I haven't had any free time for blogging this week, sorry to say.
So please continue to use the comments feature to discuss whatever ails, frightens or excites you.... or just leaves you uttering a big fat Meh.
I'll be back, eventually.
Thursday, April 16, 2015
Sunday, April 12, 2015
Canned Pathology
*Updated below.
With a Congressional vote coming as early as this week to give President Obama fast track authority to complete the Trans-Pacific Partnership, the racketeers of the ruling class are out in full force. They're trying to force a gigantic financial tapeworm down our collective gullet by hiding it in containers of frothy propaganda product.
The actual taste sensation of financial parasitism depends upon what part of The Castle's right wing kitchen its political chefs work within.
One popular bipartisan flavor resembles Neapolitan ice cream. But instead of chocolate, vanilla and strawberry, they tempt us with competitiveness, fear, and patriotism. If we don't allow the good rent-seekers over here the chance to destroy democracy, then the bad rent-seekers over there (China, Russia) will beat them to the punch of punching regular people in the face. Wouldn't you rather the predator brand you know than the predator brand you don't know? The Kochs and the Waltons are so much more palatable than Deng Jiagui and Liu Chunhang.
The faux-liberal caucus of the Democratic Party, meanwhile, is slapping the safe plain vanilla label "progressive" on a tub of arsenic. For the TPP is, for all intents and purposes, a corporate coup of epic, poisonous, regressive proportions. Operatives from the White House and its campaign arm, Organizing for Action, are running astroturf propaganda campaigns to sway public opinion. If you love Obama, it just naturally follows that you'll love getting punched in the face by the TPP. Because Obama has the preternatural gift of making assault by a predator feel like a kiss from a suitor with an ice cream cone. Our president promises that the 30 cents-an-hour peasants in Vietnam will now enjoy the same wonderful worker protections as the underpaid no-benefit Uber drivers over here. (Pay no attention to CAFTA and Obama's feigned ignorance of Colombian trade unionists getting assassinated by drug cartels fronting for multinational corporations.)
Then there are the hardcore Neocons who don't even bother pretending to care about you. They lie with abandon, and then get their lies published in the New York Times in order to fairly balance truth with the obligatory mendacity, and to counter Democratic masochism with Republican sadism. Still, Roger C. Altman, investment banker, and Richard Haass, president of the Council on Foreign Relations, did bury some unintentional truth deep within their Big Lie of an op-ed last week: (parentheses are mine)
The Status Quo losing status? Bring it on.
If today's latest #WealthyLivesMatter manifesto in the New York Times is any indication, the malefactors of great wealth are getting a little desperate, if not delusional. Conservative pundit Arthur C. Brooks informs us that pop culture icon Andy Warhol would have absolutely looooooooved the TPP. Sounding more like an off-key crooner of the old I'd Like to Give the World a Coke (Koch) commercial than an editorialist, Brooks strove to make the impending corporate coup sound like an artsy-fartsy religious experience. Only instead of Coke cans, Brooks conjured up those iconic Campbells Soup cans.
The TPP might seem arcane and boring to the untutored masses, but it is truly a work of art, just like Warhol's cans. If only we stupid people could see the same Buddha-like beauty in global trade that Brooks and his smart friends do. If it weren't for free trade, after all, Chinese peasants couldn't have been lifted from rural starvation on failing farms up into their new lives at polluted big-city FoxConn electronics suicide factories. Less-bad poverty is better than abject poverty, dontcha know. Especially when Americanplutocrats consumers can benefit. Writes Brooks,
Thanks but no thanks to both their warmed-over, tainted down-home soup and their parasite-laced frozen fake dairy product.
*Update 4/14. To its credit, the Times today published a guest op-ed by Margot Kaminski of Yale Law School's Information Society Project, decrying the secrecy of the TPP negotiations. We'll see how long they let her piece reside on the prominent top right corner of the homepage.
It seems that of all the partner countries negotiating the TPP and its European counterpart, the TTIP, only the United States is insisting on secrecy of paranoid proportions. And the Obama administration describes itself as the Most Transparent Administration Evah? As Kaminski writes:
With a Congressional vote coming as early as this week to give President Obama fast track authority to complete the Trans-Pacific Partnership, the racketeers of the ruling class are out in full force. They're trying to force a gigantic financial tapeworm down our collective gullet by hiding it in containers of frothy propaganda product.
The actual taste sensation of financial parasitism depends upon what part of The Castle's right wing kitchen its political chefs work within.
One popular bipartisan flavor resembles Neapolitan ice cream. But instead of chocolate, vanilla and strawberry, they tempt us with competitiveness, fear, and patriotism. If we don't allow the good rent-seekers over here the chance to destroy democracy, then the bad rent-seekers over there (China, Russia) will beat them to the punch of punching regular people in the face. Wouldn't you rather the predator brand you know than the predator brand you don't know? The Kochs and the Waltons are so much more palatable than Deng Jiagui and Liu Chunhang.
Allowing billionaires to have their way is the very epitome of National Security, proclaims Defense Secretary Ashton Carter. In one recent typical New York Times article soft-pedaling the TPP proposals, Carter's brand of verbal pathology spreads the creamy message that at the same time they keep you safe by keeping the unwashed migrant children and ISIS out, they must open up our precious borders so that megatons of untaxed capital and weapons and filthy oil may flow with abandon all over the planet.
If the United States does not go through with the pact, a 12-nation accord that administration officials view as a linchpin for the Obama administration’s strategic pivot to Asia, “we are going to take ourselves out of the game,” Mr. Carter said during a speech at the McCain Institute at Arizona State University.
As well it should be, given his sweet role in procuring billions of dollars' worth of lethal weaponry during his public service stint at the State Department, seamlessly meshed with his work in the Wall Street sector. According to Wikipedia,“Time is running out,” he said of the accord, which is still under negotiation but nearing completion. “We already see countries in the region trying to carve up these markets.”For the Defense Department, it was an odd foray into the world of trade politics, which involve shifting alliances of high tech industries and big businesses in California and the Northeast versus the more traditional skeptics of wide-ranging trade agreements, including some labor unions and manufacturing states. But Mr. Carter appeared to relish it, claiming that “passing TPP is as important to me as another aircraft carrier.”
In addition to his public service, Carter was a Senior Partner at Global Technology Partners, focused on advising investment firms in technology and defense. He has been a consultant to Goldman Sachs and Mitretek Systems on international affairs and technology matters, and speaks frequently to business and policy audiences.In other words, he is a member in good standing of Ruling Class Racketeers, Inc. The TPP is very important to him. It's personal. Yet the Times proclaims itself amaaaaaazed that the warmongering and financial industries are one and the same pathogenic behemoth, and that Ashton Carter can straddle it so amazingly. You might call him a Renaissance Man of the New Abnormal.
