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OpEdNews Op Eds    H3'ed 7/10/09

The Continued Fleecing Of America And Its Citizens By The Financial Elites

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Message Emily Spence

Accordingly, U.S. employment positions continue to transfer to offshore sites to bolster a plan for maximum profits for the already grossly enriched at the expense of the populace at large. Analogously for companies on U.S. soil, cutbacks and closures have a similarly deleterious effect in terms of under and unemployment.

In relation, the public, obviously, cannot make lots of purchases while an inadequate supply of money is coming into households during which time store shelves are overstocked due to past practices wherein the market became saturated with far too many items for a wide variety of products. Consequently, the manufacture of goods grinds to an almost complete halt and the economy continues to tumble.

Yet no Works Progress Administration (WPA) and extended Civilian Conservation Corps (CCC) programs are put in place to make up for the financial deficits that average people are experiencing even though the move could, indirectly, jumpstart spending. Further, the groups that stand to fabulously benefit from the status quo remaining as is continue to do so even as the masses flounder.

As Paul Kane points out in "Lawmakers Reveal Health-Care Investments" [2]:

"The list of [lawmakers] who have personal investments in the corporations that will be affected by the [health-care] legislation -- which President Obama has called this year's highest domestic priority -- includes Congress's most powerful leaders and a bipartisan collection of lawmakers in key committee posts. Their total health-care holdings could be worth $27 million, because congressional financial disclosure forms released yesterday require reporting of only broad ranges of holdings rather than precise values of assets."

"Health care is not the only industry that is both heavily regulated by Congress and heavily invested in by lawmakers. As The Washington Post reported Thursday, more than 20 members of the House leadership and the House Financial Services Committee hold investments in companies that received more than $200 billion in federal bailouts."

"On the Senate banking committee, at least a half-dozen senators had significant investments in companies that benefited from the $700 billion bailout legislation that the panel helped draft last fall. Sen. Charles E. Schumer (D-N.Y.) reported $18,000 to $95,000 in investments in Freddie Mac and Fannie Mae bonds, and also that he sold at least $15,000 in Fannie 'step-up' bonds at the end of last year. The committee's ranking Republican, Sen. Richard C. Shelby (Miss.), reported holding $260,000 to $850,000 in money market and retirement accounts with Countrywide, Citigroup and Wachovia."

Now contrast their bounty with these stark facts of which all were derived from Michael Moore's investigations. [3] (One can agree with his overall perceptions or not. Either way, it does not change the basic actualities.)

"The Centers for Disease Control and Prevention actually reported that 54.5 million people were uninsured for at least part of the year. Health Insurance Coverage: Early Release of Estimates from the National Health Interview Survey, 2006. Centers for Disease Control."

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Emily Spence is a progressive living in MA. She has spent many years involved with assorted types of human rights, environmental and social service efforts.
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