Obama’s Attempted Takeover:Cronies Thrive, Main Street Dies…

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For all Obama’s whining and moaning about the “rich getting richer, and the poor getting poorer,” he fails to tell the real story to We The People. All his cronies are making out like bandits (or should that be “bandido’s?) and that’s only part of the story. Since 2009, banks have seen their collective stock price triple. Furthermore, the nation’s top five banks–J.P Morgan Chase & Co., Bank of America Corp., Citigroup Corp., Goldman Sachs and HSBC Bank now own 52 percent of the market, up from 17 percent in 1970. Through it all, Huszar revealed, the Fed never wondered whether what it was doing was effective. It had so unquestionably hitched its wagon to Wall Street’s star, that a 14 percent market correction, and a slight weakening of the banking sector early in 2010, gave rise to QE2. “That was when I realized the Fed had lost any remaining ability to think independently from Wall Street,” Huszar writes. “Demoralized, I returned to the private sector.” .. Arnold Ahlert and FrontPageMag continues ..

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