Days of Rage Over Affluence and Influence - Too much collusion links Washington and Wall Street.

Forbes ^ | 09/22/2011 | Bill Flax

[billflax]

Not that anyone noticed, but a pack of naïve college students and aging hippies trying to recapture their youth descended upon Wall Street last weekend. They targeted the ubiquitous villains, “Greed” and “Corruption” wishing to demolish a system unfairly favoring the “Rich.”

I agree.

Not with ousting capitalism, but implementing it. Washington ought to cease its incessant interventions, which betray the ideals of freedom and markets. Far too much collusion links Washington and Wall Street coddling those Jefferson deemed “moneyed interests.” Wealth shouldn’t manipulate government. It’s an abomination.

Such outrages extend beyond Wall Street. Government interjects itself into a plethora of industries in cancerous cronyism metastasizing throughout Washington. The present administration appears particularly prone to the “Chicago Way” where politicians transform favors into power enriching those with influence.

As unfolding in the LightSquared scandal, the White House allegedly pressed witnesses to alter testimony to benefit a large contributor. Ongoing scandals involving Solyndra and other failed “Green” investments highlight the hazards of politics infesting markets. Cap and Trade, the stalled legislative push to enact carbon exchanges reminiscent of Enron, was so riddled with latent favoritism it was derisively labeled “The Lobbyist Full Employment Act.”

K Street has long bedded politicians of every stripe. The more Washington spends and regulates, the more Corporate America shifts its focus from serving customers to currying favors or evading bureaucracy. Like hogs nudging to the trough, lobbyists expended an estimated $3.51 billion in 2010, which as occurs yearly, established a new record.

Elections yield victors vast public booty. The Commerce Department extends an estimated $100 billion in corporate subsidies each year, but this represents merely the iceberg’s tip. Assorted governments splurge trillions each year scouring an interventionist glacier across the capitalist landscape.

[billflax]

God bless!

[throwback]

Nails it. Read in the WSJ yesterday how some retail merchants group was stepping up its lobbying in Washington. Everything is beginning to revolve around Washington. Corporations go there to either protect themselves or use policy to give themselves an advantage.

[moonhawk]

Good article, and the main reason we need Sarah to run. I don’t trust any of the others to touch this. She’s already proven willing and able.

[humblegunner]

(Excerpt)

Oh heck.

If this Flax fellow is excerpting his own stuff here in
order to get hits then he's a scummy blog pimp. What a hoser.

I hope nobody clicks on this stuff, so obviously pimped.

[ari-freedom]

even more collusion between Washington and unions

[SERKIT]

Pimping Forbes? I’ll let it go as long as you check out some of the comments following the article....

[palmer]

The biggest collusion of all is between the politicians, the Fed and the speculators. The Fed lowers rates pretending to “stimulate” the economy (it just enriches the largest Wall St banks). The Fed gives the politicians cheaper interest rates so they can borrow more money to buy votes. The politicians (with a few notable exceptions) support and protect the Fed. Wall St supports the status quo politicians including buying support from some posters at various forums. Fortunately some of those paid-for supporters were banned here (e.g. Jason-don’t-fight-the-Fed-C).