Sheldon Adelson lost at least $54 million betting Mitt Romney would win the 2012 presidential post. Over a billion dollar's-worth of similar bets were placed. I'm pleased over it, but not because I take joy in other people's misfortune. What I'm feeling is a profound sense that justice has been well-served.
I've witnessed a decline of American culture during my lifetime that has one root cause, the ever-tightening grip that wealthy and corporate interests have been exerting over government, exemplified in the dismantling of protective controls like the Glass-Stegall Act which protected our savings accounts from being taken to Las Vegas.
It’s not deregulation; it’s "out of control" that these guys want. The proof is the so-called "Sub-prime Mortgage Crisis" that caused a worldwide financial meltdown in 2008.
Either a Harvard degree in economics isn't worth the paper it's printed on or a lot of highly educated people simply looked the other way knowing what was ahead. Why? Because a lot of important people were set to make billions off the crisis that even laymen like me could see coming ten years before it hit. Mechanisms like the unregulated Credit Default Swap made this possible, and a weak president like GW Bush guaranteed the success of the AIG bailout that covered all the bets the billionaires placed against their country.
Rigging the system in their favor is how the 2% ensures the security of their continuing opulence. By defeating Romney this country dodged a bullet, a major step in the long hill we must climb to restore, revitalize and secure American democracy.
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