RealEconomik - WHAT IS Actually GOING ON?
- Part of Series - Guide to Geo-Economic-Politics (this doc)
- Military GeoPolitics Guide and Series
- (this doc) RealEconomik - WHAT IS Actually GOING ON?
- RealGeoPolitik - WHAT IS Actually GOING ON?
- RealEconomik Prescriptions
- Silly Economic Policies - EU, East Asian Tigers and China don't respect US
- Decline of "Exceptional" USA and Loss of USD as Reserve
- Alliance of China, Russia and Iran
- Russia Rock-Hard in East Europe
- China and US - the next ENEMY
- EU sits between US and China/Russia
- ---- WHAT IS Actually GOING ON?
- QE Inappropriate, Infinity, Bonds/CD/Interest Income Suppression
- Tbonds would jump massively
- Dollar Reserve threat possible soon - 90 DXY in 1 year
- SOLUTION: Global Minimum Tax of 25% fights Race to Bottom - Cutting Taxes
- SOLUTION: Big Tech Taxes in "Colonized" Countries
- SOLUTION: Billionaires Giving away wealth, Advocating higher taxes
- SOLUTION: Technology and Political Will and Support IRS to counter Tax Dodging
- SOLUTION: Wealth Tax
- SOLUTION: Consumption Taxes fairer than Tariffs
- SOLUTION - Better Early Education Matters
- Economists are not Scientists
- Technology, Innovation
- Free trade, Wall Street, Globalization of Industry Hurt 40+ years in US
- Economists Bread is buttered for - trade liberalisation
- Free Trade is NOT free or fair
- Financialisation, PE kills hundreds of thousands of good jobs
- Driving out Industry by Globalization
- Automation is Unerringly Good
- Fed, BoJ, BoE - Keynes gone wild!
- MMT is "OK"
- Trickle Down Elites
- Apologists for China's Emergence - Singapore
- Climate Change
- Tax cuts and Elite Wealth Enables Inequality
- Corporate Tax Cutting does NOT boost Economic Growth or Restore FDI to USA
- Double Dutch-Irish has Apple paying near-zero in taxes
- British Cayman and The City - larger economy than UK's own
- Sucking up to MNCs to locate Jobs and Factories - tax giveaways subsidize them
- Tax cuts for the wealthy do not produce economic growth
- Wages, Jobs and Immigration are Real Issues
- Economists Gone Wild - Problems in Free Market Academics a Failure
- US Economic Theory Failures and Solutions
- Global Intervention, Regime Change and Destroying Nations in name of Globalism
- ==== Keynesian economics - print baby print
- Milton Friedman and Chicago school of economics
- Thesis 1 : Stockholders are the only stakeholder that matter
- Thesis 2: Labor Unions, Role of Workers is to PRODUCE and SHUT UP!
- Thesis 3: Indirect Social Good - akin to Trickle down
- Thesis 2 : Market Economies should be free
- Built Influence as Chicago school of economics
- Got the Nobel Prize for Promoting the Line
- Paul Samuelson and MIT school of Economics
- Corrupt Economists Facilitated Corporate Cronies in US Government
- Establishment Democrats SOP of Big payments from large Corporations
- Obama let Strongly bailed out bad actors on Wall Street - Moral Hazard
- Deregulation pushed in Clinton waning years - triggered 2008 Depression
- 2002 Andrew Cuomo, head of HUD, pushed Fannie/Freddie to guarantee even sub-prime
- 2008 Obama Blunders - too close to Wall Street Patrons
- Larry Summers tools of Wall Street
- Ben Bernanke
- Hank Paulson, Treasury 2008 helped his friends at Goldman Sachs
- Timothy Geithner
- Janet Yellen was a better choice - beat Summers to Fed Chairman under Obama
Silly Economic Policies - EU, East Asian Tigers and China don't respect US
Politics is a Game, Fragmentary not about service for US political leaders, governing has become sports, entertainment or just mindless tribal warfare.
