Monday, September 14, 2009

Dylan Ratigan Goes All Anti-Capitalism

Ratigan on the Huffington Post in an article called "Americans Have Been Taken Hostage" is exactly right. Here is what he says:
A system that corrupts the most basic principles of competition and fair play, principles upon which this country was built.

It is a system that so far has forced the taxpayer to provide the banks with the use of $14 trillion from the Federal Reserve, much of the $7 trillion outstanding at the US Treasury and $2.3 trillion at the FDIC.

A system partially built by the very people who currently advise our President, run our Treasury Department and are charged with its reform.

And most stunningly -- it is a system that no one in our government has yet made any effort to fundamentally change.
So what to hell is he talking about? As near as I can tell he's talking about capitalism - especially the financial industry.

This morning, on "Talk of the Town" my friend "Gary from Bloomingdale" was bemoaning how corrupt US politicians have become. How does a politician become corrupt? Money. Money in your pocket and money to get re-elected. Who gives politicians money? Lobbyists from large corporations.

So what do we do about it? Well, Ratigan suggests we need some change. That implies, at least to me, some serious regulation of our financial industry. How many Republicans (and maybe even Democrats) will go for government regulation of the financial industry. Remember - government = bad. Moreover, the tenth amendment says nothing about financial industry regulation.

Next, should the financial industry (and other corporations) be allowed to fund political campaigns? The US Supreme Court just heard a case which will answer this question. Ruling on this case will likely overturn the McCain/Feingold campaign finance laws as well as other laws that have been on the books for one hundred years.

So what is the likelihood that will see changes in "the system" that Ratigan suggests we need. If the debate on health care reform is any indication, I'm guessing the chances for significant change are very unlikely

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