What Are You Gonna Do About It, Democrats?
by William Skink
It took Bill Clinton and his merry band of Neoliberals to twist the knife in the heart of organized labor by throwing all-in with NAFTA, financial deregulation and the criminal syndicate known as Wall Street. Now the Big Banks want to make sure Democrats know who calls the shots with a brazen threat to freeze campaign donations over fairly tame criticism from politicians like Elizabeth Warren:
Four major banks are threatening to withhold campaign donations to Senate Democrats in anger over Sen. Elizabeth Warren’s (D-Mass.) attacks on Wall Street.
Representatives from financial powerhouses Citigroup, JPMorgan, Goldman Sachs and Bank of America recently met in Washington and discussed the growing hostility towards big business within the Democratic ranks, according to a Reuters report Friday.
Bank officials cited Warren and Senate Banking Committee ranking member Sherrod Brown (Ohio) as the two main lawmakers leading the charge against them. But the banks have not agreed on how to respond together, with each firm making its own decision on donations, Reuters reported.
This weak reporting from the Hill fails to provide the proper context to this obscene display of corporate whining. For a better take, here’s Zerohedge:
Having already proven that their institutions are above the law in the aftermath of the financial crisis, executives at the “Too Big to Fail and Jail” banks have decided it’s time to teach Senate Democrats a lesson. Not being content with trillions in taxpayer backed bailouts to protect and further consolidate virtually all wealth within their oligarch fiefdoms, these bankers are irate at the notion that a commoner would dare criticize their unassailable crony privilege.
However, the worst part of this story, is that while Warren is harsher than most of her completely bought and paid for colleagues, she is still pretty meek when it comes to the big bank oligopoly. In her most misguided position, she doesn’t even support an audit of the largest organized crime institution operating within these United States, the Federal Reserve.
So what are you gonna do about it, Democrats? You abandoned your base decades ago and wonder why elections are getting harder to win. You blame anything save the actual policies that have paved the road to get us to where we are today. And instead of learning lessons from what trade agreements and deregulation have done to the American population, more of the same is being devised in secret, like the despicable Trans-Pacific Partnership:
Although it is called a “free trade” agreement, the TPP is not mainly about trade. Of TPP’s 29 draft chapters, only five deal with traditional trade issues. One chapter would provide incentives to offshore jobs to low-wage countries. Many would impose limits on government policies that we rely on in our daily lives for safe food, a clean environment, and more. Our domestic federal, state and local policies would be required to comply with TPP rules.
The TPP would even elevate individual foreign firms to equal status with sovereign nations, empowering them to privately enforce new rights and privileges, provided by the pact, by dragging governments to foreign tribunals to challenge public interest policies that they claim frustrate their expectations. The tribunals would be authorized to order taxpayer compensation to the foreign corporations for the “expected future profits” they surmise would be inhibited by the challenged policies.
Over at Montana Moogirl, this post lamenting how the architect of Montana’s disastrous energy deregulation is still holding forth at the state capitol does include the parenthetical acknowledgment of the three Democrats it took to get this boondoggle pushed through. And that’s good, because a true reading of history must include Democrat complicity in the wholesale sell-out of American labor to corporate interests.
And Democrats are at it again with the secret TPP talks, the latest barrage of trade negotiations that will undoubtedly be the final nail in the coffin for our national sovereignty if fast-tracked into existence. Any illusions that we live in a Democracy will vanish once the true scope of what’s being negotiated starts percolating into the dim consciousness of the American populace.
But by the time that happens, it will already be too late.