Watching The Corpocracy In Action
Before getting into some serious Corpocracy watching some tautology is necessary.
It was on Dec 15, 2000 when then Sen. Phil Gramm ‘slipped in’ a 262 page amendment into a $384B omnibus spending bill. This ‘measure’ would lead to ENRON, and the housing financial crisis we are still experiencing. Second termer, President Bill Clinton’s admin and a Republican controlled congress just didn’t see it coming!!?? Or, that’s what we are led to believe. Perhaps hey were too close to their Xmas break to take the time to ‘read the bill’ as it were.
That might make sense to some who believe that congress might act with such frivolity. But, we know that the financial sector, in collusion with Wendy Gramm, Senator Phil's wife, had been working to game the system for a decade prior to Senator Phil 'slipping in' the measure. In 1998, CFTC's Trading and Markets Michael Greenberger, proposed some regulation for the derivatives market but, he says, "all hell broke loose. The lobbyists for major commercial banks and investment banks and hedge funds went wild. They all wanted to be trading without the government looking over their shoulder."
Clearly, the 535 was aware of what was going down. The financial lobby wrote the bill and it was co-sponsored by Senator Lugar. Gramm was John McCain's 'financial guru in the mid 90's and McCain supported Gramm as a presidential candidate. Should we believe that the entire congressional staff bailed for the Xmas holiday? Considering the worst case scenario where nobody read the bill is not the 535 still accountable????
Well, enough with tautology, and aren't we glad all that's behind us?? And, so precious to know the Dodd-Frank and Volker Rule is out there to protect us from the Corpocracy.
Then, we find one other supporter for Gramm's bill. A fellow named Gary Gensler who is now head of the, you guessed it, the Commodity Futures Trading Commission. From a recent WaPo article, "Lessons Learned, A Regulator Returns", we learn that Gensler served on Bill Clinton's Treasury team which "is remembered for working to make sure regulations wouldn't get in the way of financial markets."
In addition to supporting Gramm's 'modernization act', Gensler and colleagues worked to repeal the firewall between investment and commercial banking. This repeal action was opposed by the CFTC chair, Brooksley Born.
But, hey, Gensler is now 're-born' as a regulator. Says that while he was never a champion of deregulations he admits that he and the Clinton team were proven wrong in some ways. Gensler is now considered 'one of the more reform minded financial regulators compared with White House economic adviser Larry Summers and Treasury Secretary Timothy Geither who both opposed the Volker rule.
Gensler cautions that in our eagerness to regulate we may implement a regulation that, "years from now, you realize, is the new Enron loophole.. . . it's literally happened over and over again."
Well, Gensler, thousands like him and the 535 are still with us, pushing us through the eye of the needle of globalism. Forty percent of middle class wealth gone, debt, foreclosures, mired in one 'nation building' after another, and so on . . .education - - some citizens are suing their local gov't for 'depriving their children of the right to learn to read'.
In most of private industry when you are faced with a major screwup you are sidelined. But, it seems in the Corpocratic world you just reinvent yourself through some other self-serving title. Gramm or Gensler may very well claim the Presidency at some point. Just depends on your access to those corporate donations, IMO
With each days passing it looks more like the Corpocracy plans to let the dollar bottom out against world currencies in order to minimize the effect of our large debt. It will have to be done gradually, perhaps over several decades to prevent Greece like disturbance of the population.
Well, we don't have to just go along for the ride. One could support a third party with a different political attitude like the Republic Sentry Party. One could lend their support to reform minded organizations such as www.foavc.org (article V Convention) or, organizations working to abolish corporate personhood so that we might implement REAL campaign finance reform such as www.movetoamend.org and www.reclaimdemocracy.org.
And, as we are coming up on a very important election cycle, one could cast their vote to remove incumbents from office in large numbers. We have some options open to us, all of which are better than sitting on a couch and watching us go over a cliff on high definition, wide screen TV.
Otherwise, we have the Corpocracy we deserve.