Class Warfare Blog

November 21, 2017

Teachers Unions? Bah, Who Needs Them?

Six years ago, the state of Wisconsin passed the highly controversial 2011 Wisconsin Act 10, which virtually eliminated collective bargaining rights for most public-sector workers, as well as slashed those workers’ benefits, among other changes.

As Gov. Scott Walker (R-WI) argued, “We no longer have seniority or tenure. That means we can hire and fire based on merit, we can pay based on performance. That means we can put the best and the brightest in our classrooms and we can pay them to be there.”

Well, did they?

What do you think will happen to an employer who slashes wages and benefits? People will leave their employ. Who leaves first? The people who have the most confidence they can find another job, that is the best workers. Who stays. The sluggards, the unimaginative, the fearful … not all, of course, but a higher concentration of these stay. (Studies have shown this to be the case.)

Action Reaction
An analysis of the effect of Act 10 has found:

  • In the year immediately following the law’s passage, median compensation for Wisconsin teachers decreased by 8.2 percent in inflation-adjusted terms, with median benefits being cut by 18.6 percent and the median salary falling by 2.6 percent. Median salaries and benefits continued to fall during the next four years so that median compensation in the 2015-16 school year was 12.6 percent—or $10,843 dollars—lower than it was before the passage of Act 10.

  • The percentage of teachers who left the profession spiked to 10.5 percent after the 2010-11 school year, up from 6.4 percent in the year before Act 10 was implemented. Exit rates have remained higher than before, with 8.8 percent of teachers leaving after the 2015-16 school year— the most recent school year for which data are available.
  • The percentage of teachers with less than five years of experience increased from 19.6 percent in the 2010-11 school year to 24.1 percent in the 2015-16 school year.
  • Average teaching experience decreased from 14.6 years in the 2010-11 school year to 13.9 in the 2011-12 school year, which is where it remained in the 2015-16 school year.
  • Interdistrict moves—when a teacher leaves one Wisconsin district to teach at another the next school year—has increased from 1.3 percent before the passage of Act 10 to 3.4 percent at the end of the 2014-15 school year.

Are you surprised?

The False Narrative
The core of the false narrative is in plain sight; it is “That means we can hire and fire based on merit, we can pay based on performance.” This is a business model. The problem is that in a business, the “boss” owns the company (or the boss’s boss or the …). The owner has the right to hire and fire inherent in his ownership. In a public school, the “owner” is the public, the taxpayers of the school district. There is no mechanism by which those owners can fire anyone (by state law). Prior to Act 10, the “owner” of each school district elected a school board which carried out negotiations with the employees to determine wages and working conditions. In no school district of which I am aware are teachers getting rich. When you think of employees getting rich, you think of doctors, lawyers, stock brokers, high level executives, but teachers … not so much. Having high educational attainment did not result in abnormally high wages for teachers, but there were tradeoffs: instead of higher salaries, better benefits and working conditions were offered and accepted, through negotiation. Act 10 chopped the head off of local control and took it over at the state level. (Republicans in favor of local control? Not so much.)

So, how did the minions of the schools (principals?) do in hiring the best and the brightest? How did they do in paying for performance? How did they do with getting the bums out of the racket? Aren’t these business types always talking about how important good management is? Was there any effort to improve the quality of the people in charge? No? (No.)

As usual, the actual motives for Act 10 was not in the bullshit offered by proponents. The Koch Brothers-fueled politician, Scott Walker, was executing a typical anti-union action for the billionaire class. Unions are the only organization with enough power to resist the oppression of workers by employers, hence they have to go. (Plus they tend to vote Democrat.)

But actions have reactions. Too bad Scott Walker doesn’t feel any of the reaction … just the teachers and the students and the “owners” of the school district. The Koch Brothers, in reaction, kept pouring money into Scott Walker’s presidential candidacy and into his gubernatorial re-election campaign coffers. If you want quality workers, you gotta pay them!

