Share on Google Plus Share on Twitter Share on Facebook
  1
Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend
  3
4 Shares     
Printer Friendly Page Save As Favorite View Favorites View Article Stats
3 comments

OpEdNews Op Eds

80 years ago today

Become a Fan
  (111 fans)
By (about the author)     Permalink       (Page 1 of 1 pages)
Related Topic(s): , Add Tags Add to My Group(s)

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

Headlined to H2 11/25/09

opednews.com

80 years ago today, on October 29th, 1929, Wall Street saw the worst day in its history. The shock of "Black Tuesday" came to an end, but the misery of the Republican Great Depression was just beginning. As a result of the disaster that followed three successive Republican administrations - and their cutting regulations and dropping taxes on the most wealthy from over 70 percent to under 30 percent - the Roosevelt administration through most of the 1930s re-regulated the economy and raised taxes on the very rich back up to 91 percent. That led to fifty years of growth and prosperity, which came to an end with Ronald Reagan re-introducing the Harding/Cooledge/Hoover tax cuts and supply-side economics. Hopefully the Obama Administration will soon learn the lesson of the last Republican Great Depression and follow in FDR's footsteps.
The nation's top credit rating agencies have managed to fend off a crackdown from Washington by relying on a surprising ally - the First Amendment. Even though their key role in the most recent economic disaster, the three big bond raters--Standard & Poor's, Moody's and Fitch--are ready to do it again. With assistance from two of the best constitutional lawyers in the country, these corporations have successfully argued that when they make a error -- like, awarding the top triple-A grade to a multibillion-dollar bundle of bonds that later default or to a company like Enron - yes, they did that -- that when they do that, they cannot be sued or held accountable. Why? Because ratings are opinions, the agencies claim, protected by the constitutional right to free speech. Corporations should have first amendment rights that the founders wrote only for people? What's next? That corporations will claim the Fourth Amendment right to privacy to hide their crimes? Oh, yeah, Dow Chemical has already asserted that, and actually won. That they assert a Fourteenth Amendment right against discrimination? Oh, yea, that's how hog farms and Wal-Marts get forced on communities that don't want them. We really need to reboot the Supreme Court, which has created out of thin air the idea that corporations are "persons" entitled to the protections of the Bill of Rights.

 

http://www.thomhartmann.com

Thom Hartmann is a Project Censored Award-winning New York Times best-selling author, and host of a nationally syndicated daily progressive talk program on the Air America Radio Network, live noon-3 PM ET. www.thomhartmann.com His most recent books are "The Last Hours of Ancient Sunlight," "Unequal Protection: The Rise of Corporate Dominance and the Theft of Human Rights," "We The People," "What Would Jefferson Do?," "Screwed: The Undeclared War (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

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.

Writers Guidelines

Contact Author Contact Editor View Authors' Articles
Related Topic(s): , Add Tags

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

S&P Blames Republicans, Mainstream Media Fails to Report It

Globalization Is Killing The Globe: Return to Local Economies

The Great Tax Con Job

The Truth about the Trust Fund-- Destroying Social Security to Destroy the Two Party System

The Deciding Moment: The Theft of Human Right

Healthcare: First They Came for the Banksters

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
3 people are discussing this page, with 3 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)
Great Article.!... by Steven Leser on Wednesday, Nov 25, 2009 at 9:09:25 PM
Your command if history is amazing. In a few words... by Jeffrey Rock on Thursday, Nov 26, 2009 at 9:35:35 AM
Why does it have a person's name?... by Allan Wayne on Thursday, Nov 26, 2009 at 3:41:44 PM