Left, right and left out

On so many issues related to the state of our economic recovery, current notions of liberal and conservative don’t seem to apply.

For example, should we allow a real free market to work in our financial system?

Should we crack down hard on those Wall Street bankers who broke the law?

Should companies that want to foreclose on property have to follow the law?

If you’re in favor of real financial free market, tough law enforcement and following the law, are you conservative or liberal, left or right?

What you are is in the majority, and the most important political designation in the U.S. in 2012 – left out.

Your views are reflected only rarely in the political debate at all and never in the presidential debate. Sure, President Obama has repeatedly promised to get tough on Wall Street, most recently in the state of the union in January, but based on the results, those promises have little credibility. President Obama preaches for an activist role for government with the occasional populist flourish, but that impulse wilts if Republicans or campaign funders show the least resistance.

His opponent, Mitt Romney, considers any crackdown on Wall Street an affront to the beloved job creators to whom we should all be bowing down – even if they don’t actually use their wealth to create any decent jobs.

What we get instead of a real debate on how to get an economy that works for ordinary folks is a faux argument over the role of venture capitalist tycoons, between the candidate who used to be one and our president, who has relied on them a key source of campaign funding as much as Romney has.

What we get is the fiscal cliff drama about whether or not to shut down the government.

What we get is each side offering scary versions of what the other will do.

What we get are Mitt Romney’s assurances that if we just get the regulators out of the way, the wealthy job creators will get to work, regardless of whether anybody can afford to buy their products.

What we get is the president’s half-measures and handwringing. But it’s all political theater that doesn’t replace real jobs, real plans to revive housing and keep people in their homes and real accountability for bankers. It doesn’t replace a real debate about the role of big money in overshadowing those issues in our elections. Right now, both sides have left those out of their campaigns.

Politics is a team activity and our natural tendency is to root for our guy, downplay his flaws, and point out how much worse the other guy would be. But this election should not just be rooting for our team and beating the other guy. It should not be about rooting for our guy we’re so hyped up about how scary the other guy is.

It should be about who is willing to confront the big money, not bend to it.

It should be about who can really get people back to work, keep us in our homes, guide an economic recovery that’s not just for the wealthiest.

We should demand that we’re more than just a rooting section for our team, that our bread and butter concerns are not left out.

 

 

 

Obama and Romney share bed with a monster

How’d you like your own private court, tilted in your favor, where you could take your complaints against the government?

Pretty sweet deal, huh?

That’s exactly what a bunch of corporate lobbyists are setting up in secret right now, under the guise of negotiating a massive new trade agreement called the Trans-Pacific Partnership.

And this slimy secret deal is being pushed by the Obama administration.

It’s a complete betrayal by President Obama, who as a candidate campaigned strongly against previous secret trade agreements, like NAFTA, that cripple government’s ability to enforce their  own worker safety, environmental, public health or financial regulation. In an effort to distinguish himself from his primary opponent, now Secretary of State Hilary Clinton, the president said: “Ten years after NAFTA passed, Senator Clinton said it was good for America…Well, I don’t think NAFTA has been good for America — and I never have.”

As a candidate in 2008, President Obama also said: “We can’t keep passing unfair trade deals like NAFTA that put special interests over workers’ interests...”

Since he became president, he’s signed trade agreements with South Korea, Panama and Colombia. But the TPP, which includes along with the U.S, Australia, Brunei, New Zealand, Singapore, Chile, Peru and Vietnam, and Malaysia, is the first trade deal created solely on President Obama’s watch. And it’s being concocted just like previous trade negotiations: with the corporate lobbyists firmly on the inside and the rest of us, as well as our elected representatives, shut completely out.

If you’re waiting for the Republicans to raise a stink, don’t hold your breath.

Mitt Romney has already said the Trans-Pacific agreement should be pushed through as quickly as possible. The Republican presidential candidate’s support for TPP is also a foul betrayal  – of all the free market principles he supposedly holds so dear.

Last week, Public Citizen’s Global Trade Watch ripped the cloak of secrecy that surrounds the TPP when it got hold of a document that detailed the secret court and leaked it.

