So in reality it's all government failure. If politicians are selling political favors to the rich, then it's a failure of government, not capitalism.
Oh, no, no. Don't fall for that Big Business defense. As was proven in 1929 and again in 2007-08, unregulated capitalism will destroy itself. Without even knowing the details, common sense prevails here.
- Unregulated = Crash of 1929 leads to Great Depression.
- Regulated - Glass-Steagall Act of 1933 leads to seventy years of relative stability.
- Unregulated - The Financial Services Modernization Act of 1999 dismantled Glass-Steagall. By 2006 the unregulated banks were already proving to be irresponsible and led to the Great Recession.
Capitalism is greed. And left unregulated, they will steal, rob, and ruin their own institutions.
Wtf does this dumb crap mean? Who is "allowing" corporations to "pressure" Washington?
The answer of course, is no one. Your beloved "representatives" want to be bought out, because it benefits them to make deals with corporations. Again, this is all government failure, and has nothing to do with private property in the means of production.
Oh, you wish to blame only one but not the other. If you see this as dumb crap, perhaps you should stick to Dr. Seuss. I'll hold your hand:
1886: In
Santa Clara County v. Southern Pacific Railroad Company, the Equal Protection Clause of the Fourteenth Amendment granted constitutional protections to corporations.
1999: The
Financial Services Modernization Act dismantled Glass-Steagall Act of 1933, which allowed the two separate types of banks to merge again. This is how millions of average Americans saw his retirement and his little investments disappear by 2007.
2000: The
Commodity Futures Modernization Act authorized the creation of conglomerates like CitiGroup, which led the way to the banking meltdown of 2007-08.
2010: In
Citizens United v. Federal Election Commission, the Court held that the free speech clause of the First Amendment prohibits the government from restricting independent expenditures for political communications by corporations, including nonprofit corporations, labor unions, and other associations.
* These are the fists that made your Senator a prize for Big Business lobbyists. And legislation comes from Senators, not corporations. Together they worked to upend the economy for the benefit of the few. Would you like the names of the major players involved in giving Big Business license to crap all over the economy and bend you over?
- Robert Rubin: At the new CitiGroup, then Clinton's Treasury secretary, then back to an all powerful CitiGroup.
- Wendy Gramm: Held regulatory positions under Reagan, exempted Enron from regulatory restraints under Clinton, then on the board of Enron.
- Ken Lay: Enron CEO
- Alan Greenspan: head of Federal Reserve
- Lawrence Summers: Clinton's Treasury secretary
- Phil Gramm: Republican Senator
- James Leach: Republican Congressman
- Henry Paulson: Bush's Treasury secretary and former employee of Goldman Sachs
- James A. Johnson: Ran Fanny Mae
- Angelo Mozilo: Chair of Countrywide
- Franklin Delano Raines: Highly compensated Wall Street financial executive working for Fanny Mae
- Bernard Madoff: Chair of NASDAQ
There were plenty more. The Center for Responsive Politics estimated that 71 senators and 188 members of the House received contributions from Enron as it was wrecking southern California for profit. All of this was made possible because corporations were given power over politics. Want to be elected? Good luck avoiding the corporation that just gave your competitor a million dollars. But these are the major players in the scheme to deregulate Big Business and the banks that would see Enron bankrupt and the Great Recession. All received handsome financial rewards along the way for helping lobbyists serve their masters, who turned around and rewarded politicians with campaign donations in a symbiotic relationship that that wrecked the global economy for personal gains. Would you like me to explain the scheme that led to corporations receiving bailouts? And how they coerced the government they paid for to give them exactly what they wanted?
Or is this just "dumb crap?" Look, if you aren't smart enough to understand these things, don't read my posts.
Start with a book instead. Or...is Big Business giving you a check too?