The Global Economic Crisis or Wall Street Plutocrats' Avarice

The corporate media pervasively proffers the US Treasury's subsidy of $700-800 billion that was awarded to myriad American investment and commercial banks: AIG, Goldman Sachs, J.P. Morgan, Citi Group et al. However, many in the American corporate media neglect to include~analyse, deconstruct~ the $13 trillion dollars that both the Federal Reserve and Treasury Department have channeled, to these plutocrats since September 2008, covertly ( peruse Nomi Prins' artifacts, Bloomerg's web page, PBS interview with Professor William Black).

There was a recent Senate Finance Committee Hearing to investigate the trillions of dollars that the Federal Reserve has granted to these former institutions; nevertheless, on May 5, 2009 Elizabeth Coleman, Inspector General~Federal Reserve, was unable to unequivocally substantiate who received these funds and how much capital was transfered to the former banks (view www.therealnews.com/t/: Federal Reserve: Same Old Sheriff on Wall Street). How is it possible that the most quintessential lending institution in the USA ~ the international standard for reserves and exchanges~ and its officers are unable to substantiate the trillions in capital? Are there issues with arithmetic? Are they unable to hire accountants? Is there a clear intent of obstruction? Could one draw parallels with Mr.Madoff? Mr Stanford? Are these former men scapegoats? Is this corruption endemic? Systemic?

Another interesting detail is the entity of the Federal Reserve. Is it an independent body? Is it quasi-independent? If the United Sates president is responsible for the appointment of its chair~please note, Mr Bernanke has been re-appointed to second term~ clearly there is a inherent relationship with the US Treasury and a development of monetary policy. Why does Mr Bernanke refuse to have Government Accountablity Office (GAO) investigate its ledgers? Many economists have proffered a multitude of figures in regard to the trillions that have been borrowed~ or granted to the banking and financial sectors~ by Goldman Sachs, Bank of America et al.

Furthermore, a paradox does emerge~ Pandora's golden box is ajar ( Be Cautious...)~ as one begins to examine the intimate relationship between the triple A credit agencies that substantiated~authenticated with extreme prejudice~ and approved the credit default swaps, another term for this financial euphemism: "derivatives"; these are the toxic assets that guided Wall Street into the debacle of September 2008 with lingering financial ripples on other Western and Eastern markets. Standard and Poor and Fitch are a few of these Triple A credit agencies that validated these toxic assets; a number of these derivatives are from the Housing Bubble~ Sub-prime Mortgage contracts~ and the predatorial lending practices in lower class neighbourhoods ( Baltimore, Cleveland and Detroit) throughout the United States. A number of economists have commented on this exploitative practice: Mr Jefrey Sachs and Mr.Michael Hudson, as well as Joseph Stiglitz, the Nobel Prize economist; in turn, they affirm , especially according to Hudson, that these practices are criminal in nature ( visit the interview with Bill Moyers on PBS).

A new American Administration prevails at the White House ( Canada has not been affected by this Housing Bubble~Should Canadians be vigilant? ) and as of October 2009 effective changes to the banking and financial industry have not been implemented, in fact, Mr Obama has delegated more powers to Mr Bernanke and the Federal Reserve. Why is this quasi-independent institution beyond reproach? Should it be held accountable by the American people? Why does Mr. Bernanke refuse to have the Reserve's logs investigated by the GAO? Many of the banking firms~commercial and investment~ have declared record bonuses to their employees, reported profits in this fiscal year, yet the real victims, middle-lower class American homeowners and the lower class, remain in a state of penury.

Is this the real progressive agenda that Mr Obama campaigned... Is the real change that he articulated during his presidential campaign...? The chasm between the affluent and the destitute exponentially widens and Pandora's golden box will not be sealed, it cannot be esoterically stitched; Ariadne must weave the golden fleece and bellow a consciousness for the indigent; a few progressive voices remain, such as Cornell West, Howard Zinn, Noam Chomsky, Grace Lee Boggs and Van Jones, who must pervasively be critical of Obama's centre-right agenda. Finally, a real metamorphosis will not emerge without the closure of the prisons~Guantanamo, Bagram and the CIA Black Sites; as well as the trillion dollar war campaigns in Iraq, Afghanistan and Pakistan. The economic sector is intrinsically linked with the "War on Terror" or in Obama's new nomenclature the Overseas Contingency Operation (OCO) , both must be addressed to change the course of the wretched of the earth, as Raj Patel has eloquently avouched in his new artifact Stuffed and Starved.

An important investigation by a reporter of McClatchy News, Greg Gordon, has reported that Goldman Sachs has been implicated ~either directly or indirectly~in 13 trillion dollars of credit-default swaps in the USA, 60 trillion dollars worth of derivatives ~ credit default swaps or toxic assets~ globally. Mr. Gordon also asserts that Goldman Sachs requested 20 billion dollars in protection from AIG in order to validate~secure or guarantee~ these toxic assets. Moreover, Goldman withdrew from the sub-prime mortgage industry and began wagering that the sub-prime mortgage bubble would collapse. A very significant market overseas was located in London where Goldman orchestrated this trillon dollar industry of derivatives.How many members~present and past~ have an association with the American or Canadian administrations? Is it a coinciden