GOP Debate Crowd hates protecting Americans from Wall Street Banks.

Nothing says "moral bankruptcy" more than the Republican audiences booing over the idea we would protect retirees life savings from another Wall Street Banks collapse. Have we become so cold and callous we now value "philosophical concerns" - small government and deregulation - that we're okay with plunging Americans into poverty due to greed and irresponsible Wall St. banks?

Apparently yes. Business Insider took a look at pollster Frank Luntz's crowd reaction to Gov. John Kasich's defense of saving families from losing it all, especially for something as bizarre as "philosophical concerns:"

Kasich aggressively defended his position that he would bail out banks in the event of a potential financial collapse. Kasich was interrupted by a booing audience after he criticized Sen. Ted Cruz (R-Texas) …

“When a bank is going under and people are going to lose their life savings, you don’t say you have to deal with philosophical concerns. Philosophy doesn’t work when you run something.”

It wasn't just audience members who didn't seem to appreciate Kasich's message: Veteran pollster Frank Luntz said that Kasich registered the "lowest score ever" in his focus group.

Truly jaw dropping. But Cruz and Carly Fiorina seemed to care more about the closing of smaller banks than recovering the public's money. Just a reminder; those smaller banks closed because of their own risky loans; and because Americans made a consumer decision to go elsewhere, like their local credit unions. The banks burned us and the public acted accordingly.

Republicans cry alligator tears for Delphi worker pensions and falsely blame Obama for cuts, when blame should go to Hedge Fund Owners.

This is the ultimate summation of how Delphi played a pivotal role in the GM and Chrysler bailout, how Delphi's hedge fund owners blackmailed the government, and turned a neat profit for Ann Romney. 

Check out the link for more of the details. Here's a short easy to understand sample:

The Nation-Greg Palast: Delphi, once the Delco unit of General Motors, was spun off into a separate company in 1999. Alone, Delphi foundered, declaring bankruptcy in 2005, after which vulture hedge funds, led by Silver Point Capital, began to buy up the company’s old debt. Later, as the nation’s financial crisis accelerated, Singer’s Elliott bought Delphi debt, as did John Paulson & Co. John Paulson, like Singer, is a $1 million donor to Romney. Also investing was Third Point, run by Daniel Loeb, who was once an Obama supporter but who this summer hosted a $25,000-a-plate fundraiser for Romney and personally donated about $500,000 to the GOP.

By the end of June 2009, with the bailout negotiations in full swing, the hedge funds, under Singer’s lead, used their bonds to buy up a controlling interest in Delphi’s stock. Just two years later, in November 2011, the Singer syndicate took Delphi public at $22 a share, turning an eye-popping profit of more than 3,000 percent. Singer’s fund investors scored a gain of $904 million, all courtesy of the US taxpayer. Yet without taking billions in taxpayer bailout funds—and slashing worker pensions—the hedge funds’ investment in Delphi would not have been worth a single dollar, according to calculations by GM and the US Treasury.  Then there was the big one: the government’s Pension Benefit Guaranty Corporation took over paying all of Delphi’s retiree pensions. The cost to the taxpayer: $5.6 billion. The bottom line: the hedge funds’ paydays were made possible by a generous donation of $12.9 billion from US taxpayers.

Obama hired Steven Rattner to head the task force that would negotiate with the troubled firms and their creditors to avoid the collapse of the entire industry. In Rattner’s memoir of the affair, Overhaul … in March 2009 Delphi, now in the possession of its hedge fund creditors, told the Treasury and GM to hand over $350 million immediately, “because if you don’t, we’ll shut you down.” His explanation was corroborated by Delphi’s chief financial officer … Rattner likened the subsidies demanded by Delphi’s debt holders to “extortion demands by the Barbary pirates.” Once the hedge funders, took control of the firm, they rid Delphi of every single one of its 25,200 unionized workers.

Of the twenty-nine Delphi plants operating in the United States when the hedge funders began buying up control, only four remain, with not a single union production worker. Romney’s “job creators” did create jobs—in China … leaving the company with 5,000 employees in the United States (versus almost 100,000 abroad).