He was also a member of the Boards of Directors of the MITRE Corporation and Mitretek Systems and the Advisory Boards of MIT Lincoln Laboratory and Draper Laboratory. Carter was also a member of the Aspen Strategy Group, the Council on Foreign Relations, the American Physical Society, the International Institute for Strategic Studies, and the National Committee on U.S.-China Relations. Carter was elected a Fellow of the American Academy of Arts and Sciences.
The faux-liberal caucus of the Democratic Party, meanwhile, is slapping the safe plain vanilla label "progressive" on a tub of arsenic. For the TPP is, for all intents and purposes, a corporate coup of epic, poisonous, regressive proportions. Operatives from the White House and its campaign arm, Organizing for Action, are running astroturf propaganda campaigns to sway public opinion. If you love Obama, it just naturally follows that you'll love getting punched in the face by the TPP. Because Obama has the preternatural gift of making assault by a predator feel like a kiss from a suitor with an ice cream cone. Our president promises that the 30 cents-an-hour peasants in Vietnam will now enjoy the same wonderful worker protections as the underpaid no-benefit Uber drivers over here. (Pay no attention to CAFTA and Obama's feigned ignorance of Colombian trade unionists getting assassinated by drug cartels fronting for multinational corporations.)
Then there are the hardcore Neocons who don't even bother pretending to care about you. They lie with abandon, and then get their lies published in the New York Times in order to fairly balance truth with the obligatory mendacity, and to counter Democratic masochism with Republican sadism. Still, Roger C. Altman, investment banker, and Richard Haass, president of the Council on Foreign Relations, did bury some unintentional truth deep within their Big Lie of an op-ed last week: (parentheses are mine)
Free trade leads to greater overall prosperity. (for the top .01%) The gains from free trade need to be widely shared (among the 80 billionaires owning half the world's wealth), but defeating the TPP would not solve America’s problems with inequality. (because there are so many other many ways of forcing our plutocratic tapeworm down your throats) Instead, it would further rattle our allies. (because we're snakes) “Further” is the key word here, as there already are rising doubts about American reliability — the result of the debt-ceiling crises, government shutdowns, the failure to follow through on threats in Syria and, most recently, the letter addressed to Iran from 47 senators. If the TPP fails, countries that, rightly or wrongly, see Washington as ineffective will pay America less heed.Translation: if the obscenely rich ruling class doesn't get its way on the TPP, then the facade of American exceptionalism will crumble and the coddled rich assholes will be seen as wimps by the rest of the global oligarchic clique.
The Status Quo losing status? Bring it on.
If today's latest #WealthyLivesMatter manifesto in the New York Times is any indication, the malefactors of great wealth are getting a little desperate, if not delusional. Conservative pundit Arthur C. Brooks informs us that pop culture icon Andy Warhol would have absolutely looooooooved the TPP. Sounding more like an off-key crooner of the old I'd Like to Give the World a Coke (Koch) commercial than an editorialist, Brooks strove to make the impending corporate coup sound like an artsy-fartsy religious experience. Only instead of Coke cans, Brooks conjured up those iconic Campbells Soup cans.
The TPP might seem arcane and boring to the untutored masses, but it is truly a work of art, just like Warhol's cans. If only we stupid people could see the same Buddha-like beauty in global trade that Brooks and his smart friends do. If it weren't for free trade, after all, Chinese peasants couldn't have been lifted from rural starvation on failing farms up into their new lives at polluted big-city FoxConn electronics suicide factories. Less-bad poverty is better than abject poverty, dontcha know. Especially when American
Interestingly, Warhol himself once remarked on the democratizing effect of global commerce with his characteristic ironic edge. “The President drinks Coke, Liz Taylor drinks Coke, and just think, you can drink Coke, too,” Warhol said. Fortunately, President Obama appreciates the benefits of trade and is currently fighting for the latest international trade pact, the Trans-Pacific Partnership (T.P.P.). It would knock down barriers between North American, South American and East Asian nations, benefiting rich and poor people and countries alike. Admirably, the president is standing up to critics in his own party (as well as some in the opposition) who oppose the deal. With luck, T.P.P. will make its way through the House and Senate this spring or summer, and receive the president’s signature.My published response:
Why are the TPP's contents being kept secret from the public? Why can't members of Congress take notes, or bring their staffs along during their rare piecemeal glimpses of it under the watchful eye of the security state?
Why does the newly-leaked clause calling for the replacement of sovereign courts with investor state tribunals come with the caveat that this de facto overthrow of democracy may not be revealed to the public for at least four years after the treaty is ratified?
Because if the public knew about it, the president would never be granted fast track authority to seal a deal which, for all intents and purposes, is the death knell of what little still remains of both the American and global working and middle classes. The vote that would give him this right is coming this week.
Contrary to what Arthur Brooks claims, "trade" deals have increased inequality, destroyed jobs, communities and ecosystems, depressed wages, and have actually worsened the US trade deficit. Public Citizen has more of the grisly details. They will hopefully inspire you to urge your congress critter to Just Say No to fast track authority for the president.
The only people appreciating the "beauty" of the TPP are the very billionaires who stand to benefit from it most egregiously.Besides calling your congressional reps, you also might want to consider joining a conference call on anti-TPP strategy this Wednesday evening with Senator Bernie Sanders. Details are here. As Bernie wrote in his email, the mainstream media has done an absolutely crappy, abysmal job of bringing this story to public attention. Just witness the trio of propaganda pieces linked above in the Paper of Record. Just witness the way the editors quickly buried even these stories when readers had the audacity to express their shock and dismay at the onslaught of mendacity.
What Brooks is selling as a plutocratic moment of Zen is as dented in its logic as a botulism-infested can of Coup Soup.
Thanks but no thanks to both their warmed-over, tainted down-home soup and their parasite-laced frozen fake dairy product.
*Update 4/14. To its credit, the Times today published a guest op-ed by Margot Kaminski of Yale Law School's Information Society Project, decrying the secrecy of the TPP negotiations. We'll see how long they let her piece reside on the prominent top right corner of the homepage.
It seems that of all the partner countries negotiating the TPP and its European counterpart, the TTIP, only the United States is insisting on secrecy of paranoid proportions. And the Obama administration describes itself as the Most Transparent Administration Evah? As Kaminski writes:
Secrecy also delegitimizes trade agreements: The process has been internationally criticized as undemocratic. The European Parliament, for example, rejected the Anti-Counterfeiting Trade Agreement in large part over legitimacy concerns. In some of our trading partner countries, citizens have objected to trade agreements by calling them undemocratic. And they rightly fear that the American commitment to these agreements is weak because the United States public might rebel once the texts are released.To give you a clue about how successfully the government has been keeping the TPP contents a big fat secret from the public, there were only 14 reader comments on Kaminski's piece published as of 9 a.m. today. (Maybe there are hundreds more awaiting moderation. Let's hope.) Here is mine, to which I appended a link to my recent post about the White House propaganda campaign:
Congress is soon likely to consider whether to authorize an up-or-down vote on a trade deal, with what’s known as “fast track” legislation. Free trade now involves dozens of areas with complex subject matter, and the agency responsible for negotiating it often fails to tap key expertise. The discussion over the trade negotiating authority is not a question of which is better: the executive branch or the legislative branch. It’s a question of whose input we’re getting on decisions that reach far beyond trade — into questions on the price of generic drugs or whether websites will have to monitor users online.As it considers fast track here, Congress must address the secrecy, and the views of the privileged advisers, that shaped the agreement. Otherwise, “fast” will be little more than a euphemism for “avoid the public, and benefit the fortunate few.”
