Call to Action for Democracy

Once in a while, I miss JRE's campaign for One America. I was so swept up in the cause of bridging the haves and have-nots, and creating a rising tide for all boats, especially the working poor and the middle class.

This afternoon, Mr. Benny and I went to see Michael Moore's latest film Capitalism: A Love Story. And with its overall populist tone, I felt as though I were back in time being a volunteer monitor for JRE's blog for a couple of hours.

Michael Moore grew up believing that capitalism was supposed to be a rising tide too for all boats. If one worked hard, received decent wages, got a good pension, and received health care for little or as part of the benefits package, then we were living the American dream. As Moore puts it, "if capitalism was like that when I grew up, I was all for it. " That's what I believed too growing up.

Moore smacks the Clinton and Bush Administrations equally for the repeal of the Glass-Stegall Act and the abuses thereof, although Moore could have made a better tie with explaining Glass-Stegall first if he was trying to make comparisons with the FDR era in certain respects. In fact Moore doesn't really mention the name of the act, perhaps recognizing that many of his fans may not know the name of it, and perhaps didn't think it to be as important. However, Moore rightfully admonishes Ronald Reagan for commencing the dismantling the unions, deregulating S & L's, and for being the poster man of Corporate America/Wall Street taking control. Moreover, Moore doesn't let off Congress either for taking gifts and giving so much power away to Wall Street either for the past 20 years, doing nothing to make the CEO's of the manufacturing sector accountable for their short-term shareholder outlooks.

As with any Michael Moore film, some new unseemly corporate practices are revealed and are shocking. I'm a business librarian by trade, and I wasn't aware of some of those practices. To me they are unethical, but as Moore points out, they aren't illegal either. I think they should be and I think Moore would like us to push for more watchdogs.

The title of the movie is somewhat a double entendre, whereby many of the financial services folks, such as Bernie Madoff and the CEO's of many banks, were so into predatory lending practices and derivatives that they got lost. One VIP lending officer at Countrywide gave heavily discounted loan rates to many members of Congress (ie Chris Dodd, Kent Conrad, etc) and friends of the CEO. He believed he did nothing wrong, it was his job as instructed. Thus, he and the others didn't feel remorse. Borrowing from the last line of the 1969 movie Love Story, their work didn't merit "having to say you are sorry." Yet, they all should have.

Moore doesn't really advocate for socialism, communism, etc. Instead, he advocates to make our elected officials more accountable and to have more regulations on industries in which the service is invisible, difficult to understand. Likewise, CEO's can share the fruit of the labor as an alternative business model. One example was Avocado Street Bakery in California.

The most poignant aspect of the movie was the historical film sequence of FDR giving his State of the Union message on the radio, but having a film company film a certain part of it so that folks could see it on the movie screens (if I understood this correctly). The sequence moved me deeply, and that's when I wanted to be part of an One America movement again. It was exactly what JRE and EE talked about, and at least we know EE believes to this day.

This movie is funny and at times, will move you as I mentioned above. I think this is my favorite Moore flick, although I will always be fond of his first one, Roger and Me, maybe as this kind of returned to that sort of theme. Difference is making this more quickly with "heavy capital" producers (which is fine, Moore is not criticizing making a lot of profit, it's exploitation as an intent by companies thereof). In the credits, he mentions everyone, including researchers, etc. And he hired editors instead of attempting to do more of the work himself; he is exercising more vision.

Capitalism: A Love Story is a must see for all JRE, Dennis Kucinch, Bernie Sanders, Al Franken, Alan Grayson, and Jeff Merkley supporters. If one loves the true progressive blogs like Bleeding Heartland, JRE Movement Continues, Old Elm Tree, Docudharma, Montana Maven as well as the DU,Open Left, or Progressive Blue --this film will resonate as this is Moore's finest to date. His remedy is spot on: spreading wider the populist seeds and pushing for extended fruits of democracy but deeper in the bushes and trees, where it be in Congress, the White House (Mr. President that means you as well) or in the workplace. Following our POTUS's new Nobel Peace laureate and his call to action missive, this movie is timely.

Paying Twice for the Financial Services Industry

Your fearless blogger has turned more risk averse these days. After watching my nest egg losing over 25% in the past month, I had to take some drastic actions in the past two weeks. One, is that I had to stop contributing to my 403b plan. For every month I was contributing funds, I lost all of the months from this year and most of last year. It doesn't make sense to me to throw precious monies into a sink hole. The funds I had left in the account, I put into a fund that makes no money, but doesn't lose any either. But now I will put any contributions into the savings account at my bank since we will have to brace for the hard times coming. And at least, I know they will be insured.

The second step is that my almost matched contribution for my other nest egg, I have changed my largest mutual fund from a diverse account into a quasi-money market portfolio that again, will make no money, but it will stop the bleeding.

I resent the fat cats who did large sells which hurt my accounts because they wanted their golden parachutes and still expect to do the FWTW. They want to retain their yachts. I want a retirement. My parents had no retirement, other the little social security they accumulated, and at that, I help out my mother in order for her to survive. I don't mind, but when I'm losing money, I have less to support her. My taxpayer dollars are bailing those asshats/fat cats out, and yet, Congress or no one did anything to rescue my hard earned dollars. I'm not likely to lose my home anytime soon, but I feel badly that what I do will hurt the little people who have lost jobs or will lose jobs and Congress refuses to extend unemployment benefits.

McCain is proposing cuts to Medicare and Medicare. Lovely. That does a lot for my mother.

I don't get it. Our country is so screwed up, and it affects the rest of the world. We've lost our moral leadership around the world, along with our small wallets. We cannot pull up our bootstraps all of the time anymore, and it's not for the lack of trying either.

Why Does Congress Trust Bush and His Ilk?

(cartoon courtesy Barry Ritholtz at the Big Picture)

Congress doesn't trust the American people. We cannot trust them either.

They just gave us a pretty good reason last night. Pitiful.

Hey Traders: Leave Our Money Alone

Yesterday, the greedy traders stamped their feet like Mr. 24% and McCain do, and decided to play games with us and Congress. One of my mutual funds dropped 20% alone yesterday because of massive sell offs.

Traders, don't you get the hint? We don't wish to bail you out with your seven figure bonuses and parachutes without getting something in return.

Congressmen, you don't need to leave DC until you come up with a solid plan. Senator Dodd has a start, but it isn't good enough. Remember Congress: you work for us.

Congress Helped Bankers Get Into the Mess

If you want a chronology of how Congress allowed deregulation to exploit consumers on the credit side, read Deviltower's piece at Brand X, Three Times is Enemy Action.

You also know that the Bush/Paulson robbery plan to help their friends is bad when even Newt says Congress should be asking a lot of questions. Cue Newt:

Congress had better ask a lot of questions before it shifts this much burden to the taxpayer and shifts this much power to a Washington bureaucracy.

Imagine that the political balance of power in Washington were different.

If this were a Democratic administration the Republicans in the House and Senate would be demanding answers and would be organizing for a “no” vote.

I concur with Glenn Greenwald that bi-partisan debate is healthy.

I still trust no Bush.