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Political Article Archive for 2010

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Politics

It Was the Banks
by James K. Galbraith
Posted November 6, 2010

Summers-GeithnerThe original sin of Obama's presidency was to assign economic policy to a closed circle of bank-friendly economists and Bush carryovers. Larry Summers. Timothy Geithner. Ben Bernanke. These men had no personal commitment to the goal of an early recovery, no stake in the Democratic Party, no interest in the larger success of Barack Obama. Their primary goal, instead, was and remains to protect their own past decisions and their own professional futures.

Up to a point, one can defend the decisions taken in September-October 2008 under the stress of a rapidly collapsing financial system. The Bush administration was, by that time, nearly defunct. Panic was in the air, as was political blackmail - with the threat that the October through January months might be irreparably brutal. Stopgaps were needed, they were concocted, and they held the line.

But one cannot defend the actions of Team Obama on taking office. Law, policy and politics all pointed in one direction: turn the systemically dangerous banks over to Sheila Bair and the Federal Deposit Insurance Corporation. Insure the depositors, replace the management, fire the lobbyists, audit the books, prosecute the frauds, and restructure and downsize the institutions. The financial system would have been cleaned up. And the big bankers would have been beaten as a political force. More...

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The Secret Big-Money Takeover of America
by Robert Reich
Posted October 10, 2010

Robert ReichNot only is income and wealth in America more concentrated in fewer hands than it's been in 80 years, but those hands are buying our democracy as never before -- and they're doing it behind closed doors.

Hundreds of millions of secret dollars are pouring into congressional and state races in this election cycle. The Koch brothers (whose personal fortunes grew by $5 billion last year) appear to be behind some of it, Karl Rove has rounded up other multimillionaires to fund right-wing candidates, the U.S. Chamber of Commerce is funneling corporate dollars from around the world into congressional races, and Rupert Murdoch is evidently spending heavily. More...

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Do Not Pity the Democrats
by Chris Hedges
Posted September 26, 2010

DemocratsThere are no longer any major institutions in American society, including the press, the educational system, the financial sector, labor unions, the arts, religious institutions and our dysfunctional political parties, which can be considered democratic. The intent, design and function of these institutions, controlled by corporate money, are to bolster the hierarchical and anti-democratic power of the corporate state. These institutions, often mouthing liberal values, abet and perpetuate mounting inequality. They operate increasingly in secrecy. They ignore suffering or sacrifice human lives for profit. They control and manipulate all levers of power and mass communication. They have muzzled the voices and concerns of citizens. They use entertainment, celebrity gossip and emotionally laden public-relations lies to seduce us into believing in a Disneyworld fantasy of democracy. More...

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Rule By The Rich
by Paul Craig Roberts
Posted January 27, 2010

The Democrats were destroyed as an independent party by jobs offshoring and so-called free trade agreements such as NAFTA. The effect of "globalism" has been to destroy the industrial and manufacturing unions, thus leaving the Democrats without a power base and source of funding.

Obama and the Democrats cannot be an opposition party, because Democrats are as dependent as Republicans on corporate interest groups for campaign funding.
The Democrats have to support war and the police state if they want funding from the military/security complex. They have to make the health care bill into a subsidy for private insurance if they want funding from the insurance companies. They have to abandon the American people for the rich banksters if they want funding from the financial lobby.

Now that the five Republicans on the Supreme Court have overturned decades of U.S. law and given corporations the ability to buy every American election, Democrats and Republicans can be nothing but pawns for a plutocracy. Most Americans are hard pressed, but the corporations have only begun to milk them. More...

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Supreme Court Hands Nation Over to Corporations
by Rudy Avizius
Posted January 25, 2010

Corporate States of AmericaAmericans have long had a sneaking suspicion that there was a “hidden hand” directing our government in Washington and the states, and they were right. The “hidden hand” was actually the corporations, unions, and other special interests that contribute literally $billions to our politicians in order to influence legislation that will favor them. This has happened even with the limits that have been placed on these groups that prevented them from directly contributing to campaigns.

Thursday January 21 2010, will go down in history as a dark day. This is the day that a divided  Supreme Court, in a case of unbelievable overreach removed all limits on corporate political campaign spending. If you thought our politicians were corrupt and beholden to corporations before, things are about to get a LOT WORSE now that all limits have been removed. Justices Roberts, Alito, Scalia, Thomas and Kennedy swept aside decades of legislative restrictions on the money from corporations in political campaigns and ruled that companies can use corporate funds to support or oppose candidates. These 5 justices have just opened the floodgates and the strangle hold the banks have over the nation's wealth will now be amplified by this Supreme Court ruling that has totally removed all limits on campaign financing by corporations. This black day will go ultimately go down in history where the Supreme Court officially validated the takeover of the government by the corporations. More....

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MOTHER JONES journalists David Corn and Kevin Drum offer a hard look at the obstacles to real reform of the financial industry.
Bill Moyers Journal
Posted January 11, 2010


David Corn and Kevin DrumThe ancient Romans had a proverb: "Money is like sea water. The more you drink, the thirstier you become." That adage finds particular meaning today on Wall Street, which began this New Year riding a tidal wave of bonuses in a surging ocean of greed.

Thanks to taxpayers like you who generously bailed banking from the financial shipwreck it created for itself and for us, by the end of 2009 the industry's compensation pool reached nearly $200 billion. And despite windfall profits, the banks will claim almost $80 billion in tax deductions. And nearly $20 billion of those deductions will go to just three institutions — Morgan Stanley, JP Morgan Chase, and Goldman Sachs. Ah, yes — Goldman Sachs, that paragon of profit and probity — which bet big on the housing bubble and when it popped — presto! — converted itself from an investment firm into a bank so it could get your bailout money. More...
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Senator Byron Dorgan to retire
Posted January 10, 2010

PoliticsSenator Byron Dorgan of North Dakota recently announced his retirement and our government will be losing a highly qualified elected official. He was one of only 8 senators who had the wisdom to vote against Gramm Leach Bliley Act in 1999 which tore down the firewall that had existed between the commercial banks and the investment houses and kept the banks from gambling with depositers' money since the Great Depression. "I think we will look back in 10 years' time and say we should not have done this," Byron Dorgan said at the time of the vote.

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