Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Friday Stock Market CRASH Following Israel Attack on Iranian Nuclear Facilities - 19th Apr 24
All Measures to Combat Global Warming Are Smoke and Mirrors! - 18th Apr 24
Cisco Then vs. Nvidia Now - 18th Apr 24
Is the Biden Administration Trying To Destroy the Dollar? - 18th Apr 24
S&P Stock Market Trend Forecast to Dec 2024 - 16th Apr 24
No Deposit Bonuses: Boost Your Finances - 16th Apr 24
Global Warming ClImate Change Mega Death Trend - 8th Apr 24
Gold Is Rallying Again, But Silver Could Get REALLY Interesting - 8th Apr 24
Media Elite Belittle Inflation Struggles of Ordinary Americans - 8th Apr 24
Profit from the Roaring AI 2020's Tech Stocks Economic Boom - 8th Apr 24
Stock Market Election Year Five Nights at Freddy's - 7th Apr 24
It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- 7th Apr 24
AI Revolution and NVDA: Why Tough Going May Be Ahead - 7th Apr 24
Hidden cost of US homeownership just saw its biggest spike in 5 years - 7th Apr 24
What Happens To Gold Price If The Fed Doesn’t Cut Rates? - 7th Apr 24
The Fed is becoming increasingly divided on interest rates - 7th Apr 24
The Evils of Paper Money Have no End - 7th Apr 24
Stock Market Presidential Election Cycle Seasonal Trend Analysis - 3rd Apr 24
Stock Market Presidential Election Cycle Seasonal Trend - 2nd Apr 24
Dow Stock Market Annual Percent Change Analysis 2024 - 2nd Apr 24
Bitcoin S&P Pattern - 31st Mar 24
S&P Stock Market Correlating Seasonal Swings - 31st Mar 24
S&P SEASONAL ANALYSIS - 31st Mar 24
Here's a Dirty Little Secret: Federal Reserve Monetary Policy Is Still Loose - 31st Mar 24
Tandem Chairman Paul Pester on Fintech, AI, and the Future of Banking in the UK - 31st Mar 24
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

U.S. Supreme Court Hands Nation Over to Corporations

Politics / US Politics Jan 25, 2010 - 04:53 PM GMT

By: Rudy_Avizius

Politics

Americans have long had a sneaking suspicion that there was a “hidden hand” directing our government in Washington and the states, and they were right. The “hidden hand” was actually the corporations, unions, and other special interests that contribute literally $billions to our politicians in order to influence legislation that will favor them. This has happened even with the limits that have been placed on these groups that prevented them from directly contributing to campaigns.


Thursday January 21 2010, will go down in history as a dark day. This is the day that a divided  Supreme Court, in a case of unbelievable overreach removed all limits on corporate political campaign spending. If you thought our politicians were corrupt and beholden to corporations before, things are about to get a LOT WORSE now that all limits have been removed. Justices Roberts, Alito, Scalia, Thomas and Kennedy swept aside decades of legislative restrictions on the money from corporations in political campaigns and ruled that companies can use corporate funds to support or oppose candidates. These 5 justices have just opened the floodgates and the strangle hold the banks have over the nation's wealth will now be amplified by this Supreme Court ruling that has totally removed all limits on campaign financing by corporations. This black day will go ultimately go down in history where the Supreme Court officially validated the takeover of the government by the corporations.

The flawed logic they used was that this was a freedom of speech issue. These 5 justices have just declared corporations now have 1st amendment rights, the same as individuals. It is ironic that it is the conservative wing of the court, the same wing that consistently calls for “judicial restraint” and rails against anything not specifically mentioned in the constitution, was the one that overturned decades of precedent. Where in the constitution did our founding fathers give corporations the right to freedom of speech? Where were corporations even mentioned in the constitution? 

We all know too well what happened when our nation deregulated the financial industry and told us that “the market” will regulate itself.

These 5 men have now totally deregulated money in politics and have left it to the “market” to regulate itself. It does not take much forward thinking to envision the consequences of this disastrous decision.  The special interest groups have been handed a late Christmas present and are already gearing up to flood the political campaigns with money from their profits. The corporations will move quickly to complete their stranglehold on the media and then leverage this to their advantage. Fred Werthheimer, president of Democracy 21, a nonprofit, nonpartisan organization dedicated to making democracy work for all Americans stated: "With a stroke of the pen, five justices wiped out a century of American history devoted to preventing corporate corruption of our democracy"

If the nation does somehow survive this handing of the government to the corporations, this decision will go down in history as even worse than the Dred Scott v. Sandford and Plessy v. Ferguson monumental errors of the past. The 5 justices that recklessly voted for removing all limits to corporate campaign spending: Roberts, Alito, Thomas, Scalia, Kennedy will rightly be held in the same regard as those who voted for these other two decisions.

