Time to rename our national holidays after the big businesses who are calling the shots

It has become abundantly clear that the United States has evolved from somewhat of a democracy to much more of a corporatocracy. It's time to rename the national holidays to reflect this reality. I was inspired to write this post when re-considering the attached photo of corporate flags, which I took at the downtown St. Louis Fourth of July celebration this year. Based on the ubiquitous corporate sponsors of that holiday (combined with the salient lack of people who cared about the original reason for this holiday), I'd recommend that we rename Fourth of July as Big Business Day. It's clear now that (as Representative Dick Durbin once said), the banks own the place (referring to Congress), that we set aside a day to remember that development. But why stop there? There's no more need for Labor Day either, since most politicians are leaving workers to fend for themselves. Further, a lot of us don't have jobs anymore. Therefore, let's rename Labor Day as Banker's Day.

Continue ReadingTime to rename our national holidays after the big businesses who are calling the shots

Our shitty priorities

Here's the problem, as described by Kevin Drum at Mother Jones:

Our trains, even in the busy Northeast corridor, are second rate, our airports are embarrassments, our dams are leaking, and our bridges are crumbling. Taken as a whole, the average age of our public capital stock has risen from 16 to 23 years over the past four decades, "suggesting great underinvestment in public infrastructure," Mike Mandel says. The American Society of Civil Engineers agrees. In their most recent report card, they gave our solid waste facilities a C+, our bridges a C, our rail a C-, our energy infrastructure a D+, our dams and schools a D, and our roads, levees, and inland waterways a D-. Nothing got an A or a B. All of this is common knowledge.
Instead needlessly destroying people and property in the Middle East for the past decade, we could have been addressing America's decrepit infrastructure by investing in America. We would have been simultaneously creating high-skill long-lasting jobs. We failed to do what we needed to do because our priorities and our political system are insane and self-destructive. We had the money to get the job done, but we blew it, as described by Eugene Robinson of The Washington Post:
When [George W. Bush] was campaigning for the White House in 2000, the government was anticipating a projected surplus of roughly $6 trillion over the following decade. Bush said repeatedly that he thought this was too much and wanted to bring the surplus down — hence, in 2001, the first of his two big tax cuts. Bush was hewing to what had already become Republican dogma and by now has become something akin to scripture: Taxes must always be cut because government must always be starved. The party ascribes this golden rule to Ronald Reagan — conveniently forgetting that Reagan, in his eight years as president, raised taxes 11 times. Reagan may have believed in small government, but he did believe in government itself. Today’s Republicans have perverted Reagan’s philosophy into a kind of anti-government nihilism — an irresponsible, almost childish insistence that the basic laws of arithmetic can be suspended at their will.
I'll end with a proverb: “The best time to plant a tree is twenty years ago. The second best time is now.”

Continue ReadingOur shitty priorities

Why do so many people hate big banks?

I have personally spoken with clients who have records showing that they have made ALL of their mortgage payments on time, yet the bank foreclosed on their home and then filed an unlawful detainer case to kick them out of their home. In two cases, the bank continued to kick the people out of the house even when the mistake was brought to its attention. We have found that, quite often, no one at the bank cares. Sometimes, not even the attorney representing the bank in court cares that there has been a terrible error made by the bank. It sounds unbelievable, but it's true. Where is the evidence that big banks break their promises, deceive mortgage customers, lose paperwork and otherwise engage in despicable behavior? Start reading this list at Consumeraffairs.com. This list contains complaints against one bank: Bank of America. Grab yourself a cup of tea before you start, because it's going to take you a long time to get through this list.

Continue ReadingWhy do so many people hate big banks?

Is it Spam or is it Poe?

I came back from a weekend getaway, and my inbox had a large number of messages from some group I'd never heard of, the Nation of Change. I was suspicious, especially given my recent unsolicited addition to the Christian Coalition mailing list. Also they were using an email contact that has been dormant for a decade that they could only have found by scanning whois data or buying some old spammer contact lists. I was curious enough to read one of their messages. It appeared to be some sort of addled parody of a liberal call to action newsletter. I immediately did some Googling to try to confirm my suspicion that it was a conservative group attempting to make liberals seem a) Loonier than thou, and b) Abrasive and annoying by pushing subscriptions on undesiring readers. The clearest description I found was, "Nation of Change", who are you and why are you spamming me? at the Daily KOS. In essence, this organization is a fairly new web site with stealthed contact information. They claim to be a legitimate registered not-for-profit, but one cannot look up their bona fides anywhere to confirm it. Although they don't appear to break any laws in their published documents, they do violate several BBB standards. Read the KOS article for more details. But I could not actually confirm that this is a conservative group posing as liberal in order to sow dissension and disaffection. As with religion and Poe's Law, it can be hard to tell sincere political extremism from parody. But this one trips my irony meter.

Continue ReadingIs it Spam or is it Poe?

Trillions in secret loans by the Fed reveal massive welfare for too-big-to-fail banks

Thanks to incorruptible Senator Bernie Sanders, who describes himself as a democratic socialist, the Federal Reserve has been forced to reveal information regarding loans that it tried hard to keep secret.   Here's what we are finding, according to IPS:

The Fed provided loans to JP Morgan Chase bank to acquire Bear Stears, a failed investment firm; provided loans to keep American International Group (AIG), a multinational insurance corporation, afloat; extended lending commitments to Bank of America and Citigroup; and purchased risky mortgage-backed securities to get them off private banks’ books. Overall, the greatest borrowing was done by a small number of institutions. Over the three years, Citigroup borrowed a total of 2.5 trillion dollars, Morgan Stanley borrowed two trillion; Merryll Lynch, which was acquired by Bank of America, borrowed 1.9 trillion; and Bank of America borrowed 1.3 trillion.
I'd call it welfare for the too-big-to-fail. Phase One of the bailout was to address a legitimate liquidity crisis. Phase Two went far beyond this, and was kept secret because the public would never have consented to the above actions Here's how Economist Randall Wray sums up Phase Two:
"But then it turned to phase two, which was to try to resolve problems of insolvency by increasing Uncle Sam’s stake in the banksters’ fiasco. That never should have been done. You close down fraudsters, period. The Fed and FDIC (Federal Deposit Insurance Commission) should have gone into the biggest banks immediately, replaced all top management, and should have started to resolve them," Wray said.

Continue ReadingTrillions in secret loans by the Fed reveal massive welfare for too-big-to-fail banks