Share on Google Plus Share on Twitter 1 Share on Facebook 2 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 3 (6 Shares)  
Printer Friendly Page Save As Favorite View Favorites (# of views)   15 comments

Exclusive to OpEdNews:
OpEdNews Op Eds

What/Who Caused the Economy to Tank (for everyone except big corporations & the rich)?

By   Follow Me on Twitter     Message Richard Clark     Permalink
      (Page 3 of 3 pages) Become a premium member to see this article as one long page.
Related Topic(s): ; ; ; ; , Add Tags Add to My Group(s)

Must Read 2   Well Said 2   Supported 1  
View Ratings | Rate It Headlined to H2 9/21/11

Author 8235
Become a Fan
  (110 fans)
- Advertisement -

Whatever or whomever did bring down the American economy, it would appear to be an orchestrated effort.     If even one arm of the financial industry had objected, or performed their job responsibly, the larger part of this economic collapse could easily have been averted.     The credit rating agencies alone could have put an abrupt halt to what sometimes seems it might still become the financial collapse of western civilization.  

Why do our elected politicians so often work against our wishes and interests?

Why are they protecting the very thieves and shysters who got us into this mess?

As Noam Chomsky recently pointed out, a large majority of the population now favors addressing our incredibly large deficits by taxing the very rich (72% favor it,   27% oppose it), according to a WashingtonPost-ABC News poll.     Cutting health programs is opposed by overwhelming majorities (69% opposed to cutting Medicaid, 78% opposed to cutting Medicare).     But the likely outcome, in Congress, is, in each of these cases, just the opposite.     Why is that?

The Program on International Policy Attitudes (PIPA) surveyed how the public would eliminate the deficit.     PIPA director Steven Kull writes, "Clearly both the administration and the Republican-led House of Representatives are out of step with the public's values and priorities in regard to the budget."

The survey illustrates this deep divide:   "The biggest difference is that the public favored deep cuts in defense spending, while the administration and the House propose increases.     The public also favored more spending on job training, education and pollution control than did either the Administration or the House."

- Advertisement -

The final "compromise" -- more accurately, capitulation to the far right -- is the opposite (to what the public wants) throughout, and is almost certain to lead to slower growth and long-term harm -- to all but the rich and the corporations, which are enjoying record profits.

Not even discussed is the fact that the deficit would be eliminated if, as economist Dean Baker has shown, the dysfunctional privatized health care system in the U.S. were simply replaced by one similar to that of all other industrial societies,' which have half the per capita costs but health outcomes that are comparable or better.

The financial institutions and Big Pharma are far too powerful for such options even to be considered, of course -- though the thought seems hardly utopian.     Off the agenda entirely, for example, are other economically sensible options (favored by most people), such as the re-implementation of a small financial transactions tax which in years past has generated many millions in tax revenues.

Meanwhile new gifts are regularly lavished on Wall Street:   Quite incredibly, for instance, the House Appropriations Committee actually cut the budget request for the Securities and Exchange Commission, which is supposed to act as the prime barrier against financial fraud.     Meanwhile, with so many Republicans gunning for it, even the Consumer Protection Agency is unlikely to survive intact.     The obvious conclusion that any rational observer must draw from this?   Our elected officials are more concerned with reducing our protections against those who would cheat us and steal from us, than they are with protecting us from such people!   And why would that be, except for the fact that it is these very people who provide the bulk of their re-election campaign funding?

- Advertisement -

Next Page  1  |  2  |  3


- Advertisement -

Must Read 2   Well Said 2   Supported 1  
View Ratings | Rate It

Several years after receiving my M.A. in social science (interdisciplinary studies) I was an instructor at S.F. State University for a year, but then went back to designing automated machinery, and then tech writing, in Silicon Valley. I've (more...)

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon

Go To Commenting

The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Follow Me on Twitter

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Was Pat Tillman Murdered by an American Sharpshooter to Shut Him up?

New JFK assassination bombshells

Two U.S. presidents implicated by ex-CIA black-ops assassin

The cholesterol - heart disease scam: How the medical-industrial complex is raking in billions at our expense

Four Ticking Time Bombs That Will Soon Ignite a Revolution

The Ultimate Goal of the Bankster-led Political-economic Warfare Being Waged Against Us Is . . . ?