Skip to main content

With another election year upon us and with the economy as the pivotal issue, the Democratic Party would be wise not to overestimate the intelligence of the American electorate.  The promotion of some fundamental truths is in order.   First and foremost, the United States was established as a capitalist economy.   In a capitalist culture the government does not control the flow of the economy, capitalists do.  Furthermore, they are able to operate with minimal government intervention.  This arrangement is referred to as a “free market system”.  The first president to intervene in matters of the national economy was Franklin Delano Roosevelt.  Ironically, FDR’s legislation was drafted to protect the American citizenry from the abuses and downright lawlessness of the capitalist hierarchy.  As Herbert Hoover succinctly stated, “The only thing wrong with capitalism is the capitalists.  They’re too damned greedy.”  

One must only examine the history of Wall Street to fully appreciate its sociopathic practices and relentless disregard for American values.  The roots of the New York Stock Exchange were planted by an elite group of bankers and investors whose ambition was to broker deals in the slave trade from the West Indies to the Southern states.  Even while thousands of New Yorkers were enlisting in the Union Army to fight a war to end slavery, Wall Street conducted business as usual right up until the signing of the Emancipation Proclamation.  This same fraternity was responsible for suppressing any legislation which would impede the rise of the robber barons during the industrial age.  Later, during the Taft administration around 1912, the Chamber of Commerce was established as a unified front to repel the rising tide of the organized labor movement. In no uncertain terms, these are the capitalists to whom Herbert Hoover was referring.  

Following World War I the United States experienced an economic boom and, for the first time, evolved into a consumer economy.  The production and sale of consumer products like radios, apparel, and automobiles employed a large population, which produced a substantial sum of discretionary capital throughout the new middle class.  Wall Street has always maintained a philosophy of elitism by which money is extracted from the many and put into the hands of the few.   Wall Street set upon a course of action to separate the middle class from its financial optimism.  First, brokerage houses and banks inflated the value of many common stocks up to fifty times their actual worth to encourage speculation.  Then, several of these institutions established betting parlors where anyone could bet on the movement of chosen stocks without actually owning them.   A financier named John Jakob Raskob devised a system by which individuals could buy stocks on credit (margin) provided they could produce collateral.  During the 1920’s everyone was in the market from politicians to shoe shine boys.   Toward the end of the decade consumer spending began to dissipate.  Satisfied that all the discretionary capital was on the table, the self-proclaimed capitalist illuminati played the trump and, without apology, left tens of thousands of small investors holding the empty bag.
Following the election of 1932, the Roosevelt administration put into place a set of provisions which would prevent most of these practices of blatant fraud specifically where public money was involved.  Guidelines were established to give the impression that the banking system would be monitored.  The Reagan Administration with its “set the bull free” initiative repealed nearly every article restricting the risky, if not fraudulent, practices of Wall Street institutions.  The last of these provisions was removed through a combination of coercion and enticement of Crypto-Republican Bill Clinton.   This led to a repetition of these exact same abuses whereby fictitious corporations, which recorded absolutely no revenues at all, were sold to unassuming investors by brokers who exaggerated stock value.  The result was the collapse of the NASDAQ boom.  The only aspect of the Roosevelt reforms that remained active was the one which gave Wall Street the keys to the United States Treasury so the American tax payer reimbursed any institution that lost money in these reckless transactions.  To paraphrase: Wall Street can bet snake eyes on every roll of the dice.  If they win they keep the money. If they loose the taxpayer pays their gambling debts.

Apart from Wall Street there is an inexhaustible supply of examples of economic muscle displayed in the political arena at every level.  When President Obama announced his intention to roll back tax abatements to oil companies, the price of gasoline increased by twenty cents per gallon overnight.  When MacDonald’s was found to be negligent in a product liability suit they appealed the decision then financed the campaign of the judge who they bought-off.  They paid for the character assassination of the judge’s opponent and the outcome was predictable.  Private interests, among them the Koch brothers, pay for many of the negative ads against President Obama.  These are the guys who sabotaged the development of biodiesel.   As this alternative fuel was gaining in popularity throughout the southwest, the Kochs hired a public relations firm to implant phony articles in newspapers and journals reporting the starvation of little children as a result of corn shortages from the redirection of the crop to biodiesel production. They bought off Willy Nelson who was a principal spokesperson for clean energy and biodiesel disappeared from the landscape of the trucking industry.  The previously mentioned Chamber of Commerce sponsors many of these derogatory ads.  The COC is just what it advertises with a single agenda to prohibit the interruption of commerce by any means necessary including lowering wages, removing environmental protections, deregulating banking, crushing unions and eliminating workers’ benefits.  (This does not include 401K’s, which provide Wall Street with an endless supply of gambling capital).  College dropout, Karl Rove, who is the highest paid liar in American Political History, also heads a political action committee intent on defaming this presidency.  These are but a few examples of the entities, which own the Republican Party lock, stock, and barrel.   Mitt Romney has adequately exposed his arrogance and ineptitude.  The Democratic Party should adopt a strategy of exposing the individuals financing this smear campaign along with their puppet.

