So, apparently Rep. Chris Cox (R-CA), Dubya’s new pick to head the SEC, is — wait for it — yes, yet another right-wing freakshow, this time of the corporate stooge variety. “Mr. Cox – a devoted student of Ayn Rand, the high priestess of unfettered capitalism – has a long record in the House of promoting the agenda of business interests that are a cornerstone of the Republican Party’s political and financial support. A major recipient of contributions from business groups, the accounting profession and Silicon Valley, he has fought against accounting rules that would give less favorable treatment to corporate mergers and executive stock options. He opposes taxes on dividends and capital gains. And he helped to steer through the House a bill making investor lawsuits more difficult.”
Category: Corporate Welfare
Morally Bankrupt, pt. II.
Even as the fundies rattle the leash, the House moves to placate the GOP’s real masters by approving the corporate-friendly bankruptcy bill 302-126. “Its passage by Congress is a victory for executives in the credit card, retail and auto financing industries who have pushed it for nearly a decade.” But, not to worry, y’all — the base is protected: The bill “preserve[s] loopholes that enable wealthy individuals who file for bankruptcy to shield unlimited amounts of money in complex trusts and in multimillion-dollar homes in states including Texas and Florida.”
Puppets of Industry.
“Fortune 500 companies that invested millions of dollars in electing Republicans are emerging as the earliest beneficiaries of a government controlled by President Bush and the largest GOP House and Senate majority in a half century…Bush and his congressional allies are looking to pass legal protections for drug companies, doctors, gun manufacturers and asbestos makers, as well as tax breaks for all companies and energy-related assistance sought by the oil and gas industry.” In the stating the obvious department, the Washington Post discovers the Republicans are in the thrall of corporate power.
“Morally Bankrupt.”
“So what does the bill do? It makes it harder for average people to file for bankruptcy protection; it makes it easier for landlords to evict a bankrupt tenant; it endangers child-support payments by giving a wider array of creditors a shot at post-bankruptcy income; it allows millionaires to shield an unlimited amount of equity in homes and asset-protection trusts; it makes it more difficult for small businesses to reorganize while opening new loopholes for the Enrons of the world; it allows creditors to provide misleading information; and it does nothing to rein in lending abuses that frequently turn manageable debt into unmanageable crises. Even in failure, ordinary Americans do not get a level playing field.” Salon‘s Arianna Huffington ably dissects the GOP bankruptcy legislation currently making its way through Congress. Update: It passes the Senate, with the help of 18 Dems. For shame.
Class Dismissed.
“‘It’s a bill that’s going to significantly harm small consumers who want to hold large companies accountable for defrauding them,’ said Frank Clemente, director of the Congress Watch division of the consumer group Public Citizen.” So guess which side Dubya and the GOP were on? In the name of “tort reform” (and at the behest of their corporate overlords), the Senate GOP pass the Class Action Fairness Act, which moves state class action suits into the (less favorably disposed) federal court system. They did so after gunning down a series of Democratic amendments that tried to strike a more stable balance between private power and public accountability. Or would it have been too litigious to exempt cases brought by state attorneys general? We wouldn’t want some aspiring Mr. Smith cutting in to Old Man Potter’s profit margin, now, would we?
Hard Times.
With the Dubya deficit looming over the second term agenda (and it’s not going anywhere anytime soon) and the proposed Social Insecurity PSAs now costing trillions (per Vice-President Cheney), the administration releases a $2.57 trillion budget which “eliminates dozens of politically sensitive domestic programs, including funding for education, environmental protection and business development” and doubles the prescription drug copay for veterans. (America’s children and Armed Forces — our nation’s richest 1% thank you again for your sacrifice.)
Follow the Money.
A recent study by PoliticalMoneyLine confirms what we all know: corporations love them some GOP. “While many corporate PACs in the 1970s and 1980s sought to split campaign contributions between candidates of both parties, the new study found that more than a quarter of the large corporate PACs gave at least $3 to Republican candidates for every $1 to Democrats.“
The Atkins Congress.
“Senator Charles E. Grassley needed every possible vote to pass his mammoth corporate tax bill. So he was more than willing to accept Zell Miller’s plea on behalf of imported ceiling fans…[This] provision is just one tiny example of how the need to solve a narrow tax problem in 2002 gave birth to the biggest free-for-all in corporate lobbying that Congress has experienced in nearly 20 years.” The NYT conducts a post-mortem of the pork-bloated corporate tax legislation passed by Congress on Monday.
Bringing Home the Bacon.
Looking to recess in time for some electioneering, the House and Senate both pass a pork-swollen corporate tax measure by comfortable margins. “[C]ritics — including budget watchdogs, liberal activists and Treasury Secretary John W. Snow — decried what they saw as a cornucopia of special-interest tax cuts that would complicate the tax code, favor companies doing business overseas and ultimately worsen the budget deficit. Sen. John McCain (R-Ariz.) pronounced it ‘disgraceful’ and ‘a classic example of the special interests prevailing over the people’s interest.'”
Gimme Shelter.
True to form, “House Republicans are working to eliminate or dilute provisions in a new corporate tax bill aimed at cracking down on illegal shelters.” This despite the fact that a “study last week by Citizens for Tax Justice, a liberal research organization, reported that 82 of the nation’s most profitable companies paid no corporate taxes in at least one of the last three years.” Say what they will about Dubyanomics, it is patently obvious once again that the Republican Party does not represent the best interests of you, I, or the vast majority of this nation. Vote ’em out, already.