19th Century Corporate Monopolies
In November of 1864, POTUS Abraham Lincoln warned...
“I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country….corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands and the Republic is destroyed.”
His warning was prophetic and also very myopic. Did he forget that he was one of the best friends and loyal lawyer/ political puppet of the big corporations (Railroad, Steel, Coal, and Oil)?
Amnesia seems to be a common theme in American politics!
Historical evidence...Corporate Puppet Lincoln:
Tries his first railroad case in Illinois...saving the Illinois Central RR future millions.
Fought to limit monetary compensation to land owners who lost land to the RR "right of way".
Won a case that argued that farmers/ ranchers (and not the RR) were responsible for building fences to keep their animals off of the tracks.
Limited RR liability for killing livestock hit by the trains.
Helped the RR companies get tax-exempt status...saving them millions in taxes.
Signed The Railway Act into law...guaranteed money and land incentives for every mile of track that was built.
Supported state subsidies for the RR industry.
In his own words...
“A railroad to the Pacific Ocean is imperatively demanded by the interests of the whole country; that the Federal Government ought to render immediate and efficient aid in its construction.”
The bottom line...POTUS Lincoln was not unlike previous Presidents (controlled by tobacco, sugar, cotton, slavery, northern factories, shipping industry, etc.) in that he owed his election to corporations and corporate support.
Since 1776...Change we can believe in?
But, how about 2014?
In America, 10% of the people (many of them heads of large corporations) control 75.4% of the nation's wealth. This would include Warren Buffet (arguably the richest man in the world...$73.5B) who owns major stock in the railroad industry.
President Obama awards Warren Buffett the "Medal of Freedom"
Would you be shocked to know that Warren Buffett contributed $1B (yes that's billion) to help reelect President Obama in 2012?
Would you also be shocked to learn that President Obama’s opposition to the Keystone Pipeline (for environmental reasons...of which there are serious concerns) richly rewards his friend - Warren Buffett?
Buffett's Burlington Northern Railroad transports nearly a million barrels of oil (at $10-$15/ barrel) per day out of North Dakota to refineries around the country...the Keystone Pipeline could transport the same amount of oil for about $5/barrel.
Oligarchy...An American Tradition since 1776.
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