Originally published at http://www.commondreams.org/views/2021/01/11/martians-wall-street-have-invaded
It seems to me we have corporate overreach through the Fed support for oligarchs, and at the same time we have a decline in capitalism expressed by wealth extremes; that is, inequality and poverty for the majority 90%.
We’re investing in the wrong parts of the economy. We need roads, bridges, social bridges, educational support etc. instead of nuclear subs, F-35s, and aircraft carriers for God’s sake. The MMT (Modern Monetary Theory) allows almost unlimited funding for any project, up to full employment (after which it becomes inflationary). We need the right priorities for investments in order to to survive, and to thrive.
Greed is a disease of fear .
Humans live so much in fear .
The twin illusions of Disunity and Insufficiency drives the human economy .
We think we are separate from each other and that there is not enough to go around.
The Solutions are Spiritual in nature.
One key to understanding the market was in last year’s acceptance of Joe Biden as the Democratic Nominee. The market responded not with a “Joe Biden” response, but rather with a “Not Bernie” bump up response. Once one can tease that signal out of the market, one can understand a lot about how the market works (or doesn’t).
The far right evangelicals might want to learn the Bible of the Earth, Sacred Geometry and other things such as language itself and how minds are seduced into schizophrenic side winding for power. No one ever tells them that power, positive power, is NEVER schizophrenic; it is gentle strength that resonates with the ‘karma’ of planetary equilibrium … of which we are all a part … and from which we all benefit.
Try launching on that trajectory.
I just add the ‘the predatory iteration of the human economy’.
Natural human economy is absolute delight to experience when it is healthy in cycles.
To begin wit, all military spending should be financed exclusively by corporate taxes. The majority of Americans do not need a military, do not approve of endless wars, a thousand U.S. military bases abroad, nuclear weapons and ‘black ops’, yet this is the reality. Therefore legislation must be passed that simply says if corporate America wants endless war, then corporate America should pay for it. End of story.
Of course none of this can happen as long as we have Democrats and Republicans in office, our two Party’s that despise the bottom 80% and cater only to special interest groups. But so far we cannot get rid of these two Party’s as both Trump supporters and die-hard Democrats have shown that they are the most likely people to buy into “fake news” in the belief that either one of these two Party’s is representative of most Americans or that they cater to the needs of the majority.
Our “Martian invasion” is led by Wall Street, enabled by a corporate owned government and a corporate controlled media. The result has been a underfunded, distorted educational system designed to dumb down the population and hide the brutal history of our institutions of slavery and exploitation and replace them with fairy tales of how our country, built on such the foundations of racism and war, is blessed by a “Christian” God and that the rest of the planet doesn’t matter.
Lots of practical solutions to our current malaise are possible, but not as long as the two corrupt party’s are in office. Therefore the most important thing all Americans can do to stop this corporate crime wave, is to let everyone know across the land that whatever we do in the future, we must never elect people associated with these two criminal elements ever again.
and yet centrist democrats think a return to the obama era … what they call “normal times” is fine … and then they wonder why ppl are storming the capitol …
capitalism has proven itself to be the utter failure it always has been
As curator of an email freely circulating Media Discussion List meant to minimize mere consumption of News Reporting\Views and Analysis while limiting the atrophying Critical Thinking Skills necessary for an informed body politic. My “hobby” of circulating the clearest and best questions raised in press and broadcast sources has also aimed at providing a healthier rate of participatory democracy than our founding feudal lord fathers gave U.S. credit for being able to handle. Especially, back when Mass Communications meant subsidizing the U.S. Postal Service to deliver consumer catalogues, books and crucial agrarian guides like The Old Farmers Almanac (founded in 1792 and vital to our Agrarian based economy of the New Nation).
Has anyone surveyed the archive to see how many articles in these Agrarian Guides of the early colonies then states touched on Cost\Benefit issues of slavery or projected how well the legal trade in slaves would provide our New Nation with a solid foundation of social cohesion and adherence to the most flowery if exclusive language in our founding fathers’ in-process constitutional documents?
Over the last decade and a coupla three years since the TARP Tax Payer bail-outs to the collapsed trans national lenders HQ’d in the U.S. and the multiple Quantitative Easing electronic Federal Reserve bail-outs to these same bad-paper lenders and traders, with no bail outs to the borrowers and displaced via foreclosure consumers of massive bad paper transactions that were in essence self-regulated, I’ve found nobody to explain this Blood Sport more clearly and with less smoke and mirrors than Nomi Prins.
