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If there were ever a politician for our time, the second and more egregious gilded age, it should be Elizabeth Warren. She INVENTED the Consumer Financial Protection Burueau! She has studied the big banks and Wall Street for decades! She knows how they operate better than anyone on the planet. She is the Teddy Roosevelt of our time, but are we smart enough to elect her?
NYT comment from Gustav Durango on Jan. 28, 2019
Win or lose, Elizabeth Warren will bring the lion's share of ideas to this presidential season. It's one to say that you support a trendy concept, but it's quite another to have thought through the implications of your proposals - and be prepared to first defend, and then implement them. Warren is, and will be - from Day 1. We shouldn't settle for "hope and change" this time; we need a President in 2021 capable of thinking her way through a maze of societal problems, and unafraid to passionately, untiringly champion her preferred option.
NYT comment from Matthew Carnicelli Brooklyn, NY on Jan. 28, 2019
I lost A LOT of respect for her when she pulled back her comment about the primary being rigged, her constant lying campaign for decades about being a native (she contributed to a recipe book called pow wow chow, where she claimed to be Cherokee), and her approval of Trump's military budget with more money than trump even asked for.
Elizabeth Warren is a progressive with no backbone who supports the military industrial complex.
"The consequences of this enormous inequality producing so much misery to the bulk of mankind, legislators cannot invent too many devices for subdividing property... Another means of silently lessening the inequality of property is to exempt all from taxation below a certain point, and to tax the higher portions of property in geometrical progression as they rise."
- Thomas Jefferson, October 28, 1785
As you probably know, since December 1, 2018, the left-leaning politician was elected in Mexico in the person of López Obrador. Hi movement Morena has the majority in the Congress. He won by a landslide on an anti-corruption platform. I do not see the reasons why Warren can't repeat this success. If you think about alternative, you need to think twice: Sanders proved to be a fraud in 2016 elections -- he folded way too easily (and the impression was that he is not fighing Hillary as much as simply promoting his platform and waiting where to fold). Kamala Harris is ruthless (she really looks like a prosecutor who can indict a ham sandwich); she is clearly corrupt establishment candidate, yet another neocon warmoger that is essentially "Hillary light". She bought Russiagate hook, line and sinker. Civility actually is a really important element of politics, and Kamala definitely lacks civility. Tulsi Gabbard probably will be eliminated by MIC on early stages.
Actually "anti-corruption" platform is well researched by the US intelligence agencies election platform and it is often used for organizing color revolution in other countries. As we know intelligence agencies represent an influential political player in the USA presidential elections now. If not the kingmakers (like Praetorian Guard in Roman empire), they are definitely something like the third ( "inner" in terms of Orwell 1994) political party and their support of Warren can be decisive.
As Clinton wing launched a color revolution against Trump, the USA now is not a newcomer to using color revolutions mechanisms as a political tool. I do not see why this some Gene Sharp recommendation can't be implemented by Warren in her 2020 race against Trump -- who is a perfect opponent for any anti-corruption crusader. He can be buried with Trump University scam alone, if the cards are played right.
A fear that the anti-corruption candidate against will lead to defeat of Trump in 2020 is visible in Trump recent speeches too. In a way Trump is an ideal political sparring partner for any anti-corruption candidate. Again, just the story of Trump university ( a classic "bait and switch" scheme) if properly revived can so a real damage (hint -- he settled the NY lawsuit for 25 million).
|Just the story of Trump university ( a classic "bait and switch" scheme) if properly revived can so a real damage (hint -- he settled the NY lawsuit for 25 million) can sink Trump|
While Trump get some boost due to Mueller report, the effect of this might not last until November 2020 and may be overshadows by trade war with China or invasion of Iran or Venezuela that neocon advisors like Bolton and Pompeo pushing the county into. As if costs of Iraq and Afghan wars are not enough. Some estimates are between 1.6 trillion and 5 trillion dollars Time
A truer measure of the wars’ total costs pegs them at between $4 trillion and $6 trillion. This fuller accounting includes “long-term medical care and disability compensation for service members, veterans and families, military replenishment and social and economic costs,” Harvard economist Linda Bilmes calculated in 2013.
The Pentagon and its civilian overseers don’t like to talk about war costs, either before or after the shooting. That’s because a high price tag beforehand acts as an economic brake, making war—assuming that’s the goal—less likely. The nation may no longer draft soldiers, but when it wages war it has to draft dollars (borrowed or otherwise). Far better to try to sell a war with a low-cost estimate to mute possible public opposition.
And Warren is a more formidable opponent for Trump in this area that those two weaklings of 2016 Presidential race: Marco Rubio and Ted Cruz (The Sad Story of Trump 'University' ):
I don't know anything about starting a university, and that was a fake university," Rubio said as Trump repeatedly tried to interrupt him. "There are people who borrowed $36,000 to go to Trump University, and they're suing now. $36,000 to go to a university that's a fake school. And you know what they got? They got to take a picture with a cardboard cutout of Donald Trump."
"I've won most of the lawsuits," Trump protested.
Cruz also got in on the act. "You know, Marco made reference earlier to the litigation against Trump University. It's a fraud case. His lawyers have scheduled the trial for July," he said. "I want you to think about, if this man is the nominee, having the Republican nominee on the stand in court, being cross-examined about whether he committed fraud. You don't think the mainstream media will go crazy on that?"
Friday morning on NBC's Today, Rubio kept the heat on Trump for his "fake school." "You have a guy who is being sued right now for fraud for Trump University," said Rubio. "I've had stories written about my driving record."
Warren really has teeth in this area and Trump will feel very uncomfortable in any debate that raises this topic.
Republican field right now is empty and contains only weakened and vulnerable Trump compromised by his neocon cabinet members such as Bolton and Pompeo and who managed to betrayed all his major elections promises and like another king of "bait and switch" maneuver -- Obama can count only of pure lack for his reelection. So the situation of Trumps vs. universally hated neocon warmonger Hillary Clinton can be repeated on new level with Warren vs. Trump. And Warren is more compatible with the Democratic Party then Trump was with the Republican party at the time of his election campaign. She can inherit large part of Bernie bros and part of blue collar voters that previously voted for Trump (I think entering the race by Sanders this time was a huge mistake). As Trump can't to rely on attracting anti-war voters he will be further weakened. In a way he might represent "Hillary" in the upcoming elections, an easy target. The only scenario that can help Trump is the repetition of Romney vs. Obama scenario, when the other candidate would represent financial oligarchy (universally hated private equity sharks in case of Romney).
Right now Elizabeth Warren is a clear leader among candidates that can offer to the US people some meaningful improvement of the standard of living and at least a little bit suppress the current pace of enrichment of the financial oligarchy. In financial area she has more concrete proposal then Sanders. She might be a meaningful improvement over Trump, who completely discredited himself both in domestic and foreign policies, effectively betraying his electorate in both. Such a Republican Obama.
Her message about predation of financial oligarchy is well received by most US citizens and is to the point. Her ideas about tax reform are also a welcome change from Trump machinations. As the leading consumer advocate in the Senate and Wells Fargo's toughest critic, Warren is well positioned here to take on potential Democratic rivals, especially on two new establishment candidates Sens. Kamala Harris of California and Cory Booker of New Jersey.
She can use Teddy Roosevelt's anti-corruption and environmental speeches in he campaign. I think he is one Republican completely disowned by the current Republican Party. As such Warren has strong appeal toward moderate republicans, who resent the power of Wall Street.
And while each of Warren's Democratic rivals has a unique set of policy issues, none of them is as well versed in how the economy. for example Tulsi Gabbard anti-war stance is weakened by her clear lack of any meaningful experience with the domestic economy and it problems. In US Presidential election are mostly about the domestic issues. At least they matter most and that gives Warren tremendous advantage over rivals. None of them are even close to her level of understanding of the US economy and problem with financial oligarchy.
Sen. Elizabeth Warren already owns two key issues that might shape the 2020 presidential race:
Trump's breaking of all his major election promises have left Trump voters disillusioned, and Warren might be able to attack part of the voters which voted for Trump in 2016.
But on foreign policy, Warren's vision was called "Trumpism with a human face," by Daniel Drezner of Tufts University. He says Warren's "simplistic take on globalization contrasts sharply with her more sophisticated take on markets." Elizabeth Warren owns two policy issues in the 2020 presidential race
The material below was adapted from Christina Wilkie article Elizabeth Warren owns two policy issues in the 2020 presidential race
|"The consequences of this enormous inequality producing so much misery to the bulk of mankind, legislators cannot invent
too many devices for subdividing property... Another means of silently lessening the inequality of property is to exempt all from
taxation below a certain point, and to tax the higher portions of property in geometrical progression as they rise." - Thomas
Jefferson, October 28, 1785.
"An enormous proportion of property vested in a few individuals is dangerous to the rights, and destructive of the common happiness, of mankind; and therefore every free state hath a right by its laws to discourage the possession of such property." - Benjamin Franklin, July 29, 1776.
"All property ... seems to me to be the creature of public convention. Hence the public has the right of regulating descents and all other conveyances of property, and even of limiting the quantity and the uses of it." - Benjamin Franklin, December 25, 1783.
But more than a dozen of Trump's Cabinet appointees and top aides have left their jobs under due to investigations and scandals. Warren is uniquely deft at explaining the Trump administration's conflicts of interest and ethics problems in a way that's clear and easy for voters to understand and really hurt Trump.
Trump is "someone whose Cabinet appointees don't know about whatever the subject area they're supposed to be in charge of;" Warren said on MSNBC's "Rachel Maddow Show". She went on to decry "Cabinet officials who get caught for trading in stocks in the areas that they are supposed to oversee," and "Cabinet officials who don't even pay their taxes."
During a speech in August, Warren described one such official, Commerce Secretary Wilbur Ross, as a "cartoon version of a Wall Street fat cat, awash in financial conflicts, intertwined with Russian financial interests, suspected of swindling millions from his business partners and using his official position to pump up his fortune through shady stock trading." Ross has denied what he calls "unfounded allegations" against him.
Warren has also backed up her words with action. This fall, she introduced sweeping new ethics legislation, no doubt with an eye toward her 2020 campaign platform. The Anti-Corruption and Public Integrity Act would place a lifetime lobbying ban on former presidents and vice presidents, Cabinet secretaries, members of Congress and federal judges.
It would also require presidential candidates to release at least eight years of tax returns — Trump has refused to release any of his tax returns.
Another measure inspired by problem experienced with Trump business empire during his administration would require presidents and vice presidents to place some assets, including their real estate holdings, into blind trusts they have no control over them. Trump has refused to divest his interest in his family real estate business, and instead left his sons to run it while he is president.
Hammering Trump over his corruption and ethical issues might hurt Trump chances to attract the same percentage of independent voters. He already lost all anti-war right.
In December, Quinnipiac's large monthly tracking poll found that more than 60 percent said he does not share their values.
Few Democrats are better equipped than Warren is to turn this avalanche of scandals connected with Trump into election victory
Warren fit the bill, and the instrumental role she played in creating the Consumer Financial Protection Bureau helped make her into a sort of anti-Wall Street folk hero.
Ten years later, however, the economy has recovered, and the days of occupying Wall Street seem long gone. In this new political environment, Warren now seeks to occupy an economic middle ground, albeit one that's left of center, by emphasizing that it's the rules of the capitalist game that need to be changed, not the whole game (a la Bernie Sanders).Sen. Elizabeth Warren: Making capitalism work for all
"I am a capitalist," Warren told CNBC's John Harwood during an interview last summer. "I believe in markets. What I don't believe in is theft, what I don't believe in is cheating. That's where the difference is. I love what markets can do, I love what functioning economies can do. They are what make us rich, they are what create opportunity. But only fair markets, markets with rules. Markets without rules is about the rich take it all, it's about the powerful get all of it. And that's what's gone wrong in America."
Warren's argument that markets are good, but that markets need rules, also plays to her experience --- after all, she helped to craft many of the post-2008 era's banking and financial regulations.
A decade later, a new set of alleged corporate abuses tops the headlines, including Facebook's myriad data breaches, Wells Fargo's fake account scandal.
Warren is also a powerful voice for the rights of workers, another issue that's been amplified in recent years by wage stagnation, campaigns like the push for paid parental leave, and a renewed focus on work-life balance.
This fall, Warren introduced the Accountable Capitalism Act, which would require, among other provisions, that employees be given seats on the board of directors at some of the nation's biggest companies.
As a candidate, Trump promised to end America's participation in big multinational trade deals and expensive foreign wars. He betrayed his promises and that is the line of attack on Trump that will well resonate with the majority of voters. American people are tired of unending stream of the wars for preservation and expansion of the global neoliberal empire rules by the USA. The USA simply do not have enough resources to serve as a global policemen.
Still it looks like Warren shares Trump election time skepticism of the wars in Iraq and Afghanistan and supports the return of U.S. troops from both theaters.
In November, Warren wrote a major essay in Foreign Affairs magazine, where she described the Middle East as a "tangled mess," and concluded that "neither military nor civilian policymakers seem capable of defining success, but surely this is not it."
Warren, like "election time" Trump, seemed to favor withdrawal without an emphasis on longer-term strategic objectives.
Warren also shares Trump's belief that globalization, and especially the last few decades of U.S. trade policy, have failed the American middle class. In a way she is kind of "Hillary light" in foreign policy, a neoliberal candidates who tried limited reform of bank sector without understanding its connection to a larger problem of neoliberalism in this country.
But she breaks with Trump over who globalization's real winners are: For Warren, it's massive corporations and a tiny global elite. Trump, however, claims the real beneficiaries are America's adversaries (and occasionally its allies).
Warrens still has time and space to refine and amplify her policy platforms.
In Iowa last weekend, Warren essentially had the crowded Democratic primary stage to herself. But rather than drill down on policy, she made a sweeping pitch for change. "We can talk about a lot of these pieces, but I want to put an idea on the table," Warren said in Des Moines on Saturday. "And that is we need change, and not just one statute here or one law there. ... We need big structural change."
Elizabeth Warren has three major problems from my point of view
The main concern about her is that in case of winning she might turn out to be "Hillary light" in disguise of tax for the rich.
Warren was born Elizabeth Ann Herring in Oklahoma City on June 22, 1949, the fourth child of middle-class parents Pauline (née Reed, 1912–1995) and Donald Jones Herring (1911–1997). Warren has described her family as teetering "on the ragged edge of the middle class" and "kind of hanging on at the edges by our fingernails". She had three older brothers and was raised as a Methodist.
Warren lived in Norman until she was 11 years old, when the family moved to Oklahoma City. When she was 12, her father, a salesman at Montgomery Ward, had a heart attack, which led to many medical bills as well as a pay cut because he could not do his previous work. Eventually, their car was repossessed because they failed to make loan payments. To help the family finances, her mother found work in the catalog order department at Sears. When she was 13, Warren started waiting tables at her aunt's restaurant.
Warren became a star member of the debate team at Northwest Classen High School and won the state high school debating championship. She also won a debate scholarship to George Washington University (GWU) at the age of 16. She initially aspired to be a teacher, but left GWU after two years in 1968 to marry Jim Warren, whom she met in high school.
Elizabeth Warren and her husband moved to Houston, where he was employed by IBM. She enrolled in the University of Houston and graduated in 1970 with a Bachelor of Science degree in speech pathology and audiology. For a year, she taught children with disabilities who were enrolled in a public school. Her qualifications were based on an "emergency certificate", because she had not taken the education courses that were required for a regular teaching certificate.
The Warrens moved to New Jersey when Jim received a job transfer. She soon became pregnant and decided to remain at home to care for their child. After their daughter turned two, Warren enrolled in Rutgers Law School at Rutgers University–Newark. She worked as a summer associate at Cadwalader, Wickersham & Taft. Shortly before graduating in 1976, Warren became pregnant with their second child. After she received her J.D. and passed the bar examination, she decided to perform legal services from home; she wrote wills and did real estate closings.
The couple had two children, Amelia and Alexander, before they divorced in 1978. Two years later, Warren married Bruce
H. Mann, a law professor, but she decided to retain the surname of her first husband. She also has grandchildren.
Warren has said that as a child she was told by older family members that she had Native American ancestry, and that "being Native American has been part of my story, I guess, since the day I was born". Warren was criticized in 2012 for having listed herself as a minority in a directory for Harvard Law School. Opponents said Warren falsified her heritage to advance her career through minority quotas. Warren denied these allegations, and several colleagues and employers (including Harvard) have said her reported ethnic status played no role in her hiring. An investigation by The Boston Globe in 2018 found "clear evidence, in documents and interviews, that her claim to Native American ethnicity was never considered by the Harvard Law faculty, which voted resoundingly to hire her, or by those who hired her to four prior positions at other law schools."
Following a challenge by President Donald Trump to pay $1 million to her favorite charity if she could prove her Native American ancestry via a DNA test, Warren released results of a DNA test in 2018. It concluded that "while the vast majority of [Warren's] ancestry is European, the results strongly support the existence of an unadmixed Native American ancestor in [her] pedigree, likely in the range of 6–10 generations ago." The use of DNA to determine Native American heritage has been criticized by the Cherokee Nation as "inappropriate and wrong". During a 2019 public appearance in Sioux City, Iowa, Warren was asked by an attendee, "Why did you undergo the DNA testing and give Donald more fodder to be a bully?" Warren responded:
I am not a person of color; I am not a citizen of a tribe. Tribal citizenship is very different from ancestry. Tribes, and only tribes, determine tribal citizenship, and I respect that difference. I grew up in Oklahoma, and like a lot of folks in Oklahoma, we heard stories about our ancestry. When I first ran for public office, Republicans homed in on this part of my history, and thought they could make a lot of hay out of it. A lot of racial slurs, and a lot of ugly stuff. And so my decision was: I’m just gonna put it all out there. Took a while, but just put it all out there.
Warren discussing the work of the Consumer Financial Protection Bureau at the ICBA conference in 2011. During the late 1970s, 1980s, and 1990s, Warren taught law at several universities throughout the country while researching issues related to bankruptcy and middle-class personal finance. She became involved with public work in bankruptcy regulation and consumer protection in the mid-1990s.
Warren started her academic career as a lecturer at Rutgers University, Newark School of Law (1977–78). She moved to the University of Houston Law Center (1978–83), where she became Associate Dean for Academic Affairs in 1980, and obtained tenure in 1981. She taught at the University of Texas School of Law as visiting associate professor in 1981, and returned as a full professor two years later (staying 1983–87). In addition, she was a visiting professor at the University of Michigan (1985) and research associate at the Population Research Center of the University of Texas at Austin (1983–87). During this period, Warren taught Sunday school. Early in her career, Warren became a proponent of on-the-ground research based on studying how people actually respond to laws in the real world. Her work analyzing court records, and interviewing judges, lawyers, and debtors, established her as a rising star in the field of bankruptcy law. One of her key insights, according to Warren and economists who follow her work, was that rising bankruptcy rates weren't caused by prolifigate consumer spending, but by the attempts of middle-class families to buy homes in good school districts.
Warren joined the University of Pennsylvania Law School as a full professor in 1987 and obtained an endowed chair in 1990 (becoming William A Schnader Professor of Commercial Law). She taught for a year at Harvard Law School in 1992 as Robert Braucher Visiting Professor of Commercial Law. In 1995, Warren left Penn to become Leo Gottlieb Professor of Law at Harvard Law School. As of 2011, she was the only tenured law professor at Harvard who had attended law school at an American public university. Warren was a highly influential law professor. Although she published in many fields, her expertise was in bankruptcy and commercial law. In that field, only Bob Scott of Columbia and Alan Schwartz of Yale were cited more often than Warren.
In 1995, Warren was asked to advise the National Bankruptcy Review Commission. She helped to draft the commission's report
and worked for several years to oppose legislation intended to severely restrict the right of consumers to file for bankruptcy. Warren
and others opposing the legislation were not successful; in 2005 Congress passed the Bankruptcy Abuse Prevention and Consumer Protection
Act of 2005, which curtailed the ptcy.
From November 2006 to November 2010, Warren was a member of the FDIC Advisory Committee on Economic Inclusion. She is a member of the National Bankruptcy Conference, an independent organization that advises the U.S. Congress on bankruptcy law. She is a former vice president of the American Law Institute and a member of the American Academy of Arts and Sciences. Warren's scholarship and public advocacy combined to act as the impetus for the establishment of the Consumer Financial Protection Bureau in 2011.
Warren stands next to President Barack Obama as he announces the nomination of Richard Cordray as the first director of the CFPB,
On November 14, 2008, Warren was appointed by U.S. Senate Majority Leader Harry Reid to chair the five-member Congressional Oversight Panel created to oversee the implementation of the Emergency Economic Stabilization Act. The Panel released monthly oversight reports evaluating the government bailout and related programs. During Warren's tenure, these reports covered foreclosure mitigation; consumer and small business lending; commercial real estate; AIG; bank stress tests; the impact of the Troubled Asset Relief Program (TARP) on the financial markets; government guarantees; the automotive industry; and other topics.
