‘Money never gets tired’
|May 21, 2012|
Barney Dodd and Chris Frank
From Rolling Stone:
The giant reform bill turned out to be like the fish reeled in by Hemingway’s Old Man – no sooner caught than set upon by sharks that strip it to nothing long before it ever reaches the shore. In a furious below-the-radar effort at gutting the law – roundly despised by Washington’s Wall Street paymasters – a troop of water-carrying Eric Cantor Republicans are speeding nine separate bills through the House, all designed to roll back the few genuinely toothy portions left in Dodd-Frank. With the Quislingian covert assistance of Democrats, both in Congress and in the White House, those bills could pass through the House and the Senate with little or no debate, with simple floor votes – by a process usually reserved for things like the renaming of post offices or a nonbinding resolution celebrating Amelia Earhart’s birthday.
The fate of Dodd-Frank over the past two years is an object lesson in the government’s inability to institute even the simplest and most obvious reforms, especially if those reforms happen to clash with powerful financial interests. From the moment it was signed into law, lobbyists and lawyers have fought regulators over every line in the rulemaking process. Congressmen and presidents may be able to get a law passed once in a while – but they can no longer make sure it stays passed. You win the modern financial-regulation game by filing the most motions, attending the most hearings, giving the most money to the most politicians and, above all, by keeping at it, day after day, year after fiscal year, until stealing is legal again. “It’s like a scorched-earth policy,” says Michael Greenberger, a former regulator who was heavily involved with the drafting of Dodd-Frank. “It requires constant combat. And it never, ever ends.”
That the banks have just about succeeded in strangling Dodd-Frank is probably not news to most Americans – it’s how they succeeded that’s the scary part. The banks followed a five-point strategy that offers a dependable blueprint for defeating any regulation – and for guaranteeing that when it comes to the economy, might will always equal right.
STEP 1: STRANGLE IT IN THE WOMB
STEP 2: SUE, SUE, SUE
STEP 3: IF YOU CAN’T WIN, STALL
STEP 4: BULLY THE REGULATORS
STEP 5: PASS A GAZILLION LOOPHOLES
Our political-economic system has grown too knotted and unmanageable for democratic rule. While it’s incredibly difficult to get a regulatory reform passed, it’s far easier – and more profitable to politicians – to kill it. Creating legislation is a tough process. But watering down legislation? Strangling it with lawsuits and comment letters and blue-ribbon committees? Not so tough, it turns out.
You can’t buy votes in a democracy, at least not directly, but our democracy is run through a bureaucracy. Human beings can cast a vote, or rally together during protests and elections, but real people – even committed professionals – get tired of running through mazes of motions and countermotions, or reading thousands of pages about swaps-execution facilities and NRSROs. They will fight through it for five days, or maybe even six, but on the seventh they will watch a baseball game, or Tanked, instead of diving into that morass of hellish acronyms one more time.
But money never gets tired. It never gets frustrated. And it thinks that drilling holes in Dodd-Frank is every bit as interesting as The Book of Mormon or Kate Upton naked. The system has become too complex for flesh-and-blood people, who make the mistake of thinking that passing a new law means the end of the discussion, when it’s really just the beginning of a war.
Not long ago, my husband was working on a plaster sculpture, and when he removed his rubber gloves, he saw that his gold ring had disappeared. I came to pick my husband up at his studio and discovered him pale, bleary-eyed, babbling. I found the ring, camouflaged on a patch of beige carpet, and my husband cried with relief.
Teleology Rises from the Grave
Stephen T. Asma
It turns out that there are a few different teleology traditions, but the Anglo-American conversation has been blithely unaware of all but the simplest. The simple and loud version is the “natural theology” tradition, which claims that adaptation in nature must be the result of a supreme Designer because chance alone cannot account for gills in water, lungs on land, complex eyes and cell flagella.
The Death of Romance in the Shadow of the Colossus
These are the two modalities through which you engage the world of Shadow of the Colossus: In the journey, you are the lost soul; in the encounter, you become the lover and the warrior, carried by your passions into mortal struggles with the Colossi. These guardian monsters, your adversaries, fill in the emotional frame established by your travels through the Forbidden Land.
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The commodification of land—that most basic of resources, the source of terrestrial life, and the foundation of human civilization—was essential for the development of capitalism. And from the early modern capitalist era until the present, it is the commodification of nature—with land bought (or obtained by other means) and sold, speculated upon, and used to produce human food, animal feed, fiber, or fuel and with crops selected based on climate and soil type but also on what would bring the greatest returns—that is the underlying basis of the dispossession of people from their lands.