Subscribe to Common Dreams News Updates
Most Popular This Week
Popular content
Today's Top News
Published on Saturday, January 31, 2009 by CommonDreams.org
Wither Wall Street
Soon after the passage in 1999 of the Clinton-Rubin-Summers-P. Graham deregulation of the financial industry, I boarded a US Air flight to Boston and discovered none other than then-Secretary of the Treasury Lawrence Summers a few seats away. He was speaking loudly and constantly on his cell phone. When the plane took off he invited me to sit by him and talk.
After reviewing the contents of this Citibank-friendly new law called the Financial Modernization Act—I asked him: "Do you think the big banks have too much power?"
He paused for a few seconds and replied: "Not Yet." Intrigued by his two word answer, I noted the rejection of modest pro-consumer provisions, adding that now that the banks had had their round, wasn't it time for the consumers to have their own round soon?
He allowed that such an expectation was not unreasonable and that he was willing to meet with some seasoned consumer advocates and go over such an agenda. We sent him an agenda, and met with Mr. Summers and his staff. Unfortunately, neither his boss, Bill Clinton, nor the Congress were in any mood to revisit this heavily lobbied federal deregulation law and reconsider the blocked consumer rights.
The rest is unfolding, tragic history. The law abolished the Glass-Steagall Act which separated commercial banking from investment banking. This opened the floodgates for unwise mergers, acquisitions and other unregulated risky financial instruments. Laced with limitless greed, casino capitalism ran wild, tanking economies here and abroad.
One champion of this market fundamentalism was Alan Greenspan, then chairman of the Federal Reserve. Last October before a House Committee, Greenspan admitted he was mistaken and expressed astonishment at how corporations could not even safeguard their own self-interest from going over steep speculative cliffs.
Greenspan and Summers were deemed "brilliant" by the press and most of Congress. Summers' predecessor at Treasury—Robert Rubin—was also a charter member of the Oracles—those larger-than-life men who just knew that the unfettered market and giant financial conglomerates would be the one-stop shopping mart consumers were assumed to be craving.
Now the world knows that these men belong to the "oops oligarchy" that bails itself out while it lets the companies collapse into the handcuffed arms of Uncle Sam and bridled taxpayers who have to pay for unconditional megabailouts. Instead of the Wall Street crooks being convicted and imprisoned, they have fled the jurisdiction with their self-determined compensation. Corporate crime pays, while pensions and mutual fund savings evaporate.
Now comes the next stage of the Washington rescue effort in a variety of stimulus packages which every vendor group imaginable wants a piece of these days. When trillions are offered, many come running.
As the public focus is on how much, when and where all this money should be spent, there are very serious consequences to be foreseen and forestalled. First, consider how much more concentrated corporate power is occurring. Forced or willing mergers, acquisitions and panic takeovers of big banks by bigger banks along with bankruptcies of companies further reduce what is left of quality competition for consumer benefit.
Remember the anti-trust laws. Obama needs to be their champion. The fallout from the Wall Street binge is likely to lead to a country run by an even smaller handful of monopolistic global goliaths.
In the stampede for stimulus legislation, there is a foreboding feeling on Capitol Hill that there is no proposal on the table to pay for it other than by the children and grandchildren. Just the opposite is raining down on them. Everybody including the private equity gamblers, Las Vegas casinos and Hollywood studios along with the banks and auto companies are looking for tax breaks.
So with the economy deteriorating and taxes being cut, where is the enormous money coming from? From borrowing and from printing money. So look out for big time inflation and decline in the dollar's value vis-à-vis other currencies.
In all the hundreds of pages of stimulus bills, there is nothing that would facilitate the banding together of consumers and investors into strong advocacy groups. We have long proposed Financial Consumer Associations, privately and voluntarily funded through inserts in the monthly statements of financial firms.
If this bailout—stimulus—Wall Street funny money waste, fraud and abuse sounds confusing, that is because it is. A brand new paperback "Why Wall Street Can't Be Fixed and How to Replace It: Agenda For a New Economy" by long-time corporate critic, David C. Korten will explain some of the wheeling and dealing.
You don't have to agree with all or many of Korten's nostrums. Just read Part II—The Case For Eliminating Wall Street. He considers three central questions:
First, do Wall Street Institutions do anything so vital for the national interest that they justify trillions of dollars to save them from the consequences of their own excess?
Second, is it possible that the whole Wall Street edifice is built on an illusion of phantom wealth that carries deadly economic, social, and environmental consequences for the larger society?