Warren was an early advocate for the creation of a new Consumer Financial Protection Bureau (CFPB). The bureau was established by the Dodd–Frank Wall Street Reform and Consumer Protection Act signed into law by President Obama in July 2010. In September 2010, President Obama named Warren Assistant to the President and Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau to set up the new agency. While liberal groups and consumer advocacy groups pushed for Obama to formally nominate Warren as the agency's director, Warren was strongly opposed by financial institutions and by Republican members of Congress who believed Warren would be an overly zealous regulator. Reportedly convinced that Warren could not win Senate confirmation as the bureau's first director, Obama turned to former Ohio Attorney General Richard Cordray and in January 2012, over the objections of Republican senators, appointed Cordray to the post in a recess appointment.
Warren was registered as a Republican from 1991 to 1996. Warren voted as a Republican for many years, saying, "I was a Republican because I thought that those were the people who best supported markets". According to Warren, she began to vote Democratic in 1995 because she no longer believed that to be true, but she states that she has voted for both parties because she believed that neither party should dominate. According to her, the Republican Party was no longer "principled in its conservative approach to economics and to markets" and was instead tilting the playing in favor of big financial institutions and against "middle class American families."
On September 14, 2011, Warren declared her intention to run for the Democratic nomination for the 2012 election in Massachusetts for the U.S. Senate. The seat had been won by Republican Scott Brown in a 2010 special election after the death of Ted Kennedy. A week later, a video of Warren speaking in Andover became a viral video on the Internet. In it, Warren replies to the charge that asking the rich to pay more taxes is "class warfare", pointing out that no one grew rich in the U.S. without depending on infrastructure paid for by the rest of society, stating:
There is nobody in this country who got rich on his own. Nobody. ... You moved your goods to market on the roads the rest of us paid for; you hired workers the rest of us paid to educate; you were safe in your factory because of police forces and fire forces that the rest of us paid for. You didn't have to worry that marauding bands would come and seize everything at your factory, and hire someone to protect against this, because of the work the rest of us did. Now look, you built a factory and it turned into something terrific, or a great idea. God bless. Keep a big hunk of it. But part of the underlying social contract is, you take a hunk of that and pay forward for the next kid who comes along.
President Barack Obama later echoed her sentiments in a 2012 election campaign speech. Warren ran unopposed for the Democratic nomination and won it on June 2, 2012, at the state Democratic convention with a record 95.77% of the votes of delegates. She encountered significant opposition from business interests. In August the political director for the U.S. Chamber of Commerce claimed that "no other candidate in 2012 represents a greater threat to free enterprise than Professor Warren". She nonetheless raised $39 million for her campaign, the most of any Senate candidate in 2012, and showed, according to The New York Times, "that it was possible to run against the big banks without Wall Street money and still win".
Warren received a prime-time speaking slot at the 2012 Democratic National Convention on September 5, 2012. She positioned herself as a champion of a beleaguered middle class that "has been chipped, squeezed, and hammered". According to Warren, "People feel like the system is rigged against them. And here's the painful part: They're right. The system is rigged." Warren said Wall Street CEOs "wrecked our economy and destroyed millions of jobs" and that they "still strut around congress, no shame, demanding favors, and acting like we should thank them".
On November 6, 2012, Warren defeated incumbent Scott Brown with a total of 53.7% of the votes. She is the first woman ever elected
to the U.S. Senate from Massachusetts, as part of a sitting U.S. Senate that had 20 female senators in office, the largest female
U.S. Senate delegation in history, following the November 2012 elections. In December 2012, Warren was assigned a seat on the Senate
Banking Committee, the committee that oversees the implementation of Dodd–Frank and other regulation of the banking industry.
Warren was sworn in by Vice President Joe Biden on January 3, 2013.
At Warren's first Banking Committee hearing in February 2013, she pressed several banking regulators to answer when they had last taken a Wall Street bank to trial and stated, "I'm really concerned that 'too big to fail' has become 'too big for trial'." Videos of Warren's questioning became popular on the Internet, amassing more than one million views in a matter of days. At a Banking Committee hearing in March, Warren asked Treasury Department officials why criminal charges were not brought against HSBC for its money laundering practices. With her questions being continually dodged, Warren compared money laundering to drug possession, saying: "If you're caught with an ounce of cocaine, the chances are good you're going to go to jail ... But evidently, if you launder nearly a billion dollars for drug cartels and violate our international sanctions, your company pays a fine and you go home and sleep in your own bed at night."
In May 2013, Warren sent letters to the Justice Department, Securities and Exchange Commission, and the Federal Reserve, questioning their decisions that settling rather than going to court would be more fruitful. Also in May, suggesting that students should get "the same great deal that banks get", Warren introduced the Bank on Student Loans Fairness Act, which would allow students to take out government education loans at the same rate that banks pay to borrow from the federal government, 0.75%., Independent Senator Bernie Sanders endorsed her bill saying: "The only thing wrong with this bill is that [she] thought of it and I didn't".
During the 2014 election cycle, Warren was a top Democratic fundraiser. Following the election, Warren was appointed to become the first-ever Strategic Adviser of the Democratic Policy and Communications Committee, a position that was created just for her. The appointment further added to speculation about a possible presidential run by Warren in 2016.
Saying "despite the progress we've made since 2008, the biggest banks continue to threaten our economy", in July 2015 Senator Warren,
along with John McCain (R-AZ), Maria Cantwell (D-WA), and Angus King (I-ME) re-introduced the 21st Century Glass-Steagall Act, a modern
version of the Banking Act of 1933. The legislation is intended to reduce the risk for the American taxpayer in the financial system
and decrease the likelihood of future financial crises.
In a September 20, 2016, hearing, Warren called for the CEO of Wells Fargo, John Stumpf, to resign, adding that he should be "criminally investigated" over Wells Fargo's opening of two million checking and credit-card accounts without the consent of their customers under his tenure.
In December 2016, Warren gained a seat on the Senate Armed Services Committee, termed by The Boston Globe to be "a high-profile perch on one of the chamber's most powerful committees", which the Globe said would "fuel speculation about a possible 2020 bid for president".
On February 7, 2017, Republicans in the Senate voted that Sen. Warren had violated Senate rule 19 during the debate on attorney general nominee Sen. Jeff Sessions, claiming that she impugned his character when she quoted statements made about Sessions by Coretta Scott King and Sen. Ted Kennedy. "Mr. Sessions has used the awesome power of his office to chill the free exercise of the vote by black citizens in the district he now seeks to serve as a federal judge. This simply cannot be allowed to happen", King wrote in a 1986 letter to Sen. Strom Thurmond, which Warren attempted to read on the Senate floor. This action prohibited Warren from further participating in the debate on Sessions' nomination for United States Attorney General. Instead, she stepped into a nearby room and continued reading King's letter while streaming live on the Internet.
On October 3, 2017, Warren called for Wells Fargo's chief executive, Tim Sloan, to resign during his appearance before the Senate Banking Committee, saying, "At best you were incompetent, at worst you were complicit".
Warren is known for her progressive politics and her populist views on the economy. According to the UK magazine New Statesman, she is among the "top 20 US progressives".
On January 6, 2017, in an e-mail to supporters, Warren announced that she would be running for a second term as a U.S. Senator from
Massachusetts. She wrote in the e-mail, "The people of Massachusetts didn't send me to Washington to roll over and play dead while Donald
Trump and his team of billionaires, bigots, and Wall Street bankers crush the working people of our Commonwealth and this country,"
and "This is no time to quit."
The Senate election in Massachusetts took place on November 6, 2018. Warren defeated her Republican opponent, Geoff Diehl by a 60% to 36% margin.
Warren stumps for Hillary Clinton in Manchester, New Hampshire, October 2016
In the runup to the 2016 U.S. presidential election, Warren was put forward by supporters as a possible presidential candidate. However, Warren repeatedly stated that she was not running for president in 2016. In October 2013, she joined the other fifteen Senate Democratic women in signing a letter that encouraged Hillary Clinton to run. There was much speculation about Warren being added to the Democratic ticket as a vice-presidential candidate. On June 9, 2016, after the California Democratic primary, Warren formally endorsed Hillary Clinton for president.
In response to questions when she endorsed Clinton, Warren said that she believed herself to be ready to be vice president, but she was not being vetted. On July 7, CNN reported that Warren was on a five-person short list to be Clinton's vice-presidential running mate. However, Clinton eventually chose Tim Kaine.
Warren vigorously campaigned for Hillary Clinton and took an active role in the 2016 presidential election.
She remarked that Donald Trump, the Republican presumptive nominee, was dishonest, uncaring, and "a loser". Which in retrospect was all true.
She made several serious mistakes in her campaign which limited her chances by limited voter groups that can support her and her platform. We can mention the following
If looks like she does not want to understand that the reason for criminal behaviour of financial sector is systemic: under neoliberalism financial oligarchs are above the law and deregulation, especially financial deregulation, is a sacred cow. Because the goal of neoliberal is the redistribution of wealth up. As Bush Senior quipped (quoted from memory) "Neoliberalism is the concentration of wealth in the higher, stronger and tighter hands"
See 2017 paper The Slow Death of Neoliberalism Part 4C Conclusion by
The Slow Death of Neoliberalism Part 1 emptywheel
The Slow Death of Neoliberalism Part 2 emptywheel
The Slow Death of Neoliberalism Part 3 The Phillips Curve and Critical Theory emptywheel
Part 3A. This post at Naked Capitalism expands on Part 3, and adds a discussion of Simcha Barkai’s paper and methodology; I discuss other aspects in Part 4A.
The Slow Death of Neoliberalism Part 4A The Nature of the Person emptywheel
The Slow Death of Neoliberalism Part 4B emptywheel
The Slow Death of Neoliberalism Part 4C Conclusion emptywheel
It’s fairly easy to criticize neoliberalism from the inside, just based on its incoherence and its failure to deliver good outcomes to most of the population. The Barkai Paper discussed in part 3 and 3A, and the Paradise Papers and the Panama Papers make it obvious that the benefits of neoliberalism flow to the wealthy at the expense of the rest of us, whose wages are largely stagnant and have been for decades, and whose share of overall wealth has fallen.
Friedrich Pollock, a member of the Frankfurt School, said that the profit motive has always been a form of the power motive. We can see the truth of this statement in Trump actions, and that’s how members of his cabinet act. If senators are openly stating that Wall Street banks “own” Congress, if we have over 30,000 lobbyists legally spreading bribe money throughout the Beltway, if we have the Mercers, Waltons, Kochs and Adelsons (the latter with his man in the White House), and if we have congresscritters afraid of losing their jobs as public employees unless they can immunize their patrons from estate tax and the AMT, I’d say we’ve returned to government by the rich
Neoliberalism’s decline has been much too slow considering the among of definite harm to human beings and societies have been done in its name in the past 50 years.
Jun 23, 2019 | www.zerohedge.comreparations for slavery - soundly dismissed by numerous African American speakers - Senator Elizabeth Warren has tried to outdo her opponents by seeking reparations for another group of repressed and long-suffering individuals.
Warren reintroduced the Refund Equality Act, a bill that would allow same-sex couples to amend past tax returns and receive refunds from the IRS.
"The federal government forced legally married same-sex couples in Massachusetts to file as individuals and pay more in taxes for almost a decade," Warren said in a statement.
"We need to call out that discrimination and to make it right - Congress should pass the Refund Equality Act immediately."
Jun 21, 2019 | discussion.theguardian.com
LinusL , 3d agoInteresting opinion about Warren 'the wonk' in the Washington Examiner:LinusL -> LinusL , 3d ago
"She's got a (borrowed) plan for that: The media myth of Elizabeth Warren the wonk"
https://www.washingtonexaminer.com/opinion/columnists/shes-got-a-borrowed-plan-for-that-the-media-myth-of-elizabeth-warren-the-wonkAlso, where are her positions on military budgets, Empire and foreign policy?Vassili555 -> LinusL , 3d ago
And why hasn't she come out strong for Medicare for All?Actually Warren has come out strong in favor of Medicare for All and the Green New Deal in every public speech I've seen.LinusL -> Vassili555 , 3d agohttps://jacobinmag.com/2019/06/elizabeth-warren-medicare-for-all-health-care-policy
Jun 21, 2019 | discussion.theguardian.com
aussiecharlie , 2d agoClinton said vote for me because I am a woman, Warren says vote for me because I am a potential leader who happens to be a woman. Good luck to her and the USDargyva -> aussiecharlie , 2d agoShe's not saying anything like that, at all! She's all about economic justice policy. You noticed she's female without her even telling you.TempsdesRoses , 2d agoDon't get me wrong. I would certainly vote for her, if needed. I believe she's quite green behind the ears on foreign policy and how inequality is a global issue. Her backing of our entitled neoliberal wife of an ex-president & neocon dismayed me.Thomas1178 -> TempsdesRoses , 2d ago
Sanders gets the bigger picture on poverty, race, and war/ neocolonialism:
if you wish: MLK Jr's take on "The Three Evils".And yet Warren was the one censured for reading Coretta Scott King's condemnation of Jeff Sessions in the Senate while Bernie sat on his ass.Herr_Settembrini -> TempsdesRoses , 2d ago"Her backing of our entitled neoliberal wife of an ex-president & neocon dismayed me."TempsdesRoses -> Herr_Settembrini , 2d ago
Sanders supported Clinton too in the general election. He also actively campaigned for her.apples and oranges, Thomas and Herr, Would you care to defend her "posture" on NATO? Ditto, for her contributing to the "Evil Vlad" narrative? Israel?? Wiki: Warren states she supports a two state solution, but she believes Palestinian application for membership in the UN isn't helpful.zuftawov943 , 2d ago
In a town hall meeting in August 2014, Warren defended Israel's shelling of schools and hospitals during that summer's Israel–Gaza conflict, stating that "when Hamas puts its rocket launchers next to hospitals, next to schools, they're using their civilian population to protect their military assets. And I believe Israel has a right, at that point, to defend itself". She also questioned whether future US aid to Israel should be contingent on the halting of Israeli settlements in the West Bank. In addition she defended her vote in favor of granting Israel $225 million to fund the Iron Dome air defence system.Nobody ever got elected by over-estimating the good sense of the American public.MeRaffey , 2d agoWhile the 2020 election feels critical, the 2024 election will decide the future. Like Trump himself, his base is filled with old people who are still loyal to Ronald Reagan's Republican Party. Old people watch FoxNews, old people vote, old people love Trump and in 2016, old people decided the election.kapsiolaaaaa -> MeRaffey , 2d ago
Younger people do NOT vote. The younger someone is, the less likely they are to vote. However, young people voted for Obama, twice, but when Hillary came along, they stayed home and let the old people choose the president.
And then, in 2018 the young voted again and we learned the next generation plans to take this country into the future. If the young vote in 2020, Trump is toast. If the young stay home, Trump will see a second term.
However, by 2024 the young will assume their rightful place in history and the age of old white men running the country, and the world will come to an end.You are making assumptions that old people are idiots. Making assumptions that middle aged people do not exist or are small in numbers. Trump gets 200 or so electoral votes. He loses. I don't see any case he wins. He is past his 'used by date' even for Republicans. You loose Tx to the Ds its game over, add PA and OH to the list. It doesn't even matter what crazy FL man thinks.zuftawov943 -> MeRaffey , 2d agoDon't forget modern geriatric medicine, by which the dinosaurs in the senate and elsewhere in the hardening arteries of the US body politic will live - and hold ofice - for even longer than Strom Thurmond. They can afford the private medical insurance to pay for it.Mujokan , 2d ago
By the way, MeRaffey , I hope you meant to omit to punctuate in your last phrase so that it would read: ... the age of old white men running the country and the world will come to an end . Your comma has me worried.Warren/Harris, said it before but it makes sense. I would've preferred Biden to Clinton but I can't see him getting the same turnout as Warren. Opinions on Trump are now fixed, it's a red herring to worry about "firing up" Trump supporters, they are already as fired up as they can get. Swing voters are probably going to vote by where the economy is which is out of our control. Ideally Democrats will be just as fired up as Trumpists, the investigations will suppress their enthusiasm somewhat (though they wouldn't care if he killed someone so...) and the coming Trump recession will be brought on by his trade wars and the blame will therefore fall where it should.lightchaser , 2d agoWarren lied about her ancestry to circumvent diversity quotas. Why should anyone believe anything she has to say? Furthermore, What exactly is she promising that is any different then any of the other radical leftists running right now? It's all "Free Stuff" that she's going to make the rich pay for. Um..yeah, that always works out doesn't it? Who needs real math when fuzzy math makes us believe the combined wealth of the richest Americans will finance all this "free" stuff to say nothing about why so many Americans feel entitled to the earnings of others. Remember folks, if a politician says 2+2=6 then it must be true.Mujokan -> lightchaser , 2d ago"Warren lied about her ancestry to circumvent diversity quotas. Why should anyone believe anything she has to say?" You are going to be told this a million times before 11/20 but that's bullshit. It's been well established that she didn't get any job because of that.lightchaser -> Mujokan , 2d agoShe claimed Native American ancestry on her application to Harvard, a job she got and it wasn't the first time she played this card either. But hey, in a political party that loves to change races and genders and expects everyone else to go along with the charade by all means go ahead and believe what you want to believe.Thomas1178 -> lightchaser , 2d agoA lie, see Snopes, see any link you've been given each time you post this lie. She got it on merit.BaronVonAmericano , 2d ago
"In the most exhaustive review undertaken of Elizabeth Warren's professional history, the Globe found clear evidence, in documents and interviews, that her claim to Native American ethnicity was never considered by the Harvard Law faculty, which voted resoundingly to hire her, or by those who hired her to four prior positions at other law schools. At every step of her remarkable rise in the legal profession, the people responsible for hiring her saw her as a white woman."
Full story: https://www.google.com/amp/s/www.bostonglobe.com/news/nation/2018/09/01/did-claiming-native-american-heritage-actually-help-elizabeth-warren-get-ahead-but-complicated/wUZZcrKKEOUv5Spnb7IO0K/story.html%3foutputType=ampWith Warren and Sanders talking complete sense about our oligarchy, the electorate's expectations are going to improve. Nothing could be better. We've been asked to settle for Republican-lite servants of mammon for too long in the Democratic Party and that's going to change.tigerfisch , 2d ago
The danger, of course, is that in this transition period Biden gets nominated. However much centrists will clamor for voters to hold their nose and vote for him, that's not an electoral strategy. Trump's best chance of winning is that Biden gets nominated and the progressive base of the Democratic Party is totally demoralized and lacking energy by late 2020.After the US public allowed themselves to be hypnotized by Trump's campaign of fatuous lies, empty promises and racist dog whistles, I doubted the electorate possessed the wit to understand actual policies. Maybe they've finally woken up - time will tell.Jdivney -> tigerfisch , 2d agoDo you understand how elections work? The US public were hypnotized? He lost the popular vote. The fault lies with the Republican establishment for letting him put the R after his name. Perot ran on essentially the same ticket back in 92 as a third party candidate. He got 18% of the vote. Had he run as a Republican he could well have won.tigerfisch -> Jdivney , 2d agoOh dear. The question is, do you know how US elections work? The popular vote is irrelevant. He's the 5th POTUS who lost the popular vote. Almost 63 million hypnotized dolts voted for him, and he won - that's why he currently resides in the WHThomas1178 -> tigerfisch , 2d agoOr neither "hypnotized" nor "dolts." The people I knew who voted for him in North Carolina thought he was an asshole. But they wanted a conservative Supreme Court for the next two decades and he has delivered that for them. Why do you assume that people on the right are idiots who don't know what they want? That essential presumption by the left is one of the reasons the left lost last time.Thomas1178 , 2d agoAs one who used to be a Warren supporter, I think she is both patronizing voters and pandering to them. These policies have some detail, sure, but they don't deal with the consequences that Warren knows very well lurk in the wings and as a result they don't necessarily make sense.Thomas1178 -> Thomas1178 , 2d ago
Her proposal for free college is one example – sounds great, while in reality it would benefit the better-off middle class at the expense of the most vulnerable students and create a cascade of problems that she has no plans to fix.
