An East Cleveland street lined with
abandoned foreclosed properties. (Photo: Anthony Suau / Time)
Still no end in sight to the corruption in Washington. While
the Democrats now control both houses of Congress and the White
House, the raging wildfire of corruption continues unabated.
A.I.G. bailed out to the tune of 165 billion taxpayer dollars
and proceeds to pay executives what is now approaching 300 million
in bonuses? The White House and Congress are "outraged, but can't do
anything"?
Meanwhile, legislation that could have prevented millions of
foreclosures barely passed the House after being watered down to the
point of ineffectiveness and now languishes in the Senate, awaiting
recrafting that will insure it saves no homeowner.
At the heart of the problem lies a government of large
corporations, by large corporations and for large corporations. To
illustrate the point, Senate Democrats are redrafting the
foreclosure legislation in negotiations with the very financial
institutions the bill is intended to rein in. Absent the support -
read, "approval" - of the banks, the legislation will not pass.
Treasury Secretary Timothy F. Geithner put in a phone call to
Edward M. Liddy, the government-appointed chairman of A.I.G., to "berate"
him and "pressure" him. However, regardless of what is now a nearly
80 percent ownership stake in A.I.G. by the US government, the
government says there is simply nothing more it can do. "We are a
country of law," said White House economic adviser Lawrence H.
Summers. "There are contracts. The government cannot just abrogate
contracts."
While Mr. Summers wants us to remember that we are a nation
of laws when it comes to paying huge bonuses to A.I.G. executives,
who will apply the law to former Bush administration officials who
approved torture? If law dictates payment of bonuses, what law
addresses money laundering? And is that law less important than the
one that insures payment of bonuses?
What could be more corrupt than asking banks that have been
bailed out by the American taxpayer - expressly to address their
loses from mortgage failures - if they approve of a foreclosure bill
that would in turn bailout the taxpayer/homeowners themselves?
No American institution is more at fault than Congress. The
Obama White House really looks like it wants to do the right thing.
However, Congress always seems to unable to close the deal. While
the Constitution gives Congress vast power to rein in corruption,
those powers are no greater than the will of Congress members to use
them. If Congress members will not act, there is no constitutional
remedy for abdication.
If Congress insists on consulting with and entering into
agreements with and seeking the approval of the very entities that
are bleeding the nation dry, then it is their Congress, not ours.
Nothing could be more disheartening for those who watched
article after article of the most anti-American legislation the
country has ever seen sail through the Congress during the Bush
years. From funding for illegal war to evisceration of
constitutional rights, if it was bad for America it became law in
the Bush years. The Republicans rarely had enough votes to make a
filibuster impossible. It didn't matter, because the Democrats had
no stomach for opposition. Now, suddenly, the Democrats need 60
votes to pass anything. The corporate press calls it "clearing the
procedural threshold." It is, in reality, the filibuster threshold.
Instead of kowtowing to the Wall Street financiers, bring
them before Congress, under oath, to account. Instead of crafting
legislation that protects mortgage companies while they foreclose on
the very taxpayers who have bailed them out, writing and passing
legislation provides the same social safety net for homeowners that
their tax dollars are providing for the mortgage companies.
In the final days of the American Civil War, Union Major
General Philip H. Sheridan, reporting on the running battle against
Robert E. Lee and the Army of Northern Virginia, telegraphed General
Ulysses S. Grant saying, "If the thing be pressed I think Lee will
surrender." Grant, in turn, passed the message to Lincoln.
Lincoln responded, "Let the thing be pressed."