14/06/2020
Across the highest reaches of corporate America, an outpouring of solidarity with those protesting brutal police killings of Black Americans and systemic racism. But most of this is for show.
JPMorgan has made it difficult for Black people to get mortgage loans. In 2017, the bank paid $55 million to settle a justice department lawsuit accusing it of discriminating against minority borrowers.
BlackRock is one of the biggest investors in private prisons, disproportionately incarcerating Black and Latino men.
Meanwhile, behind the scenes – in the halls of Congress and the corridors of statehouses, in fundraisers and in private candidate briefings, in strategy sessions with political operatives and public-relations specialists – the CEOs who condemn racism lobby for and get giant tax cuts and fight off a wealth tax.
As a result, the nation can’t afford anything as ambitious as a massive Marshall Plan to provide poor communities world-class schools, first-class healthcare and affordable housing.
The CEOs resist a living wage and universal basic income. They don’t want antitrust laws jeopardizing their market power, thereby requiring consumers pay more. They oppose tighter regulations against red-lining or prohibitions on payday lending, both of which disproportionately burden Black and brown people.
Perhaps most revealingly, they remain silent in the face of Donald Trump’s bigotry. Indeed, many are quietly funding the re-election of a president whose political ascent began with a racist conspiracy theory and who continues to encourage white supremacists.
They know that as long as racial animosity exists, white and black Americans are less likely to look upward and see where the wealth and power really has gone.
This is not a new strategy. Throughout history, the rich have used racism to divide people and thereby entrench themselves.
Half a century ago, Martin Luther King Jr. observed much the same about the old southern aristocracy, which “took the world and gave the poor white man Jim Crow. And when his wrinkled stomach cried out for the food that his empty pockets could not provide, he ate Jim Crow, a psychological bird that told him that no matter how bad off he was, at least he was a white man, better than a Black man.”
Trump is the best thing ever to have happened to the new American oligarchy, and not just because he has given them tax cuts and regulatory rollbacks.
He has also stoked division and racism so that most Americans don’t see CEOs getting exorbitant pay while slicing the pay of average workers, won’t notice giant tax cuts and bailouts for big corporations and the wealthy while most people make do with inadequate schools and unaffordable healthcare, and don’t pay attention to the bribery of public officials through unlimited campaign donations.
The only way systemic injustices can be remedied is if power is redistributed. Power will be redistributed only if the vast majority – white, Black and brown – join together to secure it.
Which is what the oligarchy fears most.
The president is the best thing that ever happened to the corporate elite, a distraction on the lines of the old Jim Crow