By the Rev. Gordon C. Stewart | Thursday, April 29, 2010
We do not live in a democracy; we live in an oligarchy, “government by the few, especially despotic power exercised by a small and privileged group for corrupt or selfish purposes” (Encyclopaedia Britannica). I’ve been waiting for people in high places to say it.
Goldman Sachs executives’ testimony Tuesday before the Senate Permanent Subcommittee on Investigations brought the elephant into the living room, but the name of this species of government remains unspoken for understandable reasons.
A democratic republic is a constitutional form of government where the people rule through their elected representatives gathered in deliberative bodies. The faces and voices of Goldman Sachs’ executives demonstrated the intransigent arrogance of the private institutional concentration of wealth and power of deregulated capitalism.