Decline of "Exceptional" USA and Loss of USD as Reserve
USD Reserve and abusing the hell out of and living off the leftover fumes of American “exceptionalism.”
Alliance of China, Russia and Iran
Iran and China just signed a 25-year cooperation agreement.
Russia Rock-Hard in East Europe
Putin warns the U.S. that anyone who threatens Russia “will regret their deeds more than they have regretted anything in a long time.”
Ukraine, Crimea is Mine
Vladimir Putin just massed troops on the border of Ukraine,
China and US - the next ENEMY
China can still get big things done. America, not so much. - Bill Maher, comedian
China’s leaders see USA as a nation in imperial decline.
As fleets of Chinese fighter jets, armed with electronic warfare technology, now regularly buzz Taiwan, China’s top foreign affairs policymaker just declared that the U.S. “does not have the qualification … to speak to China from a position of strength.”
Chance of War over South China Sea access, Taiwan
China and America could conceivably escalate naval or air fly accidents to go to war over Taiwan.
EU sits between US and China/Russia
---- WHAT IS Actually GOING ON?
QE Inappropriate, Infinity, Bonds/CD/Interest Income Suppression
- 6 weeks Mar'20 more QE more done than 2009-18
- Fed is expected 2.5T of QE after vaccine parity, as retail sales above far above 20yr trend ~3%/yr growth, economy accelerating - now 15% above - 5 years of spend in 1 year!
- Foreigners sold $1T, continued selling through 2020 - in past for 20-40 years dollar assets esp. Treasuries - shift from $500b+ Ts foreign to outflow of -500B/yr ..
- But this has to be considered on top of $750b
- Now digital transforms (Bigtech, Zm, etc) stock massive inflows into USA - replacing T-bonds .. even foreigners NEED to be in the dominant
Tbonds would jump massively
- Bond markets would force bond rates to prohibitive levels
- Very little foriegn
- Fiscal deficit massive - interest alone = will be 30% of GDP - monetizing exponential
- 65% of all debt being bought by Fed - without that yields would be much higher than 10y 1.6%, 30y 2.35%
Dollar Reserve threat possible soon - 90 DXY in 1 year
SOLUTION: Global Minimum Tax of 25% fights Race to Bottom - Cutting Taxes
- The Triumph of Injustice by Emmanuel Saez and Gabriel Zucman
SOLUTION: Big Tech Taxes in "Colonized" Countries
SOLUTION: Billionaires Giving away wealth, Advocating higher taxes
Warren Buffet, Bill Gates, etc. advocated for a tax system in which the rich pay more taxes than we currently do.
SOLUTION: Technology and Political Will and Support IRS to counter Tax Dodging
Saez and Zucman call for the creation of a Public Protection Bureau, to help the I.R.S. crack down on tax dodging.
In contrast Trump in just 4 years, massively defunded the IRS enforcement. He is yet to reveal his 10+ years of taxes filed.
SOLUTION: Wealth Tax
PROBLEM: Wealth Tax easy to counter by the Wealthy
- Warren’s wealth tax, though good and proper, cannot raise more than 1% of US national income,
- Ocasio-Cortez’s 70% marginal tax rate for the super-rich will simply motivate firms not to distribute profits but place them in trust funds.
SOLUTION: Consumption Taxes fairer than Tariffs
Banerjee and Duflo case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.
SOLUTION - Better Early Education Matters
Better, often “labor-intensive public services” such as elder care and child care, which would likely lead to more jobs in these areas, without any fixed quotas. To illustrate the value that more workers in these fields could bring, consider a 2011 RCT from Tennessee, which found that kindergartners in smaller classes not only scored higher on standardized tests but were more likely to attend college, get married, own homes, live in better neighborhoods, and save for retirement.
