Simon Johnson, the former chief economist for the International Monetary Fund, said, “Once banks are allowed to become too big to fail and too big to save, they have captured our government and society. That spells the end of any pretense of democracy. This is, of course, partly about the political power of corporations. But corporations are, in this sense, merely a veil – this is really all about which people have what kind of power in our society. To what extent are we really still a democracy – and how far have we already slipped down the road to oligarchy?”
For 28 years we deregulated industry and finance in America. The working person is now tethered by the neck, leaving him on his knees. Industry and banks think we aren’t smart enough to know we’re being screwed. America fought and won World War II and the Cold War. I never thought I’d see the day when this nation would wave a white flag of unconditional surrender to privately held national and multinational corporations.
How did the banks and industry buy our government? Sex, money and drugs worked very well. The promise of high-paying jobs in industry or finance after leaving Congress or other government service had much appeal. It appears everything is for sale in this country from the top down. Monopolistic capitalism is free enterprise gone berserk and that seems to be America’s new paradigm. It worked well for Hitler and Mussolini, so why not here?
We need government that governs. Twenty eight years of laissez faire unregulated monopolistic capitalism, known as Reaganomics, is a disaster. The purpose of government is to regulate. Unless our Congress is willing to regulate and limit the power of our economic and financial corporations we will have lost World War II by default.
In summation, I ask the reader the following question: Will you be happy pledging allegiance to Goldman-Sachs, J.P. Morgan and the other corporate giants of the military – industrial – financial complex? Former President Dwight Eisenhower and I await your answer.
J. Albert Rowe,
Coeur d’Alene, ID