Ms Prins came from inside the Goldman Sachs belly of the beast with a successful record in trader terms and enough in earnings to fund her own Whistle Blowing on the industry she had turned to her own advantage and then to the larger domestic economic interest. No surprise then that she has never been particularly welcome in the Golden Rolodex of analysts sourced by our Corporate Caliphate-captured commercial and underwritten News and Public Affairs broadcasting industry and the dying Gray Ladies and irrelevant to working Amuricans who’ve experienced barely commented upon Wage Stag-Nation for half a century. What remains of the business driven press has also become an amusement park ride in the Wealth Concentrating On Steroids and Opiates well-funded industry of mass mediated Weapons of Mass Distraction.
The big 6 U.S. HQ’d trans national Supermarkets of Financial Services were consolidated down to the big 4 as our Fiscal Neo-Feudal Lords of Finance were allowed to use public money meant to increase lending to Main Street to pad their Wall Street valuations by acquiring regionally competitive lenders and thus becoming even more Anti-Competitive\Anti-Trust or TOO BIG TO FAIL OR JAIL (in the Moral Hazard words of Obama-Biden and Wall Street’s top tier compensated Defense Attorney turned post Bush-Cheney-Paulson tax-payer bail-out U.S. Attorney General or Obama-Biden-Summers’ choice as the U.S. Justice Department’s Top Cop and Public Prosecutor, namely Eric Holder, Jr Check wikipedia or other sources on why our nation’s Public Prosecutor refused to criminally prosecute any of the key lending executives and corporate officers who were legally liable for spinning off fraudulent business models. There was a precedent when earlier by a decade or so the JUNK BOND KINGS dba THE MILKEN BROTHERS.
No longer recalled as Rogue Outlaws who helped begin the U.S. financial system collapse requiring tax-payer bail-outs of the Savings and Loan industry then a decade and a half later under a younger President Bush the bail out of our U.S.-based trans national Supermarkets of Financial Services. The Milken Brothers, Lowell and Michael, who brought down the Wall Street establishment trading house Drexel Burnham Lambert and where brother Lowell Milken copped a plea bargain to avoid serving hard time, while Michael Milken, reputedly the richest human on earth was found criminally guilty of fraud until pardoned by President Trump just last year.
That Presidential Pardon expunged the Robber Baron criminal conviction precedent long after M. Milken served his few years of hard time and had since cleared the family name by Cyber Cleansing the Milken Brothers from the vast news source archived press coverage and endowing the State of California’s UCLA School of Law’s MILKEN INSTITUTE FOR BUSINESS LAW and POLICY.
This clear as a bell analysis by Nomi Prins of what all ails U.S. fiscally and how the pre-Pandemic Plague of Wealth Concentration was resulting in respiratory suffocating AUSTERITY POLICIES rather than Ruling Elite conspiratorial Q Anon cabals in the few nation-states that had after 2 world wars used Washington’s Keynesian BIG GOVERNMENT money to rebuild the devastated ruins of Euro and Muddle Eastern Imperial powers, which ballooned U.S. share on international trade markets and yet also helped the Euros and joining Central Asian states develop their own industrial capacities. Those World War generating Euro and Ottoman Remote Colonial powers were in fact brought low and forced to turn from their own self-sustaining Daddy Warbucks-driven industries into Global Trading tigers on Washington’s appropriated from youse and me’s many rolls of dimes.
Decades before the COVID19 Pandemic locked down the world’s economies, Global Waves of Wealth Concentration, Housing, Food and Public Health Care Insecurity resulting from the Privatization policies of Cold War Neo-Liberal E-CONomic policies we cannot discuss on U.S. broadcast News and Public Affairs programming had destabilized a world threatened by peace and civil society breaking out in the unlikeliest places on Daddy Warbucks’ ravaged global playing field for the proliferation of Weapons of Mass Destruction.
Such Concentrations of Wealth Inequality into the fewest currency-hoarding and idle capital being legally unfettered had not been quantified ever before in human history, including during the Feudal Lord stages and since the Industrial Revolutionary eras of human social development. Explanatory books on the International Monetary System and the Winners\Losers of Wealth Concentration by such once remote and academically cloistered researchers as France’s Thomas Piketty and the U.C.-Berkeley Nobel Prize winning foreign visiting economist professors at U.C.-Berkeley Emmanuel Saez and Gabriel Zucman were publishing best-selling books accessible to the NON WALL STREET CERTIFIED FISCAL AUTHORITIES & INSTITUTIONALLY CORRUPT finance propagandists of a system that was clearly working miraculously well for a few and throwing the rest of the stable international community into massive impoverishment.
