Category Archives: Banking

Addressing The Nation’s Real Problems.

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MAGA (formerly known as the Republican Party) would have you believe that billionaires don’t have enough money, that multinational corporations don’t have enough power, that our debt is the result of giveaways to poor people, and that immigrants are destroying our nation.

Of course, the opposite is true.

In the meantime, our nation’s real problems and their underlying causes are being ignored by MAGA as well as by some politicians on the left side of the aisle. Indeed, most of the decisions made by the current MAGA regime are making the problems worse!

For example, outside of a widespread nuclear conflict, climate change is the greatest existential threat to the planet. The rise in global temperatures as the result of carbon emissions from the burning of fossil fuels is not only a threat to humanity in the form of more extreme weather events. It threatens most of the planet’s species. Scientists warn that failure to aggressively address climate change will result in the extinction of more than a million species within a few decades – species that not only make our planet more fascinating and enjoyable. Many of them are species that humans rely on for food. Yet the MAGA regime is eliminating every initiative intended to address the issue. It has revived the oil and coal industries and rolled back regulations on pollution and the emissions of greenhouse gases. At the same time, it has eliminated incentives for solar, wind generation, and electric vehicles.

Such madness will certainly make our planet less livable and cost many thousands of high-paying American jobs. Moreover, the failure to mitigate our changing climate will cost trillions more in rebuilding following storm disasters.

The MAGA intent to remove up to 12 million immigrants is another ongoing MAGA-fueled disaster. ICE has stated that it will remove 600,000 immigrants by the end of the year. In addition, it claims that 2 million immigrants threatened by ICE have left the US on their own. That’s 2.6 million workers. 2.6 million customers of American businesses, and 2.6 million neighbors and friends. And it begs the questions: Who’s going to harvest our fruits and vegetables? Who’s going to process our meat? Who’s going to cook our food, do our landscaping, clean our businesses and hotel rooms, or care for the elderly? The truth is, we need these workers, and our lives and economy will suffer without them.

Next on the list of our problems, but no less serious, is the ongoing consolidation of industries such as grain, meat, agriculture, groceries, pharmaceuticals, healthcare, media, trucking, banking, oil, real estate and more. In fact, most of our industries are controlled by fewer than a dozen corporations. This has led to the extreme wealth disparity in the US along with the near collapse of small and midsized cities and a press that has increasingly prioritized profits and political propaganda over news. In addition, price fixing is an almost inevitable consequence of corporate consolidation. And the political power wielded by these corporate leaders is overwhelming.

At the same time, our bought-and-paid-for government has looked the other way as billionaires and millionaires use their economic muscle to game the stock markets then hide their ill-gotten gains offshore to avoid taxes.

Other pressing issues are a healthcare industry that forces Americans to pay four times more per capita for care than every other advanced nation in the world. Artificial Intelligence is expected to eliminate up to 100 million jobs in the US. Our out-of-control military-industrial complex is given a trillion-dollar annual budget. Yet it has failed audits seven years in a row, and $21 trillion of its taxpayer money is unaccounted for!

Our public education system that was once the envy of the world is being attacked by MAGA. In addition, MAGA has attacked academic freedom leading to a brain drain as some of our best scientific minds leave the US for Canada and Europe. These attacks will have long-term effects, which will allow other nations to surpass our technology.

Not the least of our problems is our unhealthy relationship with guns. Indeed, guns are now the leading cause of death for children. And there are more than 500 mass shootings in the United States each year. MAGA tells us that’s the price of having the Second Amendment to prevent tyranny. Yet thanks to MAGA, a tyrant has taken over the White House without firing a shot.

Dear Media: Stop Saying That Everything Trump Does Is Unprecedented.

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To the contrary, we’ve seen it all before – in countries like Russia, China, North Korea, Hungary, Turkey, Fascist Italy, and Nazi Germany to name a few. That’s because Trump is quite literally following the dictator’s playbook. That playbook goes something like this:

