When the Reagan Administration began the deregulation craze, and the Holy Free Market became infallible, the collapse of the U.S. financial industry was predictable. Bush was the ton of bricks that broke the camel’s back. The transfer of wealth upwards was conservatism at its most typical, and destructive. Republicans like to blame the present state of the economy on anything other than the cause. As the train accelerated to the point where the tracks stopped, many Americans, without a degree in economics, watched in horror as it left the tracks and plunged over a cliff.
But not to worry! If President Obama will only listen to the Right Wing the day will be saved. The President must begin the recovery by lowering taxes on the wealthy. It’s the same trickle down nonsense they’ve been brainlessly promoting for decades. It is astonishing that they still don’t get it! Or do they? Americans, particularly of the republican persuasion should open their eyes, turn off Fox News and Rush Limbaugh and come to grips with the fact that their party is an extremely destructive force and a detriment to the nation‘s health.
The conservatives are screaming like banshees. Obama is a socialist, Obama is a fascist, Obama is a communist and he’s out to destroy the nation. Obama is actually performing in just the manner the republicans hoped he would. He’s handing the taxpayer’s cash over to the banks and asking for nothing in return. When the public became incensed over executive bonuses no one in Washington knew what to do. “Oh, woe is us,” the nation’s political leaders moaned. “Our hands are tied!” Those executives who are rolling in taxpayer cash were promised those bonuses. What a strange business, that showers millions on the screw-ups who brought down the house of cards that used to be the U.S. financial industry. In France the same thing was going on, but when the French people got fighting mad, their government simply announced a decree. No more executive bonuses. Problem solved.
Many economists say there is only one way for the nation to emerge in one piece. Nationalize the banks. No one in the Obama Administration dares to even whisper the N word. Which is very odd. Republicans are supposed to believe in capitalism. If Fred buys Dave’s company Fred, a capitalist, gets control of Dave’s struggling company. But American taxpayers get nothing for their money. Oh! How forgetful.! Americans get a couple of trillion dollars in toxic debt!
Predictably the nation’s political leaders are competing with one another to offer solutions to fix the shattered economy. Listening to them you’d swear they knew what the Hell they’re talking about. This catastrophe didn’t happen overnight, but the geniuses in Washington are self importantly, and in all seriousness, explaining what must be done to save the financial world. Which brings up the 700-pound gorilla question. If they know so damn much then why in the Hell is the economy in the toilet? Where was all this sage advice BEFORE the economy collapsed? What is truly incredible is there’s a blueprint for getting out of this mess, but it’s ignored. Between the nation’s elected representatives and the bankers, it don’t look like Dudley Doright’s gonna save fair Nell.
FDR, when he inherited the Great Depression of 1929, immediately closed the nation’s banks until responsible adults could take charge. He put the nation to work building the Interstate Highways and other major infrastructure projects. The American automobile manufacturers had a ready made infrastructure for their cars. Everyone could see the U.S.A. in their Chevrolet. FDR also saw measures go into place that would keep another Great Depression from occurring.
President Obama is throwing good money after bad. Instead of repairing the nation’s sagging infrastructure, building schools, investing in green energy and overhauling a health care system that’s a national embarrassment, he continues loading those 18 wheelers full of taxpayer cash, as they shuttle back and forth between the National Treasury and the nation’s banks. It’s the most amazing thing.
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The republicans have made no secret of the fact that their hatred of Constitutional Governance makes it a target for eventual eradication. They may have finally succeeded in breaking the government by transferring its last dollars into the coffers of U.S. banks. The states are all broke. They will run out of money for basic services if nothing is done to help them. But republicans don’t believe it’s the function of government to help anyone. When the government fails the state’s governors will turn to the private sector for money. The banks will save the states that the worthless government could not. The banks will also dictate the terms of the loans, the IMF being the model for such terms.
When Third World Nations come to the IMF for loans, all the nation’s assets are transferred to private control. Public services, utility companies, health care, educational institutions and national industries will all be transferred to private ownership. It’s the company store on a national scale. This is the position the U.S. is fast approaching. The private sector has sucked all the taxpayer’s cash out of the U.S. Treasury. If the brakes aren’t applied very soon, and the taxpayer’s money denied to the banks, the above scenario is bound to happen, and sooner than later. After all, corporate oligarchy has always been the right’s goal, and they’ve been very upfront and honest about it. When the first state is rescued by private sector banks Americans will know their government has been replaced by the corporate oligarchy. Democracy, R.I.P.
Jon Faulkner is a licensed Master Mariner. He has long considered the conservative republican mindset a form of mental illness. He lives in northern Maine.