Think I am going to go wash my tail…

That said, – I appreciate that the term fascist is offensive to you Paul, and in the interest of good sportsmanship, I will refrain from using it again in the future on this site.

We agree on the “L” recession, and what for me is a shattering betrayal of Obama campaign promises by his economic teams selections, and that teams overt favortism, shielding, and extraordinary largess (at the taxpayers expense) toward the finance sector, and select finance sector oligarchs exclusively.

I didn’t mean to let the Bush Administration of the hook. Bush was a weak administrator. He had a “hands off” managerial style where he would often let Department Heads run some hare brained scheme without any supervision like he let Paulson and Bernacke do with the Bailouts. There were many bad regulatory events as a result but one of the worst next to the bailouts was the relaxation of banking reserves with no public debate,

Repeating the” Bush the fascist” line is just so incredibly lame, though. Repeating a lie endlessly does not make it true. Please point out specific examples where Bush violated American’s civil liberties. The facts are that you can’t. Waterboarding Terrorists and tapping their phone lines don’t count. They are terrorists and don’t deserve the rights and protections of the American Constitution or the Geneva Convention.

The problem with the financial system as Anne in a succeeding thread points out is criminality. The rule of law must prevail for the financial system to work. Without the rule of law, contracts become meaningless and unreliable, and commercial trades decline drastically as a result.

Speaking of fascists, how bout your Boy Wonder Obama. He runs roughshod over Bankruptcy law and now he’s threatening the livelihood of bondholders if they don’t go along with his illegal schemes. And people wonder why the banks won’t let the Tax Cheat in Chief Timmy and childhood buddy, our exalted and righteous Savior, clean up their toxic assets.

Prepare yourself for a long, deep “L” recession and recovery with these clowns in charge.

I am a regular reader, and irregular poster on Baseline, and agree wholeheartedly by your epistle… we are watching, without realizing, The End Of The American Century….. The Oligarchs control, and our inability to wrestle power back will result in the inevitable transfer of currency reserve status abroad, and thus our house of debt will inflate away along with our safehaven status…

Much of Obama’s early funding came from Wall Street, and his vote for FISA [cough] reform in August and TARP in October were telling indications of his views on executive power and the proper role of the banksters, respectively.

I grant that it’s nice not to be governed by insane people who openly advocate torture, but that’s setting the baseline rather low, eh?

Secondly it is in my opinion the bushgov that destroyed America. No government in America’s sordid history did more damage to our credibility, our economy, our Constitution, and our society than the bushgov. The bushgov ghoulishly exploited the horrors and the dead of 9/11 to dismember, dismantle, and reengineer the Constitution and deceptively prosecute and profiteer wantonly from an illegal bloody costly war of choice based on OSP/OSI concocted fictions, myths, exaggerations, dodgey sexed up hype, and naked patent lies.

The bushgov operated above, beyond, outside of, and in total disdain for the rule of law and the Constitution for eight years. The bushgov systemically perverted the rule of law, the Constitution and America’s core principle to conform to the tyrannical dictatorial policies that Ron Paul diplomatically labelled “soft fascism”, – but I frame unequivocably as blatant fascism, (rabid nationism, oligarchic rule, message-force multiplying of propaganda and disinformation with the specific intent of decieving the population, overt glorification and entrenchment of militarization (neverendingwar), overt and covert oppression of the population, ruthless suppression of dissent, or any questioning, challenging, or opposing the dictates of the government, grossly onesided favortism and government largess directed toward the predator class exclusively, the systemic promoting and advancing of policies that robbed and pillaged the poor and middle class, to feed the predator class, – and wanton profiteering). The bushgovs ruthless lawlessness and wanton disregard for the Constitution tarnished forever the image, undermined our credibility at home and abroad and ushered America, and the world to the brink of economic collapse.

