The Obama Bubble: Why Wall Street Needs a Presidential Brand

[katty]

(a rather audacious POV article-but, nevertheless, interesting to ponder, re: the Wall st gang)

more: http://www.blackagendareport.com/index.php?option=com_content&task=view&id=548&Itemid=1

The Obama Bubble: Why Wall Street Needs a Presidential Brand
Wednesday, 05 March 2008
by Pam Martens

Despite Barack Obama's claim that his campaign represents a mass "movement" of "average folks," the initial core of his support was largely comprised of rich denizens of Wall Street. Why would the super wealthy want a percieved "black populist" to become the nation's chief executive officer? The "Obama bubble" was nurtured by Wall Street in order to have a friend in the White House when the captains of capital are made to face the legal consequences for deliberately creating current and past economic "bubbles." Wall Street desperately needs a president who will "sweep all the corruption and losses, would-be indictments, perp walks and prosecutions under the rug and get on with an unprecedented taxpayer bailout of Wall Street." Who better to sell this "agenda to the millions of duped mortgage holders and foreclosed homeowners in minority communities across America than our first, beloved, black president of hope and change?"

The Obama Bubble: Why Wall Street Needs a Presidential Brand

by Pam Martens

This article originally appeared in the print edition of Counterpunch.org.

"We are asked to believe that those white executives at all the biggest Wall Street firms now want a black populist president because they crave a level playing field for the American people.”


The Obama phenomenon has been likened to that of cults, celebrity groupies and Messiah worshipers. But what we're actually witnessing is Obama mania (as in tulip mania), the third and final bubble orchestrated and financed by the wonderful Wall Street folks who brought us the first two: the Nasdaq/tech bubble and a subprime-mortgage-in-every-pot bubble.
To understand why Wall Street desperately needs this final bubble, we need to first review how the first two bubbles were orchestrated and why.

In March of 2000, the Nasdaq stock market, hyped with spurious claims for startup tech and dot.com companies, reached a peak of over 5,000. Eight years later, it's trading in the 2,300 range and most of those companies no longer exist. From peak to trough, Nasdaq transferred over $4 trillion from the pockets of small mania-gripped investors to the wealthy and elite market manipulators.