Attacks on Rights and Freedoms of Americans

Galbraith’s son, James K. Galbraith, wrote The Predator State, explaining that economic inequality is not a side-effect of economic development but a consequence of greedy private interests taking more for themselves. In 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act was enacted in the US to protect consumers and "promote the financial stability of the United States".[8] Yet, key provisions of Dodd-Frank were “rolled-back” (eliminated) by the Trump Administration: https://www.cnbc.com/2018/05/24/trump-signs-bank-bill-rolling-back-some-dodd-frank-regulations.html

The 21st century has had many episodes of market instability. Since companies are now so interconnected, there is a likelihood that one bank failure will trigger others. To stabilize the market, the U. S. government bails out the biggest companies with generous loans, and takes over insolvent companies. The Treasury essentially pays dominant monopolies to shore up the market by aggressively dismantling failing companies, controlling the sale of their performing subsidiaries, and giving peanuts to shareholders. Little thought is given to the loss of wealth and dignity of millions of Americans who lost everything by putting their trust in unregulated, unsupervised financial institutions.

Senator Warren said “It is impossible to buy a toaster that has a one-in-five chance of bursting into flames and burning down your house, but it is possible to refinance an existing home with a mortgage that has the same one-in-five chance of putting the family out on the street---and the mortgage won’t even carry a disclosure of that fact to the homeowner.” Financial products (credit cards and mortgages) should meet minimal safety standards. Inside payday loan offices in strip malls across the country, buried in the small print were interest rate amounts of ~500% on a loan of $400-500. Congress passed a law banning any company from charging military personnel more than 36% interest...

In 2010, The Consumer Financial Protection Bureau (CFPB) was formed to enforce regulations and fine fraudulent companies. In response, an army of ~ 850 banks, companies, hedge funds, and other organizations hired ~ 5 lobbyists for every member of Congress to eliminate or emasculate the CFPB, flooding Congress and bribing GOP to obstruct legislation. What triggered the market disruptions, and where did this powerful, well-funded anti-regulation attack come from? Asset managers continue to transfer wealth from American pensions to the extremely wealthy.

As of late 2022, according to Snopes, 735 billionaires collectively possessed more wealth than the bottom half of U.S. households ($4.5 trillion vs $4.1 trillion respectively). The top 1% held a total of $43.45 trillion. …while a median family with salary $57k must skimp just to get by…

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RB Reich 9/2/24: “If allowed to combine, Kroger and Albertsons would also put their combined 700,000 workers under one corporation. These workers would then have to bargain with just one take-it-or-leave-it giant grocery chain. This would erode their bargaining power, leading to lower wages, worse benefits, and weaker worker protections.”

Status of America 2016 - 2024

Attacks on Black Lives, Muslims, immigrants, on protestors, on public figures; gun violence at schools & public events. School gun massacres. Open-carry laws, bump-stocks and machine guns.

Trump arrested protestors, but protected racist mobs and killers of protestors.

Trump sent the January 6, 2021 mob to storm the Capital.

Attacks on women’s rights to make decisions about their own bodies.

Attacks on doctors and hospitals for discussing abortion.

Attacks on teachers for discussing American history of Black oppression.

Propaganda attacks on LGBTQ+, on women choosing abortion, on women who have careers (as opposed to staying home cooking, cleaning, and raising babies).

Continual threats / violence. School gun massacres. Police killing unarmed people at traffic stops.