While dense and statistic heavy, these books by such academics of economics (as opposed to the MBA business school disciplines that were feeding the global economic crises unfolding through the regulatory capture of so-called Free Markets) were being translated into many languages and actually beginning to affect policy-making in the world’s leading Crony-O-cracies.
Yet nothing penetrated my statistics and systems challenged inquiring mind quite like the clarity, trading trench savvy and street smarts of Nomi Prins book on the economic outcomes of the House of Clinton’s and Obama’s and House of Bush’s key economic consultant Larry Summers version of Neo-Liberal E-CON (modified somewhat from the official Cold War Chief Washington\Wall Street Propaganda Czar Milton Friedman, his wife Rose Director Friedman (from here at Reed College in PoTown, Ore) and the vaunted CHICAGO BOYS.
Ms Prins fog-cutting accessible book is titled It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street and has even a better grasp and gift of ease of explanation lacking in such Tax-Payer Bail Outs of Collapsed Wall Street and Global Privatized Finance as the breezier book titled BAIL OUT: An Insider’s Account of How Washington Abandoned Main Street While Rescuing Wall Street written by Neil Barofsky when he resigned as the Bush-Cheney-Paulson appointed TARP bail-out Special Investigator once he saw who Obama-Biden filled their “reform administration cabinet with.” Wall Street’s Apex Predators. Matt Taibbi’s 2009 Score Card of Finance Collapse Reformers, less inhibited even than the newspaper of record NY TIMES’s ace High Finance Fraud muck raker James Stewart whose book DEN OF THIEVES back in 1992 went seemingly unnoticed by the Perps in Progress and the Wolves in regulatory clothing, was even reprinted here in our Public Interest and non-profit resource from Rolling Stone by Common Dreams
SIGTARP IG (Inspector General) Barofsky succeeded in returning hundreds of millions of dollars from the many multiples of that figure being doled out from tax-payer funds to the failing Supermarkets of Financial Services profit-maximizing and professionally immunized against criminal prosecution Neo-Feudal Lords of High Finance and Tech before Barofsky resigned in barely registered disgust.
I recommend reading this Nomi Prins article slowly and repeatedly over time while discussing with those in your lives you defer to for personal finance mentoring. Prins’ long-awaited (by me at least) and much appreciated explanatory essay of what is going wrong now in surreal time of Pandemic and Washington Insurrections and coast to coast break-down of Public Confidence in Law Enforcement and the Professional Immunity granted to Corporate Looters from the collapsed Sears and J.C. Penny to the collapsing Main Streets and even monopoly-controlling national retailers and their wholesale JUST IN TIME Supply Lines, with Prins’s treasure trove of Common Dreams hyper-linked sources to such valuable clarifying resources as the Pew Trust’s color coded map of U.S. showing the concentrations of wealth that Daddy Warbucks doles out annually state by state to our union.
After repeated considerations of Ms Prins work here and the sources she provides in this Age of Epistemic Crisis (that’s Harvard Prof Emerita Shoshana Zuboff’s phrase in her paradigm shifting and Anti-Trust Law Enforcement stimulating via boot-kicking life’s suppressed work now published with a global speaking tour interrupted by Pandemic and so resumed online from the parts of the world welcoming her (not so much here in U.S.) to unpack the implications of her biblical canon entry: THE AGE OF SURVEILLANCE CAPITALISM: The Fight for a Human Future at the New Frontier of Power
Go back and watch this C-Span uninterrupted interview with Nomi Prins from April of 2010 for a refresher course of the Comatose Decade following the TARP Tax-Payer Bail-Outs and Obama-Biden-Geithner’s Federal Reserve intermittent electronic life-lines thrown to Lenders but never Borrowers of Bad Paper called Quantitative Easing 1 and 2. We can’t afford to be lulled into comatose states every time we are called upon to Socialize the risks and costs of the Wealth Concentrators while we are left stranded in a Privatized system of what used to be a world-leading wealth distribution machine after WW II, especially during the very different Republican Party of Big Government General turned President Eisenhower when the U.S. tax rates were so much higher and yet unlike the Cold War Supply Side Propaganda of Milton Friedman our economy was humming and infrastructure like the U.S. Inter-state Highway system was being built:
C-SPAN may be the closest we in the U.S. come to a Public Interest broadcast service and national resource. Aside from the advocacy skewed media outlets like DEMOCRACY NOW or the AMERICAN PROSPECT magazine along with a few others.
