by Dave Kranzler, Investment Research Dynamics:
I don’t know if he’s delusional and really believes what he’s saying or if he’s so used to saying the opposite of the truth that the lies just flow naturally out of his mouth. I just don’t know. But this I do know: the truth about anything is the opposite of what Obama claims to be the case. I just have to point to Obamacare to prove that point.
Fox News this morning is reporting that Obama’s Syria policy has failed. It’s more like Obama’s Presidency has failed.
Obama made the claim yesterday that the movie, “The Big Short” is a lie and that his Presidency reigned in Wall Street and made “the financial system more stable.” But the truth is that not only is “The Big Short” 110% true, the reality is that Wall Street’s fraud and criminality is worse now than it was during the housing bubble.
The reforms passed by the Obama Government not only did nothing to clean up Wall Street, but in fact these reforms were nothing more than acts of misdirection which enabled Wall Street to engage in even more recklessly fraudulent business activities.
This point of fact really struck hard the second time I watched the movie (two weeks ago). Not only is Wall Street’s lending and securitization activities just as corrupted now as it was then, it’s actually worse because it extends beyond mortgages and into any asset class which can be monetized with debt which is then packaged into derivatives-enshrouded “structured financial” instruments.
In 2008 the public was forced by Obama to bail out the securities divisions of the big Wall Street banks. After 2008 every big securities converted into a bank holding company. This has enabled all the big banks to shift their derivatives holdings out of their securities units and into their FDIC-insured bank holding shells. This time around the country will be asked to not only bail collapsed securities units, but the also the entire bank.
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