Danny Schechter: Why Wall Street wins

Why Wall Street Wins

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By Danny Schechter
April 26, 2011

Consortium News Editor’s Note: Many Americans feel helpless in the face of the organized power of the elites, whether it’s the neocon dominance of foreign policy or corporate control of the economy.

And, when a safety valve is needed to relieve the pressure of public discontent, those same forces manipulate the voters to go after social spending or government regulation, explaining why the elites continue to win, as Danny Schechter notes in this guest essay: http://www.consortiumnews.com/2011/042611a.html

"Standard and Poors and Moody's are private firms. They don't work for the United States; they serve the interest of Wall Street banks. 2008 taught us that they are completely unaccountable.”

“The revised credit rating is meant to push the administration and lawmakers into going after Social Security and Medicare. The right-wing now has an additional propaganda tool to push for draconian cuts in areas that will most hurt working and middle class Americans."