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Intro: "Every day brings more reminders of the terrible unfairness that besets our country, the tragic reversal of fortune experienced by millions who once had good lives and steady jobs, now gone."

Portrait, Bill Moyers. (photo: Robin Holland)
Portrait, Bill Moyers. (photo: Robin Holland)



Banksters Take Us to the Brink

By Bill Moyers and Michael Winship, Bill Moyers & Company

13 July 12

 

very day brings more reminders of the terrible unfairness that besets our country, the tragic reversal of fortune experienced by millions who once had good lives and steady jobs, now gone.

An article in the current issue of Rolling Stone chronicles “The Fallen: The Sharp, Sudden Decline of America’s Middle Class” and describes a handful of middle class men and women made homeless, forced to live out of their cars in church parking lots in Southern California.

One of them, Janis Adkins, drove a van filled with her belongings to Santa Barbara, where she panhandled at an intersection with a sign reading, “I’d Rather Be Working — Hire Me If You Have a Job.” Once upon a time she had a successful plant nursery business in Utah that annually grossed $300,000. But two years after the nation’s financial meltdown her sales had dropped by fifty percent and the value of her land plunged even more. She tried to refinance but four banks turned her down flat. “Everyone was talking about bailouts,” Adkins told reporter Jeff Tietz. “I said, ‘I’m not asking for a bailout, I’m asking you to work with me.’ They look at you, no expression on their faces, saying, ‘There’s nothing we can do.’”

“Nothing we can do.” And yet it was banks like these who helped get people like Janis Adkins into such desperate jams in the first place. When faced with their own financial catastrophes, all those big-time bankers came running to the government and taxpayers for those aforementioned bailouts worth hundreds of billions of dollars, then scooped up big bonuses and perks for themselves, and went back to business as usual.

And what a business! You’ve most likely been hearing about the newest scandal in banking, centering on Barclays Bank in Great Britain and something called Libor. That stands for London Interbank Offered Rate, and involves a group of bankers who set a daily interest rate affecting trillions of dollars of transactions around the world. Your home mortgage, your college debt, your credit card fees; all of these could have been affected by Libor.

Now you would think the rates would be set by market forces, right? Aren’t they what makes the world go ‘round? But it turns out some of those insiders were manipulating the index for their own gain, to make their banks look better off during the financial crisis, lower their borrowing costs, and raise their profits — by cheating. Picking our pockets and lining theirs.

The Economist describes it as “the rotten heart of finance.” Here are some of the e-mails that have come to light: A banker in on the fix writes another, “Dude. I owe you big time! Come over one day after work and I’m opening a bottle of Bollinger.” One employee after being asked to submit false information, answered: “Always happy to help.” And another, recruiting a colleague in the fix, wrote: “If you know how to keep a secret, I’ll bring you in on it.”

Caught with its hand in the cookie jar, Barclay’s agreed to pay nearly half a billion in fines to British and American authorities, and as many as 20 other megabanks are under investigation, including Deutsche Bank, Citigroup, UBS, HSBC, and JPMorgan Chase. As one MIT authority on finance told CNN, “This dwarfs by orders of magnitude any financial scams in the history of markets.”

In the middle of this mess is an American named Bob Diamond. He was the CEO of Barclays and the man behind Barclays’ takeover of what was left of Lehman Brothers when, at the height of the financial crisis in 2008, Lehman filed for the largest bankruptcy in U.S. history. His goal was to make Barclays a global investment powerhouse but his enormous salary — his net worth has been estimated at $165 million — and unrepentant defense of the financial industry’s behavior led one British government official to describe him as “the unacceptable face of banking.” Diamond did wind up apologizing for Barclay’s role in the Libor interest rate scandal, even offering to forfeit his annual bonus — last year he received one worth more than $4 million. But in the end, under pressure from stockholders and public opinion, he was forced to resign.

Meanwhile, the ripples from the scandal continue to spread. The New York Times reports that the city of Baltimore, stricken by financial losses and layoffs, is in the midst of a court battle against the banks that set the Libor index and that, “Now cities, states and municipal agencies nationwide, including Massachusetts, Nassau County on Long Island, and California’s public pension system, are looking at whether they suffered similar losses and are weighing legal action…

“American municipalities have been among the first to claim losses from the supposed rate-rigging, because many of them borrow money through investment vehicles that directly derive their value from Libor. Peter Shapiro, who advises Baltimore and other cities on their use of these investments, said that ‘about 75 percent of major cities have contracts linked to this.’”