Greed is the only addiction that is socially acceptable.   In the 1960’s there were two billionaires in the United States.  Today there are over four hundred.  These individuals, as a unit, could have single-handedly bailed out Wall Street in 2008 where many of them made their fortunes.  Instead, the American taxpayer had to foot the bill.  This is the fulfillment of the Republican master plan.   The Republican leadership is now withholding support for legislation it endorsed and, in some cases authored, five years ago for one reason.   They are not about to let some unknown n*** from Chicago force Democracy down their throats.  The private interests, which own the Republican Party, have this economy in a stranglehold.  We not only need to re-elect this president, we need to retire this clan of diehard White Supremacists and bring true Democracy to the American people in the twenty-first century.

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

  •  We are afraid to tell the truth (4+ / 0-)
    Recommended by:
    itzik shpitzik, tampaedski, Ojibwa, Pluto

    because low life assholes might hide rate us , and that would be oh so very bad .

    "Drop the name-calling." Meteor Blades 2/4/11

    by indycam on Fri Jul 27, 2012 at 07:55:37 PM PDT

  •  Seriously? (1+ / 0-)
    Recommended by:
    Bob Love
    They are not about to let some unknown n*** from Chicago force Democracy down their throats.
    You might want to edit that.

    "The first duty of a revolutionist is to get away with it.". Abbie Hoffman

    by Joes Steven on Fri Jul 27, 2012 at 09:21:12 PM PDT

    •   (0+ / 0-)

      The statement to which you take exception is an example of political satire paraphrasing the Republican political platform.  This sentiment expresses the views of Mitch McConnell's tea bagger network, not mine.

    •  Heh. (2+ / 0-)
      Recommended by:
      penguins4peace, blueness

      You just made the Diarist's point.

      I study the right. It's the color of his skin. Nothing more. Nothing less. Recent brain scans of conservatives demonstrate that they are thinking with their brain stems -- an extremely primitive area that fixates on and fears the "otherness" of people.

      As for the Chicago part, most Americans couldn't find it on a map. But they do mention Chicago because they hear it on hate radio, like some kind of sick mantra thay has become a call to arms.


      I never did give anybody hell. I just told the truth, and they thought it was hell. – Harry Truman

      by Pluto on Fri Jul 27, 2012 at 10:25:12 PM PDT

      [ Parent ]

      •  I disagree. The religious right is the core of the (2+ / 0-)
        Recommended by:
        skohayes, Pluto

        gop base. Yes, there is vestigial racism of the fundamentalist south.
        However, the abortion issue and religious fascism are the real drivers of the base.
        They resort to racial pandering for their purposes.

        You can't make this stuff up.

        by David54 on Fri Jul 27, 2012 at 11:13:48 PM PDT

        [ Parent ]

  •  Thank you for your concern (0+ / 0-)

    Seriously...thank you....

    lol

    Someone please get me out of this alternate reality...I can't take it any more!

    by Cinnamon Rollover on Fri Jul 27, 2012 at 09:23:13 PM PDT

  •  not only socially acceptable (1+ / 0-)
    Recommended by:
    exlrrp

    but greed is rabidly promoted in myriad ways, both overt and subliminally in our culture.

    however, in a diary so chock full of history, more links would be appreciated as a way of citation

  •  Historically this turns out not to be the case (0+ / 0-)

    The impeachment trial of Warren Hastings, Governor of the East India Company, began in 1787 in England. This was one of the earliest corporations. It was charged with causing a major famine in Bengal by means of confiscatory taxation, then with destroying documents in a coverup.

    Jefferson wanted to rein in the manufacturers, traders, and banks from the beginning. Jefferson and Madison opposed the creation of the First Bank of the United States. The Federalists were the party of the rich, of corporations and banks, opposed by Jefferson's Democratic-Republican party. The Federalists were also the original Party of No.

    Jackson removed all Federal deposits from the Second Bank of the United States in 1833. The Bank among other things created a panic with the intention of derailing his Presidency and raising sympathy for itself, which of course backfired. It converted itself to a state-chartered bank shortly before its Federal charter expired.

    Lincoln and the original Republican Party favored the corporations, but ended the greatest economic scourge of all American history, namely slavery, in the 1860s, with measures starting with the Confiscation Acts (declaring slaves employed by the Confederate military contraband of war to be confiscated at every opportunity) and continuing with the Emancipation Proclamation (all slaves in the Confederacy) and the Fourteenth Amendment (all slaves in the US).

    Slaveowners were vehemently anti-corporate, but their descendants are vehemently anti-union, anti-minority, anti-woman, and lately pro-corporate, since corporations embraced the racist Republican Southern Strategy.

