Democracy R.I.P.

Thom Hartmann echoes what I’ve been writing, the 2010 Citizens United decision of the conservative Supreme Court has destroyed what was left of our democracy. Hartmann is more generous in saying we are a just a few years from being a total oligarchy (“government by the few”).  I think we are already there, although I think the term “plutocracy” (“government by the wealthy”) is a more precise and accurate description of how we are governed.

According to Hartmann, in his op-ed today, “Democracy Died First in Wisconsin – Long Live the Oligarchs”:

A few of America’s most notorious oligarchs – including the Koch and the DeVos (Amway fortune) billionaires – as well as untraceable millions from donors who could as easily be Chinese government-run corporations as giant “American” companies who do most of their business and keep most of their profits outside the US – apparently played big in this election. I say “apparently” because the Supreme Court has ruled that we no longer have the right to know who is really funding our election commercials, or even our candidates themselves.

The enormous amount of money that wealthy corporate interests can pour into American elections gives them such an enormous advantage in our broken system of government that  “of the people, by the people and for the people” will only be found in our history books.

If we want our democracy back, we will have to figure out a way to defuse the role of money in our elections. I don’t see it happening anytime soon.

Posted in elections, politics | Tagged , , , , , , , | Leave a comment

“Who Can I Compromise With Now?”

Is it just me, or do other people have this image in their mind of President Obama standing with his economic and political advisors with a “deer in the headlights” look on his face? You know, like the pictures of George W. Bush in the classroom after being informed of the 9/11 attacks.

Image: File photo of US President Bush and chief of staff Andrew Card in Florida
Posted in Barack Obama | Tagged , | Leave a comment

Bad News From the Badger State

The failure of Democrats to pick up more than two of the six state senate seats in Wisconsin is immensely discouraging.  As I wrote yesterday:

“If the huge amounts of campaign money sent in to sabotage the recall effort can bring out enough Republicans to vote down the Democratic challengers, it will portend serious trouble for Democrats nationwide in 2012.”

The Supreme Court’s horrid Citizens United decision in 2010, allowing corporations to spend unlimited amounts of money on political campaigns paid its first major dividends in Wisconsin Tuesday night.  Democrats had the enthusiasm, volunteers, and grassroots support on their side. But Republicans had generous donations from powerful conservative groups funded by the billionaire Koch brothers and other wealthy players. The plethora of negative campaign ads in Wisconsin may have been enough to sabotagel any hopes of a Democratic triumph.

Republicans must be feeling very encouraged for their prospects in 2012. Political campaign contributions are the best investment corporations can make. A few thousand dollars to the right candidates can reap millions in rewards, while millions of dollars can result in billion of dollars in benefits.

You can expect corporate money will be flowing into the coffers of both parties in 2012, but Republicans will receive the bulk of it. Unions will try to help Democrats, but how much will they have to give after being emasculated by Republican governors in a number of key states?

Posted in Democratic Party, elections, politics, Republican Party | Tagged , , , , , , , | Leave a comment

BPR Quote of the Day: Strip Poker

“It’s plain enough that Obama is a quitter by nature. As someone joked bitterly last week, he turns up for a strip poker session already down to his shorts.”

Alexander Cockburn 

(after the debt ceiling bill was passed last week.)

Posted in Barack Obama, politics | Tagged , , , , | 4 Comments

Bigger Than Wisconsin

The implications of the recall elections in Wisconsin Tuesday are huge. What happens will tell us much about the political landscape and balance of power in America.

Have the Republicans, personified by Gov. Scott Walker and his legislative allies in Wisconsin, overreached? Has their anti-union, right-wing legislation been harsh enough to cause the kind of blowback that will sweep up to six Republican state senators out of office?

Or:

Will right-wing, corporate campaign cash, flowing much more freely because of the horrendous Citizens United 2010 Supreme Court decision, be enough to stop the Democratic recall challenge?

Workers in Wisconsin seem fired up, motivated, and working hard to unseat the GOP senators. If this kind of citizen power can overcome the natural advantage wealthy Republicans have in raising money it will be a tremendous boost to discouraged workers and Democratic voters. It could be the kind of boost that could spread to other battered-down states with similar anti-worker Republican governors and legislators.

But if the huge amounts of campaign money sent in to sabotage the recall effort can bring out enough Republicans to vote down the Democratic challengers, it will portend serious trouble for Democrats nationwide in 2012.

The results of Wisconsin’s recall election mean a lot and will be watched closely all over the country.

Posted in Democratic Party, elections, politics, Republican Party | Tagged , , , , , | Leave a comment

A Poor Standard

The Standard and Poor’s credit rating agency, which helped cause the last financial meltdown, downgraded the U.S. Credit rating last week, contributing to a new financial meltdown.  Standard and Poor’s was among the credit agencies that gave its high AAA ratings to collateralized debt obligations which blew up and sparked the worldwide financial crisis of 2007-2008 from which we are still struggling to recover.

