As much as he campaigned against anything, Obama railed against precisely this sort of incestuous, profoundly corrupt control by narrow private interests of the Government, yet he has chosen to empower the very individuals who most embody that corruption. And the results are exactly what one would expect them to be.
A terrific article – must reading – on Salon which details how Obama’s administration is closely tied to Wall St firms that it is currently bailing out with taxpayer funds.
This paragraph sums up the scam:
Just think about how this works. People like Rubin, Summers and Gensler shuffle back and forth from the public to the private sector and back again, repeatedly switching places with their GOP counterparts in this endless public/private sector looting. When in government, they ensure that the laws and regulations are written to redound directly to the benefit of a handful of Wall St. firms, literally abolishing all safeguards and allowing them to pillage and steal. Then, when out of government, they return to those very firms and collect millions upon millions of dollars, profits made possible by the laws and regulations they implemented when in government. Then, when their party returns to power, they return back to government, where they continue to use their influence to ensure that the oligarchical circle that rewards them so massively is protected and advanced. This corruption is so tawdry and transparent — and it has fueled and continues to fuel a fraud so enormous and destructive as to be unprecedented in both size and audacity — that it is mystifying that it is not provoking more mass public rage.
Bill Moyers sits down with William K. Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s. Black offers his analysis of what went wrong and his critique of the bailout.
I love the term they are using for bankers who deliberately defraud society – “banksters”. Black says the entire financial system is one big ponzi scheme, making Bernie Madoff looking like an amateur and fall guy for the larger crime which involved the entire financial system and governments who allowed them to go unregulated.
“(Karl Marx is) the most accurate prophet in all of history, there should be no doubt about this.” – Richard Metzger, written on Boing Boing.
I hope the current financial crisis leads to a new generation of people reading Marx and those of us who have read him before should be re-reading him.
As David Harvey says in the below video, the G20 governments are just trying to re-boot the same kind of capitalism we’ve had before which has seen a series of collapses over the last 30 years, each collapse leading to the bankers being bailed out by the taxpayers and walking away scott-free so they can do it all over again, “sticking it to the people”, as Harvey says. Rampant consumerism is to blame for our problems and Marx predicted this 150 years ago. Propping up the old regime isn’t the answer. We need a new model. And we need to start figuring out what that model might be. We need to pressure our leaders to start thinking about it, talking publicly about it, not just propping up the old broken system.
Read Marx’s DAS KAPITAL along with David Harvey here.