What’s more, indications are that government agencies like the Bank of England and the British treasury also may have been involved, or at least looked the other way, raising questions whether other government agencies – including our own Federal Reserve — may have played a role. That remains for the investigators to find out but according to The Washington Post, the Federal Reserve Bank of New York said “it had received word as early as 2007 from the British bank Barclays about problems” with Libor.

“In testimony last week before the British Parliament, former Barclays chief executive Robert E. Diamond said the bank had repeatedly brought to the attention of U.S. regulators — as well as U.K. regulators — the problems that the bank was experiencing in the Libor market… He said the bank’s warnings to regulators that Libor was artificially low did not lead to action. Barclays’ regulator in the United States is the Federal Reserve Bank of New York, which was run at the time by current Treasury Secretary Timothy F. Geithner.”

This week the Senate Banking Committee asked for meetings with the principals involved and the House Financial Services Committee sent a letter to the New York Fed asking for transcripts of a dozen phone calls with Barclays executives.

But how far will inquiries go, especially when both American political parties are so beholden to high finance for cash? Just hours after Bob Diamond’s resignation, Mitt Romney’s campaign announced that, sadly, the disgraced financier would no longer be hosting one of two Romney fundraising events for American expatriates being held in London later this month. But no worries. The Boston Globe notes that “still among those hosting the events is Patrick Durkin, a registered lobbyist for Barclays… Durkin, who has been a top Romney bundler, is one of seven chairs for the reception and among the 13 co-chairs for the dinner.”

“Others involved in hosting the events are Dwight Poler, managing director at the European branch of Bain Capital, the firm Romney founded; Raj Bhattacharyya, managing director at Deutsche Bank; and Dan Bricken, a managing director at Wells Fargo Securities.”

Each guest at the dinner event will pay between $25,000 and $75,000 for the opportunity to sup with the Republican presidential nominee.

The non-partisan Center for Responsive Politics (OpenSecrets.org) reports that through the end of May, Bob Diamond and other Barclays employees had donated nearly a quarter of a million dollars to the Romney campaign, and of course, the entire securities and investment industry has been a major donor to the Republican — more than any other. They’re giving to President Obama, too; just not as much, although they’re Number 3 on the list of top ten interest groups sending cash to the president and the Democratic National Committee.

And you wonder why the banksters still roam free, like gunslingers in a Wild West town without a sheriff.

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Comments   

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+90 # usedtobesupermom 2012-07-13 11:17
I warned for years of the Wall Street collapse due to FRAUD, the housing bubble, etc.
But because I'm a "nobody without a degree" I was called names & wasn't to be believed.
Maybe, just maybe when I say this someone will listen this time. "Unless these criminal banksters are held accountable for their crimes along with their partners in crime- aka politicians "we will NEVER RECOVER"
 
 
+16 # tahoevalleylines 2012-07-13 12:39
The heart of darkness is staring us in the face right now. In an earlier time of unbridled corporate gluttony, Senator Frank J. Cannon compiled a number of articles and case reviews, produced a book titled: "Under The Prophet In Utah".

Mormonism is cleverly contrived to bring people in willing to work and save with discipline, and offering substantial spiritual satisfaction along the way. People liker Mitt Romney are in an elite level of LDS officials with rights and privileges comparable to the best positioned commissars of the old Soviet Union.

One does not have to make this up; that was taken care of beginning with the LDS original false prophets. Walter Martin researched the trail of letters and discourses, and discusses them in his seminal account of LDS: "The Maze Of Mormonism".

Mormons are industrious and noteworthy as a group in American society. Pillars of the community wherever they live. Nonetheless, they follow a faith riddled with grievous spiritual error, and one day the ruling elite of Mormonism past and present will be called to account.

The true Judeo-Christian record warns against such wolves in sheep's clothing as Mr. savvy businessman Willard Romney... America should measure Romney by his financial associations.
 
 
+25 # ericlipps 2012-07-13 14:22
If we should judge Romney by his financial associations, why are you making such a big deal of his Mormonism and the evils thereof?

I hold no brief for the Mormon Church. In my view, any group which calls its members "saints" is begging to be taken down a peg. But If Mitt Romney is a sleazebll, it's notbecause he's a Mormon; it's because he, personally, stands for nothing but himself.
 
