Tag: banks

The one person that Bernie Sanders wants criticizing him…criticizes him

If I were Bernie Sanders, there would be exactly one person I would want criticizing me. That person is Lloyd Blankfein, the head of Goldman Sachs.

Since Goldman Sachs has become a political talking point to many, I’ll remind everyone who they are. They are a very large investment banking firm that was heavily involved in the subprime mortgage crisis that was one of many factors that contributed to the Great Recession of the later part of the previous decade. Additionally, Goldman Sachs has served as a revolving door between governments in multiple countries and Wall Street, with former U.S. cabinet members and current Australian Prime Minister Malcolm Turnbull having also worked for Goldman Sachs.

Now, back to my original point…Blankfein thinks that Bernie criticizing the undue influence of Goldman Sachs on our political system is a “dangerous moment” for America:

The head of Goldman Sachs believes being singled out for criticism by Bernie Sanders represents a “dangerous moment” for the country.

Lloyd Blankfein, the Wall Street giant’s chief executive, said Wednesday that the Democratic presidential candidate might have gone too far in personally targeting him.

“To personalize it, it has potential to be a dangerous moment. Not just for Wall Street … but for anybody who is a little bit out of line,” he said in an interview with CNBC.

Bernie isn’t personally criticizing Lloyd Blankfein. Instead, he’s taking on both a financial industry where greed is rampant and a political establishment that is beholden to same financial industry. Lloyd Blankfein is, in many ways, the personification of a lot of what is wrong about this country, and we’re taking back our country from people like Lloyd Blankfein and the politicians who are beholden to people like him! Let’s rein in Wall Street and protect American consumers! Greed is dangerous to America, not people who want to save capitalism from its own greed.

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Joe Biden’s “Susan Happ” problem

With Vice President Joe Biden likely to run for the Democratic presidential nomination, I do want to bring up an historical parallel between Biden’s likely presidential bid and Jefferson County, Wisconsin District Attorney Susan Happ’s failed bid for Attorney General of Wisconsin last year.

The parallel between Biden and Happ is this: Both Biden and Happ are/were, prior to running for higher office (or, in Happ’s case, after winning a statewide Democratic primary in Wisconsin), viewed favorably by voters not because of their actual track records or positions on the issues, but because they liked the candidates personally. In Biden’s case, he’s seen by many voters across the country as an approachable guy with an interesting personality. In Happ’s case, she was seen by many voters in Wisconsin as someone who rode a Harley-Davidson motorcycle in a television ad.

Happ’s campaign to become Wisconsin’s top prosecutor fell apart not long after Happ won a contested Democratic primary with a narrow majority of the vote. Republicans and the far-right corporate media in Wisconsin viciously attacked Happ’s record as a county-level prosecutor, making her look like a corrupt prosecutor who gave out light sentences to Democrats and political cronies, when, in reality, it was a major distortion of Happ’s record. The sustained attack on Happ damaged her campaign and allowed Republican racist Brad Schimel to be elected Attorney General of Wisconsin.

Biden has a legitimately awful record, especially as a U.S. Senator from Delaware, including, among other things:

  • Helping put right-wing extremist Clarence Thomas on the U.S. Supreme Court despite serious sexual harassment allegations against Thomas
  • Voting to repeal the Glass-Steagall regulations on banks and other financial institutions, which led to the Great Recession
  • Voting for the Defense of Marriage Act (DoMA), which prohibited federal recognition of same-sex marriages prior to being ruled unconstitutional by a conservative U.S. Supreme Court
  • Publicly claiming that “abortion is always wrong”
  • Helping enact legislation, signed into law by George W. Bush, that made it harder for Americans to file for bankruptcy
  • Helping enact legislation that expanded the prison-industrial complex in the United States
  • Voting for George W. Bush’s unjustified Iraq War

It wouldn’t take much for one of the Democratic presidential candidates already in the race to brand Biden as an awful politician, if Biden were to run.

I believe that there is an important lesson that is to be learned from the failure of Susan Happ’s campaign for Wisconsin Attorney General last year. When one runs for public office, his or her track record can, either fairly or unfairly, be used against him or her by any political opponent. While Joe Biden’s decision on whether or not to run for president is entirely Joe Biden’s decision to make, I would caution him that his record as a U.S. Senator would likely come back to haunt him politically.

Tell Congressman Ron Kind to denounce attacks on progressives by his fellow corporate Democrats

Several members of the New Democratic Coalition, a group of pro-greed and anti-middle class Democrats led by U.S. Representative Ron Kind of Wisconsin, are attacking progressive members of Congress for opposing efforts by Republicans and corporate Democrats to repeal financial regulations, enacted by the Dodd-Frank bill, that are designed to protect American consumers from predatory banking institutions.

According to a report by POLITICO, at least three members of the New Democratic Coalition, U.S. Representatives Gerry Connolly of Virginia, John Carney of Delaware, and Jim Himes of Connecticut, openly attacked progressives for standing up against Wall Street greed:

Tension reached a boiling point during a closed-door caucus meeting Wednesday over the party’s stance toward Wall Street banks, according to multiple sources at the meeting.

Liberal Massachusetts Rep. Mike Capuano incensed the moderates when he said if Democrats support rolling back Dodd-Frank regulations, “you might as well be a Republican.”

[…]

At the New Democrat meeting, (House Minority Whip Steny) Hoyer was on the receiving end of impassioned concerns by his moderate colleagues. Reps. Gerry Connolly (Va.), John Carney (Del.) and Jim Himes (Conn.) all voiced strong opinions, according to sources in the room.

