August 8, 2011
Perhaps the most disturbing aspect of this [Budget Control Act] deal is the “Super Congress” provision. This is nothing more than a way to disenfranchise the majority of Congress by denying them the chance for meaningful participation in the crucial areas of entitlement and tax reform. It cedes power to draft legislation to a special commission, hand-picked by the House and Senate leadership.
Now a long-time D.C. insider has tipped me off as to how the banksters plan to squeeze the next phase of the budget deal for their own benefit. This insider writes to me:
What hat trick do the “banksters” try next? IMHO, they love to hide their best and biggest tricks in plain sight.
It’s the “national infrastructure bank.” Leading Democrats on the Hill are teeing up a national infrastructure bank to be incorporated into the next budget deal. As an example, Chuck Schumer is proposing using the proceeds from a new, one-year repatriation tax to fund the start up costs of such a national infrastructure bank.
The insider then reveals why unions are so excited about the deal:
Did Obama sign an executive order mandating that all federally funded projects be union-only through mandates called “project labor agreements”? Yes, roughly 20 days into his presidency in February 2009.
Would those union PLAs bind the national infrastructure bank? Ah, yeah, that’s why organized labor loves the idea.
Here’s the bankster angle:
Did the now-expired “Build America Bonds” program generate a lot of fat fees for government bond firms? Yep.
Was “Build America Bond” program too short-lived and too small to generate Wall Street fees by the billions? Yep.
Will billions in fees be derived from trillions of projects (whose costs will be inflated by sweetheart union rules) largely benefit those making money off the financing of new infrastructure? Yep, that’s the big idea.
Will the average Joe be burdened with all sorts of fees for using roads, bridges, etc to pay those fat investment banking fees and for those feather-bedded PLAs? Yep.
My insider also reveals the player stick handling this deal for the banksters:
Who is pushing the “national infrastructure bank” to the White House? Robert Wolf of UBS
In February, 2009, Wolf was appointed as a member to the President’s Economic Recovery Advisory Board to provide the Obama administration with advice on counsel in fixing America’s economic downturn. In 2011, he was appointed as a member to the President’s Council for Jobs and Competitiveness.
In other words, Wolf is a key player in the Obama administration. What’s Wolf emphasising at the White House. WSJ puts it this way:
Mr. Wolf’s chief obsession, White House officials say, is pushing a national infrastructure bank that local governments and the private sector could use to fund big projects like bridges and water-treatment plants—an idea first championed by the Clinton campaign.
New York Magazine writes of Wolf :
The UBS America chief raised more than $500,000 for Obama’s 2008 campaign and used to speak excitedly of the president’s “rock-star status.” There’s been no sign of a fading bromance: Obama named Wolf to his ad hoc Council on Jobs and Competitiveness in February, and we hear that Wolf will be a core bundler for the reelection bid.
And guess who showed up on the list for the President’s private (not on his schedule) birthday party:
GUESTS: Al Sharpton, Patrick Gaspard, UBS Investment Bank President Robert Wolf, FCC Chair Julius Genachowski, Leader Nancy and Paul Pelosi, Secretary Tim Geithner, Secretary Arne Duncan, U.S. Trade Rep. Ron Kirk, Secretary Hillary Clinton, Attorney General Eric Holder, Secretary Kathleen Sebelius, Rep./DNC Chair Debbie Wasserman Schultz, former Virginia Gov. and DNC Chair Tim Kaine, Anita Dunn and Bob Bauer, Robert Gibbs, David Axelrod, David Plouffe, Valerie Jarrett, Michael Strautmanis, Pete Rouse, Bill Daley, Deputy Chief of Staff Alyssa Mastromonaco, Denis McDonough, John Brennan, Rahm Emanuel, Tina Tchen, White House chef Sam Kass, Julianna Smoot, Marty Nesbitt, Eric Whitaker, Linda Douglass, and many more.
Bottom line, the banksters have a key man in place to guide the next budget deal and turn it into a bankster feast. Expect the result to be the National Infrastructure Bank, which will act something like a domestic version of the IMF/World Bank. It will be initially financed via bankster money raising deals (where they will earn huge fees). The actual building of the infrastructure will be done by Obama’s union cronies. To make it all work, you, as an average Joe Citizen will play a key role, designed by the National Iinfrastructure Bank, by paying tolls and fees for the use of these government granted monopoly projects.
The average Joe will be taken from, again.
This article was posted: Monday, August 8, 2011 at 8:10 am