Over the course of the past generation American oligarchs recreated the world in their image. Those efforts insidiously put in place processes that systematically dispossessed people almost everywhere of rights, property, wealth, and perhaps even their pursuit of happiness.
We as a people have been very fortunate to have up to now what some consider the fourth branch of government---an independent press. The founders considered freedom of the press so important it made the top of the list of the Bill of Rights. The press, in recent times, media---television, radio and the Internet----have been the brave, attentive and aware watchdogs over our “elected officials.”
At the end of this month, 30 April 2010, to be precise, one of the great journalist-watchdogs and more importantly national treasures, Bill Moyers Journal, will end its presence on PBS as a weekly broadcast. It will however, continue online. To be certain Bill has pointed us to those whom I hope will continue the effort in the same tireless manner.
In last night’s (Friday 16 April 2010) installment Bill interviewed, Simon Johnson and James Kwak “two of the nation's most respected economic experts and authors of the new book 13 BANKERS: THE WALL STREET TAKEOVER AND THE NEXT FINANCIAL MELTDOWN.
The broadcast was riveting, informative and for some, no doubt disturbing. If it is disturbing it is because many Americans would much rather believe the diatribe and invective that passes for news and information.
Just after the Great Depression the efforts of some Americans, Franklin Delano Roosevelt among them, attempted to level the playing field and “provide for the general welfare” of Americans, you know, like it says in the constitution.
Since that time the elite have done a sensational selling job. Their efforts have painted liberals as evil, greedy capitalists as good for America and the world and repackaged our republic as a democracy.
Through ceaseless efforts the oligarchs and their minions clawed back the little prosperity the average American received at the end of the Great Depression.
In the 1980’s Reagan capitalists worked hard to undo decades old regulations that had tied the hands of the greedy since just after the Great Depression.
In the 1990’s, those efforts were lead by Phil Gramm and his wife, Wendy. Their efforts with the complicity of our “elected officials” in Washington D. C. laid the groundwork for what would only a decade later bring us the Great Recession we now experience.
Last night’s installment of the Journal dissects the efforts of the oligarchs that have so daunted our economy and lives.
In the end, no matter what legislative effort is made bankers will simply sit back, read the legislative efforts and then pay professionals to find their way around the legislation. The new and improved "Maginot Line" short of Glass-Steagal robustness is destined to fail.
The majority of Americans for their part too busy watching reality television, mindlessly barbecuing and shopping the malls are likely to perceive lame legislative efforts as meaningful.
The few (and they are few) who are doing their very teabagger best to voice their disenchantment are the egregious, uninformed, meanspirited and sometimes violent fringe. Their disenchantment is with anything that resembles things or ideas humanitarian.
On the main this is a lagely unmendable misfortune.
BILL MOYERS: “Let me get to the blunt conclusion you reach in your book. You say that two years after the devastating financial crisis of '08 our country is still at the mercy of an oligarchy that is bigger, more profitable, and more resistant to regulation than ever. Correct?
SIMON JOHNSON: Absolutely correct, Bill. The big banks became stronger as a result of the bailout. That may seem extraordinary, but it's really true. They're turning that increased economic clout into more political power. And they're using that political power to go out and take the same sort of risks that got us into disaster in September 2008.
BILL MOYERS: And your definition of oligarchy is?
SIMON JOHNSON: Oligarchy is just- it's a very simple, straightforward idea from Aristotle. It's political power based on economic power. And it's the rise of the banks in economic terms, which we document at length, that it'd turn into political power. And they then feed that back into more deregulation, more opportunities to go out and take reckless risks and-- and capture huge amounts of money.
BILL MOYERS: And you say that these this oligarchy consists of six megabanks. What are the six banks?
JAMES KWAK: They are Goldman Sachs, Morgan Stanley, JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo.
More: Bill Moyers interview: Simon Johnson and James Kwak: 13 Bankers
Bill Moyers interview with William K. Black
Bexar County: Public Policy: 13 Bankers
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