Tuesday, December 08, 2009

The Rise of the American Plutocracy: Paul Craig Roberts on Barack Obush's trickle-up economics

Economist Paul Craig Roberts on how the Democratic Party is now the party of the rich:

Goldman Sachs senior executives are arming themselves with New York gun permits, according to Alice Schroeder on Bloomberg.com. The banksters “are now equipped to defend themselves if there is a populist uprising against the bank.”

One can understand why the banksters are worried. The company, now known as Gold Sachs, has a large responsibility for the financial crisis and the fraudulent “securities” that wrecked the world economy and Americans’ pensions. A former Gold Sachs CEO had control of the U.S. Treasury during the Bush regime, from which he diverted $750 billion to bail out the banks, thus supplying them with free capital. Gold Sachs made $27,000 million during the first three quarters of 2009 and is paying out massive bonuses, leaving the busted taxpayers with the debt and interest charges.

Little wonder the U.S. can’t afford health care for the uninsured and unemployed. It is far more important to finance multimillion-dollar bonuses for investment bankers. I mean, what would we do without capitalism?

Of course, it is not really capitalism. It is an oligarchy or a financial plutocracy.

... The Democrats have become Brownshirt Republicans.

Read more here.

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