Third, are there other ways to provide needed financial services with greater results and at lesser cost?
After reviewing the contents of this Citibank-friendly new law called the Financial Modernization Act—I asked him: "Do you think the big banks have too much power?"
He paused for a few seconds and replied: "Not Yet." Intrigued by his two word answer, I noted the rejection of modest pro-consumer provisions, adding that now that the banks had had their round, wasn't it time for the consumers to have their own round soon?
He allowed that such an expectation was not unreasonable and that he was willing to meet with some seasoned consumer advocates and go over such an agenda. We sent him an agenda, and met with Mr. Summers and his staff. Unfortunately, neither his boss, Bill Clinton, nor the Congress were in any mood to revisit this heavily lobbied federal deregulation law and reconsider the blocked consumer rights.
The rest is unfolding, tragic history. The law abolished the Glass-Steagall Act which separated commercial banking from investment banking. This opened the floodgates for unwise mergers, acquisitions and other unregulated risky financial instruments. Laced with limitless greed, casino capitalism ran wild, tanking economies here and abroad.
One champion of this market fundamentalism was Alan Greenspan, then chairman of the Federal Reserve. Last October before a House Committee, Greenspan admitted he was mistaken and expressed astonishment at how corporations could not even safeguard their own self-interest from going over steep speculative cliffs.
Greenspan and Summers were deemed "brilliant" by the press and most of Congress. Summers' predecessor at Treasury—Robert Rubin—was also a charter member of the Oracles—those larger-than-life men who just knew that the unfettered market and giant financial conglomerates would be the one-stop shopping mart consumers were assumed to be craving.
Now the world knows that these men belong to the "oops oligarchy" that bails itself out while it lets the companies collapse into the handcuffed arms of Uncle Sam and bridled taxpayers who have to pay for unconditional megabailouts. Instead of the Wall Street crooks being convicted and imprisoned, they have fled the jurisdiction with their self-determined compensation. Corporate crime pays, while pensions and mutual fund savings evaporate.
Now comes the next stage of the Washington rescue effort in a variety of stimulus packages which every vendor group imaginable wants a piece of these days. When trillions are offered, many come running.
As the public focus is on how much, when and where all this money should be spent, there are very serious consequences to be foreseen and forestalled. First, consider how much more concentrated corporate power is occurring. Forced or willing mergers, acquisitions and panic takeovers of big banks by bigger banks along with bankruptcies of companies further reduce what is left of quality competition for consumer benefit.
Remember the anti-trust laws. Obama needs to be their champion. The fallout from the Wall Street binge is likely to lead to a country run by an even smaller handful of monopolistic global goliaths.
In the stampede for stimulus legislation, there is a foreboding feeling on Capitol Hill that there is no proposal on the table to pay for it other than by the children and grandchildren. Just the opposite is raining down on them. Everybody including the private equity gamblers, Las Vegas casinos and Hollywood studios along with the banks and auto companies are looking for tax breaks.
So with the economy deteriorating and taxes being cut, where is the enormous money coming from? From borrowing and from printing money. So look out for big time inflation and decline in the dollar's value vis-à-vis other currencies.
In all the hundreds of pages of stimulus bills, there is nothing that would facilitate the banding together of consumers and investors into strong advocacy groups. We have long proposed Financial Consumer Associations, privately and voluntarily funded through inserts in the monthly statements of financial firms.
If this bailout—stimulus—Wall Street funny money waste, fraud and abuse sounds confusing, that is because it is. A brand new paperback "Why Wall Street Can't Be Fixed and How to Replace It: Agenda For a New Economy" by long-time corporate critic, David C. Korten will explain some of the wheeling and dealing.
You don't have to agree with all or many of Korten's nostrums. Just read Part II—The Case For Eliminating Wall Street. He considers three central questions:
First, do Wall Street Institutions do anything so vital for the national interest that they justify trillions of dollars to save them from the consequences of their own excess?
Second, is it possible that the whole Wall Street edifice is built on an illusion of phantom wealth that carries deadly economic, social, and environmental consequences for the larger society?
Third, are there other ways to provide needed financial services with greater results and at lesser cost?
- Posted in
Comments are closed
171 Comments so far
Show AllI am proud to admit I gave money to you for your campaign.
If Mr. Obama wants to impress me, he can start criminal investigations of the Bush White House and the Wall Street ruling elite.
Just investigate, Mr. Obama, just investigate; that is all I ask.
As usual, it's hard to disagree with the venerable Mr. Nader. One wonders why he has never been able to gain traction in a society where his voice rings so true regarding the corporate oligarchy that rules Amerikkka.
