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Comment of the Day: A Dismal Prediction

2015-10-16

John F. McBride

is a trusted commenter Seattle [10/16/2015]

Over $300,000,000 has been donated so far to buy the White House in 2016 and over $176,000,000 came from just 158 households of 20,000,000 households in the U.S.

138 families, 87%, were giving to Republicans.

Bernie is right; taking down Glass-Steagall was a huge mistake, Shadow Banking not withstanding. The destruction of it was a decades long process that warned us with the failure of the Savings & Loans in the Reagan area what was in store.

Not even the failure in 1998 of Long Term Capital could scare the financial world. Why would it be afraid? The Fed arranged LTC’s rescue.

The U.S. is a Democracy only in name. We live in an era in which for the first time in history the majority of Congress is seated with millionaires. When a Jaime Dimon worth over $1 billion and a family living under a freeway come calling on Congress who is most likely to be listened to and favored?

The Koch brothers alone are alleged to have slated over $1 billion to invest in elections.

Yet, survey the damage of financial regulation and anti-labor legislation and what do you see? Of the states hurt worst by The Great Crash most voters favor Republicans; they choose elected officials most likely to hurt them.

Paul’s right; regardless of whether a Democrat gets elected, Bernie or Hillary, the best we can hope for is to keep a thumb in the dike. If Republicans win control of the White House in addition to the Senate, House and Supreme Court this Oligarchy will be cemented in place.
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