Banking

(Mostly) Quick Hits – They’re Linked, I Promise

Reading time – 6:49; Viewing time – 9:59  .  .  .

First, a heads-up for the impatient: The lede is buried at the end of this post.

A Really Tough Time for Republicans

Judge Roy Moore was removed from the bench twice for flaunting our laws in favor of his absolutist religious beliefs. Yes, he was an Alabama Supreme Court judge who disrespected the rule of law – that’s why he was removed from the bench – did I mention “twice”? Apparently, in Alabama that’s not a disqualifier for becoming a United States Senator. As you know, though, the story gets far worse.

Several women have gone public, accusing Moore of sexually violating them and  most were minors when the accused sexual predator allegedly violated them. We’re talking pedophilia. Here are some peculiars about this:

  1. There are only allegations of Moore’s wrongdoing – nine as of this writing – there have been no legal proceedings. If we still believe in innocent until proven guilty (and that’s questionable, given the Trump hysteria of “lock her up”) why are so many calling for Moore’s political lynching?
  2. We all know he’s a slime ball, with a history of his absolutist views being the only ones he deems of value, and his taking a million dollars from his charity for his personal use. He’s hurt both the Constitution and a lot of people and has that self-righteous stink of a hypocrite. That makes it easy to leap to a public opinion conviction of this guy.
  3. Donald Trump has slithered his tweets about how awful are the two wrongdoings of Sen. Al Franken (D-MN).  Oddly, even with the multiple accusations of Moore’s pedophilia, Trump hasn’t said a thing about him. That’s a mistake. I believe that the best thing that can happen is for Trump to weigh in on Moore’s alleged sexual predatory behavior. After all, other than Harvey Weinstein, Trump is the guy with the most experience in this field. Okay, that was snark.
  4. Why aren’t all Republicans leaping at the opportunity to fry Roy Moore? This is a political no-brainer.
  5. This is a really tough time to be a Republican with a spine, with a moral compass, with a drive to do what’s right for others and for our country. If such folks stand up for what’s right, the extremists will fire them from from their jobs in Congress and the state houses. That’s because about half of us – most of the reasonable, centrist Americans – don’t bother to vote, leaving to the extremists the decisions about who goes to Congress and our state houses. The solution to this is obvious. So, help a good-guy Republican by showing up and voting for the reasonable folks in every election.

Education

George W. Bush created the No Child Left Behind plan, which forced teachers to instruct students how to take standardized tests, rather than teaching them what they need in order to succeed in life. The name of that plan is something we all support and encourage, so the spinmeisters did their job. The only problem is that No Child Left Behind left millions of children behind.

Speaking of our children being successful, it seems we don’t actually want that to happen. We continue to provide the majority of funding for our schools through property taxes, which is a great plan if the properties are in a wealthy area. It doesn’t work quite as well if the area is poor, because that results in low tax revenue for schools and inadequate resources for turning out well educated kids. That’s how we systematically condemn poor kids to poverty and our country to less than our best possible future.

Leadership

Being clear about what’s going on and about what needs to be done is hard work. Someone needs to stand up and declare, “THAT WAY!” and it isn’t at all obvious who’s up to the challenge. The call has to be inspirational and it must be clean and crisp and memorable so that we maintain focus and continue putting one foot in front of the other and in the right direction. But that call seems as yet uncrafted. In the face of challenges all around us, which way should we go? And who will you follow?

Monopoly (not the board game)

The Justice Department case against Microsoft 17 years ago for anti-competitive practices is the most recent enforcement of the Sherman Anti-Trust Act, legislation designed to prevent monopoly. The  purpose of that act was to keep excessive economic power from being concentrated in too few hands, because otherwise society – that’s the rest of us – would be harmed. Ronald Reagan essentially terminated the Sherman Anti-trust Act through non-enforcement and not much has been done to prevent anti-competitiveness since then, even as large corporations buy competitors and consolidate power for themselves and largely at the expense of you and me. Think: airlines; investment companies; accounting firms; pharmaceutical companies; and banks.

Taxes

You already know that the basic fact of the proposed Republican tax plan is primarily a cash giveaway to the rich. That’s accomplished by taking benefits from poor and working class Americans. The Republicans are claiming that this corporate and rich people’s mattress-stuffer bill will deliver the wondrous magic of driving economic growth, new and better jobs for Americans and rising income for all. Plus, everybody gets their own pony in the back yard. But what if all the goodies (other than the cash gift to the wealthy) are really just a phantom that was dreamed up years ago in order to sell trickle-down?

Bruce Bartlett was a key guy in creating the trickle-down myth in the 1980s, so he knows something about this. Read his piece in the Washington Post, where he ‘fesses up to having been a true believer in trickle-down and now unmasks the fraud that it is. He pulls back the curtain about the claim that reducing taxes primarily on the wealthy will result in rising income for working Americans. Be sure to pass along his piece to your fiscally conservative brother-in-law and be sure to remind him of the $1.5 trillion debt the Republicans’ plan will create. That should make for a spirited Thanksgiving discussion.

Banking

The Glass-Steagall Act was passed following the Great Depression as a preventative against some reckless banking practices that helped lay waste to our economy and devastate millions of Americans. In 1999 that law was repealed, allowing investment banks, commercial banks and insurance companies to merge and invent heretofore unimaginable products that put the entire world on the precipice of economic disaster.  There have been many calls for the big banks to be broken up since then, precisely because they enjoy de facto monopoly of our financial world and can pose an existential threat to our country. Those break ups haven’t happened and the banking instruments that put our economy in peril in 2008 are vastly larger today. What do you suppose might happen?

Freedom

It’s time to pay attention to what’s going on and make sense of it all. Here’s a sampling of what some very wise people had to say about that.

Our government . . . teaches the whole people by its example. If the government becomes the lawbreaker, it breeds contempt for law; it invites every man to become a law unto himself; it invites anarchy. Justice Louis Brandeis

He Screwibus Union

The people never give up their liberties but under some delusion. Edmund Burke

The people of every country are the only safe guardians of their own rights, and are the only instruments which can be used for their destruction. And certainly they would never consent to be so used were they not deceived. Thomas Jefferson

If a nation values anything more than freedom, it will lose its freedom; and the irony of it is that if it is comfort or money that it values more, it will lose that too.  W. Somerset Maugham

We need clear, rational thinking and action in order to protect what we hold dear. Who would have thought that doing so would require courage on the part of those in Congress?

What we’ve seen so far are extensive connections to Russia and fatuous lies told about those connections by nearly everyone high in the Trump administration. What has been confirmed by 17 intelligence agencies of the U.S. is that Russia hacked of our election and tried to influence the votes of millions of Americans. Instead of believing our own experts, Trump believes Putin when all he offers is, “nuh-uh.” Trump maintains a submissive, lapdog posture toward Putin and his manipulation of and access to information makes it look like there’s been a bloodless coup, a Russian theft of America.

You are incrementally being put at greater risk by powerful people concerned solely with their own wealth and power and apparently without the slightest concern for our country. I assure you that staying quiet about this, doing an ostrich, will allow more harm to be done to you and to America. Robert Mueller is doing his job, but that may not be enough. Perhaps it’s time for you to stand up and speak up.

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Ed. note: There is much in America that needs fixing and we’re on a path to continually fail to make things better. It’s my goal to make a difference – perhaps to be a catalyst for things to get better. That’s the reason for these posts. To accomplish the goal requires reaching many thousands of people and a robust dialogue.

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Copyright 2017 by Jack Altschuler
Reproduction and sharing are encouraged, providing proper attribution is given.

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