 
+4 # Phlippinout 2012-07-13 15:44
IN the bible, Matthew writes, " It is easier for a camel to pass through the eye of a needle than a rich man to enter the gates of heaven" But for Jews, money is a blessing, Sounds like the christians need to reassess their capitalistic values, they are starting off at a deficit!
 
 
+7 # hobbesian 2012-07-13 17:23
[quote name="fightback "]IN the bible, Matthew writes, " It is easier for a camel to pass through the eye of a needle than a rich man to enter the gates of heaven"

I hope I am at the Gate when Mitts gets there and is told he is too rich and greedy to get in. I've been thinking of this for some time; it is so ironic that it speaks directly to the rich and the so-called religious - they cynically disregard it.
 
 
+2 # SenorN 2012-07-13 22:11
The problem for us is that Mitt's money insulates him from the struggles of most Americans.

The problem for Mitt is that his money will make it extremely difficult for him ever to enter "the gates of heaven." Think of the effect money has on so many famous athletes and Hollywood Stars; people generally don't do well when they can have whatever they want!

Of course, we all know the aforementioned gates are figurative, because we all know that Jesus said "the Kingdom of Heaven is within you." Mystics of all religions strive to interiorize their consciousness and find the heaven within them.

For Mitt, as a Mormon, this means he needs to "translate" his body into a "celestial" state. Having it so good in this world, having so much money, will make that VERY difficult for him.

(Now, let's get back to the banking scandal!)
 
 
+6 # Phlippinout 2012-07-13 15:32
Even if you had a degree, you would not be heard!
 
 
0 # mdhome 2012-07-14 16:47
NEVER, seems about right.
 
 
+81 # DPM 2012-07-13 11:20
Notice the dearth of news regarding this scandal? Of six news broadcast's I've listened to, in the past two days, only CBS Evening News reported on this, just one time. Much more time is given to the Penn State scandal, as disgusting as that is, which shows that A.) Media "owners" play down corporate/bank problems and B.) The American people like sex scandals and sports more than they understand what it is that is grinding them into the dirt. I am afraid that the Libor "thing" is just one more piece of financial crime that will be swept under the carpet as we continue our slide into a feudal system.
 
 
+49 # Barbara K 2012-07-13 12:09
DPM: Isn't that the truth? It's like the news media don't know how to report NEWS any more. They would rather report on a tragic sex scandal of any kind. I wonder how much they are paid to keep the banksters out of the news? Bush paid them to say only nice things about him. Are the news media for sale too? MSNBC is the only news channel for some time that reports on these stories. We, the citizens, are the ones who can take the banks to task: TAKE YOUR MONEY OUT OF BIG BANKS and put it in your small local credit unions and smalltown owned bank. Check to be sure they are locally owned and not connected with big banks. I did that 2 years ago and I get better, honest, and friendlier service. Let the banks fall, then they may be broken up. We don't have to reward them for screwing their customers over and over.
 
 
+39 # NanFan 2012-07-13 13:00
One only needs to look at American television as a whole to see that the media are trying to feed the brainless, to shape those who don't want to think, but would rather vote on who's the American Idol, the most talented, the best Duet singer, the meanest sonabitch in the Big Brother house, than on who would be the best people in government to get America out of the mess it's in. They want to watch the toughest cop that can stand the bloodiest crimes on Criminal Minds, and CSI this and that, and Desperate Housewives of NJ, NY, LA who have nothing to do but make sure their hair is coiffed, their enormous houses are bigger than the others' and they watch...and they see them fight over only two things: money and SEX. And the watchers strive to be THEM??? Believe that the sad mental case on Criminal Minds is the REAL criminal??? Think that it's truly possible to become FAMOUS??

The American people are being fed from the silver spoon of greed and theft, and most don't know it; even more don't care until their cable or internet are turned off.

And THEY could get Mitt Romney elected and the Republicans to retain the house and/or get the Senate.

Do NOT listen to the people behind the gauzy media curtain, for they want nothing to do with the health of America or with democracy. They only want you dumbed down.

Wake up, America...it's nearly too late...and it's getting worse by the day.

N.
 
 
+15 # John Locke 2012-07-13 15:16
NanFan: The media is owned by Wall Street Banks; CBS for example is 58% bank and hedge fund owned and has three CIA assets on the Board of Directors...Geo rge HW Bush is on the Board, Sumner Redstone is on the Board, and Frank Carlucci is on the Board, each has been and may still be affiliated with the CIA!

So Do you think we really get news or propaganda!
 
