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Adam LevinFounder, Credit.com and former director NJ Division of Consumer Affairs

GET UPDATES FROM Adam Levin Like 245 Welcome to the Fiscal Blip. Demand More in 2013 Posted: 12/31/2012 10:45 pm React

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Elizabeth Warren , Citizens United , Dodd-Frank Act , Credit Card Reform Act , Edward Abbey , Fiscal Cliff , Fiscal Cliff Negotiations , Tom Harken , Politics News
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In what Democrat pundits are trying to spin as white-flag politics today, it would appear a deal is imminent and each side will spin the merits, or lack thereof, for the purposes of the overblown shadow play that we've witnessed around the so-called "fiscal cliff." The difference between right and left isn't much when you consider the kind of money that people are making these days in the more rapacious sectors of our economy. The real problem here is that people are calling this a done deal.

Also: Why does something of this import have to go until the final minute of the final hour of the final day only to meet with a lack of time (read: will) of the House so it has to wait until after the deadline has passed and we "theoretically" fall off the cliff?

At least during the debates about the Credit Card Reform Act and Dodd-Frank, the opposing sides were the citizenry vs. the financial corporations. What we're dealing with here is harder to define. That's because the fiscal cliff is in no small way a histrionic and hysterical method of framing budgetary issues by way of bully non-choices: want a weakened military? higher taxes for the middle class? How about a double-dip recession? While we're at it, when did you stop beating your partner? The fiscal cliff is unsolvable by design.

The misguided (dys-principled?) compromise of 2011 that created it must be seen for the train wreck of congressional leadership that allowed it to happen. In no small measure, we're in this mess not just because of a "crisis" around debt or Medicare. We are in this mess because of an identity crisis. Too many lawmakers have gotten elected with too much corporate backing, and as a result a board room mentality has metastasized throughout a budget process that theoretically depends on the checks and balances of power that allegedly define the collective "process" that is our elected representation in Washington. So in one way, we're to blame by voting for the best corporate-sponsored marketing campaign.

The fiscal cliff is finally about banks, desperate to maintain the unsustainable profits created by the mortgage boom, selling mortgages to people who could not afford them. It's about balloon payments and adjustable interest rates, time bombs disguised as mortgages. It's as if Donald Trump secretly took over the banking industry -- and as a result a casino culture that is all flash and no substance prevails. The fiscal cliff is the bully's threat -- and the above financial FUBAR is what the bully is trying to protect. It is not about whether the middle class tops out at $250,000 a year or $450,000 since most members of the middle class would be euphoric to earn such income.

Citizens United is not the moment we placed corporations' rights over those of actual human beings. The Supreme Court's decision capped a decade-long process of corporate empowerment. Now, these same corporate interests (through their purchased representatives in Congress) have manufactured a bogus fiscal cliff in the cynical hope that they can foist even more of responsibility off their ledgers and onto the backs of America's non-rich.

The "cliff" is a metaphorical illusion -- a political construct. Forget the narrow confines of its binary problem (tax breaks for the rich vs. continuing insurance for the unemployed), a political problem allows for a creative, political solution. We should use this fake, ginned-up "crisis" to our advantage and solve the real problems faced by real Americans. We should demand that that happens.

It could be that the answer to what ails America economically is rewarding companies that operate with a healthy reality principle like the Triple Bottom Line system of accounting where decisions are predicated by the "Three P's:" Profit, People and Planet. Whatever we do, it's time for the country to age out of the fake value, paper-billionaire age and start looking for ways to create real value for investors, workers and the nation.

As the novelist Edward Abbey famously wrote, "Growth for the sake of growth is the ideology of a cancer cell." We've all spent too much time in the casino culture that created the fiscal cliff to simply walk away from it unscathed. It's the way of the house, which makes a bundle whether you lose money or not. The fiscal cliff is a scary way of framing the fact that we need a mid-course correction in this country with regard to the way we do business in Washington and everywhere else in the country.

One definition of insanity is doing the same thing over and over expecting a different result. It seems sane to refuse to have the same corporations that caused this mess (or the lawmakers who represent them exclusively at the expense of taxpayers) dictate our options for solving it. It's time to call the bluff.

We did it on the Credit Card Reform Act and Dodd Frank. We elected Elizabeth Warren after she was unceremoniously driven out of Washington by anti-consumer interests. America has a Consumer Financial Protection Bureau despite the specific directives of the American Bankers' Association and the US Chamber of Commerce.

It can be done.

Follow Adam Levin on Twitter:www.twitter.com/Adam_K_Levin

FOLLOW POLITICS Like 201k Get Alerts #ad_bottom_article_text {margin-bottom: 15px} Elizabeth Warren Fiscal CliffIn what Democrat pundits are trying to spin as white-flag politics today, it would appear a deal is imminent and each side will spin the merits, or lack thereof, for the purposes of the overblown shad...In what Democrat pundits are trying to spin as white-flag politics today, it would appear a deal is imminent and each side will spin the merits, or lack thereof, for the purposes of the overblown shad... More in Politics...

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HUFFPOST SUPER USERonemoreonce 113 Fans 22 minutes ago (10:12 AM)Bravo!! Correct in all particulars. Wake up, America, you're being royally hosed. Time to bring these Wall Street "Lords of the Universe" to heel.onemoreonce: Bravo!! Correct in all particulars. Wake up, America, you're beinghttp://www.huffingtonpost.com/social/onemoreonce/welcome-to-the-fiscal-bli_b_2391029_218174347.htmlHistory |Permalink |Share itThis comment has been down-ranked into oblivion. View comment You have not right to carry out this operation or Error this operation.

Loading comments… Countess 1825 Fans 24 minutes ago (10:10 AM)Demanding that the corrupt disconnected congress actually address and fix the real problems of the country is an absurd demand given the racial and religious divisions that the rise of the new confederacy has caused. This will simply not happen.Countess: Demanding that the corrupt disconnected congress actually address and fixhttp://www.huffingtonpost.com/social/Countess/welcome-to-the-fiscal-bli_b_2391029_218174021.htmlHistory |Permalink |Share itThis comment has been down-ranked into oblivion. View comment You have not right to carry out this operation or Error this operation.

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HUFFPOST SUPER USERjonser 52 Fans 2 hours ago ( 8:11 AM)America lets glaring opportunities pass it by

- the opportunity to split banks in the midst of the crisis

- the opportunity to reform taxes in 09-10

It prefers to fiddle about with lesser issuesjonser: America lets glaring opportunities pass it by - the opportunityhttp://www.huffingtonpost.com/social/jonser/welcome-to-the-fiscal-bli_b_2391029_218158159.htmlHistory |Permalink |Share itThis comment has been down-ranked into oblivion. View comment You have not right to carry out this operation or Error this operation.

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