Don't Salvage, Nationalize!

The once-in-a-lifetime opportunity of this crisis is that it exposes for all to see the moral faultlines of the capitalist way of life. This is not the time to rescue the wage-slave system, along with its banks and stock and commodities exchanges, as the latest Geithner/Paulsen plan to aid banks proposes, but to strip out the ill-gotten, wastefully spent gains.

Don't rescue the banks, nationalize them. Don't shore up Wall Street, close it once and for all. These are no more than the casinos of and for the rich, who essentially play with our hard-earned money.

You think banks are merely safe places to put money at a tidy return? You wish! Banks are constantly gambling that enough people will keep their money in so they can lend out most of what they've got -- if everybody withdraws at once, banks fail. Moreover, compare the interest rate you can get paid with the rate you're likely to be charged to borrow.

You think stock exchanges are merely places where the "invisible hand" of the quasi-divine "market" arrives at fair values for a whole range of assets? That textbook description has never taken into account the speculation, almost entirely divorced from the actual workings of businesses, that actually fuels upward runs by "bulls" and downward falls by "bears."

When their gambles prove wrong, who loses the jobs and the homes? Not the top 20 percent of assetholders, who own 80 percent of all assets in the United States. So let's seize the moment to make this land our land, as Woody Guthrie sang, from California to New York Island. "This land was made for you and me ..."

Abolish the Corporation*

Let's not first "kill all the lawyers," as Shakespeare's Henry VI suggested. First thing we do, instead, let's slaughter the legal "persons" that choke off any attempt to put blame where blame is due for the undemocratic concentration of wealth and power in the hands of a few: the corporation.

Through the magic of corporate law, there exists an entity that is separate from the people that form it, own it, direct it and are responsible for what it does -- such as spilling tons of crude oil into the ocean, hiding information showing that cigarettes are addictive and cancer-producing, buying up public urban transit systems to destroy them and eliminate competition for the car.

If these actions ever come under scrutiny of the authorities, veritable armies of lawyers can be counted upon to spar for years. In the end, the corporations in question pay for the damage -- if they lose, which is not often. None of the actual people involved -- not the CEO, not the managers, not the stockholders, not the directors -- pay for their misdeeds. The corporation -- a thing that is not alive and does not actually exist in any real sense -- did it.

Moreover, the decisions that led to these actions are never made within earshot of the customers and citizens and workers who are most affected. We, the people, have no say as to whether the corporations will bilk us, poison us or get our children killed -- before it happens. It's only long after the damage is done that, maybe, with fingers crossed and lots of luck, a few hapless victims get something back.

It's time to end the charade. Let's stop pretending the corporations exist -- they don't; instead, let's take names and kick butt. Let's assume the power to control the crucial economic activity that defines whether we survive and how.

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*(In response to private comments concerning the revolutionary agenda I proposed, which is not wholly original, I would like to clarify at least what I mean by the planks I put forth. In the next few posts I shall be attempting to review the points in greater detail.)

Dictatorship and Other Hazards of Capitalism

The great thing about this depression recession is that a lot of people are finally paying attention to this thing called capitalism as it really is, not as fabled. Indeed, we're all discovering that, for a small-d democratic country, we sure have and encourage a lot of capitalist dictatorship in our society.

We go through these slick marketing political campaigns every four years in which we wonder whether we like the preacher of a man who, come down to it, can't really feed our family, any more than he can stop teenagers from getting pregnant or help us reach our healthiest BMI level. Yet we surrender every personal right to an unelected individual who can tell us in precise detail what we must and must not do for most of our waking hours: our boss.

Who is our boss answerable to? Ultimately, some "chief executive officer." And the CEO? To a board of directors. And the board? To the stockholders. And all of them together? To a misty legal fog designed, essentially, to make sure that them who've got keep getting more.

You have free speech in the public park, but not at the business meeting or in the lunch room (try organizing a union there). Your boss doesn't legally have to give you a vacation or paid sick leave. Or a raise. Or pay you more than $6.15 an hour. If you don't like it, you can starve.

We don't elect these people. We have no say in how they run things. They have power just because.