Bring back the Bubble!

Matt Taibbi does a masterful job of dismantling the new JOBS (Jumpstart Our Business Startups Act) bill that the “socialist” Obama just signed. The bill virtually guarantees corruption and a return of the bubble days of the late 1990s, with, of course, the ensuing crash. This is a case of removing regulations in a way designed to benefit big money interests and to hurt everyone else–designed to not support a free market, but a market rigged for the rich and the corrupt. Fine, fine, I’ll give you Obama is a great guy and he really cares about us, blah blah blah. And this is not just a play to the center, this is a gift to Republicans, the far right, and most significantly, Wall Street. The problem is our system. I think it is pretty clear that it would be impossible in our current money controlled political system for anyone to become president who would not ultimately bow down and give in lock, stock, and barrel to Wall Street. Obama is still the clear choice over Romney, and this is just one more example of how things really won’t be much different no matter who is president, at least in regards to the control of our politics by big money. We can say “if I wanted a president who was more on the side of Wall Street than on the side of the American people, I’d vote Republican.” And the fact is, we don’t actually have that choice. The system is rigged, and Wall Street will only allow presidential candidates who will ultimately do their bidding. If you dispute that, then make the case. Show me how the JOBS bill is really something good for America. Point me to articles that refute in detail the reasoning and facts that Taibbi and others have laid out. Be specific. I’m not just directing this to you Jim, I’m talking to anyone and everyone who may try and say that when it comes down to being the pawn of big money there is any difference between the parties.
Signing the bill was not something that will get Obama’s base fired up for him. And he had no option but to sign, because Goldman Sachs, et al, has far more hold over him than his base or any segment of American citizens.


About JP

We're two guys who met in college, in 1980. We've stayed in touch, and like to talk politics, current events, music and religion. JP is nore liberal than Sid, but not in every way. We figure that dialogue stimulates ideas, moderates perspective, and is in general friendly. These are things we need badly in these dangerous times. The blog name is taken from a song by Bruce Cockburn.
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2 Responses to Bring back the Bubble!

  1. Jim says:

    I bet neither you nor I have read teh specifics of that JOBS bill. And so we are left to depend on pundits to interpret the bill specifics and implications. I would say that if the bill truly lets small business people hire, grow and develop their business easier, I am for it. There truly can be excessive paperwork in growing a business, as there truly c an be difficulties in getting loans. I am not big on every small company having to expose every thing it does. Truly, most small businesses do behave ethically, it’s the bad apples making things tough on the rest of the barrel. If the bill really makes life better for corruption, which I think overstates things, then okay

  2. JP says:

    I see that as a cop out. You could say it about any discussion. And we know, because we’ve heard many of them say it, the congressmen who voted on the bill itself didn’t read it. (There were interviews with a lot of congressmen who confessed they voted for the Patriot Act without ever reading it, and there has been countless members of congress who have said that happens all the time–they don’t have time to read the bills; they have to raise money.) With everything we have discussed, we count on people we trust and respect to delve into the nitty gritty of legislation. I’ve read critiques of the JOBS bill from at least a dozen economists, reporters, and commentators. If you want, as apparently you do, to simply give it a pass because Obama who can do no wrong signed it, that’s fine. I choose to read as much as I can about it–and yes, in many of the articles I’ve read, they quote from the bill and give specifics, as does the Taibbi piece–and make judgements based on as much information as I can acquire.
    I never said all paperwork is good, and the Taibbi article shows very clearly why this deregulation and removal of reporting requirements will be bad. That is why I asked for specifics. You choose to simply give it a pass, and that’s fine. Just don’t expect such broad generalities to convince me of anything.

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