Naomi Klein: The Bush gang's parting gift: a final, frantic looting of public wealth

In the final days of the election many Republicans seem to have given up the fight for power. But don't be fooled: that doesn't mean they are relaxing. If you want to see real Republican elbow grease, check out the energy going into chucking great chunks of the $700bn bail-out out the door. At a recent Senate banking committee hearing, the Republican Bob Corker was fixated on this task, and with a clear deadline in mind: inauguration. "How much of it do you think may be actually spent by January 20 or so?" Corker asked Neel Kashkari, the 35-year-old former banker in charge of the bail-out.

When European colonialists realised that they had no choice but to hand over power to the indigenous citizens, they would often turn their attention to stripping the local treasury of its gold and grabbing valuable livestock. If they were really nasty, like the Portuguese in Mozambique in the mid-1970s, they poured concrete down the elevator shafts.

Nothing so barbaric for the Bush gang. Rather than open plunder, it prefers bureaucratic instruments, such as "distressed asset" auctions and the "equity purchase program". But make no mistake: the goal is the same as it was for the defeated Portuguese - a final, frantic looting of the public wealth before they hand over the keys to the safe.

How else to make sense of the bizarre decisions that have governed the allocation of the bail-out money? When the Bush administration announced it would be injecting $250bn into US banks in exchange for equity, the plan was widely referred to as "partial nationalisation" - a radical measure required to get banks lending again. Henry Paulson, the treasury secretary, had seen the light, we were told, and was following the lead of Gordon Brown.

In fact, there has been no nationalisation, partial or otherwise. American taxpayers have gained no meaningful control over the banks, which is why the banks are free to spend the new money as they wish. At Morgan Stanley, it looks as if much of the windfall will cover this year's bonuses. Citigroup has been hinting it will use its $25bn buying other banks, while John Thain, the chief executive of Merrill Lynch, told analysts: "At least for the next quarter, it's just going to be a cushion." The US government, meanwhile, is reduced to pleading with the banks that they at least spend a portion of the taxpayer windfall for loans - officially, the reason for the entire programme.

What, then, is the real purpose of the bail-out? My fear is this rush of dealmaking is something much more ambitious than a one-off gift to big business: that the Bush version of "partial nationalisation" is rigged to turn the US treasury into a bottomless cash machine for the banks for years to come. Remember, the main concern among the big market players, particularly banks, is not the lack of credit but their battered share prices. Investors have lost confidence in the honesty of the big financial players, and with good reason.

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Ron Paul Warns Of Great Shift Toward Global Government Under Obama

Texas Congressman and 2008 presidential candidate Ron Paul has warned that the euphoria surrounding the election of Barack Obama combined with the overwhelming fear of major international crises could facilitate a cataclysmic shift toward a new world order.

Appearing live on the Alex Jones show earlier today, the Congressman spoke of a feeling of dread surrounding the change of guard both in the White House and on Capitol Hill:

"I do feel it but I don't think it's brand new, I didn't wake up with it, I've had it for a while, I don't think the election was a surprise, but the rhetoric is getting pretty strong and they are getting very bold." he commented.

Speaking on the stage management of the election, and calling it a "huge distraction" from real issues, the Congressman outlined how both candidates were pre-positioned by the elite interests with the knowledge that either would satisfactorily serve their agenda:

"I think McCain was obviously a back up candidate in case something happened where Obama didn't win, they'd have been satisfied with McCain, but they have been positioning Obama for a long long time.".... (cont'd)

Ralph Nader asks if Barack Obama will be an 'Uncle Tom' for giant corporations

Obama: Will he "change" Bush police state or expand it?

Let's be generous and give Obama the whole four years of his initial term to make significant progress on the following issues. Here are some questions about "change" that we are going to be keeping track of until 2012.

- Will Obama repeal Patriot Acts I and II as well as reversing Bush's signing statement and acknowledging the repeal of the John Warner Defense Authorization Act?

- Will Obama support Dennis Kucinich's efforts to bring war crimes charges against Bush, Cheney and others for deceiving the country into a war or will he protect them against such charges like Nancy Pelosi has done?

- Will Obama bring war crimes charges against Bush, Cheney and others for authorizing torture and will the torture of suspects under U.S. detention, a complete violation of both the Constitution and the Geneva Conventions, cease under an Obama administration?

- Will Obama withdraw American troops from Iraq and Afghanistan without sending them away again to bomb another broken-backed third world country in the name of a UN-supported "humanitarian" war?

- Will Obama end the warrantless secret surveillance and phone-taps of American citizens?

- Will Obama follow through on his rhetorical support for the second amendment or will he seek to ban guns as he did in Illinois?

- Will Obama cease his support for the Bush-administration backed banker bailouts, hated by the majority of Americans, and target the real cause of the problem - the Federal Reserve - or will he continue to give taxpayers' money to banks who are merely hoarding it all for themselves?

- Will Obama seek to continue the militarization of America and preparations for martial law through Northcom and the secret government or will he dismantle the police state that has been constructed over the last eight years by the Bush administration?

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“Judge Kessler's ruling represents a stern reminder to the CIA that it must live up to our nation's open government laws”

A couple of positive items from The National Security Archive:

 

Court Rebukes CIA on Freedom of Information, Recognizes Journalists, Not CIA, Determine What Is News

 

Court Orders Government to Submit Warrantless Surveillance Legal Opinions for Judicial Review

Nation finally shitty enough to make social progress

[Satire from The Onion ]

Obama's victory is being called the most significant change in politics since the 1992 election, when a full-scale economic recession led voters to momentarily ignore the fact that candidate Bill Clinton had once smoked marijuana. While many believed things had once again reached an all-time low in 2004, the successful reelection of President George W. Bush—despite historically low approval ratings nationwide—proved that things were not quite shitty enough to challenge the already pretty shitty status quo.

"If Obama learned one thing from his predecessors, it's that timing means everything," said Dr. James Pung, a professor of political science at Princeton University. "Less than a decade ago, Al Gore made the crucial mistake of suggesting we should care about preserving the environment before it became unavoidably clear that global warming would kill us all, and in 2004, John Kerry cost himself the presidency by criticizing Bush's disastrous Iraq policy before everyone realized our invasion had become a complete and total quagmire."

"Obama had the foresight to run for president at a time when being an African-American was not as important to Americans as, say, the ability to clothe and feed their children," Pung continued. "An election like this only comes once, maybe twice, in a lifetime."

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