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Too much focus on money, not enough on infrastructure

Posted: May 31, 2013 - 12:48pm

We continue to see the decay of our national infrastructure. Another bridge collapse. This time, in the State of Washington. The chairman of the National Transportation Safety Board was quoted as staying this should be a “wake-up call.” Our economy continue to be teetering. The masses are in a quandary of uncertainty. Think for a minute on what made this nation an economic power-house? Today, we focus on money and ignore what made us the most productive nation in the world, infrastructure. The scheme we currently have is all about money, called monetarism.

The Banking monopolies were created in 1999 with the dismantling of Glass-Steagal Act. With the demise of the 1933 Act came the mergers of commercial banks and investment banks. Commercial banks make their money with productive activities, such as bridges. Investment banks make their money with speculative money making schemes. With the mergers of these banks came the banks too big to fail or jail. Speculative banking generates far more money than productive banking. The original Glass-Steagall also established the FDIC. It only protected commercial banks and investment banks were allowed to fail, that is until 1999.

To breakup the banking cartel, Marcy Kaptur (D-Ohio) and Walter Jones (R-NC) introduced a new Glass-Steagall Bill (HR-129) into the House of Representatives. Our own Congressman Don Young continues to support the bigwig bankers and rejects the break-up of the monopolies. On May 16th Senator Tom Harkin (D-Iowa) introduce SB-985. Another attempt using the Glass-Steagall principle to break-up the cabal of banks.

I wonder what our Senators Begich and Murkowski think about SB-985. Murkowski has supported monetarism calling for “our fair share” of the money. Infrastructure is ignored and banks continue to be too big to fail or jail.

Don’t blame our politicians. They reflect the will of the people. We ignore productive activities and just love money. Politicians at all levels understand and bring home the bacon while infrastructure fails.

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santini
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santini 06/06/13 - 10:01 am
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Too much focus on money, not enough on infrastructure

I agree with Mr. Southwell regarding the perverse affects on the banking industry created by gutting of Glass-Steagle Act. Banks were permitted to expand into financial transactions which they had previously been barred. All of this set the stage for sub-prime mortgages by Fannie Mae and Freddie Mac which were packaged into toxic financial instruments and were a major contributor to the financial crisis of 2008.

I share Mr. Southwell's concern about America's about our decaying infrastructure. However, I am reminded of President Obama's public speeches in which he justified his $800 Billion+"stimulus" spending bill at the beginning of his first term. Here, Mr. Obama stated this vast amount of public expenditures were needed to fix America's infrastructure. To date, very little progress has been reported on the rehabilitation of this infrastructure with this money. I suggest Mr. Southwell ask the Obama administration for an accounting of how all this 'stimulus' money addressed the infrastructure he is concerned about. Sounds as if we have 'been there and done' that and little to show for it.

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