Banking Industry

Predatory Capitalism: The Pharmaceutical, Petroleum, Automobile, Banking And Other Industries Create A New “Gilded Age”!

Recent news about many industries make it clear that we are living through a new “Gilded Age”, following the original predatory capitalism of the “Robber Barons” of the late 19th century, followed by the abusive practices of the Ronald Reagan era, predated by the Richard Nixon administration.

Now we have the pharmaceutical industry holding hostages of the sick, disabled, and elderly, with the price of medication going sky high, as with the despicable young hedge fund billionaire who raised a price 5,000 percent until social media forced him, finally, to drop the price increase.

We have the petroleum industry, which does not give a damn about pollution damage, as in the British Petroleum oil spill in 2010, which will damage the long term environmental future in the Gulf of Mexico.  And now oil companies want to drill for oil in Alaska, the worst possible outcome, as we should learn from their mistakes, which have been many over the years.

And we also have Volkswagen having purposely avoided meeting the emission standards set by the Environmental Protection Agency, which should lead to billions in assessment, but also put corporate leaders in prison.  And the General Motors scandal on faulty ignition switches, which caused many deaths and many injuries, should also  lead to prison time and major fines to punish that automobile company.

The banking industry continues exploiting homeowners and their mortgages, and has no conscience in their practices, and their leaders come to Capitol Hill and are worshiped by many members of Congress, when instead, they should be facing prison time for their illegal and unethical business practices.

It is long past time for a major increase in government regulation and intervention to make all corporations accountable, and force them to change their practices, which include horrible exploitation of their work force, as well as consumers.

A new Progressive Era, that promoted by Theodore Roosevelt, needs to develop, along with expansion of the New Deal of Franklin D. Roosevelt, the Great Society of Lyndon B. Johnson, along with the reforms under Barack Obama.

But to do so, the right wing Republican party , which stands in the way of regulating capitalism appropriately, must be defeated for the Presidency, as well as Congress.  And only a future Democratic President can make judicial appointments to insure the long range future of regulation and intervention of the corporate world!

Barack Obama And The Banking Industry Meeting At The White House

On Monday, President Obama will meet with the leaders of the top banks in the nation to encourage them to start offering loans and credit to small businesses, and to deal with the home foreclosure crisis in a more forthcoming way than they have displayed this past year.

Considering that the banks were saved by federal intervention in the last months of the Bush Administration and throughout this year by the Obama Administration, I think it is certainly reasonable to expect them to change their behavior, and for the President to bring real pressure on them to do so.

If they prove resistant to such entreaties, then the President needs to suggest strong action by Congress to assess a windfall profits tax on the banking industry, a suggestion made by Suze Orman, the personal finance expert.

The American people will not tolerate much longer an arrogant attitude by the nation’s banks, who are seen as major villains in the economic crisis that led to the present Great Recession.