Thursday, October 02, 2008

The Twilight of the GOP on the Eve of Great Depression II

I have blogged for years, much of it spent blasting the endemically crooked GOP to the best of my ability. Now --when even the GOP ponders its own imminent demise --I suspect that the sharpest critiques of gop-ism are coming from the GOP.
This generation of political leaders is confronting a similar situation, and, so far, they have failed utterly and catastrophically to project any sense of authority, to give the world any reason to believe that this country is being governed. Instead, by rejecting the rescue package on Monday, they have made the psychological climate much worse.

George W. Bush is completely out of juice, having squandered his influence with Republicans as well as Democrats. Treasury Secretary Henry Paulson is a smart moneyman, but an inept legislator. He was told time and time again that House Republicans would not support his bill, and his response was to get down on bended knee before House Speaker Nancy Pelosi.

...

Now they [the GOP] have once again confused talk radio with reality. If this economy slides, they will go down in history as the Smoot-Hawleys of the 21st century. With this vote, they’ve taken responsibility for this economy, and they will be held accountable. The short-term blows will fall on John McCain, the long-term stress on the existence of the G.O.P. as we know it.

--David Brooks, Revolt of the Nihilists, New York Times
These are the words of a party on the eve of eclipse and the Great Depression II that they will have helped bring about. Brooks misses the point, however, when it comes to 'free market principles'. The 'bailout' ought to have been rejected. It's probably the only thing the GOP has done right in years.

As for 'market principles', Brooks errs again. He still believes in them as many still believed in them on the eve of the Great Depression. He was willing to 'interfere' with the 'free market', however, when it was thought the bailout would save the fat cats' ass on Wall Street.

I wonder if Brooks' recent chagrin may be due to the fact that Brooks cannot resolve his hypocrisy, that he knows but will not admit that he has been betrayed by the 'free market' ideology. Pssst, David. There is NO 'invisible hand' but the the thinly disguised jerk off we got from the GOP leadership for as long as I've been able to read a newspaper. There were, I am sure, many like David Brooks on the eve of Great Depression I.

Brooks may be right in the sense that the GOP, as a monolith, an institution, as the primary opposition to Democrats, may go the way of T-Rex. The nation might benefit, however, if the GOP were to break up into its natural factions, one of which is correctly described as being to the right of Genghis Khan. The term 'moderate Republican' has been an oxymoron at least since the party tried to pin on Bill Clinton an act that was not even a crime. There are rumors that there were--at one time in the dimming mists of history --'liberal Republicans'! Your chances of finding one are probably less than your chances of finding a beached mermaid or a tamed Chupacabra. There was, of course, a 'libertarian' streak and under the 'leadership' of Ron Paul, it already shows signs of bolting a party that has shown little interest in them.

The upside is this: as Bush runs out of juice, as the GOP limps off to licks its wounds, some sanity might be restored to our relations with the rest of the world. An Obama Presidency must be influenced to roll back Bush's assaults upon the Constitution. In the longer term, it would be hoped that Scalia will retire. GOP dominance since 1980 has resulted in an extremist court typified by Antonin Scalia who hardly bothers to conceal his contempt for the rule of law and the Constitution. He claims to be 'too smart' for the court. That being the case, he should be 'urged' to quit and find a another job more in keeping with his talents, perhaps, 'mafioso'.

In broader terms, there may very well be a window of opportunity in which we may
  • restore the separation of powers
  • restore the supremacy of the Constitution as the source of US law
  • restore Due Process of Law, indeed, the Bill of Rights
  • restore habeas corpus
  • restore US treaty commitments --Kyoto, Geneva, the Nuremberg Principles
  • restore the principle that the 'President' is answerable directly to the people of the United States.

Obama may find himself, like FDR, in the position of having to save America from itself. As was true in Roosevelt's first term, a 'counter-revolution' may be on the agenda.
Government, under Franklin Roosevelt, got serious about regulating financial markets after the first cycle of financial bubble and economic ruin in the 1920s. Then, as now, the abuses were complex in their detail but very simple in their essence. They included the sale of complex securities packaged in deceptive and misleading ways; far too much borrowing to finance speculative investments; and gross conflicts of interest on the part of insiders who stood to profit from flim-flams. When the speculative bubble burst in 1929, sellers overwhelmed buyers, many investors were wiped out, and the system of credit contracted, choking the rest of the economy.

In the 1930s, the Roosevelt administration acted to prevent a repetition of the ruinous 1920s. Commercial banks were separated from investment banks, so that bankers could not prosper by underwriting bogus securities and foisting them on retail customers. Leverage was limited in order to rein in speculation with borrowed money. Investment banks, stock exchanges, and companies that publicly traded stocks were required to disclose more information to investors. Pyramid schemes and conflicts of interest were limited. The system worked very nicely until the 1970s -- when financial innovators devised end-runs around the regulated system, and regulators stopped keeping up with them.

