Wednesday, July 11, 2012
Government vs. Corporate Power
There is no denying that government in these parts is corrupt and worthy of disdain. But that does not mean that government is spearheading the effort; as Barry Ritholtz has said, "When a dog bites you in the ass... that's what dogs do - don't blame the dog. Look up the leash and see who is holding the handle. When you look at Congress - Congress is the snapping dog. But they are somebody's bitch. You have to see who is holding the leash. Very often it is banks and Wall Street and the financial sector having Congress do its bidding. Most of the things that got us into trouble have been done at the bequest of the banks."
Corporations buy politicians, write legislation that benefits themselves at the expense of everyone else, and then set up think tanks to develop sound bites that are sent to the Rush Limbaughs of the world. Then, as if by some corporate-sponsored miracle, the electorate votes for politicians who stand ready to push policy on behalf of their benefactors. If it were not diabolical and destructive to justice and democracy, the genius of it would be worthy of our praise and awe.
I am not defending politicians or their appointees; there are so many bad actors in government, hard at work undermining any remaining vestige of checks and balances. But it is a team effort. And government has all but handed over the keys of Congress to their benefactors.
h/t Barry Ritholtz
at 6:00 PM