The only aspect of the TPP more disgusting than its secrecy and the democracy-destroying contents is the propaganda campaign to sell it to the public. The White House strategy is to put the magical "progressive" label on it. It has even set up an astroturf group called "270 Solutions" to spread the message that supporting this corporate coup of a deal would be a way for Obama's fans to show their loyalty and appreciation.
The shameless usage of the cult of personality is another clue that we no longer live in a functioning democracy.
In a conference call a couple of weeks ago with members of the Obama campaign arm, Organizing for Action, White House communications staffer David Simas had the gall to tell the president's supporters that the TPP is really nothing but a renegotiation of NAFTA. He instructed the troops to go out there and spread the message that if you were against that job-destroying travesty, then you're going to absolutely love the TPP! Also, he advised, spread the fear and the patriotism. Our plutocrats are more palatable than Chinese plutocrats. If not "us", then who? The propaganda is all about Obama's "legacy" and America's superior standing in the world. It actually borders on the xenophobic.
This mental manipulation and the ginning up of xenophobia by the ruling class at the expense of the working class is also a hallmark of a society degrading into fascism and feudalism.
Thursday, April 9, 2015
Midnight in the Garden of Fleecery and Evil
** Updated Below.
The Ready for Hillary SuperPac is holding a humungous going out of business sale in anticipation of Hillary herself formally announcing her candidacy as early as this week. You can get your Hillary fleece jacket, your Hillary fleece scarf, your Hillary fleece hat, your Hillary fleece headband. Each and every item of apparel is guaranteed Made In USA and bears the exclusive "Formidable" label, just in case you thought you were getting something cheap made in a Bangladesh Walmart sweatshop.
And just in case you were worried about the jobs of the Hillary retailers, don't be. They will be painlessly subsumed into the official campaign itself, simply moving their store to a new, shinier location. Only the logos will be changed. There will always be fleece.
The fleecing of America has been going very strong for a long while now, regardless of the political party or the president. We are just getting the shocking word that New York City municipal workers have been getting royally fleeced by Wall Street! An analysis by the city comptroller reveals that over the past 10 years alone, at least $2 billion in "fees" have been paid to wealthy money managers by teachers, sanitation workers, cops, firefighters and other workers who thought they'd been saving for their retirements and earning interest on their payroll deductions.
As New York Times reporter Patrick McGeehan puts it in his lede (h/t Robert S.), "The Lenape tribe got a better deal on the sale of Manhattan island than New York City’s pension funds have been getting from Wall Street."
Except that somebody changed the rules without telling the workers. Now, all Wall Street has to do is merely touch other people's money before turning it into gold... for themselves. And it sure smells like Stringer is doing some ass-covering here himself. He knew what he knew when he knew it, and maybe figured it was better to expose himself rather than have some reporter or watchdog group do it for him.“When you do the math on what we pay Wall Street to actively manage our funds, it’s shocking to realize that fees have not only wiped out any benefit to the funds, but have in fact cost taxpayers billions of dollars in lost returns,” Mr. (City Comptroller Scott) Stringer said.Why the trustees of the funds — Mr. Stringer included — would not have performed those calculations in the past is not clear.Mr. Stringer, who was a trustee of one of the funds when he was Manhattan borough president before being elected comptroller, said the returns on investments in publicly traded assets, mostly stocks and bonds, have traditionally been reported without taking fees into account. The fees have been disclosed only in footnotes to the funds’ quarterly statements, he said.The stakes in this arena are huge. The city’s pension system is the fourth largest in the country, with total assets of nearly $160 billion. It holds retirement funds for about 715,000 city employees, including teachers, police officers and firefighters.Most of the funds’ money — more than 80 percent — is invested in plain vanilla assets like domestic and foreign stocks and bonds. The managers of those “public asset classes” are usually paid based on the amount of money they manage, not the returns they achieve.
This scandal will not stop Wall Street from its continual fleecing of the workers of America, however. If you thought that self-interested plutocrats had given up on the idea of cutting Social Security to augment their robbing of public pension funds, think again. They have a wealth of think tank surrogates to do the dirty for them. Just because their latest tactic of scapegoating Elizabeth Warren as an anti-capitalist witch is already getting stale doesn't mean they're actually going to stop. They won't stop until they succeed in burning every retiree and disabled person, every widow and orphan and low wage worker at the stake and then sweeping up their ashes as a commodity ripe for investment and future profit.
Reactionary pundit Ramesh Ponnuru did the honors in this week's Bloomberg View while his godzillionaire boss was getting knighted, blessing the Bush-Clinton dynasty, munching canapes with Joe Biden, not-running for mayor of London, and building a new bronze palace over the ruins of a Roman temple.
Ponnuru's logic is nothing if not ponerological*:
Social Security is becoming a worse deal for each generation. Those now joining the workforce are expected to pay more into the system than they get out of it. Warren's plan is to shower more money on the current generation of retirees, but without increasing the deficit over the next 10 years. That means, in all likelihood, raising taxes on current workers while also increasing the program's long-run fiscal deficit.Translation: give Wall Street your tired, your poor and whatever pennies remain. Tax not what your wealthy elites hoard for themselves, but what you can bestow on the wealthy elites. And by the way, the only surefire way to keep people out of poverty is to get rid of poor people altogether. It's 21st Century Eugenics 101.
The strongest argument in favor of expanding benefits is that Social Security should keep all senior citizens out of poverty, and doesn't. That fact, though, is really a remarkable indictment of the way the program is currently structured. As my American Enterprise Institute colleague Andrew Biggs has pointed out, the program substantially reduces work, saving and even birth rates without accomplishing this key social goal.
It's the same fleecing song that reactionaries have been singing since time immemorial. Karl Marx wrote about the selfishness of the elites in the mid-19th century in one of his New York Tribune newspaper columns, slugged Pauperism and Free Trade: The Approaching Commercial Crisis.
