There is much talk in the news media today about the country's national debt, deficit spending and about how federal spending is out of control. In order to fully understand our country's severe fiscal and debt problem that exist one must look at the past. We do not have to dwell on the past but we have to have knowledge of what took place to cause the massive deficit spending and the debt it created and who or what administration is responsible for such actions. Without that knowledge the past will be repeated in the future.
In previous commentaries in "politidose" this writer has pointed out how the country's fiscal problems concerning deficit spending and debt started with the election of Ronald Reagan and his administrations policies. Prior to Reagan, the republican party and the democratic party worked together on many issues that benefited the country and its people. They put the work of government first to get things done. That republican party was able to debate the issues and did not use personal attacks as a campaign or debate tactic. That all changed after Reagan was elected. Government became the problem, so called conservatism took on an ideology that became unAmerican, viral, personal in its attacks, elite and outright lies about their opponents positions.
That right wing conservatism produced the likes of Newt Gingrich, Tom Delay, Dick Armey, Mitch McConnell, John Boehner and others inside and out side of congress. It led to a government shutdown during the Clinton Presidency and his impeachment over an affair.
Prior to Reagan's election deficit spending and the national debt was manageable. The national debt that was generated during WWII was paid off. Although deficit spending under the administrations of Kennedy-Johnson, Nixon-Ford and Carter occurred it was manageable and the national debt was less than one trillion dollars at the end of Carter's last fiscal year budget that ended 9/30/81, in fact it was $997 billion. Today it is over $13 trillion. Johnson's administration ran a budget surplus in 1969.
Reagan, Bush 41 and Bush 43 and republicans in general blamed the democrats as big government spenders and creators of debt and have been doing so for the past 30 plus years but the actual record shows other wise. Ironically, the news media and their journalists used those same republican talking points to brainwash the American people. They seemed to figure out most people never bother to check the facts, but that never bothered the news media.
When this six part series is completed the readers will learn how Reagan, Bush 41 and Bush 43 used tax cuts that benefited the wealthy, a lack of enforcement in regulations, deregulation of the Savings and Loans Industry (which cost the taxpayers over $1 billion), record federal deficit spending and debt starved the federal government of needed revenue and transferred wealth from the middle class to the wealthy. Their motivation was and the republican party's aim still is to bankrupt the federal government so Social Security, Medicare, Medicaid and other needed programs will be a thing of the past. That is why the next assualt will be on Social Security. As of this writing the people in the U.S. House is doing just that cutting programs in need under the guise of balancing the federal budget.
When Bush 43 left office, the transfer of wealth from the middle class to the wealthy was complete. The greatest meltdown of the economy, record job losses, record deficit spending and a record increase in the national debt that was so large it makes the future uncertain. Two yearsafter Bush 43 has left office the country and its people are still feeling the effects of this transfer of wealth at the expense of the middle class. The stock market is booming, the wealthy are doing well and the middle class is being crushed. The past is still the key to the country's future and knowing and understanding the facts can change the future for the best.
Next up: Part II The Reagan Presidency.
Saturday, February 26, 2011
Wednesday, February 16, 2011
Canada's Oil Pipe Line To The United States
Canada has asked the Obama administration to approve a 1900 mile oil pipe line that would carry Canadian crude oil extracted from tar sands in Alberto, Canada to refineries in Texas. According to a report commissioned by the Obama administration the $7 billion pipe line could substantially reduce U.S. dependency on oil from the middle east and other regions. That according to an Associated Press report.
Canada pointed out they are a secure, stable and friendly neighbor who poses no threat to the U.S. It is this writers judgement that this proposed pipe line should be given very serious thought on a fast tract. According to the report, "Funds of the Earth" an environmental group, say tar sands oil is highly polluting and there are cleaner, safer way to meet U.S. energy needs.
The environmental issue needs to be worked out. Surly a company who can afford to invest $7 billion in such a venture can afford to make sure they have the know how and equipment to make oil from tar sands environmentally friendly and safe. There is no excuse. In fact companies who make this kind of large investments have an obligation to make sure their ventures is safe for the environment.
