Tags: Crony Capitalism

Glenn Greenwald on Hilary Clinton: “Soulless, Principle-Free, Power Hungry…”

Screen Shot 2014-11-14 at 10.08.22 AMOne attribute I like most about Glenn Greenwald is that he never pulls punches. One of his most prescient and cutting political lines came earlier this year when he made some observations on the upcoming 2016 Presidential election, in which two status quo, corrupt, bloodthirsty con-artists will compete for the Oval Office. While we don’t yet know which crony the GOP will put up, Hilary is pretty much a foregone conclusion for the Democrats. Greenwald observed:

Hillary is banal, corrupted, drained of vibrancy and passion. I mean, she’s been around forever, the Clinton circle. She’s a fucking hawk and like a neocon, practically. She’s surrounded by all these sleazy money types who are just corrupting everything everywhere. But she’s going to be the first female president, and women in America are going to be completely invested in her candidacy. Opposition to her is going to be depicted as misogynistic, like opposition to Obama has been depicted as racist. It’s going to be this completely symbolic messaging that’s going to overshadow the fact that she’ll do nothing but continue everything in pursuit of her own power. They’ll probably have a gay person after Hillary who’s just going to do the same thing.

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Tony Blair Gets Paid (Again) – Secret $61,000 per Month Contract with Saudis Revealed

Screen Shot 2014-08-27 at 11.35.49 AMWhile thieving bankers and military-industrial complex executives feeding parasitically off the citizenry is bad enough, there’s really nothing worse than some two-bit, war criminal, faux humanitarian leveraging death and destruction to make a fortune after leaving “public service.” That in a nutshell is the resume of former British Prime Minister Tony Blair.

Mr. Blair is no stranger to this site. Back in August, I highlighted another one of his philanthropic activities in the post, Letter Reveals Tony Blair Advised Kazakhstan’s President on How to Spin Massacre of Innocent, Unarmed Protesters. Here’s an excerpt:

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“Dead Broke” – Meet the Clintons’ $100,000 3-Week Hampton Rental

If being “dead broke” means dropping $100k on a 3-week rental in the Hamptons, then I’d like to be dead broke too.

In case you aren’t aware of what I’m referring to, recall that:

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Meet OIRA – The Secretive White House Office with Disturbing Regulatory Powers

Screen Shot 2014-08-05 at 11.42.23 AMBut in practice, OIRA operates largely in secret, exempt from most requests under the Freedom of Information Act. It routinely declines to release the changes it has proposed, the evidence it has relied upon to make them, or the identities and affiliations of White House advisers and other agencies’ staff it has consulted. OIRA doesn’t even disclose the names and credentials of its employees other than its two most senior officials.

In 2013 the Administrative Conference, an independent federal agency that reviews government administrative processes, released a study of OIRA’s effect on the application and interpretation of science the agencies gather and analyze to write rules. In examining a group of air-quality regulations, the study found that most of OIRA’s suggestions involved substantive changes. The report concluded that in some instances, the office has proposed changes to the basic science underlying the rules. These included revising numbers in tables created by the EPA, altering technical discussions and recommending different standards altogether.

– From ProPublica’s extremely important article: Lobbyists Bidding to Block Government Regs Set Sights on Secretive White House Office.

Have you ever heard of the Office of Information and Regulatory Affairs, otherwise known as OIRA? Yeah, neither had I.

As someone who prides himself on being a relatively informed citizen, it is always shocking and disturbing when I learn of a powerful organization operating in the shadows of America’s faux democracy with which I am almost entirely unfamiliar. While I’m sure I’ve read many articles in which OIRA was mentioned, I had never fully understood exactly what it is, and how it is used by lobbyists and large corporate interests to further entrench the established oligarchic power structure. We can thank ProPublica for providing this service.

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“Three Lost Decades” – How the American Middle Class is 20% Poorer Now vs. 1984

Screen Shot 2014-07-30 at 11.16.01 AMLike so many other things in popular American culture, this quaint notion of a “middle class” in the U.S. is at this point nothing more than a myth; a rapidly fading fantasy from a bygone era. As myself and many others have noted for quite some time, the decimation of the middle class began long ago. It really got started in the early 1970’s after Nixon defaulted on the gold standard and financialization began to take over the American economy. Median real wages haven’t increased since that time and the rest is history.

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Former Aide to Bill Clinton Speaks – “My Party Has Lost its Soul”

Screen Shot 2014-07-29 at 10.37.26 AMOne reason we know voters will embrace populism is that they already have. It’s what they thought they were getting with Obama. In 2008 Obama said he’d bail out homeowners, not just banks. He vowed to fight for a public option, raise the minimum wage and clean up Washington. He called whistle-blowers heroes and said he’d bar lobbyists from his staff. He was critical of drones and wary of the use of force to advance American interests. He spoke eloquently of the threats posed to individual privacy by a runaway national security state.

He turned out to be something else altogether. To blame Republicans ignores a glaring truth: Obama’s record is worst where they had little or no role to play. It wasn’t Republicans who prosecuted all those whistle-blowers and hired all those lobbyists; who authorized drone strikes or kept the NSA chugging along; who reneged on the public option, the minimum wage and aid to homeowners. It wasn’t even Republicans who turned a blind eye to Wall Street corruption and excessive executive compensation. It was Obama.

