Pity the Billionaire

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“It is as though the frightening news of recent years has driven them into a defensiveness so extreme that they feel they must either deify the system that failed or lose it altogether.”

No, not the Republican Party in connection with Donald Trump.

The Republican Party in connection with Republican voters’ gullibility in believing the Right’s propaganda machine that rationalized away Wall Street’s unmitigated hubris and unconscionable greed amid the subprime mortgage crisis of 2008-2009. As is well known, the rich were made richer and poor, poorer in the second half of the single-digit 2000’s. The GOP’s clever aftermath-messaging led to big wins for them in the 2010 midterm elections.

The Book of the Week is “Pity the Billionaire, The Hard-Times Swindle and the Unlikely Comeback of the Right” by Thomas Frank, published in 2012. This short volume described how the political group called the Tea Party (“TP”), a subset of the GOP, whipped an alarmingly high number of Republican voters into a hysterical rage against the Obama administration’s handling of bailouts of financial institutions and foreclosed-upon ex-homeowners.

It appeared to be counterintuitive, that the TP raged against bailouts for bankers, brokers and lenders. After all, taxpayers were forced to reward these greedy perpetrators of the economic disaster. Through flawed reasoning, though, the TP propagandized that capitalism should be free of any and all economic intervention from the government, whether in the form of regulation or assistance. They pretended to be an enemy of big business, screaming “Socialism!!!” at the government’s every move. They did this because the resulting continued excessive deregulation would make Republicans wealthier and more powerful, and each trait would feed on the other ad infinitum. As ought to be well known– politics cannot be divorced from economics.

The TP was really pushing for 100% pure, capitalistic Libertarianism. Under the “you have two cows” scenario (look this up on the Web): you can do with the cows whatever you wish, whenever, wherever. Also, remove: ALL regulation from all aspects of American life, taxation and social safety nets. And to make the situation truly American, throw firearms into the mix and see what happens. Absent rule-of-law, sanity and civility, the resulting ruthlessness would evolve into (judging from the federal-level administrations’ gyrations of the most recent thirty years) a dictatorial kleptocracy (sort of like Zaire (aka Congo) in the 1980’s), and then anarchy, not unlike… Somalia (?)

Fortunately, a sufficient number of Americans– despite most politicians’ cronyism with big-money donors– clung to the country’s democratic underpinnings (reasonable regulation, taxation with representation, and social safety nets) to weather the storm. The author harshly criticized Obama and his Democratic party for not punishing the morally bankrupt financiers and enforcing the law in helping the bankrupted borrowers. It is possible the president felt it was worth selling his soul to those big-money donors; he wouldn’t have been reelected otherwise and wouldn’t have been able to accomplish more of his agenda. His Democratic party, too, was too nice to get down in the gutter and use the GOP’s sleazy propaganda techniques.

Anyway, read the book to learn of how the pronouncements of the TP and Glen Beck and the contents of Ayn Rand’s novel Atlas Shrugged influenced numerous voters in 2010, and other reasons the nation’s political history unfolded the way it did in the early 2000’s.

Car Wars – BONUS POST

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The Bonus Book of the Week is “Car Wars, The Rise, the Fall, and the Resurgence of the Electric Car” by John J. Fialka, published in 2015. This volume provided a brief history of how manufacturing and sales of renewable-energy vehicles has been evolving in the last few decades. Clearly, the author wrote about relevant subjects from documents, and people to which he had easy access.

The (lazy?) author dismissed the electric cars of the late 1800’s in two sentences, saying they were obsolesced by 1920 via an innovation by engineer Charles Kettering; an electric ignition system replaced a burdensome hand crank in gas-powered cars, especially in the Cadillac of 1912, and then just like that, everyone started buying gas-powered cars. A propaganda war, profiteering and politics likely played a role in that major development in standard-setting in transportation, but the reader wouldn’t learn that from this book.

Anyway, in the 1980’s, previously competing automakers were initially compelled to form alliances to comply with car-emissions limits and meet deadlines set by U.S. laws, especially in the state of California. They shared info on electric vehicle (EV) technology. Over the years, when the deadlines were relaxed by pro-business politicians, the automakers parted ways, and independently pursued only the specific projects they felt would be profitable. Environment be damned.

