Back around the time when I first started this blog, I predicted that the next president following Obama would sign into law a repeal of most, if not all, of the Dodd-Frank Act. And sure enough, with little fanfare as the media is largely focused on Russian phantoms or (more understandably) the destruction of what little public healthcare exists, the end of most of Dodd-Frank is proceeding down the legislative pipeline. Any hopes that the “populism” of a real estate mogul president would lead to tougher bank regulations is fading fast.
As if the Western media did not have enough reasons to rally behind the right wing terrorists of the Venezuelan opposition protests, a great outcry arose from the powers that be when Venezuelan Minister of the Economy Ramon Lobo and the unions seized control of a General Motors factory to ensure that production halts are not used to further harm the already fragile economy. GM of course was not please about this development and ran to their imperialist US government for help – after all, these political friends tend to give them far more deference. Unfortunately for the auto manufacturer giant, Venezuela does not take kindly to such interventionist appeals, so GM’s assets were frozen. It should be noted that this was not some impulsive move solely stemming from the recent unrest: GM owes more than $665 million in damages to a local car dealership that is over 16 years delinquent. The Western media will of course ignore this fact despite that such an egregious violation of the law would probably even elicit an injunction from the capitalist courts of the US. Instead the focus is on nationalization, a word that conservatives and liberals alike have tried to make into a slur, especially in response to any attempts to condition the recent bailouts of the auto industry and banks on even lukewarm reforms.