  1. You get elected to office any way possible. In 2016, Trump was helped by lies, an extensive propaganda network and foreign interference. In 2024, he was also aided by the opponents’ missteps.
  2. You expand your executive power by threatening members of Congress into compliance, by firing those who question orders, and by threatening to withhold congressionally approved funding to federal institutions in defiance of the Constitution.
  3. You replace nonpartisan government employees with loyalists and threaten others. In just 8 months, Trump pushed nearly 200,000 workers out of government agencies. And his entire cabinet consists of loyalists who constantly praise him.
  4. You challenge institutions and ignore long-standing traditions and norms. Trump has politicized every aspect of government and society. He punished any entity that supported DEI (Diversity, Equity and Inclusion). He withheld funding for USAID, WHO, and NIH, as well as research grants from academic institutions he considers liberal and those who refused to crackdown on Palestinian supporters exercising their right of free speech.
  5. You create fear and declare emergencies in defiance of the constitutional right to free assembly. In the wake of massive arrests in LA by masked and armed ICE agents, Trump illegally federalized the National Guard and deployed Marines onto the streets of the city.
  6. You openly defy the Constitution and the courts. Trump has signed Executive Orders that defy Article 1 of the Constitution, as well as the Emoluments Clause and the First, Fourth, Fifth, Sixth, Eighth, Tenth, and Fourteenth Amendments. He has also entertained the idea of violating the Nineteenth and Twentieth Amendments. And he has openly defied court orders, calling the courts “out of control.”
  7. You take control of law enforcement and create your own loyal militia. Trump’s loyal Attorney General and FBI director have politicized their agencies and opened investigations into Trump’s rivals as retribution. And the Secretary of Homeland Security and acting director of ICE have created the nation’s largest police force willing to arrest and confine both documented and undocumented immigrants, even U.S. citizens.
  8. You attack the media, the freedom of press and freedom of speech. Since he first announced his intent to run for president, Trump has labeled independent news organizations as “fake news.” He has vilified them as “enemies of the people” and filed enormous frivolous lawsuits against them. Additionally, he and his FCC chair have threatened networks and media owners resulting in the cancelation of The Late Show with Stephen Colbert and the suspension of Jimmy Kimmel.
  9. You take control of the courts. Through the actions of Mitch McConnell and his appointments, Trump gained firm control of SCOTUS, which has given him immunity. His openly biased appointees now control at least two appellate courts and a large number of federal courts. And he has more than three years to further debase them.
  10. You vilify and threaten your opponents. Trump has long demeaned his rivals with childish nicknames. He blamed the murder of Charlie Kirk on “the left,” threatening to name liberal groups, including the Democratic Party, as terrorist organizations. And he demands that his DOJ investigate and convict all those who prosecuted him for his crimes and impeachments.
  11. You use your control of government to enrich yourself. In his previous term, Trump used his position to make millions from the very agency protecting him by constantly vacationing at his own resorts and charging the Secret Service inflated prices for its agents’ rooms. He’s continued that this term but expanded his greed by accepting a $400 million airplane from Qatar and a $2 billion UAE investment in his family’s cryptocurrency in exchange for access to our most advanced computer chips.
  12. You take over the education system by telling schools what they may and may not teach in order to control future generations. Trump has forced schools to rewrite history, to ban books with LGBTQ references, and to eliminate DEI programs in order to obtain federal funding. And his administration is now demanding that all schools include Charlie Kirk’s conservative Turning Point USA chapters.
  13. You take over the financial system. Not satisfied with control over Congress, SCOTUS and most government agencies. Trump is actively trying to take control of the independent Federal Reserve by attempting to fire one of its governors. If he succeeds, there will be nothing to prevent his manipulation of federal investments and currency.
  14. You rig or suspend elections. Now that Trump has control of the government, he is attempting to retain his power by rigging the midterm congressional elections through extreme redistricting of multiple red states. At the same time, he is trying to block or limit early voting, mail-in ballots, and the use of electronic voting machines. Failing that, he may try to suspend the elections or use ICE to block polling centers.
  15. Finally, you proclaim yourself “president for life” and suspend all freedoms. If you think that’s unlikely, consider the admiration Trump expressed after Xi was named China’s president for life.

There is absolutely nothing unprecedented by these actions. Every known dictator has resorted to them in one way or another. The only thing unprecedented is that no one has previously tried, let alone succeeded, in executing them here.

How The U.S. Became An Oligarchy. And Some Thoughts On How To Change It.

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Over the past five decades, the American economy has dramatically changed for the benefit of the wealthy and large corporations in ways many don’t understand. This led to the hollowing-out of the middle class and an ever-increasing number of working poor.

Unfortunately, the few politicians who fight for American workers have necessarily focused on trying to deal with the symptoms of our rigged economy by funding food shelves, food stamps, school lunches, homeless shelters and more. But they have been unwilling or unable to address the underlying causes.

If we are to ever develop real solutions, we first must acknowledge how we got into this mess. This requires an understanding of economics and history beginning with the 1970s and 80s.

Trickle-Down Theory. It was in the 80s when one political party convinced voters that, if they wanted to prosper, they needed to embrace the widely disproved concept of trickle-down economics. A concept based on the belief that if you cut taxes on the wealthy and corporations, enough money will trickle down to the workers. So, the highest personal income tax rate was cut by 20 percent. And the highest capital gains tax (the source of funds for the wealthy) was cut by 8 percent.

At the same time, the IRS did away with tax write-offs for interest on car loans and other personal loans, except for mortgages. Of course, that had little negative effect on the wealthy. But it cost working Americans plenty. In addition, the government permitted credit card companies to dramatically increase interest rates – yet another blow to the working class.

Buying The Competition. Around the same time, large corporations found that it was often less expensive to buy their competition than to compete with them. That resulted in large corporations swallowing up small and mid-size companies, which led to less competition, higher prices, fewer jobs, and the destruction of the middle of our economy.

Compensation Based On Share Prices. At about that very same time, CEOs convinced their boards of directors to base their compensation on stock performance. The higher the company’s share price, the more they get paid. That, in turn, led to CEOs like Chainsaw Al Dunlap, a supposed “turnaround specialist.” In reality, he was a brand killer and a job killer. After taking control of companies, he almost immediately sold off resources and laid off employees. That drove up share prices, profits soared, and he padded his bank account. Unfortunately, it was all a fraud. Most of the companies were sold or closed their doors.