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November 3, 2017

Conservative A-hole Tanks Own Company Because Union

According to the California Today column in today’s NY Times:

“… popular news sites went dark on Thursday after its parent company DNAinfo shut down the entire Gothamist network of city-centric websites.
“The move came a week after reporters and editors at the New York newsrooms of Gothamist and DNAinfo voted to join a union.
“On Thursday, visitors to the websites were greeted by a post from Joe Ricketts, the company’s billionaire owner and founder of TD Ameritrade. He praised journalists who ‘reported tens of thousands of stories that have informed, impacted, and inspired millions of people.’
“But he added, ‘DNAinfo is, at the end of the day, a business, and businesses need to be economically successful if they are to endure.’“Mr. Ricketts, who started DNAinfo in 2009 and bought Gothamist last spring, had been outspoken in his dislike of unions.“As the company’s New York employees moved to unionize last spring, management warned that DNAinfo had been losing money for years. Mr. Ricketts later wrote, ‘I believe unions promote a corrosive us-against-them dynamic that destroys the esprit de corps businesses need to succeed.’”

Conservatives have poisoned their own minds about unions so much that this, er, gentlemen, couldn’t see a major opportunity right in front of himself.

If it were true that the company had been losing money for years (one has to ask why one expands a company by buying another one when one is losing money, but we understand one has to spend money to make money), but I digress, if the company has been losing money for years, open the books to your new union and ask them to be part of the solution rather than part of the problem. Closing the company is still an option, in fact it is a big hammer to use if conventional negotiations were to occur. (I’d rather avoid conventional negotiations and instead prefer interest-based negotiations, but one doesn’t always control how things will go.)

Possibly, if the company were losing money, the union could be a source of ideas as to how to reverse that trend. Certainly it would damper a unions lust after better wages and working conditions for its members.

Companies of European origin who set up shop in the U.S. actively encourage the formation of unions as being effective partners in the running of a profitable company. European countries include union officers on their boards of governors, often by law as well as custom. Of course, in the U.S. they run into conservative state and federal government representatives who put the kibosh on such efforts when they occur. We can’t have examples of working, cooperative unions to be able to point to now, can we?

We would like to know whether Mr. Ricketts has ever been a member of a union, or worked in a union environment, or managed a union-based company. I suspect not. I assume he got his information from other rich assholes like himself, who have no idea what they are talking about and would rather put out their eyes than see what is right in front of them.

In this case the creator of the “corrosive us-against-them dynamic” is certainly not the newly created labor union, it never had a chance to act one way or the other. Gosh, I wonder then, what the source of that “corrosive dynamic” was? Hmm.

June 24, 2017

Call Them Scum and See them Flock to Your State!

Who said “ye shall reap what ye sow?” (That particular phrase is not in the Bible, but equivalent phrases are, many times.)

Republicans have been beating on teachers for years, calling them “pigs at the public trough,” and undermining their collective bargaining rights, as well as blaming them for all of the ills of our public schools. (The last complaint is like blaming auto workers for the bad designs of General Motors cars in the late twentieth century.)

The law of unintended consequences applies, though, and Nevada, a leading Republican bastion, is facing a 22% shortage (!), that’s one in five, in qualified teachers in their schools (see here). Who needs ‘em, you ask? Ask the kids in classes that have one of the bodies plugged into place in their stead. The qualifications for teachers were not established by teachers, they were established by democratically-elected school boards and democratically-elect law makers to set minimum standards of competence for teachers. What does it say when your schools boast of having one of five teachers not up to minimum standards?

But then, many in the GOP are in favor of doing away with democratically-elected school boards anyway. Replace them with corporate boards. They are much more responsible to their communities needs.

Missing in all of this is the reason the GOP and their conservative backers have gone after unions: basically teachers tend to vote democratic and had the temerity to form unions which not only work for better benefits and rights for teachers, but also advocate for students. Them students should learn to sit down and shut up and be happy with whatever paycheck they end up with.

Too much democracy is not a good thing. This is also why GOP state governments are disempowered local jurisdictions (cities, counties, etc.) wholesale.

This is not “alt-right” stuff but alternate universe stuff. Sheesh!

May 20, 2017

An Argument for a Minimum Wage

There have been myriad studies about the impact of having a minimum wage. Some indicate that there is no particularly strong linkage between creating a higher wage for low wage workers and some indicate that a rise in the min wage causes unemployment.

The politicians arguing against a min wage use a very simplified argument: namely that if employers have to pay their workers more, they will only be able to hire so many workers, mostly fewer. This is way too simple in thinking this. For one, if people are paid more money, they then spend more money (what goes around, comes around) which is good for business. There are many more facets to this issue.

If labor costs go up, and they have myriad times due to labor contracts, etc. how, oh how, do companies cope? (Yes, I am being sarcastic.) The amount of money that goes to labor in any company is not a fixed amount or even a fixed percentage of the company’s budget. There are many, many ways that those increased labor costs can be offset. For one, you can raise prices for the goods created. You could decrease profits. You could find other ways to reduce operating costs (reduce energy costs by going solar, etc.).

