Election Year Issues - Banking

Bank Reform

Eliot Spitzer: Clean Up The Banks 

Eliot Spitzer was the guest for On-Point on July 23rd to talk about "Clean Up the Banks."

Among the key issues...

• No significant changes in regulations since the failures of 2008.
• To Big to Fail...these banks are even bigger.
• Fiduciary responsibility is being ignored.
• Greed

Spitzer points out the ideology that got traction began in the 80's with the Reagan Administration when deregulation began in earnest. The checks on banking put in place during the Great Depression were stripped away. The breaks came off. The major crisis of the economic crisis were going through was only a matter of time. Proponents of deregulation assured us the bankers would regulate themselves.

Spitzer recounts a conversation he had with lawyers for Merrill Lynch. They admitted their guilt but, they said they were not as bad as their competitors. They viewed this as a defense! As if there is a sliding scale of unethical behavior. Spitzer calls it moral relativism. In other words, Merrill Lynch cheated their clients out of hundreds of millions while their competitors were cheating their clients out of billions.

Search for Common Ground in Time of War

0.5% Served in Military Since 9/11- Pew Research

The Pew Research Center released a figure this week that only 0.5% of the US population has served in the military since 9/11. Pew points out the past 12+ years is the longest sustained period of conflict in US history. They also state that the connections between the military personnel and the broader population are growing more distant as the armed services grow smaller.

Something not mentioned in the report is how this equation would change if there was a draft. If more civilians were pressed into service, the public would become more involved in the implications of our political actions and the war on terror. During World War II 9% of the US population was on active duty. Add their families and the number becomes significant. A large percentage of the US population was involved in the military during the Vietnam War. Having a greater portion of the population involved in our country's conflicts informs the discussions around the conversations around US policy and political decisions.

I think a better informed and more engaged public involved in the issues that have great impact will make this country stronger. The process can be painful as with the Vietnam War, but, the process is important.
My parents were drawn together for the common good by two events that caused the paradigm shift, The Great Depression and World War II. There was a commonality to the issues that brought about a willingness to bring people together to work things out. We don't have that today. We have extremism brought about by partisan politics reinforced by the large amount of money being spent by super PACs.

There are organizations trying to do something to bring partisan politics under control. It is not going to be easy. If enough of us become active and speak out, change is possible.

There are others who think so too. Robert Reich has a new book called Beyond Outrage. In it he explains, what has gone wrong with our economy and our democracy, and how to fix it.  Robert Reich is also chairman of Common Cause.

Charles Ferguson in an interview with Tom Ashbrook on On-Point talked about how people rose up to change the balance of power away from the monied elite during the Progressive Era and during the Great Depression. Charles Ferguson has a new book, Predator Nation: Corporate Criminals, Political Corruption, and the Hijacking of America.  


Another organization who wants to put an end the gridlock in Washington is called CenterPolitics.org. Their Website will be ready soon. They want to actively support candidates who are willing to work across the aisle and end the gridlock.


The most important element is what you decide to do. We all need to be informed and involved.

Good King Wenceslas: advocate for the poor.

The Good King

Tom Manoff filed an interesting story in NPR about The Duke of Bohemia, King Wenceslas. The carol has been one of my favorites for a long time. (even more fun that the wassailing tune). Wencesals was an early advocate of social justice and an early Christian. The last line of the carol sums up the King's Christian mission. "Ye who now will bless the poor / shall yourselves find blessing." 
Perhaps, a good reminder for the 1% or, at least the politicians who claim to be their champions.
Take a moment to listen to Manoff's report on NPR.

The Evil Bother

According to an article in Wikipedia he was the duke of Bohemia from 921 until his assassination in 935. His younger brother, Boleslaus the Cruel, was complicit in the murder. A group of nobles allied with Boleslaus plotted to kill him. The King was invited to a feast. At the feast three of the nobles attacked him. His brother is said to have Wenceslas through with a lance.
There's more about Wenceslas and traditional caroling in the second hour of today's "On Point."