Stop Whining? The Privileged Are in Charge
It was the show of shows last week for those of us who watch the financial markets and worry about the state of the economy. Which I guess means a lot of us. The collapse in share prices of Fannie Mae and Freddie Mac was startling. The general fall in stock prices was the sound of the other shoe falling. Oil prices keep going up.
But make no mistake about these events. They are made by humans, not large and impersonal economic forces. They are made by humans of above average greed and callous self-interest.
The derelict are the men and women in the mortgage business and the financial community. They are also government officials who have been resisted regulating markets and, now, have been slow to respond to the crisis. A subset of them are Wall Street multi-millionaires who go to Washington and complain that it is social spending that is ruining the country by causing federal deficits. They blame the victims.
They are people who have happily bought into the Friedman-ite philosophy of persistent laissez-faire and undiluted self-interest because these notions made so many of them and their supporters materially comfortable. How many have left government for remarkably cushy jobs since the bull market of the last two decades began?
It has taken Congress and the president six months to produce a bill to rescue some home owners. Largely, it has been lack of leadership from the president and the Treasury. Who could have produced the namby pamby re-regulation scheme of the Bush Treasury except people who didn't want to change much? Under what other leadership could the SEC be so irresponsible? There are plenty of Democrats who choose to drag their feet as well.
And now the president resists a second stimulus.
But the main event of last week for me was for Senator Phil Gramm's comments that Americans are a bunch of whiners. In fact, this is the heart of the tragedy. Washington lost its sense of the people a couple of decades ago, all the while cleverly convincing the people it was working in their interest.
Senator Gramm's views simply reflect much of Washington and Wall Street. These are the people who tell Americans to go to the public hospitals if they don't have health insurance -- and stop whining. They tell the making $30,000 a year worker to go buy a private health plan for $3000 to $6000 annually -- and stop whining. They claim both parents work so hard simply because they want to get all those fancy cars and take vacations -- not because they are paying a high mortgage in a good school district to give their kids a chance. Stop whining. They are not only Republicans. And they can't understand that workers are struggling.
These are the people who tell us Ronald Reagan created a boom twenty-five years ago. So why are you whining? Then, why, you ask, are typical male workers in their thirties making less today than their fathers did after inflation a generation ago? Oh, stop whining.
The privileged are now in charge in America. Democracy's many voices have been stymied. Financial crisis may change that. A changing of the guard in the White Hosue may -- something had better.
Loading comments…
Want to reply to a comment? Hint: Click "Reply" at the bottom of the comment; after being approved your comment will appear directly underneath the comment you replied to
Suggested reading: "Player Piano" by Kurt Vonnegut
One small detail the rich guys forgot. If the economy fails, there's no place to suck out more money.
In order to produce anything, including wealth, you need workers, working. And they need to produce something besides hamburgers and war. We allowed our entire manufacturing sector to be shipped to overseas sweatshops, and all our basic services to be deregulated. That pretty much set us up for the fall, and the "War on Terror" will surely finish the job. Well, I guess the consolation is that once we have fallen so low, no one will want to come over and blow us up! Mission Accomplished!
Guess the Rich and Famous can all bail when the economy goes belly up. Wonder what countries would let them in?
If they all leave, can we please not let them back in?
I wonder if we are ready to learn this lesson yet.
STOP WHINNING AND BAIL OUT THE BANKERS AND INVESTMENT BANKS!!!!!!!!
THEY WROTE BAD LOANS AND NOW FACE JAIL OR BANKRUPTIZE AND NEED YOUR HELP AMERICANS.
SO PUT UP YOUR MONEY SO THEY DON'T LOSE THEIRS.
It's sad when it is impossible for biting satire to exaggerate and it can only reiterate the actual events that are happening.
we hear you, quit yelling.
The wealthy privatize profits and socialize the risk. If the average white male would worry less about his gun and more about his family, maybe he could support a wife and children without being on welfare himself. Being average in terms of non-government employment means making $600 per week. This figure has fallen 5% since 1974. So what did Ronald Reagan do for the average white male?
Reagan's image of the welfare queen driving a new Cadillac was the height of Madison Avenue hype. It implied that she was a lazy, dishonest, black mother who immorally had several children and was on welfare. Well, now it is time for white males to wish they had welfare for their families as the rich are bailed out by Reaganomics.
Maybe the lesson for white males is finally here. If you are in the work force, you are in the same boat as similarly situated people of color. Being white isn't going to pay your bills. That's what the GOP tells you but you don't see McSame offering you any help, do you?
i KNOW SEVERAL WHITE GUYS WHO ARE NEARLY HOMELESS EVERY MONTH BUT PAY THAT CHILD SUPPORT WHILE THE EXWIFE DOES NOT WORK. THEY ARE CUTTING WOOD NOW HOPING THEY CAN KEEP WARM FOR THE WINTER.
THEY CAN'T AFFORD TO PICK THE KIDS UP FOR WEEKENDS BUT THEY NEVER MISS THEY CHILD SUPPORT PAYMENTS. A COUPLE OF THEM WILL BE HOMELESS AND LIVING IN THIER CARS AND ONE HAD TO QUIT HIS JOB BECAUSE HIS CAR BROKE DOWN AND NO MONEY TO FIX IT.
STRANGE WORLD WE LIVE IN TODAY.
In a democracy you get who you vote for. Are the voters going to learn a lesson? One can only hope. But something in me says that they won't. There will be millions who will find a way to "rationalize" the failing economics as God's punishment for gay marriage, abortion and the teaching of evolution in public school. How much do you want to bet?
Under ronald reagan his first act was to destroy the air traffic controller union who wanted to strike because they were working 20 hours a day and thought that might be a safty issue.Then he made it easier for companies to declare bancruptsy so they could more easily go under taking their union workers with them and start up a new co. with non union.The fact so many union people voted for him is just a glaring illustration of how stupid the american people are!
Pure Capitalism facilitates a "Reverse Robin Hood" syndrome. Strong, relentless labor advocates and powerful unions were the ONLY reason we had a middle class in the first place. "Free Markets" = "Enslaved Undersclasses"
People need to start figting, really fighting for a bettter deal instead of counting government to do it for them. Like the man says; "Stop whining and Start a Revolution"
The privileged have always been in charge and usually concede their office to others of privilege.
It just stands to reason that if you elect a millionaire to office he will pass laws to favor himself and his millionaire buddies and swear that if given another chance he'll let a few crumbs trickle down to the commoners.
So once we vote them in office and we don't have a right to whine
. Man up and vote for change!
Seems that Phil Gramm has finally discovered that when American workers and their families are ignored in domestic policy and tax legislation, they don't always stay quiet. Good that your doctor finally cleaned your ears, Phil.
EXCELLENT POINT: "Then, why, you ask, are typical male workers in their thirties making less today than their fathers did after inflation a generation ago?"
You must be logged in to comment. Log in or connect with