Knee jerk responses to these actions abound, of course. “If we raise prices, we will reduce sales!” Really? Companies never raise prices, then? C’mon, get real. Just raising prices alone, of course, is the lazy way to deal with increased labor costs; a combination of actions would be better.

Most of these minimum wage discussions are shallow and politically motivated. Basically, the opponents of min wage increases give minimal arguments and only add to them if we don’t accept (aka we reject vehemently) their overly simplistic argument.

Let me explain a real reason for min wage increases. Minimum wage increases are justified for the simple reason is that business interests (aka the plutocrats) have conspired to suppress wages for a long, long time. This involves bribing politicians to undermine union powers and privileges, delaying minimum wage increases, changing the laws in favor of employers over employees, etc. They have been particularly effective over the past 40 years (see the chart below as to the effectiveness of wage suppression over the past 40 years). The only power source of ordinary people to oppose these powerful business interests is government. The cabal wants wages low (too low) and so government must set a floor on wages. It is not simple but at least that is the political dynamic.

If you want to see this playing out right now, consider the current stance of the GOP. The GOP has been the champion of local rights for a long time. Education, for example, should not be a federal issue, but should reside in the states, with the states deferring to local communities and their school boards. So, what has been the GOP response to cities who have enacted their own min wage increases? GOP dominated states are passing laws to roll back those democratically achieved minimum wage increases and to bar such local increases in the future. Local control doesn’t mean a fig when the GOP’s paymasters issue directives (You will keep wages down, or else).

March 20, 2017

The New Administration’s Budget

As vague descriptions of the new administration’s 2017-8 federal budget are being circulated, people are shocked, shocked I tell you, that that proposal eviscerates the Environmental Protection Agency and myriad other federal programs that actually help people (Meals on Wheels … gone, Support for Planned Parenthood … gone).

I do not see how anyone could be shocked at these long promised moves. This is the political party that has railed against and taken every opportunity to diminish labor unions, organizations that only exist to protect workers and their rights. It has also railed against Social Security and Medicare, the two most successful programs ever created to avoid poverty, especially in senior citizens.

They have reasons for doing these things, but if you watch carefully, you will see their lips moving, a clear sign they are lying. They are gutting these social programs for one big reason, their paymasters desire it. All of these efforts make working class people more compliant, less likely to strike back, and place as little opposition to what the plutocrats wish to do as possible.

The GOP said it wanted to, it tried to do it before, and now it is doing it. If you are surprised, you are an idiot.

Let me now … warn you in the most solemn manner against the baneful effects of the spirit of party….
It serves always to distract the public councils and enfeeble the public administration.
It agitates the community with ill founded jealousies and false alarms,
kindles the animosity of one part against another….

George Washington, Farewell Address, 1796

In this new era of globalization, the interests of companies and countries have diverged.
In contrast with the past, what is good for America’s global corporations
is no longer necessarily good for the American people.

Ralph Gomory, Former IBM VP

Wake up people, the corporations own this administration.

March 14, 2017

Betsy DeVos and The Christian Right’s “Big Ideas”

In Rolling Stone there is a big article on our new U.S. Education Secretary (Betsy DeVos’ Holy War by Janet Reitman). (How did Rolling Stone get from being an “entertainment” magazine to the only U.S. magazine with the balls to publish the truth?”)

Here is a condensation of one part of that article:
A staple in modern evangelical teachings is the concept of Christian spheres of influence – or what the evangelical business guru Lance Wallnau dubbed the ‘Seven Mountains’ of society: business, media, religion, arts and entertainment, family, government, and education – all of which urge the faithful to engage in secular culture in order to ‘transform’ it. The goal is a sweeping overhaul of society and a merging of church and state: elevating private charity over state-run social services, returning prayer to school and turning the clock back on women’s and LGBTQ rights. It would also be a system without a progressive income tax, collective bargaining, environmental regulation, publicly funded health care, welfare, a minimum wage – a United States guided by a rigorously laissez-faire system of ‘values’ rather than laws….

More than a few people have questioned my writing about religion in a Class Warfare blog. I tend to write mostly about fundamentalist religions, such as the DeVos family beliefs, because they are seriously at odds with reality. Tell me if you don’t think these people have a political agenda.