Importing oil from a neighbor such as Canada is a plus for the people and the country in reducing our import of oil from the middle east and other unstable countries. We know the American oil companies are not doing enough drilling and production with in the U.S. on all the acreage they lease, own or rent to make our country free of dependency on foreign oil from those unstable countries. Big Oil has been given tax breaks and incentives to do so for over 50 years and have failed the test.
Although the proposed Canadian pipe line will be good for America in this time of our history, the U.S. number one priority should still be to develop energy sources that will replace oil and gasoline as our leading energy source. Any thing less will have us revisiting the subject for the next 50 years. The major oil companies in the U.S. have really blown their chance to do something for their country and its people. Their record profits have fed their greed and is now their motivation. They have swallowed up many independent oil companies in the past that has not produced one more barrel of oil or gallon of gasoline. Those take overs and mergers only produce more and larger bonuses for their CEO's and executives.
Canada pointed out they are a secure, stable and friendly neighbor who poses no threat to the U.S. It is this writers judgement that this proposed pipe line should be given very serious thought on a fast tract. According to the report, "Funds of the Earth" an environmental group, say tar sands oil is highly polluting and there are cleaner, safer way to meet U.S. energy needs.
The environmental issue needs to be worked out. Surly a company who can afford to invest $7 billion in such a venture can afford to make sure they have the know how and equipment to make oil from tar sands environmentally friendly and safe. There is no excuse. In fact companies who make this kind of large investments have an obligation to make sure their ventures is safe for the environment.
Importing oil from a neighbor such as Canada is a plus for the people and the country in reducing our import of oil from the middle east and other unstable countries. We know the American oil companies are not doing enough drilling and production with in the U.S. on all the acreage they lease, own or rent to make our country free of dependency on foreign oil from those unstable countries. Big Oil has been given tax breaks and incentives to do so for over 50 years and have failed the test.
Although the proposed Canadian pipe line will be good for America in this time of our history, the U.S. number one priority should still be to develop energy sources that will replace oil and gasoline as our leading energy source. Any thing less will have us revisiting the subject for the next 50 years. The major oil companies in the U.S. have really blown their chance to do something for their country and its people. Their record profits have fed their greed and is now their motivation. They have swallowed up many independent oil companies in the past that has not produced one more barrel of oil or gallon of gasoline. Those take overs and mergers only produce more and larger bonuses for their CEO's and executives.
Tuesday, February 15, 2011
BOEMRE Slaps Back At Big Oil
Michael Bromwich the Director of the Bureau of Ocean Energy Management, Regulation and Enforcement in an article by staff writer David Hammer of the Times Picayune fired back at the oil industry for bitching about not being granted any new permits to drill in the Gulf of Mexico. Bromwich said, the most critical missing piece in the process of approving applications for permits to drill in deepwater is the demonstration of well control and subsea containment capability. Therefore, I ask that you provide a detailed update as to when your proposed containment systems will be operational. This was in letters to Helix Energy Solutions Group and to the four industry giants, Exxon-Mobil, Shell Oil, Chevron and Conoco-Phillips.
This is the same oil industry who promised in August 2010 they would have an interim containment system ready in six months and a fully operational system in operation in 18 months. The six months has already passed and the oil industry has reneged on its promise. This writer has pointed out in past commentary in politidose that this is the real issue of the oil industry's failure concerning the BP oil blow out and spill. That after over 50 years plus of drilling in the Gulf the industry had no plan or equipment ready to cap a blow out timely or the equipment necessary to remove spilled oil from the waters in the Gulf before that oil hit shore. They told the people they did but lied thru their teeth. That is the real sad story of the BP accident.
The industry's latest failure to meet their own dead line for testing their interim containment system is part of their failed past and falsehoods. They can not be trusted. Lets hope BOEMRE holds the industry and its CEO's accountable. When one takes into account that the industry is given billions of dollars in tax subsidy by our government leaders it is easy to see why big oil is so selfish and think they can do what ever they want to do. To top it off, our elected officials and some at the Times Picayune support the obscene actions by the industry.
