Posted on 12/16/2014 4:37:46 AM PST by IBD editorial writer
Crony Capitalism: Sen. Elizabeth Warren delivered a stemwinder speech last Friday on the need for government to rein in Wall Street influence. But it's big government that created the monster in the first place.
Warren, D-Mass., was attacking a "dangerous provision" in the so-called cromnibus spending bill that, she said, stripped a part of Dodd-Frank that big banks, particularly Citigroup, don't like.
Her speech had the left slobbering over itself. Michael Tomasky, writing for the Daily Beast, said Warren's "weekend heroics" made her the "most powerful Democrat in America." The Huffington Post ran a column calling it "the speech that could make Elizabeth Warren the next president."
That's only possible if voters overlook the glaring problem with her argument.
(Excerpt) Read more at news.investors.com ...
And what else is the wind turbine subsidy but a front for financial transaction favors and energy prop trading?
That broad is really stupid.
She’s so brilliant!!! Brilliant!!!
/s/
IMHO
Just like Obama, Big Media and the Democrats (but I am being redundant) are pushing another ‘empty suit’. She will be anyone you want her to be. Please God, save us from any more Socialist/Communist Messiahs.
No. Voters are stupid and might buy her poison.
A populist platform against “banks,” “Wall Street,” and “the Rich” might be a winning proposition. Elizabeth “Fauxchahontas” Warren is following in the footsteps of Huey Long and using his “Share Our Wealth” plan as a model.
This is VERY scary.
Ping
All a Democrat has to do is say something truthful, just once, and they are lauded as a hero.
If conservatives can oust the RINOs and GOP-e Whigs from the leadership, and get a conservative POTUS, one of his major tasks will be to tear apart, split, the oligopolies in the business world, so that there are no longer “too big to fail” businesses in the US.
The priority goes to the finance and banking industry, because they represent the greatest threat to America. They have to be split apart to the point where they are “able to fail” without crippling our economy.
Importantly, ending this Dodd-Frank provision, leaving the FDIC, and thus the United States, on the hook to back insane Derivatives gambling by banks, amounting to tens or even hundreds of trillions of dollars, is equally insane. If banks want to gamble a thousand times their own assets, and if anyone is stupid enough to allow the wager, then it is that bank and the “casino” market that should take the hit, not the United States.
Next up are the small handful of media companies that control the vast majority of our Internet, broadcast and print media. These jerks have crippled the first amendment in the US, so need to be busted up.
There are several other industries that need to be reformed this way, but they are much less threatening to the nation.
Sure thing IBD, the banks having nothing but our best interests at heart.
Come on, you’re not supposed to validate the message...stick with attacking the messenger.
That proposition kind of mixes up who works for who in our system.
Such a plan could only be carried out by a dictator in an extra-Constitutional manner, using the US military's special forces to secure offices in DC, New York, and Brussels and transport these extremely powerful and dangerous men out of the reach of their security details and directly to SuperMax in Colorado. A Putin could probably pull it off, as he has done something similar to Russian oligarchs in the past.
But I don't think Uncle Jeb is going to be that guy. :)
Such a plan was carried out over a hundred years ago by President McKinley, who really started the “trust busting” movement, by setting up the U.S. Industrial Commission. And Teddy Roosevelt based his presidency on busting up corporations that today could easily be called “too big to fail”.
The main statutes are the Sherman Act 1890, the Clayton Act 1914 and the Federal Trade Commission Act 1914. These Acts, first, restrict the formation of cartels and prohibit other collusive practices regarded as being in restraint of trade. Second, they restrict the mergers and acquisitions of organizations which could substantially lessen competition. Third, they prohibit the creation of a monopoly and the abuse of monopoly power.
What is needed today just builds on these, and corrects errors made, mostly by the Supreme Court.
First and foremost, they decided that size alone is not a good enough reason to force division of a corporation. But this has been proven false by corporations which have become larger than the entire economies of many nations. For them to fail creating a tangible threat to the national economy of the United States is enough to force their division into two or more corporate entities.
Second, since the time of Lincoln, the Supreme Court has recognized that corporations have civil rights, comparable to human civil rights. This is a dangerous threat to our nation, because human civil rights are given “by the creator”, not government; yet corporate rights are exclusively given by government. To confuse the two origins is to threaten human civil rights with dilution.
So congress needs to establish that while corporations need rights, these are not human civil rights, nor should the two be confused in the law.
Third, treaties that permit access to US markets by multinational corporations that have no loyalty to the US need to be reexamined. In a manner of speaking, the problem here is that such multinationals are like illegal aliens: living here and benefiting from living here; but not loyal nor citizens. So in effect, they are parasites.
So if multinationals are to have access to our markets, they must play by our rules in our markets. They cannot use foreign connections to undercut domestic competition, nor can they avoid our taxes, nor can they outsource their labor and raw materials to other countries, yet sell their goods here.
So, you can have big business without big government, but you cannot have big government without big business.
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Their point is that regulators do not have our best interests at heart.
Break ‘em up so that their too small to do any damage when they screw the pooch. Then de-regulate as much as possible and let them do whatever the hell they want with THEIR money and NOT MINE.
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