Federal policy is increasingly dictated by the wealthy, by the financial sector, and by powerful industries such as telecommunications, health care, automobiles, and energy. These policies are implemented and praised by these groups’ willing servants, namely the increasingly bought-and-paid-for leadership of America’s political parties, academia, and lobbying industry.
If allowed to continue, this process will turn the United States into a declining, unfair society with an impoverished, angry, uneducated population under the control of a small, ultrawealthy elite. Such a society would be not only immoral but also eventually unstable, dangerously ripe for religious and political extremism. (We're there - Jesse)
Both parties lie about the fact that they have each sold out to the financial sector and the wealthy. So far both have largely gotten away with the lie, helped in part by the enormous amount of money now spent on deceptive, manipulative political advertising.
But that can’t last indefinitely; Americans are getting angry, and even when they’re misguided or poorly informed, people have a deep, visceral sense that they’re being screwed.
The real challenge is figuring out how the United States can regain control of its future from its new oligarchy and restore its position as a prosperous, fair, well-educated nation.
I’m not against business, or profits, or becoming wealthy. I have no problem with people becoming billionaires—if they got there by winning a fair race, if their accomplishments merit it, if they pay their fair share of taxes, and if they don’t corrupt their society.
But that’s not how most of the people mentioned in this book became wealthy. Most of them became wealthy by being well connected and crooked. And they are creating a society in which they can commit hugely damaging economic crimes with impunity, and in which only children of the wealthy have the opportunity to become successful. That’s what I have a problem with. And I think most people agree with me."
Charles Ferguson, Predator Nation, May 2012
Stocks traded weakly once again ahead of the Consumer Price Inflation data due out tomorrow.
We will see the Producer Price Inflation information on Thursday.
Gold was edging higher most of the day. Silver was unchanged to a bit lower in sympathy with equities.
The markets are having a bit of a time trying to price in the risk of the Fed doing something exceptionally stupid.
And of course the exogenous events, especially geo-political, are heightened.
The professional wrestling staged drama of 'the debt ceiling' can always get out of control.
We are in that difficult post-bubble period that follows on the past two Fed-induced asset bubbles.
This is the third time we have been here since 2000.
Thomas Frank asks, 'What the Hell Happened America?' in this video.
Good question.
And it can be asked about France, Germany, the UK, and most of the developed nations of the north and south of the world as well.
It is difficult to be an independent thinker these days, since the general discourse and the academy/media finds a comfortable refuge from thought (and uncomfortable truth) in slogans and stereotypes.
The oligarchy is borderless, and audacious.
Have a pleasant evening.
