Fleeced - How the Wool is Being Pulled Over Our Eyes

I find it frustrating that our elected representatives spend more time attacking each other than looking out for the interests of our country. The corruption and self-interest in conjunction with partisan politics has frozen our Capitol (and Capital). The gridlock will never be broken until real reform takes hold. In his book Fleeced, Dick Morris (and Eileen McGann) discusses many of the issues in Washington that led to the current state of affairs. Throughout this review, I will refer to this book by the shortened title Fleeced. The full title is cumbersome and ridiculous.

In Fleeced, Morris presents an intelligent discussion of corrupt practices engaged in by politicians, lobbyists and unions. The subject matter is divided into individual chapters addressing one issue per chapter. Morris supports his claims with extensive references (27 pages worth). I was not sure what to expect with this book but was surprised and delighted to find that Morris has chosen to name names and call out those engaged in scamming America. Morris is not a partisan...this book takes aim at the major problems in Washington without exemption. Republicans and Democrats alike are identified for questionable practices.

Morris ends each Chapter with a brief discussion on remedies. I am a solution oriented person. I came of age in the United States Marine Corps, where you did not have a problem unless it was accompanied by a solution. To identify problems without suggesting solutions is called beyatching. Morris' provides intelligent options for improvement which he refers to as Action Agenda. I found his solutions to be less aggressive than those that Newt Gingrich put forth in his equally non-partisan Real Change. I appreciated Gingrich's comprehensive solutions which were also heavily sourced and researched. Morris indicates many of the same issues as Gingrich with a bit more confrontation in terms of Washington offenders.

Fleeced contains chapters on Obama, Terrorism in the Media, Plans to Muzzle Talk Radio, Short Congressional Workweeks, Aiding Iran, Lobbying for Foreign Governments, The Dubai-ing of America, The Plastic Fleece, Education and Teachers, Guantanamo, Hedge Fund Tax Breaks, Teacher's Union Rip-offs, Federal Flood Program, The Sub-Prime Crisis, Halliburton, Poisoned Chinese Toys, Fleecing the Elderly and Teen Smoking. I will highlight a few chapters without covering all topics.

Fleeced was written long before the elections. The first chapter almost prophetically covers President Obama. The Obama Chapter is extensive, covering many of the major issues that President Obama will face and what his past positions have been on the issues. The actionable agenda for this chapter would be to elect McCain, which is currently a moot point. Among the issues discussed in this chapter is Obama's wealth redistribution which creates tax payers and tax consumers...a balance that may tilt to a majority of Americans that don't pay taxes! I personally do not feel that the rich should carry the middle class...they can carry the poor, but the middle class should pay taxes. Immigration, Health Care, Iraq and the Patriot Act are also covered. Whether you agree with Morris' assessments or not, the information is heavily sourced for accuracy.

Morris also presented an almost prophetic examination of the mortgage industry. His comprehensive look at the issues surrounding the industry predated the economic meltdown. He discusses the dangers of economic fallout from the very issues that were heavily discussed during the aftermath of the meltdown. Morris discusses the packaging of mortgages as securities as being a major factor in the meltdown. He also discusses the way mortgage companies used creative financing to get people into houses they couldn't afford. Although I agree with Morris that the most culpable are the mortgage brokers that made loans they knew would be defaulted on, I would also blame the consumers. Americans are greedy and irresponsible. Not all of us...but enough of us to have created this mess. You should know if you are getting in over your head. I know it is easy to trust a person in the financial industry regarding your ability to pay, but the math isn't that hard to figure out. These destructive loans are singularly responsible for the economic crisis and the real blame does not lie with Democrats OR Republicans. It lies with Americans who seem content to live beyond their means. Morris indicated that the mortgage industry needs reform, but that has since become painfully obvious to the entire nation.

Credit card companies are another predator that engages in unfair practices. Again, Americans should be careful not to get in over their heads with credit. But the practices that the credit card companies engage in border on criminal. The usury rates that are charged come from state deregulation of the industry meant to attract the financial industry to places like South Dakota or Delaware. The laws that apply to a lender that issues cards anywhere in the US are the ones written in the state where they are based. National regulations need to be enacted to mandate change in this industry. Since this book was written, limited changes have been enacted. More reform is still needed to protect consumers who use credit responsibly. Issues like mailing statements late to force late payment or changing rates in mid-stream are too commonplace. Other issues include the tripling of late fees, the cost of transferring balances (sometimes 3 or 4 percent), averaging balances in order to charge fees in a month with no charges and using credit report information to adversely affect interest rates even without a late payment. These inexcusable practices need to be halted. Morris provides contact information for the committees overseeing this industry.

Another important issue that Morris covers at length is Lobbyists. Gingrich also spent a great deal of time on this issue. 150 countries are currently lobbying America for a variety of reasons...most of them contrary to what best serves our own National Interest. Anti-Semitic countries like Dubai are heavily influencing US policy-makers to create a positive public opinion of their anti-labor, anti-women, anti-Semitic nation. They have become a popular tourist destination in spite of their backwards belief system. If you are Jewish or have even traveled to Israel, good luck getting in. Morris points out Bill Clintons close ties to Dubai. He also points out the many lobbyists influencing John McCain and other Republicans.

Of all the other chapters covered, I want to also point out the chapter on Haliburton. While John McCain has always been on the lookout for fraud, waste and abuse in Defense Contracts, Halliburton has been a major offender. Although some of these contracts have been reviewed during the Bush Administration, Halliburton has often acted with impunity. The cozy relationship between the Defense Department and Arms Contractors needs to be seriously reviewed. Stronger protections for whistle-blowers is also needed. Morris takes careful aim at Haliburton, indicating their close ties with former CEO Dick Cheney. There is no evidence that Cheney used his influence to protect Halliburton's practices, but with a close relationship like that there doesn't need to be. Sometimes it is simply assumed. We need to change the way our military procurement people think.

Fleeced is an easy read. It is interesting to go back and read it in light of the events that have transpired since it was written. Morris is an insightful and incredibly intelligent political observer. His extensive research is evident in the notes and examples. The 307 pages of actual dialogue in the book takes several hours to read. The format is easy to follow and well organized. I would highly recommend Fleeced for every American. If we are going to take our government back from the many interlopers who have inserted themselves into our process of governance, we must educate ourselves regarding the negative influences and action them through contact with our representatives. Fleeced provides a strong foundation for that process. I would also recommend Newt Gingrich's Real Change for additional issues and resolutions. A definite "must read" for anyone interested in pulling back the curtain of secrecy that surrounds the Beltway.