Welcome to the new Plutocracy!

“There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.” -- Warren Buffett, currently the world's third richest person
Most Americans have the sense that something's wrong in our country, and most realize that it's intimately tied up with money and politics. Those who have not studied the issues deeply could be forgiven for thinking we have a foreclosure problem, or an unemployment problem, or a Democrat problem, or a Republican problem, or a problem with Congress as a whole, but the truth is more important than those symptomatic issues. The truth is that we are now living in a nakedly plutocratic state-- that is, a state which is run by, and for, the wealthy. Or perhaps a corporatocracy (a state run by, and for, corporations), but they are functionally the same thing.

Continue ReadingWelcome to the new Plutocracy!

Bill Maher scolds whiney rich people

Bill Maher has scolded the rich who feel that they are being picked on by Barack Obama:

New Rule: The next rich person who publicly complains about being vilified by the Obama administration must be publicly vilified by the Obama administration. It's so hard for one person to tell another person what constitutes being "rich", or what tax rate is "too much." But I've done some math that indicates that, considering the hole this country is in, if you are earning more than a million dollars a year and are complaining about a 3.6% tax increase, then you are by definition a greedy asshole. And let's be clear: that's 3.6% only on income above 250 grand -- your first 250, that's still on the house.

Continue ReadingBill Maher scolds whiney rich people

The other things Adam Smith believed

I keep reading inane statements about how the world will simply take care of itself if only we get rid of government. Here is merely the latest example. I'd like to counter this tidal wave of free market fundamentalism with the following quotes by the man the free market fundamentalists put on their pedestal: Adam Smith

"Sympathy . . . cannot, in any sense, be regarded as a selfish principle." “[These laws come] from an order of men, whose interest is never exactly the same of the public, who have generally an interest to deceive and even to oppress the public, and who accordingly have, upon many occasions, both deceived and oppressed it”. "Civil government, so far as it is instituted for the security of property, is in reality instituted for the defense of the rich against the poor, or of those who have some property against those who have none at all." "All for ourselves, and nothing for other people, seems, in every age of the world, to have been the vile maxim of the masters of mankind." "How selfish soever man may be supposed, there are evidently some principles in his nature which interest him in the fortune of others, and render their happiness necessary to him, though he derives nothing from it except the pleasure of seeing it." "This disposition to admire, and almost to worship, the rich and the powerful . . . is, at the same time, the greatest and most universal cause of the corruption of our moral sentiments." "Wherever there is great property there is great inequality. The affluence of the rich supposes the indigence of the many." People of the same trade seldom meet together but the conversation ends in a conspiracy against the public, or in some diversion to raise prices. "The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state." "Every tax, however, is, to the person who pays it, a badge, not of slavery, but of liberty." “Of the origin of Ambition and the distinction of Ranks”, e.g. “It is because mankind are disposed to sympathize more entirely with our joy than with our sorrow that we make parade of our riches and conceal our poverty. … [I]t is chiefly from this regard to the sentiments of mankind, that we pursue riches and avoid poverty.”
See also, this post discussing Frans De Waal's criticism of free market fundamentalism.

