** all four Republicans on the commission voted to exclude the following terms from the report: “deregulation,” “shadow banking,” “interconnection,” and, yes, “Wall Street.”Andrew
Colesville, MD
December 17th, 2010
Last week, Spencer Bachus, the incoming G.O.P. chairman of the House Financial Services Committee, told The Birmingham News that “in Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks.”’
This statement in plain English is better than one hundred-thousand-word theory of so-called neutral nation-state. Capital owns and controls all of the three branches of the government – the social power of the nation-state. During the cold-war era, capital made discreet moves in order not to disturb the “democracy” façade for fearing the alternative system threat. After Reagan took the Office, the Soviet Union was self-torn down, there was no alternative system to threaten capitalism any more, and the “democracy” facade was likewise self-torn down. The capitalist dictatorship needed no more cover and the cover of nation-state’s feign neutrality, equality and color-blindness, all of a sudden, has blown sky high and stayed that way until the present.
Obama, being a guest politician in the inner-circle, behaves just as Kissinger did 37 years earlier - when Obama dismissed the “professional left” or “purists” as not an American concern but may be a humanitarian concern. He has no better way to please his capitalist masters who own and control the nation-state than letting down his entire mass base. Some say the nation-state - a neutral and color-blind power - takes care of everybody equally. Kissinger and Obama’s performances show that this kind of “neutral state theory” is simply as wrong as saying a horse can work alone without doing its master’s bidding.
It is therefore no surprise that Obama and his Congressional politicians established the bipartisan Financial Crisis Inquiry Commission in such a way that kowtowed to the demand of the monopoly finance capital.
Why do the capitalist establishments keep hiring guest politicians? The open secret is that their modest family backgrounds tend to add the aura of “democracy” or the neutral state illusion to the already over-sold myths of bourgeois politics to denude us of the reality of capitalist rule. Another advantage of hiring obsequious guest politicians is to infuse other stooping congeners to serve capital in earnest. On the other hand, these hired hands plan ahead of time to swing through Capitol Hill's revolving door equally in earnest.
The real reason of the financial crisis is that overproduction of commodity caused over-accumulation of capital that, in turn, engendered the housing bubble that burst after a Ponzi scheme of bidding higher and higher housing price. An over-production in global housing markets had been in place for about five to ten years prior to December 2007 when subprime loans were exposed. As a commenter stated, “The practice of short-term borrowing and long-term lending contributed to the near-collapse of the world financial system in the late 2008 when short-term financing dried up. Banks suddenly found themselves starved for cash, and some would have collapsed without central banks support.” That is exactly what a Ponzi scheme has done and thrived in Wall Street. The Republican faction of the Commission avoids**mentioning Wall Street and other sensitive terms in its report shows how closely it has colluded with the wrongdoers in Wall Street and how closely it has followed the opinion-control and term-banning schemes in “socialist” China.
The Republicans knew all along that the government has done all it could to nurture, pander, do the bidding and save the life of capital by imposing enormous hard times on the working majority. Nonetheless, they want to keep blackmailing it to death so that all the social services, including Social Security, Medicare, unemployment benefits, minimum wage, food stamps, and other welfare programs will be either privatized or terminated, permanently. They want to set up for their masters the year of 2011 as the year of public service privatization and unearned minority counter-revolution against the working majority.
Ronald Reagan, the counter-revolutionary racketeer boss of the ruling class, said, “Facts are stupid things." Facts in front of the Republicans have to bow out.
Colin
