Lots of news these days... First of all, people should not be so upset that Senator Evan Bayh has decided a reelection bid. This guy is scum. Not saying he is a bad man, but he is an obstructionist. If you have been wondering who to be mad at over health care paralyzation, honestly you ought not blame the Republicans. Democrats, with a supermajority have not been able to make any of the sweeping reforms that they promised. That the people elected them to accomplish. It is because people like Evan Bayh's wife have received millions of dollars from mega-interests like Wellpoint, a giant health insurance company. These interests certainly expect something in return (i.e. no comprehensive health reform!). Evan Bayh is not a "centrist" Democrat, he is a corporatist, plain and simple. Glad to be rid of him.
The downside to his decision, however, could be that someone worse will win the seat. This is within the realm of possibility, but hopefully Indiana progressives can rally behind a strong candidate. Of course, the weakness of the progressive movement is a serious problem. I can only resort to books and articles to recall a time when progressives actually cared enough to act in the streets. Or at least to have a regular conversation on political matters. To be informed. Nowadays, these behaviors are considered taboo. I know because I experience it on a regular basis. Americans, particularly kids, are severely distracted by technology and pop culture. Dangerously so. We are in the 7th and 9th year of two serious wars, and who could give a damn? During the Vietnam War college student protesters were shot and teargassed for their opposition. Sure, we elected Obama, but if there is no substance behind the vote, then where is the change? If there is no spirit to fight for the most important of causes, to hold Obama and Congress to the fire for health care, climate change, and financial reforms then who would expect them to happen? Congress is terribly corrupt, so it will take a lot of pushing to get these things done.
The push is stronger than in the Bush years, but still not enough to make critical changes for our society's sake. We need to wake up.
Showing posts with label congress. Show all posts
Showing posts with label congress. Show all posts
Thursday, February 18, 2010
Sunday, January 24, 2010
Tuesday, October 6, 2009
Later this week... 10 Best Congresspeople: Dennis Kucinich
Stay tuned for my second entry of 10 Worst, 10 Best: Your United States Congress. This time: Representative Dennis Kucinich of Cleveland, Ohio. Will be up by Thursday.
Also, I've just created a Facebook Page that anyone can 'fan' to receive updates on your NewsFeed. I promise, the updates will not dominate your wall!
Also, I've just created a Facebook Page that anyone can 'fan' to receive updates on your NewsFeed. I promise, the updates will not dominate your wall! Tuesday, September 29, 2009
We Will Work Against You
For hours I've been watching the Senate Finance Committee debate two different amendments calling for a public health care option. Both proposals have failed, and I'm angry, a bit sad too... but not particularly surprised.
Though SkyeWire's frequent posts may bother some of my Facebook friends, you should know that I only write such things because I believe that these issues are of vital importance. As a citizen of the United States of America I feel a certain duty to remember the sacrifice and struggle of the founding fathers; to remember that this government was to be THE finest product of the Western Enlightenment-- a government created for people and of people.
The genius of Thomas Jefferson and the others was in giving individuals the power to take control over the fate of governance. Indeed, the expectation was that ordinary people would take this responsibility to heart... that civic duty would reign supreme over any and all detrimental interests.
But something has gone terribly wrong.
My friends, times have never been worse. As this nation fights to reclaim its identity, we are faced with the most catastrophic environmental threat of our existence. As the ice caps melt faster and faster, we sit idly... tweeting about silly boys and girls. While the interests of the few dominate our government's decisions, Facebook takes precedence for the apathetic masses who feel too impotent to do anything.
Allow me to put this into perspective.
...When the glacier that feeds into India's Ganges River melts away and dries
...and leaves half a billion of the world's
poorest
without drink and irrigation
...When the trees you loved so much as a kid
...and the crops you depend upon for nourishment
shrivel and die
in a rapidly changing ecosystem...
...when the health system fails for good
...when Wall Street gets away with losing
everyone's money for the
...second
...third
...sixth
time
...when you realize that this country is no longer a leader of
morality
and freedom
...when such things happen, you will wish you had said...
something.
anything.
You'll wish you had stood for something when there was still something worth fighting for.
Like the man who watched in silence as
Jews
gays
Jehova's witnesses
Romani
dissenters
got rounded off to death camps...
...only to find himself a victim in the end.
Like him, you too will regret when these forces begin affecting your life.
