Finish the job, Mr. Obama.

At the NYT, Paul Krugman is making it clear that even Obama rhetoric and mixed-signals are enraging the financial sector. Check out these numbers:

Look, for example, at the campaign contributions of commercial banks — traditionally Republican-leaning, but only mildly so. So far this year, according to The Washington Post, 63 percent of spending by banks’ corporate PACs has gone to Republicans, up from 53 percent last year. Securities and investment firms, traditionally Democratic-leaning, are now giving more money to Republicans. And oil and gas companies, always Republican-leaning, have gone all out, bestowing 76 percent of their largess on the G.O.P. These are extraordinary numbers given the normal tendency of corporate money to flow to the party in power. Corporate America, however, really, truly hates the current administration. Wall Street, for example, is in “a state of bitter, seething, hysterical fury” toward the president, writes John Heilemann of New York magazine.
Therefore, Mr. Obama, finish the job. Your attempts to straddle a middle position has lost most of your financial sector money. Give it up, because it is political crack cocaine. Quickly get behind meaningful financial reform. Use that bully pulpit to show that you really mean it when you speak for regular folks and for main street. Get passionate and loud, if you really mean want to reform Wall Street. I should tell you that I voted for you, but I'm just about to write you off on financial reform. Why aren't you outlawing banks that are too big to fail? Why aren't you pushing furiously for re-enactment for Glass-Steagall?

Continue ReadingFinish the job, Mr. Obama.

Tobacco money at work at Congress

When a product kills 450,000 Americans every year, don't you think it deserves a high level of scrutiny and regulation? I mean, aren't you a bit surprised that it's even illegal, given that marijuana, which kills nobody (except due to insanely reactionary law enforcement), is completely outlawed? Consider that the bodies of the people killed by tobacco every year would stretch more than 500 miles, if laid end to end. Every one of those dead people were using tobacco products exactly as anticipated by the manufacturers. Those dead bodies could stretch from New York City to Charlotte, North Carolina (or pick your own 500 mile radius). Can you imagine the tobacco executives walking along one of those 500 mile lines of dead bodies, justifying the carnage? Walking, whistling and thinking, "Just look at all of those people who were dumb enough to buy that highly addictive product that I promoted and sold . . ." And now consider the morals of some of our politicians. Step forward, Senators who oppose the new law that subjects tobacco to FDA regulation. Thanks to McClatchy Newspapers, we know that many of you are tobacco whores:

Among the 17 senators who voted against allowing the Food and Drug Administration to regulate tobacco are some of the top recipients of campaign contributions from the tobacco industry, which has donated millions of dollars to lawmakers in the past several campaign cycles.

If you want more details who which tobacco whore has received how much money, visit OpenSecrets.org. Consider, too, that the corruption that exists with regard to tobacco, also exists with regard to any major industry. For instance, consider health care, defense contracting, farming (including wasteful corn ethanol subsidies), and last but not least, the financial "services" industries. Serving themselves to our tax-dollars. Now I'm not for outlawing tobacco. But I am for unleashing a torrent of high-profile prime-time advertising that would show the death and destruction caused by tobacco up close and in nauseating detail. And I am for allowing the FDA to join in the war against smoking. Why? Consider this comment from Dick Durbin from a report by MSNBC:

"This is a bill that will protect children and will protect America," said Sen. Dick Durbin, D-Ill., a leading supporter. "Every day that we don't act, 3,500 American kids — children — will light up for the first time. That is enough to fill 70 school buses."

Continue ReadingTobacco money at work at Congress

Time to Change Congress – – again.

Change Congress? Didn’t we just change control of Congress? Well, we did change the party that controls Congress, but we haven’t yet changed the money that controls the politicians who control Congress. Barack Obama will have an uphill claim, guaranteed, because politicians are not going to judge his proposals based on their merits. There is always the money, which feeds their cravings for reelection. What if all federal politicians learned that potential donors took this pledge: “I'm pledging not to donate to any federal candidate unless they support legislation making congressional elections citizen-funded, not special-interest funded.” This link will take you to a speech by Lawrence Lessig, who explains the urgent need to “Change Congress.” As long as members of Congress keep themselves in a position where they can be influenced by large contributions of money, we shouldn’t trust them.

Continue ReadingTime to Change Congress – – again.

Why is Big Money (The Wall Street Journal) so interested in smearing little people?

Whenever we take the time, we are better able to see that all issues are anchored by deep issues.   That’s the kind of day it was for me today. 

I’m in Washington D.C., attending the Consumer Rights Litigation Conference sponsored by the National Consumer Law Center.   NCLC is an invaluable resource for those of us who advocate and litigate for consumer rights.  At one of the afternoon sessions today, I had a chance to hear a panel of consumer advocates discuss recent developments in federal law regarding consumer rights. 

It’s quite depressing, for the most part.  You see, well-monied corporate financial interests own Congress.   Consumer rights are on the ropes.   Many industries are free to lie, cheat, steal and to impose onerous terms on consumers, thanks to the best federal laws money can buy.  They do this through corporate immunity, preemption and the imposition of mandatory binding arbitration before biased arbitrators.  All of these were gifts from Congress in return for huge amounts of money contributed by lobbyists.

I’ve been to Washington D.C. several times before, and I’ve always reveled in the history and the architecture.  

 washington monument.jpg

Now, I can’t help but feel ambivalent.  It’s a city awash in immense amounts of corrupt money. 

 U.S. Capitol.jpg

We are a country that preaches that the People are the government, but that is less true than ever.  If you don’t believe me, just try to call your Congressional representative, mentioning that you are a concerned citizen.  See if you can get five minutes with him …

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Continue ReadingWhy is Big Money (The Wall Street Journal) so interested in smearing little people?