"The Corporate Monarchy" makes me feel sick. Maybe finally, in 2008, while posting daily articles at Phil’s Stock World, I was seeing that so many things I thought I knew about law, the Constitution, and justice, were lies. Principles that I had believed defined this country were violently discarded at the whim of political powers for the benefit of the few at the expense of the many. The rule of law failed, checks and balances failed, the overriding governance of the Constitution failed. As Barry asks America at the end of his post, "The right question isn’t why am I angry, sad and outraged. The proper question is, why aren’t you?" ~ Ilene
Awesome Post by Ritholtz
Courtesy of Trader Mark of Fund My Mutual Fund
I’ve written similar posts (calling it a Corporate Plutocracy or Oligarchy) but sometimes other people are far more eloquent than I am…. this morning Barry Ritholtz (who essentially is the ‘godfather’ of financial blogging) wrote a doozy – The U.S. is a Corporate Monarchy.
I did an interview with a print reporter yesterday about what has been going on with lack of prosecutions, the banks, and Wall
Street in general. We discussed the corrupt exchanges and HFT.I dropped lots of F-Bombs, called out cowards and crooks and held nothing back. (“That $%$%#@ belongs in prison; this son of a @&*^% should hang“)
Afterwards, she commented that I seemed angry.
I wrote back suggesting that I am a happy dude, and its not Anger — its closer to an ineffable sadness that comes once you realize you have lost something dear. I am old enough to have grown up when this nation was a Democracy, but that era has passed. We now live in a nation no longer run by the citizens — it is a Corporatocracy — and that makes me sadder than angry . . .
She suggests perhaps a better word is outraged.
I wonder: Why have the Europeans figured out they are getting screwed, and we haven’t? Why are they taking to the streets en masse, while we seem to be watching our own control over our own futures slip from our hands almost as if from afar?
In America, we are too busy dropping the kids off at soccer, running around looking for sales and bargains, racing to keep our heads above water. We seem to forget to get outraged. Our control over our once Democracy — the one we had a revolution against a monarchy dictating decisions from afar — slips away from us. Not with a bang, not even with a whimper, but with a 1000s acts of gradual ceding of power to the new Monarch. We have given up hard won rights to a coordinated attack from all three branches of government…