So I'm sorry for being bleak at times, but these are realities; and insulating yourself in the Facebook bubble will not change them.
Don't get me wrong, we can change things... we really can. But if you're heart isn't in it, it will not happen! During Vietnam there was a revolution in this country. Millions marched and some died in a revolution of peace... how remarkable. Can you just imagine? Can you imagine if the masses used the internet for unprecedented citizen involvement and organization? A taxpayer revolt against the Congress that persistently fails to represent the people.
You have to fight and argue and VOTE!! You must learn the issues and find out if your Senator or congressperson is representing good things. Democrat or Republican or whatever.
If they aren't... work against them. Find like-minded others. Spread the word. Grow. Believe. Take back the power. Before it's too late. This is our responsibility.
Yes we can.
Saturday, September 5, 2009
Friday, September 4, 2009
Why We Shouldn't Fear the Public Option
People often forget, either due to distractions, blinding cynicism or a lack of education, how unique this country really is. The United States of America is a nation forged and grounded in a rich tradition of protest and persistent refusal to accept the status quo. In many ways this tradition has been in hibernation--recent decades will never be known as the years of particularly impressive citizen participation in government and policy. Indeed, the American people have become increasingly apathetic and stupid, but I believe that the spirit has remained alive--in fact, I predict that the drive to change our most negative aspects of society is building momentum; isn't it obvious?
Take the town halls on health care, for instance. Though CNN, FOX and MSNBC only cover the crazies, there is some remarkable dialogue going on--and not just by the supporters of health care. When it comes to the Public Option, there is a genuine philosophical debate to be had. Remember that the whole point of the American Revolution was to establish independence from an abusive and invasive government that taxed excessively and unfairly. We have come a long way since then, and have perhaps gone full-circle in many ways. I share many Libertarian concerns of the expansion of the U.S. government, excessive spending and the limitations placed upon civil liberties; not to mention our often tyrannical foreign policies. Indeed, the United States became the very empire its citizens died to defeat. People think I'm a big gov liberal, but the fact of the matter is that the federal government IS WAY TOO BIG! The War on Drugs is a fiscal and societal disaster, the Iraq and Afghanistan wars are squandering our treasure. The IRS ought to be torn down and replaced with a simpler tax code, and the Patriot Act ought to make every single American extremely wary of what leaders know about our personal lives. Not to mention the militarization of government that has seeped into the media and saturated our culture.
So when people say to me: "I just don't believe the federal government should expand! It's already too massive" I agree! The problem is that in this modern world, there are modern problems that require state intervention. Spying on Americans is not one of these exceptions. Drug abuse isn't either. Nor is Saddam Hussein or Ho Chi Minh! But to the people who believe the Public Option is some kind of government takeover and the onset of communism: should we not fight to end the excessive federal policies that actually hurt people? The War on Drugs fuels a culture of crime in the inner-cities. At least a million Iraqi citizens are dead because of the current conflict--not to mention the 4,339 dead American soldiers. But now you oppose a public health plan? A plan that will help your fellow citizens get the care they need? A report by the Institute of Medicine suggests that as many as 22,000 American citizens die annually due to the lack of an insurance policy--one that either could not be afforded or was cut by employers!
And let us not forget that the Public Option is an OPTION! While the true Left wing of this USA would really like a single-payer system, it is simply not going to happen with this legislation. Big Insurance is the most powerful lobby in Washington, and certainly has great influence on the bill--in other words, the argument that people will be forced to take the government plan is bullshit. The truth of the matter is that most people will keep their private plans; plans, by the way, made more consumer-friendly due to other reforms that will be in the final legislation (including the preexisting condition issue and the ability to choose your own doctors).
Though this is an expansion of government services, I want to tell you how the Public Plan is actually more economical and sustainable than the current system. You see, being private enterprise, Big Insurance seeks to charge as much as possible while providing as little as possible. I have no problem with capitalism (I am a Capitalist), but this is the reality of the basic operations of a firm. While this is perfectly acceptable in most sectors, health care is an entirely different beast. Since 2000, insurance premiums have nearly doubled! In 2007, the U.S. spent about $2.2 trillion on health care,* which comes out to approximately 16.2% of GDP--nearly twice the amount of the rest of the developed world! ** If you aren't worried yet, then you have read these numbers: by 2025, costs are expected to rise 25%; by 2082, 49% ! *** Oh, and did you realize that every GM vehicle is $1,525 more expensive because of employer-based health care coverage? Insurance is by far GM's biggest expenditure--even more than steel! ****
And the numbers go on and on. This is the financial argument, and it is all tied to the Big Insurance practice of driving up costs for higher profit margins, and making up for their clunky and inefficient administrative costs. Medicare costs are skyrocketing because they are subsidizing these inflating premiums, and this must be replaced. The Public Option must establish a much simpler and transparent system that injects competition into this stale and unsustainable market. It is fiscally sensical and it is moral.