Karl knew that the term "free trade" was a neoliberal buzzword for enforced immiseration of the masses. How he would have loved skewering NAFTA and the TPP. Back then, the elites were celebrating the Irish potato famine and "transportation" of the marginalized to the penal colony of Australia as the greatest cures for poverty the world had ever seen. Disasters culled the welfare rolls magnificently. "Never let a crisis go to waste" was not a slogan invented by right wing Democrat Rahm Emanuel, who recently bought himself a second term as herd-culler extraordinaire.
As a matter of fact, I'm going to play a little game and tweak some of the names and places in Marx's op-ed:
In a (mansion) malt-house in (Chicago) Banbury, Mr. (Emanuel) Henley, (mayor of Chicago and NAFTA architect) President of the Board of Trade, lately explained to his assembled (godzillionaire donors) farming friends that Pauperism had decreased but by circumstances which had nothing to do with (his own policies) free trade; and above all, by the (irresponsible mortgagors, poorly performing schools) famine of Ireland, the discovery of gold abroad, the exodus of Ireland, the great demand consequent thereon for (Wall Street/ free market solutions) British shipping, &c., &c. We must confess that (globalization and privatization) "the famine" is quite as radical a remedy against Pauperism as arsenic is against rats. "At least," observes (corporate media pundits) The London Economist, "the (hippies) Tories must admit the existing prosperity and its natural result, the emptied workhouses."By the way, Marx's gig at the Trib didn't last too long. When he complained about not getting paid enough or on time, they told him not to bother sending them any more articles. Plus ca change, etc. Even socialists and hippies have to eat, which in Neoliberal World makes them greedy little bastards who need to donate more skin to the game.
* Political Ponerology: a term coined by Polish psychologist Andrew Lobaczewski to scientifically explain how evil can take over entire countries and political systems. His book by the same name, recommended by contributor Denis Neville, is well worth delving into, despite it not being an "easy read." The gist is that all it takes are a few psychopaths to infect a society and its government. A preview is available here.
** Update, 4/10. You heard it here last. Hillary Clinton is making the Big Announcement Sunday on Facebook. For somebody who claims to want to run a down-to-earth campaign, though, she sure is picking a funny way to show it. Because as her candidacy is revealed in cyberspace, she will actually be way up there in outer space, soaring high above it (and us) all on her way to Iowa for chit-chats with the carefully vetted just plain folks. The courtier press will find their instructions swearing them to secrecy and script-adherence under every kitchen chair. In exchange, they will be granted occasional access to a high level staffer for those all important news-crumbs.
Meanwhile, we get a preview of the preview, in which Hillary plays doting Granny harboring a tender desire for a whole nation full of entitled little Charlottes. This was juxtaposed with Elizabeth Warren kvetching hilariously last night about tender little fannies. No connection at all, I am sure.
Here is my New York Times comment on this subject:
“'I’m more convinced than ever that our future in the 21st century depends on our ability to ensure that a child born in the hills of Appalachia or the Mississippi Delta or the Rio Grande Valley grows up with the same shot at success that Charlotte will,” Mrs. Clinton wrote, referring to her new granddaughter."
Let's be clear. Charlotte has an absolute guarantee of success, not a mere shot at it. "Shots" are for the little people and their bootstraps, as are those reassuring dog whistles to Wall Street known as Ladders of Opportunity and Level Playing Fields.
It's not careerist success or the desire to be as rich as a Clinton that we're after, Hillary. It's sheer survival in a world gone mad with hyperactive capitalistic greed.
If these are the kind of bromides that Mrs. Clinton will present in lieu of actual policies -- like taxing the rich, coming out against the corporate coup known as the TPP, expanding Social Security, reining in and prosecuting Wall Street criminals, leading the fight to overturn Citizens United -- then she is going to need every penny of that two billion dollar donation stash to buy her way into the White House.
We no longer have a functioning democracy. So thank goodness that Elizabeth Warren is out there, putting the pressure on and speaking truth to power.
She's giving voice to the real theme of Dynastic Horse-race 2016: "It's the Corruption, Stupid."
Wednesday, April 8, 2015
Shit Happens
A letter doesn't get mailed because it has a stamp on it. A letter gets mailed because you wrote it. Or maybe somebody else wrote it and you accidentally on purpose signed your name to it. And since millions of postage stamps, especially the forever ones, don't get recalled or retracted just because of a little plagiarism issue, let's just call it a day and put a stamp on it. Let's not relitigate the past. We must look forward, not backward. We must progress to the next chapter of our long national
The phrase on the stamp honoring the late Maya Angelou was actually written by Joan Walsh Anglund and originally appeared in her poetry collection called "A Cup of Sun." The quote has been wrongly attributed to Angelou for many years, not least because she often quoted it herself without attribution, and thus was the plagiarism perpetuated, even recently by the great man himself. Barack Obama requoted the quote during a 2013 award ceremony for Angelou, who is said to have stood mutely by without bothering to correct either the record or the president. I know not why the caged tongue. I can only assume that she didn't want to embarrass the president, whom she had endorsed for reelection. However, as Angelou herself wrote, "There is no greater agony than bearing an untold story inside you."
The Postal Service is not going postal over the malattribution, so why should you? Spokesman Mark Saunders shrugged it off, telling the Washington Post that attribution doesn't matter if it's been part of the False Narrative since forever. Why else would they call it a forever stamp?
“Had we known about this issue beforehand, we would have used one of [Angelous's-sic] many other works,” USPS spokesman Mark Saunders said in an e-mail on Monday. “The sentence held great meaning for her and she is publicly identified with its popularity.”Even the official unveiling of the Stamp was fraught. Just as Oprah Winfrey got up to speak at the event, the lights went out. Because electricity doesn't happen because Oprah wrote a speech. It happens because the infrastructure is properly maintained and chunks of metal don't fall onto power lines for no apparent reason.
“The Postal Service puts a great deal of time and energy into vetting the stamps it releases each year,” Saunders added in a follow-up email. “This stamp was similarly vetted. We found that the phrase was widely attributed to Angelou in many mediums and by some dignitaries and we were not aware of Ms. Anglund’s 1967 book.”
Maybe the Postal Service can make good on its error by issuing a forever stamp for Joan Walsh Anglund. One of her iconic children's illustrations can be matched with an original saying by Maya Angelou.
'Life's a bitch. You've got to go out and kick ass' |
Tuesday, April 7, 2015
Like a Teflon Rolling Stone
Nobody who perpetrated the fraudulent and now-retracted Rolling Stone article about a University of Virginia gang-rape is getting fired. When propaganda in the interest of the ruling class replaces muckraking journalism in the public interest, the facts become secondary. Stephen Colbert even coined a new word -- "truthiness" -- to describe the phenomenon of using story-telling to advance a particular agenda.
And that is just what the story of "Jackie" did. It jibed perfectly with the Democratic Party campaign strategy of fetishizing rape on college campuses, framing a felonious crime and its prevention into an identity-politics female empowerment movement. It deflected our attention from the inconvenient truth that the party of the New Deal and the Great Society has become the party of Wall Street and Permawar.
