My insistence on laying the blame equally at the door of the two political parties and the singular class they represent is not to provoke yet another senseless debate about Coke vs Pepsi elections in the US. It’s to remind folks that the game is rigged, rigged, rigged. You don’t try to break into a collapsing building unless you want to be buried in the rubble.
We and our children are about to be ripped off in a way and at a scale that is unprecedented; and the punditocracy is telling us, just as Maggie Thatcher did, “there is no alternative.” Any time you hear the term “bipartisan,” be extremely afraid.
Gramm is a prime exhibit in any list of the architects of the current economic mess. At the behest of the banking industry he wrote the laws that enabled the huge balloons of funny money debt that exploded this year. The deregulatory statutes bearing his name prompted Wall Street’s looting orgy in the subprime thievery.
But is he Exhibit A? No. That honor should surely go to Robert Rubin and to the economic course he set for his boss, the eagerly complicit Bill Clinton. Gramm has been the hireling of the banking industry. Rubin is at the beating heart of Wall Street finance, and he and Lawrence Summers at Clinton’s Treasury, were the guiding forces for financial deregulation.
Obviously the Republicans hoped that the roof wouldn’t fall in on their watch, and the crisis could be deferred to 2008 and then blamed on the Democrats. But their insurance policy was that if the roof did cave, as it has now, the rescue policy would be identical in both cases. That’s why Obama has collected more money than McCain from the big Wall Street houses.
The gang that successfully got out of Dodge in time was the Clinton-Rubin-Summers gang, just before the last bubble -–the stock market bubble — burst in March of 2001. They knew what was coming….