Skip to main content

  Goldman Sachs, JPMorgan Chase, Morgan Stanley, Wells Fargo , Citigroup, and Bank of America.

   These are the 6 banks that control influence over an amount of wealth that is equivalent to 60% of America's GNP.

    GNP is the total value of all final goods and services  produced within a nation  in a particular year, plus income earned by its citizens  (including income of those located abroad), minus income of non-residents located in that country. Basically, GNP measures the value of goods and services that the country's citizens produced regardless of their location.

investorwords.com

    3/5ths of all American incomes, goods and services are under the influence of 6 Big Banking trusts.

    The question is, have the banks bigger than the Government that is supposed to represent the people and their best interests? Better yet, is the U.S. at the mercy of an unstoppable oligarchy?

   Quotes, links and more below the fold

   In an interview with Bill Moyers that I highly suggest to everyone, economists James Kwak and Simon Johnson explain how these 6 banking trusts control 60% of GNP, and what that means to the state of Democracy in America.

Bill Moyers: And you write that they control 60 percent of our gross national product?

James Kwak: They have assets equivalent to 60 percent of our gross national product. And to put this in perspective, in the mid-1990s, these six banks or their predecessors, since there have been a lot of mergers, had less than 20 percent. Their assets were less than 20 percent of the gross national product.

Bill Moyers: And what's the threat from an oligarchy of this size and scale?

Simon Johnson: They can distort the system, Bill. They can change the rules of the game to favor themselves. And unfortunately, the way it works in modern finance is when the rules favor you, you go out and you take a lot of risk. And you blow up from time to time, because it's not your problem. When it blows up, it's the taxpayer and it's the government that has to sort it out.

Bill Moyers: So, you're not kidding when you say it's an oligarchy?

James Kwak: Exactly. I think that in particular, we can see how the oligarchy has actually become more powerful in the last since the financial crisis. If we look at the way they've behaved in Washington. For example, they've been spending more than $1 million per day lobbying Congress and fighting financial reform. I think that's for some time, the financial sector got its way in Washington through the power of ideology, through the power of persuasion. And in the last year and a half, we've seen the gloves come off. They are fighting as hard as they can to stop reform.

Simon Johnson: I know people react a little negatively when you use this term for the United States. But it means political power derived from economic power. That's what we're looking at here. It's disproportionate, it's unfair, it is very unproductive, by the way. Undermines business in this society. And it's an oligarchy like we see in other countries.

alternet.org

   Again, I strongly encourage one and all to read this interview in it's entirety.

   I hear Republican politicians talking about tyranny and slavery to the Government. Ironic, then, that it appears the banks are the ones who own us. The same banks that own the Republican party. Irony, indeed.

   So what happens when every special interest in America drives the bus? What happens the banks bet on those special interests and against the interests of the American people? What happens when those big banks bet against America, as they did in 2008?

   What happens when the billionaire Oligarchs become more powerful than the Government that is elected by the People? What happens when the politicians elected to serve the people instead solely serve the oligarchs?

   Often I laugh to myself when I tell people that the only way to try and figure out what a Republicans and their media mouthpieces are saying is to just believe the opposite is true. Reverse Republican speech and hold it up to a mirror and you can see the truth. Sadly, amidst the SOCIAMALISM cries we have ignored the problem oligarch driven corporatism has unleashed on our nation.

Image Hosting by PictureTrail.com

    Despite reform efforts, the real problem is not being addressed, and that is the massive concentration of the wealth among the richest Americans while the rest of us suffer in debt and varying degrees of poverty. We need to redistribute the wealth out of the hands of the banks and the oligarchs if a viable middle and working class is ever to re-emerge in America. If not, how can America avoid becoming a third world country with a super wealth oligarchy in permanent power?

    I leave you with these ominous words, but I hope we can find someway to overcome the superspecial interests that OWN this country.

    The Ministry of Peace concerns itself with war, the Ministry of Truth with lies, the Ministry of Love with torture and the Ministry of Plenty with starvation. These contradictions are not accidental, nor do they result from ordinary hypocrisy; they are deliberate exercises in doublethink. For it is only by reconciling contradictions that power can be retained indefinitely. In no other way could the ancient cycle be broken.

    If human equality is to be for ever averted -- if the High, as we have called them, are to keep their places permanently -- then the prevailing mental condition must be controlled insanity.

newspeakdictionary.com


Bold text added by the diarist.

   Controlled insanity. That is the best description of the Conservative movement I have ever heard.

   Corporatist Oligarchs are the new royalty. Free markets are the new serfdom. With Oligarchs who control 3/5ths of a nations GNP gaming Democracy, is there even a chance that Democracy can work properly? With a Corporate media that doesn't even cover the reality facing America, can America continue to survive? Most importantly, the question remains . . . . .

   Is the U.S. at the Mercy of an Unstoppable Oligarchy?

    Another way of saying it is, Can America survive Corporate America?

    I hope so, but I do not know how.

Follow me on Twitter @JesseLaGreca

Crossposted at The Progressive Electorate.com and SquareState.net

Originally posted to MinistryOfTruth on Sat Apr 24, 2010 at 07:33 PM PDT.

Poll

Is the U.S. at the Mercy of an Unstoppable Oligarchy?

