Which Side Are You On?

December 13, 2014 § Leave a comment

The Scandal

As I write this, the United States Senate is debating a measure that would weaken Dodd-Frank’s regulation of  Wall Street banks, increase the amount of money a single donor can contribute to political parties and enable employers to reduce pension payments of retirees after they retire and have earned their pensions.

These outrages are attached to a budget bill whose passage is required to keep the government operating.  None of these dishonest and unwise amendments have anything to do with the budget.  They were attached to the budget bill by anonymous members of the House of Representatives at the behest of Citigroup.  There was no committee hearing.  There was no opportunity to vote on them separately.

In other words, they were so obviously the result of corruption that their sponsors would not own them.  They could only be adopted as part of a legislative blackmail scheme.

This is not, however, the real scandal.  The real scandal is that this dishonest scheme could only proceed with votes by Democratic Party members.  The bill passed the House by a narrow margin, including aye votes by 57 Democrats.
[I note with some satisfaction that no Texas Democrat voted “aye”.]

No, that is really not the real scandal.  The real scandal is that the only two elected officials who are personally identified with pressuring members of Congress to agree to these outrages are named Barack Obama and Joe Biden .  Yep.  Some things are too dishonest to make it, even given the present sorry state of our politics.  So you have to bring out the Big Guns, the Prez and Vice (pun intended).

How did this happen?  Well, we get the usual explanation.  It was a compromise; the best deal we could get.  If we don’t go along, the President won’t be able to work with Republicans on other matters.

Whoa!  Say what?  When has the President been able to work with Republicans on anything significant?  What makes anyone think this will improve in a few weeks when the GOP majority will become filibuster proof?  Just how stupid and naive are we suppose to be?  Will this be an adequate explanation for the retirees whose pensions will be decimated?   When the power of the Koch Brothers and others like them is used to gain even more control of our political parties, will we view the results and say, “Well, it’s bad, but it was worth it to avoid an ugly argument about the 2014 Budget Bill.”

The Perpetuation of “Too Big To Fail/Jail”

Dodd Frank addressed a problem that confronted us when the Wall Street Banks faced insolvency because of their fraudulent marketing of mortgage based derivatives.  They used depositor money to finance those derivatives.  If they became insolvent, the taxpayers would have to make the depositors whole because of the FDIC insurance program.  That is, the taxpayers would belatedly finance the reckless greed of the Wall Street pirates.

Dodd Frank cured this by requiring that future trading strategies that depend on derivatives and Byzantine schemes involving  sketchy tools like credit-default-swaps, that look like insurance but have no reserves, would have to be conducted by entities separate from FDIC insured deposits, with money other than depositor money.

In other words, the ones who profit from high-risk gambles would have to risk their own money, not FDIC-insured depositor money.

Predictably, this was regarded as a terrible idea by the high-risk gamblers.  They have become addicted to the system of “If I win, I pocket the money.  If I lose, you pay for the loss.”  So, Citigroup, acting for the other pirates,  just wrote a solution to their problem, forwarded it to some elected officials  they owned, who transcribed it into an amendment to the budget bill.  Their solution is part of the bill Obama and Biden have been frantically calling House and Senate members about, begging them to vote “aye”.

Thank God For the Women

Nancy Pelosi was left out of the negotiations that led to this piece of garbage.  She did not join the cheer leaders who whooped it through the House.  But the one who has filled a gaping chasm where the political soul and conscience of the Democratic Party once rested, is Elizabeth Warren.  What a thrill to see a Senator who has not forgotten how to express moral outrage.  And knows how to do it while exhibiting a razor sharp wit and a mind to match.

When she spoke on the floor of the Senate, looked squarely into the camera and addressed Citigroup, the sponsor and author of the Dodd-Frank gut job, and said, “I agree with you.  Dodd-Frank is not perfect.  It failed to break you up into small pieces.”, I just about fell in love again, despite 65 years of marriage.  She is a wonder!

Which Side Are You On?

This episode reminded me of an old union song I taught my daughters to sing when they, and I, were young.  It was written in 1931 by Florence Reese, the wife of a coal miner in Harlan County, Kentucky, during a bitter strike.  The Harlan County Sheriff was J.H. Blair, an enforcer and strike breaker for the mine owners.

One night some of Blair’s thugs stormed into the Reese home, looking for Sam Reese.  He had been tipped off and was not there.   They terrorized his wife Florence and his children but didn’t get Sam.

After they left, Florence, angry and scared, wrote a song on the back of a calendar, expressing her devotion to the union and her contempt for those who failed to support the strike.   Here is a link to Pete Seeger and his banjo, singing Florence’s song:

Whose Side Are you On

While watching CNN and MSNBC about this budget episode, I kept getting madder and madder and I remembered that old song.  So I wrote my own version:

In our US Congress
There are no neutrals there
You either vote your consciences
Or whore for billionaires

[chorus]
Which side are you on?
Which side are you on?
Which side are you on?
Which side are you on?

Obama we’re in danger
The wolves are at our door
We don’t need reasoned argument
We need a two-by-four

[chorus]

Barack Hussein Obama
How dumb can you get?
A shepherd cannot safely try
To make a wolf a pet!

[Chorus]

It’s time to rein in Wall Street
Our country’s not for sale
At ballot box and in the streets
We must fight and prevail.

[Chorus]

Thank God for Betsy Warren
She speaks for us out loud
She does not hedge or compromise
To blend in with the crowd

[Chorus]
No go along to get along,
She hews to moral rules
She tells it straight and tells the truth
She has no time for fools

[Chorus]

I don’t yet know how this drama will end, but I’m not optimistic.

Bob

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