Is the public so buried in infotainment and distraction that comes out of the corporate media, or are they so brainwashed by the steady drumbeat of rightwing talking points that they lost their critical-thinking skills?
It's maddening that instead of a progressive leader who could bring balance and fairness to the consumer markets and the political agenda, we get a right-of-center Barack Obama, who promotes escalating war in Afghanistan, blind support for Isreal and platitudes about the pillaging of the US treasury from CEO criminals.
Nader is amazing. Perhaps it is the infotainment that are to blame for his remaining peripheral though he speaks so truthfully. People often excuse the mindlessness of the masses claiming over work, too little funds and time to dedicate to civics. I say hogwash, there is plenty of time and money to care about your world. Being brave enough to buck the mainline chatter is another story. We are too comfortable in Groupthink. And we spend too much time in the entertainment of national politics and ignore the idiots on the little daises. Thats where the cookie starts to crumble. The little men in small hallways, your city councils.
Nader has to organize and give people running for local and Congressional offices who share his ideas his support and try campaigning with them for a change. Running a one-man show and writing rants isn't helping Nader.
"One wonders why he has never been able to gain traction in a society where his voice rings so true regarding the corporate oligarchy that rules Amerikkka."
That's easy. Nader's just a one-man show and he never puts team work first. He never took his own followers seriously and is often rude to even his own campaign folks. He never helped people running for offices sharing his ideas win. Hell, where was Nader when Sheehan was running against Pelosi? Nader can't run a campaign which explains why he failed miserably FOUR times in a row.
Ralph writes good articles though and this is a good one.
In the past I used to pass his articles around but most people wouldn't accept his language. I had to rewrite, reframe, and paraphrase to make it acceptable for even rabid conservatives to somewhat accept. Until he understands teamwork, he'll be stuck with writing articles. In the meantime, I'll continue to work with others in my local area and my friends' and family's local areas across the state and country to help as many braveheart moderate/progressive populists make it to influential positions in continued efforts to help change America from the bottom up rather than take Nader's failed way too idealist approach of top-bottom.
Reply to Nebraska and myself:
Here is a crazy Idea but The Republican party needs a direction now.
The Dems are going to be defensive and guard their power.
3rd parties are good for education but in a 2 party winner take all system they can't get power.
The real left including Ralph Nader should run as Republicans to get their ideas some influence ...a new direction.
It sounds way out, but if you want power, create a Republican left and you can show Rush Limbaugh what the best for America can be... a Republican revolution of Green Repubs. sounds crazy and out of the box.
Coalition politics is the way to get political power. Having Nader and Mckinney split votes of the Real Left is stupid and it is not a real strategy to get anything done but complain.
Complaining is good but is only a part of running a country. Being able to get the power to fix the problems is the other part.
There are enough real Left activists to do it... Just a thought but if I wanted to run for office and have influence, I would try something new. Yes, I know I am Crazy but this is the only way i see to shake up the system and get out of the right/left rut.
Staying out of politics and doin good locally is also just as good.
I think your idea is brilliant, and it has been successful before...
The tactics of infiltration to affect "change from within" was what brought the Repubes to power...
The "Blue Dogs" are a voting block of Dems who vote with the republicans on core issues...
These "wolves in sheeps clothing" are responsible for the democratic drift to the right...
This was phrased in euphamistic terms like being "bi-partisanship" and "centrist"...
These political Januses entered the Dem party during the Raygun era....
And were particularly active during the Gingrich era to hamstring Clinton...
and during Baby Bush's reign the Blue Dogs were the enablers...
Then there is the strategy of political sabotage & monkey wrenching...
I would love to see a real Republican left too. Eisenhower used to be just and up until the late 1960s, conservative Republicans were non-existant for the most part. The closest you can get to a left-leaning Republican is Ron Paul and that's only on certain issues. No, you're not crazy to run for a local office that can impact a community. Trust me, that's how ideologies get off the ground.
The Glue That Holds Chaos Together
Well, socialism or not, the banks have to be regulated and the bankers and CEO's on Wall Street have proven that they are not mature enough to be trusted with anything. This is why we need to regulate them and penalize them heavily for their transgressions. To do this may take some kind of constitutional ammendment, but I digress.
You are such a smart, and well-versed man. Your morality and sense of ethics is vastly superior then the clowns that we have had in office. If you are going to run for the presidential office again, then you need to get a television show so that people can see you every day. You need to get a serious public relations campaign.
