Foreign corporations could sue to undermine US protections for consumers’ health, safety and financial security under a provision added to the proposed Trans-Pacific Partnership trade deal (TPP) after executives of big banks pressed the nation’s chief trade negotiator, himself a former big-bank executive, to include it.
Just one more example of how the Obama Administration continues to prove that it is the least transparent administration in history. This is ironic when you consider that in his 2008 campaign Obama serially stressed how his would be the most transparent administration.
Regulatory capture, indeed.
It's galling that credit card companies--the majority of which are tied to the Big Banks--STILL charge 15% interest on what consumers owe while banks are paying .025% interest.
What's the math there? Credit card interest 60X what banks pay to those with savings accounts?
Yet the banks get away with this form of usury. They also add late fees, annual usage fees, and sometimes other penalties.
The check cashing places (as was relayed in a recent article posted on this site) are a multi-billion dollar "industry" and they cannibalize a percentage of the incomes of those who are most financially insecure.
Plus the Big Banks were bailed out and they get to PRINT money based on what they loan out... at odds of 10 to 1.
Given ALL of these embarrassments of riches, the most affluent bastards in the world want more! They want to own the systems of governance and the laws that apply! THAT is what the TIPP and TPP are really about.
And Raydelcamino, you're too astute in the financial department to have missed the FACT that Obama's $1 billion dollar Presidential campaign was largely sponsored by Finance, Insurance, and Real Estate interests.
Although these entities did quite well, particularly Big Insurance having lobbied for and essentially WRITTEN the Obama "health care" bill. Apparently, he still owes Finance... hence the revolving door between the head honchos and the would-be government agencies that in theory might act in the public's interest rather than as rubber-stamping entities for The Big Banks (and Big Corporations).
The FIX is in... but TIPP and TPP enshrine the crimes against citizens into law on a global basis. They are the final nail in humanity's coffin... designed to block ANY legislation that would more fairly disperse income to all citizens, provide genuine health care, hold corporations to account, stop foreign wars, and above all... wean the world from fossil fuels.
If these inversions of Democratic consent "treaties" become law, Big Business Interests will operate like the old TV show, "The Outer Limits" in that THEY will control the vertical and they will control the horizontal, and the world's workers will be serfs, slaves, or useless eaters and dealt with accordingly.
On the rare occasions that the mainstream media covers TPP or TTIP, they always characterize the debate as being between those who favor trade and those who are against trade, never mentioning that 24 chapters of TPP deal with regulatory capture and 5 chapters deal with trade.
It would be no surprise to learn that the same outfits who "crafted" these deals also send PR kits to the media that the media parrots to us.
As with so much of corporate media practice, look at the disconnect based on class interests:
Can you imagine the uproar if the USTR had been in secret ongoing communication with Union representatives regarding removal of ISDS from the TPP and TTIP?
Of if Froman had been in secret ongoing communication with environmental NGOs about TPP and TTIP language to block corporate and "investor" access to public lands?
Certain forms of corruption are an absolute outrage. Other kinds of corruption, um, what did you say? Yawn...
(As a corollary, think of the corporate media "race is over" mantra regarding Clinton / Sanders. Imagine the intense, endless, saturation focus there would be on this super-exciting horse-race, if it were Clinton trailing Sanders by exactly the same slim margin of pledged delegates by which Sanders now trails Clinton...)
This agreement is just plain evil. There will be more jobs lost and more homeless that no one wants to help. That is evil.
And that is just one of the cost the people will bare. It is all about giving corporations more power.
For those who may be interested in Australia, the Australian governent has signed up for the TTP. The Prime Minister of Australia is a quondam lawyer, a merchant banker and former CEO of Goldman Sachs Australia Ltd.
I believe New Zealand has signed up for the TTP. Another country run by a multi-millionaire.
Sad to admit it, but i started doing the same thing with O as I did with Bush. When i heard him say something that progressives would like, I assumed the opposite.