I wrote about the dangers of the TPP back in April, calling it a “free trade Frankenstein,” a monster that in fact is not free and has nothing to do with trade. It should be called a “corporate bill of rights” that grants big business all kinds of special privileges to stomp on the rights enjoyed by the rest of us.

Lori Wallach, Global Trade Watch’s executive director, compared the TPP to another monster, one that also flourishes in the dark.

Wallach told Democracy Now that “these agreement are a little bit like Dracula. You drag them in the sunshine, and they do not fare well. But all of us, and also across all of the countries involved, there are citizen movements that are basically saying, `This is not in our name. We don’t need global enforceable corporate rights. We need more democracy. We need more accountability.’ ”

Wallach pointed out that under similar provisions in NAFTA, special “trade courts” have forced governments have paid out $350 million to corporations which claimed to have been wronged by a variety of zoning laws, bans on toxic materials and logging regulations.

Shame on President Obama for reversing himself and hatching this monster in the dark. Shame on Governor Romney for slithering into bed with it so cozily as if it was a beauty queen he couldn’t resist.

The time to stop it is now.

The way these trade deals work is that the administration jams it through Congress with no debate allowed on its various provisions, only an up or down vote.

Does this sound anything like democracy?

Ironically, the TPP “negotiations” resume the 4th of July weekend at the Hilton Bayfront in San Diego.

If you’re in the neighborhood, stop by and suggest that the “negotiators” should do their patriotic duty and deliver the wretched mess where it belongs – to the nearest toxic waste dump.

If you’re elsewhere, let your congressional representative know you won’t be fooled by “free trade” anymore, and neither should they.

We know a monster when we see one.

 

King of the Hill

Though we need to wait until November to find out who the next president will be, we already know who the king is.

That would be JPMorgan Chase CEO Jamie Dimon, who got the regal treatment from the Senate Finance Committee this week when he was called to testify about the disastrous trades that has cost his firm more than $3 billion so far and reduced the firm's market value by $27 billion.

You know, the trades that Dimon originally dismissed as a “tempest in a teapot.”

Which gives you some idea of the teapots that President Obama’s favorite banker can afford. President Obama has particularly close ties to the bank: JPMorgan’s PAC was one of the top donors to his 2008 campaign, offering more than $800,000, and the president’s former chief of staff, William Daley, was a top executive there.

Dimon is equally popular on Capitol Hill. Instead of a grilling him about his failure to take action for months after questions were raised about the strategy surrounding the failed trades, most of the senators treaded lightly.

Instead of scrutinizing the foreclosure fraud and failure that led to JPMorgan’s $5.3 billion share of a $26 billion settlement with state attorneys generals, several senators took the opportunity to offer Dimon a platform to continue his campaign against regulation of Wall Street, including modest reforms like the Volcker rule which many say could have prevented the JPMorgan loss – had it been in place.

For his part, Dimon denied that he knew anything, took some vague responsibility and minimized the losses as an isolated event.

The route to traditional royalty is through birth or marriage. Dimon won his political crown through another time-honored path – he bought it. Most of the senators he faced had benefited from the generosity of his bank’s campaign contributions. As the Nation’s George Zornick reported, the senators had received more than $522,000 from JPMorgan, about evenly split between Republicans and Democrats.

The staff of the Finance Committee and JPMorgan are connected through a web of revolving door contacts. The banking committee’s staff director is a former JPMorgan lobbyist, Dwight Fettig. One of the banks’ top lobbyists is a former staffer for banking committee member Sen. Chuck Schumer, while three of its outside lobbyists used to work for the committee or one of its members.

J.P. Morgan has pummeled Congress and regulators with more than $7.6 million worth of lobbying in an effort to get banking rules written to favor the bank.

The king’s appearance before his subjects on the Senate Finance Committee was a powerful demonstration, for those who still need it, of just how little of the spirit and the practice of real democracy remains in an institution that is supposed to embody it.

If our representatives were truly beholden to us, rather than to Dimon and others with large supplies of cash to dole out, his testimony would have had a starkly different tone.