The four oil companies mentioned above who are paying to develop the containment system are all wealthy companies who lobby our elected officials to keep the spigot open for corporate welfare and tax breaks. They have no shame. That says it all.
This is the same oil industry who promised in August 2010 they would have an interim containment system ready in six months and a fully operational system in operation in 18 months. The six months has already passed and the oil industry has reneged on its promise. This writer has pointed out in past commentary in politidose that this is the real issue of the oil industry's failure concerning the BP oil blow out and spill. That after over 50 years plus of drilling in the Gulf the industry had no plan or equipment ready to cap a blow out timely or the equipment necessary to remove spilled oil from the waters in the Gulf before that oil hit shore. They told the people they did but lied thru their teeth. That is the real sad story of the BP accident.
The industry's latest failure to meet their own dead line for testing their interim containment system is part of their failed past and falsehoods. They can not be trusted. Lets hope BOEMRE holds the industry and its CEO's accountable. When one takes into account that the industry is given billions of dollars in tax subsidy by our government leaders it is easy to see why big oil is so selfish and think they can do what ever they want to do. To top it off, our elected officials and some at the Times Picayune support the obscene actions by the industry.
The four oil companies mentioned above who are paying to develop the containment system are all wealthy companies who lobby our elected officials to keep the spigot open for corporate welfare and tax breaks. They have no shame. That says it all.
Saturday, February 12, 2011
Cynthia Tucker, A Wise Journalist Concerning Immigration
Ms. Tucker in her editorial titled, "Quit Hiring Immigrants: See What Happens" published in the New Orleans Times Picayune dated Feb. 5th showed wisdom on the subject matter. Past Presidents and the congress has struggled to come up with a workable solution to curb the problem. Now Ms. Tucker has a suggestion that is very basic to the problem that would not cost billions of dollars in this writers judgement like the fence the federal government built on the Arizona border and the U.S. troops sent there to police the area.
Ms. Tucker suggest business be required to use a national computer system to verify the legal status of employees, that would dramatically curb illegal immigration. She pointed out illegal border crossers come here for better economic opportunity that reads as "jobs." If they could not get jobs many would not come she pointed out.
The suggestion by Ms. Tuckerhas merit and congress should take that first step that would lead to comprehensive reform of immigration. Business should be held accountable for hiring illegal immigrants and the law should be enforced. The editorial also points out how Obama's predecessor used a failed scheme of workplace raids that punished illegal immigrants but left their employers largely unscathed.
Our elected officials in Washington, especially congress would do well to keep this editorial posted on their desk. The law is on their side, the only thing it now takes is character and courage to make sure the change Ms. Tucker has suggested takes place. Put business on notice and enforce the law. Require them to verify the legal status of whom they hire. It was pointed out in the editorial there is a system available to check workers, it is called e-verify, an instant back ground check run by the Department of Homeland Security.
Congress and the President need to act now.
Ms. Tucker suggest business be required to use a national computer system to verify the legal status of employees, that would dramatically curb illegal immigration. She pointed out illegal border crossers come here for better economic opportunity that reads as "jobs." If they could not get jobs many would not come she pointed out.
The suggestion by Ms. Tuckerhas merit and congress should take that first step that would lead to comprehensive reform of immigration. Business should be held accountable for hiring illegal immigrants and the law should be enforced. The editorial also points out how Obama's predecessor used a failed scheme of workplace raids that punished illegal immigrants but left their employers largely unscathed.
Our elected officials in Washington, especially congress would do well to keep this editorial posted on their desk. The law is on their side, the only thing it now takes is character and courage to make sure the change Ms. Tucker has suggested takes place. Put business on notice and enforce the law. Require them to verify the legal status of whom they hire. It was pointed out in the editorial there is a system available to check workers, it is called e-verify, an instant back ground check run by the Department of Homeland Security.
Congress and the President need to act now.