73%592 votes
11%93 votes
7%62 votes
6%55 votes

| 802 votes | Vote | Results

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

claude, Tookish, JekyllnHyde, Alumbrados, Ed in Montana, contract3d, tmo, hester, grollen, ogre, SarahLee, NYCee, Geenius at Wrok, Gooserock, pHunbalanced, mattman, emal, LynChi, Wintermute, SanJoseLady, byoungbl, hyperstation, eeff, Mnemosyne, ZAPatty, RFK Lives, SallyCat, Charles in AL, mataliandy, Creosote, cinnamon68, opinionated, TheMomCat, TracieLynn, EricS, mftalbot, djMikulec, macleme, chuckvw, gayntom, rickpickett, JuliaAnn, someRaven, dchill, Nate Roberts, wader, Braindead, scorpiorising, psnyder, hangingchad, danthrax, gmb, alivingston, kevin22262, JimWilson, BMarshall, On The Bus, Catte Nappe, applegal, lcrp, alizard, Pohjola, zerelda, Curt Matlock, JayDean, CanYouBeAngryAndStillDream, Wife of Bath, poemworld, moggie12, vacantlook, thereisnospoon, mm201, BDA in VA, Gowrie Gal, Recovering Southern Baptist, bloomer 101, Tarindel, marina, radarlady, IamtheReason, NoMoreLies, snstara, jarneys dad, disrael, Independent Musings, Paul Goodman, run around, panicbean, frandor55, tomfool, RequestedUsername, ChemBob, juliesie, drewfromct, YucatanMan, Laurence Lewis, ratzo, Annalize5, LNK, SaraBeth, Sun Tzu, jimstaro, jimreyn, GreyHawk, Kayakbiker, Sandino, AnotherMassachusettsLiberal, Savvy813, Eileen B, Cory Bantic, bookwoman, mojavefog, Alan Arizona, Snud, RainyDay, bently, xaxnar, Jim P, begone, reddbierd, skywriter, third Party please, elliott, tarheelblue, myboo, Clytemnestra, Yellow Canary, buhdydharma, luckydog, sailmaker, Lurky Lu, jwhitmill, Lefty Coaster, blueoasis, TalkieToaster, tecampbell, nonnie9999, gatorcog, Libby Shaw, imabluemerkin, Sagebrush Bob, bleeding heart, Preston S, ZombyWoof, sceptical observer, llbear, Nancy Hartley, JugOPunch, profh, rsie, Clive all hat no horse Rodeo, fiddlingnero, cherryXXX69, goinsouth, blueoregon, PoxOnYou, Hedwig, markthshark, NonnyO, bigchin, One Pissed Off Liberal, darrkespur, out of left field, asilomar, donnamarie, Cronesense, Habitat Vic, wa ma, blue armadillo, bigjacbigjacbigjac, leema, suburi, linkage, yoduuuh do or do not, Mary Mike, yowsta, Jimdotz, terabytes, ezdidit, DWG, Unbozo, Strabo, jayden, vbdietz, Uberbah, SeaTurtle, millwood, Moderation, owl06, JML9999, keikekaze, cacamp, Spedwybabs, Hens Teeth, Terra Mystica, rogerdaddy, mconvente, VelvetElvis, Louisiana Fiddle Gal, weegeeone, Cynic in seattle, elwior, ajr111240, Mother of Zeus, Akonitum, jamess, monkeybrainpolitics, Lujane, boatjones, MrJayTee, geomoo, pademocrat, pickandshovel, S C B, change the Be, petulans, luckylizard, ekyprogressive, sydneyluv, Mike Taylor, papicek, CIndyCasella, squarewheel, fayea, satanicpanic, Old Woman, maggiejean, SciMathGuy, bushondrugs, aufklaerer, divineorder, Dopeman, bsmechanic, Carol in San Antonio, eltee, Stranded Wind, Nebraskablue, Partisan Progressive, pvmuse, mkor7, Daily Activist, marzook, TheOpinionGuy, asym, jazzence, Shelley99, histOries Marko, IreGyre, Ibis Exilis, Green Karma, maxzj05, fernan47, edtastic, mahakali overdrive, Words In Action, brentbent, RhymesWithUrple, littlezen, winkster, p gorden lippy, alpolitics, Johnnythebandit, Tea and Strumpets, amk for obama, fidellio, TheWesternSun, felix qui cautus, politicjock, gulfgal98, pixxer, ItsSimpleSimon, DrFitz, sharonsz, JRandomPoster, sluggahjells, washunate, Betty Pinson, Unenergy, MsGrin, science nerd, soaglow, slice, rossl, Colorado is the Shiznit, heart of a quince, allenjo, ozsea1, Oldowan, bluebuckaroo, moxiesmom, nicethugbert, geffdee, Situational Lefty, deeproots, princesspat, thethinveil, Haf2Read, Wolf10, dle2GA, BarackStarObama, teloPariah, floridablue, lizard people, createpeace, primarydoc, Safina, PhilJD, virtuerules, VTCC73, erichiro, TrahmalG, randomfacts, Rip Van Mongo, stlsophos, MichaelNY, PrometheusUnbound, sciphile, Patric Juillet, wolfie1818, DM4, Williston Barrett, foucaultspendulum, Eric Nelson, J Brunner Fan, Joieau, a2nite, farlefty, Marjmar

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site