But just any Public Option will not do. Next week I will tackle the question of "what must a Public Option look like in order to drive competition and cut costs?"
Absorb it, discuss it, and hopefully support it. Leave your comments below.
*Office of the Actuary, Centers for Medicare and Medicaid Services, National Health Expenditure Data for 2007. U.S. Department of Health and Human Services, available at: http://www.cms. hhs.gov/NationalHealthExpendData/02_NationalHealthAccountsHistorical.asp#TopOfPage
**Organisation for Economic Cooperation and Development. OECD Health Data 2008.
***P.R. Orszag, Growth in Health Care Costs: Statement Before the Committee on the Budget, United States Senate, (Washington, DC: Congressional Budget Office, Jan 31 2008), available at http://www.cbo.gov/doc.cfm?index=8948
****R. Wagoner, Testimony before the House Financial Services Committee, December 5, 2008.
http://thinkprogress.org/2008/12/05/gm-health-care-reform/
Take the town halls on health care, for instance. Though CNN, FOX and MSNBC only cover the crazies, there is some remarkable dialogue going on--and not just by the supporters of health care. When it comes to the Public Option, there is a genuine philosophical debate to be had. Remember that the whole point of the American Revolution was to establish independence from an abusive and invasive government that taxed excessively and unfairly. We have come a long way since then, and have perhaps gone full-circle in many ways. I share many Libertarian concerns of the expansion of the U.S. government, excessive spending and the limitations placed upon civil liberties; not to mention our often tyrannical foreign policies. Indeed, the United States became the very empire its citizens died to defeat. People think I'm a big gov liberal, but the fact of the matter is that the federal government IS WAY TOO BIG! The War on Drugs is a fiscal and societal disaster, the Iraq and Afghanistan wars are squandering our treasure. The IRS ought to be torn down and replaced with a simpler tax code, and the Patriot Act ought to make every single American extremely wary of what leaders know about our personal lives. Not to mention the militarization of government that has seeped into the media and saturated our culture.
So when people say to me: "I just don't believe the federal government should expand! It's already too massive" I agree! The problem is that in this modern world, there are modern problems that require state intervention. Spying on Americans is not one of these exceptions. Drug abuse isn't either. Nor is Saddam Hussein or Ho Chi Minh! But to the people who believe the Public Option is some kind of government takeover and the onset of communism: should we not fight to end the excessive federal policies that actually hurt people? The War on Drugs fuels a culture of crime in the inner-cities. At least a million Iraqi citizens are dead because of the current conflict--not to mention the 4,339 dead American soldiers. But now you oppose a public health plan? A plan that will help your fellow citizens get the care they need? A report by the Institute of Medicine suggests that as many as 22,000 American citizens die annually due to the lack of an insurance policy--one that either could not be afforded or was cut by employers!
And let us not forget that the Public Option is an OPTION! While the true Left wing of this USA would really like a single-payer system, it is simply not going to happen with this legislation. Big Insurance is the most powerful lobby in Washington, and certainly has great influence on the bill--in other words, the argument that people will be forced to take the government plan is bullshit. The truth of the matter is that most people will keep their private plans; plans, by the way, made more consumer-friendly due to other reforms that will be in the final legislation (including the preexisting condition issue and the ability to choose your own doctors).
