FIRST MAJOR ADDRESS

In his first major address to the nation Obama unveiled bold new steps to reign in the culture of "greed" which has infected American society for too long. CEOs enriching themselves while profits dwindle and jobs are lost will be limited in executive pay if they are to recieve any "bailout" from U.S. taxpayers.
Obama said Americans are upset with “executives being rewarded for failure".
Wall Street firms paid more than $18 billion in bonuses in 2008 amid the economic downturn. “This is America. We don’t disparage wealth. We don’t begrudge anybody for achieving success,” Obama said. “But what gets people upset — and rightfully so — are executives being rewarded for failure [i.e. corporate welfare]. Especially when those rewards are subsidized by U.S. taxpayers.”

The restrictions will not apply to firms like American International Group Inc., Bank of America Corp., and Citigroup Inc., etc. which already revcieved 'bailouts'from The Bush Administeation. In the future, firms wishing to pay executives above a $500,000 threshold will have to use stock which can't be sold or liquidated until the corporation pays back the government funds.

Obama said massive severance packages for executives who leave failing firms are going to be eliminated. “We’re taking the air out of their golden parachutes.” The president referred to the fact burden and risk have been distributed among the many for too long while reward has been selfishly hoarded by the few. As during the campaign, when Obama could bearly conceal his contempt for the corrupt Bush Administration, the president reminded the population
THE FINANCIAL CRISIS has been "..... years in the making".

To clarify, these are the shifts in policy beginning with the Reagan years in 1981. Failed policies, such as "supply"- side "trickle"- down economics,were sold to the American public. TAX-CUTS, while initiating a military-industrial spending spree remedied by "tightening the belts" of the folks at home. In these years the first laws restricting personal liberties were enacted and brutaly enforced. De-regulation was the dogma , while 'secret' funds were sent to Islamic "freedom" fighters opposing The Evil Empire in Afghanistan.

Dallas was the most popular show on television. The Reagan Administration claimed it didn't deal with "terrorists" , but we came to know later the U.S. was committed to foreign intriques beyond the comprehention of the average American. But at the time, "confidence" was restored, and the economic and fuel issues seemed to be put aside. In 1989, George H.W. Bush succeeded Reagan, continuing Republican executive dominance for 4 more years. Early in his term, Bush faced the problem of what to do with leftover deficits spawned by the Reagan years.
Bush was forced by the Democratic Congress to raise tax revenues; as a result, many Republicans felt betrayed because Bush had promised them "no new taxes!"

America entered into a recession. The unemployment rate edged upward in 1991. The unemployment rate reached 7.8%, its highest rate since 1984. The Census Bureau reported 14.2% of all Americans lived in poverty. During this time, the Bush administration initiated the negotiations of the North American Free Trade Agreement (NAFTA), eliminating the majority of tariffs on products traded among the United States, Canada, and Mexico.

In the 1992 U.S. Presidential Campaign, Clinton and the Democrats attacked Bush for not doing enough to assist the working middle-class and for being "out of touch" with the common man,and the majority of Americans agreed.

In the aftermath of THE COLD WAR, economic prosperity returned, and due in part to the personal scandal involving President Clinton, and the fact there were no percieved "issues" of importance, Americans returned to the "laissez-faire" economics of The Republicans and elected George W. Bush as president.

Well, we have all seen what a disaster that has turned out to be. For some historians and astute political observers much of
WHAT HAPPENED was to be expected,but the shear magnitude of corruption combined with ineptitude exceeded even most worst fears. It reminds one of the TV Drama Dallas back in the 1980's and is key to President Obama's subtle reminder to Americans the disasters the U.S. faces have indeed been years in the making

A Police State exists when the Government serves itself rather than the People, when government aggrandizes itself rather than responding to the needs of the Commonwealth.





INFORMATION BUREAU


Obama Talks Tough regarding CEO compensations

Obama sets executive pay limits for bailed out companies


Obama: Bonuses for executives ‘shameful’ .......