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The first time I heard the phrase "Too Big To Fail", I thought they were talking
about Mark Whalberg's character Dick Digglar in the Hollywood Classic "Boogie  
Nights", or they were announcing the new "Tagline" that would appear in the
latest Cialis commercial...I had no idea they were actually referring to how
Americans were getting screwed over by our largest financial institutions.

Almost overnight it seemed top bankers became the biggest "bank robbers".
JP Morgan and Morgan Stanley were making Bonnie and Clyde look more like  
Sonny and Cher.

The new showdown at the OK Corral was at the ATM machine and whether or not
you could draw down on your card or simply walk away with an IOU.

The banks walked away with 1 trillion dollars in cash and another 4-6 trillion in
money printed from the Federal Reserve...and the only shot that was fired was  
loaded with our fear and their incompetency.

In spite of the fact they had already left the economy for dead...they still sent the
vultures back to make sure the carcass still had enough money left for their exorbitant  
bonuses and stock options to be paid out at the end of the year!

Today, banks are bigger than they have ever been before in the name of being able to compete in a Global Economy, while new legislation and oversight groups are as effective as a "Blind Meter Maid" giving out parking tickets on the streets of Manhattan.

But as one institution has learned to eat cake, while its customers still struggle to  
buy a cup of coffee, the most important institution that is "Too Big To Fail"... the
United States Government, can't seem to get any help at all!

When banks are sitting on trillions of borrowed dollars to shore up their ledgers
and service fictitious assets that make "credit default swaps" sound like a new kinky
financial section on the latest married dating site...the American government is
fighting to pay its bills and support its people.

Since 1965, the costs of entitlement programs such as Social Security and Medicare
have grown twice as fast as personal income, while the top 1% of the population has
also seen their share of personal income double during the same period of time.

This triangular policy of the rich getting richer - the middle class getting poorer - and the Government receiving the lowest percentage of tax revenue since 1950, is building a nation that is not "Too Big To Fail" but destined to fall to a failing ideology.

Less government is not by definition more effective government, and if you are a
member of the Republican Party you probably believe only "the smallest size fits all".

We cannot continue to take in only 74% of the revenue that we spend...but the size of our our government needs to match the limitless of our potential.

We need to size our government so our teenagers are not ranked 22nd in reading literacy, 21st in science and 29th place in math.

We need to re-size our government so we are not spending 1 trillion dollars more a year in military programs than the Chinese, so they are free to spend the equivalent on roads, trains and research and development.

We need to size a government that provides one of the highest infant mortality rates and a retirement that leaves people proud of their sacrifice instead of shamed without dignity.

As the battle over the size of spending cuts and tax revenue becomes percentages of GDP, flat taxes and cost of living increases tied to inflation...remember that we are not fighting over numbers but we are fighting for our neighbors, our family and our friends.

Unlike the American Revolution which began  with a fight not to pay an unjust tax, we are now fighting for people to pay their fair share...so we can all share the good life.

The latest tactic by the Republicans is to exaggerate the shortfall and be the financial Paul Revere of today by shouting the message of one if by tax increase with 10 if of spending cuts.

We won the War with the British and they became our strongest allies...maybe there is hope for the Republicans yet!

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Comment Preferences

  •  erm... (2+ / 0-)
    Recommended by:
    shypuffadder, radical simplicity

    "maybe there is hope for the Republicans yet!" ????

    Seriously?

    No.  Non.  Nyet.

    In his Friday op-ed, Paul Krugman nailed the issue to which you allude:

    Consider, in particular, the case of Britain. In 2010, when the new government of Prime Minister David Cameron turned to austerity policies, it received fulsome praise from many people on this side of the Atlantic. For example, the late David Broder urged President Obama to “do a Cameron”; he particularly commended Mr. Cameron for “brushing aside the warnings of economists that the sudden, severe medicine could cut short Britain’s economic recovery and throw the nation back into recession.”

    Sure enough, the sudden, severe medicine cut short Britain’s economic recovery, and threw the nation back into recession.

    http://www.nytimes.com/...

    Go read the whole thing: it's terrific.