As Paul Krugman says, the S & P “is the last place anyone should turn for judgments about our nation’s prospects.’

It has been pointed out they made a $2 trillion error in their calculations about the U.S. deficit reduction under the new budget plan, but in their defense, hey, there are twelve zeroes in a trillion, and who among us hasn’t been off one or two trillion dollars when we do our own budgets?

Knowing precisely when they were going to downgrade the American credit rating and what havoc it would cause, I can’t help but wonder how they invested their money of late, and if they took advantage of what they knew to short the stock market? I would hate to be accused of being too cynical

 

Posted in economy | Tagged , , , , , , | Leave a comment

U.S. Debt: Some Historical Perspective

Posted in economy | Tagged , , , , , | Leave a comment

BPR Quote of the Day: Whiny Mentality

Well, no wonder this country is having so many problems:

“Americans, endowed by their solicitous government with an ever-expanding array of entitlements, now have the whiny mentality that an entitlement culture breeds.”

–George Will,  Pulitzer Prize-winning syndicated columnist

Fox Business

Posted in Quotations | Tagged , | Leave a comment

Republicans = Obstruction

As Congress enjoys their summer break, it looks like there will be no presidential recess appointment of the first head of the new Consumer Financial Protection Bureau. President Obama, bowing to Republican opposition, had already dismissed the idea of appointing the best and most logical choice, Elizabeth Warren, but has a new candidate in mind.

No way, say the Republicans. They are using the parliamentary procedure of “pro forma” sessions to prevent Congress from going into a formal recess, thereby preventing Obama from seating Richard Cordray, a close aide and ally of Warren while she was setting up the consumer agency.

This is not exclusively a Republican trick. Democratic Senate Majority Leader Harry Reid used pro forma sessions to block some of President Bush’s recess appointments in 2007. Blocking appointments is nothing new for senators of either party.

This time Republicans are going farther. Rather than opposing a particular nominee, they are blanketly opposing any of Obama’s nominees.

“This isn’t about any particular appointee — Ben Franklin could come back to life and they would oppose him,”  said Joseph Engelhard, a consultant at a Washington research firm and a former GOP House aide. NY Times: Nominees at Standstill as G.O.P. Flexes Its Muscle

Here is the tally, from the Congressional Research Service of  the number of recess appointments by  our three most recent presidents:

President Clinton: 129

President Bush: 171

President Obama: 15

When it comes to obstructing the work of the government, Republicans have set a high standard.

Posted in politics, Republican Party | Tagged , , , , , | Leave a comment

The Death of Mark Pittman

Mark Pittman, one of the Bloomberg reporters mentioned in my August 5 post, The Death of Capitalism, was an award-winning finance journalist who predicted the collapse of the banking system in 2007, and in conjunction with Bloomberg News, became the first person to sue the Federal Reserve Bank, asking for information withheld from the public about trillions of dollars of taxpayer money. A federal judge ruled in his favor against Fed secrecy in 2009, but the Fed continued its appeal. Pittman  never got to know the final outcome. He died later that year at the young age of 52. Some of the Fed data was finally released on March 21, 2011.  New York Times:The Fed’s Crisis Lending: A Billion Here, a Thousand There

Mark Pittman was interviewed by Ryan Chittum of the Columbia Journalism Review in February of 2009, about nine months before his death. Some excerpts:

The thing that people don’t realize is that the Fed is now the “bad bank.”  That’s just something that people don’t understand.  They’ve taken collateral, and they refuse to tell us how they valued it  …

But nobody wants to have the adult conversation.  We need to be honest about what the problem is here, how big it is, and how we’re going forward to clean it up, and who’s going to pay for it.

Hopefully, we will be able to inform the people enough to know how badly we’re getting screwed (laughs).  We need to know how to prevent it from happening again, and we need to know who did it.  There’s renewed energy on this front because we’ve staffed up the people who cover banks, the securities firms.  We have a lot more people going at real estate and a bunch of different areas that this involves.  That was a conscious move from meetings we started having in 2007.  We hired people and we moved people from one area to another area.

This is a big deal and it’s going to be going on — I swear to God I’m going to retire on this story, because it’s just going to keep happening.

Pittman had a history of heart problems. The cause of his death on November 25, 2009 “was not immediately clear,” according to news reports. Despite a long search, I could not find any new information about his cause of death. It’s as if nobody bothered or wanted to find out.

This is the photo of Woody Guthrie used by Pittman to sign off on his emails:

woody-guthrie

Posted in economy, media | Tagged , , , , , | 4 Comments