Though this is an expansion of government services, I want to tell you how the Public Plan is actually more economical and sustainable than the current system. You see, being private enterprise, Big Insurance seeks to charge as much as possible while providing as little as possible. I have no problem with capitalism (I am a Capitalist), but this is the reality of the basic operations of a firm. While this is perfectly acceptable in most sectors, health care is an entirely different beast. Since 2000, insurance premiums have nearly doubled! In 2007, the U.S. spent about $2.2 trillion on health care,* which comes out to approximately 16.2% of GDP--nearly twice the amount of the rest of the developed world! ** If you aren't worried yet, then you have read these numbers: by 2025, costs are expected to rise 25%; by 2082, 49% ! *** Oh, and did you realize that every GM vehicle is $1,525 more expensive because of employer-based health care coverage? Insurance is by far GM's biggest expenditure--even more than steel! ****
And the numbers go on and on. This is the financial argument, and it is all tied to the Big Insurance practice of driving up costs for higher profit margins, and making up for their clunky and inefficient administrative costs. Medicare costs are skyrocketing because they are subsidizing these inflating premiums, and this must be replaced. The Public Option must establish a much simpler and transparent system that injects competition into this stale and unsustainable market. It is fiscally sensical and it is moral.
But just any Public Option will not do. Next week I will tackle the question of "what must a Public Option look like in order to drive competition and cut costs?"
Absorb it, discuss it, and hopefully support it. Leave your comments below.
*Office of the Actuary, Centers for Medicare and Medicaid Services, National Health Expenditure Data for 2007. U.S. Department of Health and Human Services, available at: http://www.cms. hhs.gov/NationalHealthExpendData/02_NationalHealthAccountsHistorical.asp#TopOfPage
**Organisation for Economic Cooperation and Development. OECD Health Data 2008.
***P.R. Orszag, Growth in Health Care Costs: Statement Before the Committee on the Budget, United States Senate, (Washington, DC: Congressional Budget Office, Jan 31 2008), available at http://www.cbo.gov/doc.cfm?index=8948
****R. Wagoner, Testimony before the House Financial Services Committee, December 5, 2008.
http://thinkprogress.org/2008/12/05/gm-health-care-reform/
Tuesday, September 1, 2009
The Time to Act has Come, Reaffirm Your Commitment
My friends, I apologize for taking an extended summer break, but now the wheels are turning once again, and I must say that never before have I felt this necessity to write for cause. We elected the progressive candidate, though not without a healthy degree of skepticism by many (including myself), and the calling for responsible and energetic citizenship has never been greater. For in the words of the President:
But today we reaffirm our commitment to transform this country into what it ought to be. When this country decisively elected Barack Obama, he was given a mandate to bring about progressive reform, and now we must help him. Right now, the most powerful lobby in Washington is fighting the fight of its life to destroy any kind of true reform of its corrupt system. The right-wing and conservative Dems have taken the stand that change mustn't come to American health care, and they have effectively waged a crusade of fear and lies against the President's plan--against the President's promise.
If this country wishes to survive, her citizens must become informed on the topics and fight for truth. Indeed, this health care battle is a test: can the people who voted for something transformational actually make it happen? Do we have it in us to bring down the congressmen and women who have prostituted themselves out to the insurance giants? I believe we do; because nothing is stronger than a nation of motivated and optimistic citizens. And right now I want to reaffirm my commitment to this country's potential--that I will do all in my power to be a part of the grassroots of change. Because I voted for it. Because it is my responsibility to walk the walk.
And now I ask my readers--my fellow citizens--will you join me in this commitment to fight for reform by pressuring your reluctant representatives to support President Obama's agenda? Will you fight the myths with your colleagues, classmates and family? If so, I hope that you will leave a declaration of support for this cause below in the comments section. Tell others what you believe in and how hard you are willing to fight. And after your declaration, you must act on it. You must make the calls, attend the town halls and go door-to-door. It is this movement that determined the election, and now it must live on to determine our future. There really are better things on the horizon--indeed, they are within our grasp!
In the coming days and weeks, I will be rolling out a series of articles on the healthcare debate. My hope is to lay out the arguments and contextualize the controversy. Because if you know the facts, you will realize that Obama really is on the right side of things. And after we pass healthcare--with the public option included--it is on to the next fight.
Till next time.
What is demanded then is a return to these truths. What is required of us now is a new era of responsibility -- a recognition, on the part of every American, that we have duties to ourselves, our nation and the world, duties that we do not grudgingly accept but rather seize gladly, firm in the knowledge that there is nothing so satisfying to the spirit, so defining of our character than giving our all to a difficult task.For those who voted Obama/Biden on election day, this calling is especially directed towards you! The President is powerless to create fundamental change without his foot-soldiers and right now you are failing. And so am I.