At the exact same time (last summer and fall) that Rolling Stone contributing editor Sabrina Rubin Erdely began issuing what amounted to a casting call for the ideal college rape victim to star in her blockbuster article, the White House was rolling out an anti-rape branding campaign called "It's On Us." The Democrats desperately needed a narrative to differentiate themselves from the Republicans for the upcoming midterms. They desperately needed a new wedge issue variant to counter the GOP's "war on women." The perceived epidemic of sexual assaults on college campuses fit the bill perfectly. Rather than talking about the rape of a nation by a gang of unprosecuted financial predators of Wall Street, we could talk about the rapes of young women by their unprosecuted predatory male peers on elite college campuses.
Mass post-meltdown public angst and outrage could be safely channeled by liberal leaders of the media-political complex. Nobody is a fan of rape, after all. We all have daughters, granddaughters, sisters and nieces. We can all relate.
Rolling Stone, an establishment magazine of "popular culture," knew a trending topic when it saw one. Sabrina Rubin Erdely found the ideal victim, and went on a sensationalistic rampage. Since the magazine was on a mission -- the cultural equivalent of William Randolph Hearst's fraudulent but splendid little warmongering, sparked by the explosion of The Maine -- no corroborating evidence, witnesses or basic fact-checking were required. "Jackie" was the co-invention of both Jackie and Sabrina. Facts would only have gotten in the way of the yellow journalism. It is a conspiracy by any other name.
Columbia University, in its "scathing" report of the fraud, called it a failure of journalism. It should be called a botched, failed, criminally dishonest marketing campaign. The magazine officials themselves are in "mistakes were made" mode. Nobody is admitting to perpetrating a fraud. Nobody will lose his or her job over the unfortunate little episode. The worst tragedy that could come out of the whole thing is if we stopped believing that campus rape is a real problem, if we automatically assume that every rape victim is lying. And that is why Rolling Stone "reached out" to a panel of independent investigators in order to discover "where they went wrong."
Editor Will Dana practically brays out the noblesse oblige as he humblebrags about his own innate decency:
To its credit, the Columbia investigating team didn't buy Rolling Stone's self-protective altruism as an excuse. From the report:
She is a graduate of the Hearst School of Yellow Journalism. No, she isn't. I just made that up. She truthily dropped out of the Hearst School of Yellow Journalism before ever getting her degree. I didn't need a fact-checker for that fact, because there is, in fact, no such school. But it enhances my narrative.
The celebrity mattress-toting student was, in actual documented fact, a special guest at the narrative that was President Obama's State of the Union Address. (I am not making that up.) During February's televised Grammy Awards show, Obama himself in fact made a special cameo appearance to announce that "Rape is Not O.K." (although permawar and drone assassinations and financial crimes and deep-sea drilling and job-destroying secret corporate trade deals are still good to go.)
The Obama White House's campus rape fetish of a marketing campaign went into full swing last September, relying heavily on the same click-baiting culture of celebrity that Rolling Stone does.
Wired --another edgy culture-tech magazine -- called it "a smart branding campaign against sexual assault." (even though Obama's claim that one out of every five college women is sexually assaulted turned out to be wildly non-factual.)
The pre-midterm elections stunt was pure Madison Avenue, a direct creation of an advertising agency. It used celebrities (including, ironically, Jon Hamm, who plays an alcohol-soaked sexual predator on Mad Men) and a slogan -- "It's On Us" -- to deliver the heretofore unknown message that sex crimes are not cool. The subliminal message? Vote Democrat. GOP fetus-detecting vaginal wands, rapists' penises, they're all the same in the grand electoral scheme of things. From the Wired article:
You can then scroll through a rainbow land of Tips Against Rape, and educate yourself about "The Cause." In It's On Us World, all the men become predators, all the women are urged to become cartoonified Joans of Arc. No Means No! If you see something, say something.
The Rolling Stone rape story has been lambasted as a travesty of journalism. But it's not journalism. It's political marketing. It never would have been made possible without a tacit grant from the big money-driven media-political complex. The article is not part of any problem. It's simply a part of the neoliberal solution: keeping the masses alternately ignorant, sedated, entertained, and terrorized.
That is a fact.
And that is just what the story of "Jackie" did. It jibed perfectly with the Democratic Party campaign strategy of fetishizing rape on college campuses, framing a felonious crime and its prevention into an identity-politics female empowerment movement. It deflected our attention from the inconvenient truth that the party of the New Deal and the Great Society has become the party of Wall Street and Permawar.
At the exact same time (last summer and fall) that Rolling Stone contributing editor Sabrina Rubin Erdely began issuing what amounted to a casting call for the ideal college rape victim to star in her blockbuster article, the White House was rolling out an anti-rape branding campaign called "It's On Us." The Democrats desperately needed a narrative to differentiate themselves from the Republicans for the upcoming midterms. They desperately needed a new wedge issue variant to counter the GOP's "war on women." The perceived epidemic of sexual assaults on college campuses fit the bill perfectly. Rather than talking about the rape of a nation by a gang of unprosecuted financial predators of Wall Street, we could talk about the rapes of young women by their unprosecuted predatory male peers on elite college campuses.
Mass post-meltdown public angst and outrage could be safely channeled by liberal leaders of the media-political complex. Nobody is a fan of rape, after all. We all have daughters, granddaughters, sisters and nieces. We can all relate.
Rolling Stone, an establishment magazine of "popular culture," knew a trending topic when it saw one. Sabrina Rubin Erdely found the ideal victim, and went on a sensationalistic rampage. Since the magazine was on a mission -- the cultural equivalent of William Randolph Hearst's fraudulent but splendid little warmongering, sparked by the explosion of The Maine -- no corroborating evidence, witnesses or basic fact-checking were required. "Jackie" was the co-invention of both Jackie and Sabrina. Facts would only have gotten in the way of the yellow journalism. It is a conspiracy by any other name.
Columbia University, in its "scathing" report of the fraud, called it a failure of journalism. It should be called a botched, failed, criminally dishonest marketing campaign. The magazine officials themselves are in "mistakes were made" mode. Nobody is admitting to perpetrating a fraud. Nobody will lose his or her job over the unfortunate little episode. The worst tragedy that could come out of the whole thing is if we stopped believing that campus rape is a real problem, if we automatically assume that every rape victim is lying. And that is why Rolling Stone "reached out" to a panel of independent investigators in order to discover "where they went wrong."
