Business-as-usual is bad for the economy
“J. P. Morgan loses 7 billion more on high-risk investments; Knight Capital–– controlling 11% of stock market trading––loses $440 million in one hour blaming software; “Flash Crash” of 2010 terrifies investors as one trillion dollars vanishes over night.” With headlines like these is it any wonder that the Great Republican Recession is still dragging on the economy? The market is hammered daily by the excesses of unregulated business. The greatest danger to the US economy isn’t terrorists, isn’t biological warfare, isn’t cyberspace invasion, it is unregulated business doing business-as-usual. Just this week the GOP defeated crucial safeguards to Internet infrastructure that included military security. Urged to block the vote by the notoriously anti-consumer Chamber of Commerce, the Senate vetoed national defense in favor of corporate profits. According to the non-political Center for Responsive Politics, the Chamber of Commerce spent 66.4 million last year lobbying Washington to oppose business standards. Those heading the lobby for security bill blockage are all key advisors to the Republican presidential candidate Mitt Romney. Businessmen, it seems, can afford to take risks; they pocket the profits, or are reimbursed for losses by higher consumer prices, government insurance, or cuts to middle-class benefit programs. We don’t need record corporate profits to have a hardy economy. We don’t need a country where one percent of the wealth controls the other ninety-nine. Trickle down economics is a failure. High-risk venture capitalism is a failure. Tax cuts for the rich are a failure. What we need is less excess wealth, greater financial curbs, and everyone paying their fair share of taxes. Business will continue to bludgeon the public as long as business has all the money. Only by voting money out of politics will the people have an equal voice and a positive economy.
Richard Dorsey, Hacienda Heights, CA