Americans are all dispossessed millionaires. Even if we are unemployed and have no money we are not working class, we are really rich we are just waiting for the money to come. We see ourselves as middle or above we always identify with the interest of the rich. Rather than place the blame for your current depression on those who caused it, the rich, the capitalist, the bankers, we place it on those who tried to stop it, the regulators. We all millionaires just being persecuted and held back by evil liberals who resist wealth by government regulation. We totally forget we just fought two wars and long and costly as Vietnam (tw0 at once) and went through a housing crisis what saw the devastation and theft of most middle class neighborhoods, brought on by unrestrained greed which uses houses as poker chips rather than places families can live, and a bail out of the banks to cover their own greedy mistakes, paid for by tax payers; the then turned around and dictated to us government policy at the cost of down grading our national credit. We have totally forgotten that the republicans refused comprise and almost allowed the government to go under, are trying to destroy social security, while lying about the nature of health care reform. We replace these memories with pretense that all we need is more capitalism, more pandering to greed, get the evil liberals out of the way and let the rich have more profits form our labor and purify the nature of our worship of money and they we will all be millionaires.
Thomas Frank's book Pity the Billionaire is a good reminder of reality, and Bill Moyer's Interview with him is eye opening.
This interview with Moyers was broadcasted last night, June 16, 2012. deals with the supreme court decision on Citizen's united and Thomas Frank's book Pity the Billionaire.
The Frank interview deals with the overall system of "free market" and the grass roots right-wing populism that has sprang up to promote it. Franks argues that in the near economic collapse at the end of the Bush administration and the we saw the failure of the entire system. All the problems can be traced to deregulation. All the things we had been doing for short term profits, blinding ourselves to ethics, opening the field to money, power and influence all goes back to de-regulating. Yet Ameircans have never before been more enamored of the idea that regualition is villian and less government is the answer. The whole problem we face today is the result of not regulating the market, allowing big money to get bigger. The populace has never been fleeced before like they are now. Like goo obedient lemmings they they march off the cliff reciting the mantras of big money and capitalism. Never before have Americans been more willing to believe that if we just take the restraints off free market everything will even out in a God ordained natural economic democracy.
Pity the Billionaire tells of the rebirth of right-wing populism after its submergence in 1996. The Tea Party movement in America today is driven by a vision of utopian capitalism, Frank observes, "at the precise moment when free-market theory has proven itself to be a philosophy of ruination and fraud". The bailouts that Bush began, Obama continued as if no change of plan were necessary with a change of administration and mandate; but "the bailouts were one of those moments that crushes the faith of a nation". The new populism that Frank describes is a feverish reassertion of faith.
There were available remedies for the collapse besides charging the losses to taxpayers. One solution would have been to put the zombie banks into receivership. Another was to bring the financial industry under regulation again (as suggested by Paul Volcker, Obama's leading economic adviser until he became president). The explanation for such steps could have been simple; but instead, Obama in 2009 spoke vaguely of "fundamental change" even as he became the guardian of the financial status quo. Either of those moves alone would have been risky. Their combination was toxic. By using big government to protect the firms that were deemed too big to fail, Obama supplied new grounds for every suspicion that government could not be relied on to help ordinary people.
In addition tot he Frank interview Moyers talked about Money buying elections and the supreme court decision. He also interviewed Mother Jone's editors Carla Jeffery and Monika Bauerkein, who talked about their book Dark Money, "the conspiracy of cash that allows the rich to influence our most fundamental political freedoms. On the show, Bill calls out some of the biggest super PAC donors, revealing how easy it is for the wealthy one percent to sway an election.."
The re-call election of Walker (Wisconsin) saw 14 billionaires outspending the unions by eight times. To ensure that America doesn't become a socialist state ran by unions Texas Oligarch Tom Perry and Billionaire Diane Hendrix gave huge amounts of money. The Court deicsion sets this up, it sets up the possibility of "dark money" campaign expenses that can't be traced. We don't know who is buying influence.
I did a piece on the re-call when the campaign began (March 2011) on my blog Need More Shovels.
Capitalism without failure
“Let’s face it,” the founder of a super PAC recently told Mother Jones magazine. “Politics in this country is coin-operated.” True enough, as evidenced by the billions projected to be spent in this year’s elections — untold amounts of it unleashed by the Supreme Court’s 2010 Citizens United decision. Even with all that money being cashed in, the busy check-writers and the influence they purchase remain largely hidden, including those who helped Republican Governor Scott Walker dramatically out-fundraise his Democratic challenger to win last week’s recall election.Don't miss this amazing episode of Moyer's show. This interview is devastating and alarming but it has to be seen by every voter in America. Email it to your friends.
Watch Interview (Pitty The
Frank did a impervious interview with Moyers about how Ameicans had forgotten (by as early as 2010) what things were like before Obama.
Watch The previous Frank Interview