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In reply to the discussion: American State of the Union: A Festival of Lies [View all]Octafish
(55,745 posts)460. ''Wall Street–the 1 percent–believes the world is theirs for the taking, and they want all of it.''
That's a matter of opinion. But, I happen to agree with it. Here's why:
Evidence of an American Plutocracy: The Larry Summers Story
By Matthew Skomarovsky
LilSis.org
Jan 10, 2011 at 19:31 EST
So here is the evidence for an American plutocracy of a narrow and discrete but hardly harmless sort. Wall Street seduced the economics profession not through overt corruption, but by aligning the incentives of economists with its own. It was very easy for academic economists to move from universities to central banks to hedge funds a tightly knit world in which everyone shared the same views about the self-regulating and beneficial effects of open capital markets. The alliance was enormously profitable for everyone: The academics got big consulting fees, and Wall Street got legitimacy. And it has kept the system going despite the enormous policy failures it has generated, not to exclude the recent crisis.
Francis Fukuyama, The American Interest, January 2011
Larry Summers path to the Obama administration, and his record within it, are symptomatic of a new American plutocracy, and his new job at Harvard will keep the gears of corruption greased.
Summers rose to power under the protective wing of Wall Street and Democratic Party mogul Robert Rubin. He aggressively advanced Rubins program of financial deregulation and faithfully rescued his cronies when deregulation went wrong. Despite the economic catastrophes these policies have contributed to, Summers and other Rubinites have continued their political ascendancy in recent years, filling top positions in the Obama administration.
Obamas economic program, developed almost entirely by Rubins proteges, has received widespread popular condemnation for bailing out Wall Street while leaving Main Street out in the cold. Summers has become a defining symbol of the latest sold-out administration within a sold-out system of government. His departure from the White House is more a reflection of this public anger than a personal career choice.
But strategic sensitivity is not change. Summers exit does not significantly diminish Rubins shadow over the White House, nor does it mark an end or pause in the vicious cycle of todays crony capitalism. Obama has replaced Summers with a less notorious Rubinite, and the Harvard research center Summers will now direct provides a name-brand intellectual cover for, not an alternative to, the dangerously insular politics his career has thus far embodied.
EXCERPT...
Another new business model Rubin and Summers made possible was Enron. Rubin had known Enron well through Goldman Sachss financing of the company, and recused himself from matters relating to Enron in his first year on the Clinton team. He and Summers went on to craft policies at Treasury that were essential to Enrons lucrative energy trading business, and they were in touch with Enron executives and lobbyists all the while. Enron meanwhile won $2.4 billion in foreign development deals from Clintons Export-Import Bank, then run by Kenneth Brody, a former protege of Rubins at Goldman Sachs.
Soon after Rubin joined Citigroup, its investment banking division picked up Enron as a client, and Citigroup went on to become Enrons largest creditor, loaning almost $1 billion to the company. As revelations of massive accounting fraud and market manipulation emerged over the next years and threatened to bring down the energy company, Rubin and Summers intervened. While Enrons rigged electricity prices in California were causing unprecedented blackouts, Summers urged Governor Gray Davis to avoid criticizing Enron and recommended further deregulatory measures. Rubin was an official advisor to Gov. Davis on energy market issues at the time, while Citigroup was heavily invested in Enrons fraudulent California business, and he too likely put pressure on the Governor to lay off Enron. Rubin also pulled strings at Bushs Treasury Department in late 2001, calling a former employee to see if Treasury could ask the major rating agencies not to downgrade Enron, and Rubin also lobbied the rating agencies directly. (In all likelihood he made similar attempts in behalf of Citigroup during the recent financial crisis.) Their efforts ultimately failed, Enron went bust, thousands of jobs and pensions were destroyed, and its top executives went to jail. Its hard to believe, but there was some white-collar justice back then.
CONTINUED...
http://blog.littlesis.org/2011/01/10/evidence-of-an-american-plutocracy-the-larry-summers-story/
Until we see economic fairness restored -- through fiscal and other government policies and regulation -- the rich will keep getting richer; the middle class will continue dissolving into the new poor; and the poor will become the silent super-majority. Glen Ford writes that from the perspective of a longtime advocate for justice.
BTW: What you wrote above, ProSense, is your opinion. I don't agree with that.
