Banksters who stole during the Great Bank Robberies of ’08 intent on stealing the Social Security fund
On October 4, Financial Times economic writer, Gillian Tett, wrote that sometime last year she heard Erskine Bowles, “the wisecracking Democrat who has campaigned for bipartisan fiscal reform, throw down a gauntlet to American business.” Speaking to an audience of corporate executives, at Harvard Business School, she wrote, he had “begged them to support his efforts to forge a practical deal – and argued that this corporate voice was crucial to breaking Washington gridlock.” Tett rued the fact that, as she put it, “the appeal fell on deaf ears; chief executives have been missing in action (MIA) – or missing from the political fiscal action – in the past year.”
“But could this finally be about to change?” wrote Tett because “a quiet new initiative has recently got under way to co-opt those MIA corporate leaders into the fiscal fight.”
“Most notably, under the framework of a group known as The Committee for a Responsible Federal Budget – led by people such as Maya MacGuineas with the spiritual leadership of Mr. Bowles and Alan Simpson – Washington and Wall Street players are trying to persuade those CEOs to support a campaign for bipartisan action,” wrote Tett. “So far, about 100 CEOs have signed up, including Jamie Dimon (of JPMorgan), Lloyd Blankfein (of Goldman Sachs), Jeff Immelt (of General Electric), and Mr. Cote himself.”
“The group has raised more than $30m, and expects to raise more, to fund lobbying and public debate, via conferences, advertisements and social media (Mr. Bowles, as it happens, is on the Facebook board.),” reported Tett. (The mogul list also includes Steve Ballmer of Microsoft).
According to Tett, between now and the end of the year, this big business will advocate a “preliminary deal” to get past the so-called “fiscal cliff”, and then, in the first six months of next year, they will launch “a serious drive to hammer out a grandiose fiscal plan.” By this time, she suggests, it will be easier to strike a bargain since none of the bargainers will be up for re-election.
This big business super lobby is proceeding under the slogan “Fix the Debt”.
“This is yet another project supported by Wall Street investment banker Peter Peterson,” wrote economist Dean Baker. “For the last two decades Peterson has used his fortune to bankroll a number of organizations that were ostensibly pushing fiscal responsibility, but always had the same punch line: cut Social Security and Medicare.”