Best of the Week
Most Popular
1.U.S. Housing Bull Market Over? House Prices Trend Forecast Current State - Nadeem_Walayat
2.The Coming U.S. Economic Collapse Will Trigger a Revolution - Harry_Dent
3. Stock Market Crash a Historical Pattern? - Wim_Grommen
4.Global Panic - U.S. Federal Government Stockpiling Ammo – Here’s What We’re Going to Do - Shah Gilani
5.AI, Robotics, and the Future of Jobs - Aaron Smith
6.This is Your Economic Recovery With and Without Drugs - James_Quinn
7.Gold and Silver Price Getting Set To Explode Higher - Austin_Galt
8.The Something for Nothing Society - Lifecycle of Bureaucracy - Ty_Andros
9.Another Interesting Stock Market Juncture - Tony_Caldaro
10.Inflation vs the Deflationary Straw Man - Gary_Tanashian
Last 5 days
How The Coming Silver Price Bubble Will Develop - 26th Aug 14
A Nation of Shopkeepers - Supply-Side (Voodoo) Economics? - 26th Aug 14
Stock Market Bear Tracks Abound In Wall Street - 26th Aug 14
65,000 U.S. Marines Hold up a Mirror to the Economy - 26th Aug 14
Bitcoin Market Provides Clues for Investors - 26th Aug 14
The Key to Trading Success - 26th Aug 14
Will The US Succeed in Breaking Russia to Maintain Dollar Hegemony?... - 26th Aug 14
Even Mainstream Academia Worried about Massive Bubbles in Markets - 26th Aug 14
Iraq and Syria Follow Lebanon's Precedent - 26th Aug 14
Colonization by Bankruptcy: The High-stakes Chess Match for Argentina - 26th Aug 14
Dow Stock Index On The Cusp - 26th Aug 14
Prohibition Laws and Agency Regulations - 26th Aug 14
Will Canadian Regulators be Able to Avoid Final Fatal TSX Venture Exchange (TSX-V) Crash? - 25th Aug 14
HUI Gold Mining Stocks Elliott Wave Projection - 25th Aug 14
Stock Market Uncertainty Resolved With New High - 25th Aug 14
Go Forth Multiply And Replenish The Earth - 25th Aug 14
Dollar Dumping: When Actions Speak Loudest - 25th Aug 14
A Plethora of Currency, Stocks and Precious Metals Chartology - 25th Aug 14
Why Isn’t Fed Monetary Pumping Helping the U.S. Economy? - 25th Aug 14
Myths About Money and Inflation - 25th Aug 14
The Fed Will Raise U.S. Interest Rates in March 2015 - 25th Aug 14
Gold Price Manipulation Still Alive - 25th Aug 14
The Ebola Outbreak: U.S. Sponsored Bioterror? - 24th Aug 14
Instigating War in Europe - Understanding Ukraine in 15 Minutes - 24th Aug 14
LNG Catalysts About to Hand You the investment Opportunity of the Decade - 24th Aug 14
Another Interesting Stock Market Juncture - 24th Aug 14
The West Set Up the ISIS Endgame - 24th Aug 14
Gold And Silver Low Prices Are NOT The Reason To Own Precious Metals - 24th Aug 14
U.S. Housing Bull Market Over? House Prices Trend Forecast Current State - 23rd Aug 14
Inflation vs the Deflationary Straw Man - 23rd Aug 14
U.S. Interest Rate Rise to Occur Mid-2015 According to Fed's Williams - 23rd Aug 14
Bitcoin Price Continuation of a Move up - 23rd Aug 14
Gold and Crude Oil Price on the Verge of Something Big - Hero's Rarely Win - 23rd Aug 14
Oxaloacetate Feeds and GROWS Brain Cells - Alzheimers Cure? - 23rd Aug 14
Gold Rising Interest Rate Fallacy - 22nd Aug 14
Jackson Hole: Myth of the All Powerful Central Banker Continues - 22nd Aug 14
Partying On In The Terror State - Thank God for Nuclear Weapons - 22nd Aug 14
The Something for Nothing Society - Lifecycle of Bureaucracy - 22nd Aug 14
Hitting The ISIS Panic Button In The Middle East - 22nd Aug 14
US Stock Indices 10-Year Consolidation Patterns ... Upside Breakouts? - 22nd Aug 14
Gold and Silver Price Getting Set To Explode Higher - 22nd Aug 14
Deflation's Final Curtain Call - Part II - 22nd Aug 14 - Clif_Droke
Gold Big Picture: Most Important - 22nd Aug 14
How the “Uncertainty Factor” Drives Crude Oil Prices - 22nd Aug 14
Inflation, Interest Rates, and Why You Should Own Gold - 22nd Aug 14
U.S. Interest Rates Can Rise States Fed President - 22nd Aug 14
Why Emotional Discipline is Key to Trading Success - 21st Aug 14
Getting the Most Value from Your “Geriatric Cruiser” - 21st Aug 14
Mafia Boss Claims Stocks A Bubble, Buy Physical Gold and Silver - 21st Aug 14
Outrage! On The Beheading of Our Media Brother James Foley - 21st Aug 14
Stock Market Crash a Historical Pattern? - 21st Aug 14
The Black Box Economy - 21st Aug 14
The Bond Market is taking Advantage of Janet Yellen`s Dovishness - 21st Aug 14
Meet Your Investment Manager - 21st Aug 14
Gold and Silver Trading Alert as U.S. Dollar Soars to New Highs - 21st Aug 14
President Obama Strongest Statement Yet on Israel Gaza War - 20th Aug 14
Peak Gold? Russia To Surpass Australia As World No 2 Gold Producer - 20th Aug 14
AI, Robotics, and the Future of Jobs - 20th Aug 14
Stock Market Investors What's Your Exit? - 20th Aug 14
The Gold War - Thinker, Trader, Holder, Why? - 20th Aug 14
Ukraine Interest Rates Soars to 17.5% As External Debt Cannot be Repaid - 20th Aug 14
Rising Interest Rates and The End of Stimuland - 20th Aug 14
Inflation Watch: $245,000 to Raise a Child in United States - 20th Aug 14
Inside the Stunning Deal That Put Apple and IBM on the Same Side - 20th Aug 14