Economists are not Scientists
Biased Bitches of Wall Street
Harvard, Chicago, Stanford and Columbia are obivious Fronts of "Free Trade" Globalists and Elites
- Husband-and-wife team of Abhijit Banerjee and Esther Duflo
- Poor Economics (2011) focused on helping the world’s 1 billion poorest people, who exist on the equivalent of $1 per day.
- they with Sendhil Mullainathan started MIT’s Abdul Latif Jameel Poverty Action Lab (J-PAL).
- Good Economics for Hard Times (2019)
UC Berkeley etc purports to support Left Wingers
H1B for Foreign Engineers and Scientists vital to US STEM Competitiveness
Free trade, Wall Street, Globalization of Industry Hurt 40+ years in US
Economists Bread is buttered for - trade liberalisation
- Trade brings relatively small benefits while doing a lot of damage to the poor in countries such as the US and India. The resulting discontent turbo-charges racism: the moment white blue-collar men lose hope and apply for disability welfare benefits, it is no longer enough for them to denigrate black people and Latinos as “welfare queens”. They must now be depicted as gang members or rapists. - Banerjee and Duflo
Free Trade is NOT free or fair
FALSE: Economic theory has long held that displaced workers will move to new job opportunities. As shown by other economists, this rarely happens in practice.
A key factor is the human nesting most people do not want to uproot themselves. Economically are they going to sell out greatly depreciated homes to go to expensive areas with no future jobs at the bottom of the ladder? “Ordinary people like to stay in place. Economists think trade should be fine because, yes, it could hurt some people, but people are going to move to other jobs in other places. "
“Left-behind people live in left-behind places,” explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” Social Welfare schemes to assist those who want to stay to look after their elderly or their village. -- Abhijit Banerjee and Esther Duflo
COMPENSATION? Some support schemes to help the victims of globalisation (by paying firms in declining areas to keep older workers employed, for instance). Banerjee proposes massively expanding the Trade Adjustment Assistance program (TAA) on the same scale as the G.I. Bill, citing a 2018 study that found that displaced workers who retrained under its auspices earned $50,000 more over the next ten years than their fellows who did not. They also hold out hope that expanding TAA would reduce disability payments, which 9.9 percent of workers who lost jobs to trade have now claimed,
INCENTIVES to MOVE? want governments in developing countries to help people move to areas with better jobs. S
JOB CREATION and guarantee
- Sanders’s job guarantee scheme
- Banerjee does not believe worthy jobs can be produced by the state in such big numbers. The are leery of a federal jobs guarantee in the style of the Green New Deal, questioning the utility of the jobs, which would come from private companies bidding on government contracts, and drawing comparisons to India’s National Rural Employment Guarantee Act (NREGA) of 2005, which has so far failed to provide jobs for everybody who wants one.
Financialisation, PE kills hundreds of thousands of good jobs
Banerjee and Duflo offer a stinging critique of the financial sector and its behavior,
Driving out Industry by Globalization
Severe economic despair in rural and Rust Belt America but they find that the biggest driver of despair is the sorting that results from the expansion of global trade. “Those lucky enough to be in the right place at the right time, with the right skills or the right ideas, grew wealthy, sometimes fabulously so .. for the rest … jobs were lost and not replaced…. Trade has created a more volatile world where jobs suddenly vanish only to turn up a thousand miles away. Political leaders could be more honest that there are winners and losers from trade and from new technologies—and then enact smart policies to help. Sadly, “the United States [did] not come close to compensating workers who lost out” - Banerjee and Duflo
Automation is Unerringly Good
Banerjee and Duflo contend that employment provides people with dignity and an identity, not just income; therefore, a universal basic income won’t solve problems stemming from the lack of well-paying and meaningful jobs. They however refute claims that the U.S. welfare system is rampantly abused seemingly supporting this form of UBI or EU's social welfare state that exists.
Fed, BoJ, BoE - Keynes gone wild!