But today we reaffirm our commitment to transform this country into what it ought to be. When this country decisively elected Barack Obama, he was given a mandate to bring about progressive reform, and now we must help him. Right now, the most powerful lobby in Washington is fighting the fight of its life to destroy any kind of true reform of its corrupt system. The right-wing and conservative Dems have taken the stand that change mustn't come to American health care, and they have effectively waged a crusade of fear and lies against the President's plan--against the President's promise.
If this country wishes to survive, her citizens must become informed on the topics and fight for truth. Indeed, this health care battle is a test: can the people who voted for something transformational actually make it happen? Do we have it in us to bring down the congressmen and women who have prostituted themselves out to the insurance giants? I believe we do; because nothing is stronger than a nation of motivated and optimistic citizens. And right now I want to reaffirm my commitment to this country's potential--that I will do all in my power to be a part of the grassroots of change. Because I voted for it. Because it is my responsibility to walk the walk.
And now I ask my readers--my fellow citizens--will you join me in this commitment to fight for reform by pressuring your reluctant representatives to support President Obama's agenda? Will you fight the myths with your colleagues, classmates and family? If so, I hope that you will leave a declaration of support for this cause below in the comments section. Tell others what you believe in and how hard you are willing to fight. And after your declaration, you must act on it. You must make the calls, attend the town halls and go door-to-door. It is this movement that determined the election, and now it must live on to determine our future. There really are better things on the horizon--indeed, they are within our grasp!
In the coming days and weeks, I will be rolling out a series of articles on the healthcare debate. My hope is to lay out the arguments and contextualize the controversy. Because if you know the facts, you will realize that Obama really is on the right side of things. And after we pass healthcare--with the public option included--it is on to the next fight.
Till next time.
Sunday, November 30, 2008
The Military-Industrial Complex: It's Real
The "Military-Industrial Complex". It characterizes one of the most influential (and terrifying) undercurrents of power in the United States government, and conceptualizes the fusion of government and military business. The term, immortalized by President Eisenhower in his farewell address, refers to the dangerous relationship between government and "for-profit" business, which fuels "for-profit" conflicts and wars. And what a perfect example we have in front of us!
On the Iraq war, author and journalist Naomi Klein said on Democracy NOW:
Do you know how many Blackwater-soldiers-for-hire (aka mercenaries...not all BW) there are in Iraq? Answer: 180,000 (highlight to see answer... so you can guess) ...source.
And guess how many Blackwater mercenaries have been prosecuted for crimes in Iraq? Answer: 0!
Moral implications aside (like how the war has cost probably over 1 million Iraqi lives), let's try to bring this back to the economy. Francis Ferguson, phD economist, explains his view:
On the Iraq war, author and journalist Naomi Klein said on Democracy NOW:
And one of the things that I think is most important for progressives to challenge is the discourse that everything in Iraq is a disaster. I think we need to start asking and insisting, disaster for who [?], because not everybody is losing. It’s certainly a disaster for the Iraqi people. It’s certainly a disaster for US taxpayers. But what we have seen—and it’s extremely clear if we track the numbers—is that the worse things get in Iraq, the more privatized this war becomes, the more profitable this war becomes for companies like Lockheed Martin, Bechtel, and certainly Blackwater. There is a steady mission creep in Iraq, where the more countries pull out, the more contractors move in...Do you know how many American troops are currently stationed in Iraq? Answer: 160,000
Do you know how many Blackwater-soldiers-for-hire (aka mercenaries...not all BW) there are in Iraq? Answer: 180,000 (highlight to see answer... so you can guess) ...source.
And guess how many Blackwater mercenaries have been prosecuted for crimes in Iraq? Answer: 0!
Moral implications aside (like how the war has cost probably over 1 million Iraqi lives), let's try to bring this back to the economy. Francis Ferguson, phD economist, explains his view:
As the US slides into recession, economists wonder why the massive government spending on Afghanistan and Iraq provides so little economic stimulus. World War Two brought an immediate end to the Great Depression, yet a current $600 billion dollar defense budget (not counting the wars in Iraq and Afghanistan) does little to stop the emerging recession. Part of the minimal effect results from the fact that we were already spending well over $300 billion on the military prior to 9/11, whereas the US defense budget was trivial prior to the beginning of World War II. The other reason for the minimal economic stimulus lies in the fact that so much of the expenditure goes to fund wages and corruption in Iraq and Afghanistan, and so much flows as excess profits to American corporations rather than into the pockets of American workers who would have a greater tendency to spend those earnings here. Finally, even the portion of war spending that does flow to American workers has, today, a very high probability of being used to buy imported consumer goods, providing stimulus, ironically, to our friends the Chinese—the very people who fund our wars (but that's another story).So why do I bring this up today? Well it's still quite relevant, and I think people should be concerned about it and the effects upon the country and world. But the New York Times actually brought me back to this important issue in their 11/29 article entitled "One Man’s Military-Industrial-Media Complex"--which places special emphasis on the media's role is fueling the MIC. It's long, but important... please read. Thanks.
