What's happened in the last 10 years
since 2008 has been the Federal
Reserve's quantitative easing
pushing
interest rates down to zero
and they did it because at zero
interest
rates there could be a flood
of new bank credit creation
not only to finance real estate
but to take over companies to
speculate.
The idea of zero interest rates was
to rebuild the banks balance sheet.
But by doing that they've
made it almost impossible for
pension
funds to break even.
You can't save enough to
pay pensions if you're not earning
any income. You have to divert a lot
more of your income so the pension
funds
in America are broke.
The insurance companies haven't made
the money that they thought would
pay the annuities
so they're going broke.
So to save the banks the Federal
Reserve
said we have a choice.
They went to President Obama who do
we save; the banks or the economy.
He said save my constituency
the banks they're the people who
were paying for my
political campaign for the economy
and his role as he put it
was to stand between
the banks
and the mob with pitchforks.
He called the people who voted for
him the mob with pitchforks
and he denigrated them
and just made fun
of them before the bankers
and said Don't worry I can
bamboozle them
and deliver them to you.
And that was his job.
And that's the job of the Democratic
Party.
And that's why people finally voted
against
Hillary and thought that bad as
Trump
is he's the lesser evil.
My God that's incredible
damning indictment of
Obama. Just remember that Trump
was the lesser evil.
Will Obama's legacy be when
we get far enough away when history
really
reflects, will it be that this is
the guy that bailed out Wall Street
not Main Street.
Yes that's the most important
legacy.
He said he was going to protect
the homeowners
and 10 million American families
were foreclosed upon.
He broke every promise he made.
But his legacy of course is Donald
Trump
because people had such a reaction
against him,
they had such a reaction against
the fact that he
and the Democratic Party came out
against
the working class.
They think that if they're going to
get
campaign contributors
they have to support neo liberalism
and the Democrats believe that
politics is all about raising enough
money from campaign contributors
to afford the run television
shows
and to buy mass media time.
And they believe that you can fool
the people into...
you can shape the idea of people's
perception so that they don't think
of the economy as being male
structure,
they think of themselves as failing.
And if you can get people to think
of themselves
as failing to break even to
have to go into debt then you can
get them
angry and you appeal to anger.
And obviously
a lot of the angrier people voted
for Donald
Trump as well.