Friday, February 11, 2011
What Can The United States Do Concerning The Situation In Egypt
Not very much except what President Obama is trying to do. That is speak with one voice on the side of the people of Egypt and support their cry for democracy. Our one voice should be to support the people's desire to change the behavior of the leaders of Egypt so they can live in an open society with freedom and justice. Other than that the U.S. influence is negligible.
Does any one really believe the billions of dollars that the U.S. gives to countries run by dictators trickle down to the people. Even if it did it would not buy democracy. You have to want democracy before you can have it. The people of Egypt are showing they want democracy with their peaceful demonstrations.
President Kennedy in making his famous speech in Berlin said "contrary to what some people believed, communism was not the wave of the future." He knew full well that repressive regimes would fall in time. His establishment of the peace corps was well with in the realm of spreading democracy and the need for people to work together for the common good. Kennedy did not believe in a Pax Americana for South and Central America either.
Many of our past and present leaders used friendship and support for dictator regimes in the name of national security that has cost our nation rejection from abroad, billions of wasted tax payers dollars and even lives. It also made our country less safe. Kennedy had a better understanding of this than any one else and was moving our country away from those failed policies.
Countries in the middle east and other parts of the world ruled by dictators will over time experience the cry for democracy and it will come from within. People who do not have freedom long for it because it is a basic tenant of life just like self preservation.
The U.S. should be at the lead in supporting the cry of freedom and democracy for all nations. The idea that we have to be in bed with dictator regimes has been a proven disaster. We tried that with the Shah of Iran, Batista in Cuba, Marcos in the Phillipines and yes even with Saddam in Iraq. The President and congress should continue to support the people of Egypt in their quest for freedom and democracy.
Special Note: After I wrote this commentary, it was announced that Mubarak was stepping
down. Now is the time for the President to continue to assist the people of Egypt
and answer any call to help them with the transition.
Does any one really believe the billions of dollars that the U.S. gives to countries run by dictators trickle down to the people. Even if it did it would not buy democracy. You have to want democracy before you can have it. The people of Egypt are showing they want democracy with their peaceful demonstrations.
President Kennedy in making his famous speech in Berlin said "contrary to what some people believed, communism was not the wave of the future." He knew full well that repressive regimes would fall in time. His establishment of the peace corps was well with in the realm of spreading democracy and the need for people to work together for the common good. Kennedy did not believe in a Pax Americana for South and Central America either.
Many of our past and present leaders used friendship and support for dictator regimes in the name of national security that has cost our nation rejection from abroad, billions of wasted tax payers dollars and even lives. It also made our country less safe. Kennedy had a better understanding of this than any one else and was moving our country away from those failed policies.
Countries in the middle east and other parts of the world ruled by dictators will over time experience the cry for democracy and it will come from within. People who do not have freedom long for it because it is a basic tenant of life just like self preservation.
The U.S. should be at the lead in supporting the cry of freedom and democracy for all nations. The idea that we have to be in bed with dictator regimes has been a proven disaster. We tried that with the Shah of Iran, Batista in Cuba, Marcos in the Phillipines and yes even with Saddam in Iraq. The President and congress should continue to support the people of Egypt in their quest for freedom and democracy.
Special Note: After I wrote this commentary, it was announced that Mubarak was stepping
down. Now is the time for the President to continue to assist the people of Egypt
and answer any call to help them with the transition.
Tuesday, February 8, 2011
Republican Double Talk On Budget Cuts
House republicans have vowed to cut the federal budget piece by piece, across the board but they say defense spending is off limits. Secretary of Defense Robert Gates has proposed to cut defense spending by over $70 billion and gave congress the information as to why and how it can be done safely without affecting our national security. The republicans in an effect to continue their propaganda as being strong on defense are saying no way.
Past actions by the republican party tell the true story of their game plan, and it is not about balancing the federal budget. They had their chance under Bush 43 when they controlled both houses of congress and failed to balance one federal budget despite having inherited record surpluses from the Clinton administration. Instead of reducing spending on their watch, they voted for a massive increase in spending and gave the country massive deficits and debt.