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Yes, the predictability of those who try to deflect from inconvenient questions
sabrina 1
Jan 2014
#210
Well at least you agree he's just a lying corporate tool while you're being rude and condescending.
cui bono
Jan 2014
#154
The President "danced like Mr. Bojangles to get around the issues at hand," is insightful?
msanthrope
Feb 2014
#449
Keep trying but I dont think you will get any of them to commit. They support whatever
rhett o rick
Jan 2014
#218
For some reason I'm imagining having dropped a fish on the pier and frantically
ChisolmTrailDem
Jan 2014
#229
So you're against the anti-democratic attempt at pushing through TPP without public debate?
cui bono
Jan 2014
#161
Arent you falling for the distraction? I have a hunch that he supports whatever Pres
rhett o rick
Jan 2014
#190
They put loyalty above principles. I have asked over and over for someone
rhett o rick
Jan 2014
#217
Lucky them, at least their government is apparently aware of what is in it. Our Congress
sabrina 1
Feb 2014
#321
Even the best estimates show TPP to be essentially a zero-sum game for Japan
Art_from_Ark
Feb 2014
#323
I'm not familiar with him but that doesn't sound like a RW talking point to me.
cui bono
Jan 2014
#168
What I do know is not good. Do you know anything good? Do you like NAFTA? WTO? CAFTA?
rhett o rick
Jan 2014
#258
I think that's just fine if you want to wait. But while you are waiting it isnt cool to disparage
rhett o rick
Jan 2014
#268
Only those with their fingers in their ears and their eyes closed dont know.
rhett o rick
Jan 2014
#283
How do you know if they are facts or not? You told us you didnt know anything about it.
rhett o rick
Feb 2014
#329
Said zappaman, the DUer who supports Allen Dulles, J Edgar Hoover and Gerald Ford.
Octafish
Feb 2014
#361
This same guy is on satellite radio all the time bashing Obama on the Mark Thompson Show
brush
Jan 2014
#243
Easy, Bush crashed the economy with winger econ policies and handed the rich no strings money...
uponit7771
Jan 2014
#45
Another winger meme - it wasn't totally bushes fault. It was, he's the ONLY president in US history
uponit7771
Jan 2014
#55
My attack was directed at the author who has a long record of anti-Dem, anti-Obama writings. nt
tridim
Jan 2014
#153
It does suck. A lot. Especially when he had all that political capital and he just squandered it.
cui bono
Jan 2014
#186
Wish it weren't so, but it's Year Six and there's no New New Deal on the horizon.
Octafish
Jan 2014
#8
During the 2012 Presidential Debates, Mit Romney mentioned the Obama's Pacific/China Portfolio.
DhhD
Jan 2014
#83
These are desperate times, and I'm a firm believer in trying every tool in the box
LuvNewcastle
Feb 2014
#367
I said I hate when white people post things from there and act like it represents the majority
bravenak
Jan 2014
#220
Wow. There's a few things I'd say right now but you would accuse me of being racist...
cui bono
Jan 2014
#234
I hate the black agenda report. It's a hateful publication that to me is similar to stormfront.
bravenak
Jan 2014
#236
You'll be in good company. Msanthrope, one of the SMARTEST fucking people here, does the same
Number23
Jan 2014
#270
Thank you! I realize that I am late to this thread...but I have an excuse...
msanthrope
Feb 2014
#450
I'm surprised that people act like they don't know how black people feel about the BAR.
bravenak
Feb 2014
#353
Do you think this "black publication" represents more than a tiny minority of black opinion?...
SidDithers
Jan 2014
#104
If you don't know the publication, maybe you should refrain from defending them...nt
SidDithers
Jan 2014
#133
Cornell west has spent the last few years pissing off the black community and me in particular.
bravenak
Jan 2014
#313
So, rather than address what the Administration is doing, you slam Cornel West.
Octafish
Feb 2014
#376
Why try to make ignorance contagious, zappaman? Learn how Wall Street Killed Financial Reform.
Octafish
Feb 2014
#417
The richest people in the world have been using Washington to make wars for profit...
Octafish
Feb 2014
#421
Not familiar with it are you? It was very popular with Democrats throughout the Bush years like
sabrina 1
Feb 2014
#415
Now that I read it, indeed it was. Very hard-hitting, but then, the truth tends to be like that
quinnox
Jan 2014
#102
You may assume what you want, Dr. Gibson is a professor of sociology at University of Pittsburgh.
Octafish
Jan 2014
#38
I was not aware of Donald Gibson...thanks for bringing his work to my attention!
deutsey
Jan 2014
#90
You are most welcome, deutsey! If you can, add Gerald D. McKnight to your reading list...
Octafish
Jan 2014
#128
+1, winger meme and wording all thrown into one asinine phrase "presided over" as if Bush didnt
uponit7771
Jan 2014
#50
BULL FUCKIN SHIT!!! Clinton did NOT implement the NDPA... the economy crashing was Bush's DIRECT han
uponit7771
Jan 2014
#60
Clinton pushed for financial deregulation, NAFTA and many other things that ledf to the mess
Armstead
Jan 2014
#68
When he had the chance to end the Bush tax cuts by doing nothing. He extended them.
grahamhgreen
Jan 2014
#126
Washington -- Geithner -- sacrificed homeowners to “foam the runway” for the banks.
Octafish
Jan 2014
#71
Thank you, hay rick! Geithner bailed out Wall Street THIEVES with the US TAXPAYER's money.
