Senator Schumer, the Slumlord from Wall Street

Senator Schumer, the Slumlord from Wall Street

The 500,000 deaths of COVID-19 in the United States are the most undeniable indicator that the U.S. economy is in a state of collapse, and has been in that collapsed condition from well before the March 2020 lock down implemented to slow the spread of the disease. The onset of the pandemic merely made visible and sensuous a process which had been underway for decades. The late American economist and statesman Lyndon LaRouche had warned in the early 1970’s that the policies of financial usury being imposed on the world’s poor by global financial institutions like the World Bank and International Monetary Fund would lead to global pandemics, for the obvious reasons that lack of adequate housing, sanitation and nutrition create a fertile breeding ground for any disease. While many might wish to avoid confronting it, millions of Americans are now living in what used to be called “third world” conditions, not only in inner cities, but in long term care facilities for veterans and the elderly, and rural parts of the country as well.

Thanks in no small part to Schumer’s loyalty to the City of London and Wall Street, the United States was left defenseless when the virus arrived, and it has taken a terrible toll.  President Trump made mistakes in his handling of COVID-19, similar to those made by many European leaders, but President Trump also promoted the rapid development of a vaccine, through his “Operation Warp Speed” which succeeded beyond the expectation of his many detractors. President Trump did not preside over the 60 years of post-industrial, green lunacy which took down American industry, devastating all of our major cities, shipping our jobs overseas, and shutting down our hospitals, which led to a population already killing itself in record numbers through drug addiction, stress-related disease, and suicide.  For that, you can thank Senator Schumer.

For example, according to “Where We LIve NYC,” 23% of City apartment dwellers are paying 50% or more of their income for rent (25% used to be the standard maximum), but even while paying very high rents, 18% of renting households report more than 3 “deficiencies” in their apartment -- ie. no hot water, rodents, leaky pipes, etc -- not minor matters. Because the rents are so high, many people now live with extended family, so not only is the rent stressfully high and maintenance poor, but households are overcrowded as well.  This creates perfect conditions for disease, and in fact, according to the New York TImes from April 1st - 5th, 2020, in the first weeks of the virus’s arrival in New York City, 1125 corpses were retrieved from homes, which was 8 times the number during that five days in the previous year.  Surely the decrepit conditions of housing was a contributing factor in these deaths. Schumer has worked hard for his Wall Street sponsors and millions of New Yorkers are paying the price.

As physicist Carl Gauss demonstrated, you can chart the course of an asteroid based on three points in its orbit, and we can tell the tale of Chuck Schumer in three “Acts” -- that is acts of legislation which he supported during his very long tenure in the United States Senate, which contributed greatly to the collapse of our cities, farms, industries and livelihoods.

The Repeal of FDR’s Glass Steagall Act

The first of the three anti-American System legislative acts which Schumer supported was the infamous “Gramm-Leach-Bliley Act” which was signed into law by President Clinton in 1999.  This act explicitly removed the firewall between commercial banking and speculation, which had protected American commercial banks and depositors for 66 years, since FDR signed the original Glass-Steagall Act into law in 1933.

The repeal of Glass-Steagall is what made it legal to merge bankrupt speculative entities like Lehman Brothers with formerly simple commercial banks, and even created conditions where giant monoliths like Bank of America could use the deposits of its customers as collateral for its derivatives obligations, otherwise known as gambling debts.

T.A.R.P (Troubled Asset Relief Program) - Speaking of Lehman Brothers

When the system crashed in September of 2008, exactly as LaRouche had earlier warned it would, millions of Americans called their Congressmen telling them, “No bailouts!  You lose, you lose.”  The Congress voted against the $700 billion bailout the first time, but Treasury Secretary Hank Paulson visited them and threatened total chaos, necessitating martial law, which got the bill passed. Schumer voted for it, of course, and George W. Bush signed it into law, with an assist from then-Senator Barack Obama’s arm-twisting members of the Congressional Black Caucus.  

Dodd-Frank

In 2010, when it became apparent that dropping money from helicopters into desperate Wall Street and London banks hadn’t solved the problem, the Schumer-supported  Dodd-Frank Act was signed into law by President Obama.  Just to make sure that the depositors (ie. you) wouldn’t get priority over the “Globally Systemically International Financial Institutions” (G-SIFIS), Title II of the Act, the “Orderly Liquidation Authority,” authorized a new policy called “bail in,” by which the bank could vaporise personal savings accounts to subsidize its orders-of-magnitudes-larger derivatives obligations.  

The result of these policies, each fully supported by Senator Schumer, has been the devastation of the actual productive economy and hyperinflation in the cost of living for most Americans. In New York City, the number of people sleeping in homeless shelters more than doubled from 2001 to 2020, from 25,000 to 56,000.  Now one out of 100 babies born in New York City goes “home” to a shelter, and 114,000 New York City public school children are homeless.  (The discrepancy in the figures is due to the fact that many people who are homeless are not in the shelter system. Over 70% of families who applied for shelter in 2020 were rejected as “ineligible”.)

The National Coalition for the Homeless reported in 2009 that 44% of homeless Americans were working. Thanks to Chuck Schumer, and his Wall Street bosses, the average wage is not enough to pay the average rent or mortgage.  Also, since production has been largely shut down, and infrastructure is not being built, millions of Americans don’t have regular employment, but are part of the “gig economy,” working informal jobs, like driving for Uber or dog walking, with no benefits or guaranteed hours or working conditions, just  like billions of people in Africa, India, and Ibero-America.

If Senator Schumer’s policies are not stopped, including emphatically the deadly Green New Deal, New Yorkers may find themselves freezing and starving in the dark, just as millions did recently in Texas. My 32 year association with the world’s leading economist Lyndon LaRouche is what qualifies me to take Schumer’s seat in the U.S. Senate. However, I’m not waiting until then to stop his policies. Schumer’s slumlord agenda must be stopped now.

 

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  • Robert M Wesser
    published this page in Statements 2021-03-06 15:59:42 -0500