Showing posts with label MONEY AND POLITICS. Show all posts
Showing posts with label MONEY AND POLITICS. Show all posts

Tuesday, April 6, 2021

LEGISLATING FROM THE BENCH: THE REAL G.O.P. AGENDA

By Ronald T. Fox

TJB | SC

If you’re like me and inclined toward progressive politics, you likely continue to be amazed as to why so many Americans continue to vote for Republicans when many of their political beliefs and actions, especially on economic and financial issues, are so broadly unpopular. Solid majorities of Americans support gun control, regulating big banks, reducing greenhouse gasses, a woman’s right to choose to terminate a pregnancy, laws to protect public health and safety, a wider access to healthcare, raising the minimum wage, protecting voting rights, and a progressive tax system that makes corporations and wealthy individuals pay more. These are all issues where republican lawmakers have defied the majority will of the American people.

How do they continue to get away with it? I’ve written in the past on Phronesis about how our political system is structured to thwart majority rule, citing the disproportionate influence moneyed interests, which are easily expressed through a constitutional system that in the electoral college, the small state-dominated Senate, and state and local governments stifles majority sentiment. I’ve written about the impact of gerrymandering and the failure of out communication outlets to educate the public on the realities of power and influence in our governance. I’ve addressed the failure of the Democratic Party to address working class concerns. I've posted about white resentment of identity politics. I’ve even pointed to the stupidity of voters (though such condescending academic preaching admittedly contributes to alienating ordinary Americans).

These factors help explain how Republicans, and their wealthy backers, have been able to thwart popular progressive legislation and retain their solid, if primarily white, electoral base. Still it is astonishing how a political party that has no clear legislative agenda other than obstruction, campaigns without a platform, goes at length to tell us what they’re against rather than for, has been so successful in achieving a policy agenda skewed toward rewarding the few Americans with wealth and power.

Ian Nillhiser’s opinion piece in the April 2, New York Times offers a clue: the Republican Party relies on the judiciary. The Supreme Court’s conservative majority has for decades pushed an agenda that benefits corporations and the wealthy at the expense of the rest of us. Court decisions have advanced the Republican vision in which government is prevented from regulating business, protecting civil and voting rights, and providing a basic social safety net.  Why should Republicans operate openly in the messy political arena when they can quietly achieve goals through the courts? How many Americans are aware of, and can comprehend, complicated court decisions, or non-decisions when they refuse to hear a case? You get the point: legislating from the bench enables them to dodge accountability for unpopular policies.

The conclusion for progressives and liberal to draw from the current reality of judicial legislating is depressing, to say the least. With conservatives controlling the Supreme Court and much of our nation’s networks of federal, as well as state and local, courts, and with most justices relatively young, we face years of rulings destined to benefit wealthy private interests and the broader agenda of conservatives. This endangers President Biden’s agenda, but, more ominously, our cherished Democracy.

I’m including Nillhiser’s op-ed below as a guest commentary. For a fuller exploration of his thesis, read his book: The Agenda: How a Republican Supreme Court is Reshaping America.

Monday, October 2, 2017

REPUBLICANS AND THE HURRICANES

HARVEY III

By Ronald T. Fox

NOTE: This essay is highly critical of Republicans and the Republican Party. In making my points, I admit to taking generalization liberties. Not all Republicans are guilty as I charge below; some, to be sure, are not completely heartless. Such Republicans, though, are few and far between. Today’s GOP is under the control of radical right true believers in unrestrained capitalism and the insulation of private property rights from the reach of government. Their emphasis on economic libertarianism leaves little space for humanity, or, for that matter, democracy. So, when I use the terms “Republican” and “Republican Party,” I’m referring to the party’s dominating--and uncompromising-- radical right.


Hurricanes Harvey was the largest rainfall event in American history. Over 51 inches of rain fell in some areas around Houston. While not bringing as much rainfall, Hurricane Irma delivered powerful winds and vast destruction to Florida, leaving more than a dozen dead and millions without electricity. Not to be outdone, Hurricane Maria, a category five hurricane, brought even greater devastation to Puerto Rico. Ninety percent of the islands is still--two weeks later-- without power or fresh water.