Octafish
Feb 2014
#366
He is the CIC of the US military. It it a title that applies to him whether you are military or not.
bravenak
Jan 2014
#150
He's not, those who say such are usually wingers in the first place and lay out anecdotal evidence
uponit7771
Jan 2014
#52
+1, we do... we've experience the non objectivity that can make people seem crazy. Obama's getti
uponit7771
Jan 2014
#65
I'm mixed and I still support him. He's not going to be able to overturn 300 years of evil in 8 but
kelliekat44
Jan 2014
#34
I didn't expect the Democratic Party to abandon him in 2010 and then whine when he couldn't
bravenak
Jan 2014
#84
So I'm racist for pointing out that the one black president has been treated worse by his
bravenak
Jan 2014
#146
So we are expected to overlook everything we donlt like simply because of his race?
Armstead
Jan 2014
#147
You are expected to give him just as much credit as you'd give any other president
bravenak
Jan 2014
#148
I think you're entitlted to think I'm a racist and I'm entitled to think that it's disgusting that
cali
Feb 2014
#358
Another winger meme on the intertubes... NO he's not... still highest approval rates and some winger
uponit7771
Jan 2014
#51
Meanwhile, the Big Players were off the Corporate McPravda radar, like Jackson Stephens...
Octafish
Feb 2014
#370
like everyone else in this thread who hates the op, you have no ability to respond
cali
Jan 2014
#39
+1, "presided over" as if Bush's NDPA had nothing to do with the overheated housing market that
uponit7771
Jan 2014
#62
I was just pointing out that you did the same exact thing you were getting on him for.
bravenak
Jan 2014
#227
Winger meme - "who has presided over the sharpest increases in economic inequality" is to act as if
uponit7771
Jan 2014
#42
Agree: The line of economic criminality goes back to 1971 and Reverse Robin Hood.
Octafish
Jan 2014
#93
So what? Global Research adds to what we know. You, on the other hand, don't.
Octafish
Jan 2014
#131
Are you implying that the black agenda reports is supposed to mean something to black people?
bravenak
Jan 2014
#204
Thousands of good jobs repairing and rebuilding Americas infrastructure are still waiting
randr
Jan 2014
#81
Yeah. But that would mean BFEE - those who profit from mineral extraction - would have to sacrifice.
Octafish
Feb 2014
#478
"That's absolute bullshit. It will have an immediate impact on a half a million workers."
rhett o rick
Jan 2014
#199
I am happy to go thru it again. Your statement that, "It will have an immediate impact on a half a
rhett o rick
Jan 2014
#224
Yes, that's my claim. What does that have to do with the Ford's bullshit claim?
ProSense
Jan 2014
#226
President Obama has always used Bill Clinton's third way as a guide in his Admin.
Vinnie From Indy
Jan 2014
#100
Being able to take conservative policies and make a few minor adjustments was Bill Clinton's
Vinnie From Indy
Feb 2014
#395
Where Democrats from the Democratic wing of the Democratic Party may still find refuge...
Octafish
Feb 2014
#471
Income inequality is a symptom, the disease is a corrupt political system and campaign finance
mother earth
Jan 2014
#175
Is This Barack Obama's 2nd Term? Is it Bill Clinton's 3rd? Or Is It Ronald Reagan's 9th?
Octafish
Jan 2014
#249
Fred Hampton saw the big picture too, here's a K&R in his memory (I met him in 1967, no lie!)
bobthedrummer
Jan 2014
#196
WHY do you even bother responding to that person? He types the same damn thing in every thread!
Number23
Jan 2014
#269
I am guessing that when our corporate masters put H. Clinton-Sachs in the WH that
rhett o rick
Jan 2014
#271
If you call being against the growing wealth inequality "self-righteous nonsense"
rhett o rick
Jan 2014
#279
You posted a link to wiki instead of reponding to a question about your vote...
ProSense
Jan 2014
#298
we need a NEW democratic party, and not one built from the ashes of the current one....
mike_c
Jan 2014
#257
if you think dismissing glen ford's article as bullshit is a hideable offense, then alert.
dionysus
Jan 2014
#308
Glen Ford: Wall Street and the wealthiest Americans have bought Washington...
Octafish
Feb 2014
#444
"Danced like Mr. Bojangles" is how your source described the President. And you post that racist
msanthrope
Feb 2014
#448
Disingenuous. Ford did not write that in the article I posted. It came from your article.
Octafish
Feb 2014
#451
So. You're demanding I explain to you why you dragged in the article you dragged in.
Octafish
Feb 2014
#456
''Wall Street–the 1 percent–believes the world is theirs for the taking, and they want all of it.''
Octafish
Feb 2014
#460
No..I'm demanding you explain why Glen Ford..a man that has used racist language to
msanthrope
Feb 2014
#459
I think it's vile to pick a racist source..but to pick a source because you think that having
msanthrope
Feb 2014
#469
You are mistaken if you think the message of a racist is worth discussing. nt
msanthrope
Feb 2014
#468
Here's the bottom line: Welfare for the Wealthy and Austerity for the Many...
Octafish
Feb 2014
#490