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  • frank rich attacks fire's political power, america's "caste system"

    Originally posted by frank rich
    ...big money — the big money that dominates our political system, regardless of who’s in power. Two years after the economic meltdown, most Americans now recognize that that money has inexorably institutionalized a caste system where everyone remains (at best) mired in economic stasis except the very wealthiest sliver.

    The Great Depression ended the last comparable Gilded Age, of the 1920s, and brought about major reforms in American government and business. Not so the Great Recession. Last week, as the Fed’s new growth projections downsized hope for significant decline in the unemployment rate, the Commerce Department reported that corporate profits hit a record high. Those profits aren’t trickling down into new jobs or into higher salaries for those not in the executive suites. And the prospect of serious regulation of those at the top of the top — the financial sector — is even more of a fantasy in the new Congress than it was in its predecessor.

    Wall Street is already celebrating the approach of bonus season by partying like it’s 2007. In The Times’s account of this return to conspicuous consumption, we learned of a Morgan Stanley trader, since fired for unspecified reasons, who went to costly ends to try to hire a dwarf for a Miami bachelor party prank that would require the dwarf to be handcuffed to the bachelor. If this were a metaphor — if only! — Wall Street would be the bachelor, and America the dwarf, involuntarily chained to its master’s hedonistic revels and fiscal recklessness with no prospect for escape.

    As John Cassidy underscored in a definitive article titled “Who Needs Wall Street?” in The New Yorker last week, the financial sector has paid little for bringing the world to near-collapse or for receiving the taxpayers’ bailout that was denied to most small-enough-to-fail Americans. The sector still rakes in more than a fourth of American business profits, up from a seventh 25 years ago. And what is its contribution to America in exchange for this quarter-century of ever-more over-the-top rewards? “During a period in which American companies have created iPhones, Home Depot and Lipitor,” Cassidy writes, the industry reaping the highest profits and compensation is one that “doesn’t design, build or sell a tangible thing.”

    It’s an industry that can buy politicians as easily as it does dwarfs, which is why government has tilted the playing field ever more in its direction for three decades.
    http://www.nytimes.com/2010/11/28/op...rssnyt&emc=rss
    Last edited by jk; November 28, 2010, 12:21 PM.

  • #2
    Re: frank rich attacks fire's political power, america's "caste system"

    I don't know what it says that no itulip readers commented on this editorial by Rich.

    If you go to the NYT link, there is more than enough discussion there, and a few of which I read.

    Here is a brief one that appealed to me, and it is by Kevin Rothstein in comment number 11. http://community.nytimes.com/comment...ort=highlights

    "There are going to be hundreds of readers posting outraged responses to Mr. Rich's column. "Something needs to be done", they will say. Well, something does need to be done. Campaign finance reform would work. Good luck with that. The Republican Party is 100% in the bag for big business. The Democrats are sufficiently corrupt to render any resistance to the quiet coup d'etat of the past 30 plus years a cruel charade. Nothing short of a total collapse of our economy, with the devaluation of the dollar and an end to the dollar as the world's reserve currency, will bring the masses of disengaged citizens out of their normal catatonic state and demand an end to this sick farce of a government. Here's hoping."


    I agree with this guy's opinion that something severe will have to occur to force a change in the way the political system works. Personally I still regret that the entire 9/11/2001 attack was not aimed at a Congress that was in session, but actually that would have been dumb on the part of the Islamic extremists, because I do think they recognize that this country is totally capable of bringing about its own demise from within if it is just allowed to continue on its current path of governance.

    Probably not too many are worked up enough to read the attached (assuming I can get it attached) pdf which I ran across on The Big Picture this week. Among many points, it makes the same point that campaign financing needs to be publicly financed, and according to Tasini it could be pulled off. Tasini's chief argument is "There is no government debt or deficit 'crisis'." His opinions in the pdf are not the worst thing I've read by far, but unfortunately for answers to the problems he sees, something terrible will have to happen to force changes in how US politics operates.
    Attached Files
    Jim 69 y/o

    "...Texans...the lowest form of white man there is." Robert Duvall, as Al Sieber, in "Geronimo." (see "Location" for examples.)

    Dedicated to the idea that all people deserve a chance for a healthy productive life. B&M Gates Fdn.

    Good judgement comes from experience; experience comes from bad judgement. Unknown.

    Comment


    • #3
      Re: frank rich attacks fire's political power, america's "caste system"

      as bad as our economic problems are, our political problems are worse. therefore, the economic problems will have to grow to be comparable to our political mess.

      Comment


      • #4
        Re: frank rich attacks fire's political power, america's "caste system"

        Originally posted by Jim Nickerson View Post
        I don't know what it says that no itulip readers commented on this editorial by Rich.

