim Geitner, Ben Bernanke and Larry Summers (Treasury Secretary of the Deregulating Clinton administration). The President's policies may lead to further Wall Street, Banking, and Finance Sector perfidy ahead.

Reading Nobel Prize winning economist Joseph Stiglitz's 2010 book ('Free Fall') on the 2007-2008 U.S. economic meltdown confirms several observations I have had about the conduct of the Obama Presidency on the economy; the President is a sycophant of policy enabling the Wall Street/Banking/Financial sector swindlers to renew their assault on American employment and earnings security as the produce nothing sector manufacturers new ways to trim U/S/ rubes of their life opportunities.

Fundamentally, there is no choice between Democrat and Republican parties that would make any difference in the Presidential election of 2012. Each party will work against U.S. interests and support those management class M.B.A.s with little equity in the corporations they work for taking multi-million dollar bonuses, outsourcing industry, killing the national ecosphere, flooding the nation with cheap labor from Mexico and discovering new financial instruments to swill the innocent working class. The poor do not exist except as highway lint in the high end bottled water with a sprig lunch set.

Monetary policy is not at the heart of the 2007-2008 meltdown I think. In reading Joseph Stiglitz's 2010 book 'Free Fall' (he won the 2001 Nobel Prize for economics) I got a few more ideas about the issue.

Monetary policy on what interest rate to lend to banks at, and how much money to print is set buy the Federal Reserve. Even with low interest rate the banks can get the money and do whatever they want with it. Banks do not need to lend the money responsibly to small businesses or innovative tech start ups-they in fact can create financial instruments, housing bubbles and a number of financial products to increase their profit in a way that is harmful to the U.S. economy.

I believe now that financial deregulation of banks and a failure of regulation of Wall Street and the financial service sector was the reason for the recession of 2007-2008. Bush II also deregulated war making with Congress going along with the idiot President starting a protracted kinetic military action without oversight.

Wall Street is not self-correcting, and in the raving national broadcast industry communications swamp extolling immorality, corruption of being stupid in the immediate temporal exstasis (now) the moral thermostat is set at jungle for derivatives, credit swaps, predatory lending to home buyers with the mortgages then sold to pension funds etc. President Obama and the Democrats have continued the policy of Bush II in that regard. Obviously neither party has an interest in solid state economics.

Money supply (M1) is important, yet in a rotten moral investment class climate liquidity is no assurance that cash will be spent where it should.