And So It Begins

A recent story about the ripple effect of Elizabeth Warren’s attacks on Big Banks in this country that are making huge profits with the support of the government that bails them out every time they stumble or bumble raises some interesting points. It begins with the following two paragraphs:

NEW YORK (Reuters) – Big Wall Street banks are so upset with Democratic Senator Elizabeth Warren’s call for them to be broken up that some have discussed withholding campaign donations to Senate Democrats in symbolic protest, sources familiar with the discussions said.

Representatives from Citigroup, J..P.Morgan, Goldman Sachs and Bank of America, have met to discuss ways to urge Democrats, including Warren and Ohio Senator Sherrod Brown, to soften their party’s tone toward Wall Street, sources familiar with the discussions said this week.

This gambit is not new, of course, but there are a number of facets to this version that strike the interested reader. To begin with there is the given that the large corporations, including in this case the Big Banks, are throwing money at political candidates on both sides of the political aisle in order to be able to threaten to take it away if they don’t march to the tune the corporations have chosen to play. This is the way the game is played, as the NRA has shown for many years in order to guarantee that Americans continue to buy and use guns in the name of the Second Amendment — which most of those who clutch copies of the Constitution in one hand and an assault weapon in the other have never read and certainly don’t understand. Money talks and large money talks loud. The Koch Brothers have leaped on this train with both feet and threaten to determine its course for the next decade, at least.

But Warren is a woman of courage who now looks like a possible candidate for the highest office in the land so the stakes are very high and the Big Banks have started to plot their strategy. Perhaps you have heard the talk about how she “has it in” for the Banks because they foreclosed on her father’s home when she was a child. As they tell the story, this makes her a nut-case who is just out to get revenge. It implies that the Banks are squeaky clean and have done no wrong. But we know this not to be the case and wait and watch to see what new smear tactic they will employ while they see whether the threat to withhold money from influential Senators will get her off their backs and halt her campaign before it can get off the ground.

It’s dirty politics, or politics as usual if you prefer. And it works. It is especially gnawing to those who have read their history and know how worried the founders were about the influence of Big Money on politics. They knew that allowing money to accrue in the hands of a few would give them immense power: virtually all of the colonies instituted laws to fight against primogeniture. For example, George Washington did not inherit his father’s estate, including Mount Vernon, until his older brother died. And folks like Jefferson regaled the glories of the agrarian ideal, folks on their farms working the land, close to nature, or working at their jobs and maintaining the virtues of their forefathers. Jefferson, in particular, worried that “a rich country cannot long be a free one,” because men and women would be caught up in the making of money and ignore the “common good.” But, for all their concern about the abuses of power, the framers ignored the threat of great wealth when it came to writing the Constitution, sad to say, and we are paying the price. Or, more to the point, good people who want to do the right thing like Elizabeth Warren are paying the price. Hold on to your hats, it’s going to get ugly!