Share on Google Plus Share on Twitter Share on Facebook Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 2 (2 Shares)  

Printer Friendly Page Save As Favorite View Favorites (# of views)   9 comments
General News

Politicians Are In Office But Banks Are In Power:Time To Fight Back?

By       Message Danny Schechter     Permalink
      (Page 1 of 2 pages)
Related Topic(s): ; ; ; ; ; ; ; ; ; , Add Tags Add to My Group(s)

Must Read 1   Interesting 1   Valuable 1  
View Ratings | Rate It

opednews.com Headlined to H2 5/2/09

- Advertisement -

BANKSTERS ON THE WAR PATH TO STOP NEW REGULATIONS

How Wall Street Is Fighting Back and Winning Their Fight For The Status Quo

- Advertisement -

By Danny Schechter

Author of Plunder

New York, New York: Dick Durbin knows his way around the Senate. He’s been there a long time, long enough to know how things really work. Over the years, the man from Illinois has come to realize that it’s not the elected officials who are in charge. Last week, he said it was the bankers “who run the place” acknowledging that Senators may be in office, but not necessarily in power.

Usually, the people who pull the strings stay in the background to avoid too much public exposure. They rely on lobbyists to do their bidding. They prefer to work in the shadows. They may back certain politicians, but coming from a world of credit default swaps as they do, they hedge their bets by putting money on all the horses.

- Advertisement -

They have so much influence because they have been reengineering the American economy for decades through “financialization,” a process by which banks and financial institutions gradually came to dominate economic and political decision-making.  Kevin Phillips, a one time Reagan advisor and commentator,  says our deepest problem is “the ascendancy of finance in national policymaking (as well as in the gross domestic product, and the complicity of politicians who really don’t want to talk about it.”

Curiously, despite the journalists like Bill Moyers and Arianna Huffinton who have been blowing the whistle on the role of the “banksters” in our political life, criticizing the Republicans and Democrats who deregulated the financial system, this issue seems to float above the heads of most of the public, much of the press, and even the activist community more drawn to punishing the torture inflicted on a few by a former Administration than the economic duress being imposed on the majority of Americans by a minority of the superrich.  

Demonstrators are still drawn more to the White House than the banks that have proliferated on every corner of the country.

Last week, a Zogby poll found that a majority of the public believes the press made things worse by reporting on the economic collapse. Not only is that blaming the messenger, it also overlooks the fact that much of the media was complicit in the crisis by not covering  the forces that caused the collapse when it might have done some good.

Exacerbating the problem is that the Obama Administration has, in Robert Scheer’s words, enlisted “the very experts who helped trigger the crisis to try to fix it.”

“Obama,” he writes “seems depressingly reliant on the same-old, same old cast of self-serving house wreckers who act as if government exists for the sole benefit of corporations and executives.”

The team of Tim Geithner and Larry Summers has been carrying Wall Street’s water as Robert Rubin did before them. No wonder that Obama’s Attorney General Eric Holder told the Street last February, “We’re not going to go on any witch hunts.”

- Advertisement -

That was before we learned that Wall Street forced US regulators to delay the release of stress test results for the country's 19 biggest banks until next Thursday, because some of the lenders objected to government demands that they needed to raise more capital. They are trying to rig the results.

That was also before the public learned of the obscenely huge bonuses the firms benefiting from the TARP bailout were shelling out to their executives. That was before, we saw how the bankers with help from Democrats, including new convert Arlen Spector, vited managed to kill a bill to help homeowners stop foreclosures.

“The Senate on Thursday rejected an effort to stave off home foreclosures by a vote of 51 to 45. It was an overwhelming defeat, with the bill’s backers falling 15 votes short — a quarter of the Democratic caucus — of the 60 needed to cut off debate and move to a final vote. Across the United States, the measure is estimated to have been able to prevent 1.69 million foreclosures and preserve $300 billion in home equity.”  

Next Page  1  |  2

 

- Advertisement -

Must Read 1   Interesting 1   Valuable 1  
View Ratings | Rate It

News Dissector Danny Schechter is blogger in chief at Mediachannel.Org He is the author of PLUNDER: Investigating Our Economic Calamity (Cosimo Books) available at Amazon.com. See Newsdisssector.org/store.htm.

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 Petition Site */
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 AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
- Advertisement -

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

Israel Gives All Jews A Bad Name

Is There A Threat of Fascism in the USA?

Free Marketers Going After Occupy Wall Street --Danny Schechter

COG OR COA: WHY IS OBAMA MORPHING INTO BUSH 2?

WHO OWNS OUR MEDIA AND WHY IT MATTERS

WERE THE BANKS TOO BIG TO FAIL OR THE BANKERS TOO BIG TO JAIL?