MMT is "OK"
Trickle Down Elites
Apologists for China's Emergence - Singapore
- NOT ENOUGH MONEY PROBLEM: Serious tackling of climate change requires spending in the vicinity of at least 5% of total income. So where will the money needed for the international Green New Deal and the redistribution (both global and local) of wealth that humanity needs so desperately come from?
Tax cuts and Elite Wealth Enables Inequality
Corporate Tax Cutting does NOT boost Economic Growth or Restore FDI to USA
Trump 2017 pushed through a tax cut that made income inequality worse. In 2018, for the first time, the 400 richest American households paid a lower average tax rate than any other income group, according to new research by two economists. Great wealth has translated into immense political power, which is then leveraged to multiply that wealth and power all over again — and also multiply the suffering of those at the bottom. This is a legal corruption that President Trump magnified but that predated him and will outlast him; this is America’s cancer. -- NYT - https://www.nytimes.com/interactive/2019/10/06/opinion/income-tax-rate-wealthy.html
|Year||top1%||10% top||Prof 60-90%||30-60%||10% Poor||Notes|
|1950||70%||16%||After WWII Boomers|
Banerjee and Duflo show that even the iconic version of these cuts, the major tax reform enacted under Ronald Reagan, did little if anything to accelerate growth. “There is no evidence the Reagan tax cuts, or the Clinton top marginal rate increase, or the Bush tax cuts did anything to change the long-run growth rate".
Double Dutch-Irish has Apple paying near-zero in taxes
British Cayman and The City - larger economy than UK's own
Sucking up to MNCs to locate Jobs and Factories - tax giveaways subsidize them
Recently Samsung was shopping for a place to put its $10b+ chip factory in a US state - but waiting for tax holidays and property, etc. rebates and offers from NY, NJ, etc.
Amazon went through $2b offer from NYC to locate a building there in competition with dozens of other states - but on objections the "NYC win" was struck down. Amazon still ended up be
Tax cuts for the wealthy do not produce economic growth
Do high taxes on wealthy people like me reduce our incentive to work hard and create new jobs? The answer is no. Banerjee and Duflo found no evidence that people at the top of the income distribution change their behavior in ways that affect the overall rate of economic growth.
Wages, Jobs and Immigration are Real Issues
Myths propagated by Sold-Out Economists Overview
- Migration is not on the rise – indeed, at 3% of global population, it is at the level it was in 1960.
Immigration is Good for Elite Wealth - New Slave Classes - Legalize them all!
Hurt Low-Skilled Wages, Boost Profits of Industrialists, Reduce Productivity Capex
May economists have tried to prove that migrants do not steal natives’ jobs; they just help expose the holes in public services and social housing left by austerity.
- Thesis: When immigrants who are willing to work for low pay show up in a community, they trigger the reduction of wages for some percentage of the local population.
Disputed by Banerjee and Duflo - does not fits the standard supply and demand, as migrants create mostly jobs for low-skilled people (jobs no one else wants), by go to restaurants, they get haircuts, they go shopping. They imply the living standards of elites are boosted.
Business as Usual, Allow Globalization, Boost Profits of Industrialists, Reduce Productivity Capex The influx of new laborers reduces companies’ incentive to automate their operations. “The promise of a reliable supply of low-wage workers makes it less attractive to adopt labor-saving technologies.”
IMMIGRATION CAUSES MAJOR PROBLEMS
The goody-goody migration conclusions are based on LIMITED immigration. The reality is that migration is not on the rise – indeed, at 3% of global population, it is at the level it was in 1960. - However JFK's killer was Cuban yet Cubans flocked to Miami in 1980. Perhaps Cubans ran the drug trade via the Boat routes and may dominate money laundering even today. How is that reflected in economic stats. - What happens if the majority become eg Hispanic in California far exceeding whites, - It is possible Islamic high birth rates become the dominant ethnicity yet segregated in Europe by 2050? - France rapidly turned around on"political vs religious" preaching of mullahs. - Jews settling in Israel from 1945+ displaced, Continuing attracting and subsidizing settlers in the West bank goes on well after the 90s.
