Tag Archives: Bill Clinton

Obama was always in Wall Street’s pocket – Democrats must stop taking its money

Obama was always in Wall Street’s pocket – Democrats must stop taking its money
by Ian Sinclair
International Business Times
2 May 2017

The news that Barack Obama is to be paid $400,000 to speak at a conference organised by the Wall Street firm Cantor Fitzgerald has generated headlines across the globe.

In an editorial titled ‘Don’t go chasing Wall Street cash’ the Guardian newspaper argued Obama was making “a mistake”. Taking the ginormous fee would “allow populist critics to paint him as a pawn of moneyed interests”, the liberal newspaper noted, before concluding that it would “tarnish” his presidential record.

Missing from the Guardian’s mild criticism is the inconvenient fact Obama’s national political career has always relied on Wall Street cash. Paul Street, author of two books about the first black president, notes that from his time as a US Senator Obama has been “intimately tied in with the United States’ corporate and financial ruling class.” Street continues: “Obama was rising to power with remarkable backing from Wall Street… who were not in the business of promoting politicians who sought to challenge the nation’s dominant domestic and imperial hierarchies and doctrines.” The New York Daily News reported during the 2008 presidential campaign “Wall Street is investing heavily in Barack Obama” – a reality confirmed by Politifact website last year: “When it comes to Wall Street contributions, Obama broke the record in 2008”.

The 2016 Democratic presidential candidate Hillary Clinton agreed that Obama took record amounts of money from Wall Street in 2008, though she maintained this did not stop Obama standing up to big finance and passing tough regulation.

As with many things, Clinton is very obviously wrong on this.

In the real world, against a background of popular rage directed at Wall Street following the 2008 financial crash President Obama chose to stuff his incoming administration with Wall Street insiders. Larry Summers, who as Deputy Treasury Secretary under Bill Clinton played a key role in the deregulation of the finance sector that led to the 2008 financial crisis, was appointed Chief Economic Advisor. Heading the Treasury was Timothy Geithner, a protégé of Bill Clinton’s deregulation-happy Treasury Secretary and former Citigroup chairman Robert Rubin. Geithner’s Chief of Staff was Mark Patterson, a former lobbyist for Goldman Sachs, while his deputy Neal Wolin was a former chief executive for a large investment and insurance company. Unsurprisingly, Geithner and his team worked to water down the regulation of Wall Street being demanded by the American public, fighting successfully “against more severe limits on executive pay” and “tougher conditions on financial institutions”, according to the New York Times.

Meeting the US’s top thirteen financial executives in March 2009, incredibly Obama reportedly told them “My administration is the only thing between you and the pitchforks. You guys have an acute public relations problem that’s turning into a political problem. And I want to help… I’m not here to go after you. I’m protecting you… I’m going to shield you from congressional and public anger.”

Two months later Simon Johnson, former Chief Economist of the International Monetary Fund, explained “The finance industry has effectively captured our government”, with the “financial oligarchy… blocking essential reform.”

Thus, though there were reports of Wall Street executives very unhappy with the regulatory reforms contained in the 2010 Dodd Frank Act (which was strangled by lobbyists assisted by the White House, according to the muckraking Matt Taibbi), a 2011 Washington Post headline noted Obama was “still flush with cash [from] the financial sector”.

Why am I writing about the close relationship between a former American president and big finance when we have an unstable, racist, misogynistic ignoramus in the White House?

First, this story highlights the willful amnesia of much of the media, including supposedly more critical publications such as the Guardian. It is clear those trying to gain an accurate understanding of how the world works will struggle to do so by consuming mainstream media.

Second, the close relationship between Obama and Wall Street points to the key issue for progressives in the United States moving forward. As Adolph Reed, Jr, Professor of Political Science at the University of Pennsylvania, argued in 2007, “Elected officials are only as good or as bad as the forces they feel they must respond to.” The financial sector will always use its extraordinary financial resources to influence politics in its favour. Therefore, the central task of those interested in a more humane world is to build a more formidable counterpower – which will be powerful enough to make sure a credible, socialist-minded candidate gets the Democratic nomination for president in 2020. Given that Obama’s siding with the finance sector and Clinton’s enthusiastic backing for the multinational-benefiting North American Free Trade Agreement likely boosted support for Trump among the American public, a neoliberal, ‘pragmatic’ candidate who is unable or unwilling to confront Wall Street is simply no longer an option.