--Only a Roosevelt-Scale Counterrevolution Can Prevent Great Depression II
If FDR had not restored confidence in the White House, there might very well have been a revolution in the US in the 30s. The threat of FEMA camps notwithstanding, millions of people robbed of homes, hope and jobs will find a way to speak. Enriched and compromised power would do well to learn the lessons of history.
Those who do not remember the past are condemned to relive it.

--Georges Santayana, American Philosopher
And there is likewise a warning.
People must see clearly the futility of maintaining the fight for social goals within the framework of civil debate. When the forces of oppression come to maintain themselves in power against established law; peace is considered already broken.

--Ernesto "Che" Guevara, Guerilla Warfare


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8 comments:

Anonymous said...

Len, you nail the David Brooks of the world, and there are plenty. I kind of view him, George Will, Tom Friedman, David Broader etc. etal...all of the same "type" or ilk...and all in denial of the hypocrisy and failure they helped shovel upon this country. The very politics of their ideology helped strangle the message, along with every other idea.

I like what you said about all of the factions also, that is right on target, great phrasing of that whole entity. Although it is always good in healthy political and social systems to have worthy adversaries and opponents. I think the dichotomy between the parties has become rotten, although the democrats are no angels, the disease is defiantly being hosted by the republican party.

It seems that reflection is going around these days, I was thinking about how all of this has come to be, even though we can rationalize the time lines and events, and intellectually comprehend and recognize many of the mechanisms and trends that got us here, it all still is pretty surreal to me.

Anyhow, excellent piece, I do believe as you say, Obama will have his work more then cut out for him, not to mention the "bail out" no matter what form it takes, will only be a stop gap measure. Maybe he will also instill a sense of commonality and mutual goal for the majority of Americans, who then may also apply themselves in redeeming this great country. I have stated before, I still think there is a chance of systemic reformation without having total collapse, which I do not think is all that easy to avoid at this point due to not only the complexity, but also the cut of society I see around me today. But, I remain optimistic for now, I do think I see a light.

Also, it will be everyday Americans who will finally turn away from the toxic extremist rants of the far reactionary right, that continue to vector into society by so many of that groups opportunistic hate mongers ( Limbaugh, Beck, Coulter, Savage etc...)...people will begin to tune those vipers out, and then many will have to go back into what ever form they were before, leaving just a few that have always persisted, and probably always will. The people will put them out of business, it has to be grass roots, as always, if it is to stick.

benmerc

hANOVER fIST said...

All of the things mentioned:

In broader terms, there may very well be a window of opportunity in which we may

* restore the separation of powers
* restore the supremacy of the Constitution as the source of US law
* restore Due Process of Law, indeed, the Bill of Rights
* restore habeas corpus
* restore US treaty commitments --Kyoto, Geneva, the Nuremberg Principles
* restore the principle that the 'President' is answerable directly to the people of the United States.

WE THE PEOPLE should NOT have to do any of the above; any laws passed which interfere with our rights as free men and women are UNCONSTITUTIONAL.

Period.

Every dopey-ass "law" passed in the Bush Administration that attempted to abrogate said rights are not allowable, and should be repealed on the new commander-in-chief inauguration.

Tell your elected officials to put THAT in their pipes and smoke 'em.

By the way, thanks for the visit - your comments were duly appreciated. Ol' B.J. must be in a tizzy.

Anonymous said...

Excellent post! Let's hope this is the demise of the GOP and a new, third party (let's call it the anti-corporatist party) rises in its place.

Unknown said...

benmerc sez...

I kind of view him [David Brooks], George Will, Tom Friedman, David Broader etc. etal...all of the same "type" or ilk...and all in denial of the hypocrisy and failure they helped shovel upon this country. The very politics of their ideology helped strangle the message, along with every other idea.

You've summed them all up very well. I might have spent more time talking about the role of the 'media' ---but that's a vast topic. About all that I can do at the moment is express my general disgust. I despise CNN as well as Fox and have come to the conclusion that there is something inherent in electronic 'journalism' (I use the word very loosely) that prevents it covering real stories responsibly. By definition, everything in the electronic media is SHOW BIZ and should NOT be taken seriously by viewers.

Unknown said...

hANOVER fIST said...

WE THE PEOPLE should NOT have to do any of the above; any laws passed which interfere with our rights as free men and women are UNCONSTITUTIONAL.

But we must roll up our sleeves and do it. Otherwise, another idiot will try to exploit it for all the same reasons Bush did.

