Saturday, May 6, 2017
To the editor:
Robert Solow, 1999 Nobel Prize winning MIT professor of statistical economics, showed economic growth is 90 percent from technological progress and 10 percent from entrepreneurial investments.
Progress overwhelming comes from intelligent skilled workers. Oligarchs throwing money (mostly ours) around is minor.
The White House is now full of oligarchs: Rex Tillerson, CEO of Exxon Mobil; Steve Mnunchin, CEO of Goldman Sachs: Betsy DeVos, Queen of the Amway Ponzi scheme; Linda McMahon, Worldwide Wrestling Federation carnival; Wilbur Ross, vulture capitalist; all augmented with Jarod Kushner and daughter Ivanka of Trump Enterprises.
The Trump Cabinet controls more wealth than the 43 million Americans on the bottom end of the economic ladder. The right-wing Congress, bought by Charles and David Koch, the kings of toilet paper and petroleum who have tripled their respective wealth from $14B to $42B in the last decade; bought by Corby Robertson who owns the rights to more coal than anyone else in the universe, bought by the Olins, petroleum and chemical magnates; and bought by the Bradley Brothers electrical manufacturers, has wreaked havoc on the defenseless 99 percent.
The Congress and Trump use the Congressional Review Act, part of Newt Gingrich’s contract on America, to allow the sale of personal data mined from the internet. They overturned a Federal Communications Commission regulation forbidding the accumulation and sale of such data. The government needs a search warrant to invade your private papers and effects.
Now the oligarchs behind their corporate fronts have free access to who is buying condoms, laxatives, and Depends. Marketers can now more densely pack your street side mail-box with recycling, bury your legitimate email messages with a tsunami of spam, and ruin your afternoon nap with robot-telephone calls.
Our Congressman Walden had our best interest in mind when he voted to overturn the FCC regulation — NOT. By the same action, they have negated a Department of Labor regulation requiring financial advisors work in their client’s interest. Now, those who manage your retirement portfolio want an additional 1 percent to act in your interest.
This additional 1 percent implies they have been raking 1 percent off the top from our money in the past and will again. With no financial risk, they accumulate 1 percent from our investment, an infinite Return On Investment (ROI) for them! When our 401K tanks, they lose nothing.
This is legalized theft! Can we not see they rob us blind while they “speak for the forgotten”?
More to come……
Terry B. Armentrout
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Mosier oil train fire
Clips from oil train fire in Mosier, Friday, June 3, 2016. by Mark B. Gibson/The Dalles Chronicle. Enlarge