The true story of the republicans budget cuts that they will propose is to continue the failed policies of Reagan, Bush 41 and Bush 43. Their aim is to bankrupt those programs that are vital to our country and its people while promoting tax cuts, incentives and other goodies for the wealthy. They have already met with industry lobbyist to kill regulations and promote corporate Americas agenda.
The best chance for a balanced budget is the democratic way. President Obama is the only President besides Clinton in the last 31 years to pay attention to and publicly tell the people the deficit problem has to be addressed and dealt with. Obama's state of the union speech laid out a plan to continue to address and act on the deficit. As the economy continues to improve, federal revenue will increase and help reduce the deficit. Is it interesting to note the republicans were silent the 20 years Reagan, Bush 41 and Bush 43 ran up those massive deficits.
As I noted in a previous commentary here in politidose, Reagan was the first President to preside over a trillion dollar budget. Bush 43 was the first President to preside over the first two and three trillion dollar budget. It took the country 15 years to go from a one trillion dollar budget to a two trillion dollar budget, but it took Bush 43 only seven years to go from a two trillion dollar budget to a three trillion budget. Conservative Presidents? Not on your life.
The country has been void of any true conservative leaders for over 30 years. Their leadership has been right wing radicals who care nothing about moving the country and its people forward. Their anti-American ideology is to tear down everything that has made America great. Every day their actions prove they are incapable of engaging in a debate of the real issues. President Obama and the democratic party are still in the forefront of having the best policies of moving the country and its people forward to reverse the economic damage, record job losses and record deficit spending and debt of the previous administration. It will once again be democratic policies that will bring spending under control.
Past actions by the republican party tell the true story of their game plan, and it is not about balancing the federal budget. They had their chance under Bush 43 when they controlled both houses of congress and failed to balance one federal budget despite having inherited record surpluses from the Clinton administration. Instead of reducing spending on their watch, they voted for a massive increase in spending and gave the country massive deficits and debt.
The true story of the republicans budget cuts that they will propose is to continue the failed policies of Reagan, Bush 41 and Bush 43. Their aim is to bankrupt those programs that are vital to our country and its people while promoting tax cuts, incentives and other goodies for the wealthy. They have already met with industry lobbyist to kill regulations and promote corporate Americas agenda.
The best chance for a balanced budget is the democratic way. President Obama is the only President besides Clinton in the last 31 years to pay attention to and publicly tell the people the deficit problem has to be addressed and dealt with. Obama's state of the union speech laid out a plan to continue to address and act on the deficit. As the economy continues to improve, federal revenue will increase and help reduce the deficit. Is it interesting to note the republicans were silent the 20 years Reagan, Bush 41 and Bush 43 ran up those massive deficits.
As I noted in a previous commentary here in politidose, Reagan was the first President to preside over a trillion dollar budget. Bush 43 was the first President to preside over the first two and three trillion dollar budget. It took the country 15 years to go from a one trillion dollar budget to a two trillion dollar budget, but it took Bush 43 only seven years to go from a two trillion dollar budget to a three trillion budget. Conservative Presidents? Not on your life.
The country has been void of any true conservative leaders for over 30 years. Their leadership has been right wing radicals who care nothing about moving the country and its people forward. Their anti-American ideology is to tear down everything that has made America great. Every day their actions prove they are incapable of engaging in a debate of the real issues. President Obama and the democratic party are still in the forefront of having the best policies of moving the country and its people forward to reverse the economic damage, record job losses and record deficit spending and debt of the previous administration. It will once again be democratic policies that will bring spending under control.
Sunday, February 6, 2011
Tax Breaks(Corporate Welfare) For The Oil And Gas Industry Need To Be Terminated Now
The U.S. Senate voted Wednesday Feb. 2 against a proposal that would have ended Oil industry tax breaks that amount to $22 billion over 10 years. The vote was 81-17 to retain such tax breaks. The vote has once again revealed how the Oil and Gas industry has been able to manipulate our elected officials because of their wealth in doling out campaign contributions.