Rock on, Ralph!
Sioux Rose
PATHOS: I dig Nader so much and honor his efforts at holding big money accountable that I cloned him, in a work of fiction, that is. Now as for the TV show, possibly on account of the new digital bandwidth opening space on "the proverbial dial," but if you watch the media barons, they guard access the way guards probably bar entrance at Fort Knox. There is not only an enthusiastic "manufacturing of consent" all across media, but also its cousin, marginalizing alternative voices. When the right wing hate machine can't come up with a nice ringing limerick or slogan to verbally volley about 24/7, then it will utilize other outlets to disseminate such calumny (generally the equivalent of granting false witness) against a speaker as to make the blade of his sword (as in the pen being mightier than the sword) dull before he gets to use it.
A famous astrologer, Buzz Meyers died suddenly about a decade ago (likely an event he was NOT able to foresee) but before leaving this plane he warned about a new kind of AIR pollution. Were he alive today I think he'd realize he meant POLLUTION OF THE AIR WAVES. The density of lies, attacks, disinformation, stupid redundant trivia, mind-numbing data, planted propaganda, and so much else is to the mind what dangerous food additives are to the healthy function of the physical body. The right wing has been playing chess for several decades, and own most pieces on the board. Well, I guess it's a new game, chess crossed with monopoly.
I think the headline is supposed to read "Whither Wall Street," not "Wither." Unless Nader is saying Wall Street should wither on the vine, but this is an unclear, clumsy construction. CD's editors, if it has any, are often as inattentive to headlines as most every other web site. Believe it or not, there was a time when news editors actually cared about such foolishness.
Wall Street should be eliminated, of course, but that's like expecting the Catholic Church to be eliminated. Capitalism as it's actually practiced, which brought us into this inescapable morass, should also be eliminated, but good luck with that. Even as it's committing gradual but certain suicide, its overseers and caretakers on Wall Street and in Washington will do everything in their considerable power to prop it up, bail it out, let it steal and kill at its leisure, bail it out again and again--anything at all but change it from a predatory system into one that actually benefits all the people. (Can you imagine any of these people giving a damn about antiquated ideas like equality?) Obama will oppose the dismantling of Wall Street as ferociously as Larry Summers will.
I bet Nader did mean wither, and perhaps it could happen if we get a real long term depression and people get angry enough, for we are networked now with the internet and we have TREMENDOUS power if we figure out how to use it.
Where for example is the "moveon" type e-mail pressure list for real leftist activists? And no "moveon" itself is NOT it, it's just a phony baloney cover group for center right Dimocraps. The internet could be the center of action for a populist revolt against the status quo.
I think a good start would a discussion forum HERE separate from the news stories to allow for long term planning and strategizing, as well as more links at the bottom of the page of things people can do like a calendar of demonstrations and vigils, links to petitions to sign, and status reports on pending legislation. If this site doesn't implement these things then it just an elaborate way to blow of steam which helps the status quo. :(
You are on a roll Hoot! You nailed Move On for what they are. Good ideas there too!
This website is pretty leftist, and I have gotten some action alerts from it...check it out:
http://www.democrats.com/
Catholic Church be eliminated? Why not? Dream big.
That goes to show that even letter writing should be given to someone else who is younger and shares Nader's ideas. Too bad Nader is a one-man show who's whithering away. Give others a chance to pick it up from there.
It seems to me that one might debate the points noted by Nader without the personal attacks on him that you seem to cherish.
"Most people would sooner die than think, in fact they do so. Bertrand Russell
You all full of more non sequiturs than a Marx Brothers film. How "that goes to show" anything other than your maniacal obsession with Nader ruining the entire world because he has dared to run for president a few times, only your fevered brain could begin to explain. You don't even know the difference between withering and "whithering," which isn't a word, moron. Every time the name Nader shows up on this site there are about a dozen of you clowns ready to go ballistic for days on end about how he "stole" the election in 2000 and left us with 8 years of Bush. You can't think past your narrow obsessions, so explaining how utterly delusional this is is a total waste of time. The delusions of that particular claim have been exposed and reiterated thousands of times, but you persist in making it because you have nothing better to do than rant and rave about how evil, egocentric and hypocritical Nader is. It's your mission in life. As soon as Obama screws up you'll be ready to pounce on Nader again. Anything at all that seems wrong you can easily blame on Nader. I assume you have a Nader Haters Club somewhere. Please get there and leave the rest of us alone. Your stupidity has grown stale and infinitely tedious.