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

The Biggest lie in Stock Market History Revealed

From One Corrupt Congressman to Another

Politics / US Politics Nov 19, 2010 - 01:05 PM GMT

By: Ashvin_Pandurangi

Politics

"A chain is no stronger than its weakest link, and life is after all a chain." -William James

The House Ethics Committee has just voted to confirm there is "clear and convincing" evidence that Charlie Rangel (D-NY) has violated at least eleven different Congressional ethics rules. His violations include failing to pay taxes on his property in the Dominican Republic, illegally transforming a rent-controlled residential apartment into a campaign office and using his status as head of the Ways and Means Committee to secure funds for his public policy center.


What is the punishment recommended by the Commitee for this Congressman's criminal and unethical behavior? Censure! That's right folks. Rangel will be forced to stand on the floor of the House in front of his peers, in the narrowest sense of that word, and be lectured to by its Speaker, which will either be Nancy Pelosi or John Boehner depending on the timing.

I'm not sure exactly what the Speaker would say in this censure, which Representative Butterfield (D-NC) had the nerve to label an "extreme" punishment, but rest assured that the following is the gist of the message which will be sent:

"From one corrupt Congressman to another, congratulations on successfully fleecing the American people and abusing their trust for years, without suffering any real consequences for your actions. We could have forced you to resign from Congress, or maybe even subjected you to criminal prosecution for tax fraud, but you and everyone else here knew from day one that would never happen. Drastic measures such as those would threaten to expose the systemic corruption in this institution, and could very well subvert our entire operation!

No, not one person here wants to see that happen... but we will censure you for your actions. Take this punishment as a signal old man. You have "served" the people for decades now, during which time you siphoned off your fair share of political rents. Now, it's time for you to move over and make room for some of the new guys. After all, there's a learning curve to this here game, and plenty of eager politicians who are dying to play."
Representative Maxine Waters (D-CA) is also up for a hearing before the Ethics Committee in a few days, on the charge that she diverted TARP funds to a financial institution in which her husband had a financial stake. What are the chances that she escapes the hearing with nothing but a slap on the wrist like her buddy Rangel did? Vegas oddsmakers would probably give you a 100 to 1 for taking the other side of that bet. I keep naively hoping that Congress will decide to dismiss the Committee's recommendations and throw the book at Rangel, Waters and all others like them. After all the bickering and rhetoric leading up to the 2010 elections, you would think that the House Republicans would at least go after corrupt Democrats with full force.

That is, of course, until you realize that the Republicans have just as much to lose from harsh punishment as Rnagel and Waters do. They are the new face of the House, will most likely be the new face of the Senate in 2012 and perhaps even of the Presidency. These people didn't get to where they are now by ignoring the cardinal rule of American politics - accountability for one means accountability for all. The game has clearly defined rules and very strict boundaries that no one must cross. If everyone was held accountable for their "sloppy" or "stupid" actions, as Rangel described his, or for their "acts of ommission" and "failing to carry out [their] responsibilities", then who would be left to make wise policy decisions for the American people? Well, that's how the deeply embedded insitutional players think anyway.

How many times over the past decade have we had to put up with meager settlements, petty fines, symbolic reprimands or absolutely no punishment for blatantly criminal activities? Whether it be high-level executive officials frabricating intelligence and sanctioning torture, top bank executives committing systemic fraud and laundering drug money or legislative officials accepting bribes and abusing their authority, we have seen it all spontaneously come to light and then be buried in the depths of public consciousness just as quickly. Any real puishment for these actions would lead to the end game in short order, because once they give us an inch, they know we'll quickly take a mile. Indeed, to sacrifice the weakest link is to sacrifice the entire chain.

*All facts sourced from the following CNN article

Ashvin Pandurangi, third year law student at George Mason University
Website: "Simple Planet" - peakcomplexity.blogspot.com (provides unique analysis of economics, finance, politics and social dynamics in the context of Complexity Theory)

© 2010 Copyright Ashvin Pandurangi to - 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.


© 2005-2014 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

Free Report - Financial Markets 2014