Editor Will Dana practically brays out the noblesse oblige as he humblebrags about his own innate decency:
Painful and sad.... but oh so fascinating, too! From now on, they will police themselves, just like a Wall Street bank. We apologize if you were offended. Your comfort is our deepest concern. If you are now afraid to report your rape, that makes us sad. But not sad enough to fire ourselves. Because even though the story was retracted, it got an amazing number of clicks when it was published. It attracted more than 2.7 million views, the most ever for an article "not about a celebrity."This report was painful reading, to me personally and to all of us at Rolling Stone. It is also, in its own way, a fascinating document — a piece of journalism, as Coll describes it, about a failure of journalism. With its publication, we are officially retracting 'A Rape on Campus.' We are also committing ourselves to a series of recommendations about journalistic practices that are spelled out in the report. We would like to apologize to our readers and to all of those who were damaged by our story and the ensuing fallout, including members of the Phi Kappa Psi fraternity and UVA administrators and students. Sexual assault is a serious problem on college campuses, and it is important that rape victims feel comfortable stepping forward. It saddens us to think that their willingness to do so might be diminished by our failings.
To its credit, the Columbia investigating team didn't buy Rolling Stone's self-protective altruism as an excuse. From the report:
Yet the explanation that Rolling Stone failed because it deferred to a victim cannot adequately account for what went wrong. Erdely's reporting records and interviews with participants make clear that the magazine did not pursue important reporting paths even when Jackie had made no request that they refrain. The editors made judgments about attribution, fact-checking and verification that greatly increased their risks of error but had little or nothing to do with protecting Jackie's position.
It would be unfortunate if Rolling Stone's failure were to deter journalists from taking on high-risk investigations of rape in which powerful individuals or institutions may wish to avoid scrutiny but where the facts may be underdeveloped. There is clearly a need for a more considered understanding and debate among journalists and others about the best practices for reporting on rape survivors, as well as on sexual assault allegations that have not been adjudicated. This report will suggest ways forward. It will also seek to clarify, however, why Rolling Stone's failure with "A Rape on Campus" need not have happened, even accounting for the magazine's sensitivity to Jackie's position. That is mainly a story about reporting and editing.
By the time Rolling Stone's editors assigned an article on campus sexual assault to Erdely in the spring of 2014, high-profile rape cases at Yale, Harvard, Columbia, Vanderbilt and Florida State had been in the headlines for months. The Office of Civil Rights at the federal Department of Education was leaning on colleges to reassess and improve their policies. Across the country, college administrators had to adjust to stricter federal oversight as well as to a new generation of student activists, including women who declared openly that they had been raped at school and had not received justice.
There were numerous reports of campus assault that had been mishandled by universities. At Columbia, an aggrieved student dragged a mattress around campus to call attention to her account of assault and injustice. The facts in these cases were sometimes disputed, but they had generated a wave of campus activism. "My original idea," Dana said, was "to look at one of these cases and have the story be more about the process of what happens when an assault is reported and the sort of issues it brings up."Erdely, ironically enough, boasts on her own website that she specializes in writing about fakes and frauds and weirdos: "She has written about con artists, murder investigations, vicious divorces, power brokers, lovable eccentrics, bioweapons, cults, sexual violence, medical ethics, hackers, LGBT issues, and teachers who have affairs with students—among other subjects."
Jackie's story seemed a powerful candidate for such a narrative.
She is a graduate of the Hearst School of Yellow Journalism. No, she isn't. I just made that up. She truthily dropped out of the Hearst School of Yellow Journalism before ever getting her degree. I didn't need a fact-checker for that fact, because there is, in fact, no such school. But it enhances my narrative.
The celebrity mattress-toting student was, in actual documented fact, a special guest at the narrative that was President Obama's State of the Union Address. (I am not making that up.) During February's televised Grammy Awards show, Obama himself in fact made a special cameo appearance to announce that "Rape is Not O.K." (although permawar and drone assassinations and financial crimes and deep-sea drilling and job-destroying secret corporate trade deals are still good to go.)
The Obama White House's campus rape fetish of a marketing campaign went into full swing last September, relying heavily on the same click-baiting culture of celebrity that Rolling Stone does.
Wired --another edgy culture-tech magazine -- called it "a smart branding campaign against sexual assault." (even though Obama's claim that one out of every five college women is sexually assaulted turned out to be wildly non-factual.)
The pre-midterm elections stunt was pure Madison Avenue, a direct creation of an advertising agency. It used celebrities (including, ironically, Jon Hamm, who plays an alcohol-soaked sexual predator on Mad Men) and a slogan -- "It's On Us" -- to deliver the heretofore unknown message that sex crimes are not cool. The subliminal message? Vote Democrat. GOP fetus-detecting vaginal wands, rapists' penises, they're all the same in the grand electoral scheme of things. From the Wired article:
After the White House Task Force to Protect Students from Sexual Assault compiled a report on sexual assault in April, the White House and Generation Progress (an arm of the nonprofit Center for American Progress) decided to launch a campaign promoting “bystander intervention.”It's only a cynical hop skip and jump to the Tee shirts and testimonials and corporate sponsorships and interactive video games. You can even log on to take the It’s On Us pledge, and the website will generate a profile with your mug shot framed in the shape of the logo. (with the ultimate destination being the NSA Utah storage facility? It's an Obama two-fer!)
This is a new tack for these kinds of public service announcements: Rather than telling men ‘no means no,’ and instead of imploring women to report attacks when they happen, a bystander campaign calls on everyone to keep their eyes peeled and to create a culture that won’t tolerate sexual misconduct.
From there, Mekanism (the ad agency) essentially had free rein to whittle down the message. They pitched five ideas, almost went with “Get in the way,” and then settled on “It’s on us.” “The way most sexual assault messaging in the past has been, there’s a perpetrator and the victim and those are the two parties involved,” says David Horowitz, Mekanism’s creative director.
The Rolling Stone rape story has been lambasted as a travesty of journalism. But it's not journalism. It's political marketing. It never would have been made possible without a tacit grant from the big money-driven media-political complex. The article is not part of any problem. It's simply a part of the neoliberal solution: keeping the masses alternately ignorant, sedated, entertained, and terrorized.
That is a fact.
Friday, April 3, 2015
Greedwashing Grifters
And a very Good Friday to one and all.
It's been quite the OCD epidemic of self-serving damage control among greedy corporations lately. Apple, which has grown filthy rich off its slave labor in Chinese suicide mills and the minimum wage retail labor of debt-ridden millennials in Exceptional America, issued a strongly-worded statement against gay-bashing in Indiana this week. And Walmart did them one better, issuing a strongly-worded statement against gay-bashing in Arkansas only weeks after it offered a minimal increase in its starvation wages to a few carefully selected employees.
Somebody alert the Pope to start the canonization process.
And then there's McDonald's, which just makes itself look worse every time it tries to redeem itself in the court of public opinion. It was bad enough when they came out with that survival skills manual for employees a couple years ago, helpfully advising the Help to cut back on heat and food and sell last year's Christmas presents in order to afford this year's Christmas. It was hilarious enough when they started a marketing campaign in which lucky customers got randomly chosen to do a random good McDeed for the sole purpose of corporate greedwashing for TV. It was disgusting when they gave a miniscule wage increase to a miniscule number of employees this week. It was doubly disgusting when they actually gleaned glowing headlines for their cynical PR effort from the corporate media.
