Is it really over?

November 2, 8:16 PMSan Antonio Public Policy ExaminerRobert Ruiz

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               Last week the American Bankers Association met in Chicago, Illinois.  Predictably, given the state of the economy and the events and actors who brought us to it, protesters were out in numbers.          

               It is telling and maybe something of a taunt from the oligarchs that the banker’s conference comes on the 80th anniversary of the 1929 stock market crash. Certainly it is not a coincidence, there is no such thing as coincidence.

               We all know the oligarchs and the “old money” are an egregious lot. But in the fine tradition of “it takes one to know one” and the roaring 20’s had more than a few, at least one early 20th Century non-conformist pardon the expression, “knocked off” just how openly egregious. 

              The ultimate judgment came from Al Capone, the city's celebrated gangster. The market's "a racket," he said. "Those stock market guys are crooked." Hear, hear!!!

              Since the collapse began a little over a year ago everyone I know that self-identifies as a “compassionate conservative Christian” was blaming the meltdown on greedy, “people who knew they had taken on more mortgage than they knew they could afford.” As if somehow these victims had the power to approve their own loans. What a joke!           

              Of course compassionate conservatives knew this was the case because those great icons of intellect and knowledge, Limbaugh, O’Reilly, Hannity and the like had informed them.

            When the powerful attack the powerless always ask two questions; who is at the center of power and who is being scapegoated?

            This past Friday 30 October 2009Bill Moyers (Journal) discussed today’s depression with guest, James K. Galbraith. Galbraith’s credentials are well known. I read his father’s (John Kenneth Galbraith) newspaper articles when I was just a teenager. If we are going to listen to someone on the topic of the big financial market meltdown it is a good idea that it be someone steeped in subject-matter knowledge. Economist James K. Galbraith is one of those.

             Links to the program and separately to the FDR speech are provided. The 1944 speech begins at the 24 minute point in the Journal interview. The entire 30 minute interview with Galbraith should be heard by all Americans and in particular FDR’s short clip in which he calls for a second Bill of Rights providing Americans a living wage, healthcare and more.

 James K. Galbraith on PBS (Bill Moyers Journal)

             Lone Star state politicians from “W” to its present U.S. senators were up to their eyeballs in the present depression and the policy that led to it. Unfortunately what is emanating from the “fix” the present administration is putting in place is not a fix but our next recession and/or depression. How could it be otherwise? The same people who created the current economic and financial mess are still in charge and more than likely already working on their next big heist details. By the way, they---the big five financial entities are all better off with the help of our tax dollars. The rest of us are just more in debt, homeless and jobless.

              Writer, F. Scott Fitzgerald, in his novel, The Great Gatsby, published in 1925 included song lyrics his characters heard on the radio. Nearly five generations later the lyrics of that Roaring Twenties era tune ring true today, “The rich get richer and the poor get babies…..”
 

             Change I can believe in? I don’t think so.
 

For more information:   

Texas Red and Phil Gramm Bring shamelessly bring us deregulation and depression

Andrew Sorkin's "inside Story" on financial collapse 

Bill Moyers Journal: Kevin Phillips: Bad Money

Taking the Banks On

Our Confusing Economy Explained

Bill Moyers Journal: William Black: CSI Bailout