Sioux Rose
EPHRAIM: You have the patience of a saint, and I love the Marx Brothers analogy!
Thanks Ralph but could you please come to my state and trying helping us progressives out? We're raisins in a conservative muffin and I think that you could help turn our state from red to blue or even green. Please come out and help. Thank you.
Jason Jordan
Sandpoint, Idaho
He would have done that in the 1980s perhaps but not this decade. He was great and all but his life is better spent writing letters to people he has no control over.
Nader's letters have much more imapact than your comments.
Nader's letters have much more impact than your comments.
Dream on. Nader hasn't had any impact in the last 20 years other than helping Bush steal the presidential election in 2000. He couldn't stop the Iraq war, tax cuts for the wealthy and the big corporations, the ongoing Enrons, the bailouts to Wall Street, more war spending, etc ... You're just jealous of listening to the truth. Nader's just a dream guy. As some have pointed out on this forum, he had plenty of opportunities to actually have an impact but he chose to FAIL himself 4 times in a row by running for president which he had virtually no chance of winning at. I'll tell you what. Let's see if anything Nader wrote actually gets translated into action. If Nader's letters get taken seriously in Washington, then you're on otherwise you're still dreaming but I'll let you keep dreaming your happy dream of Emperor Nader.
What exactly would you have Nader do? Try to elect Democrats who are as big a part of the problem as Republicans? You attack Ralph for his actions but offer no alternative. You also attempt to perpetuate the myth that he got the retard elected. So what is your excuse for 2004?
Ralph screwed himself these past 8 years. The Democrats don't need Ralph Nader as Obama showed this last election. But you can keep dreaming.
The Democrats dont need Ralph Nader but the nation very much needs him.
"Most people would sooner die than think, in fact they do so. Bertrand Russell
If the nation needed Ralph Nader, he'd be getting past 1%. Maybe Ralph Nader should take some serious lessons in Campaigning 101 and Framing 101 and learn to reach out across the spectrum. Then in his next life he may actually win an office.
Bray your faulty logic all you want. Since when is need an arbiter of desire? You seem increasingly pathological when Nader's name is mentioned, but, you see, that is is your problem after all.
Reasonably sane folks might stop to consider how the elections are severely weighted towards the two party system. Those not neurotic over a man who has devoted his life to public service might understand that this election was the perfect storm for Barack Obama. Someone with a genuine desire to discuss things truthfully and without venom towards the object of his neurosis would understand, after being told over and over and over that Nader runs to advance an agenda not to win office.
A real pity that you are none of those folks.
"Most people would sooner die than think, in fact they do so. Bertrand Russell
"Reasonably sane folks might stop to consider how the elections are severely weighted towards the two party system."
And you're not one of them. Having actually studied US history and realizing that history has been full of compromises and negotiations along with the way the political system is set up, I am already aware of the two party duopoly and how it came to be. Your Nader obsession is not helping Nader or you but hurting both of you. You are the reason Nader is where he is at today. If you are so devoted to Nader as you claim, you would have helped him run a better campaign and frame the issues better but that seems to run over your head.
"Those not neurotic over a man who has devoted his life to public service might understand that this election was the perfect storm for Barack Obama."
Nader did not devote himself to public service until into his adult life and he pretty much waned during the 1980s and then wasted two decades running unsuccessfully for the White House all the while refusing to help his followers.
"Someone with a genuine desire to discuss things truthfully and without venom towards the object of his neurosis would understand, after being told over and over and over that Nader runs to advance an agenda not to win office."
Correction: Someone with a genuine desire to discuss things truthfully and without venom towards the object of his neurosis would understand, after being told over and over and over that running a one-man show with no real support just like Nader has repeatedly done as did most 3rd party candidates is no way to advance an agenda. I know this is hard for you hardcore Nader voters to understand but one of these days, you'll understand the meaning of compromise and team work and with it the undeniable fact that compromise, moderation, and team work trump idealism and one-man-showism.
"A real pity that you are none of those folks."
Tell yourself that, sir,
What is telling is that you fill this thread with your Nader Neurosis yet fail even once to discuss the content of the article that heads the thread.
One might conjecture that is precisely your purpose; distract and annoy so that the message is lost and the Democrats are once again saved from the truth.
"Most people would sooner die than think, in fact they do so. Bertrand Russell
Run for a Governorship, or a Senatorial seat, say in a state that is receptive towards his ideas. Then, try to help elect allies to similar positions, seats in the House, in local legislatures.
EXACTLY ! Thank you for understanding the system and trying to drum some sense into these folks.
