The Unraveling of the Empire of Finance Capital

[Panaconda]

The Unraveling of the Empire of Finance Capital
Wed, 10/13/2010 - 10:00 — Glen Ford



The more the Wall Street financial class dominates political affairs in the United States, the sooner they will meet destruction. By giving the banksters everything they wanted, including free money, the Obama administration actually accelerated the processes of finance capital’s decline. That’s because, unfettered, capital behaves in ways that make its contradictions even more acute.

“The more politically dominant finance capital grows, the deeper and more frequent the crises.”

We are living through an acute and irreversible stage of the systemic decline of finance capital. Not coincidentally, it is a time when Wall Street’s political supremacy in the U.S. is all but complete, having wholly captured or neutralized both political parties. This period is increasingly characterized by overlapping, cascading crises. Although the exact point in time that we entered this tumultuous juncture in history, under the firm hegemony of Wall Street, is subject to debate, we are clearly there.

The crises of bursting dot.com, stock and housing bubbles have been superseded by finance capital’s inability to reflate any of the old domestic bubbles, despite the transfer to Wall Street of $12-14 trillion through its synchronized servants in the Obama administration and the Federal Reserve. While unreconstructed “left” Obamites moan that the object of their hopes has failed to apply enough “stimulus” lubricant to get the machinery rolling, the real story – the one historians will tell – is that an administration whose economic policies were minted by Wall Street cannot halt the unraveling of the finance capitalist system.

The reason is simple: Wall Street’s hegemony, its unfettered freedom to act out its imperatives, inevitably spawns recurring – and ever deeper – crises. The more politically dominant finance capital grows, the deeper and more frequent the crises.

...

http://blackagendareport.com/?q=content/unraveling-empire-finance-capital

[DCKit]

1. You're blaming President Obama for this?

As I remember it, the Great Giveaway was a done deal before he took office.

The rest of the OP is spot-on - the vultures have to be caged.

[WCGreen]

2. Definately....

President Obama is being blamed for every bad thing that has happened over the last decade...

Soon people will be surmising that Monica was really Obama's girlfriend and that she was all part of his plot to take over the world...

For Muslims and Gay Soldiers.

[Panaconda]

3. Read it again

No one blamed Obama for anything let alone everything.

We've got the right-wing blaming Obama for everything and the squishy center lionizing him for anything.

Maybe it's the lefties who are correct on all of this.

[WCGreen]

4. I thought that being as over the top as I was would have been

enough to point at the extreme right.

Perhaps not...

[Hannah Bell]

6. where's that?

[DCKit]

7. Second sentence Hannah.

"By giving the banksters everything they wanted, including free money, the Obama administration actually accelerated the processes of finance capital’s decline."

[Angry Dragon]

5. Now we will have to spend more money on prisons

to house wall street
and then hire all those private security guards
that should help the unemployment numbers