of the Commodity Futures Trading Commission warned about the dangers of derivatives and other vehicles of what I term hyper-financialization. Did the Clinton administration take note. Yes, they promptly silenced and marginalized her. Another reason to fear Clinton II.
This year’s election is making the concept of a benevolent dictator look pretty good, I am sad to say.
Under bullet point #2 add that the too-big-to-fail banks that controlled 25% pf US bank assets when they crashed the economy in 2008 will control 50% by the time Obama leaves the White House. The $16 trillion in bail out schemes that Congress subjected US taxpayers to as a result of 2008 is far less than taxpayers will pay for bailouts in the next crash. Add in the bail-in provisions of Dodd/Frank and the numbers presented in bullet point #2 become further understated.
Both Dodd and Frank were prominent in the Philly Convention for their roles in bolstering Wall Street at the expense of Main Street.
Until big-money is banned from any influence on our politics and the Usual Suspects are not entrenched in “leadership” positions their entire lives/careers, they will never address the critical issues Paul Buchheit lays-out.
The corrupt influence of big-money is a cancer on our politics, politicians, economy, and nation. The solidification of corruption and national policy to benefit the very few and form/control the directions we take into the future are all but done. NONE of our current “leaders” have any real moral compass outside the political construct of big money and power…
What if every citizen received an equal share of profits beyond a reasonable amount that now goes to a few majority stockholders? How would we view corporations?
That US corporations are exempted from taxation on their wholly-owned European/Asian/LatinAmerican subsidiaries Is a clear example of a double standard, since an American person earring money in a foreign country must pay taxes on those revenues.
When the inappropriately named Supreme Court awarded corporations personhood status, thereby removing any previous political contribution restraints, the game was further rigged against ‘we the people’.
However, since a corporation is legally a person, when it breaks the law how can/will it be imprisoned?
Ssh! That’s next week.
Giving us the Big Business