How ‘unpresidential’ is Donald Trump?

How ‘unpresidential’ is Donald Trump?
by Ian Sinclair
Morning Star
2 February 2017

If there is one thing everyone agrees on when it comes to Donald Trump, it’s that he is simply not presidential material.

The Los Angeles Times recently referred to his “self-indulgent and unpresidential demeanor”. A Daily Mirror headline from November 2016 noted Donald Trump’s invitation to meet with Theresa May “was bizarrely unpresidential”. The online US magazine Slate even went so far as to list “230 Things Donald Trump Has Said and Done That Make Him Unfit to Be President”, including stating he would force the military to commit war crimes, advocating water boarding and praising North Korean dictator Kin Jong-un.

When, I wonder, did American leaders conduct themselves in a presidential manner?

Was it when the first American president George Washington was in office, when he owned hundreds of slaves?

Was it during Thomas Jefferson’s presidency at the start of the nineteenth century, when many historians now believe the so-called ‘The Man of the People’ fathered a number of children with his slave Sally Heming – committing what would likely be defined as rape today?

Was Andrew Jackson, the seventh occupant of the White House, “presidential material” when, according to the historian Professor David Stannard, he supervised the mutilation of 800 Creek Indian corpses – men, women and children troops that he and troops under his command had massacred – cutting off their noses to record the number of dead, and slicing off strips of flesh to turn into bridle reins?

Was it during Harry Truman’s time in the White House when the US dropped two atomic bombs on Japan, killing 100,000s of inhabitants of two cities with no military value, even though the US government knew the Japanese would surrender without the nuclear weapons being used?

Was it during Lyndon Johnson’s Administration, when LBJ told the Greek Ambassador “Fuck your parliament and constitution”, escalated the US assault on Vietnam, with 3.8 million Vietnamese ending up dead in the war, according to former Defense Secretary Robert McNamara, and backed General Suharto as he slaughtered around 500,000 Indonesians and?

Was it during Richard Nixon’s presidency when the White House began secretly bombing Cambodia and Laos, with the US dropping more bombs on the latter than they did on both Germany and Japan in World War Two, according to ABC News? In the final days of the Watergate scandal, the New York Times reports Nixon was drinking so heavily that Secretary of Defense James R. Schlesinger “instructed the military to divert any emergency orders – especially one involving nuclear weapons – to him or the Secretary of State, Henry A. Kissinger.”

Was it during Bill Clinton’s time in office, when the Clinton Administration drove forward the United Nations sanctions on Iraq that led to 500,000 Iraqi children dying, according to United Nations Children’s Fund figures, and two of the UN officials running the sanctions regime resigning because they considered the policy one of “genocide”? Clinton, of course, confirmed he had had sexual relations with 22-year old Monica Lewinsky, a junior member of White House staff, shortly after he had told the nation “I did not have sexual relations with that woman”.

Was it during the second Bush Administration, when the president and his neoconservative cronies tortured and renditioned hundreds of suspected terrorists, and illegally and aggressively attacked Iraq, with around 500,000 Iraqis dying in the invasion and subsequent occupation, according to a PLOS medicine journal study?

Or was it during Obama’s presidency, when the author of The Audacity of Hope bombed seven majority Muslim nations, sold more weapons than any other US administration since World War Two, and held weekly “Terror Tuesday” meetings to decide which suspected terrorists to kill next? Obama “embraced a disputed method for counting civilian casualties” that “in effect counts all military-age males in a strike zone as combatant”, the New York Times noted. Counterterrorism officials told the newspaper this approach was based on simple logic: that “people in an area of known terrorist activity, or found with a top Qaeda operative, are probably up to no good.”

Regrettably, in their rush to monster Trump for being the ignorant, narcissistic, misogynistic, racist, turbo-capitalist, lying, power hungry thug he undoubtedly is, most of the media have often consciously or unconsciously boosted the ethical and moral records of previous American presidents.

But, as I have set out above, the briefest scan of history tells a very different story. Trump may well be an extreme right-wing president, but his odious behavior and public statements follows a long tradition of very ‘unpresidential’ actions of many former inhabitants of 1600 Pennsylvania Avenue. Before making further references to what is or isn’t “presidential behaviour”, commentators and journalists would do well to consider Noam Chomsky’s famous indictment of the US imperial’s politics: “If the Nuremberg laws were applied, then every post-war American president would have been hanged.”