Trickle Down Tyranny (16 page)

Bottom line: Despite the fact that we’re in somewhat better shape than Eurozone countries, we’re not immune to the growing world economic crisis, and we’re going to have to pay higher and higher interest costs on the money we borrow to finance our spending.

The U.S. economy hasn’t been at this much risk of collapse since just before the Great Crash in 1929, and things won’t be getting better anytime soon. Even though Barack Obama continues to try to sell his “recovery,” we’re three years into the Obama recession and things have not even begun to turn around.

I’ve lived through the four serious U.S. recessions since the end of World War II. In every one the economy recovered completely within three years, the same point we’re at in the Obama recession.

Here are some numbers to compare.

In the previous recessions, our real gross domestic product was an average of 7.6 percent higher after three years than it had been when the recessions began. In the Obama recession,
real GDP is up one tenth of one percent
in that time.
⁷⁸

That’s nothing more than a rounding error.

The annual income of every family of four in the United States should be more than $16,000 higher than it is today, 3.5 million more people should be employed today than currently have jobs.
⁷⁹

Instead, we’ve got Obama’s Leninist version of a “recovery.”

It’s what happens when a martinet like Barack Obama teams up with financial pirates determined to highjack the global economy.

The best Obama has been able to come up with in defense of his economic policies was an address delivered on April 13, 2011. It turned out to be a collection of lies in defense of his economic policies. The normally restrained
Wall Street Journal
characterized it this way: “toxic,” “ludicrous,” “dishonest even by modern political standards.” The speech was filled with “blistering partisanship and multiple distortions [of] the kind presidents usually outsource to some junior lieutenant.”
⁸⁰

In Obama’s chilling version of our totalitarian economic future, the government takes over a greater and greater share of the private economy, and, in league with Wall Street oligarchs and labor union thugs, dominates the industrial and financial landscape.

It’s crony capitalism at its most destructive, designed to concentrate all the power in the hands of a few at the expense of the many.

Worse, it’s economic suicide, perpetrated by a global financial oligarchy determined to control the world’s economy through any means at their disposal.

We’re living the results of a 50-year takeover by leftist elites determined to bring the economy under their control. It’s not a political battle; it’s a battle for the soul of America. Because of it, we may be living through the
final
economic depression. Unless we can find a way to stop the financial tyranny being imposed on us, it’s likely to become permanent.

Chapter 5
Tyranny of Obama’s Radical Accomplices

Red October, 2011: Obama’s Communist Revolution

October 2011 marked the emergence into the public eye of the second Bolshevik revolution, this one in the United States of America, egged on by our first communist president.

You’ve seen the indicators of this revolution—the Occupy Wall Street mob of young, indoctrinated anti-capitalist students and other malcontents, the gangs of union thugs trashing the Wisconsin capitol in the spring of 2011, the flash mobs of disaffected youths using cell phones and social media to organize raids to steal merchandise from American small businesses.

When I tell you that Obama supports all of these mob actions, that he wants to use them to hasten the overthrow of the American government, you’d better listen. Our way of life is in jeopardy.

I’ll explain it to you.

First, the people who make up Barack Obama’s inner circle are lifetime leftist agitators. From David Axelrod to Rahm Emanuel to George Soros, they’re proponents of mob rule in order to speed up their plans for assuming power.

To hear them tell it, their target is “the rich.” In fact, the rich have nothing to fear from this administration. When the administration comes out in support of the Occupy Wall Street mob against the banks, they’re merely deflecting attention from their true purpose. In fact, it was Wall Street that put Obama in power in the first place, as I showed you in
Trickle Up Poverty.

So why don’t the people on Wall Street care that Obama is supporting the rabble as they demonstrate against the banks, against capitalism in general?

Because Obama’s supposed “tax the rich” plan won’t touch them. It’s not aimed at the truly rich, the people with million-dollar-a-year salaries and perqs that would make you and me blush. It’s aimed at the small businessmen who employ 15 or 250 or 700 people, the everyday American entrepreneurs who make a good living and provide jobs for Americans but who are anything but “rich.”

Obama has made it clear that he hates the Tea Party.

Does that come as a surprise to you?

The Tea Party is the American middle class. Of course the president hates them. They’re the bourgeoisie that every socialist hates. They’re the people who work for a living, start companies, employ other people. They’re the people who pay the taxes Obama squanders.

In other words, they’re dangerous to Obama’s revolution. Their economic success has got to be shut down.

Obama is targeting the middle class, so the big bankers could care less what he says about them or about the unwashed, unshaven, uneducated vermin who think they are promoting the downfall of the rich. His “tax the rich” scheme is aimed at people who are far from wealthy but who are nonetheless already taxed at a rate near 40 percent. It doesn’t affect the truly rich, who are much more concerned with the capital gains tax. That’s because they know enough not to take their money as income but in other forms that are not taxed as income.

Do you think Warren Buffett is worried about paying income tax?

Buffett, one of the richest men in America, earned nearly $63 million in 2010, of which about $40 million was taxable. He paid less than $7 million to the IRS, a 17.4 percent tax rate. He’s advocating that people who make $1 million annually be taxed at the highest rate, and Obama is going to take that definition of “millionaire” down to people earning $200,000 annually.
¹

Obama was elected on the backs of hedge fund operators who made more than a trillion dollars betting against the U.S. economy in 2008. If we’re looking for assets to seize, that’s where we should start: with the hedge fund barons. In large part because they bet against the housing market in the crash before the 2008 election, American people lost their homes. The hedge fund operators gained their fortunes at the people’s expense.

