The Government-Business Axis

The Occupy Wall Street crowd's a most unusual protest. OWS's a counter protest against those who want reform in Washington. However, OWS wants bigger government, more regulations and the confiscation of private property.

Yet, the collapse of our economy in 2008 was caused by the government and certain financial institutions, but not the Wall Street of the protestors which across the board is just the regular companies that made America great. And if American capitalism had been followed, we’d be out of this mess with the perpetrators bankrupted and bad assets written off even if it meant throwing people who used their homes like a pair of dice at a casino into the street.

Instead, a series of actual fascist measures were taken which put the entire economy of the United States at risk by massively expanding the money supply to bail out the government-business axis which caused the problem. For those who don’t know, fascism is private ownership with government control; the controlees being awarded huge contracts by the government.

This fascism was made possible because we ignored what President Eisenhower said in his farewell address where he warned against the influence whether sought or unsought of the military industrial complex. Well this influence is here, just look at who owns the media which camouflages it.

NBCUniveral is owned by Comcast and General Electric. CBS is owned by Westinghouse. Seeing a pattern here? This used to be illegal for mult-national corporations to own a media channel. It also used to be illegal for a company to own more than one kind of media. The point is when big business owns the media, you can bet the media favors big government with its big contracts.

So the press, having been bought long ago, stopped being a watchdog and became instead an attack dog for anything that threatened the business interests of the government-business axis. And if you think I’m wrong because the government-business axis would hate, for instance, environmental laws and such, you are quite wrong. Environmental laws don’t put the Westinghouse’s out of business; they put the competitors that can’t move offshore out of business.

How did all this lead to the crash? In the 70’s, a scheme was hatched to give loans which could not be afforded to historically disadvantaged people. The idea of the law was noble except, economics, like gravity, doesn’t care how righteous the people falling are. The press loved it. Of course the voices talking plain sense against it drowned out in cries of racism.

Why the press loved it is that it was big government. This could not fail, the loans were guaranteed by Uncle Sam. Except they weren’t because the idea of loan insurance is that those insured are in an economic sphere where they can pay back a loan when first made, with only so many failing later. You don’t start the insurance process with everyone being in an economic sphere where they can’t pay back the loans.

The stick used to get the loans made was passed by the government in the Fair-Housing Act and massively expanded under President Clinton. If a bank didn’t have a certain percentage of its loans as bad or at risk, it might not have its charter renewed.

Later the government-media complex unintentionally set up a perfect storm when it lobbied Congress to remove Glass-Steagall, a law written during the depression to ensure banks didn’t fail. The Republican Senator who was instrumental in removing the law under President Clinton, by the way, became a multi-millionaire bank president after he left office. With the law removed, the banks were allowed to merge into bigger and bigger banks.

Except these banks were like radioactive clouds merging together because they had, unreported by the media, toxic home mortgages on the books. Soon the idea came to chop up the mortgages and sell them as investments. The government-business axis made a fortune and was bailed out. Regular Wall Street was blamed.

Who do you think is to blame for the economic mess we are in today? Let me know in the comments.

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