Even before the hedge funds won their bid for Delphi’s stock, they were already squeezing the parts supplier and its workforce. In February 2009, Delphi, claiming a cash shortage (which they were not), unilaterally terminated health insurance for its nonunion pensioners. The savings to the hedge fund billionaires of dropping retiree insurance was peanuts—$70 million a year … But the harm to Delphi retirees was severe.  Bruce Naylor had been forced into retirement at the age of 54 in 2006, when Delphi began to move its plants overseas. Naylor’s promised pension was slashed 40 percent, and his health insurance and life insurance were canceled.

During its years of economic trouble, Delphi had been chronically shorting payments to its pension funds—and by July 2009, they were underfunded by $7 billion. That month, Singer’s hedge fund group won the bid for control of Delphi’s stock and made clear they would neither make up the shortfall nor pay any more US worker pensions. Checkmated by the hedge funders, the government’s Pension Benefit Guaranty Corporation agreed to take over Delphi’s pension payments. The PBGC would eat the shortfall.

With Delphi’s new owners relieved of its healthcare and pension obligations, its debts to GM and its union contracts—
and now loaded with subsidies from GM funded by TARP—the company’s market value rose from zero to approximately $10.5 billion today.

President Obama needed to be blamed for the pension disaster. Of course, it wasn’t Obama who refused to pay the Delphi pensions; it was Paul Singer and the other hedge funds controlling Delphi. The Romneys were invested with Elliott Management by the end of 2010, before Delphi was publicly traded. So, in effect, they got Delphi stock at Singer’s initial dirt-cheap price. When Delphi’s owners took the company public in November 2011, the Romneys were in—and they hit the jackpot … even if the Romneys were blind to their initial investment in Elliott, they would have known by the beginning of 2010 that they had a massive position in Delphi and would make a fortune from the bailout and TARP funds.

Mitt Lies Again about Jeep, and the Real Story about Manufacturing.

Romney and Ryan's record on the auto industry is dismal. In fact Mitt Romney decided to mislead Ohioan's about the offshoring of Jeep's jobs.

Chris Matthews interviews the Car Czar Steve Rattner, who details Fiat's deal with Chrysler, and the author of "Once Upon a Car's" Bill Vlasic, who explains that all automaker's build their cars in the countries they sell cars in:

Republicans Delay Laws that would increase Business Profits? Our Debit Card Purchases Stuffing the Pockets of Big Banks Due to Fees.

For the last 3 or 4 years I've used nothing a debit card to pay for everything.

The banks have played us for the fool. We've been helping Wall Street's "Big Brother" banks, the same ones that tanked the economy, shakedown local businesses by taking a part of their profits via outrageous debit transaction fees. The Democrats passed laws that brought those fees down, but now the GOP is trying to delay implementation of those laws.

It's best explained in the following American Family Voices video, that shows how shamelessly sold out the Republican Party is to Wall Street Banks.

Republican Gov.'s Return America to the Robber Baron Age. Banks vs Freedom.

Radio host Thom Hartmann sent this email newsletter out that should be a warning to all voters. Below is an audio segment from WTDY's Sly in the Morning's interview with BanksterUSA's Mary Bottari. Bottari points out the problem with M&I Bank, and the fruitless "buy American" efforts.

Have we officially returned to when the Robber Barons ruled?

We know that millions around the nation have been screwed over by predatory lenders and fine print credit card contracts - and now are swimming in debt. But can you believe that some of these people are actually being thrown in prison for going into debt? That's right - American in the 21st century is bringing back debtors' prisons. People who can't pay off their credit cards can be thrown in jail in a third of the states in our nation - and since the start of 2010 - over 5,000 arrest warrants have been issued against people who owe as little as $1,000 to massively profitable corporations like Capital One. So let me get this straight - a few years after the financial crisis where massive fraud was perpetrated by Wall Street - not one bankster is in jail - but 5,000 low or middle-class Americans who were screwed over by these banksters were sent to debtor's prison?? It's official - Republicans have set our country back more than 100 years - to the 1800's - when the Robber Barons ruled and our politics were corrupted to the core. -Thom

 

The Bailout and Stimulus Success; saying it didn't work doesn't make it so...

So how did that bailout and stimulus do? Didn't work? Waste of taxpayer money?

Guess again. Maybe the Democrats in the last month of campaigning can run a few ads with the chart shown her with Rachel Maddow, from a Washington Post piece by Ezra Klein.