        ...
        My reaction when I first read it [before your post] was that the mainstream media continue to slowly catch on. For me the first indication of this was when Matt Taibbi first started writing about the financial crisis in Rolling Stone. Maybe things will start to become truly apparent to the sleeping masses when Thomas L. Friedman [who my liberal/socialist friends and family apparently adore] starts writing about it. Maybe.

        Comment


        • #5
          Re: frank rich attacks fire's political power, america's "caste system"

          Originally posted by Jim Nickerson View Post

          If you go to the NYT link, there is more than enough discussion there, and a few of which I read.

          http://community.nytimes.com/comment...ort=highlights
          I have generally quit reading comments here and elsewhere because so many, in my opinion, are truly a waste of my time to click and wait for a page to load, and I do have a decent broadband connection.

          The link above takes one to socalled "highlights" comments posted in regard to Rich's editorial. If you are one who enjoys reading Tom, Dick, or Harry's comments, then the relatively few at the link I think are worth reading, though I believe only the one I chose above suggests a real answer, which might some day come to be.
          Jim 69 y/o

          "...Texans...the lowest form of white man there is." Robert Duvall, as Al Sieber, in "Geronimo." (see "Location" for examples.)

          Dedicated to the idea that all people deserve a chance for a healthy productive life. B&M Gates Fdn.

          Good judgement comes from experience; experience comes from bad judgement. Unknown.

          Comment


          • #6
            Re: frank rich attacks fire's political power, america's "caste system"

            Originally posted by Jim Nickerson View Post
            ...Probably not too many are worked up enough to read the attached (assuming I can get it attached) pdf which I ran across on The Big Picture this week. Among many points, it makes the same point that campaign financing needs to be publicly financed, and according to Tasini it could be pulled off. Tasini's chief argument is "There is no government debt or deficit 'crisis'." His opinions in the pdf are not the worst thing I've read by far, but unfortunately for answers to the problems he sees, something terrible will have to happen to force changes in how US politics operates.
            Jim, thanks for including as I found it worth my 15 minutes to read. Of course my head is kind of exploding now as I was one of those to actually pay to go and even take my daughter to the I.O.U.S.A. movie. I think he's correct on many points, but wish he would distinguish between free market and what we're being sold as "free market". The folks who argue that we now have a socialist government in power are largely correct - they're just very confused about who's getting the benefits.

            Comment


            • #7
              Re: frank rich attacks fire's political power, america's "caste system"

              Rich's analysis of electoral politics is right on. The Democrats gain power and they believe the American people are all little Nancy Pelosi's who love the Democrats. The Republicans gain power and the American people are really to the right of Attila the Hun and want to close down the FDA.

              We're in a revolving door phase of politics. The only hope: Someone shows up on the national scene of some stature and tells the truth and when he does and all the different tribes howl and gnash their teeth he/she continues to tell the truth without blinking.

              I doubt this will ever happen.

              Comment


              • #8
                Re: frank rich attacks fire's political power, america's "caste system"

                Originally posted by Jim Nickerson View Post
                I have generally quit reading comments here and elsewhere because so many, in my opinion, are truly a waste of my time to click and wait for a page to load, and I do have a decent broadband connection.

                .
                Maybe you need to check your registry with one of the many registry repair programs, or maybe try a different browser?

                Comment


                • #9
                  Re: frank rich attacks fire's political power, america's "caste system"

                  Originally posted by Jim Nickerson View Post
                  I don't know what it says that no itulip readers commented on this editorial by Rich.

                  If you go to the NYT link, there is more than enough discussion there, and a few of which I read.

                  Here is a brief one that appealed to me, and it is by Kevin Rothstein in comment number 11. http://community.nytimes.com/comment...ort=highlights

                  "There are going to be hundreds of readers posting outraged responses to Mr. Rich's column. "Something needs to be done", they will say. Well, something does need to be done. Campaign finance reform would work. Good luck with that. The Republican Party is 100% in the bag for big business. The Democrats are sufficiently corrupt to render any resistance to the quiet coup d'etat of the past 30 plus years a cruel charade. Nothing short of a total collapse of our economy, with the devaluation of the dollar and an end to the dollar as the world's reserve currency, will bring the masses of disengaged citizens out of their normal catatonic state and demand an end to this sick farce of a government. Here's hoping."


                  I agree with this guy's opinion that something severe will have to occur to force a change in the way the political system works. Personally I still regret that the entire 9/11/2001 attack was not aimed at a Congress that was in session, but actually that would have been dumb on the part of the Islamic extremists, because I do think they recognize that this country is totally capable of bringing about its own demise from within if it is just allowed to continue on its current path of governance.