He has a lot to answer for. So do those who let him off so easy.

And it’s not just Dimon that the senators have failed to oversee. While bankers’ profits are back, the banking system is still broke.

If those senators were serving us, rather than serving as lapdogs to bankers, Dimon and other Wall Street monarchs might be looking at prison cells, not red carpets.

 

Where have all the task forces gone?

President Obama announced a new task force today to investigate the disappearance of the mortgage fraud task force he appointed earlier this year as well as another one he appointed in 2009.

“When duly appointed task forces vanish into thin air without a trace, this administration will not accept it,” the president said. “We expect this new task force, which will be called the Task Force Task Force, to move forcefully to accomplish its task.”

The Task Force Task Force’s mission will be made easier, the president said, because he appointed as one of it’s co-chairs the New York state attorney general, Eric Schneiderman. The New York state attorney general was also appointed co-chair of the mortgage fraud task force, which has not been seen or heard from since the president announced it during his State of the Union speech January 24.

Schneiderman said he would move “quickly” to interview himself as soon as he had a chance to familiarize himself with the circumstances of the disappearance of the mortgage fraud task force.

“We will get to the bottom of this,” Schneiderman pledged.

To show his seriousness, the president said he was reconvening the band of Navy SEALS who worked on the mission to find and kill Ban Laden in Pakistan, and putting them at the service of the Task Force Task Force. “When a group of American citizens go missing in the service of their country, we take it very seriously,” the president said. “One task force vanishing is bad enough, but two?”

Schneiderman refused to be pinned down to a timetable for the investigation. He also refused to comment on his previous insistence that he would “take action” if the mortgage fraud task force was stymied.

Schneiderman also refused to answer specific questions swirling around the mortgage fraud task force, such as why the entire mortgage fraud task force had a mere 50 lawyers when the Enron task force, convened to investigate a previous financial scandal involving a single company, had more than 100 lawyers working on it and why the mortgage fraud task force apparently still doesn’t have office space.

Schneiderman acknowledged that there are some mysteries that may be too deep for the new task force to unravel.

Was the mortgage fraud task force, aka the Residential Mortgage-Back Securities Working Group, actually a part of the earlier Financial Fraud Task Force, established November 17, 2009? Was the mortgage fraud task force actually something new, or just a PR offensive that amounted to nothing more than a repackaging of already existing efforts?

Though U.S. Attorney General Eric Holder has touted the administration’s efforts in going after financial fraud as nothing less than “historic,” the administration has yet to bring a criminal prosecution against a single major executive of a too big to fail institution. Some have questioned whether the president, who received more money from Wall Street than his Republican opponent, John McCain, really has any desire to hold Wall Street executives accountable for their actions.

Schneiderman’s investigation into the vanishing task forces may lead him right into the Oval Office to the man who appointed them.

A month before President Obama announced his new mortgage fraud task force in the State of the Union speech, the president told 60 Minutes, “Some of the most damaging behavior on Wall Street — in some cases some of the least ethical behavior on Wall Street — wasn’t illegal. That’s exactly why we had to change the laws.”

 

 

President aims to take the money and run

Here’s what President Obama wants you to believe about his relationship to the Supreme Court’s Citizens United ruling and the toxic torrent of corporate cash polluting our politics: “it’s complicated.”

In their ruling, the justices determined that corporations had a free speech right to anonymously contribute as much as they wanted to third-party political action groups that worked in support of candidates, as long as those PACs had no formal connection to the candidate.

On the one hand, the president blasted the court’s ruling less than a week after it was issued, with the justices seated right in front of him, in his January 2010 State of the Union speech, for opening “the floodgates for special interests – including foreign companies – to spend without limit in our elections.”

On the other hand, his campaign decided two years later to “level the playing field” with Republicans and encourage Super PAC support for the president, by allowing cabinet members and senior White House officials to cooperate with a Super PAC that supports their boss.

On yet another hand, the president insisted he would support a constitutional amendment to undo Citizens United.

