Sponsor uniforms for Congresscritters
Labels: corporatocracy, corruption, Gaius Publius, Gary Hart, John Boehner, Naked Capitalism, NASCAR, Yves Smith
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Labels: corporatocracy, corruption, Gaius Publius, Gary Hart, John Boehner, Naked Capitalism, NASCAR, Yves Smith
Submit To PropellerLabels: corporate military industrial government complex, corporatocracy, manipulation, Occupy, Tea Party
Submit To PropellerSome Outrageous Facts about US Inequality
By Paul Buchheit
July 03, 2012 "Common Dreams" -- Studying inequality in America reveals some facts that are truly hard to believe. Amidst all the absurdity a few stand out.1. U.S. companies in total pay a smaller percentage of taxes than the lowest-income 20% of Americans.Total corporate profits for 2011 were $1.97 trillion. Corporations paid $181 billion in federal taxes (9%) and $40 billion in state taxes (2%), for a total tax burden of 11%. The poorest 20% of American citizens pay 17.4% in federal, state, and local taxes.2. The high-profit, tax-avoiding tech industry was built on publicly-funded research.The technology sector has been more dependent on government research and development than any other industry. The U.S. government provided about half of the funding for basic research in technology and communications well into the 1980s. Even today, federal grants support about 60 percent of research performed at universities.IBM was founded in 1911, Hewlett-Packard in 1947, Intel in 1968, Microsoft in 1975, Apple and Oracle in 1977, Cisco in 1984. All relied on government and military innovations. The more recently incorporated Google, which started in 1996, grew out of the Defense Department's ARPANET system and the National Science Foundation's Digital Library Initiative.
The combined 2011 federal tax payment for the eight companies was just 10.6%.3. The sales tax on a quadrillion dollars of financial sales is ZERO.The Bank for International Settlements reported in 2008 that total annual derivatives trades were $1.14 quadrillion. The same year, the Chicago Mercantile Exchange reported a trading volume of $1.2 quadrillion.A quadrillion dollars is the entire world economy, 12 times over. It's enough to give 3 million dollars to every person in the United States. But in a sense it's not real money. Most of it is high-volume nanosecond computer trading, the type that almost crashed our economy. So it's a good candidate for a tiny sales tax. But there is no sales tax.Go out and buy shoes or an iPhone and you pay up to a 10% sales tax. But walk over to Wall Street and buy a million dollar high-risk credit default swap and pay 0%.4. Many Americans get just a penny on the dollar.
For every dollar of NON-HOME wealth owned by white families, people of color have only one cent.
For every dollar the richest .1% earned in 1980, they've added three more dollars. The poorest 90% have added one cent.
For every dollar of financial securities (e.g., bonds) in the U.S., the bottom 90% of Americans have a penny and a half's worth.
For every dollar of 2008-2010 profits from Boeing, DuPont, Wells Fargo, Verizon, General Electric, and Dow Chemicals, the American public got a penny in taxes.5. Our society allows one man or one family to possess enough money to feed EVERY hungry person on earth.The United Nations estimates that $30 billion per year is needed to eradicate hunger. Several individuals have more than this amount in personal wealth.There are 925 million people in the world with insufficient food. According to the World Food Program, it takes about $100 a year to feed a human being. That's $92 billion, about equal to the fortune of the six Wal-Mart heirs.One Final Outrage...In 2007 a hedge fund manager (John Paulson) conspired with a financial company (Goldman Sachs) to create packages of risky subprime mortgages, so that in anticipation of a housing crash he could use other people's money to bet against his personally designed sure-to-fail financial instruments. His successful gamble paid him $3.7 billion. Three years later he made another $5 billion, which in the real world would have been enough to pay the salaries of 100,000 health care workers.As an added insult to middle-class taxpayers, the tax rate on most of Paulson's income was just 15%. As a double insult, he may have paid no tax at all, since hedge fund profits can be deferred indefinitely. As a triple insult, some of his payoff came from the middle-class taxpayers themselves, who bailed out the company (AIG) that had to pay off his bets.And the people we elect to protect our interests are unable or unwilling to do anything about it.