Exporting Jobs. The 1970s and 1980s also marked the beginning of the mass exodus of manufacturing jobs to Mexico, China and elsewhere. After all, in order to pump up stock prices, CEOs needed to cut costs. In developing countries, workers could be hired for a fraction of the cost of American workers. Moreover, there were no labor unions, and most workers were willing to work without healthcare and retirement benefits, which in the US roughly equaled salaries. Again, corporate and CEO profits soared.

End Of Pensions. Yet another development at the time was the 401(k). It was sold to voters as a supplement to traditional employee pension plans. But, almost as soon as it was passed by Congress, corporations began eliminating pensions. That left most workers with less retirement funds and benefits.

Consequences. The consequences of all this are the continuing consolidation of industries, increased prices, worse customer service, the disappearance of the American middle-class and the redistribution of wealth upward.

Also, the repeal of the Fairness Doctrine has led to many news outlets becoming megaphones of propaganda for those politicians supported by the wealthy. And several decisions by the Supreme Court of the United States have permitted corporations and the wealthy to spend whatever it takes to buy the government they want. Putting this all together, it’s easy to see why our nation has become an oligarchy. But, instead of addressing these fundamental problems, politicians keep us distracted by their culture wars.

Possible Solutions. Now that you know how we got here, we can start to formulate solutions.

Personally, I’d begin with reinstating some form of Fairness Doctrine for electronic media, so we can all make decisions based on the same set of facts.

Next, following the lead of Teddy Roosevelt, I’d break up the most dominant corporations in every industry to increase competition and create jobs. I’d limit the number of brands and the percentage of sales for each corporation. And that would be quickly followed by increased taxes for the wealthy along with some sort of controls for executive compensation. (Incidentally, the best way to tax the oligarchs is to increase the capital gains tax on large sums.) Of course, that would also require doing away with tax shelters, both in the US and offshore.

I’d reinstate usury laws limiting the interest rates on all personal loans, including credit cards. I’d also require corporations with more than 50 employees to have employee representatives on their boards of directors.

And that’s just for starters.

Complex Problems: Part 3 – The National Debt

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According to the National Debt Clock, our national debt is currently $36 trillion and counting. That’s because the government is currently spending more than $1.6 trillion than it receives from federal taxes. This is despite the fact that the annual deficit is currently $1 trillion less than when President Biden took office.

Of course, there are many who will say that the way to reduce the debt is to simply cut spending. Others will say that we need to raise taxes to increase revenue. But it’s not that simple. To understand why, you need to look at how we got here.

Since the end of World War II, we have endured two banking crises and 13 recessions. Many of those events resulted in the necessity of corporate bailouts, tax cuts, and increased spending to induce economic recovery. During that time, we have also fought in four costly wars, not including the estimated $26 trillion in today’s dollars spent on defense during the Cold War. More recently, the failed response to the Covid Pandemic resulted in the $1.9 trillion American Rescue Plan and the $1.2 trillion Inflation Recovery Act, which were necessary to stave off a second Great Depression and lower runaway inflation. Without those expenditures, we would have seen unemployment and inflation continue to skyrocket with many millions of Americans in soup lines and/or begging in the streets.

The point is, in a civilized society, there are certain events and economic conditions that require government to outspend its revenue.

Not the least of these are the climate-related disasters that annually cost billions of dollars to help victims and rebuild infrastructure. The National Centers for Environmental Information estimate that over the last five years those costs have totaled $764.9 billion! Do we turn our backs on the Americans ravaged by wildfires, droughts, hailstorms, tornados and hurricane victims to avoid budget deficits? Of course not.

And there are still more issues that have contributed to our debt, including self-inflicted problems such as trade wars, battles over the debt ceiling, and political shutdowns of the government which have cost many billions of dollars.

Taking all of this into consideration, you can see why, in modern times, our government has experienced a budget surplus only once. That was accomplished by the Clinton administration.

Now, you may say that I have overlooked one of the largest contributors to our annual deficits – the rising costs of “entitlements.” Certainly, it is true that Social Security, Medicare and Medicaid payments comprise about 61 percent of the annual federal budget. But before you call for cutbacks to these programs, consider this: In reality, these programs should be entirely separate from the federal budget. That’s because the retired workers who benefit from them have paid for them over a lifetime of work through FICA (the Federal Insurance Contributions Act).

That’s right, these programs are not “entitlements” at all. They are, in fact, insurance – nonprofit retirement insurance for which you pay premiums that are deducted from your paycheck.

Since the founding of the programs, the premiums collected have gone into a trust fund where the money is invested in federal securities. And because these programs are insurance, they should be treated like all other forms of insurance by following the principles of actuarial tables, which match premiums to expenditures. (When the costs of your casualty and accident auto insurance go up, so do your premiums.) Unfortunately, Congress has refused to consistently and equitably raise premiums, which has placed the programs in some degree of jeopardy.

That leads us to the politics of deficits and debt.