And on yet still another hand, when the president had the opportunity to actually do something to shed some sunlight on the secretive stash of corporate donations unleashed by Citizens United, by issuing an executive order requiring government contractors to reveal all their political spending, he balked.

When you follow the president’s actions, rather than listen to his words, it’s not complicated at all.

The president and his Democratic Party colleagues are determined to “take the money and run.”

For nearly a year, President Obama had floated the idea of issuing an executive order requiring government contractors to disclose all their political contributions – including contributions to PACs and organizations like the US Chamber of Commerce – when they submit a bid.

The biggest contractors, for the most part, are defense contractors like Lockheed Martin, which smother the politicians in contributions to keep the weapons contracts flowing. In the 2012 cycle, Lockheed’s PAC has spent more than $2 million in contributions that we know of, 59 percent to Republicans and 41 percent to Democrats.

Its contributions go beyond an attempt to win a single weapons contract. What they and the other contractors have been able to do is to purchase the country’s entire debate over defense spending, so that few of our representatives ever raise a peep about whether the expensive defense systems are necessary.

Republicans howled at the President Obama’s proposal, accusing him of attempting to politicize the bidding process. President Obama wanted to know who had made the contributions, the Republicans charged, so he could award bids to the highest-contributing bidders.

While President Obama stewed, the Republicans passed measures in May 2011 to block[m1]  an executive order if it was issued.

The venerable Public Citizen organization made a suggestion that would sidestep the Republicans’ stated objection.

Why not, Public Citizen said, limit the disclosure requirement to the winning bidder?

But the president backed off – either because he didn’t want a fight with Republicans or because his fundraisers reminded him he had a tough campaign ahead and the little people they dote on with their solicitation emails weren’t going to be able to foot the bill.

On the most critical issue facing our political system, the president of the United States is incapable of leveling with the American people.

President Obama may want to do the right thing, but he is trapped in a system controlled by big money that is bigger than he is.

The first step to fight back against that system won’t come from Washington. It will come from building a grassroots movement to undo Citizens United. Read more about it, and our proposed constitutional amendment, which is easy to understand and will withstand any legal challenge, here.

 

 

Confessions of a Conflicted Occupier

When the LAPD stormed into Los Angeles City Hall Park after midnight my first reaction was fear.

They flooded into the park without warning through the doors of City Hall, a massive masked army in riot gear, batons raised.

Where was our order to disperse?

The raid was just the latest deterioration in the city government’s relationship with Occupy. First they welcomed us with open arms, the City Council invited us to stay, the police stood by with commendable restraint. Then, six weeks in, City officials launched a propaganda campaign stressing the problems of the encampment. The campaign was designed to erode public support, making it imperative that they move in.

I was in the park that night in solidarity with a movement for which I have great hopes, and somesgivings. Partly, it’s me. I’m not by nature a joiner. I spent years as a newspaper reporter and editor, doing my best to conceal my biases and not take sides.  By temperament as well as training, it’s natural for me to see both sides of an issue and poke holes in arguments, rather than come up with solutions. I’m better at asking questions than having to come up with answers.

But after eight years of disastrous policies during the Bush era, and severe disappointment with President Obama and the Democrats’ embrace of Wall Street, weak financial reform and tepid leadership in focusing on the main problems facing the economy – unemployment, foreclosure, widening income disparity and attacks on the middle class – I was more than ready for a movement that wanted to focus on those problems.

My wife and I visited Zucotti Square a week into Occupy Wall Street and were buoyed by people of all ages who had showed up from all over the country to figure out how to work together to deal with the issues. When I first head the human mic, in which the crowd repeats everything that a speaker says, phrase by phrase, I thought I had stumbled into a street theater performance. It took me a few minutes to realize that this was a meeting, the general assembly.

The next night, back home in downtown Los Angeles, we walked our dog Billie through the park at City Hall. Occupy needs to be happening here, I said, and it should be at City Hall.

A bunch of activists I didn’t know at the time was way ahead of me: they had been organizing for a couple of weeks. That very night, when we got home from our walk, the announcement that Occupy LA would begin the following day appeared on my Facebook page.