A populist revolt among Democrats is unlikely absent their reappraisal of Obama, which itself seems unlikely. Not since Robert Kennedy have Democrats been so personally invested in a public figure. Liberals fell hardest so it’s especially hard for them to admit he’s just not that into them. 

- From Bill Curry’s excellent article in SalonMy party has lost its soul: Bill Clinton, Barack Obama and the victory of Wall Street Democrats.

Bill Curry’s article published this past Sunday by Salon is simply extraordinary. One of the things I’ve felt has been lacking in America for some time is the ability for well-meaning people within the “power structure” to look inward and be honest with themselves about the immoral decay fellow members of their socio-economic class have wrought upon the nation via a singleminded pursuit of wealth and power. A perfect example of an ignorant, destructive oligarch completely devoid of self-awareness was put on full display earlier this year when Sam Zell appeared on Bloomberg TV and essentially said the poor just need to act more like the rich.

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Video of the Day – Elizabeth Warren Torches Janet Yellen on TBTF

Screen Shot 2014-07-16 at 11.37.34 AMBefore you watch the video, I want to highlight an excellent article published this morning by Yves Smith over at Naked Capitalism titled, Yellen Tells Whoppers to the New Yorker. The title doesn’t do justice to the powerful and scathing critique of the fraud that is the current Federal Reserve Chairwoman. In a nutshell, the article exposes how Yellen’s acting routine is worthy of an Academy Award. In her role, she plays a caring, sweet, grandmotherly type figure all concerned about the poor and middle-class, when reality points to a career as a staunch, frontline protecter of the bankster oligarchy.

From Naked Capitalism (for background, much of the article is criticism of a propaganda piece on Yellen recently published by the New Yorker):

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The Pitchforks are Coming…– A Dire Warning from a Member of the 0.01%

If we don’t do something to fix the glaring inequities in this economy, the pitchforks are going to come for us. No society can sustain this kind of rising inequality. In fact, there is no example in human history where wealth accumulated like this and the pitchforks didn’t eventually come out. You show me a highly unequal society, and I will show you a police state. Or an uprising. There are no counterexamples. None. It’s not if, it’s when.

From Nick Hanaeur’s excellent Politico Op-Ed: The Pitchforks are Coming…For Us Plutocrats

Over the past several years, I have been extremely critical of the 0.01% as a socio-economic class, often referring to them as criminal oligarchs. This has nothing to do with the incredible sums of money they have amassed. I’m simply not interested in chasing that kind of wealth, nor am I an envious person. I don’t care how much money anyone has. What I do care about is the kind of power that such money can buy, and how that power is then abused to purchase politicians and run roughshod over entire societies. I have also been disgusted with the fact that the 0.01% as a class seem self-absorbed, apathetic and delusional when it comes to the catastrophe the current economic and financial system is reaping upon the planet. So busy are they patting themselves on the back and scrambling to acquire that next billion to see what is rapidly unfolding beyond their moats.

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Officials at the Ex-Im Bank are Under Investigation as it Fights for Survival

Screen Shot 2014-06-24 at 12.37.37 PMThe Export-Import bank isn’t a big issue for me. In fact, I’ve barely given it much thought at all over the years. The reason I’ve decided to write on it today is because the federally backed bank, which has been around since 1934, faces a very serious threat to its survival.

I think the most important aspect of this entire fight is the fact that on opposite sides of the debate are not Democrats versus Republicans, but once again Republicans vs. Republicans (as in the Dave Brat vs. Eric Cantor race). We again see tea party Republicans facing off against establishment RINOs. On one side we hear claims by the tea party wing that the Ex-Im merely serves as a conduit for crony capitalism and favoritism to large corporations, or those willing to bribe officials. On the other side, we see establishment Republicans, who are extremely cozy with mega-corporations, maintaing that the institution plays a crucial role in financing American exports to make them competitive.

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Networks vs. Hierarchies: Which Will Win? Niall Furguson Weighs In

Networks are not planned by a single authority; they are the main source of innovation but are relatively fragile. Hierarchies exist primarily because of economies of scale and scope, beginning with the imperative of self-defense. To that end, but for other reasons too, hierarchies seek to exploit the positive externalities of networks. States need networks, for no political hierarchy, no matter how powerful, can plan all the clever things that networks spontaneously generate. But if the hierarchy comes to control the networks so much as to compromise their benign self-organizing capacities, then innovation is bound to wane.

– From Niall Furguson’s recent article Networks and Hierarchies

I’m not always a huge fan of Niall Furguson, but his latest article in The American Interest, simply titled Networks and Hierarchies is worth reading. Readers of Liberty Blitzkrieg will be well aware that I believe the most significant battle of our era is between the forces of Decentralization vs. Centralization. Mr. Furguson takes that battle and looks at it from a historical perspective, describing it as Networks vs. Hierarchies, and posits that indeed much of our collective history has been characterized by the struggle between these two forces. In fact, he starts out the article with the following question:

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