Is it even Possible for the Decadent West to Grow
- Robert Gordon The Rise and Fall of American Growth
- Vaclav Smil Growth
Economists Gone Wild - Problems in Free Market Academics a Failure
Problem: Governments got Emasculated
Friedman says that only ethical companies should be allowed to do business - that is the role of proper government.
But that is easier said than done.
US Economic Theory Failures and Solutions
CEO Excess Pay
Company Buybacks - Lack of Investment in Business
No dividends! All Earnings siphoned away!
Lobbyists influence and blind Government.
The lifespan was cut dramatically under secret promotion of opiods under lobbyists that allowed mass marketing starting under GWBush and continued under Obama for 16 years!
- GFC deregulation from "free market" and no consequences. The very reason that Milton promotes his - ends up deregulation as Rubin, Summers et al did in last days of Clinton's regime - ending up i n maximal 2008 Financial Crash! But NO ONE got prosecuted or went to jail, except poor Madoff who took too much money from influential rich Jews!
Global Intervention, Regime Change and Destroying Nations in name of Globalism
60,000 killed by Operation Condor financed by USA under Johnson, Nixon, Ford, Carter, Reagan
The United States government provided planning, coordinating, training on torture, technical support and supplied military aid to the Juntas during the Johnson, Nixon, Ford, Carter, and the Reagan administrations. Such support was frequently routed through the CIA.
A United States-backed campaign of political repression and state terror involving intelligence operations and assassination of opponents, officially and formally implemented in November 1975 by the right-wing dictatorships of the Southern Cone of South America.
FAIL: Chile Miracle backfired - Free Market Economies used to Justify Regime Change
Allende Policies and Report Card
In 1971, the first year of Popular Unity Government - GNP increased 9%, Industrial Production rose 11%, Agriculture +6%, Unemployment fell from 8% to 4% Inflation in prior regime fell rapidly from 35% to 22%.
In 1972 price of copper, which represented almost 80 percent of Chile’s export earnings, fell to its lowest level in thirty years
Inspite of several problems (see below) the Chilean economy continued to improve throughout 1972 under Allende.
Overall between 1970 and 1973, the working classes had access to food and clothing, to health care, housing and education to an extent unknown before. These achievements were never threatened or diminished, even during the most difficult and dramatic moments of the government’s last year in power. The priorities which the Popular Unity had established in its program of social transformations were largely reached.
Right Wing Violence supported by USA Regime Change
1972, Backlash foreign intervention esp. from USA under "free market" Friedmanisms. Vital lines of credit and financing coming from multinational lending institutions and from the private banks and the government of the United States were severed (the exception being aid to the military).
1972 the Chilean Congress, controlled by the opposition, approved measures which escalated government expenditure without revenue or tax raising - this directly boosted inflation.
1972 Right wing Capitalists (supported by usual suspects of US/CIA, etc) started to foment violence to overthrow Allenda report card This included the illegal hoarding of goods by the rich; creation of a vast black market; blowing up industrial plants, electrical installations and pipe lines; paralysis of the transportation system and, in general, attempts to disrupt the entire economy in such a way as to create the conditions needed to justify the military coup.
We can't listen to workers! The growing participation of the workers and peasants in the decision-making process, which accompanied the economic progress of the preceding two years, began to threaten seriously the privileges of traditional ruling groups and provoked in them more violent resistance.
By 1973, Chile was experiencing the full effects of the most destructive and sophisticated conspiracy in Latin American history. Reactionary forces, supported feverishly by their friends abroad, developed a broad and systematic campaign of sabotage and terror, which was intensified when the government gained in the March Congressional elections.