The next morning a thousand people marched from Pershing Square to City Hall, and a hundred of them set up tents.

I have a schizophrenic relationship to Occupy. The charms of the General Assembly have eluded me. All the crazy talk—like proposals to get money from the City to build a giant flower pot, complete with giant flower, on the grounds of City Hall, in which people would live. This scheme was met by an objection— a hard block. But the objector never questioned the sanity or practicality of the proposal; rather they had ideological issues with taking money from the Man aka the City. When the talk wasn’t bonkers, it was endless. I could also see conditions at the camp were deteriorating, with more and more people camped out to party and smoke pot, not to build a new social and political movement. Sometimes the wild mess of people was bracing and inspiring, but sometimes it was just heartbreaking.

One of the first nights I was there a guy pulled up with a card table and a pot of chili and started ladling it out. It was some of the most delicious chili I ever tasted. I got inspired and started making pots of vegan lentils and black beans to take to the camp. But then I would get another whiff of the increasingly squalid conditions in the camp and want it gone. Can’t the movement just evolve to the next step in which camping out would no longer be its most visible image and most important product?

I refused to make them soup, but then my wife, Stacie Chaiken, who helped organize an interfaith clergy group at Occupy, would give me a hard time and I would go back to making soup.

I saw what the Occupy meant to her, how she understood it in a way that went beyond the encampment and the endless meetings. I saw what it meant to my friend, a special-ed teacher, who has been in despair watching the corporatization of public education. I made new friends at Occupy who had a much higher tolerance for the mess and the meetings, who found at Occupy connections to other people and pieces of themselves that had been for such a long time missing.

I fell in with a group that was meeting with City officials, initially about logistics, and then about an attempt to conclude the encampment at City Hall, with the possibility that the City might turn over a patch of land and some office space to a nonprofit created by Occupy. The discussions eventually came to naught, in part because neither the City nor our group could deliver. Controversy erupted because a faction of Occupiers who have not been involved in the talks with City officials objected to our engaging in “secret” discussions because that went against the Occupy principle of complete transparency. If the Mayor and Police Chief wanted to talk to us, they should come to the General Assembly and get on stack, meaning they should wait in line like everyone else for their turn to speak.

Maybe those who objected were right. But I strongly doubt that City and police officials would have showed up at the General Assembly to discuss issues with—and submit to the verbal slings and arrows of the Occupiers, as many of them wished. And I found the discussions with the Police and Mayor’s office a fascinating experiment, very much in keeping with the open-ended spirit of Occupy. The conversations also served to prolong the Occupation at City Hall Park long after it would have doubtless have been shut down.

The night of the raid, there were about 100 people who had decided to get arrested in acts of civil disobedience. They were all people who had been trained in non-violence. I was not one of them. When the police arrived in their shock and awe attack, I was right in the middle of the park. I scampered through the maze of tents, out of the park onto to First Street. I encountered a police line, and asked the officers—wearing helmets, carrying weapons of non-lethal destruction—how I might safely exit the perimeter. They stared at me, stone-faced.

I told the police that if there were orders being given, we couldn’t hear them. Rumors swept through the street that everyone within the perimeter were about to be arrested.

Finally I made my way up Main Street to Temple, across the Triforium and down onto Los Angeles Street. I was able to walk west on Second Street, where I found my way to the Redwood for a stiff drink before last call at 2am, where I watched the rest of the proceedings broadcast live on KTLA.

I didn’t like the way it went down that night. It was inconsistent with the LAPD’s previous restraint and with the respect the City had expressed for this important free speech movement. After I got over my initial fear, I understood why the police—in their fear of potential violence from antisocial people in the encampment— reacted in the way they did.

None of this qualifies me for the Occupy Hall of Fame. Unlike some of those I’ve met in this movement, I don’t claim to have all the answers.

I do have more questions:

Has the Occupy movement really changed the national debate, as some occupiers have claimed, or has it taken a first baby step onto the national stage? Yes, I hear the president’s populist-sounding speeches, but I have yet to hear him propose a massive jobs program or even an adequate program to address foreclosures, let alone withdraw his support from the disastrous focus on austerity instead of getting the economy going.