Again, fining companies for data breaches? Surely we should fine them *if* they don't immediately report data breaches to their customers– or maybe if they haven't maintained appropriate data security, although I'd love to see proving that one to a court. Hell, if we're going to fine them for data breaches, do we start with the DNC?PS To be clear, I'd still take her in a second over Fat Nixon, I just wish she would pander less and keep her plans to the sensible and achievable, like her consumer protection bureau, which was a fantastic idea.cheryl kimble -> Thomas1178 , 2d agocorps get fined for data breaches today. ever heard of a hippa violation?Thomas1178 -> cheryl kimble , 2d agoYes, (politely) do you? The fines for HIPAA violation have to do with noncompliance with the act, not with an uncontrollable data breach. The fines increase on a sliding scale if "willful neglect" has been found (the data were not properly secured) or if the company delays in reporting a data breach/violation.PaulOram , 2d ago
Which is pretty much exactly what I said above.Yep - No more old white guys - just being disgusted by Trump is not enough - people want new ideas. EW all the way - with AOC by her side as well hopefully.Thomas1178 -> PaulOram , 2d ago
There is nothing Trump fears more than the stigma of being a one term pres - his ego would implode.Oh, I think he fears going to prison more. Michael Cohen was right – the minute Trump is no longer protected by the presidency he is going to be facing charges, on tax evasion if nothing else. He will do anything to keep his protection for more years. He's probably hoping to die in office. (I'd add something to that, but I don't want the Secret Service visiting me!)MeRaffey -> outkast1213 , 2d agowhat did she do in 2016?HobbesianWorlds , 2d agoThe DNC is again placing it's foot on the scale in favor of Biden. I believe that they know Bernie is less likely to win because of America's irrational fear of the word, "socialism." That's why they put Biden and Sanders on the stage together and pushed out Elizabeth Warren to the other debate with lesser known and less popular candidates. They do not what her, with her solid plans, to confront Biden, which would give her a greater boost in the polls and more recognition across the nation.Jdivney -> HobbesianWorlds , 2d agoIt was a random drawing. No one has disputed that.HobbesianWorlds -> Jdivney , 2d agoAnd who was watching the drawing? Who set up the drawing? Are you saying that there was independent oversight on its setup? Or do you just take the DNC's word for it?Jdivney -> HobbesianWorlds , 2d agoAn inability to believe in coincidence will take you to some strange places. If Sanders and Warren drawn the same night you could make an argument that Biden was getting set up to look good against the lightweight opponents. Or had Sanders drawn the undercard that he was being marginalized. Warren will do fine either way. She's a great candidate. Biden isn't.HobbesianWorlds , 2d agoBiden rides high on President Obama's very long coat tails and Wall Street money even without detailed plans that actually help the working class and the poor. Bernie is riding high on his honest fight for the working class and the poor.malapropriety -> HobbesianWorlds , 2d ago
Elizabeth Warren is rising fast because she not only agrees with Bernie on fighting for the working class and the poor, but she has detailed plans that are holding up to independent economic scrutiny.
Both Warren and Sanders are honest in their fight for economic justice for all and recognize that the root cause of poverty and lower middle class' struggle is corporate and wealthy-individual money in politics. They aim to stop it.
Biden claims he can negotiate with McConnell. Obama reached out to McConnell his entire term and drew back a nub. The same will be true of Biden. For the Republicans and Trumpians, it's all about making Democrats fail no matter how much it hurts the working class and the poor. Their propaganda network will always assist and sustain them by appealing to the emotions and prejudices of millions of Americans.HobbesianWorlds -> malapropriety , 2d ago
Biden claims he can negotiate with McConnell. Obama reached out to McConnell his entire term and drew back a nub. The same will be true of Biden.
The same will be true of any Democrat though. There is no way around it except by expanding the powers of the office of the President, which is what has given Trump such a wide ability to repeal Obama-era policies.
Any Democrat coming up against a Republican Senate will have the same thing happen to them, although I can imagine the Republicans will hate Biden marginally less than Obama given that he's not black.Haigin88 , 2d ago
There is no way around it except by expanding the powers of the office of the President, which is what has given Trump such a wide ability to repeal Obama-era policies.
Not the first year of his presidency. His Republican Party controlled Congress and they mostly hated Obama as well. As long as there was full control of congress, it was easy. It was not easy to remove the ACA because so many Americans liked it.
Now remember that the reasons Trump was appointed to office by the EC, was that enough far-right people voted, together with the "conservative" media adding to Russia's concentration of propaganda in the key states (stats provided to the Russians by the Trump campaign) and lifted him just enough to overcome the votes of ~3 million voters. Far more voters are now counting on voting against him and for the best Democratic candidate.
Progressives do not want to expand the powers of the Oval Office. That is the wrong thing to do. True change for the better can only come through the ballet box and by educating the voters to exactly why our government is dysfunctional and is replete with corruption.
I think the most popular message to all voters (from farmers to all others in the working class) is that corporate and private money in politics is the root cause of government corruption and dysfunction and why the collective wealth of the working class is steadily redistributing to the uber-wealthy.
The only candidates who what to change the economy to a DEMAND-side economy is are those who actually and loudly advocate it.
But just voting for a progressive president while putting the "conservative" obstructionists (those who maintain the high capacity money pipeline that runs from Wall Street to their pockets) back into Congress will mean the corruption and dysfunction will continue. Voters must be replaced by a super-majority liberal/progressive Congress, and with that, Elizabeth Warren will make that change.I think she also knows that she should've and easily could've been president right now. That strange piece yesterday, talking about Biden and Sanders standing in front of good female candidates of today: leaving aside a keen Biden getting bullied out of 2016 by Clinton already having things sewn up, Sanders was notoriously late jumping into 2016 because he was waiting on Warren. If Warren was going to run against the wretched Clinton, he wouldn't. Warren choked so Sanders had to do it himself. Warren must know that she would have dismantled Crooked H and, seeing as Clinton was the only person who could've lost to el diablo naranja, Warren would've hammered Trump too. Hence, Warren's got some making up to do and seems very determined.Johnnybi , 2d ago
She's always been my tip. If I was an American, I would vote for Tulsi Gabbard in a second but Warren is a strong candidate and I always thought that her announcing on the last day of last year was going to give her licence to say to other candidates: "I've been running since 2018!". Warren is the candidate that liars for Clinton tried to pretend that Clinton was. A note of caution, though: someone posted a Republican survey of exactly four years ago yesterday. Bush was on 22%, Trump was polling 1%. Long time to go yet.JudeUSA -> Johnnybi , 2d ago
In a poll last week of 2,312 registered voters in South Carolina, Warren gained nine points to reach 17% compared to Biden's 37%. Among 18-34 year olds, Warren is leading 24% to Sanders' 19% and Biden's 17%.
I keep hearing from the mainstream media that Biden is leading in the polls. But we ought to note that Biden's up against a group including Warren, Sanders, Harris etc who are pushing a progressive policies, and if you take their percentages together, Biden cannot compete. Once one of these progressive takes the lead in the group, and hires all the others as running mate, cabinet members etc, he or she will be unbeatable against both Biden and Trump.There is no sure way of knowing how that would play out. You may be interested in looking at the Morning Consult Poll, which comes out weekly. If you scroll down to Second Choices... it gives possible outcomes for where votes may fall. According to MC poll the 2nd choice for Sanders voters is Biden, 2nd for Biden is Sanders, 2nd for Warren is Harris, 2nd for Buttigieg is Biden, and 2nd for Harris is Biden. The poll also shows results for early primary states, if you click on "Early Primary States".Thomas1178 -> Johnnybi , 2d ago
https://morningconsult.com/2020-democratic-primary /Only one question: are these the same polls that were running in ninth 2016? And if they are why do we give a crap what any of them say since we know they are all horribly wrong?Johnnybi -> JudeUSA , 2d agoThe latest of that polling features Sanders and Biden nearly neck and neck as far as approval goes. Funny you don't hear about that on CNN or MSNBC.decisivemoment -> kejovi , 2d ago
It's clear to me that the US public want action, and that means progressive policies. They were conned last time into thinking Trump represented change. But a Hillary Mark II candidate such as Biden will lead to another Trump victory.American voters have spent so long being treated like idiots by politicians and to an even greater extent the press that Warren comes across as something new and interesting by comparison.AdamCMelb , 2d agoThere is no doubt that Warren is the best policy brain in the Democratic Party. She also has some good ideas, and some not so good ones.Jdivney -> AdamCMelb , 2d ago
Were I American, I would be tempted to vote for her. But her candidacy is hopeless. It may be unfair, but the Pocahontas issue will kill her bid stone dead in the general election. Trump would be licking his chops over a Warren run.This election won't be decided by defecting Trump voters.uraniaargus -> AdamCMelb , 2d agoThose who would be swayed by Trump using "Pocahontas" as a slur or would even pay attention to it wouldn't vote for Warren anyway. He's not going to change any minds with it, just rile up his existing sheep.BaronVonAmericano , 2d agoWhen it comes to economic regulation, Warren is second to none.Thomas1178 -> BaronVonAmericano , 2d ago
Her defense of Israeli strikes on Gaza and general support for an internationalist militaristic status quo is morally blind, at best.
I think she would be an excellent Secretary of Treasury or Commerce, but needs evolution elsewhere before I'd want to see her as president.
(Of course, I'll vote for her in the general if she gets the nomination.)That's a very narrow view of her position on Israel. She also supported the Iran treaty, boycotting Netanyahu's speech to the Senate, called on Israel to stop colonizing the West Bank and to recognize the right of Palestinians in Gaza to peaceful protest – her comments about aggression toward Gaza were about Israeli response to missiles fired by Hamas. I don't mind her having a nuanced response to what is in fact a very complex situation.petersview , 2d agopascald -> petersview , 2d agoIf talking sense and enunciating real policies is regarded as "wonky"and "nerdy"in the USA then Warren doesn't have a hope and Trump is a shoe-in.
Warren has treated voters as adults, smart enough to handle her wonky style of campaigning. Instead of spoon-feeding prospective voters soundbites, Warren is giving them heaps to digest – and her polling surge shows that voters appreciate the nerdy policy talk.Nerd used to be just an insult, aimed at anyone more intelligent, thoughtful or better-informed than the speaker. But I think now, like 'queer' and other words, it has been reclaimed and repurposed in a much more positive light.
Jun 22, 2019 | www.washingtontimes.com
... Sen. Elizabeth Warren is on the move, passing Sen. Bernard Sanders for second place, according to a Monmouth University poll released Wednesday.
Mr. Biden had support from 32% of Democrats and Democratic-leaning independents - in line with his 33% support from last month.
Ms. Warren , meanwhile, is now at 15% - up 5 points from last month - and Mr. Sanders was at 14% support.
... ... ...
The Monmouth survey of 306 registered voters who identified themselves as Democrats or Democratic leaners was taken from June 12-17 and has a margin of error of plus or minus 5.6 percentage points.
... ... ...
And a new survey from the firm Avalanche Strategy found that when the notion of "electability" was taken off the table, Ms. Warren was the top choice of Democratic voters at 21%, followed by Mr. Biden and Mr. Sanders at 19% apiece.
Jun 18, 2019 | www.theguardian.comn Friday, the Massachusetts senator Elizabeth Warren co-sponsored a bill to impose mandatory fines on companies that have data breaches. It was the kind of consumer welfare legislation that in the past would have been unremarkable. But in an era when Congress has consistently shirked its duty to shield consumers, the bill stood out.
The legislation capped a week in which Warren surged in the polls. Less than eight months before the Iowa caucus, Warren is making strides in 2020 primary polls. According to an NBC News/Wall Street Journal survey of 1,000 adults, 64% of Democratic primary voters in June were enthusiastic or comfortable with Warren, compared with 57% in March. Fewer of these voters were enthusiastic or comfortable with Joe Biden and Bernie Sanders, who have lost 11 and six points, respectively, since March.
There's more. In a poll last week of 2,312 registered voters in South Carolina, Warren gained nine points to reach 17% compared to Biden's 37%. Among 18-34 year olds, Warren is leading 24% to Sanders' 19% and Biden's 17%.
There's a simple reason for Warren's sudden rise in the polls: the public has an appetite for policy
There's a simple reason for Warren's sudden rise in the polls : the public has an appetite for policy. Of all the Democratic candidates, Warren's campaign has been by far the most ideas-driven and ambitious in its policy proposals. And voters love it.
Rather than condescend to voters, like most politicians, Warren has treated voters as adults, smart enough to handle her wonky style of campaigning. Instead of spoon-feeding prospective voters soundbites, Warren is giving them heaps to digest – and her polling surge shows that voters appreciate the nerdy policy talk.
Indeed, since Warren declared her candidacy for president, she has been offering policy prescriptions for our country's most pressing ailments – and she hasn't been brainstorming in a bubble.
Week in and week out, she has been crisscrossing the country to tell receptive voters her ideas for an ultra-millionaire tax, student debt cancellation and breaking up big tech. She has also weighed in on reproductive rights, vaccines, the opioid crisis and algorithmic discrimination in automated loans. Her bevy of white papers demonstrates that there isn't a policy area Warren won't touch and she isn't worried about repelling anyone with hard-hitting proposals.
Better than any other candidate, Warren has articulated a connection between her personal and professional struggles and her ideas, lending an air of authenticity to her campaign. Her backstory – teacher turned reluctant stay-at-home mom turned Harvard Law School professor – clearly resonates with voters in important states such as Iowa and South Carolina.
That sense of reciprocity has turned Warren into a populist rock star. Instead of appealing to the lowest common denominator among the voting public, she's listening to and learning from voters in an ideas-driven campaign that doesn't take voters for granted.
The strategy is paying off – and proving wrong the outdated political wisdom that Americans don't care about the intricacies of government.
In May, Warren traveled to Kermit, West Virginia, the heart of Trump country, to pitch a $2.7bn-a-year plan to combat opioid addiction.
"Her stance is decisive and bold," Nathan Casian-Lakes told CBS News . "She has research and resources to back her ideas."Jill Priluck's reporting and analysis has appeared in the New Yorker, Slate, Reuters and elsewhere
Elizabeth Warren's economic nationalism vision shows there's a better way Robert Reich
azucenas , 18h agoI've decided that I want to see Warren as President. She is honest and has many good ideas about the economy and offering a leg up to minorities and the poor. Her integrity is unimpeachable. I have donated small sums to her campaign. Bernie has not spoken in detail the way Warren has although his democratic socialism goes in a positive direction. There are many voters who feel that he is too old. I hope that he will approve Warren as the best candidate in the running. Biden's moment is long gone. For now I believe that another recession lurks in the near future and Warren, as a wonk, is the best person to deal with it.GWreader , 20h agoShe also does not take a dime of PAC money, which helps keep her mind cleared of hidden agendas. Because of that, she is the first candidate who campaign I've donated to.shooter gavin , 1d agoRule of thumb that is true for all politicians regardless of party. Most of what they promise they will do will never happen and much of does happen does not occur in the way they promised when they campaigned.JayThomas -> shooter gavin , 1d ago
In the case of Sen Warren she talks a lot of wonderful stuff, paid by rich people. Expect the same results. The courts will probably shoot down the wealth tax as described by Warren anyway which means everything she promises just dies.Then she'll pull an Obama and blame the Republicans.
Jun 21, 2019 | discussion.theguardian.com
shaunhensley , 2d agoTechnocratic, neoliberal, Clinton Democrat ideas which have already proven to fail. She's for the working class, so long as that working class wears a white collar.Thomas1178 -> shaunhensley , 2d agoThe $14.5 million in emergency relief she obtained for Massachusetts fishermen says different.PhilosophicalSquid -> shaunhensley , 2d agoYouve left something out, that should be 'Neo Liberal Elite' shouldnt it?Janet Re Johnson -> shaunhensley , 2d agoShe's no neolib. They hate her, and with good reason.
Jun 21, 2019 | discussion.theguardian.com
curiouswes -> JohnLG , 2d agobut she declared that she will take "the money" in the general election if she wins the nomination. Do you expect that money to come with no strings attached. Clearly this video implied that she knows differently.
This video shows that as a member of Congress she is cognizant of the "as Senator Clinton, the pressures are very different"
Warren knows EXACTLY what she is doing when she says she will take the money in the general if nominated.
Jun 21, 2019 | discussion.theguardian.com
Blackorpheus , 2d agoOkay, Warren made a mistake in claiming Native American heritage, which enabled her to advance professionally as a "diversity" candidate. But that would have to count as a venial not mortal sin. She is doing considerable good on the campaign trail, and I believe that she means to try to follow through on her detailed promises.PepperoniPizza -> Blackorpheus , 2d agoCan't wait to see her debate Trump.Thomas1178 -> Blackorpheus , 2d agoShe didn't, as multiple links below will show she never used that claim for any kind of professional gain. Same troll, different clothes.PhilosophicalSquid -> Blackorpheus , 2d agoNow you know its a lie, please will you stop spreading it and correct it when you see it.
Jun 21, 2019 | discussion.theguardian.com
JayThomas , 1d agoJdivney -> JayThomas , 1d ago
Her backstory – teacher turned reluctant stay-at-home mom turned Harvard Law School professor – clearly resonates with voters in important states such as Iowa and South Carolina.
Working people who are struggling in Iowa and South Carolina say: "She's just like us!"Good thing US politics isn't the bucket of crabs and feudal resentments that is the UK.ildfluer -> JayThomas , 23h agoFunnily enough, Iowans like her more every day.Jdivney -> shooter gavin , 1d ago
She's popular in South Carolina too:
Biden still leads in both Iowa and SC. But he was a very visible VP.Please expand upon the "Constitutional issues of a wealth tax".SolentBound -> Jdivney , 23h ago
Looks pretty clear to me.
Article I, Section 8, Clause 1: The Congress shall have Power to lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States."Please expand upon the "Constitutional issues of a wealth tax".Waynem Rogers , 2d ago
"Looks pretty clear to me."
The point is that the question would go to a Republican Supreme Court which could indeed find a wealth tax unconstitutional. If you want to know why, do a search. There's lots written on it.Her problem is the American media who's only interested in sound bites. Policy, plans we don't have time for that. Call someone a nasty nameronnewmexico -> Waynem Rogers , 2d agoI don't know. Seems a lot more substance this go round than the last, near as I can tell. Last go round climate change got one question and 45 seconds in response, by both candidates in the general. The media certainly wants and will allow that to happen, but any dem who does would be a idiot.ronnewmexico -> ronnewmexico , 2d ago
Seems last go round gender preference was a main thing. Warren will I think not fall into that trap. White male midwestern industrial voters are at large, what lost HRC key states, she took for granted. White male voters and usually their spouses, will not have a part of a program that seems to leave them out of things.
Substance is the name of the game for warren, but to counter Trump one needs to throw out the barbs as well, as she did in her twitter post on not being on his propaganda outlet Fox.
"I won't do a town hall with Fox News because I won't invite millions of Democratic primary voters to tune in, inflate ratings, and help sell ads for an outlet that profits from racism and hate. If you agree, sign our petition.Yes that is Elizabeth Warren calling them racists and haters. A guy like Trump calls names and it is par for the course. A woman who conducts herself as your local librarian or grade school teacher, and you have to take pause and listen, is there substance to this? Seems there is.curiouswes -> ronnewmexico , 2d ago
This new Elizabeth Warren, name calling and all, I find must more to my liking than that before. Which is the why to her newfound popularity. Substance and calling a pig a pig not a dog or some other thing.I think you made a good case. she isn't my favorite but still acceptable. In no particular order, for me it is Gabbard, Sanders, Williamson, Warren or Yang. the other 18 would be like voting for the GOP with some protection against the conservative slant on social issues.LiberalCurmudgeon , 2d ago
The right wingers that post here won't debate me because I'll expose them. They know how the system works and they use it to their advantage. Socialism is about getting free stuff but the issue here is who gets the free stuff. Supply side econ says that the rich are entitled to the free stuff and the less fortunate aren't entitled to it. this is killing upward mobility.
the masses want answersIceland, Denmark and Sweden repealed their wealth taxes because they don't work. The Scandinavian countries pay for their safety net by embracing capitalism and taxing the hell out of everyone. Maybe we should embrace that model? Or does Warren's base simply all of the benefits of that system without paying for it?ildfluer -> LiberalCurmudgeon , 2d agoThey're not similar countries to the USA, at all. US citizens are taxed no matter where they choose to live on earth. This is not the case in most countries.MikeSw -> LiberalCurmudgeon , 2d agoronnewmexico -> MikeSw , 2d agoIt would be a hell of a lot better than the government acting as the paymaster for large corporations - paying their workers with food stamps because the corporations don't pay them sufficiently to live on.
The Scandinavian countries pay for their safety net by embracing capitalism and taxing the hell out of everyone. Maybe we should embrace that model?
You do know that is how the US works, right? Corporations don't pay their workers enough, so the government (i.e. taxpayers) pick up the tab.To add the average family of four, assuming one stays with the kids so they do not pay day care costs, at Walmart earning a average salary , is eligible for federal food assistance and in most states, Medicaid.HollowayHaines , 2d ago
California for several decades paid for most of kids college education and even today, New Mexico does the same. New Mexico is indeed one of the poorest states, and if they figured out how to do that(under a republican governor years ago), most places could. The tax rate here is about on average, no higher than most.
780 billion per year on defense without a enemy in sight, and no nation spending a tenth that, seems to be a place one could get a dollar or two.To quote one of the Guardian's post picks:ildfluer -> HollowayHaines , 2d agoI'd extent that from "The USA" to "The USA & the editorial staff of most papers in England", and include some writers for this paper in that catchall.
Smart and lucid. All the right ideas, without using the " S " word that people in the USA do not really understand, and have a big fear of
'Socialist' Sanders and 'Left Wing' Labour as personified by Corbyn are all very well as useful poles to beat the Right with in polemics, but when it looks like they might actually gain access to the corridors of power, suddenly they become villains that have to be defeated so that sensible 'moderates' can retain power....
Warren was receiving more support from this particular paper even before she announced her candidacy than Sanders has or I suspect will even if he gains the nomination.
As Chomsky notes in 'manufacturing consent', the mass media that is not 'Right' is 'Centrist' and will support a centrist candidate over one advocating more radical change.Those labels are totally irrelevant in the USA. Calling someone 'right' or 'left' or 'socialist' in the USA has nothing to do with dictionary definitions. They all mean to say one thing: I disagree with them because they're wrong.StephenO , 2d agoildfluer -> StephenO , 2d ago
On Friday, the Massachusetts senator Elizabeth Warren co-sponsored a bill to impose mandatory fines on companies that have data breaches.