For example, look at the list of “features” of our society the DeVos family would rather we did without: a progressive income tax, collective bargaining, environmental regulation, publicly funded health care, welfare, a minimum wage, etc. Notice how these are all ideas that conflict with basic Christian ideology. These are very rich people, Ms. DeVos’ father created Amway, but I don’t expect them to sell all of their worldly goods and go follow Jesus any time soon. The Bible is full of regulations, pages and pages of regulations, including one to be a good steward of the land, hardly in line with the elimination of environmental regulations. Did not Jesus tell his followers to go forth and heal the sick and did he not complain when someone else did likewise (as long as it was in his name)? This is hardly compatible with the elimination of publicly funded health care. People don’t realize how much poverty and ill health there were in our senior citizens before Social Security and Medicare were implemented. These two government programs alone are responsible for pulling massive numbers of old folks out of poverty and desperation.

What the DeVos family and their ilk have done is made a new religion
out of being  politically conservative and rich.

What the DeVos family and their ilk have done is made a religion out of being politically conservative and rich. They are dead set against progressive income taxes and estate taxes as a form of “rendering unto Caesar that which is Caesar’s.” Again, this is hardly Christian, but it is right out of the rich man’s plutocratic playbook.

And we now have that new time religion at the highest levels of the US federal government with an attitude of “Well I’m rich and if you aren’t, you can go suck eggs,” the embodiment of Christian charity.

March 13, 2017

We Have Met the Enemy … and It Isn’t Us

We have met the enemy and it is … our corporations. Consider first a couple of examples:

You have heard, I am sure, of the so-called “skills gap,” which is that American workers just do not have the skills needed for “today’s marketplace,” so we need to issue more foreign worker visas to fill the necessary jobs. One of the fields clamoring for more of these visas has been Information Technology (IT). IBM, a quintessential American IT company, hid the facts for many years but now it is clear. Between 2003 and 2010, IBM fired so many American IT professionals and hired so many engineers and computer programmers in India that the workforce of IBM India is now larger than that of IBM USA. IBM India had a mere 6,000 workers in 2003 but by 2010 had somewhere in the range of 100,000-130,000 workers. How did IBM manage this into the teeth of the worst global recession ever? It did it by firing over 30,000 workers here in the U.S.

IBM calls this “cross border job shifting,” which sounds ever so much more like a transfer than people getting fired here and others getting hired there. And IBM is not alone in doing this, so how can there be a shortage of IT workers in the US when there are so many Americans who used to hold the very same jobs that are claimed are “going wanting?” What is the real rationale for the demand to be issuing more visas for foreign workers? There is no shortage of highly qualified IT workers. This is simply a classic wage-suppression tactic. Bring in foreign workers and pay them less than you would American workers with the same qualifications. This makes it very much harder for Americans to get wage increases here and also harder to form unions that would look into such practices. Foreign workers do not want to anger their employers because if they lose their job, they lose their job sponsor, and it is back to India for them. They will not join a union, period.

Now, consider another quintessential American company, Ford. Can there be a more American story involving business that the creation of the Ford Motor Company from scratch? But in the late 1990’s, Alex Trotman, Ford’s then CEO, admitted “Ford isn’t even an American company, strictly speaking; we’re global.”

And if American companies like these do not consider themselves “American companies,” how much can we expect them to act on our behalf? When I was a young man, many corporations had multiple stakeholders. These corporations considered their customers to be one, along with their workers as another, and their communities, too. And, of course, also their shareholders. Modern business practices, spurred along by quack economists like Milton Friedman, had reduced the number of corporate stakeholders to one: the shareholders. Well, just one stakeholder if you do not count the executive’s self-interest in their own remuneration, which has skyrocketed while worker wages have been experiencing trickle-up growth.

As a union officer in the 1980’s and 90’s I participated in an experiment with management of our enterprise ($150 million annual budget) on creating a more cooperative governance structure. Part of that effort was coming to an understanding of relationships between and among the two groups. One facet of that learning was that “workers” (we all worked for the company) we all tended to imbue our work relationship with trust, that is we put our trust into our employer to some extent. This was not earned trust but, basically, we trusted our employer because we wanted to have a job in which we could trust our employer. This wishful thinking trust usually had no repercussions, but when something happen that a worker or workers did not like, they felt betrayed by someone they had trusted (trusted to do what was never specific, usually it was “the right thing”). Such “betrayals” existed in collective memory for decades. (I know this as when I was hired into this company I heard “stories” from other employees. I found out later that some of them were almost 30 years old.)

