“Fight Against Stupidity And Bureaucracy”
A Sunday Sermon
It’s been a while since I did a Sunday Sermon. It’s an occasional, rather than a regular, feature here at the fasab blog. It just happens when I’m in the mood to have a bit of a rant about a subject that I consider to be serious.
If you have read much of my blog you will know that two of my favorite targets are the banksters and politicians. When they act alone they are dangerous, when they combine their forces they are lethal.
Today I’m taking aim at both of them.
Strap yourselves in, here we go….
In the wake of the financial catastrophe that the greedy banksters inflicted on the world there has been a lot of talk (but very little real action) about bringing these thieves under some kind of control.
Naturally the banks are fighting tooth and nail against any kind of financial reform and they have the contacts and the financial resources to do it.
They have, for example, dragged their heels at every opportunity, used our money (kindly donated by a stupid government) to lobby friendly and unprincipled politicians in Congress to repeal aspects of Dodd-Frank, sent armies of lawyers to frustrate regulators and make any new rules as weak as possible and threatened a plethora of legal challenges and lawsuits.
It has been a ‘David and Goliath’ battle but this time the richer and more powerful Goliath seems to be winning.
Unsurprisingly the banks’ biggest political allies in opposing the much needed financial reforms have been Democrats, such as the Robert E. Rubin wing of the Democratic Party, which has opposed moves to break up the big banks after the 2008 global crisis.
I say ‘unsurprisingly’ because the whole mess was caused by the Democrat regime of Bill Clinton who got rid of the Glass-Steagall separation of commercial and investment banking. Small wonder that they are railing against its reinstatement.
Unfortunately they aren’t alone. Most Republicans also oppose effective moves against the banksters. A fact less shocking when you realize that in the last two election cycles, over 60 percent of the bankster’s donations went to Republicans. It seems America’s form of democracy is still more about what the money-men want (and are willing to pay for), rather than what the ordinary people want.
Most disappointing of all, however, has been President Obama. He swept to power promising ‘change’ but he never backed meaningful reforms against the banks. On the contrary, the Obama Administration has repeatedly put forward nominees with Wall Street connections for major oversight roles. It’s a bit like appointing some of the inmates of a prison as the prison guards!
During the debate over the Dodd-Frank Act, Obama’s henchmen even lobbied against an amendment offered by two of his own Democratic senators (Sherrod Brown of Ohio and Ted Kaufman of Delaware) who wanted to cap the size of the banks.
The fact is, that if Obama had taken a stronger position on the much needed financial reform it would have been much stronger and much more effective.
Now they are neither strong nor effective. They won’t work, in other words. It’s just been a bit of window dressing and bluff for the benefit of gullible voters.
And now even more money will be paid to Republicans since they routed the Democrats and swept to power in the US Senate, as well as expanding their majority control in the House of Representatives. That means even less will be done against the banksters.
It is a simple equation. Money buys politicians, buys power and influence.
Some people call it corruption.
Others try to tell us it is democracy.
I know which one I think it is!
In fact let’s use a new word….