Obama Plans Gutting Regulations for Corporate Favorites - by Stephen Lendman
Promising change after eight Republican dominated years, Obama betrayed the public trust by special favors given business at the expense of essential growing needs.
Spurning them, in fact, he shows contempt for the things he rhetorically supports, proving he's no different from the worst of the bipartisan criminal class, serving wealth and power interests only.
As a result, he backed Wall Street's financial coup d'etat, looted the nation's wealth for them, institutionalized speculation and corporate racketeering, wrecked the economy, and consigned millions to impoverishment without jobs, homes, savings, social services, or futures.
Now more is planned, first announced in a January 18, 2011 Executive Order, (EO) titled, "Improving Regulation and Regulatory Review" to benefit business, no matter the public cost.
On February 7, Obama elaborated in a Chamber of Commerce speech, promising to "remove outdated, unnecessary regulations" to free business more than ever since the roaring twenties to do whatever they damn well please, saying:
"I understand the challenges you face. I understand you are under incredible pressure to cut costs and keep your margins up. I understand the significance of your obligations to your shareholders and the pressures that are created by quarterly reports. I get it."
What he doesn't "get" or give a damn about is growing human need. Instead, he focuses solely corporate bottom line concerns no leader should prioritize over greater ones affecting millions of troubled households during the nation's gravest economic crisis in decades, one he's worsening, not alleviating.
In fact, acting more like one of them than one of us, he discussed various special favors he had in mind, including lowering corporate taxes and "breaking down some of the barriers that stand in the way of your success," eliminating "outdated and unnecessary regulations" to save billions of dollars annually, no matter the incalculable public cost.
Dismissively he said:
"I've ordered a government-wide review," and if there are rules on the books that are needlessly stifling job creation and economic growth, we will fix them....I've also ordered agencies to find ways to make regulations more flexible for small business," promising to make government as accommodative as possible, giving away the store if there's anything left from the wreckage he already caused.
Obama Unveils Corporate Friendly Deregulation Plan
On May 26, Reuters writer Alister Bull headlined, "White House takes steps to cut business red tape," saying:
Obama unveiled a plan to save corporations "billions of dollars over time, seeking to placate businesses complaining about what they see as undue regulatory burden."
In fact, billions of dollars in political contributions freed corporate giants from numerous regulations since the 1970s.
Jimmy Carter, in fact, spearheaded deregulation Nixon and Ford began by hiring Alfred Kahn to head the Civil Aeronautics Board (CAB). The 1978 Airline Deregulation Act followed. It dissolved the CAB, removed industry restraints, eased consolidation, and subsequent bills deregulated trucking and railroads - the 1980 Motor Carrier Act and 1980 Staggers Rail Act, following the 1976 Railroad Revitalization and Regulatory Reform Act.