The contemporary social deficiencies (economic) previously cited comprises but a fraction of the heinous damage and misery throughout so much of this nation’s social expanse which these American moguls concerted political and social agendas produce when implemented.
Since the Reagan hegemony the financial sector of our economy has increased exponentially. Investment bankers, venture capitalists, and hedge fund managers, invest trillions of dollars annually to derive in excess of 40% of all profits realized by these American companies from such transactions. Among the most prevalent are those that exploit the minute value disparities between various sovereign currencies.
However, these profits are entirely detached from any social purpose such as the construction of factories, infrastructure rehabilitation, and the creation or enlargement of the manufacture of products, or the expansion of consumer or industrial services. The principal beneficiaries of these commercial activities are occupants of the most affluent 1% of our economy.
Moreover, graduates from Ivy-League universities who have demonstrated great competence in the realm of quantitative modeling are recruited to formulate sophisticated algorithms which traders on Wall Street deploy in their never ending quest to maximize the profits obtained on the sale of derivatives and arbitrage transactions.
In addition, investment offerings containing housing portfolios that relieved the issuers of virtually their entirety were enormously popular on Wall Street in the period immediately prior to our recent financial crisis. It was this constellation of the previous activities that were among the principal culprits responsible for the horrendous negative impact on our economy during the 2008 Great Recession.
These plutocrats ceaselessly proclaim the imperative necessity of sustaining the operation of free markets and the companionate necessity of reducing regulatory interference in the functioning of these financial systems and processes. However, their army of lobbyists simultaneously intervene in these political processes to ensure that should a revision of federal tax codes be introduced their obligations to provide this revenue is mitigated by exemptions from its enforcement
As the result of the global actions of these corporations, tax liabilities are reduced in many instances to virtually zero yet their treasuries in foreign nations contain net profits of trillions of dollars from their global operations, which they refuse to repatriate because of the “excessive” levels of taxation this transfer to American financial institutions would presuppose.
This pattern of resistance continues to occur as our anemic and essentially jobless recovery from the debacle of 2008 is exacerbated by the intransigence of Tea Party activists who obstruct all legislative initiatives which seek to provide funds for both the creation of jobs and the rehabilitation of so much of our public infrastructure, that continues its decline and decomposition.
Legislative initiatives emanating from either source of our bicameral legislature that in any manner reduces the current advantages or future prospects of these corporate entities are usually disposed of in committee, rarely to find their way to the floor of the House or Senate for consideration.
Should prospective regulatory policies be forthcoming from any element of the federal bureaucracy that inimically impacts the economic or political status of their operations, Cabinet Secretaries and the White House will be deluged by those who have contributed so much to the coffers of the President’s campaign treasury, and indicate their fierce displeasure about these looming alterations in the standards to which they shall be held accountable and the expenditures required to effect these improvements.
When vacancies occur on the Supreme Court and other Appellate elements of the federal judiciary enormous pressures are brought to bear to ensure that those who ascend to these positions reflect a primary ideology that is sympathetic to the fundamental constructs and functioning dynamics of the hegemony of wealth and power in this nation.
Those objectives were achieved during the Bush Presidency by the ascension to the court of Justices Alito and Roberts. Their appointments and continuing tenure have been responsible for the diminished efficacy of the Civil Rights Act of 1965, and the greatly expanded capacities of corporations to contribute to political campaigns as reflected in Citizens United et al. These are among a host of equally deleterious decisions that have negatively impacted the agendas which we wish so fervently to be actualized.