Warren is the politician who operates like a blind-folded person desperately trying to hit a pinata. In her political realm, such companies simply twist in the wind and make easy targets. Her policy is equivalent to any store or home being burglarized and then being fined by government for being a victim of crime. Complete mindlessness describes the policy.Yes. Of course every politician should simply lie down and let the corporations get away with every damn thing. I mean, that's worked really well for most Americans since Reagan.Ginen -> StephenO , 2d agoAgreed that is a stupid policy. If the company suffers a data breach owing to poor security or conceals or unduly delays disclosure of the data breach, then it would make sense to fine the company or to hold the company civilly liable to those injured by the data breach. But a blanket fine for any company that suffers a data breach is dumb.MatchYou , 2d agoIf you want ideas, check out Andrew Yang's website. He has over 100+ intricate ideas laid out in the "policy" tab.ildfluer -> MatchYou , 2d agoWhich means nothing if he's only polling at <1%.Ginen -> ildfluer , 2d agoWhat's Warren polling nationally against the other Democratic candidates? The article doesn't say, instead cherry-picking selected polling.ildfluer -> Ginen , 2d agoAround 16% now in some polls. And polling against Trump - 47% v Trump's 42%. Economist/YouGov poll, she came second behind Biden: https://twitter.com/gelliottmorris/status/1138799359930318848Guy Littleford , 2d agoThe Labor party in Australia surprised me with the boldness and coherency of their plans and it was a great thing to see a party running a campaign on ideas and principles. They lost the election.irenka_irina -> JayThomas , 2d ago....the electorate was conned by spin...outright lies and the Murdoch press.NeverForever , 2d agoHere's an idea. If Warren was a true progressive she wouldn't have been a registered Republican for 5 years, and she would have endorsed Bernie over Hillary in the 2016 primaries.MVOregon -> NeverForever , 2d agoWhat a really stupid thing to write and think. Do you have any inkling of the history of the Republican and Democratic parties? I was born in a Republican household (progressive) and it took me living overseas for 20 years to realize what a nasty little insurgency had taken the Republicans from what Teddy Roosevelt championed to what he described as swine; the Dixiecrats. Ignorance is not bliss no matter how hard you try to pretend.Machiavelli20 , 2d agoOne thing that needs to be done involves an honest discussion about the costs of Warren's proposals and the fact that the US already has a $22 TRILLION national debt with more than $1 TRILLION being added each year at a minimum. A former US Comptroller General stated in 2015 that even the official National Debt figure is a misrepresentation and that taking into account an honest understanding of the nation's actual legal obligations the figure was actually $65 TRILLION.Guy Littleford -> Machiavelli20 , 2d ago
If anyone wants to see it even worse just look at economist Lawrence Kotlikoff's infinite horizon estimates that placed future already promised commitments at $220 TRILLION. My point is that Warren and everyone else in the DC political establishment, is "blowing smoke" and that the US is bankrupt and needs a serious strategy to mitigate that fact rather than reckless proposals aimed to attract votes.
That is not going to happen and the country is in a fundamental financial crisis.Its repinlicans who increase your deficits. Reagan believed deficits don't matter. The bush tax cuts...and now Trumps tax cuts and QE. He's expanding credit, which looks like real growth, but is it? Only the US can do this, because it runs the global dollar. We should have had the Bankor. But the yanks ensured that did not happen.EdChamp -> JayThomas , 1d agoJanet Re Johnson , 2d agoTrue. We use to call it "obstructionist" when the other party in congress unreasonably opposed a president's proposals. We no longer use that term, though. Now we call it "resistance". I'm sure there are at least a few republicans who see being part of the "resistance" exciting if Warren wins the White House.
Nobody expects Congress to deliver on a president's campaign promises. That's not how the system works.At first I thought she must be mad, running for president. Then I started listening to her ideas and looking at how they were being received.EdChamp -> JayThomas , 2d ago
There are millions of young people, youngish people, and parents whose lives would actually be changed by her college loan plan. Even conservatives admit that "her math is correct" and "it's doable."
Then I started watching her in town halls and found her to be VERY different from that awkward lady in the kitchen having a beer. She's warm, direct, funny, casually self-deprecating, and easily able to translate complex ideas into readily understood ones.EdChamp -> Jdivney , 2d agoWell, since you asked. I don't have any student debt and I don't need any more health care. If we are buying votes with "free" stuff, what do I get for free?
Free college and health care, and the rich pay. Who wouldn't get on board with that?
I do like a good brisket. Can we carve out some of that tax on those nasty millionaires for my grocery fund?WeAreNotJustAMarket , 2d agoNot applicable since I'm not a republican. I did vote for Trump, after voting for Obama twice. I'm an independent, and we outnumber either republicans or democrats.
Well, as a rock ribbed Republican, you only one choice.For me it's a toss-up between Warren and Sanders. When it comes to who will actually get to run against Trump, if a dining room set and 4 chairs gets the Democratic nomination, they get my vote in the general election.PepperoniPizza -> WeAreNotJustAMarket , 2d agoThe fix is already in I think. Your table and chairs name is Sleepy Joe Biden. Of course, it's still a long time to the election and mortality rates may kick in.MsEvenstar , 2d agoWarren is rising fast because A) she stands for something and B) she does an excellent job of explaining how America can make the journey from where it is (including rampant inequality) to where it needs to be to offer a future to all its people, not just to those who are white, rich and privileged! Plus, she is super smart & sassy!
Jun 17, 2019 | www.nytimes.com
For her entire career, Warren's singular focus has been the growing fragility of America's middle class. She made the unusual choice as a law professor to concentrate relentlessly on data, and the data that alarms her shows corporate profits creeping up over the last 40 years while employees' share of the pie shrinks. This shift occurred, Warren argues, because in the 1980s, politicians began reworking the rules for the market to the specifications of corporations that effectively owned the politicians. In Warren's view of history, "The constant tension in a democracy is that those with money will try to capture the government to turn it to their own purposes." Over the last four decades, people with money have been winning, in a million ways, many cleverly hidden from view. That's why economists have estimated that the wealthiest top 0.1 percent of Americans now own nearly as much as the bottom 90 percent.
As a presidential candidate, Warren has rolled out proposal after proposal to rewrite the rules again, this time on behalf of a majority of American families. On the trail, she says "I have a plan for that" so often that it has turned into a T-shirt slogan. Warren has plans (about 20 so far, detailed and multipart) for making housing and child care affordable, forgiving college-loan debt, tackling the opioid crisis, protecting public lands, manufacturing green products, cracking down on lobbying in Washington and giving workers a voice in selecting corporate board members. Her grand overarching ambition is to end America's second Gilded Age.
[ Elizabeth Warren has lots of plans. Together, they would remake the economy.]
"Ask me who my favorite president is," Warren said. When I paused, she said, "Teddy Roosevelt." Warren admires Roosevelt for his efforts to break up the giant corporations of his day -- Standard Oil and railroad holding companies -- in the name of increasing competition. She thinks that today that model would increase hiring and productivity. Warren, who has called herself "a capitalist to my bones," appreciated Roosevelt's argument that trustbusting was helpful, not hostile, to the functioning of the market and the government. She brought up his warning that monopolies can use their wealth and power to strangle democracy. "If you go back and read his stuff, it's not only about the economic dominance; it's the political influence," she said.
What's crucial, Roosevelt believed, is to make the market serve "the public good." Warren puts it like this: "It's structural change that interests me. And when I say structural, the point is to say if you get the structures right, then the markets start to work to produce value across the board, not just sucking it all up to the top."
Jun 14, 2019 | www.nakedcapitalism.com
200PM Water Cooler 6-14-2019
Warren (D)(1): "Elizabeth Warren to introduce bill cancelling up to $50,000 in student debt for most borrowers" [ MarketWatch ]. "The Democratic Senator of Massachusetts plans to introduce legislation in the coming weeks that mirrors her presidential campaign proposal
Under the proposal Warren released as part of her presidential campaign in April, borrowers with a household income of less than $100,000 would have $50,000 of their student debt cancelled and borrowers with an income between $100,000 and $250,000 would be eligible for some student debt cancellation -- though not the full $50,000. Borrowers earning $250,000 or more would receive no debt cancellation.
Her campaign estimated the plan would cost $640 billion, which would be paid through a tax on the ultra-wealthy." • I don't think it makes sense to introduce free college without giving relief to those who, because they chose to be born at the wrong time, are subject to a lifetime of debt, so kudos to Warren.
That said, note the complex eligibility requirements; Warren just can't help herself. Also, of course, you can drown in an inch of water, so pragmatically, even $50,000 might not mean all that much, especially since servicers gotta servicer.
Warren (D)(2): "Elizabeth Warren's plan to pass her plans" (interview) [Ezra Klein, Vox ]. Klein: "Do you think that there's a way to sequence your agenda such that you're building momentum as opposed to losing it?" Warren: "Here's my theory: It starts now. That's what true grassroots building is about. Green New Deal. More and more people are in that fight and say that matters to me. Medicare-for-all, that fight that matters to me [No, it doesn't. –lambert]. As those issues over the next year and a quarter get clearer, sharper, they're issues worth fighting for, and issues where we truly have leadership on it, have people out there knocking doors over it . You asked me about my theory about this. This is the importance of engaging everyone. The importance not just of talking to other senators and representatives but the importance of engaging people across this country." • This language seems awfully vague, to me. For example, when Sanders says "Not me, us," I know there's a campaign structured to back the words up. I don't get that sense with Warren. I also know that Sanders knows who his enemies are ("the billionaires"). Here again, Warren feels gauzy to me ("the wealthy"). And then there's this. Warren: "I believe in markets But markets without rules are theft." This is silly. Markets with rules can be theft too! That's what phishing equilibria are all about! (And the Bearded One would would argue that labor markets under capitalism are theft , by definition.) But I'd very much like to hear the views of readers less jaundiced than I am. Clearly Warren has a complex piece of policy in her head, and so she and Klein are soul-mates.
Jun 13, 2019 | www.nakedcapitalism.com
Warren (D)(1): [Team Warren, Medium ]. "The rising cost of rent reflects a basic supply-and-demand problem. There aren't enough places to rent that are affordable to lower-income families. That's because developers can usually turn bigger profits by building fancier new units targeted at higher-income families rather than units targeted at lower-income families. The result is a huge hole in the marketplace." •
I'm not a housing maven by any stretch of the imagination, but I think a story that doesn't consider the role of private equity in snapping up distressed housing after the Crash is likely to be a fairy tale.
Warren (D)(2): "The Memo: Warren's rise is threat to Sanders" [ The Hill ]. "'She certainly does seem to be taking votes away from him,' said Democratic strategist Julie Roginsky. 'It seems as if, as she is rising, he is falling.'" • The national averages don't show that.
Jun 13, 2019 | www.nakedcapitalism.com
Hepativore , June 12, 2019 at 2:35 pm
As it is, it seems that the corporate Democrats and Clintonites new strategy is to promote Warren and then start leaning on her heavily in an effort to convert Warren to the neoliberal "dark side" or have her not be a problem for them.
Warren has unfortunately shown just how easy it is to get her to back down under pressure and there is also the fact that she has been willing to carry water for the Clintonites before to advance her own political career like she did in the 2016 election.
At this point, I would seriously consider Yang to be my third choice after Sanders and Gabbard if it came down to it. Warren would probably be either incapable or unwilling to face any serious political opposition either from Trump or neoliberal Democrats and would probably cave.
Grant , June 12, 2019 at 2:47 pm
Her stance on single payer is troubling and telling, and her foreign policy positions and worldview are absolutely atrocious. She has good policy ideas (not great political instincts), but none of the ideas at the present time have movements behind them and would need those movements to push them through.
Is she the person to lead movements and to help them grow? I can't see anyone making that case. She has had an impact on issues, with the CFPB, which is good, but that was her work within academia. Different animal than actual movement building. Here, we have single payer and she has backtracked.
So, changes that may happen down the road, great. At least provides some alternatives and possibly a path from here to there. But, the fights we could win in the shorter term? Waffles. No thanks. I think she can play a great role in her current position or if Bernie were to win, in his administration, but I think she would be very problematic as a general election nominee. Just my opinion. I like her more than Biden and a number of others running but that says more about them than her.
nippersmom , June 12, 2019 at 3:08 pm
The first thought that entered my mind when I saw that quote from Biden was that he really is suffering from cognitive decline.
As for Warren, I believe she could have value in a narrowly defined (finance-related) role in a Sanders administration. I will not vote for her for president. Her foreign policy is atrocious, she doesn't support single payer, and she has proven herself to be a garden variety neoliberal on all but her own niche issues.
The only candidates besides Sanders I would vote for (Gabbard and Gravel) have less chance of getting the nomination than he does. If Sanders is not the Democratic nominee, I will once again be voting Green.
Jun 11, 2019 | jessescrossroadscafe.blogspot.com
Lies Owe a Debt to the Truth"There was time when average Americans could be counted upon to know correctly whether the country was going up or down, because in those days when America prospered, the American people prospered as well. These days things are different.One of the older male anchors on financial TV today noted, in a very condescending tone, that for some reason Elizabeth Warren 'has an attitude' when it comes to corporations.
Let's look at it in a statistical sense. If you look at it from the middle of the 1930's (the Depression) up until the year 1980, the lower 90 percent of the population of this country, what you might call the American people, that group took home 70 percent of the growth in the country's income. If you look at the same numbers from 1997 up until now, from the height of the great Dot Com bubble up to the present, you will find that this same group, the American people, pocketed none of this country's income growth at all.
Our share of these great good times was zero, folks. The upper ten percent of the population, by which we mean our country's financiers and managers and professionals, consumed the entire thing. To be a young person in America these days is to understand instinctively the downward slope that so many of us are on."
Thomas Frank, Kansas City Missouri, 6 April 2017
"When the modern corporation acquires power over markets, power in the community, power over the state and power over belief, it is a political instrument, different in degree but not in kind from the state itself. To hold otherwise -- to deny the political character of the modern corporation -- is not merely to avoid the reality. It is to disguise the reality. The victims of that disguise are those we instruct in error."
John Kenneth Galbraith
I hope she and some of her like minded fellows get their opportunity to extend the hand of equal justice to these smug serial felons, pampered polecats, and corporatist clowns. It has been a long time coming.
Jun 09, 2019 | www.theguardian.com
The senator's 'I have a plan' mantra has become a rallying cry as she edges her way to the top – but is it enough to get past the roadblocks of Biden and Sanders?
Elizabeth Warren at a campaign rally in Fairfax, Virginia, on 16 May. Photograph: Cliff Owen/AP Plan by plan, Elizabeth Warren is making inroads and gaining on her rivals in the 2020 Democratic race to take on Donald Trump.
The former Harvard law professor's policy heavy approach made an impression among activists at the She the People forum in Texas last month and was well-received at the California state party convention earlier this month.
Elizabeth Warren's economic nationalism vision shows there's a better way Robert Reich
This week a Morning Consult poll saw Warren break into the double digits at 10%, putting her in third place behind Bernie Sanders and Joe Biden. A recent Economist/YouGov poll found Warren was making gains among liberal voters, with Democrats considering the Massachusetts senator for the Democratic presidential nomination in nearly equal measure with Sanders.
Her intense campaigning on a vast swathe of specific issues has achieved viral moments on the internet – even including one woman whom Warren advised on her love life – as well as playing well during recent television events.
At a televised town hall in Indiana this week, Warren listened intently as a woman who voted for Trump in 2016 described her disillusionment – not only with a president who failed to bring back manufacturing jobs as he said he promised but with an entire political system stymied by dysfunction.
"I feel duped," said the voter, Renee Elliott, who was laid off from her job at the Indianapolis Carrier plant. "I don't have a lot of faith in political candidates much anymore. They make promises. They make them and break them."
Warren rose to her feet. "The thing is, you can't just wave your arms," the she said, gesturing energetically. "You've really got to have a plan – and I do have a plan."
That mantra – a nod to the steady churn of policy blueprints Warren's campaign has released – has become a rallying cry for Warren as she edges her way to the top of the crowded Democratic presidential primary field.
But despite the burst of momentum, Warren's path to the nomination has two major roadblocks: Sanders and Biden. Her success will depend on whether she can deliver a one-two punch: replacing Sanders as the progressive standard bearer while building a coalition broad enough to rival Biden.
Warren began that work this week with a multi-stop tour of the midwest designed to show her strength among working class voters who supported Trump. Ahead of the visit, Warren unveiled a plan she described as "economic patriotism", which earned startling praise from one of Trump's most loyal supporters.
"She sounds like Donald Trump at his best," conservative Fox News commentator Tucker Carlson told his largely Republican audience as he read from Warren's proposal during the opening monologue of his show this week. The plan calls for "aggressive intervention on behalf of American workers" to boost the economy and create new jobs, including a $2tn investment in federal funding in clean energy programs.
Fox News host Tucker Carlson praises Elizabeth Warren's economic policies
His praise was all the more surprising because Warren has vowed not to participate in town halls on Fox News, calling the network a "hate-for-profit racket that gives a megaphone to racists and conspiracists".
The debate over whether Democrats should appear on Fox News for a town hall has divided the field. Sanders, whose televised Fox News town hall generated the highest viewership of any such event, argued that it is important to speak to the network's massive and heavily Republican audience.
As Warren courts working-class voters in the midwest, she continues to focus heavily on the early states of Iowa and New Hampshire. After jumping into the race on New Year's Eve 2018, Warren immediately set to work , scooping up talent and building a massive operation in Iowa. Her campaign is betting a strong showing in the first in the nation caucuses will propel her in New Hampshire, which neighbors Massachusetts, and then boost her in Nevada and South Carolina.
But as Warren gains momentum, moderate candidates are becoming more vocal about their concern that choosing a nominee from the party's populist wing will hand Trump the election.
"If we want to beat Donald Trump and achieve big progressive goals, socialism is not the answer," former Colorado governor John Hickenlooper told Democrats in California last weekend. Though his comments were met with boos and jeers among the convention's liberal crowd, his warning is at the heart of the debate over who should be the Democratic presidential nominee.
Warren has pointedly distinguished herself as a capitalist as opposed to a socialist or a democratic socialist, but she has not backed away from a populist platform that embraces sweeping economic reforms.
In her address to the California Democratic party, Warren rejected appeals for moderation.
"Some say if we all calm down, the Republicans will come to their senses," she said. "But our country is in a time of crisis. The time for small ideas is over."
Jun 07, 2019 | www.realclearpolitics.com
TUCKER CARLSON, FOX NEWS: Good evening and welcome to Tucker Carlson Tonight. Let's begin tonight with a thought experiment: What if the Republican leadership here in Washington had bothered to learn the lessons of the 2016 election? What if they'd cared enough to do that. What if they'd understood, and embraced, the economic nationalism that was at the heart of Donald Trump's presidential campaign? What would the world look like now, two and a half years later? For starters, Republicans in congress would regularly be saying things like this. Quote:
"I'm deeply grateful for the opportunities America has given me. But the giant 'American' corporations who control our economy don't seem to feel the same way. They certainly don't act like it. Sure, these companies wave the flag -- but they have no loyalty or allegiance to America. Levi's is an iconic American brand, but the company operates only 2% of its factories here. Dixon Ticonderoga -- maker of the famous №2 pencil -- has 'moved almost all of its pencil production to Mexico and China.' And General Electric recently shut down an industrial engine factory in Wisconsin and shipped the jobs to Canada. The list goes on and on. These 'American' companies show only one real loyalty: to the short-term interests of their shareholders, a third of whom are foreign investors. If they can close up an American factory and ship jobs overseas to save a nickel, that's exactly what they will do -- abandoning loyal American workers and hollowing out American cities along the way. Politicians love to say they care about American jobs. But for decades, those same politicians have cited 'free market principles' and refused to intervene in markets on behalf of American workers. And of course, they ignore those same supposed principles and intervene regularly to protect the interests of multinational corporations and international capital. The result? Millions of good jobs lost overseas and a generation of stagnant wages, growing inequality, and sluggish economic growth. If Washington wants to put a stop to this, it can. If we want faster growth, stronger American industry, and more good American jobs, then our government should do what other leading nations do and act aggressively to achieve those goals instead of catering to the financial interests of companies with no particular allegiance to America.... The truth is that Washington policies -- not unstoppable market forces -- are a key driver of the problems American workers face. From our trade agreements to our tax code, we have encouraged companies to invest abroad, ship jobs overseas, and keep wages low. All in the interest of serving multinational companies and international capital with no particular loyalty to the United States....It's becoming easier and easier to shift capital and jobs from one country to another. That's why our government has to care more about defending and creating American jobs than ever before -- not less. We can navigate the changes ahead if we embrace economic patriotism and make American workers our highest priority, rather than continuing to cater to the interests of companies and people with no allegiance to America."
End quote. Now let's say you regularly vote Republican. Ask yourself: what part of that statement did you disagree with? Was there a single word that seemed wrong? Probably not. Here's the depressing part: Nobody you voted for said that, or would ever say it. Republicans in congress can't promise to protect American industries. They wouldn't dare. It might violate some principle of Austrian economics. It might make the Koch brothers angry. It might alienate the libertarian ideologues who, to this day, fund most Republican campaigns. So, no, a Republican did not say that. Sadly.
