Monday, December 13, 2010

Inside Job-a documentary film

A documentary by Charles Ferguson is now playing at the Loft Theatre in Tucson. This theatre shows off beat films. I can only hope that it is showing in other theatres around the country so that some of you receiving this report may have the opportunity to see it for yourself. It is not new information but is put together in convincing fashion to enable the viewer to grasp the complexity of the upheaval in our financial institutions.
One of my articles in my last book was entitled “The Golden Age of America”. It covered the decades following the Second World War until the mid 70”s. I listed many issues leading to the good times coming to an end. I blamed the financial institutions and the mega-corporations for abandoning Americans as they strove for greater profits for themselves. This film clearly documents the demise of regulation in favor of self regulation which was supposed to happen but didn’t. It all started with President Reagan with his push for deregulation of banking, utilities, airlines, etc. All the following presidents added to the process up to and including President Obama. All thru his campaigning he talked about ending the greed of Wall St. but surrounded himself with those who were largely responsible for creating the problem. I will give him credit for knowing what needed to be done but in the end he caved in to his advisors and Congress. The bill passed was too weak to be effective. I am sure his current decision to extend the tax breaks for the very rich was due to pressure from those same advisors. One memorable statistic stated that the top 1% of Americans now owns 23% of GNP.
Both political parties are responsible which leaves us hanging as to what needs to be done. I am repeating myself from other messages I have sent out but I am convinced the politicians will continue to allow this pillaging to continue unless we find the will to resist forcibly.

Jack B. Walters
December 13, 2010

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