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View Diary: David Stockman: “get out of the markets and hide out in cash” Corruption Of Capitalism (122 comments)

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  •  Sad thing's that it's not just GOP in on the grift (29+ / 0-)

    The Democratic establishment is on the take as well. We are left (so to speak) without a party voice or true champion on Washington politics, beyond a handful of notable but comparatively powerless braves souls such as Elizabeth Warren and Alan Grayson.

    No question Stockman's right about the inevitability of another crash. Little changed since the last one, so the bubble will once again violently burst, with most of the trickle-down tsunami of suffering among those who can least afford it.

    "Government by organized money is just as dangerous as Government by organized mob." -- Franklin D. Roosevelt

    by Kombema on Sun Mar 31, 2013 at 09:21:44 PM PDT

    •  This blaming one party or the other thing (33+ / 0-)

      is really so yesterday.  If it's not obvious that they are essentially one and the same, with the D party hanging on to a few social issues and very little difference on fiscal issues, then it is time to wake up.  They both strive to be the party of Reagan.

      Listen to the leadership of both parties.  Bipartisanship abounds.  The Rs want to sell everything to the private sector.  The Ds want to do it too but a bit more slowly and stealthily.  They both eagerly voted for war budgets.  And more war budgets.  And more war budgets, both regular and emergency supplemental.  They both shoveled cash to the banks and continue to do so every day via the Fed.

      They both tear down the safety net, thread by thread.  The latest is Medicaid, allowing Republican governors to turn it into private insurance.  Social Security and Medicare are on the chopping block.  

      The defense industry has been farmed out, contract by contract.  The public education money is in the process of being handed out to more corrupt, well connected corporations.  Every big pot of public money is being raided.  The health care money.  The education money.  And now they're after the Social Security money that they spent for three decades and now do not want to pay back.  Oil companies now have almost free rein to drill for every drop of oil and gas the country has.  Coastlines are next.  The whole state of Pennsylvania has been sold, for example, and we now know that every governor and head of environment dept has gone to work for Big Oil for the last twenty years.

      But so many of you just keep cheering for the blue team as they lie their faces off.  Shared sacrifice.  Bullshit.  It's just another way to raid the treasury and give away public assets.  Terrorists terrorists!  Bullshit.  Cyberterrorism scare scare. Bullshit.   Another way to raid the treasury and sustain endless war and unimaginable spending on the war machine both home and abroad.

      Whatever pot of public money is out there, the greedmongers are after it, with all kinds of lies about why they have to do it.  And yet, so many so called Democrats will refuse to open their eyes.  Most Republicans are a lost cause already, having been brainwashed for a longer period of time.  

      A lot of people have left both parties and more are on the verge of it, I suspect, being Ds and Rs in name only.  After Obama facilitates the wrecking of Medicare, Medicaid and the undermining of Social Security, who knows how many people will stay in the party?  

      But things that are broken can be fixed and this country can be fixed but only if the completely corrupt set of actors are gone because even if they did decide to change their ways, they'd be compelled to participate in a cover up and there would be no accountability.  All the complicit thieves and war criminals have to go so that the system can be cleaned out.  They all cover for each other.  Just look at the CIA for example.  The director is a torture apologist and now he is seeking to appoint someone to head the clandestine services, an incredibly powerful position, who was an active participant in the torture program.  This is the state of the union.  


      "Justice is a commodity"

      by joanneleon on Mon Apr 01, 2013 at 04:56:54 AM PDT

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      •  I think I"m finally getting something - (21+ / 0-)

        privatization of public functions is the only growth industry left here in the US!  If they can't do that, there's nothing left that sustains the American economy.   Sure, they can all invest in China, India and Brazil, but if you want to make money in the North America, the only frontier is privatization of education, prisons, infrastructure construction, etc.  It really is the final throes of capitalism with its dependence on growth.  The only alternative is models based on sustainability.

        The elevation of appearance over substance, of celebrity over character, of short term gains over lasting achievement displays a poverty of ambition. It distracts you from what's truly important. - Barack Obama

        by helfenburg on Mon Apr 01, 2013 at 05:27:02 AM PDT

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        •  Dependence on Growth (9+ / 0-)

          Is no longer possible.  Sustainability must become the new paradigm.  Franklin Roosevelt was way ahead of the curve on this when he said:

          In our meetings with other nations I have feeling that little attention is being paid to the subject of conservation and use of natural resources.  I am surprised that the world knows so little about it self.  Conservation is a basis for permanent peace.(my emphasis)
          Its occurs to me, therefore, that even before the United Nations meet...it might do much good to hold a meeting in the United States of all the united and associated nations...
          I repeat again that I am more and more convinced the Conservation is the basis for permanent peace...

          I think the time is ripe.  

          Franklin D. Roosevelt as qtd in The View From Lazy Point, A Natural Year in an Unnatural World , Carl Safina

          Is very bad to steal jobu's rum...is very bad

          by jobu on Mon Apr 01, 2013 at 06:48:53 AM PDT

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        •  holy shit. You are right. (4+ / 0-)
          Recommended by:
          jobu, corvo, Kombema, Klusterpuck

          There's a diary there.  

          Lisa

          All Kossacks are my allies, but if you can't express your thoughts in a civil and kind manner, I won't be engaging in a conversation with you.

          by Boston to Salem on Mon Apr 01, 2013 at 07:35:24 AM PDT

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      •  Doing the biding of the many, not the few (8+ / 0-)

        so agree, joanne.