- The ‘Chicago Boys’ in Chile: Economic Freedom’s Awful Toll | The Nation
- Miracle of Chile - Wikipedia
- Milton Friedman did not save Chile | Chile | The Guardian
- How Milton Friedman Saved Chile | Hoover Institution
- Milton Friedman and Chile - The Atlantic
==== Keynesian economics - print baby print
Keynesian economics are various macroeconomic theories about how, in the short run – and especially during recessions – economic output is strongly influenced by aggregate demand. In the Keynesian view, aggregate demand does not necessarily equal the productive capacity of the economy; instead, it is influenced by a host of factors and sometimes behaves erratically, affecting production, employment, and inflation.
Milton Friedman and Chicago school of economics
Thesis 1 : Stockholders are the only stakeholder that matter
Friedman said the role of companies is to engage in activities designed to increase profits.
Companies need a path to profitability or they have no reason, or ability, to exist. Serving shareholders is shorthand for saying companies should avoid emotional or nostalgic decisions. In other words, sometimes a 100-year-old widget company needs to stop making widgets, or sell to a competitor, even if it hurts.
Thesis 2: Labor Unions, Role of Workers is to PRODUCE and SHUT UP!
As shown in Chile, Allende got the growing participation of the workers and peasants in the nation's decision-making process, which accompanied the economic progress from 1971 to 1972. But this began to threaten seriously the privileges of traditional ruling groups, Capitalists and "representatives" and puppets of Western interests. This caused the Right Wing financed by US to more and more violent resistance.
Thesis 3: Indirect Social Good - akin to Trickle down
Companies CAN also contribute social good. The private sector creates jobs, delivers paychecks and generates wealth for the many Americans who own stocks and mutual funds, either directly or via their pension or retirement accounts. That goal incentivizes CEOs to invest in employees and communities, and take other actions that INDIRECTLY could be hopefully socially responsible. Yet those actions also support the companies’ profitability because they help retain employees, attract customers and develop markets.
Friedman’s larger point was that the private sector has a different function than government has. Companies exist to maximize profits. Whatever good they contribute emanates from that mission.
Thesis 2 : Market Economies should be free
Built Influence as Chicago school of economics
As professor in University of Chicago economist - part of neo-economic Chicago school of economics Several students and young professors who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Gary Becker, Robert Fogel, Thomas Sowell and Robert Lucas Jr.
Got the Nobel Prize for Promoting the Line
- 1976 Nobel Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy.
- Editorial: Was Milton Friedman wrong? No, just nuanced about the role of business in society. - Chicago Tribune
- Milton Friedman - Wikipedia
- Milton Friedman: a study in failure | Economics | The Guardian
- Why Milton Friedman Was Wrong | Fortune
- The Friedmanite Corruption of Capitalism | Mises Institute
- Thirty Years Ago, Milton Friedman Spoke Out about How to Fix a Corrupt Congress – His Solutions Would Work Today | Convention of States
- Think Congress is corrupt? Milton Friedman had a perfect solution. - COSAction
Paul Samuelson and MIT school of Economics
Corrupt Economists Facilitated Corporate Cronies in US Government
Establishment Democrats SOP of Big payments from large Corporations
Like Larry Summers, Clintons and Obamas later on, Geithner their habit of floating in and out of government while taking in six-figure payments from large corporations gives them a powerful incentive to continue to line up their beliefs with those of their benefactors.
Tim Geithner after leaving his Treasury Secretary post in January 2013. Geithner, too, has used his time out of government to enrich himself from corporate largesse. He got $200,000 to speak at a Deutsche Bank conference, and $100,000 from investment banking firm Blackstone and private equity firm Warburg Pincus. Wall Street firms specifically Blackstone and Deutsche Bank have both been in the news for their efforts to “create and sell the first bond backed by home-rental payments,” which the Wall Street Journal warns would be “more risky than well-known securities” but would satisfy “investors…hungry for the high returns.”
Summers followed the common revolving doors practice of giving private paid speeches to big corporations which helped build his $40m+ fortune after Clinton. After years in the Clinton administration, and before joining the Obama administration, he received hundreds of thousands of dollars in speaking fees from financial institutions.