Terrible as this destruction was, it pales in comparison to mega-storm damage elsewhere in the world.  In India, Nepal and Bangladesh torrential monsoon rains and flooding has placed some 16 million children in urgent need of life-saving support.

High magnitude hurricanes, along with record heat waves, wildfires, and draughts, have been occurring with increasing frequency. These destructive natural events, climate scientists report, are almost certainly growing in magnitude because human behavior is causing the earth’s oceans to become warmer.

Each new gigantic hurricane makes me both sad and angry. I feel empathy toward victims, especially low income people who invariably suffer the most. (I’m not so sorry, however, for wealthy folks who choose to build in flood zones or live in fancy houses along a coastline). The know-nothing climate science deniers who have prevented our government from attacking the global warming problem spark my anger, as does the mainstream media, which relishes reporting on hurricane destruction, telling human interest stories, and showing journalists knee deep in flood water, but rarely probes deeper questions about what might be causing storms to grow larger and arrive more often.

In the U.S., climate change deniers are overwhelmingly concentrated in the Republican Party. In alliance with wealthy donors from the oil, gas and coal industries who have a financial stake in opposing any effort to reduce America’s dependence on fossil fuels, the party has blocked meaningful initiatives to cut greenhouse gas emissions. In doing so, the GOP has blood on its hands. It has aided and abetted the extreme weather horrors we are experiencing.

And that is not all. Republican support for unrestricted development, opposition to regulations aimed at protecting the environment, and public health and safety, hostility toward immigrants, and opposition to federal spending that compromises principles of economic libertarianism, exacerbates the human costs of high magnitude storms and wildfires.

The GOP can’t help itself. Decades ago it threw in with billionaire and millionaire ideologues bent on changing the rules of democratic governance to promote unfettered capitalism. The party has become passionately dedicated to promoting their various agendas. This means, among other things, pushing for tax cuts for the rich and austerity for everyone else. It also means rolling back regulations that prioritize human beings over profits.

I’ve been wondering how the Republican Party will respond to Hurricanes Harvey, Irma, and Maria. Could these catastrophic climate events, coming so close together, lead them to question Republican "truths" about climate change? Could riveting visuals of destroyed neighborhoods, uprooted families, submerged towns from Houston to Jacksonville to San Juan, and flattened Caribbean islands, along with the realization that it will take years for full recoveries, reach into hard Republican hearts and squeeze out a little humanity? In short, will they learn any lessons from the hurricanes of 2017? 

The extensiveness of destruction in the paths of the hurricanes of 2017 cannot be fully explained by what we know about climate science. Republican opposition to reducing greenhouse gasses, and the party’s policies on land development, deregulation, immigration, and federal spending, made the hurricane-hit areas more vulnerable to destruction. I wish, in the aftermath of the great hurricanes, Republicans will ask themselves the following tough questions.


Saturday, May 23, 2015

THE BIG BANKS JUST DON’T GET NO RESPECT

By Ronald T. Fox


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Here we go again. Four big banks—Citigroup, JPMorgan Chase, Barclays and Royal Bank of Scotland—pleaded guilty this week to multiple crimes related to manipulating foreign currencies and interest rates. Bank traders created online chat rooms they referred to as “the cartel” and “the mafia” where they colluded to manipulate exchange rates. Little did they know how appropriate these terms were, for the big banks have rap sheets that would put a mob boss to shame.

The big four were fined $5.6 billion (on top of $4.25 billion some of them agreed to pay regulators in November), and, for the first time, the banks’ parent companies rather than a subsidiary were required to enter the guilty pleas. Lest you think that pleading guilty to a felony represents a ramping up of big bank punishment, it must be noted that the banks were able to negotiate exemptions to stiff future regulations as part of the deal. These exemptions, like so many others in plea-bargain deals with banks, will allow them to conduct business as usual.

The criminal culture that pervades the Wall Street community has shown itself to be immune to the government efforts to reign in fraudulent bank activity. Substantial fines, deferred prosecution agreements mandating reforms, and threats of restructuring and criminal prosecution of executives have proven inadequate deterrents to criminal behavior. As the recent currency trading fraud demonstrates, despite years of regulatory black marks, big banks continue to arrogantly defy laws as well as business ethics (is this an oxymoron?). The prevailing Wall Street freewheeling culture is perhaps best summed up by a comment made in one of the online chat rooms by a Barclay’s trader: “if you ain’t cheating, you ain’t trying.”

