Sunday, February 28, 2010
Saturday, February 27, 2010
Tuesday, February 23, 2010
Reality check on economic history
The election of Ronald Reagan in 1981 revitalized America Inc.—the merged assets of corporate, political and personal greed—that had been somewhat dormant since the 1930s. At the same time, a credible survey of University seniors, revealed in anonymous responses that large numbers of our potential future leaders were cheats. Significantly, the champion cheaters were business majors with 86% of them admitting they cheated.
President Reagan’s embrace of the 1930's trickle-down economics and his simpleton mantra of “government is the problem”not the “solution”struck a responsive chord in the hearts of millions of American voters. They loved his cue-card homilies, his welfare bashing and his de-regulation fear mongering.
I mattered not that Reagan led us to abandon our progressive tax structure so as to enrich the wealthiest among us. It mattered not that Reaganomics increased our national debt from 2.5 % of the national economy when he took office—to 5% by the time he left. (The interest payments on the that debt went from $69 billion in 1981 to $169 billion at the end of his administration.)
It also mattered not that two years into Reagan’s first term, we experienced the worst recession since the great depression with an unemployment high of
10.8 %. In short, the Reagan presidency started American Inc. on the road to our present destination.
We look back and see a path of unbridled greed, littered with corporate carcasses like Enron, Tyco, and Author Anderson--- that were once guided by corporate felons.
The zenith of de-regulation and the facilitation of corporate-political greed came under the aegis of George W. Bush, his evangelical right wing base and the Republican party. Texas Senator Phil Gramm led the charge.
After the 1929 stock market crash, Congress passed the Glass-Steagall Act that would separate commercial banks from investment banks (which deal with speculative trading and mergers) and thus encourage market stability.
In 1999 Senator Gramm shepherded a bill through Congress that gutted the Glass-Steagall Act allowing commercial banks, investment banks and insurers to merge—think Citibank, Travelers Group, Smith-Barney, etc. Then after George W. Bush’s election, Gramm slipped an amendment into an omnibus appropriations bill titled Commodity Futures Modernization Act. It deregulated derivatives trading and exempted energy trading from regulatory oversight----think the current economic disaster and the Enron debacle.
Meanwhile Un-curious George inherited a $236.2 billion surplus, spent more than $500 billion in Iraq and walked away leaving a $1.3 trillion deficit. The Republican hypocrisy is palpable!
President Reagan’s embrace of the 1930's trickle-down economics and his simpleton mantra of “government is the problem”not the “solution”struck a responsive chord in the hearts of millions of American voters. They loved his cue-card homilies, his welfare bashing and his de-regulation fear mongering.
I mattered not that Reagan led us to abandon our progressive tax structure so as to enrich the wealthiest among us. It mattered not that Reaganomics increased our national debt from 2.5 % of the national economy when he took office—to 5% by the time he left. (The interest payments on the that debt went from $69 billion in 1981 to $169 billion at the end of his administration.)
It also mattered not that two years into Reagan’s first term, we experienced the worst recession since the great depression with an unemployment high of
10.8 %. In short, the Reagan presidency started American Inc. on the road to our present destination.
We look back and see a path of unbridled greed, littered with corporate carcasses like Enron, Tyco, and Author Anderson--- that were once guided by corporate felons.
The zenith of de-regulation and the facilitation of corporate-political greed came under the aegis of George W. Bush, his evangelical right wing base and the Republican party. Texas Senator Phil Gramm led the charge.
After the 1929 stock market crash, Congress passed the Glass-Steagall Act that would separate commercial banks from investment banks (which deal with speculative trading and mergers) and thus encourage market stability.
In 1999 Senator Gramm shepherded a bill through Congress that gutted the Glass-Steagall Act allowing commercial banks, investment banks and insurers to merge—think Citibank, Travelers Group, Smith-Barney, etc. Then after George W. Bush’s election, Gramm slipped an amendment into an omnibus appropriations bill titled Commodity Futures Modernization Act. It deregulated derivatives trading and exempted energy trading from regulatory oversight----think the current economic disaster and the Enron debacle.
Meanwhile Un-curious George inherited a $236.2 billion surplus, spent more than $500 billion in Iraq and walked away leaving a $1.3 trillion deficit. The Republican hypocrisy is palpable!
Saturday, February 06, 2010
Sunday, January 24, 2010
Friday, January 22, 2010
Thursday, January 21, 2010
Saturday, January 16, 2010
Friday, January 15, 2010
Thursday, December 31, 2009
Tuesday, December 22, 2009
Sunday, December 20, 2009
Friday, December 18, 2009
Thursday, December 10, 2009
Tiptoeing thru the Tiger Woods fiasco
Does wealth and fame exempt one from the laws and protocols that apply to us common folks? To use Sara Palin’s favorite term—“You betcha!!”
Frankly, I could care less about Tiger Woods sexual proclivities. That is between Woods and his wife.
What is at issue is Woods lofty claim that he does not have to answer to the Florida Highway Patrol or the police—because “it” is “private” matter. Really? If you believe that try it the next time you crash a car and are investigated by the Florida Highway Patrol or local police.
According to the facts Woods drove his car out of his driveway, weaves across a public street careening into a row of hedges, drove over a curb and swerved into a fire hydrant, then hit a tree. Anyone who does that is clearly incapacitated—but by what?
Apparently, the Florida Highway Patrol is satisfied with a witness —a Mr. Adams–who assured them that he could detect “no alcohol, no other type of drug whatsoever.” Again—really?? Did the Florida Highway Patrol check out Mr .Adams expertise that qualifies him for sniffing out “other” drugs that are otherwise only detected by blood tests?
Privacy? It is my understanding that when most of us get behind the wheel of a car and drive it out onto public streets, we forfeit our right to privacy—but then most of us are not famous or wealthy.
This is not to trash Tiger Woods. I feel his professional proficiency and high profile has served to inspire young men and women of color. It is a protest, however, against another example of the double standard that is often operating in cases like this.
Frankly, I could care less about Tiger Woods sexual proclivities. That is between Woods and his wife.
What is at issue is Woods lofty claim that he does not have to answer to the Florida Highway Patrol or the police—because “it” is “private” matter. Really? If you believe that try it the next time you crash a car and are investigated by the Florida Highway Patrol or local police.
According to the facts Woods drove his car out of his driveway, weaves across a public street careening into a row of hedges, drove over a curb and swerved into a fire hydrant, then hit a tree. Anyone who does that is clearly incapacitated—but by what?
Apparently, the Florida Highway Patrol is satisfied with a witness —a Mr. Adams–who assured them that he could detect “no alcohol, no other type of drug whatsoever.” Again—really?? Did the Florida Highway Patrol check out Mr .Adams expertise that qualifies him for sniffing out “other” drugs that are otherwise only detected by blood tests?
Privacy? It is my understanding that when most of us get behind the wheel of a car and drive it out onto public streets, we forfeit our right to privacy—but then most of us are not famous or wealthy.
This is not to trash Tiger Woods. I feel his professional proficiency and high profile has served to inspire young men and women of color. It is a protest, however, against another example of the double standard that is often operating in cases like this.
Sunday, December 06, 2009
Monday, November 02, 2009
Friday, October 30, 2009
Wednesday, October 21, 2009
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