"""""Goldman Sachs exemplifies the domination of the banks over government policy and both political parties. It has supplied the top personnel for government economic policy-making in the Democratic Clinton, Republican Bush and Democratic Obama administrations. Bush’s treasury secretary, Henry Paulson, formerly the CEO of Goldman, saw to it that the government bank bailout paid especially rich dividends to his former company. This included a bailout of AIG that allowed the company to pay off billions of dollars in derivatives debts to Goldman at 100 percent.
The list of former Goldman Sachs employees holding top positions in the Obama administration includes:
• Mark Patterson, a former Goldman Sachs lobbyist, who is the chief of staff to Treasury Secretary Timothy Geithner (himself the former president of the Federal Reserve Bank of New York).
• Reuben Jeffery III, former managing partner at Goldman Sachs, who holds the post of undersecretary of state for economic, business, and agricultural affairs.
• Neel Kashkari, former Goldman Sachs vice president, who is the assistant secretary of the treasury for financial stability, responsible for administering the TARP funds.
• Dianna Farrell, former financial analyst at Goldman Sachs, who serves as deputy director of the National Economic Council.
There is a word to describe this type of socio-economic order: Plutocracy, i.e., rule by the rich. This is the reality behind the increasingly thin veneer of democracy in America.
The Obama administration in an instrument of the plutocrats, and the American people are the victims.
There is no way this can be reversed within the framework of capitalism. The only social force that can end the dictatorship of the banks is the working class. It must be mobilized as an independent and revolutionary political force in opposition to Obama and both parties of big business.
The fortunes obtained through fraud and socially destructive means must be expropriated and directed toward providing social relief, rebuilding industry and the country’s infrastructure, and guaranteeing jobs, education, housing and decent living standards for all. The practices of the banks, hedge funds, CEOs, big investors and speculators must be investigated and exposed to public view, and those responsible for the economic disaster held accountable.
Socialist policies are needed to break the stranglehold of the financial aristocracy. The banks must be nationalized and turned into public institutions, under the democratic control of the working population. Only on this basis can economic life be organized according to social need, rather than private profit and the accumulation of personal wealth by a small minority.""""""
Contingencies usually agrees with the marxist diagnosis of the disease of finance capitalism but not always with the proposed marxist treatment (there are to be sure groups more radical than WSWS). The financial aristocracy needs to be dismantled though that doesn't mean Labor and a few marxist academics are the only ones who can stop it. Marx hisself was no syndicalist or worshipper of the trade unions. The bolsheviks arguably came into power precisely because they refused to kowtow to the union bosses of the time (though they were stronger in Europe than the czar's Russia). VI Lenin may have communicated with the De Leonist sorts, but the bolsheviks were quite aware of the drawbacks of De Leonism, and other types of syndicalism (including the anarchist sort). One drawback may be called "Norma Raeism," for lack of a better word.
The WSWS itself seems prone to Norma Raeism. WSWS has been fairly active in so-cal politics--though you wouldn't know that reading the HuffPo or daily celebrity snatch news. They were involved in the grocery worker strike of 2003-2004, and other labor issues. Unfortunately, the WSWS type of labor-leftists tend to be controlled by Norma Raes dedicated to union style politics and the holy concept of Seniority. The long-time unionist does not really approve of progressive leftists--even radical, bolshevik sorts. Her leftism is not that of the University, of the scientist or philosopher, but of truck drivers, meat workers, fruit and vegetable packers, agriculture workers, los Migros. For Norma Raes (or Normitas) La Huelga does not depend on what a Zizek or Chomsky has to say--she probably has never read a word of a german philosopher--, but on the union jefes, who are--I contend--more like De Leonists than bolsheviks or trotskyites (to toss around a bit of jargon)--though even in CA there are somewhat maoist unionists as well.