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Sunday, April 12, 2009

Arianna Huffington's new nickname for Barack Obama, The BankCentric Kid, and She's Right, for a Change, ahem.

For the past several weeks, I have had an uneasy feeling about all of those "meetings" Barack Obama has had with Wall Street Bankers and the financial "stall warts" that really don't relate to US.


I've never quite felt comfortable with Barack Obama's ability to connect with the everyday person during last year's election because Obama also relied on the corporate elite banker to win the white house. These two groups couldn't be more polar opposite and don't relate to each other.

I do believe Barack Obama deserves a year before he is judged. However, I keep seeing the same type of pattern emerging that makes me wonder if it is going to be pointless to wait a year before judging.

Passing a heavy handed bailout package that has no support at all from the other major political party is what I call a forfeit victory. The other side didn't have enough players to compete effectively, so the game is called without being played and is called a forfeit victory.


In sports, the winning side must be very careful if they choose to celebrate a forfeit victory. In some baseball competitions, a team can get a forfeit victory by being ahead by either 10 or 15 runs. The winner is wise to not openly gloat about their "mercy rule" victory in front of the losing team and instead may wait until later, just as Barack Obama did after the bailout bill passed and celebrated at the white house. However...

If the other side did not have enough players to compete at the start of the game, this too can be called a forfeit victory. I can pretty much guarantee that NOBODY celebrates a forfeit win when the other side can't even field enough players at the start of the game.

When it came to the passage of the bailout bills, one could call that a forfeit victory as well as the Republicans could not even field enough congress people to prevent a "mercy rule" victory.

Barack Obama celebrated his bailout bill mercy rule victories at a white house party replete with 100 dollar a pound wagyu steaks imported from Japan. Welcome to Barack Obama's world, where celebrating a slam dunk victory when the other side could not even field enough players, is a way of life. Not much different than when Barack Obama had his opponents disqualified for technical reasons in past political races. The patterns seem to remain the same and point to someone who thinks he is growing even as he performs the same old tricks he always has.

While Media Matters disputed the 150-170 million dollar estimated expenditures for Barack Obama's Inauguration, was it really necessary to spend that much money while people were actually freezing to death in their homes across the country? What if Barack Obama had budgeted 150 million for the Inauguration, then practiced his budget cutting skills and cut his own inauguration budget to 75 million, and then used some of the saved money to pay the heating bills of people who instead froze to death?

Wouldn't that have sent a clear and loud message that Barack Obama was really going to "change" things? Wouldn't he have instantly mobilized and even won over some of his critics if he could have kept his inauguration budget to one dollar lower than the last inauguration?

Now Arianna Huffington, who IS HILLARY CLINTON'S BIGGEST NEMESIS on the planet, is calling Barack Obama and his administration a bankcentric driven team, and she doesn't like it one bit. Neither does George Soros. Barack Obama's team of rivals seems to be in the habit of looking for the next forfeit in which they can unanimously declare a victory and then celebrate with 100 dollar wagyu steaks. It appears they don't even buy their victory steaks from a US company. Wow.

The latest evidence of Barack Obama's next forfeit victory was his recent statement that little cracks of light are shining through the economic gloom as Wall Street indicators begin to brighten...even as the credit card companies are wreaking havoc on millions of customers who have stellar credit and payment histories!

When the credit card companies begin to steal frequent flyer miles from their most loyal and trustworthy customers, and when the credit card companies begin to increase monthly minimum payments by 150% on their customers who practice smart borrowing habits, can one really state that the economic gloomy clouds are lifting?

Perhaps the better question is, for whom are the gloomy economic clouds lifitng? Certainly not for the almost 2 million Chase bank customers who suddenly have to come up with as much as 500 dollars a month for a credit card bill they have never been late paying in the past or they will lose their super-low interest rate loan.

It seems to me if you believe in the everyday person Mr. President, and feel their pain, (ahem), you would want to harness those people's expectations and enthusiasm and guide them into creating their own success. Instead, I get the sense that the everyday person is really there to feed Barack Obama's world, and not the other way around.

Did you know that you You may be a Toxic Asset and not even know it! The reality that any american who accepted a low interest "until the loan was paid off" credit card offer from Chase Bank and other banks may now been labeled a toxic asset! These customers with low interest loan rates are being isolated for eradication by the credit card companies and is ANOTHER example of a Barack Obama team of rivals forfeit victory. The destruction of these smart consumers now know as toxic assets will generate more profit for the credit card companies as their credit rating gets slashed, thereby ensuring they pay higher interest rates on their debts, which creates more value on Wall Street. Is this the way banks are to operate so Barack Obama can then state that the economic clouds are lifting?

The amount of trustworthy credit card customers who were offered life of the loan, low interest credit card rates is relatively small, perhaps just a couple of million of customers who still have these great rates intact. Yet the bankers can't wait to destroy these customer's credit rating by raising their monthly minimum payment from 2% to 5%, a 150% increase above and beyond what they are already paying, with no opt out clause for the consumer!

If Barack Obama believes that labeling credit card customers with stellar payment histories "toxic assets" as one key to fixing the economy, then that is not the type of economy that needs fixing.

To Arianna Huffington, just what was in it for you to elect the "BankCentric Kid" in the first place since you now condemn his BankCentric approach?

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