Is this really a movement of the 99 percent, or is it a movement of the self-selected few—activists, anarchists, bohos, hippies and others who can camp on the lawn for weeks at a time, and stand through a General Assembly?

Should the heart and soul of a movement really be that endless meeting? The General Assembly seems more like a necessary evil than a true solidarity-building exercise. How about some dancing, or singing or poetry, or praying?

Can this movement evolve beyond the symbolic taking of public space and public debate into a forum we so badly need, to including a broader spectrum of people, that can take on the bread-and-butter issues of the distressed majority?

Where is the path out of City Hall Park into the heart of the City?

 

 

 

 

 

 

Occupy the Supercommittee

Well they can’t ignore income inequality anymore.

Thank you Occupy Wall Street.

But despite the faux populist tone and understanding emanating from the White House, I’m not convinced President Obama or the rest of our politicians are getting the message.

If they were getting it, they wouldn’t be continuing to pursue policies that place the costs of our continuing economic crisis squarely on the backs of the 99 percent, while the 1 percent uses their political clout to avoid any inconvenience.

For example, the Obama administration has allowed California to cut hundreds of millions of dollars to Medi-Cal, which provides health care to the state’s poorest residents.

If the president’s party was getting it, the Democrats on the so-called Super Committee wouldn’t be pursuing a host of draconian cuts including $3 trillion in cuts to federal health care programs as part of a so-called “grand bargain,” along with some modest tax increases for the country’s wealthiest, you know “job creators,” who are just chomping at the bit to stop outsourcing jobs as soon as they cut yet another tax cut.

As for the Republicans, they’re maintaining the position that their corporate and Wall Street benefactors should have to pay fewer taxes, while the rest of us should get along with less.

I don’t know who these politicians think this bargaining is so grand for, certainly not the 99 percent.

They talk gamely about having “skin in the game” as though they’d be doing the suffering as a result of their proposed cuts. Meanwhile, the House members of the supercommittee did exceptionally well in their service during the third quarter, raking in nearly $372,000 in fundraising from the nation’s financial sector.

This disreputable bunch have turned what is supposed to be a serious democratic process into a demonstration of what our legislature has become – an auction where the government is for sale to the highest bidder, behind closed doors.

As the weather gets frostier in the nation’s capital, the Occupy movement might want to consider the supercommittee’s digs as someplace to get in out from out of the cold.

What's Plan B For Jobs?

That’s the big question after the Republicans, true to their word, killed President Obama’s $447 billion jobs proposal.

In response, the president has pledged to break up his plan, which is already too small to significantly reduce unemployment, into even smaller chunks that the Republicans might swallow. It’s hard to find anybody who believes that’s a serious plan to put a dent in unemployment.

The only job the president seems to have a clue about preserving is his own, continuing to raise campaign cash at a record-breaking pace, raising $70 million for his own and Democrats’ reelection.

Meanwhile Republicans pursue their own single-minded agenda to enhance corporate power and their own – destroy President Obama, reduce taxes and cripple government regulation.

Unfortunately for Republicans, when you look at the facts, regulations don’t turn out to be much of a threat to jobs after all

The only legislation the two parties agree on are a handful of NAFTA-style trade agreements that most Americans fear will only lead to more outsourcing.

Where does that leave the 99 percent?

Out in the street.

That’s where they’ll be across the country and the globe today, to register their frustration with a political and financial elite whose actions created persistently high unemployment, plummeting home values, social service cutbacks and a world of growing economic uncertainty.

As OccupyLA states on its web site, “We have been giving away our representation to people who do not deserve it …”

Check here for a list of demonstrations around the world.

 

 

Consumer Protection Only Wall Street Could Love

When it comes to finding someone to head the Financial Consumer Protection Bureau that opened its doors this week, the Republicans remind me of that Groucho Marx bit: “Whoever it is, we’re against them.”

The Republicans have a pretty straightforward position:  they’ve made it clear they’ll only be satisfied with one kind of financial consumer protection agency: one that’s dead, buried and incapable of causing the big banks any trouble.