Thursday, November 6, 2008
Unity, Organization, HOPE
Two months ago, Ron Paul appeared alongside Ralph Nader on CNN to discuss their plans for a third party/independent presidential debate. The debate is irrelevant at this point, but I want to convey the united message that the two shared as a continuation of the message from my last post.
They agreed that immediate action must be taken on the following issues:
A.) Foreign Policy
-We do not want the empire!
-We cannot afford the empire!
-No more unjust wars!
-Cut the outrageous military budget!
-The President cannot declare war without congressional approval (see Constitution)!
-Bring our military home!
B.) Civil Rights
-No more torture!
C.) Federal Deficit ($56 trillion)
-Stop using the deficit for reckless government adventurism!
-Control the spending!
D.) Reform or Abolish the Federal Reserve
-It is funded and controlled by the banks!
-Totally out of control!
So these are 4 issues that are critical to the survival of our country, and activists on all sides need to come together to push them into the Obama agenda. Somehow the millions of activists around the country MUST come together for common cause. People need to be thinking about this and leaders must begin establishing the framework for grassroots organization. The Congress is only 535 people... they have lives and personalities just like you and me... they can be persuaded. Imagine the possibilities.
But this week we rest to admire the remarkable history that has been made. By electing a man whose ancestors we once called "slave," we have proven once again that the American Dream is real. The age of cynicism and fear has come to an end, and the world can once again look to the United States as a beacon of hope and leadership. We must remember that in no other place in the world could this have happened. It is like the French electing a citizen of Algerian descent to their highest office! Ce n'est pas possible!
Coming of age during perhaps the most cynical period of American history prevented me from recognizing why our country truly is special. It is because of this nation's ability to change that gives me newfound hope. Today let the world know that the United States can be better, and I believe will.
And to the Americans who have been disenchanted by our nation's failures and betrayals: I ask you to believe once more in the Dream that is our legacy, and in the government that we cherish so deeply. Do not let it fail.
Much work is ahead of us, but it can be done.
Thursday, October 2, 2008
The Bailout Passed, but Check this Out!
Yes, the new bailout passed in the Senate, and tomorrow it goes to the House for a vote. My uncle brought my attention to this petition ... basically a bunch of the nation's leading economists came together to say that the bailout is a terrible idea: that is, it will disrupt the markets long term, it is unfair to the taxpayers, and it's really shady (they say ambiguous). Essentially what I said before (I think), but this time from experts!
But those in power will do what they want. If they want to go to war against a random country for trillions of dollars and hundreds of thousands of lives, they will. If they want to give $700 billion to their Wall Street friends and co-workers, they will. If those from within commit crimes, the investigations (if any) will be insufficient and false. This is the age-old story of government.
PS: Obama, McCain, and Biden all voted for the bailout ... I think we all know why.
PPS: Palin showed up to vote, but was told she couldn't.
But those in power will do what they want. If they want to go to war against a random country for trillions of dollars and hundreds of thousands of lives, they will. If they want to give $700 billion to their Wall Street friends and co-workers, they will. If those from within commit crimes, the investigations (if any) will be insufficient and false. This is the age-old story of government.
PS: Obama, McCain, and Biden all voted for the bailout ... I think we all know why.
PPS: Palin showed up to vote, but was told she couldn't.
Wednesday, October 1, 2008
My Thoughts on the Bailout
Full disclosure: I don't understand the economy like I should (though I'm working on it), but I have been carefully listening to various explanations of what is going on, and what should be done--in fact, the more I read about it, the more I understand that most people don't get it either.