The last two elements particularly are largely responsible for the current economic crisis. Eight years of gutting, robbing, and pillaging poor and middle class to feed the superrich, the predatorclass poured sand in the engine of the American economy. All the wealth flowed to the top 1%, the poor and middle class lost confidence, lost wealth, lost bargaining power, lost jobs, lost earning power, lost representation in the government, lost the rule of law, lost rights, freedoms, and protections, – and naturally the heart and engine of the American economy, (a healthy posperous middle class) lost spending power and effectively collapsed, tugging the global economic system with it into the abyss.

The bushgovs extreme lawlessness, corporatist, crony capitalist, feed-the-predatorclass, wanton profiteering, and revolving door policies forced and advanced absurd levels of deregulation, collusion, tax evasion, fraud, PONZI scheme’s. Compounding the horrorshow crisis was the bushgovs refusal to monitor or enforce existing laws, the shredding of regulations and hoisting of new laws and deregulation that encouraged and eventually entrenched systemic endemic lawlessness, wanton profiteering, and obdurate disregard for their fellow poor and middle class Americans into the markets and the financial system.

I lay the blame for this economic collapse (and will gleefully defend this position) squarely at the hooves, I mean feat of the fascists wanton profiteers in the bushgov.

That said, the Obama’ team – sans the fascism, tyranny, rank deception, blatant criminal conduct – is sadly – apparently continuing many of the bushgov’s corporatist, crony capitalist, rob and pillage the poor and middle class Americans to feed the predatorclass policies, and overt favoritism and largess toward select oligarchs and predatorclass cabals.

It is this reality, and this reason why I do not see reform as a viable option. The predatorclass will not reform itself and they own and control the government. We either suffer, hazard and endure the status quo, wherein the predatorclass owns and controls the government, robs and pillages poor and middle class Americans, and funnels imponderable illgotten wealth into predator class offshore accounts – or more asymmetric options are employed to advance and secure the best interests of America’s poor and middle class.

An observation. President Obama specifically singled out hedge funds as villains in the Chrysler bankruptcy.

Who knows what the bankruptcy judge will decide. But Obama’s obvious irritation over the hedge funds might influence a tougher stance re: Wall Street.

And that would be a good thing. A significant number of Obama voters have been waiting for him to put the hammer down on this crew. These voters want the place cleaned up, reformed and re-regulated.

Chrysler may have brought the President one important step closer to doing what needs to be done.

Since WWII, the world’s economy has grown to unforeseen and unimagined levels of prosperity due to “Amerika’s dominance and hegemony”. Yes, America has imposed globally it’s financial system which was based upon liberty, free markets, and the rule of law constrained by constitutional protections. This has been a very good thing. It is only because of those attributes of liberty and Capitalism that the world has prospered.

Since the Clinton Administration however, we have seriously wandered off the true path of freedom, free markets and the rule of law. When the Clinton Administration and the Fed began violating the equal protection and property rights of Banks through its forced imposition of the CRA and subprime loans, our financial system began to unravel.

The situation the banks found themselves is kinda like dealing with the Mob. Once you’ve been pulled into an illegal enterprise deep enough, there is no easy way out. You can fight it and get beaten up or you can sit back and learn to enjoy whatever advantages your situation has. Some bankers obviously learned to enjoy their predicament. You see once the Government Mob has ensnared you into crime, not only can they easily blackmail you, you in turn after a point can blackmail them back for their crimes. So after a while, you come to this understanding that there are no constraints on criminal activity by either you or your criminal partner, the government.

This is where the financial system ended up, from the Auditors, to Bond Rating Agencies, to the loan brokers and appraisers, to the traders, to the investment bank management all the way up into the SEC and other government regulators, there was rampant fraud. The Rule of Law completely broke down.

That is why the financial system collapsed. People involved in the system were at first forced into violating people’s rights, one thing led to another and pretty soon the criminality was rampant. In effect, the wholesale corruption collapsed the financial system.

It does not help that our exalted Dear Leader persists in his assault on the rule of law with moves like his faux bankruptcy proceedings and other fun stuff.