Mitch Ritter\Paradigm Sifters, Code Shifters and Song Chasers
Lay-Low Studios, Ore-Wa (Refuge of Atonement Seekers)
Media Discussion List and Looksee
“Centrist Democrats” are simply Democrats that sold their souls to corporate America in exchange for a government job (politician) through massive funding of corporate money into their campaign (and pockets when it can be done discreetly) with one simple rule, always support the corporate side of the equation even if it means throwing your constituents under the bus if need be.
In case that the politician will be forced to pass (or not pass) a particularly egregious piece of legislation that will do immeasurable harm to the vast majority of Americans, their corporate overlords will then explain to them that the media will ignore covering the details of the evil piece of legislation while simultaneously applauding the politician on the airwaves and in the printed press for making the ‘tough decisions’ to make sure that the legislation got passed.
Another benefit for a Centrist is that corporate America will get both Party’s to get on board to undermine the public interest (such as denying the most vulnerable segment of the American population regular cheques each month during the duration of the pandemic while supercharging the military budget) by engineering the corporate pliant media to paint the egregious legislation as “a wonderful example of bipartisan support” minimizing the personal backlash that any politician would regularly be exposed to if we had happened to have existed in a world where a corporate-free press were on the same playing field as their corporate funded propagandists.
Which party a “centrist” actually aligns themselves with is immaterial, but their unbroken record of support for corporate induced legislation is a not-so-subtle nod to their corporate donors to never take their ‘pro-Joe public rhetoric’ seriously.
All we need now is Wikipedia to adopt this accurate, though perhaps inflammatory definition, and we may at least shed some light on how the public can make sense of the absurd explanations we get from a supposedly unbiased media of why we have such a dysfunctional system.
i realize i will probably be in the minority here on CD … but do you think that one of the reasons these fascists stormed the capitol is b/c the politicians ignore the voices of the aggrieved?
I wonder how it hadn’t happened sooner
It didn’t happen sooner because a man like Trump hadn’t shown up on the scene that knew how to manipulate and channel those aggrieved anger and frustration for his own use. It is probable that Trump’s manipulation and methods of getting absolute loyalty to himself are very similar to Hitler’s.
Perhaps we should redefine “tangible profits” to describe how well economic actions profit the public good?
Rhetorically this article does not work effectively. Re-read the first paragraphs and you see it does not lay out the main thesis. My suggestion is to lay out some easily understandable data, draw a conclusion, and then build more and more. The rich are getting richer while so many poor are getting poorer, and we call ourselves a civilization? Something like that. The Federal Reserve reports in its quarterly Flow of Funds, page 2, that “Total Household Net Worth” stands at $118.955 trillion, which comes to $926,000 per household. This contrasts with the fact that 40% of households own 0.1% of all wealth, which comes to about $2,333 per household among the 40% poorest American households (see Credit Suisse bank’s Global Wealth report, Databook page 168). Readers are over-burdened with words and data, so writers should use great concentration of power in each sentence. This is an amazing article, all the same. The United Way charity, reporting in its December 2020 report ALICE, says that perhaps 50% of U.S. households live with hardship or poverty – 50% is up from 42% a year ago. It’s shocking.
Quite a fairytale you have spun. I think that I like it better than Goldylock and the three bears. But not better than Alice through the Looking Glass.
Ruth Ben-Ghiat, fascism scholar according to DemocracyNow, makes the link very succinctly in todays broadcast and in another piece on mainstream media but I imagine the analogy will be lost by many.
I prefer "
“Corporate powerfuls and their bankers rape the earth that is our home that we share with all things living and then move on to another spot to rape and destroy after they have extracted all that can be gotten from any particular area and we call that civilization”
Although I had little apprehension voting for Ralph Nader in the 2008 POTUS elections, when Obama failed to nominate Prins to be Treasury Secretary or Commerce Secretary and filled those seats with people half as qualified, any trace of apprehension I may have had immediately disappeared.
And then there is the fetishism embedded in late stage predatory capitalisdim (sic). And howdtheydothat? the manipulative recognition of the human propensity for high stress interior glue of the fetish.
i agree with that but what about so called “leftist” revolutions that ended in violence? (russian revolution) … did the people who incited that revolution have a legitimate reason for the violence that occurred?