Just when I was ready to vote for Obama for President again I read about the “Jumpstart Our Business Start-up Act” (aka the JOBS Act). Matt Taibbi of The Rolling Stone has offered the most concise critique of the Act that I have read so far, but the short of it is that it legalizes fraud for businesses to capitalize start-up for new companies. Literally – legal fraud. This is because it exempts businesses from independent accounting for the first 5 years and exempts them from any responsibility for misrepresentations to investors during pre-prospectus presentations.
Not one Wall Street mogul has been held criminally responsible for the massive fraud that nearly destroyed our economy just a few years ago, and most of the Wall St. firms were not even fined for what was clearly unethical, if not illegal, sales. Wall St. profits are at an all time high, bonuses are greater than before the bail-outs. Election cycles are good for the big boys. Meanwhile working men and women are scrambling for the scraps, with decreasing wages and fewer job opportunities.
Is there really a choice between Romney and Obama? Not with regard to economic justice. Congress appears to be a lost cause (lost to the same big money interests). With the Courts increasingly under the control of conservative activists appointed by executives who represent the 1% or elected by – you guessed it – with contributions from the 1%, there seems to be very few democratic options left. How can we get money out of politics?