They haven’t stopped ripping us off, either. The $2 trillion hedge fund industry outperformed the S&P 500 stock index for the first eight months of 2011, raking in more than $50 billion during that time. In August alone hedge funds gained $6.1 billion.
²

If Obama is looking for a place to start an economic recovery, he should start by seizing the assets of these hedge fund vermin.

So what does this have to do with the rabble in the streets?

They don’t have the slightest idea of what’s going on.

They don’t realize that they’re nothing more than “useful idiots,” being taken advantage of by Obama and Pelosi and Reid. The street mobs’ usefulness comes because they deflect attention from the left-wing cabal that’s going on right before our eyes. They’re not attacking Obama and Pelosi and the other leftist politicos who are taking over the United States, and so the president and his henchmen let them demonstrate.

New York Magazine
went into Zuccotti Park, where the New York City Occupy Wall Street demonstrators hung out, eating like kings and behaving like vermin. The magazine interviewed 50 Wall Street Occupiers to find out if they knew what they were talking about.

They didn’t.

They didn’t know what the Dodd-Frank Act was. As I explained to you in chapter 4, it was supposed to rein in the big banks and prevent them from engaging in the practices like marketing collateralized debt obligations and mortgage-backed securities that caused the financial meltdown of 2008 that led to Obama’s election. It not only failed miserably to do what it was supposed to, it’s very likely that it was never intended by the lawmakers who cobbled it together to do anything to slow down the spread of bad debt and the collapse of the economy.

The demonstrators didn’t know that Ben Bernanke was the Fed chairman or that
SEC
stands for Securities and Exchange Commission. Two of the respondents said it stood for the Southeast Conference.

They had no idea about marginal tax rates. One of those answering explained that he knew “a whole f*cking family of billionaires who don’t pay a thing.”

The demonstrators overwhelmingly—94 percent—thought that more federal money was spent on defense than on health care, pensions, and education. In fact, less than half as much of taxpayers’ money is spent on the military than on those three. But you wouldn’t expect these freeloaders to know anything about paying taxes.
³

The longer they’re in the streets, capturing the headlines, getting the leftist anti-American message out there, the better it is for the subversives in the administration who are truly undermining the country as they seize more and more power over every aspect of our lives.

What you don’t know is that the Russian Revolution of 1917—the one I compare our emerging revolution to—was not a revolution of the working classes. Karl Marx, the founder of communism, was the son of a lawyer, not a member of the proletariat. Friedrich Engels, his co-conspirator, was the son of a wealthy German cotton manufacturer. Vladimir Lenin, who led the revolution, came from a comfortable middle-class family.

The original communists were the hippie trust-fund cases of their time, and yet they were able to incite the poor and starving people of Russia into revolt.

Note, though, that there is no starvation in America. Most of the gutter rats you see demonstrating in the streets today are well-fed products of comfortable middle-class homes, too stupid to know they’re being used to promote a new communist society that they think will make it so they don’t have to work for a living like the parents who are still supporting them do.

You may not be aware that the “revolution” that’s occurring today in the Occupy Wall Street movement has an American counterpart. Forty-two years ago, the Weathermen—an American communist revolutionary group—took to the streets of Chicago in a demonstration they called “Days of Rage” against the “imperialist oppressors.” The purpose of the Days of Rage was to initiate the destruction of the American system, as it was outlined in a manifesto titled “The Elections Don’t Mean Sh-t—Vote Where the Power Is—Our Power Is In The Street.”

It didn’t work out that way.

The demonstration was such a dismal failure that it caused the communist movement to change its strategy dramatically. The movement went underground, with radicals like Obama’s friend and ghostwriter Bill Ayers throwing bombs from the shadows rather than demonstrating in the streets. The movement reemerged, its people now wearing business suits and skirts as they merged into the mainstream, planning a less direct revolution than the one they initially envisioned.

Professors like Frances Fox Piven authored what is known as the Cloward-Piven strategy for bringing down capitalism through the welfare system, as I explained to you in
Trickle Up Poverty
. Sure enough, Piven was one of the speakers at the Occupy Wall Street demonstrations. Piven railed against the bankers, not just as greedy thieves but as “cannibals . . . because they are eating their own—us!” That kind of rhetoric, so typical of the leftists of the 1960s, is reemerging today as the Obama administration looks on approvingly. It’s the same Marxist propaganda that brought Russians to their knees nearly 100 years ago and led to 70 years of their being enslaved by the communist elite. It’s the same political philosophy that killed 60 million Chinese under Mao’s rule and that has led to the North Korean darkness today.

What you hear from the demonstrators themselves gives you an idea of just how ignorant they are: “I got warrants. I’m running from the law. I’m not even supposed to be here, but it’s as good a spot as any to hide.” “On my third day, they had smoked salmon with cream cheese. You know how much smoked salmon is a pound? Sixteen dollars. I eat better here than I do with my parents!”

General Electric CEO and Obama jobs czar Jeffrey Immelt—the guy whose company pays no corporate taxes and who is moving two of his businesses to Red China—chimed in with this about the demonstrators: “[W]e have to be empathetic and understand that people are not feeling great.”
⁴

Brian Phillips belongs to “NYC General Assembly,” a group that has had a big part in the Occupy Wall Street demonstrations. He’s clear about what he wants to see happen: “My political goal is to overthrow the government.”
⁵

Warren Goldstein, chairman of the Department of History at the University of Hartford, shouted to the demonstrators: “You are fulfilling the words of the prophet Isaiah. You have thrown off the yoke. Occupy, occupy, occupy!”
⁶

The demonstrators, terminally obedient to the leftist professors who mentor them in the art of the free lunch, are cutting classes from their $50,000-a-year elite colleges to defecate on cop cars and sit around in circles praising the likes of the real terrorists their professors have taught them to emulate.