Unwinding the "Obama is a Socialist" Spin
Submitted by Anne Landman on
Statements that President Obama is a "socialist" don't fly with the Socialist Party, USA.
Submitted by Anne Landman on
Statements that President Obama is a "socialist" don't fly with the Socialist Party, USA.
Have you wondered how the Tea Party, portrayed as a "grassroots" movement, could possibly raise enough money in one year to procure a professionally-painted, luxury motor coach and send it on two highly-publicized national tours? Or how the Tea Party so quickly developed the expertise to plan, organize and execute the tours, and consistently draw major media attention to them?
One of the most salient analogies of the financial meltdown was offered by Financial Crisis Inquiry Commission chair Phil Angelides when he grilled Goldman Sachs CEO, Lloyd Blankfein, over the firm’s unsavory proprietary trading. Angelides was questioning Goldman’s practice of minting toxic, mortgage-backed securities and badgering credit-rating companies for the highest rating for those securities, while betting in the market that those securities would later fail.
Angelides likened this business practice to “selling someone a car with faulty brakes and then taking out an insurance policy on the driver.” With Friday’s Securities and Exchange Commission (SEC) filing of civil fraud charges against Goldman Sachs, we learned more about those faulty vehicles. We learned that Goldman had cut the brakes.
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