Our Chronic Cronyism — and Corruption

[marmar]

from Too Much: A Commentary on Excess and Inequality:



Our Chronic Cronyism — and Corruption
April 30, 2011

America’s top bankers and CEOs don’t have any more talent than millions of other Americans. They do have, two timely new data dumps remind us, plenty of generous friends in pivotal places.

By Sam Pizzigati


We Americans, former Reagan White House budget director David Stockman told a reporter last week, “no longer have a democracy.” Instead, Stockman charged, we have “crony capitalism,” a system that’s rigging the economy to benefit the powerful few — at everyone else’s expense.

Last week brought still more evidence on how revoltingly raw this rigging has become. Wall Street and Corporate America, new data detail, have some incredibly thoughtful cronies who sit in some incredibly important places.



Some of these cronies run the Federal Reserve. Others serve on corporate boards of directors. Together, they’ve made the Great Recession a Great Sensation — for America’s corporate and banking elite.

Let’s begin with the cronies that Wall Street can count on at the Federal Reserve, the formally independent institution that’s supposed to safeguard America’s financial health. Late in 2008 and early in 2009, the crunch time in our recent financial meltdown, these cronies at the Fed made hundreds of billions of dollars available to America’s biggest banks, at near-zero interest rates. .............(more)

The complete piece is at: http://toomuchonline.org/our-cronyism-and-chronic-corruption/

[Hotler]

1. Print this out and show it to your neighbors...

Pass it around and spread the story. Freedom isn't free. Pay your fucking taxes.

[The Backlash Cometh]

2. Always rec for cronyism and corruption articles.

Not enough of them to keep up with the cronyism and corruption.

[midnight]

3. K&R When do the rich share the pain?

They start paying their fair share when we have elected officials that work for us.....