Since the Citizens United v FEC decision of 2010, political campaigns are funded in large part by billionaires, lobbying groups, and large corporations. Of course, these groups all expect a return on their investments. For example, despite the impact on our climate caused by the burning of fossil fuels, the fossil fuel industry received more than $1 trillion in subsidies in 2023. Many others have similarly cashed in. And all of these paybacks contribute to the deficit.

Further, politicians love to promise tax cuts even when they know those tax cuts will lead to larger deficits. Perhaps that’s why the highest federal income tax rate has been cut from 91 percent in 1950 to 40.8 percent today. Indeed, we have seen at least five major tax cuts since WWII. And since many of those same politicians like to campaign on a platform of fear – fear of immigrants, fear of other religions, fear of terrorism, and fear of other nations – they routinely vote to increase our defense budget.

The requested Pentagon budget for 2025 is nearly $850 billion dollars. That’s more than the next nine countries combined! And, if you separate Social Security, Medicare, and Medicaid from the annual budget as is justified, it represents roughly 34 percent of the remaining (discretionary) budget. Add another $103.2 billion for Homeland Security, plus $303.8 billion for Veterans Affairs, and you’ll see that we’re spending an incredible amount for defense and the consequences of war – an annual total of more than $1.2 trillion that is nearly equal to our deficit.

And that doesn’t even include the $21 trillion in previous spending that the Pentagon couldn’t account for in a recent audit.

So, where do you cut? How do you raise more revenue? If you’re serious about reducing the debt, you absolutely have to do both. But if you do too much of either, you risk damaging the economy which will further add to the debt.

The planned tax cuts, inflation-inducing tariffs, and mass deportations of undocumented workers certainly isn’t the answer.

The Greatest Challenges Of The 21st Century.

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Through the rest of this century, the world is facing a number of seemingly insurmountable problems – problems for which there appear to be no easy answers. Some so complex and so threatening that they could doom humanity for all eternity. Yet, even for those challenges, there are answers if we are willing to acknowledge the problems and make the changes so urgently required.

Here they are in ascending order of difficulty:

Rise of Authoritarianism – The solution for this one is exceedingly simple: Vote! Vote only for those politicians who are committed to democracy. Fight tyranny at every turn. No politician who embraces discrimination of any kind belongs in office.

Corporate Consolidation – The phenomenon of too-big-to-fail banks and multinational corporations has led to a wide variety of problems for humanity. These include a lack of competition leading to inflation, the elimination of pension funds for workers, the growing disparity of income between CEOs and workers, the exporting of jobs in the search for ever cheaper and more compliant labor…the list is long.

Fortunately, the solution is also simple. Indeed, Congress gave us a seldom-used tool to break up these industrial cabals and growing monopolies: The Sherman Antitrust Act of 1890. It’s time our government used it.

Wealth Disparity – Globally, the richest 10% of the global population currently take home 52% of the income. Those in the poorest half of the global population earn just 8%.

In the U.S., the wealthiest one percent of Americans hold more than 32 percent of the nation’s wealth. The top 10 percent hold 77 percent of the wealth, while the bottom 50 percent of households hold just one percent of the wealth. And 7.5 percent of the population has a negative net worth – meaning they are in debt.

By race, white households hold more than 86 percent of the wealth while black and Latino households hold less than 3 percent of the wealth.

And, until the election of President Biden the problem has only gotten worse, a result of the vicious economic policy called Trickle-Down Theory that was embraced by Ronald Reagan and every Republican president since. The subsequent wealth gap has led to growing poverty and food insecurity, unfair tax policies, a government that is bought and paid for by wealthy individuals and corporations, and a loss of tax revenue that has led to a growing national debt.

Yet there is some glimmer of hope for those at the bottom of the wealth scale. According to the Federal Reserve, the average wealth of the bottom half of Americans has increased by 80 percent since 2019, perhaps as a result of President Biden’s policies. (Of course, wealth growth is statistically much more profound if you have very little wealth to begin with.)

The solutions to wealth disparity also seem relatively simple: Enact a wealth tax and impose strict limits on donations to political campaigns. That could give all Americans a chance at the equal representation our Founders intended.

Gun Violence – The U.S. suffers approximately 20,000 violent gun deaths each year (not including suicides) and more than 35,000 gun injuries. Thanks to the NRA, other so-called gun rights groups, and gun manufacturers, police have to assume that every person they encounter is armed. Our schools and many public buildings have become virtual fortresses in an attempt to prevent mass shootings. And, from the age of 5, children are taught to live in fear of active shooters. No other developed nation in the world experiences these problems. But our gun manufacturers are trying to change that by exporting guns to criminal gangs worldwide.

It doesn’t have to be this way!

The solution is to follow Australia’s lead by banning and collecting guns, especially semi-automatics. Instead, as exemplified by the recent Supreme Court decision overturning the ban on bump stocks, the U.S. is headed in the opposite direction.

Climate Crisis – The U.S. has long led the world in the amount of fossil fuels burned per capita. And now we are the world’s largest producer of oil and natural gas. For more than 50 years, scientists have been warning us that, by incinerating fossil fuels, we are in danger of incinerating our planet. Unwilling to believe them, we have protected our fossil fuel industry and refused to modify our unsustainable lifestyle.