    The Sherman Antitrust Law was passed in 1890.

    Teddy Roosevelt, the great trustbuster, intervened long before his distant cousin FDR.

    Please check your facts before posting nonsense to the Internet—Beable van Polasm, alt.religion.kibology
    Also, Democrats were afraid to tell the truth in 2010, but not so much this year. For example, just on health care

    Government promoting ACA!

    Democrats embrace "Obamacare"

    Similarly on progressive taxation, defense, saving the automobile industry, jobs, infrastructure, stimulus, immigration, gay marriage, women's rights, and many other issues. Many are no longer afraid to call Republicans liars, fools, bigots, hypocrites, plutocrats, and racists, as the case may be.

    I cannot give you a catalog of instances in a comment, but I can point out that Google can give you many on each one of the charges I mentioned on a great variety of issues.

    The Obama campaign attack ads on Romney and Bain Capital have given Obama a significant lead in most battlegrounds states. There is much more to come in the next three months. Unlike the scandalously weak Gore and Kerry campaigns, this one responds to attacks from the other side immediately and effectively. Even Republican commentators admit that Obama's people are running an effective campaign with a coherent, developing message, and Romney has nothing but Obama Derangement Syndrome to draw on, sometimes less than nothing.

    Don't compare us to the Almighty. Compare us to the alternative.—Vice President Joe Biden

    Hands off my ObamaCare[TM] http://www.healthcare.gov

    by Mokurai on Sat Jul 28, 2012 at 12:04:18 AM PDT

  •  The truth is unprovable. Only the false (0+ / 0-)

    can be demonstrated indubitably.  People peddling truth are disguising faith and belief.

    Yes, we are sworn to "tell the truth, the whole truth and nothing but the truth," but that's in the context of what has already happened and can be known.  And even then, our perception of experience may be flawed.  So, the strategy is to gather multiple perspectives and conclude that the truth lies where many perspectives intersect and agree. None of that is possible as regards the present and the future.

    Of course, none of that concerns a person who exists in the ineffable present and has no sense of the past and the future as distinct entities.

    "It all depends on what the meaning of is is."

    Willard's forte = "catch 'n' cage"

    by hannah on Sat Jul 28, 2012 at 05:14:44 AM PDT

  •  The New Right of Paul Weyrich (0+ / 0-)

    40 years in the making and they have finally gotten enough power to see their goals realized.  Just remove Obama and the WORLD is theirs.  Make no mistake...once the US falls, it will be "The New World Order" which Bush spoke of.  They have the $$, power, police, prisons, courts, politicians, and they make our laws now.  Voting restrictions, gerrymandering and their latest bills which limit the public's ability to monitor elections is starting to filter through (HB1036, Colorado).  Then, all they need is security of the vote and they have the Diebold machines (and others).  No machine is made in the USA anymore.  Want to waste your vote on machines made by a Casino owner (hoping to get into Florida to expand his Casino) from Malaysia?  We aren't allowed to scrutinize the software.  Bush was elected through ELECTION FRAUD and it is in full swing already (i.e. Walker Recall).  We cannot beat the New Right unless we vote for Obama and overtake the Congress/House/Courts.....The New Right is DEEPLY intrenched now....Good Luck to us!!

  •  Fact check (0+ / 0-)

    Teddy Roosevelt was a true humanitarian however, most of his reforms were watered down and ultimately nullified by later administrations.  Teddy never threw his support into the labor movement.  He did, however, not stand in the way.  He was too busy creating the nation of  Panama to expand U.S. influence in the hemisphere.  The Sherman anti-trust act did nothing to protect workers.  It was intended to protect large corporations from even larger ones.

    •  fact check (0+ / 0-)

      It is also important to remember that the founding fathers were not a group of passionate civil libertarians.  Instead, they were a group of close-knit entrepreneurs using the veil of government office to expand their own economic clout.  The Civil War actually began as a hostile take-over of the American economy shortly after the adoption of the Constitution.

      •  fact check (0+ / 0-)

            Last but not least, your references to government intervention in the economy cite examples of corporate politics only.  The average American never set foot in a bank until well into the twentieth century.  In the 1890's one eighth of the population controlled seven eights of the nation's wealth.  There are no examples of government intervention in unemployment or provision of bare necessities prior to FDR.   Finally,  at the beginning of the Civil War only 2% of the American people actually owned slaves. Once again, the minority dictated the policies of the majority.

      •   (0+ / 0-)

            Last but not least, your references to government intervention in the economy cite examples of corporate politics only.  The average American never set foot in a bank until well into the twentieth century.  In the 1890's one eighth of the population controlled seven eights of the nation's wealth.  There are no examples of government intervention in unemployment or provision of bare necessities prior to FDR.   Finally,  at the beginning of the Civil War only 2% of the American people actually owned slaves. Once again, the minority dictated the policies of the majority.

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site