We are making that mistake now. We are told by representatives of these “American companies” that we should “trust the marketplace” and “trust them.” But their actions indicate that not only are they untrustworthy but they are not even American companies. Imagine how you would feel if a foreign company, say from China, wanted to come into your community and build a plant, one with a bit of pollution associated with it. Then think how you would view that intention were is an American company? Would your response be the same? Yet, these American companies no longer consider themselves to be American, and have acted accordingly for decades now, but we still “trust” them more than we do others.

These companies have no issue with firing you and hiring a replacement from overseas and ask you to train your cheaper replacement (happens all the time, happened to my ex-wife). These companies have no problem with going through bankruptcy to eliminate their obligation to pay into their worker’s pensions. These companies have no problem with manipulating our tax laws so that they pay no taxes, with the burden to make up the difference shifted to you and me. These companies have no problem in bribing our public officials to do their bidding instead of the people’s. And if you want to know why our recovery from the Mother of all Recessions was so weak, with employment struggling to get back to anything approximating normal, realize that business leaders see every crisis as an opportunity and in this crisis they used the opportunity to outsource even more jobs. They were hiring, just not in the U.S. That is how much loyalty they have to their bottom line and how much they have to you and me.

Ironically, we have just elected a corporate businessman President to fix this mess (drain the swamp). If this were not so ironic, so funny, I would be crying. When are we going to wake up? When are we going to invest our passion and our votes in organizations, like labor unions, that have proven track records for countering these un-American corporate interests?

Wake up people! It is very close to “too late.”

March 10, 2017

When They Told You “You Can’t Trust the Government” They Really Meant …

The GOP and corporate interests have waged a propaganda campaign over the past few decades with one of the primary messages being “You can’t trust the government.” They expanded from there to include “You can’t trust experts.” (What do they know about anything?) and “You can’t trust schools” (They are all failing.) and “You can’t trust teachers.” (They are just in it for the money. They need to be easier to fire.) and “You can’t trust government employees.” and many, many more of our social institutions. They didn’t even bother with “You can trust labor unions,” because they had already sold that trope to workers. Imagine that, working people were convinced that labor unions, the only force that could oppose the wage suppression efforts of corporations and their hired government, were not to be trusted. Amazing. Equally amazing is that these people are referring to them selves as “conservatives,” you know, those people who support our basic institutions and social structures over most anything else.

But, when they said “You Can’t Trust the Government” what they really meant was ““You Can’t Trust the GOP to Run the Government.” A case in point, one of many, is the Secretary of State of Mexico was visiting and had meetings scheduled at the White House. A member of “The Media” (Oh, “You Can’t Trust the Mainstream Media.”) called the U.S. State Department to find out why the Mexican Sect’y wasn’t meeting with our SOS; they were told “We were unaware he was visiting.”

Think about this: a political organization which has a platform that you cannot trust the government gets in charge of said government, which do you think they are more likely to do:
a. perform their duties to the best of their ability, or
b. mess everything up so people will be more disgusted and more untrusting of their government.

If you think the answer is “a” then the “best of their ability” is woefully short of the mark and constitutes a danger to all of us. If you thought the answer is “b” then we have elected gremlins to our highest offices.

In either case, boy, are we fucked.

March 7, 2017

The GOP on the Move!

Slow to begin, the GOP legislative onslaught is picking up steam. Here is a partial list of some of their coming hits:

HR 610 Vouchers for Public Education — (The bill also repeals basic nutrition standards for the national school lunch and breakfast programs.)
HR 899 Terminate the Department of Education
HR 785 National Right to Work (aimed at ending unions, including teacher unions)
HR 861 Terminate the Environmental Protection Agency
HJR 69 Repeal Rule Protecting Wildlife
HR 370 Repeal Affordable Care Act
HR 354 Defund Planned Parenthood
HR 83 Mobilizing Against Sanctuary Cities Bill
HR 147 Criminalizing Abortion (“Prenatal Nondiscrimination Act”)
HR 808 Sanctions against Iran

Actually, I can get behind the HR 899 effort. The Federal Department of Education has been either an embarrassment or a front for the privatization of public education (Arnie Duncan!). So this is no great loss. But what do the other bills have in common? Oh, if the GOP is suggesting it, it favors the rich!