Sure, we have made some limited progress by recycling, better insulating our homes, producing more energy efficient appliances, and expanding the use of renewable fuels. But those measures are far too little, too late.

We led the world in establishing an extravagant, disposable culture. Now we need to lead the world to live within our planet’s means. Change is possible. But we must hurry. As you can see by the ever-increasing, ever more violent storms and other climate-related disasters, time is running out, and quickly.

Mass Migration – In recent years, migrants have flooded the borders of the United States and other highly developed nations. As a result of wars, violent gangs, autocratic rulers, and natural disasters such as drought, storms, and flooding, millions of people are faced with the choice of either migrating or dying.

Think immigrants are ruining your country? Then demand that our politicians do something to improve circumstances in their home countries. And be willing to open your hearts as well as your pocketbooks to help.

Mass Extinctions – In Earth’s history, there have been 5 mass extinctions defined as the loss of 75 percent of all species within a relatively short period of time. Scientists tell us that we are about to experience a sixth mass extinction as the result of human activities such as deforestation, unsustainable food production, pollution, encroachment of habitat, and the burning of fossil fuels.

Currently, extinction of species is occurring 1,000 to 10,000 times more rapidly than the natural rate. Why should we care?

First, we are living in an ecosystem. The life of one species depends on the life of others. Second, the world will become a much less interesting and livable place without some of the most vulnerable species. And third, we’re one of the species that could go extinct!

You already know the ways to mitigate the sixth mass extinction: Stop wasting resources, limit the use of fossil fuels, limit travel, stop polluting, and quickly transition to a mostly plant-based diet.

We have been the problem. Now we must become the solution.

Artificial Intelligence – AI could be the answer to many of our problems. Or, it could add to them. It simply depends on how we use it.

Used properly, AI can help us eradicate diseases, streamline research, create solutions for complex problems, perform the most dangerous and boring jobs, and help us to objectively solve conflicts.

AI-driven vehicles could make our roads safer and more orderly. AI could make logistics more efficient and more predictable. The possibilities are endless.

But there’s a much darker side to AI.

AI is already creating deepfakes – fake videos and images of people saying and doing things they never intended or even imagined. Women have been victimized by fake images of them nude or engaging in sex acts. Even worse, deepfakes of political candidates and leaders could have profound consequences.

AI could eliminate millions of jobs making humans essentially obsolete.

Not surprisingly, AI has been embraced by the military to replace humans in battle. Future armies, navies and air forces could be dominated by AI-controlled robots making real-time decisions of life and death. Once that happens, will we become the predominate targets?

One AI researcher believes so. He estimates there’s a 99.9% chance that AGI (Artificial General Intelligence) will lead to human extinction within the next 100 years claiming that no AGI model he has seen has been safe. And though other AI researchers are less certain that AGI will lead to our extinction, they are not particularly reassuring.

A Final Word: As daunting as some of these challenges seem, to some degree, they all can be addressed with one simple action: Vote! We must climb out of our media silos, ignore the misinformation and disinformation peddled by the moneyed interests, educate ourselves, and vote for the politicians who are willing to acknowledge the scope of the challenges and attack them in earnest.

Can Our Democracy Survive?

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The one thing Democrats and the MAGA Party (the Republican Party no longer exists having been subsumed by Fox-fueled Trump followers) can agree on is that our democracy is under attack. However, they see vastly different threats.

The MAGAs believe, despite all evidence to the contrary, that the 2020 election was stolen from Donald Trump. While Democrats point to the January 6 insurrection and increasing laws in MAGA-controlled states that limit voting rights for MAGA opponents, that take away a woman’s right to control her own body, that prioritize the freedom to own weapons of war over the lives of children.

But I believe the division runs deeper than that. It stems from the way the leaders of the MAGA Party view democracy.

Instead of seeing democracy as a means of majority rule, I believe MAGA leaders see it as a tool that can be manipulated on behalf of the powerful and wealthy. The result is that we now have several standards of justice based on factors such as race, wealth, and privilege. We see elected officials defy the wishes of significant majorities of their constituents on universal background checks for gun purchases, red flag laws, and access to abortion. And we see them use the power of their office to threaten and punish those with whom they disagree.

As a result of the MAGA ideology, our entire economy and, at times, our government are driven by a wealthy few. The owners and investors of large, multinational corporations have been allowed to influence elections while avoiding taxes. Through their political influence, these multinationals have been deregulated. They have exported high-paying jobs. They have eliminated workers’ retirement plans and other benefits. And they have taken almost total control of entire industries through consolidation.

For much too long, we’ve had eight too-big-to-fail banks, three or four conglomerates that control most of our grain, and six companies that control most of our meat supply. The majority of pharmaceuticals sold in the US are controlled by just ten corporations. Our oil and gas industries are controlled by a few corporations and state actors that dismiss their role in the climate crisis. Likewise, our transportation, insurance, and other industries have each been captured by a few large corporations.

And, chillingly, just six corporations now own roughly 90 percent of the media that bring us the news!

At the same time, the politicians that have been bought and paid for by these corporations have cut their taxes while pushing the tax burden onto ordinary hardworking citizens. Even that has not been enough to satisfy their greed. So, they regularly offshore profits in order to extort our government into allowing them to “repatriate” their ill-gotten gains at further reduced tax rates.

