We used to worry in the 1980s that the US would become like Canada with just 9 nationwide banks. Now 35-years later JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and Goldman Sachs control $8.5 trillion dollars in assets. Welcome to Canada.
Business hates President Obama? Why? They’ve had a great run under his Presidency. The stock market is up to 13,000 (Dow Jones index), profits of the top corporations are up 500% and five banks keep gobbling up other banks to become too bigger to fail? They should love this guy.
But they are smitten with Mittens Romney, the guy who pledges to remove every last ounce of regulation they’ve already manage to water down to ‘why even bother?’ status via their army of lobbyists? What are we not getting here?
In the Massachusetts Senate race between incumbent Republican Scott Brown and challenger Elizabeth Warren, you have an enormous battle of privilege vs. populace. Brown is the darling of bankers and Wall Street serving as the swing vote voting FOR Wall Street every time. Their investment of millions of dollars in his re-election campaign paid a $19 billion dollar return. So his campaign warchest is flush to attack Warren whose pioneering work set up the Consumer Financial Protection Agency. This is a group Mittens Romney and the Republicans never wanted to fund or even select a leader (it required a presidential recess appointment to fill the agency head).
Indeed there is no answer to the question ‘how much is enough?’ on Wall Street. The 1% wants it all and will screw everyone to get it. Millions are spent lobbying to create an army of Congressional slaves who always bow to their bidding. This is what oligarchy looks like.
What is amazing is the ease with which total domination of the government by the monied was achieved and how little outrage there is. Just give folks an iPad and the newest iPhone, hook them up to Facebook and Twitter and they walk themselves into the slaughterhouse?
Those who vote GOP seem to think they already are in the 1% and that is the brilliant magician’s ruse. Convince those with ‘some’ means that everyone else is coming to get what they have under this socialist President and wink, wink… they will benefit most in the bright new GOP future. We’ll cut your taxes and protect your means from those coming to take them away. Oh yeah and go buy a gun in case we lose… And you may not yet have but you are ‘soon to have.’
And then when you turn 55 and get laid off with no chance of ever finding work again, are moments away from losing your home, the creditors chase you night and day and you don’t even have enough money to pay the fees to file for bankruptcy protection? See how well they take care of you now (sucker). Just ask the Tea Party. Courted by the GOP to get a majority in the House, they were co-opted and told to ‘get in line’ by the GOP once elected and many have.
Travelling last week in DC, it was amazing to watch GOP House members congratulating themselves post ballot on the floor for gutting Medicaid and women’s healthcare whilst restoring defence budget cuts which became automatic because they refused to move off their no-tax pledge to outsider Grover Norquist. The president locked them in a room with enough pain on all sides for a deal to be struck and they still got nowhere. So now the cuts are coming.
So now the GOP again threatens to shut the government down again unless their demands for more cuts are met, yet Mitt Romney proposes a $2.1 trillion dollar increase in the defence budget for systems the DoD does not need or want and no one says a word about a Republican President ever having to pay for it.
IOKIYAR (It’s OK If you are Republican) to bust the debt limit, fund wars on a credit card and pass a trillion dollar prescription drug benefit without having to pay for it. If you a Democrat, you have to balance every penny spent with cuts.
No wait, Canada’s not that stupid. Welcome to a USA that is not my father’s USA. He would have been outraged and either sat this election out or voted Democrat!
What’s your excuse?
Denis G Campbell is the author of 6 books including 'Billionaire Boys Election Freak Show,' 'The Vagina Wars' & 'Egypt Unsh@ckled.' He is the editor of UK Progressive Magazine and provides commentary to the BBC, itv Al Jazeera English, CNN, MSNBC and others. His weekly 'World View with Denis Campbell' segment can be heard every Thursday on the globally syndicated The David Pakman Show. You can follow him on Twitter via @UKProgressive and on Facebook.
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