Zera's Blog

A Citizen's View from Main Street

Is the Chamber of Commerce a Subversive Organization?

The more that Corporate America can reach across the border for cheap labor, unprotected resources, and tax shelters, the more they insulate themselves from the American people and the American economy.

The more their interests come in conflict with the interests of the American people, and therefore conflict with government for the people.

It is disturbing to see how many support what are effectively foreign interests instead of the interests of the country. Some are already owned by Corporate America. Others aspire to join them – but with only 4% upward economic mobility, it is generally a vain hope.

Government is the tool we the people have to oppose the otherwise overwhelming power of big business. It is no surprise that they go to any lengths to take that tool away from us.

The working class are the ones who truly need to take back the country.
Take it back from the oligarchs and corporatists.
Take it back from the theocrats and propagandists.
Take it back from fear, prejudice, and ignorance.

Take it back to government of the people, by the people and for the people, because we the people are the ones who ultimately bear the burdens of failure – every failure, regardless of source.
Read the Article at HuffingtonPost

November 1, 2010 Posted by | Campaign Finance, Capitalism, Economics, Elections, Government, Labor, Regulation | , , , , , , , , , , , , | Leave a comment

Homeowners Get The Boot For Bad Paperwork While Banks Get Millions For Same

Foreclosure signThree years ago I wanted limits placed on how much the ARMs could reset in a year, in an effort to slow the foreclosures and collapse of real estate prices. I wanted the courts to sort the schemers from the dupes for the same reason.

Republicans would have none of it. They cried sanctity of contract, though these were fraudulently made and deserving of review by the courts. Contracts were sacred (except union contracts) regardless of the harm to the economy. And harm there was.

The financial sector has so badly botched mortgages that sorting it out through due process would take so long that it would freeze the market to the point of another recession. And yet, the banks have earned the losses they are trying so hard to pass on the their victims. Nor can main street absorb any more fiscal abuse if the economy is to recover.

The financial sector has become it’s own worst enemy, and no friend to the economy. They created this recession, and they are not done screwing up. They cannot prove ownership of mortgages or the right to foreclose in untold instances.

Prudent risk and due diligence have given way to unrepentant avarice. Have we reached the time for moral hazard?

They deserve to fail, but they are not the only ones who would pay for their failure.
Read the Article at HuffingtonPost

November 1, 2010 Posted by | Capitalism, Economics, Regulation | , , , , , , , , , | Leave a comment


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