Labels: A.I.G., Common Dreams, corporatocracy, elites, Information Clearing House, John Paulson, Paul Buchheit, poverty, super-rich, taxes
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Labels: Adbusters, corporatocracy
Submit To PropellerOur electoral system, already hostage to corporate money and corporate lobbyists, gasped its last two years ago. It died on Jan. 21, 2010, when the Supreme Court in Citizens United v. Federal Election Commission granted to corporations the right to spend unlimited amounts on independent political campaigns. The ruling turned politicians into corporate employees. If any politician steps out of line, dares to defy corporate demands, this ruling hands to our corporate overlords the ability to pump massive amounts of anonymous money into campaigns to make sure the wayward are defeated and silenced. Politicians like Obama are hostages. They jump when corporations say jump. They beg when corporations say beg.
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Turn off your televisions. Ignore the Newt-Mitt-Rick-Barack reality show. It is as relevant to your life as the gossip on “Jersey Shore.” The real debate, the debate raised by the Occupy movement about inequality, corporate malfeasance, the destruction of the ecosystem, and the security and surveillance state, is the only debate that matters. You won’t hear it on the corporate-owned airwaves and cable networks, including MSNBC, which has become to the Democratic Party what Fox News is to the lunatic fringe of the Republican Party. You won’t hear it on NPR or PBS. You won’t read about it in our major newspapers.
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Voting will not alter the corporate systems of power. Voting is an act of political theater. Voting in the United States is as futile and sterile as in the elections I covered as a reporter in dictatorships like Syria, Iran and Iraq. There were always opposition candidates offered up by these dictatorships. Give the people the illusion of choice. Throw up the pretense of debate. Let the power elite hold public celebrations to exalt the triumph of popular will. We can vote for Romney or Obama, but Goldman Sachs and ExxonMobil and Bank of America and the defense contractors always win.
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[V]oting is nothing more than a brief chance to register our disgust with the corporate state. It will not alter the configurations of power. The campaign is not worth our emotional, physical or intellectual energy.
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Our efforts must be directed toward acts of civil disobedience, to chipping away, through nonviolent protest, at the pillars of established, corporate power. The corporate state is so unfair, so corrupt and so rotten that the institutions tasked with holding it up—the police, the press, the banking system, the civil service and the judiciary—have become vulnerable. It is becoming harder and harder for the corporations to convince its foot soldiers to hold the system in place.
Labels: Chris Hedges, Citizens United, corporate media, corporatocracy, Democrats, Federal Election Commission, Occupy, Republicans, Supreme Court, surveillance society, The buying of the President 2012
Submit To PropellerFat cats and greedy pigs make great symbols of corporate greed, but multi-armed octopi speak to the ways in which corporations operate. On 11/20/2011 at noon a 15 foot tall x 70 foot long octopus puppet manned by 40 puppeteers "Octupied" the steps of Los Angeles City Hall and visiblized the tentacular stranglehold of corporations on politics and government. For more info visit: performingpublicspace.org
Labels: corporatocracy, greed, New Year, Occupy LA, puppets, Rose Parade
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The network of global corporate control

The study says 147 powerful companies control an inordinate amount of economic activity - about 40%. Among the top 50, 45 are financial firms. They include Barclays PLC (called most influential), JPMorgan Chase, UBS, and other familiar and less known names.
Twenty-four companies are US-based, followed by eight in Britain, five in France, four in Japan, and Germany, Switzerland, and the Netherlands with two each. Canada has one.
Moreover, "top ranked" companies "hold a control ten times bigger than what could be expected based on their wealth."
As a result, they have enormous influence over political, financial, and economic activity.
In his book titled, "When Corporations Rule the World," David Korten said they're able to transfer enormous amounts of power, wealth and resources from public to private hands with government complicity. Money power and concentrated wealth in few hands especially harm humanity.
"These forces have transformed" financial institutions and other corporate predators "into instruments of a market tyranny that is extending its reach across the planet like a cancer, colonizing ever more of the planet's living spaces, destroying livelihoods, displacing people, rendering democratic institutions impotent, and feeding on life in an insatiable quest for money" and profits as a be and end all.