        But things that are broken can be fixed and this country can be fixed.
        "We are the many"

        "Who are these men who really run this land? And why do they run it with such a thoughtless hand?" David Crosby

        by allenjo on Mon Apr 01, 2013 at 05:29:14 AM PDT

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      •  It's really arguable at this point whether the (9+ / 0-)

        Democrats are auctioning off the government to the highest bidder at a slower pace than the Republicans. Obama's been hellbent and extremely effective at doing so, what with privatized health 'reform', rapidly expanding privatized education, and his endless Catfood commissions aimed at privatizing SS and Medicare.

        What hasn't been talked about here (it has been discussed on Naked  Capitalism) is how it appears he plans on using ObamaCare as a window for privatizing Medicaid and Medicare. E.g., see the latest NY Times editorial -

        Using Medicaid Dollars for Private Insurance
        By THE EDITORIAL BOARD
        Published: March 31, 2013

        The Obama administration and Republican officials in several states are exploring ways to redirect federal money intended to expand Medicaid, the main public insurance program for the poor, and use it instead to buy private health insurance for Medicaid recipients....

        Obama has to be one of our most corrupt presidents of all time.

        "It depends what the meaning of 'is', is"
        Platform of the Neo-Democratic Party
        Speaking out of one side of their mouth for the little guy, their nominal constituency, and the other for the plutocracy, their real constituency.

        by Sanctimonious on Mon Apr 01, 2013 at 05:57:27 AM PDT

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    •  Toothless regulation... (3+ / 0-)
      Recommended by:
      J M F, corvo, Kombema

      In the Frank-Dodd bill (that is being weakened further).  Half-measure in healthcare in the ACA.  A stimulus that was half of what was needed and half again in tax cuts.  Social safety net programs on the table.  First responders, teachers and police on the chopping block.  No prosecution of bad actors.  What could possibly go wrong?

      'Where free unions and collective bargaining are forbidden, freedom is lost' - Ronald Reagan, Communist

      by RichM on Mon Apr 01, 2013 at 07:49:02 AM PDT

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      •  The stimulus actually contained plenty of good (1+ / 0-)
        Recommended by:
        Kombema

        spending....infrastructure....cash aid to the states (which is where the 700,000 + public workers have been laid off)...a bigger EITC for working people along with the payroll tax holiday.
        GDP = (G)overnment spending + (C)onsumer spending + (I)nvestment spending + Net Exports
        Cutting taxes for people who make less than $100,000 a year (C)onsumer spending) is very stimulative for the economy and should be a compromise that we are all willing to make with the CONS at any time.  The problem with the economy is simple....depressed aggregate demand due to a private sector debt load that is coming down from 300% of GDP or $42 TRILLION at its peak in 2007.  Yes, the stimulus needed to be much bigger, the economy could probably use an extra $500 billion in Govt deficit=stimulus every year until unemployment gets below 5%.

        Don't hate on tax cuts for the working people....they are almost as good as any Govt investment (from a pure fiscal POV)...yes, bridges, highways, and high speed internet cable last longer and they should all be done as well, but the CONS hate public investment....they might do some more tax cuts.....but probably not.

        MMT =Reality
        http://neweconomicperspectives.org/

        "The Earth is my country and Science my religion" Christiaan Huygens

        by Auburn Parks on Mon Apr 01, 2013 at 02:07:52 PM PDT

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        •  Unfortunately, economic analysis has shown that (1+ / 0-)
          Recommended by:
          RichM

          tax cuts are far less stimulative than direct spending. Better than nothing, sure.

          "Government by organized money is just as dangerous as Government by organized mob." -- Franklin D. Roosevelt

          by Kombema on Mon Apr 01, 2013 at 02:57:57 PM PDT

          [ Parent ]

          •  It all depends (0+ / 0-)

            First, what are the economic circumstances:
            With the private sector trying to delever from debt levels of 300% of GDP
            http://blogs.reuters.com/...
            The tax cuts will be mostly spend paying down debt and not in buying goods and services...this is why they don't show up in the GDP numbers....GDP is all spending related and interest costs + principal reduction are discounted in comparison to spending an extra dollar on Cheetos et al.
            While the tax cuts may need lead directly to greater economic spending today...the best thing we can do as a country is to get the private sector debt levels down as fast as we possibly can.....debt jubilee anyone...
            Second, there are great differences in the multiplier effect (what you mean by stimulative) depending on the income of the person getting the additional dollar...its called the marginal propensity to consume...the more money you make the less likely it is that you are going to spend (RE:stimulate) with that extra tax dollar.  This is why tax cuts for the rich are useless, the already spend whatever they want...while tax cuts (FICA specifically) for people making less than $100,000 a year are the most stimulative tax cuts possible.
            As an aside....you couldn't offer up enough infrastructure spending by the Govt to get to the left of me...I was just trying to point out to the class that there is no reason to be reflexively against tax cuts....as long as they are going to the workers and not the rentier class.

            MMT = Reality
            neweconomicperspectives.org

            "The Earth is my country and Science my religion" Christiaan Huygens

            by Auburn Parks on Mon Apr 01, 2013 at 04:22:58 PM PDT

            [ Parent ]

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