How can we stop banksters from robbing us?

Jim Hightower

Jim Hightower Author, Commentator, America’s Number One Populist

In an insightful song about outlaws, Woody Guthrie wrote this verse: “As through this world I travel/ I see lots of funny men/ Some’ll rob you with a 6-gun/ Some with a fountain pen.”

The fountain pens are doing the serious stealing these days. For example, while you would get hard time in prison for robbing a bank at gunpoint, bankers who rob customers with a flick of their fountain pens (or a click of their computer mouse) get multimillion-dollar payouts. They usually escape their crimes unpunished… but not unscathed. After all, it’s their constant, egregious, gluttonous thievery that has made “banker” a four-letter word in America, synonymous with immoral, self-serving behavior.

For example, Wells Fargo, our country’s biggest consumer bank, has gotten away with paying some fines for stealing millions of dollars from customers in its notorious “fake accounts” scheme – but it has not escaped the wrath of the Sisters of St. Francis of Philadelphia. This feisty order of nuns, which holds a block of Wells Fargo stock, has been embarrassed and are infuriated by the rank immorality of their bank’s executives. They are pushing a shareholders’ proposal demanding a full accounting of the “root causes” of the malicious fraud perpetuated on vulnerable depositors. Unsurprisingly, the bank’s aloof and arrogant board of directors, which had silently presided over the fraud for years, opposes any such meaningful probe.

Such recalcitrance only intensifies the public’s outrage and cynicism toward out-of-control banksters. But the giant worries less about its public image than it does about the reality an in-depth investigation would expose – namely that our nation’s dominant banks have not only become too big to fail and too big to jail, but too big to manage and control. To stop that thievery, they must be broken up.

***

Reposted from the Hightower Lowdown.

National radio commentator, writer, public speaker, and author of the book, Swim Against The Current: Even A Dead Fish Can Go With The Flow, Jim Hightower has spent three decades battling the Powers That Be on behalf of the Powers That Ought To Be – consumers, working families, environmentalists, small businesses, and just-plain-folks. Twice elected Texas Agriculture Commissioner, Hightower believes that the true political spectrum is not right to left but top to bottom, and he has become a leading national voice for the 80 percent of the public who no longer find themselves within shouting distance of the Washington and Wall Street powers at the top. He publishes a populist political newsletter, “The Hightower Lowdown.” He is a New York Times best-selling author, and has written seven books including, Thieves In High Places: They’ve Stolen Our Country And It’s Time To Take It Back; If the Gods Had Meant Us To Vote They Would Have Given Us Candidates; and There’s Nothing In the Middle Of the Road But Yellow Stripes and Dead Armadillos. His newspaper column is distributed nationally by Creators Syndicate.

Posted In: Allied Approaches, From Jim Hightower

Union Matters

Freight can’t wait

From the USW

From tumbledown bridges to decrepit roads and failing water systems, crumbling infrastructure undermines America’s safety and prosperity. In coming weeks, Union Matters will delve into this neglect and the urgent need for a rebuilding campaign that creates jobs, fuels economic growth and revitalizes communities.

A freight train hauling lumber and nylon manufacturing chemicals derailed, caught fire and caused a 108-year-old bridge to collapse in Tempe, Ariz., this week, in the second accident on the same bridge within a month.

The bridge was damaged after the first incident, according to Union Pacific railroad that owns the rail bridge, and re-opened two days later. 

The official cause of the derailments is still under investigation, but it remains clear that the failure to modernize and maintain America’s railroad infrastructure is dangerous. 

In 2019, 499 trains that derailed were found to have defective or broken track, roadbed or structures, according to the Federal Railroad Administration’s database of safety analysis.

While railroad workers’ unions have called for increased safety improvements, rail companies have also used technology and automation as an excuse to downsize their work forces.

For example, rail companies have implemented a cost-saving measure known as Precision Scheduled Railroading (PSR), which has resulted in mass layoffs and shoddy safety protocols. 

Though privately-owned railroads have spent significantly to upgrade large, Class I trains, regional Class II trains and local, short-line Class III trains that carry important goods for farmers and businesses still rely on state and local funds for improvements. 

But cash-strapped states struggle to adequately inspect new technologies and fund safety improvements, and repairing or replacing the aging track and rail bridges will require significant public investment.

A true infrastructure commitment will not only strengthen the country’s railroad networks and increase U.S. global economic competitiveness. It will also create millions of family-sustaining jobs needed to inspect, repair and manufacture new parts for mass transit systems, all while helping to prevent future disasters.

More ...

There is Dignity in All Work

There is Dignity in All Work