Only bottom line priorities and market dominance matter, not human welfare, environmental sanity, peace, equity and justice.
Transnational giants are the dominant institution of our time - especially financial ones with money power control of everything.
They decide who governs and how, who serves on courts, what laws are enacted, and whether or not wars are waged. Corporate dominance, especially financial power, and democratic values are incompatible.
They operate ruthlessly as private tyrannies. They're predators. We're prey, and every day we're eaten alive. They do it because they can, and in America by mandate.
Publicly owned US corporations, including financial ones, must serve shareholders by maximizing equity value through higher profits. They do it by exploiting nations, people and resources ruthlessly.
Social responsibility doesn't matter. Neither does being worker-friendly, a good citizen, or friend of the earth. Bottom line priorities alone matter. Failure to pursue fiduciary responsibilities means possible dismissal or shareholder lawsuits.
Yet nothing in America's Constitution or statute laws endow corporations with their rights. They usurped them by co-opting Washington, the nation's courts, state capitals, and city halls.
As a result, over half the world's largest economies are corporations. Financial ones controlling the power of money are most dominant.
Corporate personhood enhanced their power, yet imagine. Although corporations aren't human, they can live forever, change their identity, reside in many places globally, can't be imprisoned for wrongdoing, and can transform themselves into new entities for any reason.
Can revolutionary sparks be far behind? Expect pain levels eventually to cross thresholds of no return. Anything after that is possible, good or bad.
Labels: banksters, corporate "personhood", corporate greed, corporate malfeasance, corporatocracy, Occupy, Stephen Lendman
Submit To PropellerThe power elite are frantically searching for the ideological weapon that will discredit the movement. But the clarity of the protests, the painful personal stories of dislocation that are the heart of its message, and, most important, the self-discipline, despite police provocation, which has kept these protests nonviolent have advanced the movement and discredited the forces of control. The power elite, held together by the glue of force and fraud, are seeking ways to communicate in the only language they know they can master—unrestrained force. And as we enter the second month of demonstrations, the power elite fear that the core message and the calls for resistance, which resonate with a majority of Americans, will lead to a direct confrontation with the corporate state. If the movement starts to pull hundreds of thousands of people together, if it leaps across class lines, as I saw during the peaceful revolutions in East Germany and Czechoslovakia, then the corporate state is probably finished. Our corporate overlords know this. And they are doing everything in their power to make sure this does not come to pass.
Labels: Chris Hedges, corporatocracy, global awakening, nonviolent protest, Occupy Wall Street, Police State, world revolution
Submit To PropellerYes, I am "fundamentally conservative by nature". I want fairness, justice, and a chance for normal people to raise their families, work in a safe and sane environment, and live their lives in peace and reasonable comfort. (I know, sometimes that makes me a radical.) I am overjoyed to see this man spell out this message the way that he has. This is wonderful, and yes, more people need to see it. I am going to share it extensively.
Labels: banksters, capitalism, corporatocracy, David Intrator, elites, Occupy Wall Street, protestors, super-rich, Truthdig
Submit To PropellerHuman history has amply demonstrated that once those in positions of power become redundant and impotent, yet retain the trappings and privileges of power, they are brutally discarded. The liberal class, which insists on clinging to its positions of privilege while at the same time refusing to play its traditional role within the democratic state, has become a useless and despised appendage of corporate power. And as the engines of corporate power pollute and poison the ecosystem and propel us into a world where there will be only masters and serfs, the liberal class, which serves no purpose in the new configuration, is being abandoned and discarded by both the corporate state and radical dissidents. The best it can do is attach itself meekly to the new political configuration rising up to replace it.
An ineffectual liberal class means there is no hope of a correction or a reversal through the formal mechanisms of power. It ensures that the frustration and anger among the working and the middle class will find expression now in these protests that lie outside the confines of democratic institutions and the civilities of a liberal democracy. By emasculating the liberal class, which once ensured that restive citizens could institute moderate reforms, the corporate state has created a closed system defined by polarization, gridlock and political charades. It has removed the veneer of virtue and goodness that the liberal class offered to the power elite.
