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Dave Brat Would Kill Wall Street Watchdog

Originally published on Daily Kos Dave Brat cosponsored HR 3118, "To eliminate the Bureau of Consumer Financial Protection by repealing title X of the Dodd-Frank...

“Are Corporations More Powerful Than Countries?”

Rana Foroohar, an editor and columnist for Time Magazine, asked this question recently in two versions of her column (27 January 2012 online and 13 February 2012 hard copy). Her answer, in part, is that "top companies... are operating in a space that is increasingly supranational," prospering mightily, sitting on a stash of $2+ trillion in wealth at the very same time Western European countries are struggling through a "mess," and economic recovery in the United States is too slow and fragile. Writing from the annual international economic summit at Davos, Foroohar quoted an Apple executive, who earlier had said bluntly "we don't have an obligation to solve America's problems." His sentiments encapsulate the general attitude of executives of the supranationals:  that they are above and ahead of national governments, which they perceive to be "inept and anemic," whereas they, the mega-capitalists, have created jobs and prosperity, not in the failing Western democracies, true, but elsewhere in the world, thus increasing over-all global well-being. This is, like most political and economic questions, ultimately a moral question, but the real point of the statement is actually that a global corporation is just that, beyond the reach of any one country's political government.