When Greed and Ignorance Eliminate Truth

Miles Fiedler (Dallas Roberts), a fictional think tank analyst at a fictional New York City based federal intelligence agency on AMC's new show, Rubicon, in a frenzied state, said something like, 'When you incentivize sons of bitches should it be any surprise the world's going to hell', and right there, he summed up what's wrong with our once great nation.

After decades of  encouraging  greed, power and profit to trump everything else, it's no wonder our financial system transformed into something that only works for those at the very top.  As John Bogle, the founder of Vanguard says, “We have turned an industry of stewardship and turned it into a industry of salesmanship”.

Greed has replaced the integrity of the marketplace. Our financial system is now a financial industry whose agenda includes making the ignorant more ignorant, which in turn makes the wealthy, wealthier.

Questions are not stupid; the stupidity is in not asking them. Once you engage yourself and start inquiring, every effort will be made to make you feel stupid and worthless. Just know, the more stupid and worthless you are made to feel, the closer you are to the truth.

"Civil government, so far as it is instituted for the security of property, is in reality instituted for the defense of the rich against the poor, or of those who have some property against those who have none at all." -- Adam Smith. (1776). Wealth of Nations

"Out of this modern civilization economic royalists carved new dynasties. New kingdoms were built upon concentration of control over material things. Through new uses of corporations, banks and securities, new machinery of industry and agriculture, of labor and capital - all undreamed of by the Fathers - the whole structure of modern life was impressed into this royal service." -- Franklin Delano Roosevelt, speech in Philadelphia on June 27, 1936

"These economic royalists complain that we seek to overthrow the institutions of America. What they really complain of is that we seek to take away their power. Our allegiance to American institutions requires the overthrow of this kind of power. In vain they seek to hide behind the flag and the Constitution. In their blindness they forget what the flag and the Constitution stand for." -- Franklin D. Roosevelt, 1936 speech

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The "Self-Made" Man Fantasy.

Most of the upper and upper middle-class act as if their status in society is solely a result of their intrinsic "superiority" and strong work ethic, some actually claiming to be "self-made". But, what does "self-made" mean? Did they change their own diapers? Self-nurse? Did they support themselves right out of the womb?

I doubt it, yet who raised you, where you were born, gender, race, social status, level of familial structure, good timing, the right connections, level of affluence, your education, etc. as well as hard work, talent and the willingness to take risks, etc., all factor into how far you go in this world.

Take Bill O'Reilly who proclaimed (a few years ago) that he could make himself into the same "Bill O'Reilly" he is now even if he was born in Afghanistan brought up on a diet of insects and grass... that his male gender, white skin, private education and good fortune to be born in the world's wealthiest most powerful country had nothing to do with contributing to his success. After all, he went over to Afghanistan several times and even dodged a few bullets during his lifetime. Ipso facto, he overcame the same level of hardship as a poverty-stricken Ethiopian.

How arrogant is it to overlook the advantageous circumstances and the people who "contributed" to the person you eventually become? How can anyone claim being born in the USA is equivalent to being born into a poverty stricken family in Afghanistan, Africa, India?

So, what's the big deal if a few people claim themselves to be "self-made"? It's harmless, right? Maybe, however, "self-made" men often take on a "deserved" pretentious bravado of superiority that serves to justify their political beliefs that those who don't have as much, somehow deserve to be marginalized. Deep down, they believe that they made themselves who they are, therefore they do not owe anything to anyone, including their country.

It's OK that we have the highest child poverty rate in the developed world, (21.9% in 2006), that almost 50 million people do not have health insurance, that the gap between the rich and the poor is vast...if they did it all "alone", than others can do the same.

Pay taxes? Why? The "self-made" man could have been born in Haiti, brought up on a diet of mud cookies, mud floors, and mud huts and he would be the same man he is today, albeit his birth into an affluent (relatively speaking) family with advantages 98% of the world lack.

Eric Schmidt, CEO of Google, says, "Lots of people who are smart and work hard and play by the rules don't have a fraction of what I have. I realize I don't have my wealth because I'm so brilliant."

One out of every 10,000 American families can claim an income in excess of $10.7 million. No matter how hard these wealthy families worked to earn their money, they worked no harder as than most American families. As far as risk goes, the average taxpayer is the one who absorbs their risk... AIG, Fannie Mae/Fredie Mac, etc.

Money begets money. Our justice system, laws, tax code and economy all favor the rich. The more you accrue, the easier it becomes to accrue, on an increasingly escalating scale. The Bush tax cuts gave/give those who earn over $1 million dollars annually a tax cut anywhere from 100-600 times the average American. Does anyone think the "self-made" man possess 100-600 times the superior intellect, talent or work-ethic than the average American?

Over the last quarter century, the portion of the national income accruing to the richest 1 percent of Americans has doubled. The share going to the richest one-tenth of 1 percent has tripled, and the share going to the richest one-hundredth of 1 percent has quadrupled.

Instead of coveting their gratuitous profits and refusing others the same advantageous circumstances they received/receive increasingly, the"self-made" man and those who continue to benefit from his blood-line should contribute a fraction of what's been given to them. It's their patriotic duty.

“The rich should contribute to the public expense, not only in proportion to their revenue, but something more in proportion.” -- Adam Smith (Wealth of Nations, vol. 2, ed. Campbell, Oxford U Press, 1976, p. 840.)

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When Unregulated Capitalism Does Not Apply

Recycled post from 9/1/07:

Republicans and wealthy businessmen love to promote unregulated capitalism labeling anyone that questions the "invisible hand" -- the metaphor coined by the economist Adam Smith in his book, The Wealth of Nations -- as a communist. What they don't tell you is that they only believe in unregulated capitalism when it applies to the "working class". In other words, Wall Street loves unregulated capitalism when its gouging the average citizen, but demands government intervention when the crème de la crème anticipate the "invisible hand" might tug at their purse strings.

The Federal Reserve is not part of our government the way we have been taught to believe; it is more powerful than government, the President, congress and the courts, yet most of us think of the Federal Reserve as an institution that operates in "our" best interest when that is only true if "our" best interest happens to coincide with the best interest of the affluent.

The Federal Reserve, chartered by an act of Congress,-- Federal Reserve Act of 1913 -- on December 23, 1913, could best be described as an, independent, privately owned and locally controlled corporation, although it is not a governmental institution, it does have substantial governmental ties.

The bottom line is that the Federal Reserve controls the money and their main objective is to bailout the wealthy. If the "invisible hand" is doing its job and assisting the rich get richer the Fed allows unregulated capitalism but if the "invisible hand" is working against the interest of the moneyed citizens capitalism will be regulated and no one will have to worry about being labeled a communist.

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