New Democrats = Old Republicans: Corporate Welfare in the Spending Bill

Democrat support for the Keystone pipeline – a favor to our domestic energy corporations and an outright give-away to a foreign energy company for which Americans will assume all the risks, financial and environmental, while reaping zero benefits for themselves – has become a flashpoint for liberal dissension from the party line, and rightfully so. Support for this pipeline as a “keystone” of US energy policy is inexcusable on every level. Even politically, it makes little sense. There is no constituency in America that’s going to benefit from this project.

Except the oil companies.

If you still doubt that the Dems have deliberately made themselves over as “the other corporate party”, you need to look at the spending bill they’re about to vote on, a bill that has active, arm-twisting support from Obama and his admin. In it are massive govt handouts, and not just to the energy industry.

What? Derivatives? Again??!!

OK, so the banks nearly brought the global economy to its knees playing games with “financial instruments” like the derivatives scams. That was 8 years ago. Ancient history. And anyway, we fixed that with Dodd-Frank, right?

Not exactly. The watered-down version of Dodd-Frank that finally passed was pretty lame but it at least prevented some of the most outrageous of the derivative scams from threatening our economy. But weak as it is, it’s too much for the Wall Street banksters. They ordered their newest pocket political party to get rid of this annoyance and Obama has obeyed. With the full backing of the Admin, the new spending bill removes restrictions on derivatives trading.

Democratic Senator Elizabeth Warren launched an attack Friday on the Citigroup banking corporation, and party colleagues, as a provision in the proposed “Cromnibus” spending bill seeks to dilute regulation of financial institutions in the U.S.

Warren was raging against a provision in the bill that would allow banks to once again trade derivatives, alongside providing regular account services.


The proposed provision “would let derivatives traders on Wall Street gamble with taxpayer money and get bailed out by the government when their risky bets threaten to blow up our financial system,” she said.

IOW, to use once again the Ponzi schemes that came so close to breaking us all a mere decade ago. Sweet. Here we go again. Why would the Dems do such a stupid, destructive thing?

According to data from the Center for Responsive Politics, Citigroup executives have donated more than $5 million to the Democratic party and its candidates since 2008.

Money money money moooooney!

Not Just For Oil Companies

So there’s Keystone and derivatives and you think that’s enough. But no. There is yet another Christmas present for Corporate America under Obama’s tree. Reuters is reporting that the Defense Bill Congress just passed contains a hidden provision handing govt land over to a British-Australian mining syndicate.

The U.S. Congress has cleared the way for global miners Rio Tinto (RIO.L) (RIO.AX) and BHP Billiton (BHP.AX) (BLT.L) to swap land with the government, which will allow them to build a long-delayed $6 billion copper mine in Arizona.

The land swap, first proposed nine years ago, was tucked into the annual defense policy bill passed by the Senate on Friday and the House last week. The bill will now be sent to President Barack Obama to sign it into law.

The Resolution copper mine, 55 percent owned by Rio Tinto and 45 percent owned by BHP, could produce more than 1 billion pounds of copper a year at its peak, which would make it the largest copper producer in North America and one of the biggest in the world, according to its website.

So bribery isn’t just for oil companies any more. Or even just for US companies. Any corporation in the world who has an American bagman can buy himself a few Democrats as easily – or easier – than it used to buy Republicans.

Now that’s progress.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s