HR 610 Vouchers for Public Education The rich have been trying for decades to get the private religious school educations they provide their children and currently pay for out of pocket to be paid for by the public. That and they also want to send their kids to lily white schools, preferably one with Country Day School in its name. And even the little touches are precious: with the repeal of the basic nutrition standards for school meals, ketchup is finally a vegetable again.
If the GOP is suggesting it, it favors the rich!

HR 785 National Right to Work This is famously anti-union legislation. The GOP is financed by corporate employers who wish to suppress worker’s wages. They have been doing a fabulous job of just that for the past 40 years, but still any opposition to their wage suppression scams is not to be countenanced. The plutocrats have pulled the fabulous rhetorical trick of getting their white, working class base to hate unions, the sole power player that can help them against the tyranny of the corporations.
If the GOP is suggesting it, it favors the rich!

HR 861 Terminate the Environmental Protection Agency Who needs the EPA? Clearly businesses do. When Ronald Reagan called in William Ruckelshaus to tame the EPA’s burgeoning bureaucracy, Mr. Ruckelshaus was astonished to receive encouragement to strengthen the EPA from none other than several chemical industry chief executives. Their message was that “the public, they told me, was spooked about the turmoil at E.P.A. Americans didn’t believe anything was being done to protect their health and the environment. They didn’t believe the E.P.A., and they didn’t believe the chemical industry. These executives had concluded that they needed a confident, fair and independent E.P.A. They knew that an environmental agency trusted by the public to do its job gave their businesses a public license to operate.” But the GOP just can’t help themselves, can they? All of those burdensome regulations hinder the American genius for making money (for plutocrats). Who needs air to breath and water to drink, we need jobs! (Remember the Goose That Laid the Golden Eggs?)
If the GOP is suggesting it, it favors the rich!

HJR 69 Repeal Rule Protecting Wildlife Hey, they have tooth and claw and don’t they have their own law about those? Let ‘em protect themselves. Under other new GOP legislation they will be allowed to buy firearms with no background checks, just like everybody else.
If the GOP is suggesting it, it favors the rich!

HR 370 Repeal Affordable Care Act The rich get a tax cut, the poor get early graves, a “win-win” situation for the GOP.
If the GOP is suggesting it, it favors the rich!

HR 354 Defund Planned Parenthood First they complain that people of color are having too many babies, now they want to make it so they have to have them. Don’t expect any consistency here. This was a campaign promise (not of Donald Trump’s) and a promise is a promise, even if the Planned Parenthood “issue” is another straw dog, like “Acorn.”
If the GOP is suggesting it, it favors the rich!

HR 83 Mobilizing Against Sanctuary Cities Bill Hey, we said “state’s rights” not “cities’ rights.” Local control? Nope, not while the local control guys are in power.
If the GOP is suggesting it, it favors the rich!

HR 147 Criminalizing Abortion “Doctors, lock ‘em up!” According to the GOP, those babies must be born before they can be abused and legally executed. It is a matter of the rule of law.
If the GOP is suggesting it, it favors the rich!

HR 808 Sanctions against Iran The GOP cannot help itself, it has to “poke the bear.” The Big Bear is Russia but Iran is an ally of Russia, so close enough. The neocons and apocalyptic proselytizers (Steve Bannon, et. all.) want war now because it will only get harder to wipe out those enemies of Christ as time goes on and the MIC says “There are no profits like war profits.”
Oh, and, if the GOP is suggesting it, it favors the rich!

 

March 6, 2017

GOP Plans to Repeal Dodd-Frank Legislation

Why do we need legislation that prevents big banks from undermining the whole world’s economy with overly risky investments? We can trust them. They are our friends.

Granted the Dodd-Frank legislation didn’t go nearly far enough (millions of dollars per day were spent lobbying against the law in the first place and weakening it and then against its implementation after it was passed). The Glass-Steagall law should have been re-enacted verbatim, plus a whole lot more, but “burdensome regulation” is undermining progress in this country (whine, whine, sniff). This is why the big banks circumvented the existing regulations, corrupted regulators, and invented unregulated shadow banking in the first place.

We will only be free when big banks can wreak havoc as much as they desire … and, of course, our government bails them out every 6-8 years when it all crashes into ruin. Heck, the last time only cost us $2,000,000,000,000 (yes, that is two trillion dollars plus or minus a few billion or so) plus several trillion more in lost property values, but that only affected ordinary citizens (they got no bailout, don’t you know).

At this point, I am starting to root for the GOP’s bad ideas. The party has so desperately wanted to do all of these things for years! And they are going to own the repercussions of each and every one of them.

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