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But the liberal class, by having refused to question the utopian promises of unfettered capitalism and globalization and by condemning those who did, severed itself from the roots of creative and bold thought, the only forces that could have prevented the liberal class from merging completely with the power elite. The liberal class, which at once was betrayed and betrayed itself, has no role left to play in the battle between us and corporate dominance. All hope lies now with those in the street.
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Corporations are not concerned with the common good. They exploit, pollute, impoverish, repress, kill and lie to make money. They throw poor families out of homes, let the uninsured die, wage useless wars to make profits, poison and pollute the ecosystem, slash social assistance programs, gut public education, trash the global economy, plunder the U.S. Treasury and crush all popular movements that seek justice for working men and women. They worship money and power.
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What took place early Friday morning in Zuccotti Park was the first salvo in a long struggle for justice. It signaled a step backward by the corporate state in the face of popular pressure. And it was carried out by ordinary men and women who sleep at night on concrete, get soaked in rainstorms, eat donated food and have nothing as weapons but their dignity, resilience and courage. It is they, and they alone, who hold out the possibility of salvation. And if we join them we might have a chance.
Labels: banksters, Chris Hedges, corporatocracy, elites, justice, liberal failure, Occupy Wall Street, super-rich, Zucotti Park
Submit To PropellerThese protesters have not come to work within the system. They are not pleading with Congress for electoral reform. They know electoral politics is a farce and have found another way to be heard and exercise power. They have no faith, nor should they, in the political system or the two major political parties. They know the press will not amplify their voices, and so they created a press of their own. They know the economy serves the oligarchs, so they formed their own communal system. This movement is an effort to take our country back.
This is a goal the power elite cannot comprehend. They cannot envision a day when they will not be in charge of our lives. The elites believe, and seek to make us believe, that globalization and unfettered capitalism are natural law, some kind of permanent and eternal dynamic that can never be altered. What the elites fail to realize is that rebellion will not stop until the corporate state is extinguished. It will not stop until there is an end to the corporate abuse of the poor, the working class, the elderly, the sick, children, those being slaughtered in our imperial wars and tortured in our black sites. It will not stop until foreclosures and bank repossessions stop. It will not stop until students no longer have to go into debt to be educated, and families no longer have to plunge into bankruptcy to pay medical bills. It will not stop until the corporate destruction of the ecosystem stops, and our relationships with each other and the planet are radically reconfigured. And that is why the elites, and the rotted and degenerate system of corporate power they sustain, are in trouble. That is why they keep asking what the demands are. They don’t understand what is happening. They are deaf, dumb and blind.
Labels: capitalism, Chris Hedges, corporatocracy, elites, Occupy Wall Street, super-rich
Submit To Propeller[W]e are denying the consent of the governed to the present political class, and that millions of people already recognize that corporate CEOs are the unelected government.
Labels: Congress, corporatocracy, elites, Occupy Wall Street, super-rich
Submit To PropellerTwenty-five major US firms paid more to their chief executives than to federal tax collectors in 2010, with most of the companies receiving tax refunds, a liberal-leaning think tank said Wednesday.
The study by the Institute for Policy Studies comes ahead of another expected round of fierce partisan bickering over whether the debt-laden United States should raise taxes on the wealthy and close loopholes to boost revenues.
The 25 CEOs -- many from well-known companies like General Electric, Verizon, Boeing and eBay -- were among the 100 highest paid chief executives in the United States, with 2010 pay averaging $16.7 million, the report said.
And 22 of the 25 had received pay increases that year.
The 25 firms reported average global profits of $1.9 billion, and 18 of them operated subsidiaries in offshore tax havens, the report said.
"Corporations don't dodge taxes. The people who run corporations do. And these people -- America's CEOs -- are reaping awesomely lavish rewards for the tax dodging they have their corporations do," the institute said.