President Obama in his state of the union address asked congress to end those tax breaks for that wealthy industry. Since congress answer was no, the President should now take his case directly to the people, shame congress and the industry and use his authority as the only nation wide elected official to do what it takes to relieve that $22 billion burden that the average American pays for.
According to a report in the Times Picayune dated Feb. 4, U.S. Senator David Vitter and U.S. Rep. Steve Scalise really showed their ass over the subject matter. Vitter said the industry needs the tax breaks because the U.S. has the highest business tax rate in the world. Scalise made the dumb remark about high oil prices because of the instability in Egypt and not restricting domestic production. Vitter and Scalise are ditto heads for the industry because of their campaign contributions.
The fact of the matter is big business like oil and gas pay no taxes. There are tax loop holes in the tax code created by members of congress like Vitter and Scalise that cancel out any tax liability. Any small tax they may end up paying is passed onto the consumer. Yet Vitter and Scalise want to continue the tax breaks for their chosen few. They like to see the middle class make up for the loss of revenue. As for Scalise's stupid remark he knows full well the only thing that restricts production is when the industry itself shuts in production to manipulate the price.
The oil and gas industry has had 50 plus years of tax breaks and exemptions and our country at this very time is more dependent on foreign oil than ever before. They could care less, their main goal in wanting those tax breaks is to increase their bottom line so more wealth can be passed onto their CEO's and executives. They have had plenty time to make the country self sufficient. They are not satisfied that the price of a barrel of oil and gallon of gasoline had been at a sustained record high level for over 7 years. That's not good enough for them, they want it all.
President Kennedy said it best and set the example when he said,"Ask not what your country can do for you, ask what you can do for your country." The oil and gas industry, Vitter, Scalise and all those who continue to vote for tax breaks for wealthy corporations gladly put themselves before their country. Its pretty sad when elected officials sell out the people they represent and even more sad when Corporate America spend a fortune on those officials to influence their decisions.
U.S. Senators Markey and Levin who voted in favor to cancel the tax breaks said it best. Said Senator Levin: We would reform unjustified tax expenditures related to oil and gas production by large oil companies, companies that are enormously profitable with or without these tax expenditures. Said Senator Markey: American consumers and small businesses are all told that they will have to tighten their belts, and do their share to bring down our deficit and grow our economy. Yet even when their top five companies make nearly $1 trillion in profits over the last 10 years, they still defend with a straight face the billions in tax breaks and regulatory subsidies they stand to rake in over the next decade.
The congress need more members like Levin and Markey who are not afraid to deal with the truth and that really says it all.
President Obama in his state of the union address asked congress to end those tax breaks for that wealthy industry. Since congress answer was no, the President should now take his case directly to the people, shame congress and the industry and use his authority as the only nation wide elected official to do what it takes to relieve that $22 billion burden that the average American pays for.
According to a report in the Times Picayune dated Feb. 4, U.S. Senator David Vitter and U.S. Rep. Steve Scalise really showed their ass over the subject matter. Vitter said the industry needs the tax breaks because the U.S. has the highest business tax rate in the world. Scalise made the dumb remark about high oil prices because of the instability in Egypt and not restricting domestic production. Vitter and Scalise are ditto heads for the industry because of their campaign contributions.
The fact of the matter is big business like oil and gas pay no taxes. There are tax loop holes in the tax code created by members of congress like Vitter and Scalise that cancel out any tax liability. Any small tax they may end up paying is passed onto the consumer. Yet Vitter and Scalise want to continue the tax breaks for their chosen few. They like to see the middle class make up for the loss of revenue. As for Scalise's stupid remark he knows full well the only thing that restricts production is when the industry itself shuts in production to manipulate the price.
The oil and gas industry has had 50 plus years of tax breaks and exemptions and our country at this very time is more dependent on foreign oil than ever before. They could care less, their main goal in wanting those tax breaks is to increase their bottom line so more wealth can be passed onto their CEO's and executives. They have had plenty time to make the country self sufficient. They are not satisfied that the price of a barrel of oil and gallon of gasoline had been at a sustained record high level for over 7 years. That's not good enough for them, they want it all.