Corporations’ insatiable greed has even been the primary driver of inflation. Yet they and their political lackeys have blamed it on an administration that has set about trying to curtail their power.

Understandably, many Americans are angry. But thanks to the many lies peddled by the leading cable “news” outlet and others, their anger has been misdirected. Instead of blaming the rich and powerful, they blame immigrants, the poor, and minorities.

The problem has been made worse, I believe, from the MAGAs’ Kim Jong-un-like devotion to Trump. In both cases, the followers seem to see their Dear Leaders as deities. Many MAGAs continue to believe that Trump was chosen by God. They compare him to the Messiah and pray for him to save them. And, with both Trump and Kim, the followers not only accept their leaders’ extravagant lifestyle. They celebrate it. And they contribute to it.

The only conclusion can be that the many Millennials and GenXers who have bought into the MAGA ideology, simply don’t understand the benefits of democracy. It seems they have become convinced that an autocrat – at least their autocrat – can improve their lives. That an autocrat can help them live a similar life of luxury. That, instead of the messy process of convincing others to agree with their political and religious beliefs, an autocrat can force others to agree with them by decree.

Like so many of those in pre-war Germany, they seem more interested in forcing change than preserving our government along with its freedoms. Far too many of today’s Americans lack an understanding of history or civics. And, instead of seeking truth from universities, books, and qualified experts, they turn to social media and propaganda outlets like Fox “News.” In fact, they have eschewed legitimate news sources as “enemies of the people.” They dismiss education as a waste. And they are banning books that make them uncomfortable, blissfully unaware of the comparisons to the dictators and war criminals of the past.

In doing so, they are following the path taken by unsuspecting citizens in Russia, Myanmar, Venezuela, Hungary, Turkey, Pakistan, and Iran, as well as pre-WWII Italy, Japan, and Germany. And, unless we can convince them that democracy is worth saving – that real change can only come through the ballot box – we may be headed down those same rabbit holes.

How Ronald Reagan Destroyed America.

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For many Americans, Ronald Reagan was a great president who reawakened and re-energized the nation as exemplified by the “Morning in America” commercials created by some of my friends. They even credit him for ending the Cold War. But the credit more accurately belongs to Gorbachev.

To me, Reagan will always be the person who used a hostage crisis to win election and who turned Americans against their own government by portraying it as the enemy. And that’s only the beginning of his negative impact on the US.

He famously ran up deficits and tripled the national debt. He flipped the economy upside-down with his Trickle Down theory of economics leading to extreme inequality in income, wealth and opportunity. Under Reagan, we saw the end of national usury laws making it possible for national banks to evade interest rate caps leading to interest rates of 18%, 30%, 40% and more. At the same time, Reagan took away the tax deductions for interest paid by middle class and poor Americans on auto loans, credit cards and other personal loans. One result, as evidenced by a new Institute for Policy Studies Inequality briefing paper by Bob Lord, is that the taxes paid by America’s billionaires have decreased 79 percent since 1980!

Known by some as the “Father of Globalization”, Reagan’s economic and trade decisions led to the offshoring of high-paying American jobs. As he embraced multinational corporations, he attacked the labor unions – the very organizations that created our middle class by fighting for living wages, healthcare benefits and safe working environments.

The Reagan administration supercharged the era of corporate consolidations and legalized stock buybacks for corporate executives. Those decisions led to multi-million-dollar annual compensation for corporate executives, inflated stock prices, and mass layoffs of workers.

And though Reagan criticized Carter for the capture of US embassy workers in Tehran, he was responsible for the deaths of 241 Marines, sailors and soldiers who were killed on his watch after he sent them to Beirut with no plan of engagement. He waged war on the island nation of Grenada – yes, Grenada – for aligning with Cuba. He also circumvented congressional oversight by creating a shadow government that illegally sold weapons to Iran in order to finance death squads in El Salvador and Nicaragua.

And maybe Reagan’s worst decision of all was to call for the repeal of the Fairness Doctrine that led to the likes of Fox News Channel, Rush Limbaugh, Mark Levin, Sean Hannity, Alex Jones, and a host of others who have used hate, sensationalism and an avalanche of lies to divide us. I believe you can draw a direct line from that decision to Donald J. Trump and the most corrupt, conniving, inept and hateful administration in US history.

Ignore His Tweets and Taunts. Pay Attention To His Actions.

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While Democrats and the media have focused on the Tweets and the taunts and the name-calling, many of the worst activities of the Trump administration have gone unnoticed. That’s because the administration seems to have borrowed a strategy from sports – especially NHL hockey. The idea is that, if you can’t win on the merits, you resort to cheating and bullying. You commit as many fouls as possible based on the theory that the referees won’t/can’t call all of them. The referees are then faced with two options: To make the game unwatchable from the constant stoppages and penalties. Or to call only the most egregious fouls.

Likewise, by burying the media, the public and Congress under an avalanche of executive orders, policy changes, unqualified presidential appointments, unjustified pardons, blatant corruption, obstruction and criminal actions, the administration seems to believe that the public will tire of the outrage and buy into the notion that the president is the victim of negative and partisan reporting.