Labels: corporatocracy, elites, executive compensation, greed, income gap, super-rich, tax evasion
Submit To PropellerThe world is drowning in corporate fraud, and the problems are probably greatest in rich countries – those with supposedly “good governance.” Poor-country governments probably accept more bribes and commit more offenses, but it is rich countries that host the global companies that carry out the largest offenses. Money talks, and it is corrupting politics and markets all over the world.
Hardly a day passes without a new story of malfeasance. Every Wall Street firm has paid significant fines during the past decade for phony accounting, insider trading, securities fraud, Ponzi schemes, or outright embezzlement by CEOs. A massive insider-trading ring is currently on trial in New York, and has implicated some leading financial-industry figures. And it follows a series of fines paid by America’s biggest investment banks to settle charges of various securities violations.
There is, however, scant accountability. Two years after the biggest financial crisis in history, which was fueled by unscrupulous behavior by the biggest banks on Wall Street, not a single financial leader has faced jail. When companies are fined for malfeasance, their shareholders, not their CEOs and managers, pay the price. The fines are always a tiny fraction of the ill-gotten gains, implying to Wall Street that corrupt practices have a solid rate of return. Even today, the banking lobby runs roughshod over regulators and politicians.
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[N]ext time you hear about a corruption scandal in Africa or other poor region, ask where it started and who is doing the corrupting. Neither the US nor any other “advanced” country should be pointing the finger at poor countries, for it is often the most powerful global companies that have created the problem.
Labels: banksters, bribery, corporate military industrial government complex, corporatocracy, corruption, Wall Street
Submit To PropellerVandana Shiva: Understanding the Corporate Takeover
"The American people should see that corporations have abandoned them long ago," says scientist, environmentalist, and food justice activist Dr. Vandana Shiva, named one of the seven most influential women in the world by Forbes magazine. "The people will have to rebuild democracy as a living democracy."
Labels: corporate military industrial government complex, corporatocracy, Vandana Shiva
Submit To PropellerPaying the workers in society to produce real wealth costs money. Capitalists hate any sort of cost. It represents money that has somehow escaped their coffers. So when any behemoth corporation hands out thousands of pink slips on a Friday, Wall Street cheers and "the market" goes up. No ordinary mortal has ever seen "the market." But traders on the floor of 11 Wall Street, people who've deemed themselves more than mortal by virtue of their $110 Vanitas silk undershorts, assure us the market does exist. No tours of the New York Stock exchange are permitted, so we have to take their word for it.
In any case, in the money economy, eliminating costs, even if those costs happen to be feeding human beings, citizens of the empire, is sublime. That is why economists in the tertiary economy can declare a "jobless recovery" with a straight face. By their lights, the perfect recovery would necessarily be 100% jobless. Human costs of generating profit would be entirely eliminated.
Labels: American workplace, capitalism, corporatocracy, economic collapse, financial markets, Joe Bageant, Wall Street
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Labels: airlines, American workplace, corporatocracy, executive bonuses, McDonalds, United Airlines
Submit To PropellerI'm saying pretty clearly that I see the central issue in politics to be the rise of corporate power. Overwhelming, overweening corporate power that is running roughshod over the workaday people of the country. They think they're the top dogs, and we're a bunch of fire hydrants, you know? Out here in the countryside. And they can do what they want to with us. What's been missing is what can we do about it? And those people in Iowa, by the way, are not alone. There are people in Minnesota doing that, people in Oregon that I know. People in Texas. All across the country.
It's about the long haul. And the target is not government, it's those who are pulling the strings of government, which are those corporate lobbyists and the money that the corporate executives and now corporations directly can put into our campaigns.
Everybody does better when everybody does better.
