Archive for January 15th, 2015

by lizard

Dave Lindorff rightfully slams Democrats for Taking a Meaningless Progressive Stand in Congress:

The Democrats are showing their true colors now that they have lost control of both houses of Congress.

Suddenly, with the assurance that they don’t have to worry about being taken seriously, the “party of the people” has come forward with a proposal to levy a 0.1% tax on short-term stock trades, particularly on high speed trading.

Don’t get me wrong. A stock-trade tax is a great, and long-overdue idea. In fact, such a tax, which could raise some $800 billion in revenue over a decade, should probably be bigger than just 0.1%, and targeted more directly at high speed trading. (Most experts agree high-speed trading has been undermining any semblance of a fair market for stocks and bonds by handing an outsized advantage to companies that have access to huge computers that can make enormous trades, front-running other investors by getting into and out of the market in microseconds, so why not levy a graduated trading tax that is progressively higher the shorter the time period an investment is held?)

The point is that this trading tax is something that progressives have been calling for now for years, if not longer, but while they were in a position to actually make it happen, Democrats in Congress were silent about it.

And why didn’t Democrats do anything when they actually had the power to do so? Here’s more from Lindorff:

If the Democrats had passed such measures back when they had the White House and both Houses of Congress, back in 2009 or 2010, they wouldn’t be looking at a Republican Congress today. If they’d proposed such measures last year, when they still at least controlled the Senate, they wouldn’t have lost the Senate last November.

But of course, if they had made these proposals when there was a chance of them becoming law, the Democrats in Congress would have lost all the fat campaign donations and other legal bribes that they receive from Wall Street banks, brokerages and hedgefunds.

Now it’s safe for them to make those proposals as part of their “inaction plan.” The fat cats on Wall Street know they’re not serious, and will continue to buy them in 2016, when you won’t see them making these kinds of populist proposals anymore.

It’s all part of a long-running game in which the Democratic Party pretends to be the party of the working person, while actually being just another pro-capitalist party, working hand-in-glove with the Republicans to continue sucking the life out of the American middle class and the poor to enrich the wealthiest 1% of Americans who already control some 40% of the nation’s assets, and the wealthiest 10%, who control as much national wealth as the other 90% of us put together.

This will come as no surprise to political cynics. But for those of us in Montana who got suckered by Jon Tester in 2006, there will be a chance to exact some political retribution when Tester tries to get reelected.

Why?

Because Tester is on the short list of Democrats who will help Republicans continue the bipartisan affair of coddling Wall Street to the detriment of the vast majority of Americans:

Meanwhile, the real people to watch in Congress are those Democrats who are going to vote with the ruling Republicans in House and Senate to allow pro-rich and pro-capitalist measures to get to a vote, and to provide the votes to over-ride any vetoes by President Obama. Behind all the anti-inequality talk, these are the people who really represent the leadership and the political bedrock of the Democratic Party.

We got an early look at what is coming last week, when a group of 13 Democratic senators (the scabs clearly visible on their exposed flesh), voted with an almost unanimous Republican bloc, to defeat an amendment offered by Sen. Elizabeth Warren (D-MA) that would have stripped a measure weakening the Dodd-Frank financial regulatory law out of an already pro-financial corporate bail-out bill extending federal backing for terrorism coverage in insurance policies. The vote killing the Warren amendment passed 66-31 meaning there were only three abstentions. Without the 13 Democratic votes against fellow Democrat Warren, her amendment would have passed because of a 60-vote requirement for amendments.

Keep an eye on those 13 Democrats. Given that the Republicans now have 54 seats in the Senate, they only need an extra six votes from Democrats to move bills and amendments to a vote, and only 13 votes to override a presidential veto.

Here, for reference, are the 13 members of the Senate Democratic caucus who killed the Warren amendment:

Michael Bennet (D-CO)
Tom Carper (D-DE)
Bob Casey (D-PA)
Joe Donnelly (D-IN)
Martin Heinrich (D-NM)
Heidi Heitkamp (D-ND)
Angus King (I-ME)
Amy Klobuchar (D-MN)
Joe Manchin (D-WV)
Claire McCaskill (D-MO)
Gary Peters (D-MI)
Debbie Stabenow (D-MI)
Jon Tester (D-MT)

Jon Tester serves Wall Street, not Montanans. That much should be obvious. And for those who want a reminder of how disgusting the people Tester serves are, check out Jamie Dimon whining about regulators (Zerohedge):

Earlier today, during the JPM conference call, when Jamie Dimon wasn’t busy explaining why the Q4 earnings presentation was sorely missing the page showing JPM’s latest Net Interest Margin, a staple placeholder page in the presentation appendix, he found time to lament something totally different. As Bloomberg reports, Dimon lashed out at U.S. regulators for putting his bank “under assault.”

“We have five or six regulators or people coming after us on every different issue,” Dimon, 58, said today on a call with reporters after New York-based JPMorgan reported fourth-quarter results. “It’s a hard thing to deal with.”

“In the old days, you dealt with one regulator when you had an issue, maybe two. Now it’s five or six. It makes it very difficult and very complicated. You all should ask the question about how American that is. And how fair that is. And how complex that is for companies.”

I hope no one spits their coffee out after reading that quote from a guy who should be in prison receiving visceral assaults after the hell Wall Street delivered to Americans 7 years ago.

Luckily Dimon has loyal servants like Jon Tester looking after his ill-gotten gains. For that, Montanans need to send Tester packing.

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