“Past bank abuses are typically discussed without a sense of outrage. They have, in effect, become a recognized practice of deception with no consequences.” – Bruce Judson, ND 2.0
A Critique On: “Why Inequality Matters”: Saving Capitalist Society from Obsessive Greed and Lawlessness from: Jesse’s Café Américain
I think this is about as good a statement of the problem facing the US economic system today.
The ‘checks and balances’ and ‘equal protection under the law’ of the Constitution has been trampled upon by the monied interests. The obsessions of the few will not permit them to relent on their quest for all the marbles, even to a Pyrrhic victory.
In addition to the massive mortgage and foreclosure frauds, I can think of no better recent example than the looting of the customer accounts at MF Global, the manipulation of justice, and the subsequent cover up, because it is so senseless.
And if it destroys the futures markets in the process, as the members of the Futures Association fear, then so what?
We won, didn’t we?
Why can’t the Bank give back the customer money which they accepted in the last week of business? A billion dollars is small change, especially as they are sitting on a pile of unearned loot taken by fraud from the public already, and the price to be paid in the long run for it may be great.
Why don’t serial killers ever quit? Because it is a matter of principle to them, the principle of pride, the pride of all those masters of the universe who consider themselves to be above all the rest, supra-human, the best. To give it back would be to admit that they are equal after all, merely human, and subject to the laws of the people. And the will to power that fills the hole in their being will not allow it. They need, and that need must be fulfilled, no matter what. What I must forego diminishes me. And to bend my knee to anything or anyone is a blasphemy against my self.
“Do what thou wilt shall be the whole of the law.”
Have we not proved we were smarter, better, different from all the rest, these creatures whom we use and despise? And if these sub-humans prove to be troublesome, we will disparage them, silence them, beat them, corral them, and even burn them.
We are the gods of this age, the great angel of the morning, sitting on a wreckage of devices, gaping in the light.
A MUST READ IF YOU WANT TO UNDERSTAND THE BREAKDOWN OF OUR JUSTICE SYSTEM – IP
The banks’ blatant malfeasance with regard to the robo-mortgage scandal and other foreclosure-related activities have been a clear example of unequal enforcement of the laws. Now, the settlement may serve as another example that equal justice through equal enforcement of the laws, which is necessary for sustainable capitalism, no longer prevails in America. – Bruce Judson
By Bruce Judson
Extreme economic inequality is among the most destructive forces in a society. As inequality grows, it undermines the effective functioning of the economy, the basic tenets of capitalism, and the foundations of democracy.
Unfortunately, the housing crisis and now the housing settlement increasingly look like an example of how this mechanism works.
One of the central characteristics of highly unequal societies is that two sets of laws develop: One set for the rich and powerful and one set for everyone else. The more unequal societies become, the more easily they accept the unacceptable, and with each unrebuked violation, the powerful actors at the top of the society gain an ever greater sense of entitlement and an ever greater sense that the laws that govern everyone else don’t apply to them. As a result, their behavior becomes increasingly egregious.
In contrast, sustainable capitalism requires that all participants in a contract or bargain believe their interests will be enforced equally by the courts: Capitalism requires that Lady Justice wear a blindfold. When powerful players are permitted to alter established rules at will, capitalism ultimately collapses. Contracts and the idea of a fair bargain become meaningless as less powerful parties to an agreement know their rights will not be enforced.
Over time, citizens lose faith in government and their own ability to thrive in what becomes a corrupt economy. This uncertainty leads the small businesses, which are so often cited as important to our economy, to shy away from new activities that might put them at the risk of unequal treatment…
Read the rest Here.
Re: The mortgage fraud settlement:
“LA Times calls the $25-billion mortgage settlement ‘inadequate’. Cynic that I am, I think a $25-billion settlement for blatant criminal fraud, that continues to this day and is central to the loss of $8 Trillion in housing values, is just about right for a Kleptocratic leadership… Power to the Plutocracy!” – “The Presidents Belated Mortgage Fraud/Crisis Investigation“
WE Pollock at Inflection Points understands; the government no longer supports the republic…”where corporations and vested interest are dictating terms to the detriment of the entire populace.”
“There was a war going on for the rich corporate cash flows determined by the federal budget – between those who made money on building up of communities and a peace economy, and those who made money on the failure of communities and a war economy. As stock market prices and the Dow Jones Index rose, this economic warfare grew in fierceness. For example, a comparison of how DOJ handled The Hamilton Securities Group – a firm that helped communities succeed – versus how it dealt with Enron – a company that criminally destroyed retirement savings and communities – underscores much about the system’s true intentions. ….Our economy depends on insiders having their cake and eating it too and subsidizing a free lunch by stealing from someone else….That is why the safe thing to do is to rig cash flow through government laws, regulations and contracts and to arrange for government to get rid of your enemies. This is one of the reasons why the blur of people cycling between high-level Wall Street and Washington positions at some point helps us to understand the extent to which there is no longer any sovereign government….I don’t know how many people the New World Order will reduce to poverty, assassinate and torture before they fail. I just know that they will fail. Because ultimately large complex systems cannot be held together by greed, technology and fear alone. Suspicion, lawlessness and smallness of mind ultimately cause implosion from within.” – Catherine Austin Fits, The Looting of America: Happy Labor Day
‘Our government…teaches the whole people by its example. If the government becomes the lawbreaker, it breeds contempt for law; it invites every man to become a law unto himself; it invites anarchy.’ – Louis D. Brandeis
Visit: Inflection Point