Whatever else you can say about Donald Trump, you must admit that he is a master of the con and self-promotion. He knows how to manipulate his base and the media. Indeed, every time I see him speak, I see the narcissism of Benito Mussolini combined with the limited vocabulary and taunting of Vince McMahon and his WWE bullies. (I am quite certain that is the result of study and hours of practice in front of Trump’s favorite item – the mirror.)

Repulsed by the cartoon-like show, the majority of Americans often miss or ignore the things that are taking place behind the scenes – things that could prove fatal to our democracy.

Every single day, the administration commits more harmful and anti-democratic actions. Career public servants are replaced by unqualified family members, toadies and demagogues from the Trump propaganda network, aka Fox News. Highly partisan and unqualified judges are confirmed as a result of Mitch McConnell’s disregard for long-standing traditions and regular order. Refugees from all over the world are sent back to the dangers they tried to escape. (There are even plans to deport refugees who came here immediately following the Vietnam War.)

The constitutional protections from unreasonable search and seizures have been suspended within 100 miles of our borders – all of our borders. International laws and norms are ignored. Refugee children are traumatized by being ripped from their parents. Pollution is increased as the result of environmental deregulation. Increasingly, our lives are placed at risk by uncontrolled gun violence encouraged by Trump supporters in the NRA. Our economy and consumers are also placed at risk by the dismantling of Consumer Financial Protection Bureau regulations and the Dodd-Frank bill that was designed to prevent another financial collapse. And more people will go bankrupt or die because of the administration’s undermining of the Affordable Care Act.

Each day, the administration borrows more money from China to prop up our economy and to squander on unneeded, and often flawed, weapons systems. At the same time, it has imposed tariffs on billions of dollars of Chinese goods leading to a trade war and higher prices for American consumers. Diplomacy has been replaced by outright bullying and brinksmanship. Trump and his administration have threatened NATO members and turned their backs on trusted allies while embracing some of the world’s worst dictators.

The administration encourages violent racism and intentionally sews division to improve Trump’s chances of being reelected. Sacred Native American lands and public lands are being sold off to extraction industries. American citizens are displaced and their lives disrupted in order to build a senseless wall. Public schools, food stamps, veterans programs, fair trade, access to safe abortions, the constitutional separation of church and state, and so-called entitlements are all under attack. So, too, are our most important institutions like the press, the FBI and our Intelligence agencies.

The president and his mouthpieces commit daily assaults on the truth. The administration has forced a constitutional crisis by announcing that it will refuse to be burdened by congressional oversight. Meanwhile, the crime family in charge enriches itself with taxpayer money as it refuses to reveal its tax returns.

If the orange diKKKtator could accomplish all this while under investigation for conspiring with Russia during the 2016 election, imagine the harm he can cause now that he and his supporters falsely claim “total exoneration?” Even more frightening are the potential consequences of his re-election and the possibility of Congress being retaken by his stooges and sycophants.

Thankfully, you have the power to prevent that grim and dystopian future. Write or call your congressional representatives and demand that impeachment hearings begin immediately. Even more important, VOTE!

Tax Secrets Of The Wealthy.

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Most Americans fear being audited by the IRS based on the knowledge that, if it is deemed that they have not paid their fair share, they could face penalties, garnishment of wages and/or possible imprisonment. Yet some of the wealthiest Americans and multinational corporations apparently have no such fear. It’s not enough that these people and organizations have used their wealth to lobby Congress to create a myriad of tax write-offs and corporate welfare schemes. Many find tax shelters to avoid paying taxes altogether.

According to the Financial Secrecy Index created by the Tax Justice Network, “An estimated $21 to $32 trillion of private financial wealth is located, untaxed or lightly taxed, in secrecy jurisdictions around the world.” The organization uses the term “secrecy jurisdictions” rather than the more common “tax havens” because the secrecy provided by these jurisdictions does more than aid tax avoidance. The secrecy is key to such illicit activities as fraud, money laundering, insider trading, and avoidance of regulations. Moreover, it allows the wealthy to hide their assets while forcing those less fortunate to subsidize their needs and to shoulder their nations’ resulting debt.

In other words, most of us are making up for the taxes that the wealthy refuse to pay.

Even some of those at the highest levels of the US government have taken advantage of secrecy jurisdictions. For example, in the Panama Papers (a list of the wealthy who used the services of a Panamanian law firm to set up tax shelters) Donald Trump’s name shows up 3,450 times. And, recently, The Intercept published a story revealing the use of one of the world’s most secret tax havens by Senate Majority Leader Mitch McConnell and his wife, Elaine Chao, both of whom have avoided taxes while cashing US government paychecks! Former Massachusetts governor, GOP presidential candidate and current Utah senate candidate Mitt Romney also has reportedly taken advantage of multiple tax havens.

Many of the wealthy don’t even have to send their money offshore to evade taxes. Some of the most active tax shelters are right here in the United States! As reported by The Washington Post, “Contrary to popular belief, notorious tax havens such as the Cayman Islands, Jersey and the Bahamas were far less permissive in offering the researchers shell companies than states such as Nevada, Delaware, Montana, South Dakota, Wyoming and New York…” Indeed, The Washington Post found that US regulations for setting up shell companies are more lax than any country in the world, except Kenya!