 
+15 # Regina 2012-07-13 14:08
Try MSNBC, Monday through Thursday evenings, with a short run on Fridays. Lawrence O'Donnell, Ed Schultz, Chris Matthews, Al Sharpton and Rachel Maddow will fill in everyone else's blanks. I don't know their daytime lineup, but I'll bet it's equally informative. There's more than Faux and soaps.
 
 
+1 # paulrevere 2012-07-13 17:12
I agree that those you name with a solid degree of qualification to, Schultz, O'Donnell and Matthews, that they AT LEAST try to be indignant about the travesty, the blazing nuclear travesty that has become our democracy.

The reflex fallback to 0, and that is NOT a capital oh, that the 3 'we mean well' fellows portend and yet kowtow to that which is not a capital oh, fall into the category of...

'well, practical politics' n all considered' and that our, common sense, mid six to solid seven figure salary demands fulfilled must have, and considering the constraints that OUR OWNERS put upon US...well, you know, we can only do so much...la-dee-d uh frame of ref...MAKES FOR...well, a dire need for reevaluation.

Molly coddling dishonor, immorality, ethical voids, human slaughter, defication upon the spirit of our founding documents, rule of law and the much right wing prattled Big Ten of the Bee Eye Bee Elll eeee...only exposes a lapse, not an accolade.
 
 
+5 # Wolfchen 2012-07-13 14:09
DPM...right on the mark re the media.

You and others may wish to visit:

wolffair.com

or the following link,

http://www.wolffair.com/WolfFairSoundStage.html

and listen to the track: Craving Images.

It's a number I composed a few years ago, though it's even more relevant today.
Eugene Strantz
 
 
0 # paulrevere 2012-07-13 16:40
Heh...that damned 'carpet dat doo be swept under' is turning into one righteous mountain...btw, it seems so squishy and odiferous to me, that I'm not so sure of the content upon which I tred on my way up the hill they have directed me to...ey?
 
 
+7 # John Steinsvold 2012-07-13 12:11
An Alternative to Capitalism (if the people knew about it, they would demand it)

Several decades ago, Margaret Thatcher claimed: "There is no alternative".
She was referring to capitalism. Today, this negative attitude still persists.

I would like to offer an alternative to capitalism for the American people to consider. Please click on the following link. It will take you to an essay titled: "Home of the Brave?" which was published by the Athenaeum Library of Philosophy:

http://evans-experientialism.freewebspace.com/steinsvold.htm

John Steinsvold

“Insanity is doing the same thing over and over and expecting a different result."~ Albert Einstein
 
 
+9 # Adoregon 2012-07-13 12:17
The people who are the subject of this article are nothing but sophisticated and very highly remunerated con artists.
Their ability to do what they did relied on people's ignorance, gullibility AND desire.

It is the desire for "more" that led people to sign for loans they could not afford.
Adjustable interest rates, monthly mortgage payments beyond the borrower's means, inflated property valuations all conspired to transfer vast sums from borrowers to usurers. That borrowers were ignorant, ambitious or simply greedy (flip it, flip it) is of no import. The usurers saw an opportunity (the madness of crowds) in the housing market when millions of otherwise sane people believed the prices of real property would only go up and if they didn't get into the market, they would be forever priced out of owning property. This irrational delusion was exploited by real estate brokers and usurers alike, because their commissions and bonuses are based on volume of sales/loans and the value of property. Licensed property appraisers were pressured to assess property at inflated valuations to support the jumbo loans being made to the unsophisticated and unqualified.
The brokers and the usurers didn't care; their commissions and bonuses were in their pockets no matter what the future brought.
 
 
+6 # John Locke 2012-07-13 15:23
Adoregon: Its not as simple as you make it out to be...there was outright fraud by the banks and realtors...They would tell people who could not even read english to sine and they lied about the payments they were to make! People were promissed all sorts of concepts to make a loan, interest only, no qualifying paperwork,. and in each case the borrower was misinformed. The banks had a field day, while the American people were taken advantage of...and one more thing...The economy had been so bad people HAD to in many cases actually borrow the equity out of their homes just to make the mortgage payments...So it wasn't greed on the borrowers part!
 
 
-6 # Dave_s Not Here 2012-07-13 21:59
John - It would be better if you could WRITE English. I think the word you were looking for is "sign" not sine, which is a trigonometric function.
 
 
0 # John Locke 2012-07-14 12:55
Dave_s Not Here: Typing fast and spell check didn't pick it up. Sorry if it distracted the message for you!
 
