The Shorting of America

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Americans, mostly “White” are angry and for good reasons. As we have seen from the rallies held by the Republican presidential candidate Donald Trump and other candidates, voters are angry for the wrong reasons.

Donald Trump deliberately chooses towns and cities that are suffering severe economic collapse with high unemployment and lower education levels, resulting from the dislocation of resources and changing economies that left millions of Americans, mostly with limited technical and industrial skills, unemployed and angry.

The promises by Donald Trump and many other presidential candidates of jobs are fraudulent promises because jobs now and in the future are for a motivated, skilled and highly technically trained labor force; and unless there is a massive “retraining” of millions of Americans in future skills, the candidates are doing nothing but lying to the voters.

There will never be jobs for many unemployed, unless they decide to compete for jobs that immigrant Latinos have now; and they can not compete with highly motivated, well-educated and skilled immigrants from Asia and the Middle East.

Low-level industrial jobs, such as those in furniture, textiles, basic manufacturing and raw steel, are gone forever and will not come back to the US now or in the future, with Bangladesh and Central American countries competing for such jobs.

For example, in Europe, Germans, Swiss and Scandinavians have advanced technical educations that compete with college educations in terms of income and social status. America never developed highly futuristic industrial technical training programs that qualify those who lost their jobs to allow for transformation of the American labor force for future economies.

It is unfortunate that the anger, for the most part, is directed toward “immigrants and Muslims” and not to failing political, financial and industrial institutions that ushered in this economic collapse. Low skilled labor forces in states such as Ohio, Kentucky, Tennessee, Mississippi, the Carolinas and the Northeast will never see the jobs that allow them to maintain what they used to have in the 50s, 60s, or 70s, defined as a Middle Class status. Those days are gone forever.

Presidential candidates unfit and unqualified in the new economies have focused their attention on social issues such as “abortion and gun control”, when in fact their attention should be on the jobs of the future. These social issues do not and will not bring back unemployed Americans to the Middle Class status they once enjoyed.

Back in the 1910-20s — the so-called “Roaring Twenties” — major banks such as Chase Bank and National City Bank (Citibank) began to sell securities, along with doing traditional banking business, such as loans and deposits.

This business practice lead to a “stock market boom”, reaching the “bubble territories” with financial institutions manipulating the markets, developing “organized pools” of worthless securities and dumping them on “unsuspecting suckers”.

Clinton, Greenspan, Kanjorski, Boehner, Dodd, Summers, Rubin and Gramm celebrate the end of sanity and Glass-Steagall
Clinton, Greenspan, Kanjorski, Boehner, Dodd, Summers, Rubin and Gramm celebrate the end of sanity and Glass-Steagall (file photo)

Most Americans tend to forget it was President Bill Clinton with his team of NYC economic advisors, the likes of Robert Rubin, Larry Summers at Treasury and Alan Greenspan at the Fed, who ushered in the new era of Laissez-faire, allowing big banks and other major financial institutions to make fools out of Congress, and robbing millions of Americans out of their life’s savings, and forcing tens of millions out of their jobs.

It was a deliberate criminal act of fraud that remains unpunished.

Democrat Bill Clinton working with a very conservative Republican Congress lead by Senator Phil Gramm organized the repeal of the Glass –Steagall Act which for over seven decades kept financial institutions in check, allowing once more the Roaring Twenties and the collapse of the financial system at is happened in the late 20s.

Bill Clinton, in an interview with Fareed Zakaria aired on CNN back in October 2013, blamed the entire collapse on Republicans, saying “they made me do it”, and stating:

“What happened? The American people gave the Congress to a group of very conservative Republicans, when they passed bills with veto proof majority with lots of Democrats voting for it, that I couldn’t stop, all of a sudden we turn out to be maniacal deregulators. I mean, common on – I know Senator Warren said the other day, admitted when she introduced a bill to reinstate the division between commercial and investment banks, she admitted that the repeal of the Glass-Steagall did not cause one single solitary financial institution to fail”. 

Bill Clinton simply failed to state that the big banks did not fail because the government with tax dollars bailed them out.

It was the same Bill Clinton who, on signing the 1999 Gramm-Leach-Bliley Act, stated,

“This is a day we can celebrate as an American day. The Glass-Steagall law is no longer appropriate for the economy we live in. Today what we are doing is modernizing the financial services industry, tearing down these outdated laws and granting banks significant new authority, this is good day for America”.

Together with Bankruptcy Reform Act of 1994, Community Banking Development Act, the 103rd Congress set the stage for the Shorting of America.

It is ironic that, while both the Executive and Legislative Branch worked together with Wall Street to allow Wall Street more opportunity to defraud and fleece Americans, both failed to work with “industry” to plan for future jobs. Jobs that requires highly skilled labor force, motivations to go to school and universities and the setting up of an industrial base education as we see in advanced industrial countries such as Germany and Switzerland.

Presidential candidates will lie all the way to the White House, while American voters, gullible as ever, will cry all the way to the Poor House.

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Author Details
Sami, a Palestinian-American and a US Army Veteran (66-68), recipient of the “soldier of the month award and leadership award from the 6th Army NCO Academy, is an international legal and business consultant with over 40 years of international experience, in construction, hospitality services, conservation and defense, in the Middle East, Europe and North Africa. Sami is a holder of BA, MPA in Public and Environmental Affairs, Jurist Doctor from Indiana University. While at IU he was elected class president, student government president and chairman of the Indiana Students Association, Active in peace movement as a co-author of the pre-amble for the One State for All of its people and voluntary service program SalamNation. A frequent contributor on national and international affairs. He resides in the United States.
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