The 40-member group expressed anger at the liberal faction for name calling and for dismissing their point of view outright. The lawmakers told Hoyer that any future Democratic majority would look more like them than the liberal faction of the caucus.

You can read more about the New Democratic Coalition’s War on Progressives from DailyKos’s own Kerry Eleveld here.

The New Democratic Coalition is not new (they’ve been in existence for nearly two decades as a Congressional Member Organization), and they’re certainly not progressive. They are a group of corporate Democrats who support a pro-Wall Street, pro-special interests, anti-worker, anti-consumer, and anti-middle class agenda that is nearly as bad as the Republicans’ far-right economic agenda. Most notably, they’re known for supporting deregulation of the banking industry to make it easier for the American economy to crash because of greed and speculation on Wall Street and put American consumers even more at the mercy of predatory banks than they currently are now. Furthermore, New Democratic Coalition members support free trade agreements, such as the proposed Trans-Pacific Partnership (TPP), that drive down wages, move American jobs overseas, and destroy what little of our country’s economic sovereignty remains.

Regarding the New Democratic Coalition’s claim that regaining Democratic majorities in both houses of Congress is only possible by supporting giveaways to Wall Street and other Big Business special interests, that claim is absolutely absurd. Future Democratic majorities in both houses of Congress would, more than likely, be built mostly, if not entirely, by progressive Democrats who champion lifting Americans out of poverty, ending corrupt special interest giveaways, restoring the American middle class, protecting and expanding the social safety net, restoring protections of the American economy, and protecting American consumers, and other progressive, pro-middle class ideals. The only thing that the New Democratic Coalition is doing by openly antagonizing progressives is dividing the party and making it virtually impossible for Democrats to win congressional majorities in its current state.

As I stated above, the Chairman of the New Democratic Coalition is Congressman Ron Kind of Wisconsin. While it’s not known if Kind himself was part of the attacks on progressives (although Kind did brag on tape about being a key part of the “global trading regime”, as he called it, to enact free trade agreements and ship American jobs overseas), I believe that it is Congressman Kind’s responsibility to denounce the divisive attacks on pro-consumer and pro-middle class progressives by members of the organization that he leads. You can sign an online petition to call for Congressman Kind to publicly denounce the New Democratic Coalition’s attacks on progressives here.

Republican control of the U.S. Senate would be absolutely frightening

With the possibility of Republicans winning control of both houses of Congress for the first time since the first two years of George W. Bush’s second term in the White House looming over the November 4 elections, I want to remind everybody how frightening Republicans winning control of the U.S. Senate and retaining control of the U.S. House is.

Should Republicans win control of the Senate and retain control of the House, Republicans will probably pass a sweeping, Wisconsin-style far-right agenda, including legislation like:

  • Passing a nationwide right-to-work-for-less bill, allowing workers to benefit from collective bargaining agreements without paying union dues for collective bargaining (if not completely banning labor unions altogether)
  • Passing restrictions on abortion, contraception, and other women’s health procedures, up to and including attempting to propose a federal constitutional amendment banning abortion, contraception, and many other women’s health procedures
  • Repealing the federal Voting Rights Act, making it easier for states to implement voter suppression schemes
  • Repealing the federal Civil Rights Act of 1964, allowing many forms of racial discrimination
  • Eliminating Pell grants and other programs that help people pay for college, making it harder for young people to go to college
  • Completely repealing the Affordable Care Act, taking away health insurance from millions of Americans who were recently uninsured
  • Eliminating regulations on banks and other financial institutions, making it easier for them to engage in risky practices that were the primary cause of the Great Recession
  • Allowing mining and drilling in National Parks and other federally-protected lands, destroying the value of our country’s natural wonders and hurting the tourism industry
  • Handing out tax cuts and other tax breaks to wealthy people, corporations, and other special interests, resulting in a bigger federal budget deficit and national debt (if not implementing a full-blown regressive taxation scheme by completely repealing the federal income tax and replacing it with a federal sales tax, shifting the tax burden to poor, working-class, and middle-class Americans)
  • Completely repealing Social Security, Medicare, Medicaid, and other social safety net programs, leaving millions of seniors without a source of income and leaving millions of Americans without health insurance
  • Eliminating all federal campaign finance restrictions, making it even easier for wealthy people, corporations, and other special interests to buy federal elections and have an even bigger undue influence over federal politicians
  • Repealing the federal minimum wage, putting millions of working Americans into poverty and driving millions more into even deeper poverty
  • Eliminate the Environmental Protection Agency and federal environmental regulations, allowing corporations to pollute the air we breathe and the water we drink
  • Repealing federal laws mandating equal pay for equal work, allowing employers to discriminate against women by paying men more than women

Sadly, that’s just the tip of the iceberg when it comes to the right-wing legislation that a fully Republican-controlled Congress could pass. Don’t think for one second that people like Pat Toomey, Mark Kirk, Kelly Ayotte, and Susan Collins would oppose some or most of the far-right agenda just because they represent states/constituencies that usually vote for Democratic presidential candidates. The Ted Cruz-types in the Republican Party are going to demand that they pass as much far-right legislation as possible, and the so-called “moderates” in the GOP would go along with them every time and rubber stamp everything they do.

Should Republicans win control of the Senate, they will be hell bent on turning America into a third-world country. The only thing that would stop them from doing is President Barack Obama, who would likely veto nearly everything the Republicans pass. If you don’t want Republicans passing a destructive far-right agenda, go vote against the Republican bastards on November 4.