Of course, Walmart and McDonalds are among the corporations that only very recently and ostentatiously cut their public ties with the American Legislative Exchange Council (ALEC), the right-wing billionaire bill mill that regularly churns out anti-labor "right to work" legislation designed specifically to destroy unions and thus keep everybody's wages depressed. They're also among the 600 or so multinational corporations which are directly, or through such lobbyists at the US Chamber of Commerce, negotiating the anti-labor Trans-Pacific Partnership and its evil twin, the Transatlantic Trade and Investment Partnership (TTIP.) Apple is in a global free market paradise all its own. The late lamented Steve Jobs made no secret of having no interest in bringing manufacturing jobs back to America.
New York Times op-ed writer Paul Krugman, in his usual Panglossian fashion, praises Walmart and McDonald's with the faintest of damns in his latest column. Sure, their token wage increases are on the crappy side, but they could also be the harbinger of things to come! "We" can give America a raise if we want to, fellow elite folks! Pretty please.
And then he really pulls a fast one. He stealthily inserts a plug for the TPP:
Tell us again that deregulated hypercapitalism and globalization don't have a toxic trickle-down (actually more of an acid rain downpour) effect on the Servant Economy. We are not lovin' this.
It's been quite the OCD epidemic of self-serving damage control among greedy corporations lately. Apple, which has grown filthy rich off its slave labor in Chinese suicide mills and the minimum wage retail labor of debt-ridden millennials in Exceptional America, issued a strongly-worded statement against gay-bashing in Indiana this week. And Walmart did them one better, issuing a strongly-worded statement against gay-bashing in Arkansas only weeks after it offered a minimal increase in its starvation wages to a few carefully selected employees.
Somebody alert the Pope to start the canonization process.
And then there's McDonald's, which just makes itself look worse every time it tries to redeem itself in the court of public opinion. It was bad enough when they came out with that survival skills manual for employees a couple years ago, helpfully advising the Help to cut back on heat and food and sell last year's Christmas presents in order to afford this year's Christmas. It was hilarious enough when they started a marketing campaign in which lucky customers got randomly chosen to do a random good McDeed for the sole purpose of corporate greedwashing for TV. It was disgusting when they gave a miniscule wage increase to a miniscule number of employees this week. It was doubly disgusting when they actually gleaned glowing headlines for their cynical PR effort from the corporate media.
Of course, Walmart and McDonalds are among the corporations that only very recently and ostentatiously cut their public ties with the American Legislative Exchange Council (ALEC), the right-wing billionaire bill mill that regularly churns out anti-labor "right to work" legislation designed specifically to destroy unions and thus keep everybody's wages depressed. They're also among the 600 or so multinational corporations which are directly, or through such lobbyists at the US Chamber of Commerce, negotiating the anti-labor Trans-Pacific Partnership and its evil twin, the Transatlantic Trade and Investment Partnership (TTIP.) Apple is in a global free market paradise all its own. The late lamented Steve Jobs made no secret of having no interest in bringing manufacturing jobs back to America.
New York Times op-ed writer Paul Krugman, in his usual Panglossian fashion, praises Walmart and McDonald's with the faintest of damns in his latest column. Sure, their token wage increases are on the crappy side, but they could also be the harbinger of things to come! "We" can give America a raise if we want to, fellow elite folks! Pretty please.
And then he really pulls a fast one. He stealthily inserts a plug for the TPP:
For one thing, global competition is overrated as a factor in labor markets; yes, manufacturing faces a lot more competition than it did in the past, but the great majority of American workers are employed in service industries that aren’t exposed to international trade.I really had to restrain myself responding to that snide little remark, which obliquely trashes both TPP opponents and that lowly, yet "protected," category of servility:
So, since most of us are servants, we shouldn't worry about the Trans-Pacific Partnership because the billionaires haven't yet figured out a way to offshore all those great cashier and hamburger flipping jobs?Meanwhile, the latest employment report shows a slowdown in hiring for even the crappy New Abnormal jobs. Black people are especially hard hit, with their median wages falling by 3.6 percent since the start of the long depression, a rate twice that of whites. Meanwhile, the AARP reports that nearly half of all job seekers over the age of 55 have been out of work for at least half a year.
People who lost their good-paying factory jobs to NAFTA have been forced to become members of the Precariat, working for peanuts at Walmart and McDonalds. And now they're expected to jump for joy because the billionaires decide to throw them a few pennies and bennies and milk the good press for all it's worth.
Disgusting and shameless.
The TPP, which has been described as NAFTA on steroids, will in fact destroy thousands and thousands more American jobs. Factory orders on durable goods in this country are already way down, and the situation will only grow worse with every new trade deal. At least PK isn't falsely claiming, as are other "progressive" astroturf campaigns, that the TPP will protect American jobs and level the playing field.
The living wage movement must join forces with other trade unions to fight back against both globalization and the anti-labor "right to work" cookie cutter ALEC bills now showing up even in blue states like Oregon.
Solidarity is our only hope.
Tell us again that deregulated hypercapitalism and globalization don't have a toxic trickle-down (actually more of an acid rain downpour) effect on the Servant Economy. We are not lovin' this.
Wednesday, April 1, 2015
No Fooling
The president does not give a crap about you.
In order for millions of mortgagors to save their underwater homes, all the newly-elected Barack Obama had to do in 2008 was give the O.K. to then-Treasury Secretary Hank Paulson. Obama could have made a moratorium on foreclosures a pre-condition of the $700 billion Wall Street bailout. But like Bartleby the Scrivener, he preferred not to.
We already knew, from former TARP inspector Neil Barofsky's Bailout, that Obama and his own treasury secretary, Tim Geithner, had made relief for the banking cartel their top priority. They used TARP money to "foam the runway" for the Too Big To Fail/Jails (TBTFJs) by spreading out the foreclosures in a gradual fashion so as not to overburden the pampered plutocrats with too much paperwork. (Much of which later turned out to be fraudulent anyway, but that's another story.)
Now, as Dave Dayen notes, former House Financial Services Chairman Barney Frank has casually mentioned in his new memoir that President-elect Obama coldly, callously and deliberately threw millions of innocent victims of the financial meltdown under the bus. Just because he preferred to.
Matt Taibbi, in one of his many articles exposing the criminal collusion between Wall Street and the White House, quotes a financial reform advocate who describes the perfidy this way:
The president not only does not give a crap about you. He openly despises you.
