Cola Wars and the Campaign to Sell Wall Street Status Quo

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In the past hundred years Coca-Cola and Pepsi Cola have spent billions in advertising and employed millions of people to get you to think this caffeinated bubbly sugar water is different/better/worse than that caffeinated bubbly sugar water. People are fiercely loyal and opinionated on the subject. All this marketing and bloviating ignores the fact that two very similar cola products do not equal actual choice. It boils down to an epic campaign for a product void of nutritional substance; a “refreshment” rather than a food. In the end, save the hype – it’s all a bunch of bubbles, sugar and water.

Mitch McConnell Wall Street Reform
Cartoon by Dave Granlund – PoliticalCartoons.com (click to purchase)

For us veterans of the Cola Wars it’s easy to see that conflict can be manufactured, passions misdirected and sometimes what we fight about is intentionally vague.

We saw this during the health care debate when House Minority Leader John Boehner and others called the then-bill “a government takeover of health care.” The only way the statement was true is if you were an insurance company not wanting to be told you have to cover sick people. If “regulations” equal a government takeover of health care then stoplights are a government takeover of traffic.

Health care reform is a far cry from government taking over anything. In the town halls over the summer people were upset by the idea, so with some encouragement and coaching by interest groups they came out to make that known. As the saying goes, feelings are not facts and in the health care debate the latter beat the snot out of the former. In the end we’re a sick nation that pays more than any other country for health care and we still rate low in quality of care. The bill that passed is an improvement not a cure-all, and certainly not enough to trigger the end of the world or even cause an unpronounceable Icelandic volcano to erupt.

The next smoke and mirror campaign is pointed at the financial regulatory reform bill. It’s not an easy task to sell that criminalizing the mass fleecing of the middle class, resulting in the unprecedented cratering of the world’s economy can somehow be bad for working Americans. Senator Mitch McConnell has tried by saying the reform bill will lead to an endless taxpayer-funded bailout. This was widely panned as being straight from pollster Frank Luntz’s Word Doctors leaked report on how to stop the bill. Number 17, under Language reads, “It’s not “˜reform.’ ““ This is not a reform bill. It is the “˜Stop the Big Bank Bailout bill.’” It’s also widely noted that the status quo is the actual endless taxpayer-funded bailout.

Like saying, “Don’t outlaw grift ““ private industry theft creates jobs. No socialism!”
Whose side are these guys on?

One would think this financial cataclysm would tone down the canard chorus for some safeguard installments. But hey, people think the uniform burger chain Burger King is an alternative to the uniform burger chain McDonalds. Mounds of money can make even the goofiest of conclusions suddenly make sense.

It’s not going to be comfortable to convince the millions of victims that the shady, immoral and unethical practices on Wall Street that put them out on the street, crippled their neighborhood and wiped-out their retirement shouldn’t be zapped by sunlight because of “American values.” It’d be a nice trick, though.

One is the argument to leave well enough alone, Wall Street Journal’s Kim Strassel said on This Week, “The fact that the SEC has a civil complaint against this [Goldman Sachs], their argument is that this is about misrepresentation of marketing a security, a law that has been on the books forever.” So because there is a suit brought up by the SEC against Goldman, it is proof we don’t need any more regulations for the banking industry? The suit is civil so if Goldman loses because of their sneaky and super complicated shorting which made them billions, they’ll have to pay a fine. Unfortunately (pun intended), a lot of the stuff they did was legal, that’s the real issue.

Usually being criminally injurious is a crime. But, we can talk it out over a Coke”¦or a Pepsi, whichever you prefer.
“””“

Tina Dupuy is an award-winning writer , a columnist for Cagle Cartoons and the editor of FishbowlLA.com. Follow Tina on Twitter @TinaDupuy.

Want to run Tina’s column in your publication? Contact Cari Dawson Bartley. E-mail [email protected], (800) 696-7561.


