Tuesday, December 22, 2009

Corporate Robots

We no more want to give corporations the rights of persons than we do robots. Either one will doom democracy. Corporations don't (and shouldn't) act like people, they are purely selfish. That's why they need to be regulated. I would not loan money to a friend, hoping and arranging things so that they would not be able to pay, so that I could make more money. But that's exactly what the banks and financial institutions did to their customers.

Senator Graham’s ‘blame the victim’ mentality in this situation is a perfect underhand pitch to the financial industry. Not to mention the reporters, commentators, and clowns on financial ‘news’ channels like CNBC who latch on to this myth. These folks must surely awaken every day amazed that they still have a job. That would explain why they spend so much air-time scrambling for new ways to keep up the charade that they’re competent. Don't forget that these are the same people that held up Bernard Madoff and Sir Robert Allen Stanford as heroes of unregulated free-market capitalism.

President Obama pointed out:
"Americans don't choose to be victimized by mysterious fees, changing terms and pages and pages of fine print. And while innovation should be encouraged, risky schemes that threaten our entire economy should not," he said. "We can't afford to let the same phony arguments and bad habits of Washington kill financial reform and leave American consumers and our economy vulnerable to another meltdown."

The President gets it.

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