 
0 # John Locke 2012-07-14 12:56
Dave_s Not Here: By the way that is English! Just the incorrect word spelling!
 
 
+15 # Elroys 2012-07-13 12:35
We all know what's going on, we can keep talking while our anger and disbelief that America has been stolen by the very greedy with complete disregard of all who get trashed - AKA, the middle and "working" class. We all know it's disgusting, that the banksters and other should be in jail, their assets (our assets) reclaimed for the common good.

Several problem:
1. "They" have enough money to purchase our government and politicians (which they have already done
2. "They" have the money to buy the media (which they have done) in order to lie to and dumb down 10s of millions of Americans who have become so ignorant as to support their own downfall by adhering to the lies told by the likes of Romney, Koch Bros., Rick Perry, Sarah Palin and other - it is simply mind boggling that these people are still have credibility
3. We do not have visible national leaders with the courage to tell the truth to the American people.
Where are the Colin Powells and other military leaders, the few business leaders with national stature, the religious / spiritual leaders, media leaders - the President of the U.S.? Imagine 25 national leaders on stage together singing the same song - will Bill Moyers as the national media leader.

This constant blogging in the progressive sphere will get us nowhere.
 
 
+28 # paulrevere 2012-07-13 12:35
I have a bone to pick with this framing:

"the terrible unfairness that besets our country, the tragic reversal of fortune experienced by millions who once had good lives and steady jobs, now gone."

How on gawdz green earth can ANYONE couch the outrageous criminality and profound financial and human disaster implied therein as 'unfair' or 'tragic'??

It is freakin' an abhorant disaster, an immoral reign of criminality by the liars ans supposedly trusted monitors of our personal finances, an ethical disaster, a complete crushing of rule of law, a defication of unhearalded degree upon our Constitution, to say nothing of the oh so revered Christian Bible's Big Ten...

Let's be a bit more vitriolic here Mister Moyers and all...this country has been literally ruined for over 300 million people fer craps sakes!!!

I pat myself on the back for the myriad of expletives I've deleted...
 
 
+13 # pbbrodie 2012-07-13 13:13
Wait, don't hold back. Tell us how you really feel!

Seriously, one group that was left out in this scenario is composed of the real estate people who lead many of these people down the garden path, while collecting their absolutely outrageous 7% commissions to sell the homes, which also lead to more of the hyper-inflation ary pressures on property values. Just think, every time a property was flipped, another ridiculous 7% was added on and for what?

Is it really worth anywhere near 7% of the sales price of a property for real estate agents to show the properties and help out with some paperwork?
Yes, I know, they have to advertise the homes and blah, blah, blah, but I have sold 2 homes myself, sans real estate agents, and believe me, it isn't rocket science and not as difficult as most are lead to believe. A $250,000 home gets a real estate broker a $17,500 commission. Does anyone really believe that is justified? How much did it cost to show the home a few times and fill out the required forms?
The real estate fiasco had many players and nearly all of it was driven by nothing but greed, the primary problem with our country, GREED!!!
 
 
+26 # my2cents 2012-07-13 12:53
This whole situation is just revolting! Why aren't WE??????
 
 
+1 # Dave_s Not Here 2012-07-13 22:04
Boss, Boss, the citizens are revolting!

Boss: "I know they aren't the best looking people on the planet but they DO vote for us"
 
 
+1 # hobbesian 2012-07-14 05:01
I have been waiting for this; although usually it is first the revolution then the civil war; we are doing it backwards THIS time. Time America had a Spring of our own.
 
 
+12 # James Marcus 2012-07-13 13:08
OK. We GET IT!!
So, now,
How, and When ....
......will we END THIS CHARADE?
 
 
+22 # Rita Walpole Ague 2012-07-13 13:14
Bill Moyers, thanks soooo much for spreading the word. I, like you, am an old journalist (unlike you, I turned into legal worker), and am so happy to read your real McCoy reporting (not 'vitriolic' or angry, but well researched, educating, on point).

With your good info. (not too often seen in today's corp. controlled 'mess' media), it becomes up to we the 99%ers to take off the karlroving, MSD (manipulation, spin, distraction) blinders, leave La La Land behind, and gather up every ounce of courage and determination in us, as we do anything and all it takes to overcome this enslavement of all by our evil, greed and power addicted rulers.

Yep, W.S. Occupiers are right -

GLOBAL REVOLUTION IS THE SOLUTION !
 
