“We have always known that heedless self interest was bad morals, we now know that it is bad economics.
The liberty of a democracy is not safe if the people tolerated the growth of private power to a point where it becomes stronger than the democratic state itself. That in its essence is fascism: ownership of government by an individual, by a group, or any controlling private power.
We had to struggle with the old enemies of peace—business and financial monopoly, speculation, reckless banking, class antagonism, sectionalism, war profiteering.
They had begun to consider the Government of the United States as a mere appendage to their own affairs. We know now that Government by organized money is just as dangerous as Government by organized mob.”
Franklin D. Roosevelt
"To allow the market mechanism to be sole director of the fate of human beings and their natural environment, indeed, even of the amount and use of purchasing power, would result in the demolition of society.
For the alleged commodity "labor power" cannot be shoved about, used indiscriminately, or even left unused, without affecting also the human individual who happens to be the bearer of this peculiar commodity. In disposing of a man's labor power the system would, incidentally, dispose of the physical, psychological, and moral entity "man" attached to that tag.
Robbed of the protective covering of cultural institutions, human beings would perish from the effects of social exposure; they would die as the victims of acute social dislocation through vice, perversion, crime, and starvation."
Karl Polanyi, The Great Transformation, 1944
"At what point shall we expect the approach of danger? By what means shall we fortify against it? Shall we expect some transatlantic military giant, to step the Ocean, and crush us at a blow? Never! All the armies of Europe, Asia and Africa combined, with all the treasure of the earth (our own excepted) in their military chest; with a Buonaparte for a commander, could not by force, take a drink from the Ohio, or make a track on the Blue Ridge, in a trial of a thousand years.
At what point then is the approach of danger to be expected? I answer, if it ever reach us, it must spring up amongst us. It cannot come from abroad. If destruction be our lot, we must ourselves be its author and finisher. As a nation of freemen, we must live through all time, or die by suicide."
Abraham Lincoln, Lyceum Address, 27 January 1838
In the we-don't-need-no-stinkin'-oversight, so inspector generals department: Treasury Official's Family Business Sees a Bailout Bonanza.
And I suspect that this is the tip of the iceberg.
These jokers aren't draining the swamp. They are private-labeling it.
Perhaps I am too sensitive, and I would certainly not want to commit the grave offense of equivalency, but Obama's sudden fondness for protesters seems a bit hollow, given his history with whistle-blowers acting out of conscience, and the harsh repression of the Occupy Wall Street protests.
Remember that?
Freedom of speech, and personal freedom in general, have been under a steady assault by the growing Imperial Presidency for quite some time. Trump is just its clumsy and particularly malignant manifestation.
Speaking of extremes, stocks backed up a bit today, and the Dollar continued its slump.
Stocks PE is at the highest levels since the dot-com bubble.
Why do we keep having all these financial bubbles? Hint: who benefits?
Gold and silver tried to rally after the big smackdown yesterday.
There will be a Non-Farm Payrolls Report tomorrow.
Have a pleasant evening.