Bank Regulation


Thursday, January 29, 2015

ANOTHER INSULT: WALL STREET FINES ARE TAX DEDUCTIBLE

 
By Ronald Fox
 
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It a number of previous posts I bemoaned the failure of Federal prosecutors to subject big Wall Street banks to criminal prosecution for their assortment of misdeeds. (One notable exception was the criminal prosecution of Credit Suisse. See Credit Suisse Pleads Guilty To A Felony, But Gets Off Easy). Without criminal prosecution, I concluded that the heavy fines imposed on JPMorgan Chase and other Wall Street behemoths would not deter the various criminal wrongdoings that got them in legal hot water.  At the same time, I welcomed the seemingly huge fines, which federal prosecutors assured us were extremely stiff, the highest ever paid by banks.  They did seem impressive.  I said "seem," because now we know the big banks will pay nowhere near the full cost of the settlements.  A big chunk of the billions of dollars in fines they have to pay to various federal agencies and regulators is tax deductible.  
 

Monday, October 20, 2014

ECONOMIC INEQUALITY: THE POLITICAL DIMENSION

  By Ronald T. Fox  


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"We may have democracy, or we may have wealth concentrated in the hands of a few, but we can't have both." 
                     Louis Brandeis

Is social inequality an inherent feature of free-market capitalism and if so is this necessarily a bad thing? Ideological liberals tend to think so. Most conservatives strongly disagree. To them inequality is a natural result of what happens in a free society where citizens possess vastly different levels of intelligence, education, talent, work ethics and personal drive. Soaring incomes at the top are seen as a just reward for initiatives taken and services rendered, like job creation. The investors of capital produce economic growth which provides economic opportunities for all. As the economy grows, all incomes will rise and an expanding middle class will enjoy a greater share of the national wealth.   

It would be great if this is how things really worked, but as is abundantly clear to most, save those living in the splendid insulation great wealth provides, the America of today presents quite a different picture. Social inequality in the United States is souring, reaching proportions not seen since the Gilded Age. The return on capital has increased much faster than economic growth and incomes have not only failed to rise, they’ve actually declined over the last couple of decades (median middle-class household income peaked at $56,080 in 1999 and it stands at roughly $50,017 now). This development finds average Americans struggling to grab a share of the American Dream. It also finds them increasingly marginalized in our political system. The wealth that has been accumulating at the top of our social strata has generated wide political inequality that is threatening the very foundation of our democratic system. It has turned America into a plutocracy.  

Extreme inequality is harming American society in many ways. I’ve written about some in previous posts (see: Does Economic Inequality Matter?  Economic Inequality and the Failure of Elites,  Economic Inequality and the Cheating Culture, and The Collapse of American Journalism and the Growth of Institutional Corruption). This essay will focus on the political dimension of economic inequality.

Monday, August 18, 2014

WHILE THE RIGHT ORGANIZES, THE LEFT SLUMBERS

  By Ronald Fox  


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There was a time, not so long ago, when I lamented that America was in an extreme conservative moment. Now, I’m sorry to say, that moment appears to be much more enduring that I thought. Despite so many reasons why voters should turn away from ideological conservatives and their GOP brethren-- their declining appeal to women, Latinos, and young voters, hostility to policies that would benefit the overwhelming majority of Americans, such as healthcare, job creation, raising the minimum wage, a fairer tax structure, a greater investment in public works, and protection of the environment, and their blatant promotion of the interests of the wealthy-- conservative Republican fortunes appear to be on the rise with no end in sight.  

Recently three articles appeared in the New York Times that added salt to my oozing political wounds: outside group spending on political advertising is set to break $2 billion in congressional races, up nearly 70 percent since the 2010 midterm election; Republicans are now being given a 60% chance to take over majority control of the Senate; and, the Wisconsin Supreme Court upheld a law limiting collective bargaining rights for most public employees. Ouch! The future seems to hold only more ugliness for the left.  

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