Comments

8 responses to “Cola Wars and the Campaign to Sell Wall Street Status Quo”

  1. CarlE Avatar
    CarlE

    Doing nothing is maintaining the status quo only while this administration is in office. Regulatory reform promises to long outlast this administration. As pointed out McConnel continues to promote repubs follow a just say no to anything proposed by this administration. He is using Frank Lutz's words this time. Neither McConnel nor any other repub will state that doing nothing doesn't impose any of the effective controls over derivatives. At the least regulatory reform should require all financial institutions to back up their offerings against failure in the same way that banks must.

    And before the usual crowd says the gov't needs to get out of the car, bank, and any other business I would point out that many of these businesses are repaying their emergency loans. Just this morning I heard a news report that GM is repaying 6 billion 2 months ahead of time. It wasn't all bailouts by this administration, it was also emergency loans, many of which are being repaid. Unlike the financial bailouts as bush was going out the door.

    Oh, and all Coke is not the same. In this country they use high fructose corn syrup. In Mexico they use real sugar. You can buy it at a tienda near you!

  2. Jack Sprat Avatar
    Jack Sprat

    BO's "breaking the Wall Street Tycoon" Scam more BS from the BFD.

    University of California $1,591,395

    Goldman Sachs $994,795

    Harvard University $854,747

    Microsoft Corp $833,617

    Google Inc $803,436

    Citigroup Inc $701,290

    JPMorgan Chase & Co $695,132

    Time Warner $590,084

    Sidley Austin LLP $588,598

    Stanford University $586,557

    National Amusements Inc $551,683

    UBS AG $543,219

    Wilmerhale Llp $542,618

    Skadden, Arps et al $530,839

    IBM Corp $528,822

    Columbia University $528,302

    Morgan Stanley $514,881

    General Electric $499,130

    US Government $494,820

    Latham & Watkins $493,835

  3. mt Avatar
    mt

    The hard part about regulations is getting them right.

    http://online.wsj.com/article/SB10001424052748704

  4. hemstead Avatar
    hemstead

    CarlE,

    Thanks for the Coke education. Just a little personal health care tip, since I believe education is important for a persons health care as well….

    High Fructose Corn syrup is actually much more addictive to a person than regular sugar. So if you were to choose between the two sugar is the way to go.

  5. CarlE Avatar
    CarlE

    hemstead, I quit drinking soda almost 30 years ago, but try to avoid HFCS in other products too. My wife tells me Dr. Pepper and 7Up are going back to sugar.

  6. Jack Sprat Avatar
    Jack Sprat

    Oddly the TARP is the only "bailout" that had any requirement to be repaid, and of the $400-$500 billion repaid, we are just letting it accrue interest, because it was borrowed, like the Stimulus I ($850 Billion total so far) and Mini-Me $467 Billion or so, none was tracked and approximately half to two-thirds remains unspent, also accruing interest, interest on $1.2 trillion at (I believe) 7%. Stimulus I monies were the batch of green backs that were sent to non-existing zip codes and non-existing congressional districts and over 9,200 pork projects, then the next batch of $100 billion dollar “jobs” bills that produced no jobs also couldn’t be “tracked”.

    Ain’t socialism grand, daddy-O?

    Government control of 80% of AIG

    Government control of 62% of GM

    Government control of Bank Exec’s Pay because of the “big bonus’ “

    No government oversight of Fannie and Freddie even after the $400-$500 billion dollar bail outs, they are “exempt from the upcoming” Wall Street bill as are AIG, GM, GE and others who donated to BFD BO. It was Freddie and Fannie whose toxic loans were finally forced on “Wall Street” through “bundling” of the toxic loans, for that Franklin Raines and Jamie “the Wall” Gorelick were given over $150 million in bonus’ and were exempt from the “repayment” tax concocted by the BFD BO Admin. Oddly it was the Freddie and Fannie fiasco that lead to the financial melt down.

    Kudo's to the willfully stupid, loved the "donors list".

  7. Jack Sprat Avatar
    Jack Sprat

    mt

    A decent article, thanks for the post.

  8. Cal Avatar
    Cal

    I missed tm’s excellent link. Both liberals and conservatives will enjoy reading it. It’s a pretty well-balanced overview of how both sides rightly and wrongly view capitalism. Broadly speaking, conservatives tend to romanticize it while liberals have a knee-jerk aversion to it.

    A very good article.

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