Instead, the words you just heard are from, and brace yourself here, Senator Elizabeth Warren of Massachusetts. Yesterday, Warren released what she's calling her "plan for economic patriotism." Amazingly, that's pretty much exactly what it is: economic patriotism. There's not a word about identity politics in the document. There are no hysterics about gun control or climate change. There's no lecture about the plight of transgender illegal immigrants. It's just pure old fashioned economics: how to preserve good-paying American jobs. Even more remarkable: Many of Warren's policy prescriptions make obvious sense: she says the US government should buy American products when it can. Of course it should. She says we need more workplace apprenticeship programs, because four-year degrees aren't right for everyone. That's true. She says taxpayers ought to benefit from the research and development they fund. And yet, she writes, "we often see American companies take that researchand use it to manufacture products overseas, like Apple did with the iPhone. The companies get rich, and American taxpayers have subsidized the creation of low-wage foreign jobs." And so on. She sounds like Donald Trump at his best. Who is this Elizabeth Warren, you ask? Not the race hustling, gun grabbing, abortion extremist you thought you knew. Unfortunately Elizabeth Warren is still all of those things too. And that is exactly the problem, not just with Warren, but with American politics. In Washington, almost nobody speaks for the majority of voters. You're either a libertarian zealot controlled by the banks, yammering on about entrepreneurship and how we need to cut entitlements. That's one side of the aisle. Or, worse, you're some decadent trust fund socialist who wants to ban passenger cars and give Medicaid to illegal aliens. That's the other side. There isn't a caucus that represents where most Americans actually are: nationalist on economics, fairly traditional on the social issues. Imagine a politician who wanted to make your healthcare cheaper, but wasn't ghoulishly excited about partial birth abortion. Imagine someone who genuinely respected the nuclear family, and sympathized with the culture of rural America, but at the same time was willing to take your side against rapacious credit card companies bleeding you dry at 35 percent interest. Would you vote for someone like that? My gosh. Of course. Who wouldn't? That candidate would be elected in a landslide. Every single time. Yet that candidate is the opposite of pretty much everyone currently serving in congress. Our leadership class remains resolutely libertarian: committed to the rhetoric of markets when it serves them; utterly libertine on questions of culture. Republicans will lecture you about how payday loan scams are a critical part of a market economy. Then they'll work to make it easier for your kids to smoke weed because, hey, freedom. Democrats will nod in total agreement. They're on the same page.
Just last week, the Trump administration announced an innovative new way to protect American workers from the ever-cascading tidal wave of cheap third-world labor flooding this country. Until the Mexican government stops pushing illegal aliens north over our border, we will impose tariffs on all Mexican goods we import. That's the kind of thing you'd do to protect your country if you cared about your people. The Democrats, of course, opposed it. They don't even pretend to care about America anymore. Here's what the Republicans said:
MITCH MCCONNELL: Look, I think it's safe to say – you've talked to all of our members and we're not fans of tariffs. We're still hoping this can be avoided.
"We're not fans of tariffs." Imagine a more supercilious, out of touch, infuriating response. You can't, because there isn't one. In other words, says Mitch McConnell, the idea may work in practice. But we're against it, because it doesn't work in theory. That's the Republican Party, 2019. No wonder they keep losing. They deserve it. Will they ever change?
Jun 05, 2019 | www.nakedcapitalism.com
Warren (D)(1): "Elizabeth Warren's latest big idea is 'economic patriotism'" [ Vox ].
"The specific Warren proposal on this score has three parts, a Green Apollo Program, a Green Marshall Plan, and a Green Industrial Mobilization. The Apollo Program is a ten-fold increase in clean energy R&D funding, the Marshall Plan is a $100 billion program to help foreign countries buy American-made clean technology, and the Industrial Mobilization (which it would perhaps be more natural to call a 'Green New Deal,' were that name not already taken) proposes a massive $1.5 trillion federal procurement initiative over 10 years to buy 'American-made clean, renewable, and emission free products for federal, state, and local use and for export.'
That's roughly the scale of federal spending on defense acquisition and would of course turn the federal government into a huge player in this market."
• I bet Warren's policy shop didn't copy and paste from other proposals either
Jun 05, 2019 | www.zerohedge.com
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michigan independant , 50 seconds ago linkEthan Allen Hawley , 2 minutes ago link
https://www.youtube.com/watch?v=CvFKU62-FPkSeaMonkeys , 19 minutes ago link
Return to wampum belt economy! It's the only fair and just economy!DEDA CVETKO , 23 minutes ago link
Readers here are brainwashed. Industrial policy is based on a partnership between manufacturing, banks and finance, government, and workers. All of these relationships are built on trust and all the members stand to profit. This is the secret of Germany's and Scandinavia's over 200 years of success. It is called stakeholder capitalism. It includes all members of society. Germany is the world's largest exporter for a reason. It has approximately 1,500 banks, 70% of them are non-profit and restricted to lending for loans that are productive - create jobs and add value.
The English/American model of capitalism is called shareholder capitalism. Shareholder because the owners are absentee landlords. The financial markets rule, all other members serve. The communities are shells - people are distrustful of each other and of the social institutions. Shareholders don't live in the communities that add the value. They are the elites, and are spread throughout the world.
Readers here might not like Elizabeth Warren, and that's ok. I don't really like her. But her ideas are good. No Republican or corporate Democrat would ever embrace her ideas.
The irony is that Trump campaigned on similar ideas as Warren's. Why do you people think Trump is engaging in all the trade war rhetoric? It's for the same ends as Warren's ideas, except her ideas are more complete. Trump doesn't bring enough to the table. He needs to include labor, banks, manufacturers, and government. He hasn't because his ideas are not developed.
All the blabber mouths on Zero Hedge complaining about how full of **** academia is and now is your chance to actually stand for something. Do you think industrial policy is built on "snowflake" studies in Harvard?
No, it's in vocational schools and mentoring. Apprenticeships, and so forth.
Un-*******-believable. Zero Hedge is no different from Rush Limbaugh, a big fat closeted queen.-- ALIEN -- , 29 minutes ago link
Dear Squaw: aggressive market intervention is old news. Been there, done that since at least Richard Nixon's first term.
Ditto dollar intervention.
Have you something new and original to offer?Headwinds of Reality , 34 minutes ago link
"...wide-ranging proposal for aggressive, socialist-style government intervention in U.S. markets..."
So, basically more of the same **** that's been going on since 2008?
Where is the Billions for Banksters rider?
Nothing to see here, move along.Celotex , 35 minutes ago link
She's gone full anti semite, she's done hereReal Estate Guru , 36 minutes ago link
"Hey, look at my great new conjured-from-nothing ideas and forget about my racial identity fraud."devnickle , 44 minutes ago link
Fake Pochahontass Slut-Bunwalla is a total whackjob!Let it Go , 55 minutes ago link
What ever happened to states rights? Ever increasing central governmental control is not the answer, and was never intended to be. The Democrats spout about "Democracy!!!". This is nothing of the sort. They are perfectly happy to tell someone in Nebraska what to do, even if they have no idea corn grows in dirt. Narcissistic sociopaths is what they are. It's time to neuter them.thegekko , 1 hour ago link
Unfortunately, a fair number of people are listening to her. The article below warns that her push towards socialism as many progressives, liberals, or those simply left of center are proposing, would be a grave mistake. Socialism is not the answer to combating inequality.
https://Inequality Is A Growing Pox Upon Our Economic System! htmlspoonful , 1 hour ago link
Well, down here in Australia we had a Federal election a couple of weeks ago, and the opposition party, the Labor Party(ie the equivalent of your Democrats) was soundly defeated partially because of their radical "climate change" policies.
Quite obviously the left cannot grasp the fact that not everybody buys into the climate change hoax/industry. After the election many "journalists" who work for our national broadcaster, the ABC, which is funded by the Feds, came out on social media describing the result as a catastrophe for the climate and branded Australians as stupid. Sound familiar, just like a certain someone who labeled half of America as deplorables.
Australians are not stupid, and realised that the changes Labor were proposing were too radical. Their plan called for a 45 percent reduction in emissions by 2030. It should be noted that despite rhetoric to the contrary by Labor, it is a well established fact that Australia is far exceeding it's Kyoto & Paris targets.
Yet, the Labor party wanted to take these steps.
Labor, a party which is supposed to be in support of the workers, had they have won governmengt, would have no doubt done everything in their power to prevent the Adani coal mine in Queensland going ahead!
FFS, what sort of a world are we living in where coal mining is viewed by the left as a criminal activity?
The result of Labor's insanity, they did not win back a single seat in Qld, and in the Hunter Valley in NSW, a massive coal mining town, one particular seat there has been held by Labor for 25 years with a healthy margin. The local Labor candidate, Joel Fitzgibbon, managed to still hold onto the seat despite a 20 percent swing against him!
The fact is, as I am sure you are all aware being intelligent people on ZH, is you cannot take radical steps like what was proposed by Labor & in the process destroy the economy. These changes, if they are to be implemented, need to happen over the course of decades, four, five, maybe six, I don't know.
But more importantly, there needs to be serious discussion as to whether man made "climate change" is real because it does not seem to be, and obviously the vast majority of people are not buying into it. much to the chagrin of the left.
In Australia, and I am sure the same happens in America, the only people buying the climate change ******** are the cafe latte/upper class inner city snobs.
The other thing that escapes the minds of the left in Australia is simple mathematics. We are a population of 24 million in a world of 7.5 billion, that makes us 0.33 of 1 percent of the world population. Even if Australia cut it's emissions to zero tomorrow, it will make no difference to the world when we have China & India building coal fired power stations.
Ironically, the high priest of climate change, Al Gore, is down here at the moment, in Queensland of all places where voters told the left where to get off, on a $300,000 taxpayer funded love-in. From memory, didn't Al Gore state in his doco in 2006 that within 10 years the Earth would be facing a climate catastrophe? lolVince Clortho , 1 hour ago link
Aggressive Market Interventions, Active Dollar Management . . . you mean the PPT?Goodsport 1945 , 1 hour ago link
She has all the credibility of a Fake Indian Bolshevik.EenuschOne , 1 hour ago link
She isn't going away, and neither is her brand of voodoo economics, because too many ignorant Massholes will continue to return the squaw to office.e_goldstein , 1 hour ago link
Chief Shitting ********A Nanny Moose , 2 hours ago link
The Communist Fauxcohantus.
(Practicing for when Skankles runs again.)TAALR Swift , 2 hours ago link
Moar management will solve problems created by management.
Duct tape cannot fix stupid, but it can muffle the screams.40MikeMike , 2 hours ago link
Too late Fauka-haunt-us. The interventions and active management has been going on for years.
Dumb biatch does not deserve to collect a Gov salary, gibmes or pension.40MikeMike , 2 hours ago link
Democrats sunk and going to prison on collusion.
what's the next snake oil?
How about dealing with awful illigitamacy?
They own 1st and 2nd Black Slavery.
So fix it?
Forfeit the election and see what a debt conscious America is capable?
We can do with less, or less of more.
Only speaking for non-elites.LOL123 , 2 hours ago link
$1.5 trillion on renewables?
As in abandoned babies in a certain community?Jessica6 , 2 hours ago link
You go girl.... Lynn Rothschild will back you once she counts con-tracts and loans filtered back into her " All Inclusive Capitalism" banking system... She's got your back. She was was only kiddig about rewrting an ecconomic plan for Hillary and ditching yours....xoxo Lynn
"on Tuesday Elizabeth Warren proposed spending $2 trillion on a new "green manufacturing" program that would invest in research and exporting American clean energy technology."StheNine , 2 hours ago link
These people are control freaks. And the trouble with control freaks is they always make things worse.Carefulboy23 , 2 hours ago link
Indian giver....Lie_Detector , 2 hours ago link
Capitalism is man preying on his fellow man. Socialism is the exact opposite.El Oregonian , 2 hours ago link
Blah blah blah!DeePeePDX , 2 hours ago link
"In my administration, we will stop making excuses. We will pursue aggressive new government policies to support American workers."
"In my administration, we will NOT stop making excuses. We will pursue aggressive new government TOTALITARIAN policies to support American Stalinist ideals ."
FIXED.Wild Bill Steamcock , 2 hours ago link
Let's just reset the calendar to year zero, go all-agrarian, and march all dissent into the killing fields.
It's like these dumbfux read "Atlas Shrugged" and stole every idea of the antagonists.CaptainMoonlight , 2 hours ago link
Warren's Official Campaign song: NO CHANCE IN HELL!lisa.roy39 , 2 hours ago link
Go away , fake PocohontusMona Lisa , 2 hours ago link
𝐆𝐨𝐨𝐠𝐥𝐞 𝐢𝐬 𝐩𝐚𝐲𝐢𝐧𝐠 𝟗𝟕$ 𝐩𝐞𝐫 𝐡𝐨𝐮𝐫,𝐰𝐢𝐭𝐡 𝐰𝐞𝐞𝐤𝐥𝐲 𝐩𝐚𝐲𝐨𝐮𝐭𝐬.𝐘𝐨𝐮 𝐜𝐚𝐧 𝐚𝐥𝐬𝐨 𝐚𝐯𝐚𝐢𝐥 𝐭𝐡𝐢𝐬.𝐎𝐧 𝐭𝐮𝐞𝐬𝐝𝐚𝐲 𝐈 𝐠𝐨𝐭 𝐚 𝐛𝐫𝐚𝐧𝐝 𝐧𝐞𝐰 𝐋𝐚𝐧𝐝 𝐑𝐨𝐯𝐞𝐫 𝐑𝐚𝐧𝐠𝐞 𝐑𝐨𝐯𝐞𝐫 𝐟𝐫𝐨𝐦 𝐡𝐚𝐯𝐢𝐧𝐠 𝐞𝐚𝐫𝐧𝐞𝐝 $𝟏𝟏𝟕𝟓𝟐 𝐭𝐡𝐢𝐬 𝐥𝐚𝐬𝐭 𝐟𝐨𝐮𝐫 𝐰𝐞𝐞𝐤𝐬..𝐰𝐢𝐭𝐡-𝐨𝐮𝐭 𝐚𝐧𝐲 𝐝𝐨𝐮𝐛𝐭 𝐢𝐭'𝐬 𝐭𝐡𝐞 𝐦𝐨𝐬𝐭-𝐜𝐨𝐦𝐟𝐨𝐫𝐭𝐚𝐛𝐥𝐞 𝐣𝐨𝐛 𝐈 𝐡𝐚𝐯𝐞 𝐞𝐯𝐞𝐫 𝐝𝐨𝐧𝐞 .. 𝐈𝐭 𝐒𝐨𝐮𝐧𝐝𝐬 𝐮𝐧𝐛𝐞𝐥𝐢𝐞𝐯𝐚𝐛𝐥𝐞 𝐛𝐮𝐭 𝐲𝐨𝐮 𝐰𝐨𝐧𝐭 𝐟𝐨𝐫𝐠𝐢𝐯𝐞 𝐲𝐨𝐮𝐫𝐬𝐞𝐥𝐟 𝐢𝐟 𝐲𝐨𝐮 𝐝𝐨𝐧'𝐭 𝐜𝐡𝐞𝐜𝐤 𝐢𝐭.
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Buy a Tesla instead of the same old boring Landy Rovy Rangy Rovy banger all of your gang are buying.
May 22, 2019 | www.youtube.com
Axle Grind , 4 hours agoMary Czarnik , 6 hours ago
liz warren gains traction. she's built low to the ground for torque.G Watsittoyaa , 1 day ago
Dems only need few select states to campaign in and they will win elections all the time. Everybody is playing the racists card when they do not like what is said or done!!
Demoncrats run on Identity Politics ; thats all they see.
May 16, 2019 | www.nakedcapitalism.com
Warren (D)(1): "Trump backers applaud Warren in heart of MAGA country" [ Politico ]. West Virginia: "It was a startling spectacle in the heart of Trump country: At least a dozen supporters of the president -- some wearing MAGA stickers -- nodding their heads, at times even clapping, for liberal firebrand Elizabeth Warren . LeeAnn Blankenship, a 38-year-old coach and supervisor at a home visitation company who grew up in Kermit and wore a sharp pink suit, said she may now support Warren in 2020 after voting for Trump in 2016.
'She's a good ol' country girl like anyone else,' she said of Warren, who grew up in Oklahoma. 'She's earned where she is, it wasn't given to her. I respect that.'"
Also: "The 63-year-old fire chief, Wilburn 'Tommy' Preece, warned Warren and her team beforehand that the area was 'Trump country' and to not necessarily expect a friendly reception. But he also told her that ." ( More on West Virginia in 2018 .
Best part is a WaPo headline: "Bernie Sanders Supporter Attends Every DNC Rule Change Meeting. DNC Member Calls Her a Russian Plant." • Lol. I've been saying "lol" a lot, lately.)
Warren (D)(2): "Our military can help lead the fight in combating climate change" [Elizabeth Warren, Medium ]. "In short, climate change is real, it is worsening by the day, and it is undermining our military readiness. And instead of meeting this threat head-on, Washington is ignoring it -- and making it worse . That's why today I am introducing my Defense Climate Resiliency and Readiness Act to harden the U.S. military against the threat posed by climate change, and to leverage its huge energy footprint as part of our climate solution.
It starts with an ambitious goal: consistent with the objectives of the Green New Deal, the Pentagon should achieve net zero carbon emissions for all its non-combat bases and infrastructure by 2030 .. We don't have to choose between a green military and an effective one . Together, we can work with our military to fight climate change -- and win." • On the one hand, the Pentagon's energy footprint is huge, and it's a good idea to do something about that. On the other, putting solar panels on every tank that went into Iraq Well, there are larger questions to be asked. A lot of dunking on Warren about this. It might play in the heartland, though.
May 14, 2019 | consortiumnews.com
Originally from: Russia-gate’s Monstrous Offspring by Daniel Lazare
Besides Fox News – whose ratings have soared while Russia-obsessed CNN’s have plummeted – the chief beneficiary is Trump. Post-Mueller, the man has the wind in his sails. Come 2020, Sen. Bernie Sanders could cut through his phony populism with ease. But if Jeff Bezos’s Washington Post succeeds in tarring him with Russia the same way it tried to tar Trump, then the Democratic nominee will be a bland centrist whom the incumbent will happily bludgeon.
Former Vice President Joe Biden – the John McCain-loving, speech-slurring, child-fondler who was for a wall along the Mexican border before he was against it – will end up as a bug splat on the Orange One’s windshield.
Beto O'Rourke, the rich-kid airhead who declared shortly before the Mueller report was released that Trump, "beyond the shadow of a doubt, sought to collude with the Russian government," will not fare much better.
Sen. Elizabeth Warren meanwhile seems to be tripping over her own two feet as she predicts one moment that Trump is heading to jail , declares the next that voters don't care about the Mueller report because they're too concerned with bread-and-butter issues, and then calls for dragging Congress into the impeachment morass regardless.
Such "logic" is lost on voters, so it seems to be a safe bet that enough will stay home next Election Day to allow the rough beast to slouch towards Bethlehem yet again.
May 07, 2019 | www.youtube.com
Sen. Bernie Sanders, I-Vt., became a household name in 2016 when he ran a progressive campaign for the Democratic presidential nomination -- and came close to securing it. He's back in the 2020 race, but this time up against more than 20 other candidates. Sanders sits down with Judy Woodruff to discuss trade with China, health care, student debt, Russian election interference and more.
May 14, 2019 | www.theguardian.com
4.56pm EDT 16:56Here's a summary of the day thus far: Donald Trump praised attorney general William Barr for opening what appears to be a broad investigation of the Russia counterespionage investigation that swept up the Trump campaign. Barr appointed a US attorney to lead the inquiry and reportedly has got the CIA and DNI involved.
Senator Elizabeth Warren took a "hard pass" on an offer to do a Fox News town hall event, calling the network "hate-for-profit".
May 14, 2019 | www.youtube.com
Marduk of Nexus , 55 seconds agoTheBreaker OfWalls , 1 minute ago
I knew the establishment Dems would fight against the progressives, but this is so blatant...Ronn Thomason , 2 minutes ago
It's called Anti-Trust laws not her "opinions"...molson12oz , 11 minutes ago
Let's be honest, Booker isn't fit to shine Warren's shoes! I wonder if Cory's ass is jealous of all the shit that just came out of his mouth!! SMDHBRIAN , 11 minutes ago (edited)
Cory- .Most Americans will NOT think you are Presidential Caliber.Where's the MONEY coming from? Small donor contributions? I don't even think you'll get the Black & hispanic vote.Why do this?
You are stealing the votes from way more qualified candidates. Bad idea if you want to have Democratic POTUS in 2020Scott Price , 12 minutes ago
CB bought and paid for by drug companies. Of course he doesn't like Warren. But ask him about Americans right to free speech and he puts after the needs of any foriegn countryWilliam MARDER , 15 minutes ago
Bernie Sanders and Elizabeth Warren need to form a Democratic ticket.Mitchel Evans , 16 minutes ago
He who looks like a slick bouncer for the big money monopolies, is looking to get a piece of itPierre Lefrançois , 18 minutes ago
After that Trump remark, Cory can bite my butt. Whatever disagreements I may have with Warren, she has some very daring, intelligent, and discussion-worthy policies. We need her in the next administration, whether as potus or in the cabinet. Sheesh, Cory, burn your bridges, sir.Peter Krug , 23 minutes ago
Don't worry about C Booker, he's a light weight with talking points and no virtuous convictions.