Still, I guess we should count ourselves lucky that we don't live in Yemen, Somalia,Pakistan, Syria, Iraq, Libya and all the other parts of the earth that the Nobel Peace laureate continues to bomb with impunity. Or in Egypt, whose murderous authoritarian ruler just got the Jamie Dimon treatment: a sweetheart deal from Obama of another billion dollars in aid, along with tanks, missiles and F-16s in exchange for a meaningless promise to cut back on persecuting gays, jailing journalists and executing protesters.
Victimization-by-state is always, and only, a matter of degree.
In order for millions of mortgagors to save their underwater homes, all the newly-elected Barack Obama had to do in 2008 was give the O.K. to then-Treasury Secretary Hank Paulson. Obama could have made a moratorium on foreclosures a pre-condition of the $700 billion Wall Street bailout. But like Bartleby the Scrivener, he preferred not to.
We already knew, from former TARP inspector Neil Barofsky's Bailout, that Obama and his own treasury secretary, Tim Geithner, had made relief for the banking cartel their top priority. They used TARP money to "foam the runway" for the Too Big To Fail/Jails (TBTFJs) by spreading out the foreclosures in a gradual fashion so as not to overburden the pampered plutocrats with too much paperwork. (Much of which later turned out to be fraudulent anyway, but that's another story.)
Now, as Dave Dayen notes, former House Financial Services Chairman Barney Frank has casually mentioned in his new memoir that President-elect Obama coldly, callously and deliberately threw millions of innocent victims of the financial meltdown under the bus. Just because he preferred to.
TARP was doled out in two tranches of $350 billion each. The Bush administration, still in charge during TARP’s passage in October 2008, used none of the first tranche on mortgage relief, nor did Treasury Secretary Henry Paulson use any leverage over firms receiving the money to persuade them to lower mortgage balances and prevent foreclosures. Frank made his anger clear over this ignoring of Congress’ intentions at a hearing with Paulson that November. Paulson argued in his defense, “the imminent threat of financial collapse required him to focus single-mindedly on the immediate survival of financial institutions, no matter how worthy other goals were.”
Whether or not you believe that sky-is-falling narrative, Frank kept pushing for action on foreclosures, which by the end of 2008 threatened one in 10 homes in America. With the first tranche of TARP funds running out by the end of the year, Frank writes, “Paulson agreed to include homeowner relief in his upcoming request for a second tranche of TARP funding. But there was one condition: He would only do it if the President-elect asked him to.”
Frank goes on to explain that Obama rejected the request, saying “we have only one president at a time.” Frank writes, “my frustrated response was that he had overstated the number of presidents currently on duty,” which equally angered both the outgoing and incoming officeholders.Now that Obama is in the twilight of his presidency, it is becoming safe for Democrats like Frank to come out of the closet and openly criticize the White House's corrupt allegiance to Wall Street. His fellow Massachusetts Democrat, Elizabeth Warren, has just added a bombshell of her own to the revised paperback edition of her own memoir, A Fighting Chance. Missing from the original hardcover bestseller was an anecdote of a meeting she once held with Obama's favorite banker, Jamie Dimon of JP Morgan Chase, to discuss government regulation of the TBTFJs:
Obama’s unwillingness to take responsibility before holding full authority doesn’t match other decisions made at that time. We know from David Axelrod’s book that the Obama transition did urge the Bush administration to provide TARP loans to GM and Chrysler to keep them in business. So it was OK to help auto companies prior to Inauguration Day, just not homeowners.
When the conversation turned to financial regulation and Dimon began complaining about all the burdensome rules his bank had to follow, I finally interrupted. I was polite, but definite. No, I didn’t think the biggest banks were overregulated. In fact, I couldn’t believe he was complaining about regulatory constraints less than a year after his bank had lost billions in the infamous London Whale high-risk trading episode. I said I thought the banks were still taking on too much risk and that they seemed to believe the taxpayers would bail them out -- again -- if something went wrong.
Our exchange heated up quickly. By the time we got to the Consumer Financial Protection Bureau, we weren’t quite shouting, but we were definitely raising our voices. At this point -- early in 2013 -- Rich Cordray was still serving as director of the consumer agency under a recess appointment; he hadn’t yet been confirmed by the Senate, which meant that the agency was vulnerable to legal challenges over its work. Dimon told me what he thought it would take to get Congress to confirm a director, terms that included gutting the agency’s power to regulate banks like his. By this point I was furious. Dodd-Frank had created default provisions that would automatically go into effect if there was no confirmed director, and his bank was almost certainly not in compliance with the those rules. I told him that if that happened, “I think you guys are breaking the law.”
Suddenly Dimon got quiet. He leaned back and slowly smiled. “So hit me with a fine. We can afford it.”Dimon could well afford to sneer. Every time his bank gets slapped with token criminal charges by Obama's justice department for face-saving public relations purposes, he saunters over to Eric Holder's office to demand and get a sweetheart deal. Holder holds the requisite press conference, collects a fine (on paper only, because banks can always claw back the cash through declaring losses on their tax returns) and he and Jamie give each other big sloppy kisses under cover of darkness.
Matt Taibbi, in one of his many articles exposing the criminal collusion between Wall Street and the White House, quotes a financial reform advocate who describes the perfidy this way:
"The kid-gloves approach that the DOJ and the SEC take with Wall Street is as inexplicable as it is indefensible," says Dennis Kelleher of the financial reform group Better Markets, which would later file suit challenging the Chase settlement. "They typically charge only one offense when there are dozens. It would be like charging a serial murderer with a single assault and giving them probation."Taibbi was writing about the case of a former JPMC employee who blew the whistle on the bank, only to find herself out of a job and her whistleblowing hidden from public view by Eric Holder, thanks to Dimon paying a clawed-backed fine to the government in exchange for the A.G.'s silence.
This past year she (whistleblower Alayne Fleischmann) watched as Holder's Justice Department struck a series of historic settlement deals with Chase, Citigroup and Bank of America. The root bargain in these deals was cash for secrecy. The banks paid big fines, without trials or even judges – only secret negotiations that typically ended with the public shown nothing but vague, quasi-official papers called "statements of facts," which were conveniently devoid of anything like actual facts.After Jamie made his latest deal with Eric, he got a huge raise and the bank's stock value skyrocketed while hundreds of low-level employees were laid off. Crime really does pay during the Age of Obama.
The president not only does not give a crap about you. He openly despises you.
Still, I guess we should count ourselves lucky that we don't live in Yemen, Somalia,Pakistan, Syria, Iraq, Libya and all the other parts of the earth that the Nobel Peace laureate continues to bomb with impunity. Or in Egypt, whose murderous authoritarian ruler just got the Jamie Dimon treatment: a sweetheart deal from Obama of another billion dollars in aid, along with tanks, missiles and F-16s in exchange for a meaningless promise to cut back on persecuting gays, jailing journalists and executing protesters.
Victimization-by-state is always, and only, a matter of degree.
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