Wednesday, September 29, 2010

Of the People, By the People, For the People - Remember that Line?

The White House has signalled that in replacing Larry Summers as director of the National Economic Council, it wants to appoint a corporate, preferably Wall Street honcho, to send a signal that Obama really does like Wall Street.

Dear Mr President: How about sending a message to the American People that Wall Street has to be held accountable for the wide spread misery and economic ruin it has caused?

How about sending a message to the American people that you agree with Abraham Lincoln: this country is "of the people, by the people and for the people."

Ever since the development of corporations and corporate power following the Civil War, corporations have done many fine things for our economy.

Corporations exist to serve their shareholders. By law, that is what they are supposed to do and that is perfectly fine.

They do not exist and are not intended, however, to serve 'We the people of the United States.' Their goal is to maximize profits for their shareholders, their purpose is not to "form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity." [Preamble, US Constitution.]

Corporations do many fine things. But dictating public policy and controlling the governance of the United States is not among the things they do well.

Let corporations do what they are good at, but remember: there is no 'inc' in "of the people, by the people, for the people."

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