Cory Booker is a lot more like Trump than Elizabeth Warren is.
May 11, 2019 | crookedtimber.org
Is Warren's college plan progressive?
by Harry on May 6, 2019 Ganesh Sitaraman argues in the Garun that, contrary to appearances, and contrary to the criticism that it has earned, Elizabeth Warren's college plan really is progressive, because it is funded by taxation that comes exclusively from a wealth tax on those with more than $50 million in assets. Its progressive, he says, because it redistributes down. In some technical sense perhaps he's right.
But this, quite odd, argument caught my eye:But the critics at times also suggest that if any significant amount of benefits go to middle-class or upper-middle class people, then the plan is also not progressive. This is where things get confusing. The critics can't mean this in a specific sense because the plan is, as I have said, extremely progressive in the distribution of costs. They must mean that for any policy to be progressive that it must benefit the poor and working class more than it benefits the middle and upper classes. T his is a bizarre and, I think, fundamentally incorrect use of the term progressive .
The logic of the critics' position is that public investments in programs that help everyone, including middle- and upper-class people, aren't progressive. This means that the critics would have to oppose public parks and public K-12 education, public swimming pools and public basketball courts, even public libraries. These are all public options that offer universal access at a low (or free) price to everyone.
But the problem isn't that the wealthy get to benefit from tuition free college. I don't think anyone objects to that. Rather, the more affluent someone is, on average, the more they benefit from the plan. This is a general feature of tuition-free college plans and it is built into the design. Sandy Baum and Sarah Turner explain:But in general, the plans make up the difference between financial aid -- such as the Pell Grant and need-based aid provided by states -- and the published price of public colleges. This means the largest rewards go to students who do not qualify for financial aid. In plans that include four-year colleges, the largest benefits go to students at the most expensive four-year institutions. Such schools enroll a greater proportion of well-heeled students, who have had better opportunities at the K-12 level than their peers at either two-year colleges or less-selective four-year schools. (Flagship institutions have more resources per student, too.) .
For a clearer picture of how regressive these policies are, consider how net tuition -- again, that's what most free-tuition plans cover -- varies among students at different income levels at four-year institutions. For those with incomes less than $35,000, average net tuition was $2,300 in 2015-16; for students from families with incomes between $35,000 and $70,000, it was $4,800; for those between $70,000 and $120,000, it was $8,100; and finally, for families with incomes higher than $120,000, it was more than $11,000. (These figures don't include living expenses.)
Many low-income students receive enough aid from sources like the Pell Grant to cover their tuition and fees. At community colleges nationally, for example, among students from families with incomes less than $35,000, 81 percent already pay no net tuition after accounting for federal, state and institutional grant aid, according to survey data for 2015-16. At four-year publics, almost 60 percent of these low-income students pay nothing.
Mike Huben 05.06.19 at 1:16 pm ( 1 )If you take progressivism to mean "improvement of society by reform", Warren's plan is clearly progressive. It reduces the pie going to the rich, greatly improves the lot of students who are less than rich, and doesn't harm the poor.nastywoman 05.06.19 at 1:37 pm ( 2 )
Don't let the perfect be the enemy of the good.@Trader Joe 05.06.19 at 1:49 pm ( 3 )
"Is Warren's college plan progressive"?
Who cares – as long as this plan -(and hopefully an even more extended plan) puts an end to a big part of the insanity of the (stupid and greedy) US education system?
In other words – let's call it "conservative" that might help to have it passed!The difficulty with the plan as proposed is not whether it is progressive or not but that it targets the wrong behavior – borrowing for education. If the goal is to make education more accessible – subsidize the university directly to either facilitate point of admission grants in the first place or simply bring down tuition cost to all attendees.L2P 05.06.19 at 1:50 pm ( 4 )
Under this proposal (assuming one thinks Warren would win and it could get passed) the maximizing strategy is to borrow as much as one possibly can with the hope/expectation that it would ultimately be forgiven. If that's the "right" strategy, then it would benefit those with the greatest borrowing capacity which most certainly is not students from low income families but is in fact families which could probably pay most of the cost themselves but would choose not to in order to capture a benefit they couldn't access directly by virtue of being 'too rich' for grants or other direct aid.bianca steele 05.06.19 at 2:02 pm ( 5 )"Rather, the more affluent someone is, on average, the more they benefit from the plan. "
This doesn't seem like a fair description of what's going on. If Starbucks gives a free muffin to everyone who buys a latte, it's theoretically helping the rich more than the poor under this way of looking at things. The rich can afford the muffin; the poor can't. So the rich will get more free muffins. But the rich don't give a crap. They can easily just buy the damn muffin in the first place. They're not really being helped, because the whole damn system helps them already. They're just about as well off with or without the free muffin.
Same here. My kid's going to Stanford. I'm effin rich and I don't give a crap about financial aid. If it was free I'd have an extra 75k a year, but how many Tesla's do I need really? How many houses in Hawaii do I need? But when I was a kid I was lower middle class. I didn't even apply to Stanford because it was just too much. Yeah, I could have gone rotc or gotten aid, but my parents just couldn't bust out their contribution. Stanford just wasn't in the cards. And Stanford's a terrible example, it had needs blind admissions and can afford to just give money away if it wants.
This sort of analysis is one step above bullshit.I don't understand the fear, in certain areas of what's apparently the left, of giving benefits to people in the middle of the income/wealth curve.Ben 05.06.19 at 2:12 pm ( 7 )
The expansion of the term "middle class" doesn't help with this, nor does the expansion of education. These debates often sound as if some of the participants think of "middle class" as the children of physicians and attorneys, who moreover are compensated the way they were in the 1950s.
The ability to switch between "it's reasonable to have 100% college attendance within 5 years from now" and "of course college is only for the elite classes" is not reassuring to the average more or less educated observer (who may or may not be satisfied, depending on temperament and so on, with the answer that of course such matters are above her head).The actual plan is for free tuition at public colleges. So not "the most expensive four-year institutions" that Baum and Turner discuss. [HB: they're referring to the most expensive 4-year public institutions]Dave 05.06.19 at 2:17 pm ( 9 )
There's also expanded support for non-tuition expenses, means-tested debt cancellation, and a fund for historically black universities, all of which make the plan more progressive. And beyond that, I could argue that, for lower-income students on the margin of being able to attend and complete school, we should count not only the direct financial aid granted, but also the lifetime benefits of the education the aid enables. But suffice it to say, I think you're attacking a caricature.Michael Glassman 05.06.19 at 3:46 pm ( 16 )the college plan does not actually offer 'universal access'
Given that something like one third of Americans gets a college degree, Warren's plan seems good enough. It's not obvious to me that universal access to college education is a progressive goal.I think it is extremely important to understand where Warren is coming from on this. Warren initially became active in politics because she recognized the pernicious nature of debt and the impact it had on well-being. If you are trying to get out from under the burden of debt your capabilities for flourishing are severely restricted, and these restrictions can easily become generational. One of the more difficult debts that people are facing are student debts. This was made especially difficult by the 2005 bankruptcy bill which made it close to impossible for individuals to get out from under student debt by entering in to Chapter 7 bankruptcy.nastywoman 05.06.19 at 5:28 pm ( 22 )
Warren's emphasis in this particular initiative, it seems to me, is to alleviate debt so that individuals can pursue more advanced functionings/capabilities. So if you think that the definition of progressive is creating situations where more individuals in a society are given greater opportunities for flourishing then the plan does strike me as progressive (an Aristotelian interpretation of Dewey such as promoted by Nussbaum might fall in this direction). There is another issue however that might be closer to the idea of helping those from lowest social strata, something that is not being discussed near enough. Internet technologies helped to promote online for profit universities which has (and I suppose continues to) prey and those most desperate to escape poverty with limited resources. The largest part of their organizations are administrators who help students to secure loans with promises of high paying jobs once they complete their degrees. These places really do prey on the most vulnerable (homeless youth for instance) and they bait individuals with hope in to incurring extremely high debt. The loan companies are fine with this I am guess because of the bankruptcy act (they can follow them for life). This is also not regulated (I think you can thank Kaplan/Washington Post for that). Warren's initiative would help them get out from under debt immediately and kick start their life.
I agree k-12 is more important, but it is also far more complicated. This plan is like a shot of adrenaline into the social blood stream and it might not even be necessary in a few years. I think it dangerous to make the good the enemy or the perfect, or the perfect the critic of the good.– and how cynical does one have to be – to redefine a plan canceling the vast majority of outstanding student loan debt – as some kind of ("NON-progressive") present for "the rich"?Sam Tobin-Hochstadt 05.06.19 at 5:59 pm ( 25 )I think this work by Susan Dynarski and others really makes the case that reducing price will change access and populations significantly: https://www.chronicle.com/article/How-U-of-Michigan-Appealed-to/245294Leo Casey 05.06.19 at 7:31 pm ( 29 )
But even apart from that, the argument of the post seems like it would suggest that many things that we currently fund publicly are not progressive in a problematic way. Everything from arts to national parks to math research "benefits" the rich more than the poor. There's possibly a case that public provision of these goods is problematic when we as a society could spend that money on those who are more disadvantaged. But that's a very strong claim and implicates far more than free college.
Finally, it's worth comparing the previous major expansion of education in the US. The point at which high school attendance was as widespread as college attendance is now (about 70% of high school graduates enroll in college of some form right away) was around 1930, well after universal free high school was available. I think moving to universal free college is an important step to raise those rates, just as free high school was.It strikes me that the argument made here against a universal program of tuition free college is not all that different than an argument made against social security -- that the benefits go disproportionately to middle class and professional class individuals. Since in the case of Social Security, one has to be in gainfully employed to participate and one's benefits are, up to a cap, based on one's contributions, middle class and professional class individuals receive greater benefits. Poor individuals, including those who have not been employed for long periods of time, receive less benefits. (There are quirks in this 10 second summary, such as disability benefits, but not so much as to alter this basic functioning.)christian h. 05.06.19 at 9:15 pm ( 31 )
Every now and again, there are proposals to "means test" social security, using this functioning as the reasoning. A couple of points are worth considering.
First, it is the universality of social security that makes it a political 'third rail,' such that no matter how it would like to do away with such a 'socialist' program, the GOP never acts on proposals to privatize it, even when they have the Presidency and the majorities that would allow it to get through Congress. The universality thus provides a vital security to the benefits that poor and working people receive from the program, since it makes it politically impossible to take it away. Since social security is often the only pension that many poor and working people get (unlike middle class and professional class individuals who have other sources of retirement income), the loss of it would be far more devastating to them. There is an important way, therefore, that they are served by the current configuration of the system, even given its skewing.
Second, and following from the above, it is important to recognize that the great bulk of proposals to "means test" Social Security come from the libertarian right, not the left, and that they are designed to undercut the support for Social Security, in order to make its privatization politically viable.
Most colleges and universities "means test" financial aid for their students, which is one of the reasons why it is generally inadequate and heavily weighted toward loans as opposed to grants. I think it is a fair generalization of American social welfare experience history to say that "means tested" programs are both more vulnerable politically (think of the Reagan 'welfare queen' narrative) and more poorly funded than universal programs.
There are additional argument about the skewing of Social Security benefits, such as the fact that they go disproportionately to the elderly, while those currently living in poverty are disproportionately children. This argument mistakes the positive effects of the program -- before Social Security and Medicare the elderly were the most impoverished -- for an inegalitarian design element.
The solution to the fact that children bear the brunt of poverty in the US is not to undermine the program that has lifted the elderly out of poverty but to institute programs that address the problem of childhood poverty. Universal quality day care, for example, provides the greatest immediate economic benefits to middle class and professional class families who are now paying for such services, but it provides poor and working class kids with an education 'head start' that would otherwise go only to the children of those families that could afford to pay for it. And insofar as day care is provided, it makes it easier for poor and working class parents (often in one parent households) to obtain decent employment.
So the failings of universal programs are best addressed, I would argue, by filling in the gaps with more universal programs, not 'means testing' them.
To the extent that Warren's 'free tuition' proposal addresses only some of the financial disadvantages of poor and working people obtaining a college education, the response should not be "oh, this is not progressive," but what do we do to address the other issues, such as living expenses. It is not as if there are no models on how to do this. All we need to do is look at Nordic countries that provide post-secondary students both free tuition and living expenses.Having grown up and gone to university in Germany it is simply incomprehensible to me that there is tuition supporters on the political left in the U.S. It's true that free college isn't universal in the same sense free K-12 education is. But neither are libraries (they exclude those who are functionally illiterate completely, and their services surely go mostly to upper middle class people who have opportunity and education to read regularly), for example. Neither are roads – the poor overwhelmingly live in inner cities, often take public transport – it's middle class suburbanites that mostly profit. Speaking of public transport, I assume Henry opposes rail; it is very middle class, the poor use buses. (The last argument actually has considerable traction in Los Angeles, it's not completely far fetched.)SamChevre 05.06.19 at 11:57 pm ( 40 )I agree that Warren's free college and debt forgiveness plans would not be very progressive, but I'd propose that I think the dynamic mechanism built in would make it worse than a static analysis shows.Dr. Hilarius 05.07.19 at 12:39 am ( 42 )
(Note that most of my siblings and in-laws do not have college degrees; this perspective is based on my own observations.)
The more a college degree is the norm, the worse things are for people without one. Making it easier to get a college degree increases the degree to which its the norm, and will almost inevitably have the same impact on the value of a college degree as the growth in high-school attendance (noted by Sam Tobin-Hochstadt above) had on the value of a high school degree. (We're already seeing this: many positions that used to require a college degree now require a specific degree, or a masters degree.) This will increase age discrimination, and further worsen the position of the people for whom college is unattractive for reasons other than money.
To give a particular example of a mechanism (idiosyncratic, but one I know specifically). Until a couple decades ago, getting a KY electrician's license required 4 years experience under a licensed electrician, and passing the code test. Then the system changed; now it requires a 2-year degree and 2 years experience, OR 8 years experience. This was great for colleges. The working electricians don't think the new electricians are better prepared as they used to be, but all of a sudden people who don't find sitting in a classroom for an additional 2 years attractive are hugely disadvantaged. Another example would be nursing licenses; talk to any older LPN and you'll get an earful about how LPN's are devalued as RNs and BSNs have become the norm.I suspect tuition reform will be complex, difficult and subject to gaming. Being simple minded I offer an inadequate but simple palliative. Make student loan debt dischargeable in bankruptcy. You can max out your credit cards on cars, clothes, booze or whatever and be able to discharge these debts but not for higher education. The inability to even threaten bankruptcy gives all the power to collection companies. Students have no leverage at all. The threat of bankruptcy would allow for negotiated reductions in principal as well as payments.John Quiggin 05.07.19 at 1:44 am ( 44 )
Bankruptcy does carry a lot of negative consequences so it would offset the likely objections about moral hazards, blah, blah. I would also favor an additional method of discharging student debt. If your debt is to a for-profit school that can't meet some minimum standards for student employment in their field of study then total discharge without the need for bankruptcy. For-profit vocational schools intensively target low income and minority students without providing significant value for money.Progressivity looks much better if the program sticks to free community college, at least until there is universal access to 4-year schools. That's what Tennessee did (IIRC the only example that is actually operational).Gabriel 05.07.19 at 3:03 am ( 47 )Harry: it doesn't seem as if you responded to my comment. I'll try again.Nia Psaka 05.07.19 at 4:01 am ( 48 )
1. A policy is progressive if it is redistributive.
2. Warren's plan is redistributive.
3. Thus, Warren's plan is progressive.
Comments about how effective the redistribution is are fine, but to claim a non-ideal distribution framework invalidates the program's claims to being progressive seems spurious. And I don't think this definition of progressive is somehow wildly ideosyncratic.To whine that free college is somehow not progressive because not everyone will go to college is a ridiculous argument, one of those supposedly-left-but-actually-right arguments that I get so tired of. To assume that the class makeup of matriculators will be unchanged with free college is to discount knock-on effects. This is a weird, weird post. I guess I'm going back to ignoring this site.Kurt Schuler 05.07.19 at 4:04 am ( 49 )The debate on this subject strikes me as misguided because it says nothing about what students learn. A good high school education should be enough to prepare young people for most kinds of work. In most jobs, even those allegedly requiring college degrees, the way people learn most of what they need to know is through on the job training. Many high school graduates have not received a good education, though, and go to college as, in effect, remedial high school.
Readers who attended an average American high school, as I did long ago, will know that there are certain students, especially boys, who are itching to be done with school. It is far more productive to give them a decent high school education and have them start working than to tell them they need another two to four years of what to them is pointless rigamarole.
Rather than extending the years of education, I would reduce the high school graduation age to 17 and reduce summer vacations by four weeks, so that a 17 year old would graduate with as many weeks of schooling as an 18 year old now. (Teachers would get correspondingly higher pay, which should make them happy.)
Harry Truman never went to college. John Major became a banker and later prime minister of Britain without doing so. Neither performed noticeably worse than their college-educated peers. If a college education is not necessary to rise to the highest office in the land, why is it necessary for lesser employment except in a few specialized areas?
An experiment that I would like to see tried is to bring back the federal civil service exam, allowing applicants without college degrees who score high enough to enter U.S. government jobs currently reserved for those with college degrees.
May 09, 2019 | www.theamericanconservative.com
I would love to have a social conservative who was as red-hot on the abuse of corporate power as she is. Of course there's no way she would ever win the Democratic nomination if she were a social conservative, nor would she be a US Senator from Massachusetts.
Back in 2011, when she announced for the Massachusetts Senate race on an anti-big business platform, I wrote in this space that she was "a Democrat I could vote for." In 2014, observing how far gone she is on cultural leftism, I lamented that I wanted so bad for her to be good -- but hey, you can't always get what you want.
The Week 's Matthew Walther recently wrote a piece praising her from the Right as a "forgotten reactionary." Excerpt:
Warren's vision of human flourishing is fundamentally a conservative one -- or at least it would be if the family were still at the center of the conservative conception of politics. What she argues for is the right of families to thrive, not be the slave of financial interests, corporate power, housing monopolies, the educational establishment, or any other external force. She believes, radically, alas, in 2018, that we all have a right to food, water, housing, education, and medical care. The idea that hard-working Americans should be able to raise their children in comfort and with a sense of dignity is not, or at least should not be, the exclusive purview of any one politician or party. The fact that Warren very frequently does seem to be among the only elected officials in this country who both affirms these things and has taken the trouble to think carefully about them is a reminder that the centrism rejected by her and fellow travelers on the left and the right alike is not only noxious but omnipresent.
Warren's economic vision of human flourishing -- that is, the economic conditions she believes must be in place for people to flourish -- is fundamentally conservative, in an older, more organic sense. Old-fashioned Catholic reactionaries understand exactly what she's talking about, and so would the kind of Christian conservatives who read Wendell Berry and Crunchy Cons (which, alas, came out about 13 years too early).
Lo, Fox News star Tucker Carlson riled up the Right the other night with his tour de force criticism of right-wing free market orthodoxies (among other things).
Last night, he praised Elizabeth Warren for having written a 2003 book about how the US economy traps families. He points out that in her book, Warren made an economic case that the mass entry of women into the workplace has been a financial disaster for families. More:
Elizabeth Warren said that out loud. Nobody seemed to mind. She'd never say that today. It's not allowed like so much else that is true and important. She can't talk about the things that she believed 10 years ago. No modern Democrat can.
Can Republicans? In a follow-up column, Matthew Walther thinks they should, and that Tucker Carlson's commentaries so far this year have been galvanizing. More:
If anyone had suggested to me five years ago that the most incisive public critic of capitalism in the United States would be Tucker Carlson, I would have smiled blandly and mentioned an imaginary appointment I was late for. But that is exactly what the Fox News host revealed himself to be last week with an extraordinary monologue about the state of American conservative thinking. In 15 minutes he denounced the obsession with GDP, the tolerance of payday lending and other financial pathologies, the fetishization of technology, the guru-like worship of CEOs, and the indifference to the anxieties and pathologies of the poor and the vulnerable characteristic of both of our major political parties. It was a masterpiece of political rhetoric. He ended by calling upon the GOP to re-examine its attitude towards the free market.
Carlson's monologue is valuable because unlike so many progressive critics of our social and economic order he has gone beyond the question of the inequitable distribution of wealth to the more important one about the nature of late capitalist consumer culture and the inherently degrading effects it has had on our society. The GOP's blinkered inability to see beyond the specifications of the new iPhone or the latest video game or the infinite variety of streaming entertainment and Chinese plastic to the spiritual poverty of suicide and drug abuse is shared with the Democratic Socialists of America, whose vision of authentic human flourishing seems to be a boutique eco-friendly version of our present consumer society. This is lipstick on a pig.
It is difficult for me to understand exactly why conservatives have come around to their present uncritical attitude toward unbridled capitalism. It cannot be for electoral reasons. Survey after survey reveals that a vast majority of the American people hold views that would be described as socially conservative and economically moderate to progressive. A presidential candidate who spoke capably to both of these sets of concerns would be the greatest political force in three generations.
