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Scalawag Culture Preserves Scoundrels

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and the TRUTH WILL SET YOU FREE . . .

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First we kill all the subversives; then, their collaborators; later, those who sympathize with them; afterward, those who remain indifferent; and finally, the undecided. - General Iberico Saint Jean

Scalawag Culture Preserves Scoundrels

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Senator Byrd - it's called Free Enterprise

With the firing of Paul O’Neill, you get another clear signal that the Bush crowd is no different from all the rest of the political hacks. The real issue in not about one man, the performance of markets or prospects for poll ratings in the next election. No, it is about the struggle over economic policy. The enhanced interests of Wall Street usually comes at the expense of main street.

If people are confused about the reasons for the lack of free enterprise, within and among the corridors and comptrollers of capital, they will never understand the nature of the clash of cultures. Wall Street capitalism is not identical to free enterprise. Real and tangible businesses create new wealth. Trading stocks, booking options, and speculating on futures just changes the home where the money resides. Raising new funds for serious investment is the proper function for any capital creation system. But when the daily activities of a manipulated game are devoted to lining the pockets of insiders at the expense of a vibrant economy, you are left with a fraud on the public.

O’Neill represented sound business thinking and wise policy. That is the reason he was removed from a position of influence. The Wall Street culture is driven not upon the satisfaction of creating enterprises, but upon the avarice of running up their stock prices, selling out their stock options and arranging golden parachutes. And those are the goals of the managers who seek to establish the corporate businesses. The traders want to flip their holding at a quick profit, the analysts wants to push the upside potential of a favorite holding within their own firm, and the short seller wants to finesse a panic whenever possible.

This is the crowd that runs Wall Street. O’Neill did not play their charade. He had to go because he would not duplicate the shams of Robert E. Rubin. Rubin not only should be investigated for his misdeeds as Clinton’s Treasury Secertary, but for his conduct at Citigroup. George W Bush has set into motion a strategy that makes Karl Rove proud. Why should anyone be surprised? But don’t fall for the tired and mistaken diversion that Republican are the darlings of Wall Street.

Any serious analysis of the political involvement of the exchanges will confirm that both parties sing to the same tunes of the financial community. Alas, one man started to advocate the cause of real businesses and the value that productive companies contribute to the whole society. The message is loud and clear. Forget the fundamentals, abandon the issuance of dividends and omit any attempts to reform the practices that enrich the elites and drain the resources from the public. When funny money is the legal tender medium of exchange, real enterprise can not compete.

Recognize that access to capital is restricted to only the approved. The economy of the Corporate/State hates independent business. O’Neill represented the old school of principled corportate executives. No clearer example of the difference between the clique of big government wall street sweethearts and a champion in the Walter Mitty tradition, was his exchange with Senator Robert C Byrd at a Senate Budget Committee hearing. One can sum up the contrast with this line from the author James Thurber: “They're so damn cocky, thought Walter Mitty, walking along Main Street; they think they know everything.”

With this attitude variance as the contrast in personal standards, O’Neill was doomed when he ventured to challenge the government culture. Reform of the underlying abuses of Wall Street is the solution to an ailing economy. The elites in Washington, are the cousins of the monopolists from New York and Chicago exchanges. They close ranks against any threats to their self-serving policies.

When have you last heard the tax reform theme? Well, O’Neill had the audacity to raise a real issue! In the post 911 world, that is the kiss of death. All that matters to this self proclaimed gentry, the nobility of national enslavement, is uniforimity in message. THEIR message . . . Folks, real reforms; either economic or political, are impossible within this context of deceit, diversion and duplicity. O’Neill is just the latest victim of this plutocratic club of masters - for the oligarchy of administration. His lack of team spirit meant he must be made an example for committing heresy.

Businesses of substance should pay dividends to be a valid investment. Wall Street wants only a scalawag for the Secertary of Treasury, that will be one of them - a proven scoundrel. Guess who really rules the United States of uniform order. Money markets are an euphemism for parking cash, while it is really the actual name for the masters who control the markets. A mere successful business executive is not able to break this monopoly. We admire his guts and principles. The prospects of seeing more like him in public service, is remote. The tricksters are brutes and the villains are swindlers. That’s the lesson of the Paul O’Neill experience.

SARTRE - December 8, 2002

Never befriend the oppressed unless you are prepared to take on the oppressor.
- Ogden Nash

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