Won’t You Join Me and Raise a Finger to the All-powerful Welfare Class?
Most Americans think we live in a country that is governed by democracy, a country where capitalism has free expression.
The truth about this, which surprises most Americans because it wasn’t what was emphasized (much) in school, is that we live in a republic, where socialism is practiced most profitably at the highest levels of society (‘old money’ investors, coporate interests), and favoritism (‘crony capitalism’, ‘corporate welfare’, lobbys) in fact reigns.
The recent disasters in banking, equities and politics has exposed cracks which are quickly being patched over. The cracks are still there; however most Americans are too busy (or too frightened) to peer in and see just what those cracks reveal.
Among the many travesties we have witnessed these past two years, one aspect that gets little recognition, but which helps explains much of the motivation of why things got done the way they got done (‘bailout’), is that America has become a manifestation of the “Big Daddy” economy.
Let me explain, using our most recent ex-president as an example.
George W. Bush was by reliable accounts a feckless businesman . If it were not for family connections, he’d be hard pressed to find regular employment (‘day job’). What he personally lacked in intelligence and creativity, he absolutely made up for with lazy, entitled ambition. Apparently the acorn fell pretty far (but not too far!) from the tree.
W’s ‘success’ in the business sector would be later spinned by the Reuplikrats during campaigning to ‘prove’ his ‘success’ and ‘free market’ bona fides. In fact, W was the living embodiment of the Peter Principle, succeeding upwards with each failure. In that way he resembled his most avid supporters.
Running companies into the ground, only to be bailed out by his daddy’s cronies, became his modus operandi true calling, as we came to see (“when the only tool you have is a hammer, it is tempting to treat everything as if it were a nail.” [Wiki]). W and many of his cronies contemporaries (Steve Forbes, Bill Simon, 1,000 others) would inevitably fail in life at achieving personal success outside the shadow of their fathers; but they would succeed in carrying this undercurrent, this message of tough-talking incompetence with a safety-net (see the double meaning of “too big to fail” ), into this nation’s very psyche, informing and interfering with it’s economic operation, materializing into the now-familiar bailout mentality… similar in many ways in which mail carriers go postal.
Preferred ‘clients’ (cronies, ‘fortunate sons’) are bailed out, rather than allowed to be free to fail (the banking lobby’s recent success at mythologizing ‘systemic risk’). As if failure is bad thing, rather than simply a part of the overall capitalist experience.
Ordinary people, untethered to the rightful welfare class, who have succeeded in life and business, are not being politely asked by the crony class for a ‘hand-up’- they are not even being told to pony up. They are being imperceptibly pick-pocketed by the tag-team of Treasury and Federal Reserve, Inc., the latter which has the power to inflate currency. Thus, lowering the value of your dollar; thus, stealing from you and your future earnings, in order to buy ginormous amounts of spackle for the banking community today (RUSH JOB!).
Everywhere you look, from Benron Bukkake, to Hanky (Panky) Paulson, to Elmer ‘Dicky the goldfish’ Fuld to <insert your fave crony capitalist here>, there are connected (or ‘made’ boys men) acting like surrogate daddies to their ideological offspring (I got yer ‘neo liberal bias’ right her Faux Nooz). Yes, they have succeeded in ways their fathers never imagined; instead of stewarding a system where hard work and fresh ideas are rewarded in the marketplace, and commercial growth is stimulated in organic ways, they’ve rigged the game so they can reap the benefits of your success, make your success theirs too, in ways feudal lords could only have dreamed.
All-in-all an immense improvement over the divine right of kings, who in olden times would rape your daughter and bugger your son. Today, they only want their/your money!
Isn’t crony capitalism a wonderful thing? What’s that you say, you aren’t a crony?
Sucks to be you!
1. Arbusto Energy (sometimes referred to as Arbusto Oil) was a petroleum and energy company formed in Midland, Texas, in 1977, by former US President George W. Bush and a group of investors which included Salem bin Laden of the Saudi Binladin Group. This fact became controversial after the September 11, 2001 attacks due to Salem bin Laden being an older, half-brother of Osama bin Laden, who planned and financed the attacks. Payback is a bitch!
2. The Too Big to Fail policy is the idea that in economic regulation the largest and most interconnected businesses are “too big to [let] fail.” This means that it might encourage recklessness since the government would pick up the pieces in the event it was about to go out of business. The phrase has also been more broadly applied to refer to a government’s policy to bail out any corporation. It raises the issue of moral hazard in business operations. Often incorrectly interpreted by Joe Six Pack to mean fail was not possible, the phrase’s true nuance has become the wish that came true, and is now an eyesore to this intrepid blogger as each time I am reminded of who is really footing the bill.
Consume less and enjoy a better quality of life.