The answer is that for conservatives the market has become a cult. No book better explains the appeal of classical liberal economics than The Golden Bough , Sir James Frazer's history of magic. Frazer identified certain immutable principles that have governed magical thinking throughout the ages. Among these is the imitative principle according to which a favorable outcome is obtained by mimicry -- the endless chants of entrepreneurship, vague nonsense about charter schools, calls for tax cuts for people who don't make enough money to benefit from them. There also is taboo, the primitive assumption that by not speaking the name of a thing, the thing itself will be thereby be exorcised. This is one reason that any attempt to criticize the current consensus is met with whingeing about "socialism." This catch-all talisman is meant to protect against everything from the Cultural Revolution to modest restrictions on overdraft fees imposed at the behest of consultants.
Read the whole thing.
Haigha January 9, 2019 at 9:34 am"In the real world you are going to have to keep companies from getting too powerful if you want a free(ish) market."Franklin Evans , says: January 9, 2019 at 12:22 pm
"So, is it possible that in this everything-can-be-bought-and-sold culture that the massive corporations made the very rational choice to buy themselves a government?"
... ... ...Noah makes an excellent point about the differences between public- and private-sector unions and collective bargaining units. I would personally add that public-sector unions would never have been necessary if governments were not run under the same philosophy as private-sector employers: minimize the cost of employees by any means possible. I've always held that regardless of any definition of necessity, public-sector unionization was and remains a bad idea.Gertrude , says: January 9, 2019 at 1:12 pm
I also don't know of a better alternative. Sometimes it's the evil you must handle, rather than the lesser of two evils.
As for the shifts in the socio-economic realities, there's a necessary categorization necessary when discussing women in the workforce. I offer these broad categories which are likely arguable. It's a starting point, not a line in the sand.
Families at or below the poverty line: when you control for the benefits of a stay-at-home parent, these families only ever had one option to get above the poverty line enough to no longer need public assistance, and that was a second income. The entire motivation for minimum wage, stable work hours and such was an attempt to mitigate the need for a second income. It gets politicized and complicated from there, partially for good reasons, but unless you look at a given family's income limitations before criticizing the woman's working instead of being at home, you are ignoring the consequences of poverty, which cannot be mitigated by parenting.
The woman has a higher income potential: it started well before the employment argument, as in decades previous women were "permitted" to attain higher education in skill and content areas beyond nursing and teaching. One reaction to that, an analysis conclusion I arrive at personally, was to routinely discriminate against female employees in both compensation and promotion. The prevailing "wisdom" (again, my personal POV) was that women are going to get pregnant anyway, why encourage them away from that? If the only disparity in compensation was for unpaid leave due to pregnancy and childbirth, you might have avoided a large part of the feminist revolution.
The broad mix of "women belong in " arguments based on some moral construct (religious or other): this is where the feminist revolution was inevitable. It comes down to personal agency and choice. I have an Orthodox Jewish relative whose wife fully, happily and creatively embraces her religiously mandated role. She's very intelligent, an erudite writer and speaker, and is as much a pillar of her community as any male in it. We should avoid extreme examples like Rahaf Mohammed Alqunun, but her plight without fatal consequences is precisely what many women face, and want to escape. Feminism simply states that such women have the right to make that different choice, and the power the men of their community have over them is a denial of a human right.
I'm sure other broad categories need to be described. I'll leave this before it gets beyond being too long.@kgasmart "I defy Elizabeth Warren, or any other prominent lefty, to publicly restate her thesis that the entry of women into the workforce has ultimately harmed the family.KD , says: January 9, 2019 at 2:24 pm
Imagine the furious tweetstorms. How dare she suggests it's been anything but wonderful for women themselves – and thus, for society as a whole. Evidence to the contrary be damned as 'hateful,' of course."
You don't understand the left. And no, having once been in favor of SSM doesn't mean you understand the left. I and many others will happily say the following: "Society was not prepared for the mass entry of women into the workplace. Childcare suffered, work-life balance suffered, male-female relations suffered."
The problem here is that we follow that up with: "The problem was not women having basic aspirations to the dignity and relative economic security work offers. The problem was a government captured by the rich who don't understand what policy for families that can't afford nannies would look like. The problem was also a social structure which valued families less than it valued proscribed gender roles. Time to chart a different course."
Trust me, feminists talk all the time about how much harder it is to have a family these days. We just don't think the problem exists because women selfishly wanted basic economic security.Warren is a smart, informed academic with some solid views on economic issues.Zgler , says: January 9, 2019 at 3:28 pm
On the other hand, she is a terrible politician, and not suited for high executive office. She lacks gravitas and has no intuition for the optics of what she does, going from gaffe to gaffe. She'd be chewed up and spit out before she became a contender.
While I think HRC had terrible ideas, I never questioned her capacity to project authority and credibility, that is, "act presidential". In contrast, Obama's dork factor got him in trouble on a number of occasions (although his "communist salute" stands out), and Warren is many times more a dork than Obama."I confess I have never understood her appeal. She is the very model of a useless New England scold, constantly seeking to regulate just about everything. There is almost no problem that more government, more regulation – usually with no oversight – cannot fix. No, thank you."Hector_St_Clare , says: January 9, 2019 at 4:29 pm
This sounds like someone who has not researched Warren's writings and positions
and just does not like her style (i.e. New England Scold). I think her style, which would be fine in a man (e.g. who is a scold if not Bernie) will primary her out.The market is not a Platonic deity, floating in the sky and imposing goodness and prosperity from on high. It is the creation of our choices, our laws, and our democratic process. We know, for instance, that pornography has radically altered how young boys perceive their relationships with women and sex, and that the pornography industry has acquired a lot of wealth in the process of creating and distributing that content. Just last month, we learned that a Chinese entity created the first gene-edited baby, using a technology developed in the United States. Some company, here or there, will eventually create a lot of prosperity by using this gene-editing technology (called CRISPR) in an unethical way, quite literally playing God with the most sacred power in the universe -- the creation of human life. In the past few years, it has become abundantly clear that Apple -- despite self-righteously refusing to cooperate with American security officials -- has willingly complied with the requirements of the Chinese surveillance state, even as China builds concentration camps for dissidents and religious minorities. And, as Carlson mentioned, there are marijuana companies pushing for legalization, though we know from the Colorado experience that legalization increases use, and from other studies that use is concentrated among the lower class, causing a host of social problems in the process.EarlyBird , says: January 9, 2019 at 4:37 pm
I'm an anti-capitalist so of course I'd agree with JD Vance that there's no good reason to trust the free market or the owners of capitalist enterprises. Nonetheless, I can't join him in his specific criticisms of free markets here, and I think this kind of underscores the difficulties there may be in building bridges between social conservatives and social liberals. Bridges can certainly be built, for sure, but it will take some work and some painful compromises, and this is a good example of why: several of the things that JD Vance points to as examples of free markets gone wrong, are things that I'd say are good things, not bad ones.
I'm not going to defend pornography (although I'm not particularly going to criticize it that much either: while I distrust conservative / orthodox Christian sexual ethics, I don't really care about pornography per se and would be happy if the more violent / weird / disturbing stuff was banned). Gene editing of humans though strikes me as a clearly good thing: why wouldn't we want our species to be more peaceful, better looking, more pro-social and more healthy? And why wouldn't we, at the margins, want to raise people who might otherwise be born with serious physical or mental handicaps to be 'fixed'? I have a lot of fears for the future of the world, but the idea that gene editing of our species might become commonplace is one of the things that makes me hopeful. I also think it's a good thing that tech companies are cooperating with the Chinese state: not because I like China and its government, particularly, but because I believe strongly in the sovereign nation state and in the right of national governments to decide how foreign companies are going to behave on their territory. I'd much rather a world in which companies in China are constrained by the Chinese state than one in which they're constrained by no rules at all other than their own will. Finally, the legalization of marijuana and other soft drugs seems to me to be a good thing as well.
I'm sure that JD Vance and I can come to lots of agreement over other issues, but I did want to point out there may be stumbling blocks over social issues as well- precisely because these issues do matter. They don't matter as much as the economic issues, but they do matter somewhat.All of these critiques of capitalism from social conservatives hews exactly to the platform of a tiny little party, the American Solidarity Party:Haigha , says: January 9, 2019 at 4:43 pm
Among the planks in their platform:
"We believe that family, local communities, and voluntary associations are the first guarantors of human dignity, and cultivate mutual care. National institutions and policies should support, not supplant them."
Quite seriously, the entire party could have been invented by Rod, and I mean that as the highest endorsement."You think creating a power vacuum will prevent big businesses from imposing their will on the population? Go back and look at your beloved 19th century and tell me that absent government intervention corporations won't crush peoples lives for a few extra cents."
Absolutely. Absent government help, businesses can't do anything except offer people goods or services, or offer to purchase their labor or goods or services, on terms the individuals may or may not find advantageous compared to the status quo. When Big Business ran roughshod over people in the 19th Century, it was because government helped them (e.g., court cases letting businesses off the hook for their liabilities because of the supposed need for "progress").
May 08, 2019 | www.theamericanconservative.com
Massachusetts Senator Elizabeth Warren recently jolted the Democratic presidential primary race by tackling one of the most important issues of our time: student loans and the cost of higher education. Warren called for canceling up to $50,000 of student loan debt for every American making under $100,000 a year. In addition, she would make two- and four-year public college tuitions free for all new students.
The total cost of Warren's plan would be $1.25 trillion over 10 years, with the debt forgiveness portion consisting of a one-time cost of $640 billion. Warren plans to pay for her plan by imposing an annual tax of 2 percent on all families that have $50 million or more in wealth.
Warren is right to focus attention on the matter of student loans. This is a major issue for young people and experts have been warning of a crisis for years.
But in most cases, it isn't right to blame student loan borrowers for their predicaments. After all, they are victims of a scam perpetrated by the education cartel and the federal government.
Here's how it works: the education cartel sells the lie that only those with four-year college degrees can succeed in life. Then they steer everyone with a pulse towards a university.
The government steps in and subsidizes student loans that allow almost anyone to go to college, regardless of their ability to pay the loans back. These loans are a trap, and not just with regard to their cost. The government, which took over the student loan industry , forbids borrowers from discharging that debt in bankruptcy proceedings.
How do such cheap and easy student loans affect universities? For starters, they have caused a proliferation of degrees that offer poor returns on investment . In addition, they have led to the dilution of the value of previously marketable degrees such as those in the humanities and international relations, as more students enter those programs than could ever hope to work in their respective fields. For example, in 2013, half of all those who had graduated from college were working in jobs that did not require degrees .
But worst of all, the easy access to student loans has destroyed the price mechanism, which is so important for determining the real supply and demand of a product. Since government is the ultimate payer, tuition has been pushed sky high. The rate of tuition increase has actually outpaced inflation threefold .
Is Elizabeth Warren's plan the solution? No! It will only make things worse.
For starters, the wealth tax that she would use to fund her plan is likely unconstitutional . But even if it was upheld by the Supreme Court, it would still be bad policy. Countries that have imposed wealth taxes like France and Sweden have found that the rich simply leave and take their assets with them rather than pay more.
As for the idea of universal student loan debt forgiveness, it is a bad policy on the merits. For starters, it does not make economic sense to forgive the debts of those who will earn at least $17,500 more a year than those who don't go to college.
Also, although the student loan bubble has been inflated by the actions of both the education cartel and government, at the end of the day, loans are a contract. Those who are able to pay them down should and not be bailed out.
... ... ...
Finally, we need to promote alternatives to college. There are many well-paying jobs out there that don't require degrees . There are also apprentice programs offered by organizations like Praxis . We should encourage entrepreneurship, which is how so many in this country have lifted themselves out of poverty. College is not for everyone and there's no reason to keep promoting that idea.
Kevin Boyd is a freelance writer based in Louisiana. He is a contributor to The Hayride, a southern news and politics site. He has also been published in , The Federalist, The Atlanta Journal-Constitution , and The New York Observer among other publications.
Lert345, says: May 8, 2019 at 3:14 pmHow to make college cost effective. Two major reformsmrscracker, says: May 8, 2019 at 4:04 pm
1. Reduce the overabundance of administrators. The number has exploded since the 1990s.
2. Restructure college. Most programs don’t need to be four years long. Most can be cut to 2 1/2 – 3 years. A chemistry student should be taking courses required for a chemistry degree, nothing more (unless he/she wants to). A lot of required courses are just padding to make the experience drag on for four years. That creates unneeded expenditures of time and money.
After doing the above, then maybe we can talk about “free” college.I personally believe that we should each pay our own way through life as much as possible, but several nations currently do offer virtually free college educations & I don’t believe their diplomas are of less value for it.DavidE, says: May 8, 2019 at 5:46 pm
I agree with you that other avenues like trades should be encouraged. A four year degree isn’t necessary for everyone.@workingdad. If a wealth tax is unconstitutional, do you consider a property tax also unconstitutional?
May 08, 2019 | www.theamericanconservative.com
Too often caught between Randian individualism on one hand and big-government collectivism on the other, America's working-class parents need a champion.
They might well have had one in Elizabeth Warren, whose 2003 book, The Two-Income Trap , co-authored with her daughter Amelia Warren Tyagi, was unafraid to skewer sacred cows. Long a samizdat favorite among socially conservative writers, the book recently got a new dose of attention after being spotlighted on the Right by Fox News's Tucker Carlson and on the Left by Vox's Matthew Yglesias .
The book's main takeaway was that two-earner families in the early 2000s seemed to be less, rather than more, financially stable than one-earner families in the 1970s. Whereas stay-at-home moms used to provide families with an implicit safety net, able to enter the workforce if circumstances required, the dramatic rise of the two-earner family had effectively bid up the cost of everyday life. Rather than the additional income giving families more breathing room, they argue, "Mom's paycheck has been pumped directly into the basic costs of keeping the children in the middle class."
Warren and Warren Tyagi report that as recently as the late 1970s, a married mother was roughly twice as likely to stay at home with her children than work full-time. But by 2000, those figures had almost reversed. Both parents had been pressed into the workforce to maintain adequate standards of living for their families -- the "two-income trap" of the book's title. Advertisement
What caused the trap to be sprung? Cornell University economist Francine Blau has helpfully drawn a picture of women's changing responsiveness to labor market wages during the 20th century. In her work with Laurence Kahn, Blau found that women's wage elasticities -- how responsive their work decisions were to changes in their potential wages -- used to be far more heavily driven by their husband's earning potential or lack thereof (what economists call cross-wage elasticity). Over time, Blau and Kahn found, women's responsiveness to wages -- their own or their husbands -- began to fall, and their labor force participation choices began to more closely resemble men's, providing empirical backing to the story Warren and Warren Tyagi tell.
Increasing opportunity and education were certainly one driver of this trend. In 1960, just 5.8 percent of all women over age 25 had a bachelor's degree or higher. Today, 41.7 percent of mothers aged 25 and over have a college degree. Many of these women entered careers in which they found fulfillment and meaning, and the opportunity costs, both financially and professionally, of staying home might have been quite high.
But what about the plurality of middle- and working-class moms who weren't necessarily looking for a career with a path up the corporate ladder? What was pushing them into full-time work for pay, despite consistently telling pollsters they wished they could work less?
The essential point, stressed by Warren and Warren Tyagi, was the extent to which this massive shift was driven by a desire to provide for one's children. The American Dream has as many interpretations as it does adherents, but a baseline definition would surely include giving your children a better life. Many women in America's working and middle classes entered the labor force purely to provide the best possible option for their families.
Fran Macadam April 4, 2019 at 4:34 pmShe Woke up.Tim , says: April 4, 2019 at 7:19 pm
Careerism trumps sanity. In the age of #MeToo, it's got to be all about me.Warren's academic work and cheeky refusal to fold under pressure when her nomination as Obama's consumer ('home ec.'?) finance czar was stymied by the GOP are worthy of respect. I'd like to see her make a strong run at the dem nomination, but am put off by her recent tendency to adopt silly far-left talking points and sentiments (her Native DNA, advocating for reparations, etc.). Nice try, Liz, but I'm still leaning Bernie's direction.K squared , says: April 5, 2019 at 7:05 am
As far as the details of the economic analysis related above, though, I am unqualified to make any judgment – haven't read the book. But one enormously significant economic development in the early 70s wasn't mentioned at all, so I assume she and her daughter passed it over as well. In his first term R. Milhouse Nixon untethered, once & for all, the value of the dollar from traditional hard currency. The economy has been coming along nicely ever since, except for one problematic aspect: with a floating currency we are all now living in an economic environment dominated by the vicissitudes of supplies and demands, are we not? It took awhile to effect the housing market, but signs of the difference it made began to emerge fairly quickly, and accelerated sharply when the tides of globalism washed lots of third world lucre up on our western shores. Now, as clearly implied by both Warren and the author of this article, young Americans whose parents may not have even been born back then – the early 70s – are probably permanently priced out of the housing market in places that used to have only a marginally higher cost of entry – i.e. urban California, where I have lived and worked for most of my nearly 60 years. In places like this even a 3-earner income may not suffice! Maybe we should bring back the gold standard, because it seems to me that as long as unfettered competition coupled to supply/demand and (EZ credit $) is the underlying dynamic of the American economy we're headed for the New Feudalism. Of course, nothing could be more conservative than that, right? What say you, TAColytes?"Funny that policy makers never want to help families by taking a little chunk out of hedge funds and shareholders and vulture capitalists and sharing it with American workers."
Funny that Warren HAS brought up raising taxes on the rich.
May 07, 2019 | www.laprogressive.com
The military sucks up 54% of discretionary federal spending. Pentagon bloat has a huge effect on domestic priorities; the nearly $1 trillion a year that goes to exploiting, oppressing, torturing, maiming and murdering foreigners could go to building schools, college scholarships, curing diseases, poetry slams, whatever. Anything, even tax cuts for the rich, would be better than bombs. But as then GOP presidential candidate Mike Huckabee said in 2015, "The military is not a social experiment. The purpose of the military is to kill people and break things ." If you're like me, you want as little killing and breaking as possible.
Unfortunately, no major Democratic presidential candidate favors substantial cuts to Pentagon appropriations.
Current frontrunner Joe Biden ( 33% in the polls) doesn't talk much about defense spending. He reminds us that his son served in Iraq (so he cares about the military) and that we shouldn't prioritize defense over domestic programs. Vague. Though specific programs might get trimmed, Lockheed Martin could rest easy under a President Biden.
"Since he arrived in Congress, [runner-up] Bernie Sanders [19%] has been a fierce crusader against Pentagon spending , calling for defense cuts that few Democrats have been willing to support," The Hill reported in 2016. "As late as 2002, he supported a 50 percent cut for the Pentagon." Bernie is still a Pentagon critic but he won't commit to a specific amount to cut. He wouldn't slash and Bern. He'd trim.
Elizabeth Warren (8%) wants "to identify which programs actually benefit American security in the 21st century, and which programs merely line the pockets of defense contractors -- then pull out a sharp knife and make some cuts ."
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Kamala Harris (5%) has not weighed in on military spending. She has received substantial campaign contributions from the defense industry, though.The Democrats on Wars for Fun
As senator, Biden voted for the optional wars against Afghanistan and Iraq . He lied about his votes so maybe he felt bad about them. He similarly seems to regret his ro le in destroying Libya.
Sanders voted to invade Afghanistan . His comment at the time reads as hopelessly naïve about the bloodthirsty Bush-Cheney regime: "The use of force is one tool that we have at our disposal to fight against the horror of terrorism and mass murder it is something that must be used wisely and with great discretion." Sanders voted against invading Iraq , favored regime change in Libya ( albeit nonviolently ) and voted to bomb Syria .
There have been no major new wars since 2013, when Warren joined the Senate so her antiwar bona fides have not been tested. Like many of her colleagues, she wants an end to the "forever war" against Afghanistan. She also wants us out of Syria .Democrats on NSA Spying Against Americans
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Joe Biden, though to the right on other foreign-policy issues, was a critic of NSA spying for years, going back at least to 2006. Under Obama, however, he backtracked . Even worse, Biden called the president of Ecuador in 2013 to request that he deny asylum to NSA whistleblower Edward Snowden.
Bernie Sanders alone would end warrantless mass surveillance and said Snowden " did this country a great service ." Warren doesn't discuss it much except to say it would be nice to have " an informed discussion ." Harris favors some limits but generally keeps quiet.
May 01, 2019 | www.zerohedge.com
Update 10: Though she isn't in the room today, Sen. Elizabeth Warren felt she needed to communicate a very important message to Barr: That she would like him to resign.
AG Barr is a disgrace, and his alarming efforts to suppress the Mueller report show that he's not a credible head of federal law enforcement. He should resign -- and based on the actual facts in the Mueller report, Congress should begin impeachment proceedings against the President.
And just like that, Barr has been hit with the Warren curse.
May 01, 2019 | www.nakedcapitalism.com
Posted by Jerri-Lynn Scofield
This is the second in two recent Real News Network interviews with Bill Black, white collar criminologist and frequent Naked Capitalism contributor. Bill is author of The Best Way to Rob a Bank is to Own One and teaches economics and law at the University of Missouri Kansas City (UMKC).
See the first interview, Sen. Warren Wants to Jail Those Who Caused 2008's Meltdown , for background and historical context. The interviews aren't long, and there are transcripts.
