Browsing PBH By Articles

Obama’s Untouchables

The Article: The Untouchables: How the Obama administration protected Wall Street from prosecutions by Glenn Greenwald in The Guardian.

The Text: PBS’ Frontline program on Tuesday night broadcast a new one-hour report on one of the greatest and most shameful failings of the Obama administration: the lack of even a single arrest or prosecution of any senior Wall Street banker for the systemic fraud that precipitated the 2008 financial crisis: a crisis from which millions of people around the world are still suffering. What this program particularly demonstrated was that the Obama justice department, in particular the Chief of its Criminal Division, Lanny Breuer, never even tried to hold the high-level criminals accountable.

What Obama justice officials did instead is exactly what they did in the face of high-level Bush era crimes of torture and warrantless eavesdropping: namely, acted to protect the most powerful factions in the society in the face of overwhelming evidence of serious criminality. Indeed, financial elites were not only vested with impunity for their fraud, but thrived as a result of it, even as ordinary Americans continue to suffer the effects of that crisis.

Worst of all, Obama justice officials both shielded and feted these Wall Street oligarchs (who, just by the way, overwhelmingly supported Obama’s 2008 presidential campaign) as they simultaneously prosecuted and imprisoned powerless Americans for far more trivial transgressions. As Harvard law professor Larry Lessig put it two weeks ago when expressing anger over the DOJ’s persecution of Aaron Swartz: “we live in a world where the architects of the financial crisis regularly dine at the White House.” (Indeed, as “The Untouchables” put it: while no senior Wall Street executives have been prosecuted, “many small mortgage brokers, loan appraisers and even home buyers” have been).

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The Crony Capitalist Blowout

The Article: The ‘Crony Capitalist Blowout’ by Bill Moyers in Reader Supported News.

The Text: There’s a chapter called “The Second Gilded Age” in Paul Krugman’s book where he describes the extraordinary rise in wealth and power of the very rich during this era of unregulated greed. Since Ronald Reagan’s election in 1980, the top one percent of Americans have seen their incomes increase by 275 percent. But after accounting for inflation, the typical hourly wage for a worker has increased just $1.23 cents.

Big money, as Krugman writes in this book, buys big influence. And that’s why the financiers of Wall Street never truly experience regime change – because their cash brings both parties to heel. So, the policies that got us where we are today – in this big ditch of chronic depression – have done little for most, but have been very good to a few at the top.

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Introducing Obama II

The Article: Obama II: Older, wiser, stronger by Joan Walsh in Salon.

The Text: You don’t have to like everything President Obama did in his first term – or anything he did, actually – to acknowledge he did a lot. He signed the largest stimulus bill in American history and the Affordable Care Act; ordered the killing of Osama bin Laden and ended George W. Bush’s disastrous war in Iraq, just to name a few accomplishments.

But he’s never had a month like this last one. In January alone, over the final three weeks of his first term, the president faced down three of the most toxic forces in American politics — call them the three Ns: the National Rifle Association, Norquist (as in Grover) and the neocons – and won crucial battles, if not the war.

On Jan. 2 he signed a deal that raised top tax rates on the wealthiest Americans, winning the first GOP votes for a tax hike since 1990, despite their solemn vow otherwise to Norquist. On Jan. 7, he appointed former Sen. Chuck Hagel his Secretary of Defense despite once-fatal charges that he’s anti-Israel — or worse, anti-Semitic — from neocon bullies. On Jan. 16, he rallied the nation behind a gun control agenda and issued 23 “executive actions” that shouldn’t be controversial but are, thanks to the way the NRA has controlled gun politics in the last 20 years.

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Debunking The Minimum Wage Myths

The Article: Maximum lies about the minimum wage by Samantha Valente in The Socialist Worker.

The Text: THE FIGHT to raise the minimum wage in the U.S. has been a long struggle that has gained some momentum over the past few years. In recent months, there have been amazing strikes by low-wage workers across the country–from Wal-Mart workers on Black Friday to fast-food workers in New York City–demanding, among other issues, wage increases for some of the lowest-paid jobs in the U.S.

Raising the $7.25 an hour federal minimum wage is an important demand and a common-sense one. With increases in the cost of living, especially in cities like New York, some economists argue that the minimum should be at least $10.50 an hour.

However, such a seemingly simple demand still raises debate in the U.S. Politicians claim that raising the minimum wage will hurt small businesses, and companies like McDonald’s have threatened mass layoffs if the federal minimum is hiked.

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Why Most Mass Murderers Are Privileged White Men

The Article: Why Most Mass Murderers Are Privileged White Men by Hugo Schwyzer in Role Reboot.

The Text: Are white men particularly prone to carrying out the all-too-familiar mass killings of which last week’s Aurora shooting is just the latest iteration? Is there something about the white, male, middle-class experience that makes it easier for troubled young men to turn schools and movie theaters into killing fields? In a word, yes.

Not every mass murder in recent years has been committed by a middle-class white guy. But as Jamie Utt pointed out in the hours after the Colorado theater massacre, in those rare instances where a man of color is responsible for a shooting spree (as in the 2007 Virginia Tech killings or the 2009 Fort Hood rampage), the popular reaction is to search for connections between the race or religion of the murderer and his act. After Seung-Hui Cho killed 32 people in Blacksburg, media attention focused on the likelihood that a Korean culture unwilling to acknowledge mental illness helped drive the young man to commit the worst mass murder in U.S. history. After Maj. Nidal Hasan carried out the Fort Hood shootings, his Muslim faith became all the public needed to know about his motive.

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