                  Probably not too many are worked up enough to read the attached (assuming I can get it attached) pdf which I ran across on The Big Picture this week. Among many points, it makes the same point that campaign financing needs to be publicly financed, and according to Tasini it could be pulled off. Tasini's chief argument is "There is no government debt or deficit 'crisis'." His opinions in the pdf are not the worst thing I've read by far, but unfortunately for answers to the problems he sees, something terrible will have to happen to force changes in how US politics operates.
                  Such postings seem to be de rigeour on iTulip. Every month or so we get a new one. If I see some responses to it (as I did here) I might do a quick browse to see if anything is new. Almost never is -- it's mostly the membership nodding sagely at the latest "we are all doomed" pronouncement. :-)

                  Just as well, I'm not here for political reasons, I follow other sites for that. But it is interesting to gage the iTulip community group's political levels of rage now and again.

                  Comment


                  • #10
                    Re: frank rich attacks fire's political power, america's "caste system"

                    Originally posted by jiimbergin View Post
                    Maybe you need to check your registry with one of the many registry repair programs, or maybe try a different browser?
                    I think you missed my point, or I failed to have written well enough to have made the point. The point is even though my browser requests for a page showing comments loads quite quickly and satisfactorily, the comments once accessed are more often than not superfluous, dumb, unimportant. Much like you and I are writing about here.
                    Jim 69 y/o

                    "...Texans...the lowest form of white man there is." Robert Duvall, as Al Sieber, in "Geronimo." (see "Location" for examples.)

                    Dedicated to the idea that all people deserve a chance for a healthy productive life. B&M Gates Fdn.

                    Good judgement comes from experience; experience comes from bad judgement. Unknown.

                    Comment


                    • #11
                      Re: frank rich attacks fire's political power, america's "caste system"

                      Originally posted by Jim Nickerson View Post
                      I don't know what it says that no itulip readers commented on this editorial by Rich.
                      I guess I'll add my superfluous, dumb, and unimportant commentary here. I suspect that very few iTulip readers have commented because this is old, old news to anyone who follows this web site.

                      I guess jk posted the article to show that there are voices in the MSM that are finally beginning to see what's going on? Perhaps this is a watch on the progress, in coming weeks, months, or years, that will give the average American quality journalism and inform them enough to take action at the polls to throw out the rot on Capitol Hill?

                      Comment


                      • #12
                        Re: frank rich attacks fire's political power, america's "caste system"

                        Originally posted by Milton Kuo View Post
                        I guess jk posted the article to show that there are voices in the MSM that are finally beginning to see what's going on?
                        yes, i think it's worth tracking the currency of ideas. if itulip is really looking ahead, we should see the ideas that are common here gradually be adopted in the msm and among mainstream society. it's like a bull market, as more and more commentators and citizens become converted to a certain way of looking at things. and, like a bull market, by the time the idea becomes conventional wisdom, we'd better have some new ideas.

                        Comment


                        • #13
                          Re: frank rich attacks fire's political power, america's "caste system"

                          Originally posted by jpatter666 View Post
                          Just as well, I'm not here for political reasons, I follow other sites for that. But it is interesting to gage the iTulip community group's political levels of rage now and again.
                          What level is the iTulip Rage-o-Meter currently registering at?

                          Comment


                          • #14
                            Re: frank rich attacks fire's political power, america's "caste system"

                            If Wall Street produces nothing and if Wall Street merely directs the bribes to the Congress, then why do the U.S. public schools teach kids that the U.S. Constitution is a divinely inspired gift from the founding-fathers of America?

                            I am just asking a question here, and this question does not necessarily reflect upon my beliefs. I just want to see how public education in America works to keep this corrupt system going, and why it does so?

                            What do I know? At 62, I'm still learning how this system in Washington works. And this election of Obama has been a real eye-opener to me because I thought Obama would have brought major reform to the U.S.

                            And in Scotland, why did the Lockarbie-bomber get released? I'm still learning.

                            And at UC Berkeley, the love-in with Islam, especially the love-in with the radical Islamists now running Iran.... Why? ( I was at UC in the late 1960s, and I witnessed the love-in with Islam. ) As I said, "At age 62, I'm still learning how this world works."

                            Comment


                            • #15
                              Re: frank rich attacks fire's political power, america's "caste system"

                              Give Rich more credit. He's been on top of this a lot longer than most comments here suggest. Also give NYT readers more credit. If you click on NYT "reader recommended comments," you get the cream, often with links to supporting evidence. Rich is one of the few pundits I also consider a reporter. He only writes one column per week and most seem to be the result of a lot of research and arm twisting of sources. His columns often break news by connecting dots and telling us who hired, fired, paid, and/or bribed whom.

                              Comment

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