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Jim Hightower
Jim Hightower
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The ROBS Act

Comment

Hallelujah, Washington has finally heard the people's cries for jobs! In an urgent bipartisan push, Democrats and Republicans have joined hands across the aisle to pass the JOBS Act. In this time of "The Great Hurt" — with widespread unemployment, middle-class incomes tumbling and the price of gasoline skyrocketing — we can all applaud our stalwarts in the capital city for meeting the No. 1 need of America's hard-hit economy: deregulating Wall Street.

Huh? I thought this was a jobs bill?

We'll get to that, but first (as always) Wall Street bankers must be served. Yes, them. The same priests of unmitigated arrogance who caused the disastrous financial crash that continues to rumble across our land. The same Wall Streeters we bailed out with trillions of public dollars. That Wall Street is now sulking and skulking around the U.S. Capitol, insisting that it is an economic victim, held back from its profiteering potential by government regulations to protect the public from finaglers and fraudsters. "Free Wall Street," is their cry!

Clucking with sympathy, Congress' tea party Republicans have rushed to the side of these poor, rich financiers, pledging to unshackle them from "burdensome" regulations. Serving Wall Street is not all that popular these days with voters, however, so the Repubs and their Democratic allies have committed their own fraud in order to pass this bill, deceptively titled it the "JOBS Act" (even though it doesn't actually create any jobs).

Then they pushed it in the name of small businesses (even though they quietly defined "small" as a billion dollars a year in sales). In fact, the accent on the JOBS acronym should be on "B.S." Will it surprise you to learn that the word "jobs" isn't even included in the title? Instead, JOBS stands for "Jump-start Our Business Start-ups."

Alarmingly, the so-called "onerous" regulations that Congress eliminated primarily are the extremely useful financial disclosure rules passed a decade ago to prevent another Enron scandal.

The GOP House even tried to free financial hucksters from having to tell potential investors the names of the executives running the company and — get this — from providing such essential investor information as a description of what the company does and accurate accounting of its financial condition!

The last thing our economy needs is an open invitation for a new crop of Enroners to be unleashed to defraud the public — but that's the first thing that Washington agreed to do. It's a disgrace.

While the law was rushed to passage without any public hearings in the name of hard-hit American workers and small business, all of the benefits go to corporate and financial hucksters who begged Congress to roll back financial disclosure and anti-fraud rules that were designed to protect investors, consumers and taxpayers. It's just another "tinkle-down" economic scam written by and for Wall Street fraudsters. The law makes it easier for them to raise cash for their new business schemes by deceiving investors about the risk of loses, the true financial condition of the enterprise and the amount of capital being raked off by executives.

"Free us from those pesky old regulations," demanded the hucksters, "and we'll attract speculators for corporate startups that (if they succeed and don't set up operations offshore) could possibly, someday create a few low-wage American jobs. But don't hold us to that job thing."

Sure enough, Washington's Wall Street-hugging politicos did not. Instead, they merrily passed a bill upping the likelihood of more financial swindles without even getting a promise from the swindlers that America will get some good jobs in return. The JOBS Act should be called the ROBS Act.

To find out more about Jim Hightower, and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate webpage at www.creators.com.

COPYRIGHT 2012 CREATORS.COM



Comments

1 Comments | Post Comment
Sir;... I am afraid you are missing the point... This nation, this people, and the government which is supposed to represent them has had the economy on life support for many years, off and on, when in the proper order of things it is the economy which should support the government financially which supports it with law... Captitalism is supposed to be so great, but great or not, it is in trouble around the world, and it seems it can survive any threat but the threat of suicide...

Normally, a parasite does not kill its host... Parasites weaken their host, and leave them without defense... Our economy would not alienate a whole people from their government when that government was formed for the defense of the economy, that is; IF it had a brain...The correct name for Capitalism is Economic Anarchy...Bedlam is a better and more accurate term than free enterprise... Clearly, they refuse government when that government would govern best that governed them... They accept government when it has them by the belt, and is holding them back from the brink of hell... And they are that close; and government, if it were government, would kick their sorry asses in...

Instead, Business says: Let events take their natural course... It is only because they see profit to be had in the liquidation of so many American assets... They love our pain when they are not choking on losses... As soon as the situation stabilizes, they rip out the I.V., and tear off the heart monitor wire and walk outside for a smoke...

Let them... Other than the fact that we have exported our jobs and industry, and that we have educated the world, and left our own children mired in faith and fallacy, and ignorant- we are fine... We do not need business... We need a bridle and saddle on business so we can ride it for all it is worth... And if it won't go, then we need to send it to the glue factory... We do not need them; but they need us... Let it crash and burn... We will be fine when our government quits giving away the nation and our rights to business... Let Capital die so this people can live...If this nation will be born again in freedom it must first bury big business...Thanks... Sweeney
Comment: #1
Posted by: James A, Sweeney
Wed Apr 4, 2012 5:17 AM
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