Meanwhile, President Obama is caught between his promises to create a powerful new agency to rein in Wall Street and his need to raise $1 billion to fuel his reelection campaign.

So the president dissd the highly articulate Elizabeth Warren, who came up with the idea for the new agency and who has been a down-to-earth, no-nonsense advocate for consumers for decades, in favor of the former Ohio attorney general, Richard Cordray.

Republicans don’t like Cordray, who enjoys a decent enough reputation any more than they liked Warren. Obama could have waged a political popular fight in favor of Warren and real protection but he didn’t.

How come? On the one hand President Obama would prefer not like to see one of the signature achievements of his financial reform effort strangled in its crib.

On the other hand Wall Street doesn’t like even the whiff of anybody   implying that the bankers might take advantage of their customers let alone anybody actually trying to do something about it.

Based on his weak negotiating efforts so far, Obama and the Democrats are perfectly capable of accepting some form of the proposal offered by Sen. Jim Moran, R- Kansas, which would turn the real power over the CFPB to a committee, preserving consumer protection in name only. Obama and the Democrats can run on that with the same gusto the president is pretending that the faux financial reform actually reined the Wall Street fraud and excess that led to the 2008 financial collapse and bailout.

Democrats and Republicans are competing hard, less for the affections of voters and more for the mountains of cash beckoning to them from Wall Street and corporate coffers.

In calculating whether to keep their promise to protect consumers or whether to bend to Wall Street, the president and the Democrats know that the Democratic voters have no other place to go right now; they are unlikely to swing to the “We’re against it” party even as much as Obama disappoints them

But Obama and the Democrats know Wall Street, which was generous to them in 2008, does have a choice. The Republicans are wooing Wall Street hard, though the Republicans’ knuckleheaded stance on the debt ceiling makes them look more like surly juvenile delinquents than a party with an interest in actually governing.

Time will tell whether the Democrats or the Republicans will actually allow the new agency to do real consumer protection or if they will thwart the majority’s will in favor of Wall Street’s.

 

 

While Country Suffers, Politicians Rake it in

While our politicians tell us the country is broke, they themselves are doing fine.

In the midst of debt ceiling hysteria, President Obama and the Democrats bragged they’d raised an eye-popping $86 million so far for his presidential campaign.

The various Republican candidates who have reported their cash have raised about $35 million so far, but it’s early yet.

Meanwhile the Republicans oppose any revenue-raising or loophole-closing that would be favored by a majority of Americans. Republicans continue to insist that increased taxes on the wealthiest would be job-killers, even though there’s no evidence to support their position.

For his part, President Obama, in an effort to appease Republicans, offered up a variety of cuts to Social Security and Medicaid that would be opposed by a majority of Americans.

Cutting services for those that need it most is what Obama calls “shared sacrifice,” though no one who could actually afford it is actually being asked to make any sacrifices.

As to the major challenges facing the nonrich – joblessness and foreclosure – those are beyong the skill and imagination of our leaders to grapple with.

The Republican strategy seems to be standing pat in the belief that the president will eventually cave in.

The president’s strategy appears to be to tie the aged, poor and vulnerable to the train tracks and then blame the Republicans when the train runs them over.

President Obama’s campaign manager, Jim Messina, was proud that most of the $86 million was coming from small donors. I don’t doubt that a big chunk of that money comes from people who are justifiably scared stiff of turning the country back over to the Republicans, who never complained about the deficits when the previous occupant of the White House when he was running them up.

I understand the big donors. They get access and influence. But do the small donors have any influence? Do these small donors really believe that having the aged and infirm give up a chunk of their security amounts to sharing sacrifice? Can they make their voices heard along with their $5 donations? Or do they just have to go along with the president and the Democrats and whatever deal they make?

On Saturday morning we got news that the president would not appoint the stalwart consumer advocate to head the agency she dreamed up to protect financial consumers, and which she has been working to set up.

I wonder whose interests the president was thinking about when he made that decision – his Wall Street and corporate donors or those small donors his campaign manager was bragging about?