finance industry – The Progressive Midwesterner

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.

I haven’t written much about Illinois state politics in recent months, largely because there’s not much going on due to the ongoing state government shutdown.

However, the website of The New York Times has published this report on how a handful of wealthy individuals, some of which aren’t Illinois residents, are holding the state of Illinois hostage by way of big-money politics:

In the months since, Mr. (Kenneth C.) Griffin and a small group of rich supporters — not just from Chicago, but also from New York City and Los Angeles, southern Florida and Texas — have poured tens of millions of dollars into the state, a concentration of political money without precedent in Illinois history.

Their wealth has forcefully shifted the state’s balance of power. Last year, the families helped elect as governor Bruce Rauner, a Griffin friend and former private equity executive from the Chicago suburbs, who estimates his own fortune at more than $500 million. Now they are rallying behind Mr. Rauner’s agenda: to cut spending and overhaul the state’s pension system, impose term limits and weaken public employee unions.

[…]

Many of those giving, like Mr. Griffin, come from the world of finance, an industry that has yielded more of the new political wealth than any other. The Florida-based leveraged-buyout pioneer John Childs, the private equity investor Sam Zell and Paul Singer, a prominent New York hedge fund manager, all helped elect Mr. Rauner, as did Richard Uihlein, a conservative businessman from the Chicago suburbs.

In short, Republican Governor Bruce Rauner, who spent tens of millions of dollars of his own money on his gubernatorial campaign last year, also spent millions upon millions of dollars of money from a handful of wealthy individuals, and now Rauner is holding Illinois hostage by demanding a Scott Walker-style far-right economic agenda that would hurt Illinois’s economy in return for a functional state government.

To the Democrats in the Illinois General Assembly and the people of Illinois, I have two words for ya’ll: No surrender! Illinois cannot afford busting unions, driving down wages, making it harder for working Illinoisans who are injured on the job to get workers’ compensation benefits, cuts to pension benefits, and every other item of right-wing economic policy that would hurt Illinois’s economy by taking away disposable income from Illinois consumers. Illinois cannot afford surrendering to Bruce Rauner and his big-money cronies from the finance industry.