Saturday, March 14, 2009

'Yo Momma's a Socialist Series: Put the Bank Executives in Jail with Maddof?


The Criminal Nature: Are Tax Payers Corporate
Shareholders Now? Should some bank executives
put in jail cells next to Bernie Maddoff?
Maureen O' Dowd describes the conflicts that arise with
giving tax payer, the money that you pay to the government
every April 15th to
institutions who made money off of money
instead of products.
She writes,
At least the old robber barons made great products. When you make money out of money, unmoored from morality and regulators, it must unhinge you. How else to explain corporate welfare queens partridge hunting in England, buying French jets and shopping for Lamborghini's?
O'Dowd has arguably been the only public voice in a
mainstream publication
that admitted that the executives
who are enhanced their bottom lines
at the tax payer expense
should be treated like the criminals they are.
She states,
More than a disappointed parent, they need a special prosecutor or three. Spare the rod, spoil the jackal. Anyone who gave bonuses after accepting federal aid should be fired, and that money should be disgorged to the Treasury.
O'Dowd ends her piece with the statement,
The president needs to think like Andrew Cuomo. “ ‘Performance bonus’ for many of the C.E.O.’s is an oxymoron,” he said. “I would tell them, a) you don’t deserve a bonus, b) where are you going to go? and c) if you want to go, go.
Maureen O'Dowd has been, arguably one of the only people
in mainstream media to say publicly that that the executives
who took tax payer money and gave their employees bonuses
should be prosecuted and sent to jail for what they have done.

I think that there is an unwillingness to criticize
at the end of the day, many of us, want to be
rich one day,
so we are reluctant to criticize the people
that are. What this
misguided thinking fails to take
into consideration is that,
given the nature of this
finance centered economy you are
are likely to spend your
life toiling in the service economy
as a waitress, retail sales person,
or as a nurse, than you
are to wind up affluent.

Something very similar happened in Hip Hop. There was a
when rap artist criticized drug dealers. Now they rarely
criticize them
because they want to be like and or live like them.

I will argue that there is a connection between this
shift and
the current depression that we are now experiencing.

'Yo Momma's a Socialist: From Production to Consumption '
'Yo Momma's a Socialist: Reagan and Bush, "The Banks Will
Never Be Allowed to Fail"

'Yo Momma's a Socialist: Podcast

The 'Yo Momma's a Socialist Podcast is a conversation
that Filthy and I recorded last September. We discuss
American Consumption, Racism, WWII, Adult Onset Poverty,
Why More Schooling Isn't the main Solution, Lenin, Fordism
The Soviet Union
, Why Products Don't Last Anymore, Germany.

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