Amazing: Justice Department Sues Crooked Investment Bankers And Corporate Thugs To Stop AT&T – T Mobile Merger
It’s almost unbelievable but the Justice Department just slammed the hammer down on this nonsensical oligopoly/monopoly deal. Democracy ain’t quite dead yet. Is this finally a demarcation line drawn in the sand against Wall Street criminals and corporate hegemonic power? If this deal falls, it will cost enormous sums of money to banks and the corporations involved. And if that starts a trend where major corporations are now being forewarned, this could become a major tipping point against mergers & acquisitions. If we could finally get someone at Justice and within our government to start breaking up the massive firms in every industry in this country or at least get them off the government welfare dole so they have to compete in a working market using merit rather than by buying off politicians to rig markets against competition, this could start to force a longer term shift in our economy.
We wrote on here soon after starting this blog that many people believe corporate power and monopolies helped create and sustain the Great Depression. It’s an esoteric topic that is seldom discussed but there is no doubt corporate hegemony kills working markets. And we see the exact same environment today. We have highlighted countless times the aberrations that these entities create in an economy and how they destroy working markets and competition. If you have some extra time, this is an easy to understand but prescient set of videos against this merger.
Remember, we have uniquely written countless times this environment could be classified the end of big. The unwinding of massive corporations and large bureaucracies such as the EU and the war state are coming. It is already starting with Kraft and Cisco being two examples. And it would have happened to Wall Street if their political stooges didn’t bail out JP Morgan, Goldman, Morgan Stanley, Bank of America, Wachovia, Bear Stearns, etc.
This dynamic of the end of big must come for the economy to recover. Large corporations have not created a single net-new job in this country in nearly forty years. Working markets needed to create jobs will eventually make all major corporations irrelevant as time goes by. Most invention does not happen in major corporations. The mergers & acquisitions game has simply allowed mega corporations to buy that innovation rather than have to compete in a working market against it. Do you want to own the equity of these massive corporations given that dynamic?
Let me tell you a little secret that you won’t read anywhere else. Well, at least you won’t read it anywhere until it is plagiarized from here as many of our other rantings have been. We can’t start a new bull market. It’s impossible. Because the companies haven’t yet been created that will drive a new bull market. The companies today are keeping that from happening by bribing our government and rigging regulation and turning beneficial regulation into red tape to keep out competitors and destroy working markets.
Unfortunately, Obama and both political parties are corporatist shills or anti-working market toadies who are blocking economic recovery and working markets. Ayn Rand ideologist or political progressive, it matters not. Both the Ayn Rand Institute and progressives are clearly against corporatism. The only ones advocating it are President Obama, Republican leadership and the countless idiots in the political class and in the major corporation board rooms. Obama begs multinational corporations to hire American workers. This is pathetic and ridiculous and shows how clueless he is about economics. If we had working markets, we would have innovation and new companies hiring American workers and there would be no corporatist begging necessary. But, then if Obama and Republicans supported working markets rather than corporatism, they wouldn’t be able to coerce their corporate masters into giving both parties billions of dollars for their next rigged political campaigns and elections.
This is a huge win for the American people against Wall Street criminals and the mergers & acquisitions Ponzi schemes.
<< Home