CENSORED IN 1981:
THE REAL STORY BEHIND OUR ECONOMIC CRISIS
We have been told that factors such as the over-regulation of business and the “declining moral fiber of the American worker” caused the worst economic crisis since the depression.
However, testifying before the California Senate Committee on Industrial Relations, a UCLA professor, Maurice Zeitlin, outlined one basic cause which was not widely publicized.
In brief, Zeitlin said we no longer have a competitive economy, and that monopoly, militarism, and multi-nationalization are at the root of our economic crisis.
Critical economic decisions have been based not on what is best for us as a nation but rather on what is best for specific individuals and economic groups.
Clearly defining and publicizing the real cause of our economic problems could help us correct them. The media’s failure to expose the roots of these problems qualified this story to be named the top censored story of 1981.
REPORTED IN 2009:
OBAMA: NEW RULES WILL KEEP “WORST TRAITS IN CHECK”
President Barack Obama proposed new “rules of the road” for the nation’s financial system, casting the changes as an essential response to the economic crisis and the greatest regulatory transformation since the Great Depression, according to the Associated Press, 6/17/09.
Obama blamed the crisis on “a culture of irresponsibility” that he said had taken root from Wall Street to Washington to Main Street, and that regulations crafted to deal with the depression of the 1930s were “overwhelmed by the speed, scope and sophistication of a 21st century global economy.”
The Obama plan would give new powers to the Federal Reserve to oversee the entire financial system and would also create a new consumer protection agency to guard against credit schemes and other abuses that played a big role in the current crisis.
Obama attributed much of the country’s current problem to “a cascade of mistakes and missed opportunities” that happened over decades.
Ed. Note: One can only hope that President Obama will include Professor Zeitlin’s insights in his proposal for new rules for the nation’s financial system.
Those who cannot remember the past
are condemned to repeat it!
– George Santayana
Professor Zeitlin was correct then, and it is even worse now after another 28 years of industry consolidation and free trade treaties.
Ignoring Anti-trust laws to allow industry consolidation has resulted in record profits for those who have benefited from less competition such as the oil, pharmaceutical and health care industries. These record monopolistic profits are derived at the expense of the American consumer who has these monopolistic profits extracted from them thereby decreasing the standard of living of American middle class and poor families.
Free trade treaties have shipped American jobs overseas to countries where people are happy to work long hours in dangerous conditions just to earn enough to buy food. Many of the goods we now buy are made in countries which allow child labor and even slave labor. Naturally, this has also contributed to a decline in the real wages of the American working classes, so both middle class and poor families have suffered an even greater decline in their standard of living.
Unfortunately, President Obama has not done anything to even come close to changing things for the better. In fact, the President just boasted that the bank bailout bill has helped save us when just last month the treasury department’s auditor admitted that most of the funds are still in the banks and have not been loaned out to American businesses and consumers. See http://www.youtube.com/watch?v=kO36WP8wF4k
Actually, the bank bailout bill is another example of abuse of power and government actions which have caused our latest recession. As usual, this engineered crash and the government “rescue” have resulted in further consolidation in the banking, real estate, and construction industries as well as causing millions of American to lose their homes, their jobs, and their life savings. If you want to know about the widespread mortgage fraud that our rulers allowed and how they also took action to crash the value of real estate and our economy, see Senate Bailout a.k.a. Bank Robbery Bill at http://www.opednews.com/articles/Senate-Bailout-a-k-a-Bank-by-Mark-Adams-081001-161.html and make sure that you read the first comment to it.
For more on our ruler’s plans, see If I were a Terrorist at http://www.opednews.com/articles/If-I-were-a-Terrorist-I-d-by-Mark-Adams-081005-666.html
They have gotten away with all of this by treating us like mushrooms, keeping us in the dark and feeding us BS, and by stealing the rights we once had to control them. If you don’t believe me, see Why Does the Government Ignore Our Wishes? at http://dailycensored.com/2009/09/11/why-does-the-government-ignore-our-wishes/
Those who cannot remember the past
are condemned to repeat it!
– George Santayana
Unless the game stacked against us is being dealt by the same old bastards, and then you are forced to repeat history anyways. They are a one-trick pony, and use the same game again and again. (See great depression #1 Vs. #2, for one small example)
Cause you gotta play the game. No bank, cant pay bills. No credit, cant pay bills. No car, cant get to work. No insurance, outta luck. No I.D., go to jail. rise up and fight? Yeah, right.