Eric Loomis: America's Headed Back to the Robber-Baron Era!

Over the past 40 years, corporations and politicians have rolled back many of the gains made by working and middle-class people over the previous century. We have the highest level of income inequality in 90 years. Both private and public sector unions are under a concerted attack, and federal and state governments intend to cut deficits by slashing services to the poor. We are recreating the Gilded Age, the period of the late 19th and early 20th centuries, when corporations ruled this nation, buying politicians, using violence against unions, and engaging in open corruption. During the Gilded Age, many Americans lived in stark poverty, in crowded tenement housing, without safe workplaces, and lacked any safety net to help lift them out of hard times. With Republicans more committed than ever to repealing every economic gain the working-class has achieved in the last century, and the Democrats seemingly unable to resist, we need to understand the "Gilded Age" to see what conservatives are trying to do to this nation. Here are 8 ways our corporations, politicians and courts are trying to recreate the Gilded Age: 1. Unregulated Corporate Capitalism Creates Economic Collapse. In the late 19th century, corrupt railroad capitalists created the Panic of 1873 and Panic of 1893, through lying about their business activities, buying off politicians and siphoning off capital into their own pockets. Railroad corporations set up phony corporations that allowed them to embezzle money from the railroad into their bank accounts. When exposed, the entire economy collapsed, as banks failed throughout the country. The Panic of 1893 lasted five years, created 25% unemployment, and was the worst economic crisis in American history before the Great Depression.