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Thursday 6 October 2011

American government is often a kind of elective dictatorship, where politicians and bureaucrats feel that once they cast their ballots, the people should sit down and shut up and let those elected run everything and make all the decisions (even if those decisions clearly run counter to what the electorate was signalling it wanted). Thus, who could have imagined that by fall of 2011 there still had been no significant reform of Wall Street so as to forestall effectively a repeat of the 2008 crash? Surely such reforms were part of the change people voted for in 2008? But ‘legislative capture,’ the process in American politics whereby the industries and corporations regulated by Congress tend to ‘capture’ the legislators through campaign contributions, and then write the legislation themselves that regulates their industry, ensures that very little change can be enacted by Congress. Since elected government is in the back pocket of the top 1%, and since the top 1% is using derivatives and sharp practices to speculate with the public’s money and is throwing people thereby out of their jobs and their homes, it is only strange that more people weren’t on the Brooklyn Bridge on Saturday. Juan Cole

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