Lawless Capital, Rushing to Armageddon
A Black Agenda Radio commentary by Glen Ford
For a downloadable MP3 copy of this commentary, visit the BA Radio archive page.
"The $700 billion ‘bailout' is revealed as a brazen bait-and-switch bamboozlement."
The fundamental law of capital - the system's need to extract by any means possible ever increasing returns on investment, or die - brought the world to the current catastrophe. Inevitably, despite all the noise about the need for transparency and tightening of regulations on the behavior of capital, the system's response to its crisis is to descend into even greater depths of lawlessness.
The frenzy of unchecked illegality pulsates outward from the chaotic center of crisis and criminality: Wall Street, which has succeeded in establishing a kind of privatized martial law economic regime in the waning months of the Bush kleptocracy. The $700 billion "bailout" is revealed as a brazen bait-and-switch bamboozlement, in which Goldman Sachs Family Don Hank Paulson, under color-of-law as Treasury Secretary, ignores the terms of congressional legislation to dispense mountains of public wealth to his bankster friends as he sees fit. In return for their cut of the loot, the banking mafia give the public - nothing! No recycling of the billions into loans to small business or college-bound students or any of the intended beneficiaries. Instead, the Lords of Capital hijack the people's money to expand their territory, buying up the turf of smaller banksters in order to make themselves more indispensable, more untouchable, more removed from the elementary rule of law. Paulson attaches no strings of public obligations to his gifts, demands no voting stakeholder position in the banks.
"Congress fails to protest this theft of its core legislative duty: to make the laws that govern society."
Then, the master criminal, in secrecy and with total contempt for a spineless and utterly compromised Congress, rewrites the laws of the land, to forgive $140 billion in taxes due from the banks' merger deals, accomplished with the public's money. But Congress fails to protest this theft of its core legislative duty: to make the laws that govern society. Paulson and his banksters are above the law - mega-thieves operating with total impunity.
Meanwhile, Paulson's partner in crime at the Federal Reserve, Ben Bernanke, has distributed two trillion dollars in "loans" to a list of corporations whose identities are secret, for purposes that are also secret. Even the billionaire Michael Bloomberg's news agency is in the dark, and has sued to find out where the two thousand billion dollars has gone. Few lawmakers on Capitol Hill seem to even want to know, fearing they would be blamed for the panic that might break out if the public were aware of who had pocketed their trillions.
If there is one person who possesses the moral capital to demand an accounting from the conspirators, it is Barack Obama. But the president-elect behaves as if it is none of his business if the Bush gang loots the national wealth on its way out. But then, Obama fought for the bailout, has had the kindest words for Paulson, and gets his economic advice from Robert Rubin, a former Goldman Sachs Godfather and Treasury Secretary, and Larry Summers, another former Treasury chief who teamed with Rubin during the Clinton administration to cast a cloak of silence over questions surrounding derivatives, the exotic financial instruments that finally wrecked the global system. Obama says he wants a "smooth transition." But his silence on the lawlessness at the heart of the transition calls his own motives, competence and integrity into question.
For Black Agenda Radio, I'm Glen Ford.
BAR executive editor Glen Ford can be contacted at Glen.Ford@BlackAgendaReport.com.
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