Just wondering: Why no third party candidates in Obama's cabinet?
Now that would be something. Wouldn't it. When you see the Republican and Democratic Parties as being but two faces of the same Corporate Party then the reasons for not including 3rd parties becomes obvious. No heretics allowed.
We don't have capitalism. These people want it all and with no competition, a key component of capitalism as taught in economics 101. What we have is monopolism! What we have on Wall Street are a bunch of corporations, which, if looked at as people as they want to be legally, would be considered sociopaths. Check out a movie called “The Corporation”, which can be seen in parts on youtube.
“So look out for big time inflation and decline in the dollar's value vis-à-vis other currencies.”
First will come deflation (falling prices and even faster falling incomes) which then will stop abruptly and shift into hyperinflation. Check out the blog Financial Ninja.
Mr. Nader:
Did you report the conversation you had with Summers, mentioned at the beginning of your piece, at the time it happened? If not, why not? Not really criticizing, just curious. Otherwise, you're doing good work. Thanks.
Ralph, you are really cool. Please keep on, keeping on. Yours is one of the few voices of sanity these days.
>>
One champion of this market fundamentalism was Alan Greenspan, then chairman of the Federal Reserve. Last October before a House Committee, Greenspan admitted he was mistaken and expressed astonishment at how corporations could not even safeguard their own self-interest from going over steep speculative cliffs.
That's such crap. Capitalism works. The only reason the banks went hog-wild with speculative stupidity is because they had the implicit backing of the Federal Reserve if anything went bad. If the government gave you a $1,000,000 credit card and then told you if anything went wrong they'd bail you out, wouldn't you quit your job and buy a mansion?
The government empowered bad investment with taxpayer money. Capitalism would have these bastards in the streets, but the government keeps rescuing them.
The Federal Reserve is a PRIVATE BANK. It is NOT part of the US government.
Please refrain from interjecting facts in opposition to silly rants.
"Most people would sooner die than think, in fact they do so. Bertrand Russell
davidwdeitch
The American people have to come out of this economic crisis with a greater understanding of the distinction between financial and industrial capital; an understanding that will result in a dismantling of the parasitic financial sector that includes Wall Street finance, insurance and real estate. Ralph Nader would do well to organize a national campaign for such a reform that cuts to the heart of all our troubles. The country and the world require productive investment that creates jobs and higher living standards and an end to speculation in worthless paper.
Withered Ralph Nader, please go away.
You elected George Bush, haven't you done enough damage?
Joe you are a complete Dim-o-crap kkkool-aid drinker. Everyone knows that the Dimocraps that voted for George Bush are what ended up making a narrow enough margin for the Supreme Court to award it to GB the first time, and Dim-o-craps not taking it to the streets over Ohio the second time; NOT RALPH NADER. And no I didn't vote for him, but I honor his service to the country by running and adding to the debate. The Party of Co- Complicity Corporatism, Democrats and Republicans. One as sick as the other.
Had Gore been a better candidate he could easily have beaten the retard bush, Nader or no Nader. The question is would it have made a difference and the answer is a resounding NO! Much of this financial deregulation was passed under Clinton. Much of the "Free Trade" was passed under Clinton. Now we have change boy, but what change is that? Bigger military, full support for Israeli terror, more money for banks, more debt, more bubble economics. MEET THE NEW BOSS, SAME AS THE OLD BOSS!
So Joe, if you want to blame someone BLAME YOURSELF! You should have voted for Ralph. We all should have, because until we do it is just more of the same screw job to the working people from RepubliDemocrats.
Actually, it was Reagan who started the deregulation and free trade mess. Clinton and Dubya only continued it. Even if Ralph Nader were president from 2001 - 2008, he wouldn't have gotten anywhere. Nader's just a pipe dream kind of like spitting in the wind.
I wonder at your obsessive seeming attacks on Nader. I find him far different than you portray him , not that you are not entitled to an opinion. But one might express differences without coming off as ,well, as "excessive" as you do. I fear there is something hidden from view that sparks such attitude.
"Most people would sooner die than think, in fact they do so. Bertrand Russell
Since Nader has nothing to show for the last 20 years, I have every right to expose his hypocrisy. If you didn't want dissent, then maybe you Naderites should have vetted him thoroughly.
Please research the difference between vetting and character assassination. There is one you know. You appear to have some sort of Naderphobia, one which causes you to foam at the mouth, post hyperbolic and inaccurate opinions that you are prepared to swear are facts.
"Most people would sooner die than think, in fact they do so. Bertrand Russell