Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Corporate Anarchy

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
 
amborin Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-23-10 11:52 AM
Original message
Corporate Anarchy
Edited on Wed Jun-23-10 11:55 AM by amborin
Corporate Anarchy: Wall Street and BP Criminals At Large:

In this era of corporate anarchy, legal, ethical and financial rules have all been rescinded in the pursuit of profit.




snip

...... It seems clear that BP cant seem to fix the catastrophic gusher the press calls a leak," and that President Obama cant fix the economy because its problems are structural and wont respond to soaring rhetoric emanating from his bully pulpit.
Meanwhile, most of the worlds people really dont get the fix we are all in. I take that back; the million Americans who have just lost their benefits probably do. The deficit hawks voted that down without doing anything about the growing deficit of jobs.

Forty-three members of the Congress and the Senate are tinkering with an increasingly diluted "financial reform bill." Lobbies like the powerful Business Roundtable have pushed the White House to weaken proposed curbs on executive compensation while former Fed head Tim Geithner is maneuvering behind the scenes to save dangerous derivative trading from too much regulation.
It is for this reason that financial writer Ilan Moscovitz worries about a coming financial meltdown, writing, One of the biggest contentions remains what to do about the mind-boggling, vast, and opaque derivatives market owned by the nation's too-big-to-fail megabanks. The problem is getting worse. Notional amounts of derivatives held by federally insured banks have risen to more than $200 trillion.
..........And on the corporate crime front, the FBI has busted no fewer than 1,000-plus mortgage fraudsters last week, but has yet to go after the firms that securitized these mortgages and pedaled them with inflated values, or then overleveraged their deals and insured themselves against expected defaults. Most of Wall Streets financial criminals are still at large.
Gonzalo Lira, writing from Chile, sees a link between BPs crime against the environment and Wall Streets crimes against investors, homeowners and workers:


The BP oil spill is part of the same problem as the financial crisis: The BP oil spill and the banking crisis are two examples of the era we are living in, the era of corporate anarchy. In a nutshell, in this era of corporate anarchy, corporations do not have to abide by any rulesnone at all. Legal, moral, ethical, even financial rules are irrelevant. They have all been rescinded in the pursuit of profitliterally nothing else matters. As a result, corporations currently exist in a state of almost pure anarchybut an anarchy directly related to their size: The larger the corporation, the greater its absolute freedom to do and act as it pleases.


snip

http://www.alternet.org/story/147266/corporate_anarchy%...
Printer Friendly | Permalink |  | Top
havocmom Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-23-10 11:57 AM
Response to Original message
1. There are no nations, so there are no laws. All is corporate action.
Been sayin it for years
Printer Friendly | Permalink |  | Top
 
amborin Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-23-10 05:00 PM
Response to Reply #1
8. yes
although it seems as if corps use states, to further their agendas
Printer Friendly | Permalink |  | Top
 
agent46 Donating Member (424 posts) Send PM | Profile | Ignore Wed Jun-23-10 05:46 PM
Response to Reply #8
13. The purpose of states
The purpose of states and heads of state now is to negotiate contracts to open markets and grant mineral/resource rights to corporations.
Printer Friendly | Permalink |  | Top
 
groovedaddy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-23-10 12:01 PM
Response to Original message
2. It's not anarchy at all. These bastards intended all along to get their hands on state power and
use it for their own greedy ends. They need state power to kick our asses when we don't tow the line. Possibly, in the future, the state will wither away and all they'll need is their own private security force to impose their will upon us. Still, that wouldn't be anarchy.
Printer Friendly | Permalink |  | Top
 
amborin Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-23-10 05:01 PM
Response to Reply #2
9. agree
they use the state to discipline labor, guarantee the reign of capital, etc....
Printer Friendly | Permalink |  | Top
 
Uncle Joe Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-23-10 12:07 PM
Response to Original message
3. Regarding complexity.


Eric Von Berg, a California mortgage banker, worries that no new regulations are yet in place. Contrary to many media accounts, he challenges the idea that Wall Street is too complicated to be regulated:



Nuclear power is complicated we regulate that. Why? Because it can blow up in OUR FACES! But finance is not that complicated. Ask a kindergartner: What is a loan? If you lend a classmate a dollar, you expect him to pay it back. What is loan underwriting? If that classmate is unlikely to pay it back, do not lend him the dollar. Explain a credit default swap to a kindergartner? You offer a quarter to the friend of the kid to whom you lent the dollar, if he guarantees his friend will pay you back. A derivatives market? You go to your fellow kindergartners and take bets on whether the borrower-classmate will or wont pay his debt. It is not that complicated. It should not be that hard to regulate.



The failure to regulate is not just a political failure; its a sign of the unchecked power by an economic oligarchy thats bought up our Congress. They dominate the economy through a process called financialization.



Thanks for the thread, amborin.
Printer Friendly | Permalink |  | Top
 
glitch Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-23-10 12:41 PM
Response to Reply #3
5. Excellent post. nt
Printer Friendly | Permalink |  | Top
 
amborin Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-23-10 04:59 PM
Response to Reply #3
7. thanks for the excellent post, Uncle Joe!
Printer Friendly | Permalink |  | Top
 
CanonRay Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-23-10 12:09 PM
Response to Original message
4. I wish I could rec this 100 times
this is exactly the problem!
Printer Friendly | Permalink |  | Top
 
Nikki Stone1 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-23-10 01:53 PM
Response to Reply #4
6. Me too.
.
Printer Friendly | Permalink |  | Top
 
amborin Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-23-10 05:02 PM
Response to Reply #6
11. thanks!
Printer Friendly | Permalink |  | Top
 
Nikki Stone1 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-23-10 05:41 PM
Response to Reply #11
12. It's a really important issue
.
Printer Friendly | Permalink |  | Top
 
amborin Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-23-10 05:02 PM
Response to Reply #4
10. it is the problem; corps can act with total impunity
and the state is at their service
Printer Friendly | Permalink |  | Top
 
laughingliberal Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-23-10 05:54 PM
Response to Original message
14. I have no words for the utter hopelessness I feel at the thought of fighting this kind of power. nt
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Tue Sep 23rd 2014, 02:32 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC