Cornel West is professed to be a brilliant scholar. He is a product and staple of the East coast academic and cultural elite. He is a celebrated lecturer and has also become a pop culture icon.
Dr. West has made some news this week for his verbal assault on President Barack Obama. The professor called the president, “a black mascot of Wall Street oligarchs and a black puppet of corporate plutocrats.” The harsh criticism was immediately pounced upon by many Democrats, the liberal media and especially the African American political, social and cultural elite.
However, West may have a point. Unfortunately he turned his venom singularly on the president when in fact it is apparent that Washington politicians en masse are mascots of Wall Street oligarchs and are indeed puppets of corporate plutocrats. It can be maintained that our country has indeed been taken over by corporate plutocrats and Wall Street. The evidence is clear and readily apparent for all of us to see. The problem is that many of us still believe the old axiom that what’s good for Exxon-Mobil or Walmart is good for America. Okay, you’re right, I changed it. We used to say General Motors but saving that corporation was seen as political payback to its thousands of unionized workers whose hierarchy tend to support Democrats, although only about 50 percent of their rank-and-file follow suit and actually vote for the Democratic party.
Since 1971 we have socialized corporate and Wall Street loses and liabilities while at the same time we have increasingly privatized their profits. According to propublica.org, our nation has spent $2.066 trillion (in 2008 dollars) in the last 40 years bailing out companies ranging from Penn Central Railroad, Lockheed, the savings and loan industry, Bear Stearns, Bank of America, Citigroup, AIG and lest we forget, the Troubled Asset Relief Program (TARP). Of the 14 corporate bailouts which have taken place during that time all but two, the 1980 bailout of Chrysler and the bailout of our auto industry occurred while a Republican sat in the White House. Several of the earlier bailouts, including Chrysler and Lockheed, were paid back in full, but the precedent of utilizing public money to prop up private corporations had taken hold in Washington. During that same period, data from the Department of Commerce and Internal Revenue Service point out that income inequality in this country has been increasing. Socio-economic indicators show that the distribution of income in the United States is becoming increasingly unequal. Beginning in the 1970s, income inequality sharply increased. Paul Krugman, a Nobel laureate, has labeled the period after 1979 as the “Great Divergence” for the rapid increase in income inequality. At the same time, corporations and the wealthy have reaped the rewards of continuous tax cuts from Washington as their burden of paying for the government has lessened considerably. So you see our politicians in both parties are indeed legislating in favor of corporate interests over those of the middle class and therefore Dr. West has a point to a certain extent. But why does he feel it necessary to identify Obama as the black puppet as opposed to being just the puppet?