Obama let Strongly bailed out bad actors on Wall Street - Moral Hazard
Later on Larry Summers rewarded his Wall Street benefactors in the Obama White House helping proactively bail out. Summers also strongly shielded them from more intense regulation.
Deregulation pushed in Clinton waning years - triggered 2008 Depression
The Fed under Greenspan lowered interest rates to unprecedented low levels after 2000. This knee-jerk monetary policy was pursued to excessive levels from 5-6% interest levels down to unprecedented low levels.
Clinton, Rubin and Summers Supported repeal of Glass-Steagall, opening up Pandora's Box of bank greed
Specifically the Graham-Leach-Bliley (GLB) Act repealed four sections of Glass Steagall, but the law still is in effect.
No-Doc "anti-redline" Good intentions vs bad administration - but Government Guarantees. Clinton administration had already passed legislation that amended the CRA putting in place the requirement that banks make no-doc sub-prime mortgage loans to low-income borrowers;
Too Big to fail, moral hazard. Wall Street IBs after Glass-Steagal pursued profits AGGRESSIVELY. Bears and Lehman may not have increased their exposure to sub-prime loans - if they were prevented from mixing banking, CDOs and speculations.
Fannie and Freddie became major players in the sub-prime mortgage market - reassuring CDOs and government
The large NY money center or deposit banks charged to make money by breakdown of walls - by jumping hungrily into the MBS market secured by sub-prime loans,
Rob Rubin 1998+
Rubin opposed regulation of derivatives and championed the repeal of the Glass-Steagall Act, which helped fuel Wall Street abuses that led to the Great Recession.
2002 Andrew Cuomo, head of HUD, pushed Fannie/Freddie to guarantee even sub-prime
In 1993, Cuomo joined the Clinton Administration as Assistant Secretary for Community Planning and Development in the United States Department of Housing and Urban Development. From 1997 to 2001, he served as the U.S. Secretary of Housing and Urban Development.
Thanks to arm-twisting by Andrew Cuomo who pushed Fannie/Freddie to guarantee even sub-prime loans to help his "client" NY deposit banks. In this manner one of the real fathers of the housing crisis could perhaps been Andrew Cuomo.
Thanks to his support of NY Banks, Cuomo has won the hearts of big money sponsors. In 2006, Cuomo was elected Attorney General of New York. Cuomo won the 2010 New York gubernatorial election to become Governor of New York and has been reelected twice.
Later part of the massive botched response to Covid-19 in NY along with the Mayor of NY Bill Blasio who was even worse ending up killing tens of thousands especially those on.
2008 Obama Blunders - too close to Wall Street Patrons
Larry Summers tools of Wall Street
Very Pro Wall Street Interests
- Supported repeal of Glass-Steagall, opening up Pandora's Box of bank greed
- supported further deregulation of the financial industry, especially the arcane derivatives that almost imploded our economy
- has publicly exhibited an inappropriate attitude towards women (and vacated his position as a result)
- is currently involved with a lending company whose policies are consistent with the policies that contributed to the 2008 economic disaster
- Arrogance and hubris is not something that is good for top of financial ladder - indicate that he is a ticking time bomb if he becomes a Fed chairman.
He basically piggy-backed Wall Streets profits on the backs of senior citizens and other savers, claiming there is no inflation, when everywhere a normal consumer looks, prices have risen in double digit percentages over the last 5 years.
Hank Paulson, Treasury 2008 helped his friends at Goldman Sachs
Paulson while at Goldman, oversaw the bank's outsized venture into the types of asset-backed securities that caused so many banks to collapse in 2008. Then, at the Treasury, he crafted a bailout solution that led to his old friends at Goldman receiving over $12 billion from a government rescue of AIG that Goldman otherwise like would never have recouped.
Janet Yellen was a better choice - beat Summers to Fed Chairman under Obama
- The documentary "Inside Job" itemized but was not successful in derailing the careers of some these shooters.