“The Goldman folks have no soul, selling crap as gold and claiming no responsibility.”
— my Tweet on the Goldman hearings from earlier today
The few moments of today’s Senate hearing on financial reforms and the role Goldman Sachs played was, to say the least, surreal. Goldman officials appeared defiant, which just underscores the need to rein in an industry that no longer has much to do with creating economic security for the country.
My column this week, which should go live tomorrow, talks about the gutting of the regulatory system across the corporate world — not just finance, but mining, air safety, consumer goods, food and drugs — and how it has allowed big business to function as if it was the Cosa Nostra, acting with impunity.
It is easy to blame George W. Bush for this. His administration was probably more aggressive than any before in dismantling the regulatory edifice. But that only tells a small part of the story. Every presidential administration beginning with Jimmy Carter’s in the late 1970s has stripped away some portion of the regulatory apparatus, so each bears some responsibility for the mess we now find ourselves in.
But blame only goes so far. It is time to reverse the trend, to protect average Americans from the predatory nature of international business — and the only way we can do this is via strong regulations designed to level the playing field, to keep business honest. I don’t say this lightly — I am generally skeptical of large concentrations of power, but I have a greater fear at the moment of unchecked corporate power.
We used to understand this — Teddy Roosevelt busted the trusts and even Dwight Eisenhower warned against the growing military-industrial complex. Barack Obama told us he understood, as well, but it has become clear that he is not interested in challenging the status quo anymore than anyone else working in Washington or any of the state capitals.
If we hope to safe our environment, our economy, our democracy, we need to stop paying lip sevice to the legalized crime that occurs on Wall Street everyday and do something about it.
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Hank Kalet 
I'd suggest that \”laws\” enacted by the congresscritters —- as opposed to REAL laws like the Law of Gravity — try ignoring that one —- can not be enforced. And, as such are a waste of time.We need laws that are self-enforcing like the Law of Gravity. Like no one should have a salary greater than the President, or we will shun them. Like no company should have a balance sheet greater than 1T$ else everyone should refuse to do business with them. Like anyone with a violent felony or any company with a fraud conviction is shunned.Or any company that seeks or accepts a handout from the Gooferment, is shunned! For example, I'll never buy a car from Gooferment Motors. Never ever. Give it to me for free and I'll still decline.Gooferment is ALWAYS ineffective and inefficient. imho! … … but then I'm a little L libertarian.And, on GS being \”dragged\” to Capitol Hill and excoriated.It's a sham. It's the like the Harlem Globetrotters playing the Washington Generals. It's theater. It's creating a strawman to take the heat off the District of Corruption. Don't be fooled. First GS will play the fool and collect big later. Signed and sealed with Judas kiss. \”Pay no attention to the man behind the curtain.\” \”Just quake before the … all powerful Oz!\” I am SHOCKED — \”I'm shocked, shocked to find that gambling is going on in here!\” Captain Renault in Casablanca — to find there has been gambling going on here on Wall Street! Argh!!!
Another key factor that has empowered predatory monopolistic capitalism is the rampant union busting over the past 30 years. Unions level the playing field and improve working conditions for workers. Unionization in this country is down to about 12% of the work force. In Canada it is about 30% and in Finland, a little over 80% of the workforce is unionized. Passage of EFCA would help workers to form unions but I don't hear Obama or most of the Democrats even talking about this issue, unless I missed it. The progressive Democrats are certainly pushing this issue.The attitude in this country amongst the economic elites, Wall Street, the big corporations, the US Chamber of Commerce, all the right wing think tanksters, like AEI, Heritage and Cato, is that labor is a nuisance, that workers are vermin to be controlled and demeaned at every available opportunity.Just look at the predatory capitalist criminal, Don Blankenship, CEO of Massey Energy, who values profits over the safety of the lives of the coal miners. Oh yeah, clean coal, except for all the blood on his hands. Will he be charged? I doubt it, he has bought off too many judges and too many politicians.
Another key factor that has empowered predatory monopolistic capitalism is the rampant union busting over the past 30 years. Unions level the playing field and improve working conditions for workers. Unionization in this country is down to about 12% of the work force. In Canada it is about 30% and in Finland, a little over 80% of the workforce is unionized. Passage of EFCA would help workers to form unions but I don't hear Obama or most of the Democrats even talking about this issue, unless I missed it. The progressive Democrats are certainly pushing this issue.The attitude in this country amongst the economic elites, Wall Street, the big corporations, the US Chamber of Commerce, all the right wing think tanksters, like AEI, Heritage and Cato, is that labor is a nuisance, that workers are vermin to be controlled and demeaned at every available opportunity.Just look at the predatory capitalist criminal, Don Blankenship, CEO of Massey Energy, who values profits over the safety of the lives of the coal miners. Oh yeah, clean coal, except for all the blood on his hands. Will he be charged? I doubt it, he has bought off too many judges and too many politicians.
Sorry for the double post.It's not my fault, the word verification thing is acting weird.