The secrets and lies about the bailout

This article by Matt Taibbi of Rolling Stone is a year old, but it really lays out the national fraud that we call "the bailout." Here's an excerpt:

We were told that the taxpayer was stepping in – only temporarily, mind you – to prop up the economy and save the world from financial catastrophe. What we actually ended up doing was the exact opposite: committing American taxpayers to permanent, blind support of an ungovernable, unregulatable, hyperconcentrated new financial system that exacerbates the greed and inequality that caused the crash, and forces Wall Street banks like Goldman Sachs and Citigroup to increase risk rather than reduce it. The result is one of those deals where one wrong decision early on blossoms into a lush nightmare of unintended consequences. We thought we were just letting a friend crash at the house for a few days; we ended up with a family of hillbillies who moved in forever, sleeping nine to a bed and building a meth lab on the front lawn.

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Senators must raise 10K per day

This is an astounding fact that, in and of itself, shouts for overhaul of the system: "A senator has to raise $10,000 every day that they are in office to make the average amount that's spent today in a Senate race." So who are the Senators going to spend most of their time with? You and me, so that they can raise $50 or $100, or with big corporations and powerful trade organizations? And what type of legislation are they going to tend to support? Senator raising money Here's another example from represent.us:

We decided to target Jim Himes because he’s emblematic of a much larger systemic problem: Our Congress is being corrupted by big money and no longer represents the people. Rep. Himes co-sponsored and helped push a bill called H.R. 992 through the House. 992 would further deregulate derivatives, a financial instrument that played a major role in the 2008 crisis (source). Our organization doesn’t have a position on derivatives trading. What we do have a position is corruption, and this is a textbook case. The New York Times revealed that 992 was written by big bank lobbyists — 70 of the 85 lines in 992 were written by lobbyists for CitiGroup.

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Koch money buys the right to screen new faculty at public university

Nothing new here, in a way. Big money getting its way. On the other hand, it is outrageous that anyone should be able to invade a public university's hiring process, yes, even in return for donations. This is shameful. Rachel Maddow reports.

Apparently unsatisfied with simply buying politicians, the Koch Brothers have turned their attention and pocketbooks to purchasing economics professors of supposedly “public” universities and funding economic studies which support their extreme right-wing economic theories.

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Our increasing reality as Americans: zombie politics

Henry Giroux was featured on Bill Moyers' most recent show, and he regret that we are headed toward "zombie politics."

In his book, Zombie Politics and Culture in the Age of Casino Capitalism, author and scholar Henry Giroux connects the dots to prove his theory that our current system is informed by a “machinery of social and civil death” that chills “any vestige of a robust democracy.” This week on Moyers & Company, Giroux explains that such a machine turns “people who are basically so caught up with surviving that they become like the walking dead – they lose their sense of agency, they lose their homes, they lose their jobs.” What’s more, Giroux points out, the system that creates this vacuum has little to do with expanding the meaning and the substance of democracy itself. Under “casino capitalism,” the goal is to get a quick return, taking advantage of a kind of logic in which the only thing that drives us is to put as much money as we can into a slot machine and hope we walk out with our wallets overflowing.

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The cost of buying a seat in Congress

From OpenSecrets.org:

We've already determined that the 2012 elections overall produced in the most expensive election cycle ever, costing an estimated $6.3 billion. Newly updated numbers that we released today in the Historical Elections section of OpenSecrets.org, though, show that the average "price of admission" went up as well. The average winner in a Senate race spent $10.2 million, compared to $8.3 million in 2010 and just $7.5 million in 2008. That's an increase of 19 percent since 2010. Senate Democrats seemed to have to work particular hard to win their seats, spending an average of $11.9 million, compared to the average Republican winner who spent $7.1 million. On the House side, there was a smaller but still quantifiable increase in the cost of winning. On average, a winner in the House spent $1.5 million, compared $1.4 million in 2010 and $1.3 million in 2008. In the House, it was Republicans who had to work a bit harder: The average winning House Republican had to spend $1.59 million to win a seat, a bit more than the $1.53 million spent by the average Democratic victor.

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