In the 2008 election cycle, nearly $6 billion was spent on all federal campaigns, including more than $1 billion from corporate political action committees, trade associations, executives and lobbyists. This $6 billion figure does not include state and local races. Now consider how much money we will be talking about here, now that the labor unions and corporations can spend unlimited amounts in both Federal and State elections. We will now have wholesale buying of elections by corporations with their vast financial resources. You can now also expect these corporations to move quickly to attempt to finalize their control of the media and use along with their money to “inform” the citizenry of the issues.

With the broad language that the Supreme Court opinion was written, it will probably be almost impossible to draft new legislation to overcome this ruling. Of course, do you really believe that our politicians will be willing to do pass reform legislation now that this new ruling favors incumbents even more strongly than before? Our politicians are like drug addicts that are totally dependent on these large sums of special interest money to maintain themselves in power.

As if this Supreme Court decision was not bad enough, the nation suffers from a lack of transparency when it comes to trying to follow the money. Deliberate attempts are made to hide and obfuscate the information so that the electorate remains uninformed.

  • Did you know that the Senate deliberately exempted itself from filing campaign finance reports electronically? This slows down the process of determining who is actually making contributions and expenditures by making research a very arduous process of having to read thousands of pages by hand, or having to retype them into a form that can be indexed and readily searched.
  • Did you know that the government’s new “open government” site http://www.data.gov, doesn’t even contain data on campaign contributions, lobbyist filings, statistics on warrantless searches or even committee assignments?
  • Did you know that here is no indexing of the thousands of hours of House and Senate recordings? You would have to listen for days before you could find what you are searching for.
  • Years after the problems with electronic ballots not having a voter verifiable paper audit trail were made public, we still allow these machines to count votes without verifiable paper trails despite the fact that it has been proven that they are easily manipulated. Regardless of your political beliefs, it is crucial for our democracy that the integrity of election results be considered fair and impartial.

It may well be that we have now lost our democracy, but there may still be some hope. Since we can no longer place limits on corporate campaign funding, we need to do the following:

  1. We need to demand TOTAL TRANSPARENCY. We need legislation passed immediately before the next election cycle goes into full swing, where all campaign funding is placed on the Internet and this data must be completely indexed. It is vital that these databases be directly searchable by each and every sort of variable contained in the original documentation. This will make it easy to cross reference the information and find out exactly who is receiving what and from whom. By creating this standard the American people will be able to make informed decisions about the candidates running for office and who they are beholden to.
  2. We need passage of the “Fair Election Now Act” immediately. This legislation has been cosponsored by 120 members in the House, however its companion bill in the Senate has a pitiful 5 cosponsors. It has also been supported by many business leaders who sent a letter to the House Speaker and to the Senate Majority Leader. They understand the need for this reform and are getting tired of politicians constantly calling them for money. This bill would create a voluntary system of public funding of campaigns by supplementing small donations of $100 or less.   During an election cycle the voters would be able to determine if a candidate was going to serve the people by using the public system or serve the special interests by not participating in it. Check here to see if your congressional representative is a cosponsor. Check here to see if your Senator is a cosponsor. If they are not, call them and ask them why not.
  3. It is time to pass legislating that any corporate money used for political spending be approved by a majority of the shareholders. This will give the shareholders the ability to control corporate political expenditures. (While we are at it, let’s include language in the legislation about shareholder approval of all compensation and bonus payments as well.)

While passage of the above legislation would not stop all of the corruption of money in politics, it would go a long way to limiting its influence and making it apparent to the voters who is trying to influence their candidates. To make the passage of these legislative bills more likely, it is now incumbent on us to actively support organizations that have been fighting for campaign finance reform and government transparency. The time to mobilize is now, while the issue is hot. If we wait too long, the entrenched interests will put additional barriers in place making harder and harder to enact meaningful reforms. There are many organizations working for political finance reform and government transparency, some of these organizations include:

Common Cause
Public Citizen
Democracy 21
Follow the Money
Open Secrets
Fair Elections Now

These organizations now need your efforts and financial support more than ever. Plato, an ancient Greek philosopher once said, “the price of apathy towards public affairs is to be ruled by evil men." If we do not lift ourselves up from our collective apathy, Plato’s words will most certainly become a reality. 

By Rudy Avizius

http://www.endtheillusion.org/

Email: rudy@endtheillusion.org

Rudy Avizius is a retired school district administrator and a former Director of Technology who has been following economic and political news very carefully for the last 2 decades. He has recently become active in trying to make sure that the government spends taxpayer money wisely with long term benefits to the nation.

© 2010 Copyright Rudy Avizius - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in