 
+16 # BeaDeeBunker 2012-07-13 13:32
In ancient times, alchemists looked for the Philosopher's Stone so that they might turn lead into gold and become rich beyond they wildest dreams. They never found it! Modern day alchemists, better known as investment bankers, claimed successfully that they have found the Philosopher's Stone, and have used it to make something out of nothing, and as a result have become very rich and powerful. This device that turns 'lead' into 'gold' is called a DERIVATIVE! They refer to it as an 'instrument.' How cute! Ask any Wall Street denizen to explain what a derivative is and how it works and they go gaga with nth degree incomprehensibl e explanations. Why, because they only understand that it's magic and makes them money. But the Emperor has no clothes, and the sad thing is that they also have no shame about having no clothes. That's the insidious new twist to this ancient game of making something out of nothing.

Couple of FACTS to mull over regarding money, banking and a representative form of government:
1. 1958-The highest income tax rate was 90% & the lowest interest rate on a simple savings account was 4.5%!
2. 2012-The highest income tax rate is 39.8% & the lowest interest rate on a simple savings account is .02%!!

Crazy, man; simply crazy!!!
 
 
0 # hobbesian 2012-07-14 05:02
Well the bankers see they don't need to give interest to the rich; it would be a waste.
 
 
+18 # walt 2012-07-13 13:50
How much more do Americans need to hear about the bank crimes?

The question now is what will be done???

It's time for action!
 
 
+5 # HerbR 2012-07-13 16:00
....but the question is still, "What is to be done ?"
 
 
+4 # Old Man 2012-07-13 16:06
I'm one of the lucky people that did get caught w/ my pants down during this last 10 or 12 yrs.
But what these banks are doing is against the average American house hold is stopping the growth of small business, the backbone of jobs.
Small business is defined as a Mom & Pop shop up-to a business w/sales of 150 million.This need to be redefined by our government. It's the Mom & Pop business operation that need the loans.
 
 
+6 # giraffee2012 2012-07-13 16:21
I want one bank-gang-ster to go to jail. As Barbara_K said "get your money out of big banks" --- remember Enron? That can (will) happen.

Off topic - Did Mitty lie to the IRS/SEC (felon) or lie to Americans? I pray he did the felony thing because it will prove our legal system won't penalize the rich!

McCain saw Mitty's tax returns in 2008 and rejected him as VP --- why can't the rest of us see Mitty's tax returns.

I want him to sink himself!!!!!!!!!

Vote Dem and VOTE
 
 
0 # josephhill 2012-07-13 22:28
"Vote Dem and VOTE"

---------------------------------------------

Thanks for the advice; but I prefer to vote for candidates who are not beholden to ANY 'interest' other than the PUBLIC Interest. If we don't soon awake from our stupor and find a viable alternative to this absurd "Battle of the Lesser and Greater Evils" system, future generations will curse us.

I'm voting GREEN...it's the only vote I get
 
 
0 # John Locke 2012-07-15 09:25
josephhill Sorry I hit the thumbs down button by accident, I meant to give you a thumbs up!
 
 
+1 # Rick Levy 2012-07-13 20:45
Just as U.S.fianancial institutions survived and walked away from the mortgage fraud scandals with no genuine penalties, so they will likely pull together and wiggle themselves out of this one too. It's the American way.
 
 
0 # Shorey13 2012-07-13 23:08
All great comments, but the question always remains: what do we do? There is nothing to do for now but wait for the idiots in charge of the financial system to drive the world into complete bankruptcy. That will be the only "revolution" that has any chance of happening. Then those of us who know better have to be ready to move in and clean up the mess, with a completely new system. BTW, there will always be Markets and some kind of Capitalism, so the answer is to supervise both COMPLETELY, and make sure we are ALL dealt into the game. Socialism is dead and gone. Stalin tried to kill the bourgeois and failed. There are too many of them, We just have to put harness on them and force them to share the profits.
 
 
+1 # Kathymoi 2012-07-14 14:57
Talk about the many many details is bogging us down. There is no reason that it needs to be expensive to run for office or to explain a point of view to an elected official. The internet is free. Television and radio could certainly afford to air a few minutes of straightforward talk without compensation from the candiate. As long as everything in governement is about the money, it's not about the people.
 
 
0 # carolsj 2012-07-16 17:29
I have noticed that whatever cause I support, they have to ask me for money to accomplish their goals. The reason, of course, is it costs money to be heard, to get our "representative s" to listen to us. Just shows, this is a cashocracy, not a democracy.
 

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