Relying on tried-and-true Republican procedure, Wisconsin Gov. Scott Walker has been blaming the public workers for the problems of their pension system. Let’s get this straight: the pension system insolvency was caused by the banksters’ enticing public investors to pony up for worthless “mortgage-backed securities” and other exotic instruments, in the run-up to the Crash of ’08. An estimated 40% of the world’s wealth was lost in that speculative frenzy. Public pension systems lost even more, although (if my PERS2 pension statement is anything to go by) the values have been inching up with the cautious recovery of the market.
Taibbi article illustration by Victor Juhasz
For a good precis of the banksters’ M.O., and complete lack of accountability in our system of non-enforcement, consult today’s DN! interview with Matt Taibbi, recapping his recent article in Rolling Stone, “Why Isn’t Wall Street Going to Jail?
Or read Taibbi’s RS article in its entirety.
Let’s not forget who the real culprits are. It’s not the teachers, bus drivers, and longshoremen of this country. It’s the financial manipulators who got their hands burned by too-greedy transaction fever, then transferred the burden conveniently to the remaining 98% of us. We have two systems of justice in this country, separate and unequal. Defraud millions of their life savings and their homes, get a slap on the wrist — at worst. Get caught with a joint or “driving while Black,” and your life could be wrecked forever.
The clear solution is greater transparency and more democracy right here. The road to that end starts with removing the undue influence of money in our political system; and that move must be allied with the revocation of the privileges associated with corporate personhood.