Published on January 12th, 2013 | by Todd Smekens0
Crony Capitalism is Undermining This Nation
(photo courtesy of takomabibelot/Flickr)
The question is, “Have you had enough of crony capitalism and all the usual players receiving the usual breaks?”
While the Tea Party across the country chants, “No more taxes!” and force their 2010 conservative right-wing ideologues to take a stand for “American Patriotism” to eliminate the evil public unions who have caused a run up in Federal and State spending, and insist that foolish spending on entitlement programs like social security, medicare and medicaid come to an end, pitting middle class against itself, don’t you wonder about all the drama played out by “main street media” or the “so-called liberal media” regarding the “fiscal cliff”?
Instead of pointing your finger toward your neighbor, you should be asking yourself why did all these “liberal media” outlets ignore the free giveaways granted to corporate America? CEO’s of major corporations went to Washington to politic hard that the President and Washington needs to enforce austerity measures on the American people.
As we mentioned in a recent article on Muncie Voice, Lloyd Blankfein, CEO of Goldman Sachs, was given a national megaphone to urge the President and Congress to start addressing our deficit by making hard cuts on social security and medicare. He stated, “We can no longer afford these entitlements.”
However, while he’s telling our legislators to get tough on our elderly and lower income populations, Lloyd and his lobbying firm were negotiating further tax credits and sweet deals for Goldman Sachs. According to Bill Moyers:“After 9/11 Congress created tax-exempt Liberty Zone bonds to help small businesses rebuild near Ground Zero. Turns out Goldman’s friends in high places consider it a small business, too, although it made $5.6 billion dollars in profits last year. As the fiscal cliff fiasco was playing out over New Year’s Eve, faster than the ball dropped in Times Square, a deal was struck in Washington that will extend the subsidies for Goldman’s fancy new headquarters in lower Manhattan. In their 43 stories of glass and steel, and a footprint two city blocks long, Goldman Sachs reigns supreme, thanks to a system rigged by and for the powerful rich.”
Are you starting to get the picture yet about the crony capitalists? Our democracy has been sold off to the highest bidder.
In addition, our corporate executives were busy telling their boardrooms that bonuses had to come early this year to avoid the impending tax increases. As Bill points out:“Just hours before the fiscal cliff deal’s higher individual tax rates kicked in, Goldman handed Lloyd Blankfein and his top lieutenants “a total of $65 million in restricted stock,” bonuses awarded a month earlier than usual so they could all beat the coming tax hike from which they have been spared for more than 10 lucrative years. It will not surprise you, I am sure, to learn that “corporations announced more special dividends last month than in any other December since at least 1955.” Doing everything they can to avoid helping pay off the debt their CEOs have been urging Congress to cut.”
Shall I repeat my earlier question, “Have you had enough of crony capitalism?”
This isn’t about republicans or democrats, or unions and small businesses. It’s about our country which is systematically being sold off to the highest bidder. Yes, Washington serves the plutocracy guided by the 1%’s private unions called “lobbying firms.”
These plutocrats use millions in lobbying dollars to fix the government in their favor and it permeates every single industry. None are exempt from the corruption. According to OpenSecrets.org website, here are the top industries and the dollars spent in 2012:
|Oil & Gas||$103,814,662|
|Misc Manufacturing & Distributing||$80,036,881|
|Securities & Investment||$74,128,412|
It’s funny to watch Rupert Murdoch’s Fox News analysts calling all the other networks “liberals” when CBS and NBC are providing the stage for the CEO’s to peddle their deficit downers on the country and tell us to inform grandma and grandpa to make due with less. Meanwhile, their lawyers are cutting deals with our legislators to keep their perks in place so they can live lavishly on their yachts.
While FOX is pointing at NBC and MSNBC is pointing at Fox for being too conservative, guess who is gutting America and laughing all the way to the Cayman Islands?
That’s right…and they’re not done yet.