Every dopey-ass "law" passed in the Bush Administration that attempted to abrogate said rights are not allowable, and should be repealed on the new commander-in-chief inauguration.

I agree! Just about EVERYTHING done by Bush should be UNDONE. Offhand, I cannot think of a single positive thing that this evil, mother fucker ever accomplished in his entire wasted life.

As I may have written in another post: Bush PROVED HIMSELF to be a complete and utter waste of human DNA!

Anonymous said...

Michael Moore's comments on how to fix Wall Street are excellent.

We are witnessing the biggest bank heist in the history of our nation and we're being told "now is not the time to fix the blame."

Huh?

Why the fuck not?

Instead of siccing the DEA and other goon squads on harmless pot smokers, turn those Ninja looking mother fuckers loose on Wall Street.

After all, who's more dangerous to our way of life and security, someone smoking a dube or a gang of pirates ransacking your life's savings and stealing your kids future?

Here's How to Fix the Wall Street Mess
October 03, 2008
By Michael Moore

The richest 400 Americans -- that's right, just four hundred people -- own MORE than the bottom 150 million Americans combined. 400 rich Americans have got more stashed away than half the entire country! Their combined net worth is $1.6 trillion. During the eight years of the Bush Administration, their wealth has increased by nearly $700 billion -- the same amount that they are now demanding we give to them for the "bailout." Why don't they just spend the money they made under Bush to bail themselves out? They'd still have nearly a trillion dollars left over to spread amongst themselves!

Of course, they are not going to do that -- at least not voluntarily. George W. Bush was handed a $127 billion surplus when Bill Clinton left office. Because that money was OUR money and not his, he did what the rich prefer to do -- spend it and never look back. Now we have a $9.5 trillion debt. Why on earth would we even think of giving these robber barons any more of our money?

I would like to propose my own bailout plan. My suggestions, listed below, are predicated on the singular and simple belief that the rich must pull themselves up by their own platinum bootstraps. Sorry, fellows, but you drilled it into our heads one too many times: There... is... no... free... lunch. And thank you for encouraging us to hate people on welfare! So, there will be no handouts from us to you. The Senate, tonight, is going to try to rush their version of a "bailout" bill to a vote. They must be stopped. We did it on Monday with the House, and we can do it again today with the Senate.

It is clear, though, that we cannot simply keep protesting without proposing exactly what it is we think Congress should do. So, after consulting with a number of people smarter than Phil Gramm, here is my proposal, now known as "Mike's Rescue Plan." It has 10 simple, straightforward points. They are:

1. APPOINT A SPECIAL PROSECUTOR TO CRIMINALLY INDICT ANYONE ON WALL STREET WHO KNOWINGLY CONTRIBUTED TO THIS COLLAPSE. Before any new money is expended, Congress must commit, by resolution, to criminally prosecute anyone who had anything to do with the attempted sacking of our economy. This means that anyone who committed insider trading, securities fraud or any action that helped bring about this collapse must go to jail. This Congress must call for a Special Prosecutor who will vigorously go after everyone who created the mess, and anyone else who attempts to scam the public in the future....

http://www.zmag.org/znet/viewArticle/19006

Unknown said...

Greg Bacon said...

Instead of siccing the DEA and other goon squads on harmless pot smokers, turn those Ninja looking mother fuckers loose on Wall Street.

Exactly! Crimes rates --like povery, wars, and income disparities --ALWAYS increase during GOP regimes. Just a coincidence??? Not a chance. GOP policy is not stupid but DESIGNED to enrich the very few. The wealth trickles UP but the ill effects of an unbalanced society are felt by those who can least afford it.

The GOP biggest crime is CREATING crime where none had existed. Make 'illegal' things that should NEVER have been made illegal is part of the problem.

APPOINT A SPECIAL PROSECUTOR TO CRIMINALLY INDICT ANYONE ON WALL STREET WHO KNOWINGLY CONTRIBUTED TO THIS COLLAPSE.

I am quite sure that there is more than enough crimes to keep several Federal Grand Juries busy for years.

But ---it will be money well spent if EVERY DAMN LYING, CROOKED REPUBLICAN AND CO-CONSPIRATORS are indicated, rounded up and put away.

I've had it with the sons-o-bitches and I daresay so has the nation.

Lock the fuckers up!

Grung_e_Gene said...

Len, I'm sure you realize Palin/McCain is going to win and within a year McCain will suffer some health related event. Making the Female Bush the next NeoCon tool. Who declares she's going to protect Israel at all costs with American blood.

This election is going to be a joke and after they declare Palin/McCain as victors nothing ABSOLUTELY NOTHING is going to be done by the American people who are controlled and afraid.