In 1990, near the campus of the California Institute of Technology, when drivers tested the plug-in recharging feature of the General Motors Impact in their personal garages, their neighbors’ garage doors and TV sets went crazy, because the recharger was actually a huge radio transmitter.

In October 1995, Japan’s Toyota beat American carmakers to the punch when it showed off its hybrid Prius, that got 70 miles per gallon of gas. Of course Japan, of all the industrialized countries in the world, is significantly more motivated to seek efficient, renewable energy sources for its transportation modes– for the sake of its economic survival.

In the late 1990’s in a few select places in California and Arizona, super-rich males leased the first few models of EVs, because the cars had the attractive features of fast acceleration and high velocity; high gas mileage was a secondary benefit.

Meanwhile, in the single-digit 2000’s, a group named the California Fuel Cell Partnership was formed. It consisted of Geoffrey Ballard, Daimler, and Ford, who were working on a competing vehicle that uses fuel cells– whose mechanical components chemically alter water molecules. The selling points for those cars, once the technology’s commercial application is perfected, include: zero-emissions and the ability to fill up the car at existing gas stations. However, oil companies would supply hydrogen tanks.

Read the book to learn some of the politics, economics, entrepreneurs and technologies involved in developing cars that ran on renewable-energy sources, up until the book’s writing.

Flipped

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The Book of the Week is “Flipped, How Georgia Turned Purple and Broke the Monopoly on Republican Power” by Greg Bluestein, published in 2022.

According to the book (which appeared to be credible although it lacked Notes, Sources, References, or Bibliography), in the 2010’s, a Republican candidate in Georgia would better their chances of getting elected when they were on Fox News all the time and became a darling of hard-right conservatives.

Former president Barack Obama said manufacturing and mining jobs weren’t coming back. Former president Donald Trump contradicted him, saying the coal industry would be returning (but he was wrong). Similarly, in 2017, Georgia gubernatorial candidate Stacey Abrams told her opponent Stacey Evans, that a certain scholarship program wasn’t coming back. Significant funding that would assist financially challenged students was part of a bygone era in Georgia. Sadly, she was right. Nevertheless, a new Democrat political coalition in the state was on the rise.

For decades and decades well into the twentieth century, the Democrats, via gerrymandering, maintained a stranglehold on Georgia politics. The GOP implemented voter-suppression tricks in order to turn the tide, beginning in the 1990’s. In 2018, state election officials sent a postcard to voters telling them they were required to re-register to vote even if they changed residences within the same county in Georgia, or else they’d be ineligible to vote come election time. The ACLU put the kibosh on that with a lawsuit.

As is well known, the most recent decade saw especially vicious feuding between Democrats and Republicans in Georgia. A bunch of cliches apply to the campaigning environment:

Turnabout is fair play, but–two wrongs don’t make a right. And a pox on everyone’s house– because an eye for an eye makes the whole world blind. Two other cliches apply in politics, too: A man is known by the company he keeps, and when you lie down with dogs, you get fleas.

When former vice-president Al Gore was campaigning for president in 2000, he cringed when former president Bill Clinton insisted on helping him campaign by making appearances and endorsing him. Gore’s association with Clinton was not a good look anymore. Similarly, messaging of former president Trump was unwelcome during the Georgia runoff campaigns between Democrat and Republican senate candidates at the end of 2020. The Democrats enjoyed the delicious irony that their side was helped when voters (who would have voted for the GOP candidates) were told by Trump to stay home and not vote in revenge for the “rigged” presidential election.

One theme the author also could not help but mention that involved the state of Georgia, was the recently concluded but contested, presidential election. Lieutenant governor Geoff Duncan appeared on CNN and Fox News shortly after election day in November 2020 to “… invite Georgians who had evidence of legitimate voter fraud to come forward. None could do so.” Governor Brian Kemp also stood pat and did the right thing, because the fact was, “State lawmakers can’t retroactively change election law after a vote to help a candidate [such as Trump].”

Read the book to learn of: the candidates’ campaigns, conflicts and confrontations, and their many attendant issues, such as GOP senate candidate Kelly Loeffler’s part ownership of a WNBA team and the suspicious timing of her stock transactions; the ambivalence of most GOP candidates in uttering anything negative about Trump lest they lose votes; and much more.