I was watching C-SPAN the other day (we had to for class... seriously), and this Senator from ND named Byron Dorgan was talking about this thing called the Glass-Steagall Act, which was repealed in 1999 (when the Senate voted for the further deregulation of the banks and end of GS, Dorgan said: "I think we will look back in 10 years' time and say we should not have done this, but we did because we forgot the lessons of the past... and that that which is true in the 1930s is true in 2010.")
In response to the Wall Street crash of 1929 and the resulting banking failures of the Depression, the U.S. government implemented a series of bank regulations within the Glass-Steagall Act. It created the Federal Insurance Corporation (FDIC) and introduced reforms that were to control speculation. Basically what it did was separate "banks that did risky investing from those that did basic lending" (NYT). Without the regulations, firms began taking bad mortgages and risking lenders' money. When the value of houses went down, the banks were stuck with all these mortgages, etc. etc.... And my understanding quickly dissipates from there (it's much more fun to discuss foreign policy!).
But essentially Glass-Steagall divided the banks into the safe banks that the public could depend on to be consistent, and the risk-taking banks who were allowed to make reckless investments. When this divide was eliminated, all the banks started taking huge risks with your money, and now it's all going to hell.
So the first bailout plan was 4 pages long and called for the Congress to hand over $700 billion to the Wall Street honchos to save their tails, no questions asked--thereby rescuing "Main Street" (what they are calling the common folk). The second one was longer, but still involved giving $700 billion to the same guys who got us into this mess. Granted I don't have a great grasp on all of the technicalities, but this seems REALLY SHADY. I really think that the federal government is being exposed for what it truly is: the Wall Street government. They reap in billions as a result of the criminal and disastrous Iraq War, and now they are trying to make out like bandits by getting a free pass for their reckless actions. When the Treasury Secretary is a former Golman Sachs exec, and the EPA is headed by energy company execs, something has gone terribly wrong.
When did our government become dominated by the selfish elitists? How did they take it from us? More importantly, what happened the last time Americans were abused by their rich minority leadership?
I was watching C-SPAN the other day (we had to for class... seriously), and this Senator from ND named Byron Dorgan was talking about this thing called the Glass-Steagall Act, which was repealed in 1999 (when the Senate voted for the further deregulation of the banks and end of GS, Dorgan said: "I think we will look back in 10 years' time and say we should not have done this, but we did because we forgot the lessons of the past... and that that which is true in the 1930s is true in 2010.")
In response to the Wall Street crash of 1929 and the resulting banking failures of the Depression, the U.S. government implemented a series of bank regulations within the Glass-Steagall Act. It created the Federal Insurance Corporation (FDIC) and introduced reforms that were to control speculation. Basically what it did was separate "banks that did risky investing from those that did basic lending" (NYT). Without the regulations, firms began taking bad mortgages and risking lenders' money. When the value of houses went down, the banks were stuck with all these mortgages, etc. etc.... And my understanding quickly dissipates from there (it's much more fun to discuss foreign policy!).
But essentially Glass-Steagall divided the banks into the safe banks that the public could depend on to be consistent, and the risk-taking banks who were allowed to make reckless investments. When this divide was eliminated, all the banks started taking huge risks with your money, and now it's all going to hell.
So the first bailout plan was 4 pages long and called for the Congress to hand over $700 billion to the Wall Street honchos to save their tails, no questions asked--thereby rescuing "Main Street" (what they are calling the common folk). The second one was longer, but still involved giving $700 billion to the same guys who got us into this mess. Granted I don't have a great grasp on all of the technicalities, but this seems REALLY SHADY. I really think that the federal government is being exposed for what it truly is: the Wall Street government. They reap in billions as a result of the criminal and disastrous Iraq War, and now they are trying to make out like bandits by getting a free pass for their reckless actions. When the Treasury Secretary is a former Golman Sachs exec, and the EPA is headed by energy company execs, something has gone terribly wrong.
When did our government become dominated by the selfish elitists? How did they take it from us? More importantly, what happened the last time Americans were abused by their rich minority leadership?
Monday, September 29, 2008
The Bailout: Corporate Socialism?
I'll be posting an essay soon (later tonight or tomorrow). In the meantime, check out these pieces on the bailout:
Watch this informative report ... I had imbedded it, but it would continuously play automatically... quite annoying.
Then watch Nader below!
Watch this informative report ... I had imbedded it, but it would continuously play automatically... quite annoying.
Then watch Nader below!
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