Labels: Bill Moyers, capitalism, corporatocracy, elites, Jim Hightower, social darwinism, super-rich
Submit To Propeller[I]t isn't that people like Mike McConnell move from public office to the private sector and back again. That implies more separation than really exists. At this point, it's more accurate to view the U.S. Government and these huge industry interests as one gigantic, amalgamated, inseparable entity -- with a public division and a private one. When someone like McConnell goes from a top private sector position to a top government post in the same field, it's more like an intra-corporate re-assignment than it is changing employers. When McConnell serves as DNI, he's simply in one division of this entity and when he's at Booz Allen, he's in another, but it's all serving the same entity (it's exactly how insurance giant Wellpoint dispatched one of its Vice Presidents to Max Baucus' office so that she could write the health care plan that the Congress eventually enacted).In every way that matters, the separation between government and corporations is nonexistent, especially (though not only) when it comes to the National Security and Surveillance State. Indeed, so extreme is this overlap that even McConnell, when he was nominated to be Bush's DNI, told The New York Times that his ten years of working "outside the government," for Booz Allen, would not impede his ability to run the nation's intelligence functions. That's because his Booz Allen work was indistinguishable from working for the Government, and therefore -- as he put it -- being at Booz Allen "has allowed me to stay focused on national security and intelligence communities as a strategist and as a consultant. Therefore, in many respects, I never left."
The overarching theme is all-too-familiar: we face a grave threat from Terrorists and other Very Bad People ("cyber wars"), and our only hope for protection is to vest the Government with massive new powers. Specifically, McConnell advocates a so-called "reeingeer[ing] of the Internet" to allow the Government and private corporations far greater capability to track what is being done over the Internet and who is doing it:
The United States is fighting a cyber-war today, and we are losing. It's that simple. . . . If an enemy disrupted our financial and accounting transactions, our equities and bond markets or our retail commerce -- or created confusion about the legitimacy of those transactions -- chaos would result. Our power grids, air and ground transportation, telecommunications, and water-filtration systems are in jeopardy as well.
Scary! And what do we need to submit to in order to avoid these calamities? This:
The United States must also translate our intent into capabilities. We need to develop an early-warning system to monitor cyberspace, identify intrusions and locate the source of attacks with a trail of evidence that can support diplomatic, military and legal options -- and we must be able to do this in milliseconds. More specifically, we need to reengineer the Internet to make attribution, geolocation, intelligence analysis and impact assessment -- who did it, from where, why and what was the result -- more manageable.
In one sense, this is just typical fear-mongering of the type the National Security State has used for decades to beat frightened Americans into virtually full-scale submission: you are in grave danger and you can be safe only by vesting in us far greater power, which we'll operate in secret: here, allowing us to "reengineer" the Internet so we can control it.
But there's something even worse going on here. McConnell doesn't merely want to empower the Government to control the Internet this way; he wants to empower private corporations to do so -- the same corporations which pay him and whose interests he has long served. He notes that this "reengineering" is already possible because "the technologies are already available from public and private sources," and explicitly calls for a merger of the NSA with private industry to create a sprawling, omnipotent network for monitoring the Internet...
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In other words, not only the Government, but the private intelligence corporations which McConnell represents (and which are subjected to no oversight), will have access to virtually unfettered amounts of information and control over the Internet, and there should be "no borders" between them. And beyond the dangerous power that will vest in the public-private Surveillance State, it will also generate enormous profits for Booz Allen, the clients it serves and presumably for McConnell himself -- though The Washington Post does not bother to disclose any of that to its readers. The Post basically allowed McConnell to publish in its Op-Ed pages a blatant advertisement for the private intelligence industry while masquerading as a National Security official concerned with Keeping America Safe.
Labels: Booz Allen Hamilton, corporatocracy, DNI, Glenn Greenwald, internet, internet surveillance, Michael McConnell, National Intelligence Director, surveillance society
Submit To PropellerDemocrats in Congress have proposed a bill intended to stop the flood of corporate money into elections. This is an incredibly urgent issue since the Supreme Court legalized unlimited political spending by big corporations.
Unfortunately, this bill would require most corporations to only report how many millions they spend. History shows that transparency alone won't stop big corporations from buying our elections.
We put together this chart make the point. If enough people understand why a "transparency-only" plan won't work, we can convince Congress to push for a stronger bill, like the Fair Elections Now Act.

Labels: 2010 election, 2012 election, campaign finance disclosure, campaign fund-raising, corporatocracy, transparent
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