President Kennedy said it best and set the example when he said,"Ask not what your country can do for you, ask what you can do for your country." The oil and gas industry, Vitter, Scalise and all those who continue to vote for tax breaks for wealthy corporations gladly put themselves before their country. Its pretty sad when elected officials sell out the people they represent and even more sad when Corporate America spend a fortune on those officials to influence their decisions.
U.S. Senators Markey and Levin who voted in favor to cancel the tax breaks said it best. Said Senator Levin: We would reform unjustified tax expenditures related to oil and gas production by large oil companies, companies that are enormously profitable with or without these tax expenditures. Said Senator Markey: American consumers and small businesses are all told that they will have to tighten their belts, and do their share to bring down our deficit and grow our economy. Yet even when their top five companies make nearly $1 trillion in profits over the last 10 years, they still defend with a straight face the billions in tax breaks and regulatory subsidies they stand to rake in over the next decade.
The congress need more members like Levin and Markey who are not afraid to deal with the truth and that really says it all.
Saturday, February 5, 2011
It Is Past Time To Break Up The Wall Street Banks
I wrote a commentary titled, "Too Big To Fail" dated April 17, 2010 in "politidose" and pointed out that if a company was Too Big To Fail it indicated that company was a monopoly and should be broken up. In the book titled "13 Bankers" by Simon Johnson and James Kwak supports everything this writer reported and pointed out in the above cited commentary and then some.
Johnson and Kwak think the Wall Street Banks should be broken up and pointed out that "even after the ruinous financial crisis of 2008 six banks, Bank of America, J.P. Morgan, Chase, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley together control assets amounting to 60% of the country's GDP." In this writers judgement that is a disaster for the country and its people and show's how they have the wealth to do practically any thing they want to do. Johnson and Kwak also point out how the wealth of Wall Street are buying our elected officials with campaign contributions and slick propaganda and avoiding regulations.
Presidents Theodore and Franklin Roosevelt under stood that power and wealth of monopolies are not in the best interest of the country and its people and broke them up during their administrations. It is past time for President Obama and congress to act and do the same thing with the Wall Street Banks and their monopoly. The wealth and power of the monopoly, their ability to control legislation before congress and their ability to bring about another financial crisis and come out smelling like a rose while the general public pays the bill has to be put to an end.
In conjunction with President Obama taking the steps necessary to break the monopolies up he should go after congress and shame them for giving those monopolies special tax breaks and other goodies in the first place and put a end to this crime against the American people and the country. Lately in the news on several occasions it was revealed that Corporate America is sitting on $1 trillion in cash earned during 2010, most of whom are still seeking special tax breaks at the expense of the average American. Congress as a whole lacks the character and courage to stand up and say enough is enough, no more special treatment or favors.
Wealth and power in the hands of ruthless people is anti-American and anti-business in nature. As I wrote in my commentary mentioned above. "Power and wealth gives monopolies the feeling of being invincible and above the law and thereby do as they please." The Sherman Anti-trust act gives our nation the authority to break up monopolies and President Obama needs to point the way and do so. Anything less will make those monopolies more powerful and wealthy and that is unacceptable.
Johnson and Kwak think the Wall Street Banks should be broken up and pointed out that "even after the ruinous financial crisis of 2008 six banks, Bank of America, J.P. Morgan, Chase, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley together control assets amounting to 60% of the country's GDP." In this writers judgement that is a disaster for the country and its people and show's how they have the wealth to do practically any thing they want to do. Johnson and Kwak also point out how the wealth of Wall Street are buying our elected officials with campaign contributions and slick propaganda and avoiding regulations.
Presidents Theodore and Franklin Roosevelt under stood that power and wealth of monopolies are not in the best interest of the country and its people and broke them up during their administrations. It is past time for President Obama and congress to act and do the same thing with the Wall Street Banks and their monopoly. The wealth and power of the monopoly, their ability to control legislation before congress and their ability to bring about another financial crisis and come out smelling like a rose while the general public pays the bill has to be put to an end.