Ironically, all of this is aided by a financial industry taxpayers saved from bankruptcy after the financial crash of 2008. According to the Tax Justice Network, “A global industry has developed involving the world’s biggest banks, law practices, accounting firms and specialist providers who design and market secretive offshore structures for their tax- and law-dodging clients.”

It’s not unlikely that such tax evasion will eventually have disastrous economic consequences for the US. But, when it does, the wealthy will simply pull up roots and relocate to another country where they can resume their form of legalized larceny leaving the rest of us to clean up their mess.

An Open Letter To Congress.

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Dear Senators and Congressional Representatives:

We understand that it’s hard work to win an election. There’s the fundraising, the canvassing, the fundraising, the travel, the fundraising, the public appearances, the fundraising, the baby-kissing and the butt-kissing, the fundraising, the debates, the fundraising, the media interviews, and, of course, the fundraising.

We also believe that, by electing you, we afford you a great honor – the honor of representing us in our seat of government. Given that, we should expect you to appreciate that honor and to do what you can to live up to your campaign promises. We expect you to follow in the footsteps of our Founding Fathers – people like Franklin, Hamilton, Jay, Jefferson, Madison, Monroe and Washington – to do what’s best for us and our nation.

Unfortunately, that seems to be an increasingly quaint and naive notion as evidenced by an exhaustive study by Professor Martin Gilens of Princeton University and Professor Benjamin Page of Northwestern University.

Gilens and Page collected data on your policy decisions from 1981 to 2002. Their report, “Testing Theories of American Politics: Elites, Interest Groups and Average Citizens,” concluded that economic elites (the top 1%) and business groups (lobbyists) have substantial impact on your decisions while average citizens and mass-based interest groups have little to no influence on your decisions.

In short, the professors found that our democratic republic has become an oligarchy, defined as a small group of people having control of a country or organization. But the Gilens-Page study only confirms what many of us already suspected.

For example, we have seen how members of Congress have prioritized the profits of defense contractors over the needs of our military and over reason itself. We’ve noticed how you repeatedly vote to increase weapons spending despite the fact that the Pentagon cannot account for its spending of more than $7.3 trillion, and despite the fact that our defense budget is greater than that of the next 7 countries combined (5 of which are close allies). And we suppressed our frustration as we watched you vote to require the US Army to purchase tanks and other weapons systems it no longer uses or needs.

We’re all too aware that you seem far more concerned with the profits of pharmaceutical companies and health insurance companies than with the economic and physical health of your constituents. We aren’t blind to the fact that 40 of the lawmakers in your midst held $23 million in shares of health insurance companies as they voted to take health care coverage away from millions of Americans.

We’ve seen how you passed laws prioritizing the desires of Wall Street over the needs of Main Street. For example, in 1999, you voted to deregulate banks, clearing the way for them to gamble with our deposits and pension funds. That decision led to the financial crash and Great Recession of 2008. And yet your GOP members are intent on repealing the regulations enacted to prevent such an event from ever happening again.

We’ve also observed that the majority in Congress is working to eliminate regulations designed to keep our air, water and food clean in order to improve the bottom lines for their large corporate sponsors.

Of course, we have noted that such decisions also improve your campaigns’ bottom lines. Those large corporations reward you with large amounts of money for your re-election campaigns. They pay for junkets to exotic places. They give you tickets to concerts and other galas…the kinds of gifts few ordinary voters can afford.

And though you readily do the oligarchs’ bidding, you hide from your constituents. You avoid town halls. You send letters to constituents that are based on lies. And you have the unmitigated gall to ask your constituents for their money and their support!

Here’s an idea: Instead of beginning fundraising for your re-election campaign the minute you get into office, why not just do the right thing? Why not vote for policies that will help the vast majority of your constituents? Why not vote for better schools, better health care, better roads, safer bridges, better mass transportation and cleaner energy? Why not balance the budget by raising taxes on the fortunate few and cutting taxes for those who are struggling? Why not crack down on those who avoid paying their fair share through the use of offshore tax havens? Why not open your doors to all of your constituents? Not just those with the most money to offer.

Why don’t you treat the office as though you’re in it to serve? Why not prioritize country over party and people over money?

If you do that, believe us, we’ll notice. We’ll ignore your opponents’ attack ads. We’ll contribute to your campaigns. And we will almost certainly vote for you again. And, if you lose to someone better, you can leave office with your head held high knowing that you’ve done everything you can to represent us. You can take solace in the fact that our Founders never intended for public office to become a permanent position. (They sure as hell didn’t expect our nation to become an oligarchy in the mold of Putin’s Russia!)

As reported in John Avlon’s book, Washington’s Farewell, when the father of our nation, George Washington bade farewell to public service, he warned of three things: Hyper-partisanship, excessive debt and foreign wars.

Unfortunately, our nation is now burdened with all three. You may not be personally responsible for creating those burdens. But you can be responsible for ridding us of them…if you just do the right thing.