    Lagniappe:  A bit from his Monday op-ed:

    In the past, Republicans would justify tax cuts for the rich either by claiming that they would pay for themselves or by claiming that they could make up for lost revenue by cutting wasteful spending. But what we’re seeing now is open, explicit reverse Robin Hoodism: taking from ordinary families and giving to the rich. That is, even as Republicans look for a way to sound more sympathetic and less extreme, their actual policies are taking another sharp right turn.

    Why is this happening? In particular, why is it happening now, just after an election in which the G.O.P. paid a price for its anti-populist stand?

    Well, I don’t have a full answer, but I think it’s important to understand the extent to which leading Republicans live in an intellectual bubble.

    http://www.nytimes.com/...

    To make the argument that the media has a left- or right-wing, or a liberal or a conservative bias, is like asking if the problem with Al-Qaeda is do they use too much oil in their hummus. Al Franken

    by Youffraita on Sun Jan 27, 2013 at 11:52:28 PM PST

    •  Paul Krugman has been the anti-Christ for (1+ / 0-)
      Recommended by:
      Youffraita

      Republicans when it comes to the historical facts of austerity vs. spending your way out of difficult economic times...

      Paul has basically said that smart spending works almost all of the time and austerity works none of the time...and most importantly that our tax revenue and spending to GDP are extremely manageable by controlling the growth of programs as opposed to curtailing them...
      ...the Republicans will ignore the same economic realities now on immigration...until they are convinced they will be able to vote Republican with their pocketbooks.

      (Thanks for your comments!)

      •  LOL! I would say that (1+ / 0-)
        Recommended by:
        PoliticalPizza

        Krugman is the "give 'em hell, harry" for the GOP:

        He tells the truth and they think it's hell.

        To make the argument that the media has a left- or right-wing, or a liberal or a conservative bias, is like asking if the problem with Al-Qaeda is do they use too much oil in their hummus. Al Franken

        by Youffraita on Tue Jan 29, 2013 at 12:00:01 AM PST

        [ Parent ]

  •  All dollars are nothing more than certified (0+ / 0-)

    IOUs. They are worthless, unless they are used. Think of a stack of marriage certificates.

    Since the federal government issues these certificates, which are now created electronically, it can never run out. If it pleads scarcity, that's a scam.
    However, there are some people who think that official recognition is what makes a marriage and official recognition makes a debt. Roosters may think their crowing makes the sun appear to signal day.
    Humans who imagine their permission is required for other people to act are deluded. But, if it pleases them to assume such authority, fine, as long as they don't interfere with other people's rights to behave as it pleases them.

    If you think it implausible that so many bankers should be deluded, consider that all humans, if they thought about it at all, used to think the earth flat. That people would fall off, if they went too far from home, actually served a useful purpose. It countered the human propensity to wander and explore new climes and kept the young close to home where their capacity for labor could be exploited. Restricting marital alliances has the same effect. If individuals ally themselves with partners on the basis of caring and sharing and mutual respect, then their opportunity to be exploited is less.

    We organize governments to deliver services and prevent abuse.

    by hannah on Mon Jan 28, 2013 at 12:38:47 AM PST

  •  Dirk Diggler is a three legged man (0+ / 0-)

    Or, more precisely, there is a three legged stool of our economy. Business (banks), government and labor. Since Reagan, business, and government has grown substantially while the share that labor gets has stayed flat. There is a joke in here somewhere that labor is getting the shaft.


    i just baptized andrew breitbart into the church of islam, planned parenthood, the girl scouts and three teachers unions. - @blainecapatch

    by bobinson on Mon Jan 28, 2013 at 12:48:22 AM PST

  •  Actually (1+ / 0-)
    Recommended by:
    CFAmick
    which began with a fight not to pay an unjust tax
    The revolution began with a fight to end unfair tax breaks for one of the first multi-national corporations in history: the East India Company, which was essentially handed a monopoly on the tea trade by King George, who essentially cut their taxes to zero, while imposing higher taxes on small importers in the colonies.

    It was almost identical to current tax policy, in terms of impact on ordinary citizens vs a megalithic corporation.

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