In conjunction with President Obama taking the steps necessary to break the monopolies up he should go after congress and shame them for giving those monopolies special tax breaks and other goodies in the first place and put a end to this crime against the American people and the country. Lately in the news on several occasions it was revealed that Corporate America is sitting on $1 trillion in cash earned during 2010, most of whom are still seeking special tax breaks at the expense of the average American. Congress as a whole lacks the character and courage to stand up and say enough is enough, no more special treatment or favors.
Wealth and power in the hands of ruthless people is anti-American and anti-business in nature. As I wrote in my commentary mentioned above. "Power and wealth gives monopolies the feeling of being invincible and above the law and thereby do as they please." The Sherman Anti-trust act gives our nation the authority to break up monopolies and President Obama needs to point the way and do so. Anything less will make those monopolies more powerful and wealthy and that is unacceptable.
Thursday, February 3, 2011
Health Care Repeal: The Republican's Achilles Heel
Republican leaders in the U.S. House and Senate really showed their true hypocrisy and lies concerning the Health Care issue. During the year and a half debate when Democrats controlled both chambers of Congress and before they passed Health Care legislation, the republicans told the American people they had their own plan but never disclosed what it was.
After the U.S. House voted to repeal Health Care just a few weeks ago, their leaders John Boehner and Eric Cantor said the republican party would reveal their own Health Care plan they are working on over the next several months. In other words they had no alternate plan to actually offer the people during that year and a half debate and once again flat out lied to the people.
Now comes Senate minority leader Mitch McConnell of the republican party who introduced the same Health Care repeal and the democratic majority who rightly rejected repeal on a 51-47 vote. The democrats stood their ground. After the defeat McConnell said the republicans kept their campaign promise. A sad excuse of a sad leader. In other words the hell with moving the country forward. Instead, do anything to block the democratic's agenda with the idea of making Obama a one term President.
The republican's anti-American ideology is still alive and are willing to continue to lie to turn the clock back. One should easily understand how their ideology along with the Bush 43 Presidency crippled the economy, brought about the record job losses and contributed to the financial meltdown. Republicans say they got the message of the November elections, but all the voters received so far is the same republican party of no and they should have known that from the start. After all the republicans do have a past record of failure and lies.
President Obama and the democrats in the Senate are the only hope of defeating the republican's agenda and a return to the Bush years. Dividing the country is still the standing procedure for republicans in congress. The President and democrats have to stand firm, have courage and continue to move the country forward. In the end, if they do that the country and its people will be the winner.
After the U.S. House voted to repeal Health Care just a few weeks ago, their leaders John Boehner and Eric Cantor said the republican party would reveal their own Health Care plan they are working on over the next several months. In other words they had no alternate plan to actually offer the people during that year and a half debate and once again flat out lied to the people.
Now comes Senate minority leader Mitch McConnell of the republican party who introduced the same Health Care repeal and the democratic majority who rightly rejected repeal on a 51-47 vote. The democrats stood their ground. After the defeat McConnell said the republicans kept their campaign promise. A sad excuse of a sad leader. In other words the hell with moving the country forward. Instead, do anything to block the democratic's agenda with the idea of making Obama a one term President.
The republican's anti-American ideology is still alive and are willing to continue to lie to turn the clock back. One should easily understand how their ideology along with the Bush 43 Presidency crippled the economy, brought about the record job losses and contributed to the financial meltdown. Republicans say they got the message of the November elections, but all the voters received so far is the same republican party of no and they should have known that from the start. After all the republicans do have a past record of failure and lies.
President Obama and the democrats in the Senate are the only hope of defeating the republican's agenda and a return to the Bush years. Dividing the country is still the standing procedure for republicans in congress. The President and democrats have to stand firm, have courage and continue to move the country forward. In the end, if they do that the country and its people will be the winner.
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