Continue ReadingThe other things Adam Smith believed

Some Of What Follows Is Hyperbole

Christine O'Donnell is one of those public figures that emerge from time to time that make any writer of fiction envious of reality. Only a truly gifted writer could make someone like this up and then sell her as a plausible character. At the heart of it, she is the problem with the Tea Party. Here's the thing I've never understood about the far right: fiscal responsibility is well and good and certainly we could do with a lot more---we could have used some for the last thirty years, certainly, a period during which Republicans (and by inference conservatives) have been largely in control of Congress---but how come is it we can't seem to get candidates who are just about that without dragging all the social issue crap along with them? I for one am tiring of having my alternatives clipped because some whack-a-do who may well have a sound fiscal policy in mind is also hell bent on "correcting" the lax, immoral, godless state of the country. Now we get right down to the basic issues with Ms. O'Donnell: jacking off. It's destroying the country. People are going blind from this, divorce rates are record high because selfish people are doing themselves at the expense of the shared relationship god intended they have. Abstinence means all of it! Tie those peoples' hands behind their backs! Put those genital safety belts on those young fellows who can't leave johnny alone! Why, if we root out the evil of self-pleasuring, we'll be on the road to sound financial policy and security in no time! Then of course there's the usual slate of absurdities---she's a young earth creationist. (What, may I ask, does this have to do with fiscal conservatism? Well, in her case, apparently, a difficulty with basic math...) Naturally she opposes abortion and since she's so down on pud pounding, we may presume she hasn't much use for birth control of any kind, sex education, or possible female orgasm. She is that perfect contradiction of modern far right womanhood---someone who probably thinks women's place is in the home who is attempting to establish a powerful political career in order to legislate herself back into a state of chattel bondage. And then there's the Libertarian wing of the Tea Party that basically believes people ought to be free to choose their own lives without interference from anyone, especially the government, and eventually they will create the fissure in opposition to the Talibaptist contingent who want more than anything to tell people how to live decent lives. It may do this country good to elect some of these folks into public office so we can see, really see how they perform. How they make their philosophies mesh with what most Americans really want. It's a sad time for American politics. We're in a depression (why they insist on continuing to call it a recession is purist political cynicism), Obama has not miraculously fixed that, and people are pissed off. They are in a "Throw the bastards out" mood, but unfortunately they have little to choose from. The Republican Party, self-deluded that they may ride this tide back into power for "all the right reasons", has so bankrupted its credibility right before, during, and since W that even conservatives must hold their noses to vote for them. The Democrats have failed once again to define an American Ideology behind which the people can get and although right now they are probably on the right track fiscally, it will take time for their actions to result in anything fruitful. (Didn't Obama say all along it would take a long time? Didn't he say this would not be painless? Didn't he say a lot of work would have to be done before things started drifting back to something good? Didn't he? But he's been in office 19 months! My god, just how long is a long time?) They haven't "fixed things" so people don't like them either. So there's the Tea Party. This is bottom of the barrel time. These are the screeling, apocalyptic, neo-revisionist, founding-principled-though-illiterate gang of conspiracy theorist candidates who have gained momentum through sheer quality of nerve, who intend to save the country from our foreign-born Muslim president and the anarcho-socialist intellectual elite. They are the ones who wish to remove all the interfering laws and restrictions that hamper the marrow-deep entrepreneurial American essence and allow people to make millions on their own or starve in the gutter with their families because while Darwin was wrong about biology he was right about economic policy and the weak ought to perish so the strong can dominate. These are the folks who would free us to be dominated by Big Oil, Big Pharma, Big Banking, and Big Insurance. These are people who believe corporations are people, too, and back the American dream nurtured in the heart of every kid who wants to grow up to be a corporation. Or an oligarch. But first, they have to curtail masturbation. The country has had enough of people jacking off. Time to get them back to work.

Continue ReadingSome Of What Follows Is Hyperbole

Fakeonomics

Ian Fletcher has noticed that they don't discuss economics much anymore. Instead, we mostly hear something that pretends to be economics but is judgmental lecturing unsupported by any critical thinking. He calls it "fakeonomics," and it goes something like this...

  • Free markets are always right, always and everywhere.
  • Anyone who doesn't believe this is stupid. Smart people not only understand that free markets are best, they like free markets, because free markets mean opportunities to get rich.
  • Or maybe they're corrupt. The opposite of free markets is government. Government is always incompetent. It never does anything right. Ever.
  • Or maybe they're evil. Anyone who doesn't believe in perfectly free markets is a Marxist wannabe or a loser jealous of more-successful people.
  • Free trade is just free markets applied internationally.
Continue ReadingFakeonomics