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Dear America,
On Wednesday, I remarked that 2010 had been an uneventful year, and some of you may have thought I had missed a few things. But it seems to me that the year we are about to end was much ado about nothing as opposed to the historical waterfall that the pundits, pols and pollsters would have you believe it was. It may be true that many things happened, but most of them amounted to little or nothing, except for, as I said, the rescue of the Chilean miners. There was the BP oil spill, but outside of it being a bonanza for the news media, it really didn't change much except that Louisiana has a few miles of sand berm offshore that cost millions but did next to nothing courtesy of Governor Jindall...kind of emblematic of the whole year. After all, I'm still eating shrimp from the Gulf of Mexico and they are cheaper than ever-- in fact one of the cheapest forms of protein we can get up here in Connecticut. So despite all the sound and fury, 2010 signified nothing: it was a year in which several important things seemed to happen, but didn't.
For example, The President and the Democrats claimed a great victory while the Republican conservative complex (Rcc) howled claims of tyranny when "health care reform" passed both houses of congress. But in reality, health care reform was little more than health insurance reform, and even that was on a rather limited scale. Granted, there will be no more refusals of coverage for those with preexisting conditions, and my children plus millions more will be able to stay on our health insurance until they finish college and get paying jobs...perhaps...but in return, every American has to buy health insurance from an insurance company. Some of those policies will be subsidized by federal benefits of one kind or another, but that does not alter the fact that the insurance company will get 40 million new customers, and that is where the subsidies will really go: into their bottom lines. As to health care reform-- a single payer system, capping or reducing medical care costs, or any other form of universal coverage with its commensurate savings in cost-- the Rcc, which includes those Democrats who flatter themselves by giving the name "Blue Dog" to their apostasies, prevented it from occurring. So while a few insurance company practices have been banned, health care reform did not occur.
Next was financial reform. A law was promulgated under the name Dodd-Frank for the senator and congressman respectively who shepherded it from committee to The President's desk, but while it created some oversight and minimal checks on the size of financial institutions, it actually did very little to change anything. It did not reverse the repeal of the Glass-Steagall Act, and therefore left these institutions to continue standing on both sides of their clients and talking to them out of both sides of their mouths with forked tongues: a lot of license for a business that has shown itself undeserving of trust. True, they will have to keep more money on hand, but that will just prevent them from maximizing their legitimate enterprise: lending money. They will still be able to bet on whether the borrowers will be able to pay, though the derivatives with which they place those bets will now be traded on regulated markets, but bet they still will, which means that if they all lay down on the same side again and that side fails, we will be on the hook for another bailout, or we will finally get the depression that the Republicans have been trying to bring us for the past thirty years. It is one more effort by the Democrats that the Republicans managed to water down to a meager gruel. It does nothing to prevent further consolidation of those monster institutions either. The Sherman Anti-Trust Act and its cognate statutory scheme has not been strengthened, and big business will only get bigger. So as for protecting us as individuals with a consumer protection agency to oversee creditor practices, fine...that happened. But as to protecting the American people from the rapacity of a group of men and women who think that capitalism is making money by manipulating capital rather than using capital for productive purposes, they are still their own heroes, and we will continue to be their prey.
Finally, on the issue of tax reform, we got a compromise law, but no reform. All that really happened was that the Republicans got their way all around and got to claim some credit for allowing the things that the Democrats wanted but the Republicans prevented from occurring until the last two weeks of Democratic hegemony in the House of Representatives. They are patting themselves on the back for allowing unemployment compensation to continue when all they did was hold it in abeyance until they got what they wanted, grousing about it all the way. They allowed extension of a couple of other tax programs for the mass of Americans, but they got $23 billion of inheritance tax relief for the richest 6,600 families in the world in exchange, along with $70 billion per year for the rest of the top 2% of earners of course. We got to continue eating while the Republican minority got to buy new boats. All in all, it was another non-event.
And of course there are the things that never happened in any way, like immigration reform for the children of illegal immigrants who have now reached college age and want nothing more than the American Dream-- not necessarily becoming Speaker of the House like John Boehner-- that their parents have helped make possible for the rest of us in many ways but been denied themselves as they hide in the shadows of our economy. The "Dream Act" as it was called could have been a step toward social justice for millions of people whom we have used to do the things we don't want to do but rejected in the social sense, but that isn't going to happen for some time, if at all, now that the Republicans will control the Congress. And while the repudiation of the military's "don't ask, don't tell" policy did occur, the courts were just about to declare it unconstitutional anyway, so on that one we can thank our congress for nothing...again.
But 2011 is about to begin, and at least there is open and profuse discussion of doing something about the abuse of the filibuster. If just that one thing happens, 2011 will be a more eventful year than 2010. So let's forget about the forgettable past year and embark on the new one. If I have anything to say about it, you will have a good year this year, America. But in the end, I think we are going to have to wait for the Republicans to weigh in on that one.
Your friend,
Mike



