Bill argues that the problem isn't deficient laws, which is Warren's focus. He says instead:
It's far better to focus on using the existing criminal laws but changing the things in the system that are so criminogenic and changing institutionally the regulators, the F.B.I., and the prosecutors, so that you go back to systems that we've always known how to make work.
The simple example is task forces. What produced the huge success in the savings and loan, the Commercial Bank, and the Enron era fraud prosecutions? It was these task forces where we brought everyone together to actually bring prosecutions. They killed those criminal task forces, both under the Bush administration and under the Obama administration.
I think this is cause for optimism. For it means we don't have to go through the long and torturous process of passing new laws to get somewhere with fixing a deeply broken system. The Dodd-Frank Act wasn't passed until July 2010, despite the huge clamor to do something about the banks that created the Great Financial Crisis. And then it took many years for all affected agencies to finish rule-makings necessary to administer and enforce the law. Imagine if we had to do that again to get somewhere with the necessary clean-up.
Instead, we merely have to elect politicians who will appoint necessary personnel to confront the prevailing criminogenic environment. I know, I know – that's a big ask too. But believe me, it would be even bigger if we must also take the preliminary step of passing new legislation as well.
MARC STEINER Welcome to The Real News Network. I'm Mark Steiner. Always good to have you with us. Now if you were watching the previous segment and you saw what Bill Black and I were talking about, you saw that we were kind of diving into the history of this. Why it's so difficult to prosecute or maybe it's not, and we're finding out why. But what we didn't jump into was about Elizabeth Warren's proposal. Do they make sense? If they passed, will they actually make a difference. What is it that we do we need, more laws like that or do we need more regulation? What would solve the crisis that we seem to constantly be falling into? And we're still here with Bill Black as always, which is great. So Bill, let me just jump right into this. Her proposals -- do they meet muster? Do they actually make a difference? Some people say she's piddling around the edges. What do you think?
BILL BLACK So for example, the proposed bill on Too Big to Jail would largely recreate the entities that we had during the great financial crisis, which led to virtually no prosecutions. So yes, we need more resources, but bringing back SIGTARP, the special inspector general for the Treasury, would have next to no effects.
The criminal referrals have to come from the banking regulatory agencies. They have essentially been terminated. You need new leadership at those entities that were actually going to make criminal referrals. The second part -- would it change things to be able to prosecute simply by showing negligence? Well yes, but it would still be a massive battle to show negligence in those circumstances and at the end of the day, the judge could just give probation. And judges are going to be very hostile to it, particularly after Trump gets all these judicial appointees.
You would just see a wave, if you used a simple negligence standard of conservative judges who didn't think it was fair to make it that easy to prosecute folks. They would give people probation. Prosecutors wouldn't want to go through a huge fight just to get probation and such. And so, it would be immensely ineffective, and it would break.
There'd be maybe some progressive judges that would actually give the maximum term, but that's only one year under her proposal. So you're not going to get significant deterrence through those mechanisms. It's far better to focus on using the existing criminal laws but changing the things in the system that are so criminogenic and changing institutionally the regulators, the F.B.I., and the prosecutors, so that you go back to systems that we've always known how to make work. The simple example is task forces.
What produced the huge success in the savings and loan, the Commercial Bank, and the Enron era fraud prosecutions? It was these task forces where we brought everyone together to actually bring prosecutions. They killed those criminal task forces, both under the Bush administration and under the Obama administration. So we don't have to reinvent the bike. We don't have to design a new vehicle. We have a vehicle that works for successful prosecutions. We actually need to use it and to do that, we need people in charge who have the will to prosecute elite white-collar criminals.
MARC STEINER So you do agree with a critique of these bills, saying what we need is just to have greater regulation and enforce regulations we have? We don't need new prosecutorial tools? Is that what you're saying?
BILL BLACK No I completely reject that view in Slate that is by two folks who have really extreme views. One thinks that we prosecute and sentence elite white-collar criminals way too much and much too heavily. And the other, for example, has written an article saying, we shouldn't make wage theft which is theft, a crime.
Even though it's Walmart's dominant strategy and it makes it impossible for more honest merchants to compete against Walmart, that is an insane view. And of course, it will never happen because you're going to put the same people in charge who don't believe. If they don't believe in prosecuting, you think seriously they believe in regulating the big banks?
MARC STEINER What I'm asking you though Bill, to critique that, what do you think? Are the bills that Elizabeth Warren is suggesting unnecessary, other than maybe putting more money into regulatory agencies to oversee all of this? Are you saying that we have enough prosecutorial tools?
BILL BLACK They're unnecessary. The specifics in the bills are unnecessary. But that doesn't mean that regulation is the answer to it, although it's part of the issue.
MARC STEINER I got you. Right.
BILL BLACK What you need is leaders who will use the tools we know work, to do the prosecutions. And they made absolutely sure -- that's Lanny Breuer who you talked about in the first episode of this thing, that actually said to a nationwide audience on video that he was kept awake and fearing not what the bank criminals were doing but fearing that somebody might lose their job in banks because of it.
You know he doesn't represent the American people at that point. If you put Lanny Breuer in, you could put 10,000 F.B.I. agents and you would still get no prosecutions, because Lanny Breuer simply isn't going to prosecute just like Eric Holder simply wasn't going to prosecute.
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Colonel Smithers , May 1, 2019 at 4:17 am
Thank you, JL-S.
It's not just the US, but the UK, too. Readers may be aware that the British government is seeking a successor to Mark Carney at the Bank of England, which has resumed most, but not all, of its former supervisory responsibilities this decade.
One of the candidates, Andrew Bailey, a former Bank official and currently head of the conduct risk regulator, is desperate for the Bank job and publicly and privately speaking about lightening the regulatory load. Not only that, Bailey is also reluctant to take action against the well connected and have anything going on that will have an impact on his application, vide the current London Capital Finance scandal.
At a recent address to asset managers, Bailey said that not on Brexit + day 1, but soon after the red pen would be applied to the UK rule book. He implied that prosecutions would be a rarity. It was very much a plea to firms to stay after Brexit and to lobby for his candidacy.
skippy , May 1, 2019 at 5:51 am
The Audit – Monty Python's The Flying Circus – https://www.dailymotion.com/video/x2pelun
Ahem no longer available on YT in direct search by title.
templar555510 , May 1, 2019 at 8:46 am
I am old enough remember clearly the Blue Arrow case in the 1980's ( easily looked up ) but essentially a share rigging operation. The smokescreen advanced by the establishment in these cases had always been the same; that company fraud is far to complicated for ordinary mortals to understand . But in the Blue Arrow case they ( the jury ) did understand it, which terrified the establishment, and word came down from on high that no such prosecutions should ever happen again . And then we had ' light touch regulation '. And then we had the Great Financial Crash.
Colonel Smithers , May 1, 2019 at 10:09 am
Thank you, T.
Me, too. Also, I joined Coutts, part of the then NatWest Group, in the late 1990s. We were taught about the case as part of the new joiner induction.
Do you recall the Guinness scandal?
Templar555510 , May 1, 2019 at 12:24 pm
I do indeed Colonel. Both scandals seem almost quaint in the light of the scale of the manipulation and fraud in the years leading up to the GFC and subsequently; and the unwillingness of both the UK and US government to even attempt to bring about prosecutions. The intertwining of politics and big business ( ' the revolving door ' ) has played a large part in this and IMHO distressed the wider public to such an extent that when they had the opportunity to show their displeasure they did so and voted for Brexit and Trump.
Off The Street , May 1, 2019 at 10:41 am
Those regulators and their ilk need trips to the Old Bailey, although that is not likely to happen in the foreseeable future. Too much is riding on the Brexit preparations, until the next panic, and then the following panic. All of those militate against any action that would harm the fabric of, ahem, pay packets.
diptherio , May 1, 2019 at 10:50 am
Your video embed is a little on the big side and overlapping the sidebar on Firefox, any way.
Watt4Bob , May 1, 2019 at 12:09 pm
If you put Lanny Breuer in, you could put 10,000 F.B.I. agents and you would still get no prosecutions, because Lanny Breuer simply isn't going to prosecute just like Eric Holder simply wasn't going to prosecute.
IMHO, you could put Bill Black in, many, if not most of those 10,000 F.B.I. agents would passively resist, and you would still get no prosecutions.
We're seeing, with Trump, what passive resistance looks like, the same will be done to Bernie if elected.
The massive momentum of neo-liberal rule is baked in, and has been quite successful at making sure Trump doesn't screw any of their plans up, in fact Trump derangement syndrome seems to be working better than they could ever have dreamed to cover the really nasty stuff that's going on while the people are treated to Russia, Russia, Russia! 24/7.
Bernie would face the same, but probably worse, more intense resistance from what would be a unified, bi-partisan resistance, the 10%, with forty years worth of Washington Consensus training under their belts, all either chanting in unison against the evils of socialism, or sticking their fingers in their ears and chanting Na, Na, Na, Na!
After 9/11, the FBI pulled thousands of agents off white collar crime and switched them to fighting terrorism, in hindsight, this seems closer to evidence of a plan than an accident of history.
By now, most, if not all those agents have decided that for the sake of their careers, they had better forget about what they used to think was important.
It would probably take all of Bernie's first term to bring the public up to speed, and in alignment with the effort to prosecute the banksters, and that's being optimistic.
Right now, half the electorate believes that dead-beat borrowers crashed the economy in 2008.
There's a lot of brain-washing to be undone.
Yves Smith , May 1, 2019 at 12:24 pm
You don't need the FBI to prosecute bank crimes. In his book version of Inside Job, Charles Ferguson laid out the evidence for WaMu (and IIRC another bank) that was sufficient to be able to indict executives. There was plenty of evidence in the public domain.
Watt4Bob , May 1, 2019 at 2:03 pm
Yes, and what is it we are discussing, the reasons why no indictments were made, and what is to be done about it?
My point is that changes in leadership, IMO are insufficient to prompt those indictments into being in the near term because in the period since 2008, everything possible has been done to load the federal bureaucracy with politically reliable persons dedicated to helping defend the status quo.
I might add that ' The Resistance' has, IMO, been focused almost exclusively on making sure Trump is not reelected, thereby protecting democratic rice bowls, and sadly, not so much on preventing his destroying regulatory systems, the courts, and every remnant of the New Deal.
The situation we're facing is the Augean Stables, except that it's been 40 years, not 30, that the filth has been building up without a proper cleaning.
So, being wildly optimistic, we elect Bernie Sanders, and if we're lucky, start a generation long process against a strong head wind.
That said, I remain wildly optimistic that that is what will happen, I just can't help myself.
JimTan , May 1, 2019 at 2:35 pm
I'm not a legal expert but what about going after banks, most of which do business in NY state, by using the existing Martin Act like Eliot Spitzer. According to this older article :
"Spitzer's big gun was New York's Martin Act. The law allowed him to subpoena virtually any document from anyone doing business in the state. Because the law permits prosecutors to pursue either civil or criminal penalties, Spitzer could refuse to tell suspects which one he was seeking. Spitzer's willingness to wield the considerable powers permitted by the Martin Act turned the New York AG's office from a backwater into a rainmaker and made the SEC, which could impose only puny civil penalties, look like a peashooter.
Spitzer used the Martin Act to drag angry and unwilling corporate executives into his office for questioning. Then he'd subpoena huge company files.
Dedicated staff combed through them and, almost inevitably, found a smoking gun: secretive after-hours trading between mutual funds and hedge funds; alleged bid rigging at Marsh; and emails from Wall Street analyst Jack Grubman bragging to his mistress about how he'd recommended a shoddy company in a three-way deal to help his boss, Citigroup chairman Sandy Weill, humiliate a corporate foe.
Spitzer would then wave "the bloody shirt," as journalist Roger Donway puts it, in front of the cameras, show off the worst offenses he had uncovered and use them to tar and feather an entire industry."
Mar 07, 2013 | www.youtube.com
Senator Elizabeth Warren's Q&A at the March 7, 2013 Banking Committee hearing entitled "Patterns of Abuse: Assessing Bank Secrecy Act Compliance and Enforcement." Witnesses were: David Cohen, Under Secretary for Terrorism and Financial Intelligence, United States Department of the Treasury; Thomas Curry, Comptroller, Office of the Comptroller of the Currency; and Jerome H. Powell, Governor, Board of Governors of the Federal Reserve System.
ResistCom , 5 years agoserbanmike , 5 years ago (edited)
HSBC has a long history dealing in illicit, immoral drugs. In fact, the bank was established to facilitate such. "After the British established Hong Kong as a colony in the aftermath of the First Opium War, local merchants felt the need for a bank to finance the growing trade between China and Europe (with traded products including opium). They established the Hongkong and Shanghai Banking Company Limited in Hong Kong (March 1865) and Shanghai (one month later)." ~ Wikipedia Another good source is the book "Dope, Inc." RESIST !!!Joe Allen Honeycutt-Herring , 2 years ago
Obviously nobody wants to take responsibilities. They would not even consider what is morally wrong or acceptable. These are the people we pay salaries to protect us, 316 million Americans? So we still pay a hefty salary to Senator Powell and David Cohn in Treasury department? Are these people in cahoots with those who laundered money at J P Morgan ? Do they make money from both sides? Peel off the tax payers and get bribes from the banks which launder the money ? I assume this is just a game. Banksters on Wall Street who suck our blood are still outside on the prowl. They did it in 2008 and are looking for the next move soon.rich , 5 years ago
I love this woman, Elizabeth is the smartest of all investment and banking issues.. she will clip wings and pump breaks!
What gets me is these banks are part of the illicit drug trade with no chance of jail time, but if one of the peasants gets busted with a single joint.Prosecution,jail, fines, you name it, it's throw the book time.We need more people like Warren in government.
Apr 30, 2019 | jacobinmag.com
Elizabeth Warren may have smart policies. But Bernie Sanders has mass politics.Last week I wrote an article praising Elizabeth Warren for advancing the student debt conversation. While I think her proposal falls short of what we deserve -- a full-on student debt jubilee, no means-testing or exceptions -- I'm impressed by how seriously it takes the problem of student debt, leaving Obama-style "refinancing" behind in favor of large-scale debt forgiveness, commensurate with the gravity of the crisis.
The student debt proposal was one of many recent plans released by Warren in recent months, ramping up in the last few weeks. Some are better than others. Her Ultra-Millionaire Tax is a winner, as is her Real Corporate Profits Tax . Warren's universal childcare plan is promising overall, though it retains unnecessary fees for users. Her affordable housing plan is one-sidedly market-based: its central proposal is to incentivize local governments to remove zoning restrictions. That needs to be complemented by heavy investments in social housing, a policy recently floated by the People's Policy Project.But criticisms aside, Warren's proposals trend in a positive direction. At the very least, they demonstrate a willingness to tackle working people's real problems with debt, housing, health, and childcare. If they were to materialize, many of these proposals would significantly improve life for working people -- maybe not as much as we'd like, but enough to be considered a positive development, especially after decades of Democratic disinterest in policies that threaten corporate profits or meaningfully redistribute wealth.
So it's understandable why many on the Left have reacted to Warren's policy blitz with delight. But let's not get ahead of ourselves. The proposals she's pumping out are exciting, but more to the point, they are a strategy for raising her campaign's profile.It's not standard in presidential politics to bust out of the gate with a constant stream of detailed policy ideas. The other candidates aren't behind on releasing policy proposals -- Warren is way ahead, doing something unusual. Bernie Sanders doesn't even have his policy team fully assembled yet, nor do the others. We need to ask why Warren feels compelled to adopt this early traction-gaining strategy to begin with.
In my view, Warren's policy blitz is a bid to distinguish herself in light of her difficulty thus far in cohering an organic base. Put bluntly, Warren is turning her campaign into a policy factory because she's had trouble inspiring people with a broad-strokes political vision the way her closest ideological competitor, Bernie Sanders, has.
This strategy may work to boost her campaign prospects, but it's a bad omen for any presidential administration seriously committed to taking on the ruling elite. If you can't impart to millions of working people the sense that they are carrying out a historic mission during your campaign -- a " political revolution " driven by " Not Me, Us " -- you won't be able to mobilize them to exert pressure on the state to challenge the interests of capital when it really counts, during your presidency.
Part of Warren's trouble in the area of mass politics can be traced to the fact that she's neither an establishment plaything nor an opponent of capitalism. To her credit, Warren won't take corporate money (at least during the primary ), and she evades the regular donor circuit. That means that to make her campaign viable, she needs masses of ordinary people to believe in her project strongly enough to donate their own hard-earned money to her campaign. Unlike Kamala Harris, Cory Booker, Pete Buttigieg, or certainly Joe Biden, she can't paper over her lackluster popular support with fat checks from elites.
So far, those masses have failed to materialize. That's largely because Warren's temperate political ideology makes it hard for her to say the things necessary to get their attention. She's great at diagnosing the worst problems of capitalism and has plans to address them, but her rhetoric doesn't polarize along class lines. She therefore struggles to define her constituency and identify who exactly that constituency is up against.
Warren hates egregious inequality, but fundamentally believes in the superior rationality of markets. She has unwavering faith in capitalism, calling herself "a capitalist to my bones" -- her primary concern is that it has been led astray. At a time when socialism is becoming synonymous with efforts to put people over profit, Warren disavows it. When Donald Trump declared that "America will never be a socialist country" a couple of months ago, Sanders stayed slouched in his chair, while Warren rose to her feet in applause.
This means that while Warren knows down to the last detail what she'd like better regulations to look like, she's not quite solid on the antagonists and protagonists, i.e. which broader social forces need to be arranged against which other forces to make change.
Sanders's vision of social conflict is quite clear, and is summed up by the name of his town hall last year: CEOs vs. Workers. To make favorable policy materialize and to protect it from reversal, the forces of workers need to be arranged against the forces of CEOs. Nearly everything Sanders says and does leads back to this core belief in the power of ordinary working people to take on capitalist elites themselves. As he puts it , "Real change never takes place from the top on down. It always takes place from the bottom on up."
In Warren's case, where oppositional rhetoric appears at all, the contest more often comes across as "Smart Progressive Policymakers vs. Bad Rules." Not only is there no room in that rivalry for ordinary people, but the enemy is also faceless. The enemy is incorrect policy, and it must be corrected by expert policy correctors. Elect Warren, on the basis of her demonstrated expertise, and she will deftly set about changing the rules so that capitalism doesn't produce so many awful externalities.
Sanders may as well have been winking at Warren when he said, in a video screened recently to thousands of self-organized groups of Bernie supporters in every congressional district:
No president, not the best intentioned, not the most honest person in the world, no one person can do it alone. Now why is that? Because this is what is not talked about in the media, not talked about in Congress: the power structure of America is such that a small number of wealthy individuals and large corporate entities have so much influence over the economic and political life of this country that no one person can do it.
You think we're gonna pass Medicare for All tomorrow because the president of the United States says that's what we should do? You think we're gonna take on the fossil fuel industry and effectively and aggressively combat climate change change because the president of the United States thinks we should do that? A lot of presidents say, "Gee I have a great idea. I woke up yesterday and I think health care for all's a good idea." That's not the way it happens. It happens when millions of people stand up and demand it.
It's unsurprising that Bernie's broad vision of social conflict is more inspiring than Warren's. After decades of skyrocketing living costs and stagnating wages, many working people are spoiling for a fight. That nascent fighting spirit can be seen in the popular protest movements that began in 2011, the unprecedented popularity of Sanders's dark-horse candidacy in 2016, and the teachers strike wave that kicked off last year.
Unencumbered by an awkward mixture of admiration for capitalism and disapproval of its ugliest excesses, Bernie Sanders is uniquely capable of picking that fight -- and making ordinary working people feel like they're at the center of it, that it's theirs to win.
It's the trouble Warren has had breaking through in this way that explains why she has turned to cranking out hyper-detailed proposals. She's making up with wonkery what she lacks in big-picture political clarity. In the process, she's successfully grabbing headlines and winning the hearts of left technocrats with prominent platforms. That might translate into some boost in popular support. But it's not obvious that such support will ever rival that of a candidate who tells workers , "This is class warfare, and we're going to stand up and fight."
We are right to admire many of the ideas coming out of the Warren campaign. Best-case scenario, they will spur a progressive policy arms race, which would be to the benefit of all.
But we shouldn't see her policy blitz purely as a sign of strength. It may actually be an SOS message, a panicked response to her campaign's shortcomings in the field of mass politics. And of course, mass politics are necessary for creating durable and militant constituencies that can self-organize outside the state, which is in turn necessary to win and preserve a progressive policy agenda against the interests of capitalists -- an agenda that Warren and Sanders largely share.
Warren's policy blitz strategy may pay off in the short term. But in the long term, there's no substitute for naming the sides, picking a side, and building up your side to fight the other side. And that's Bernie's game.
Dec 12, 2014 | www.youtube.com
Senator Elizabeth Warren spoke on the floor of the Senate on Dec. 12, 2014 about the provision that Citigroup added to the omnibus budget package.
Amazing Atheist , 4 years ago (edited)Nature Boy , 4 years ago
The fact that it is almost shocking to see a politician actually advocating for the interest of their constituency is rather sad, don't you think? cabiker91 , 4 years ago
I wonder what kind of defamation scheme the Citi conmen are cooking up in response to Senator Warren's speech. She is truly a diamond in the rough-dan10things , 4 years ago
This budget deal is absolutely disgusting. More financial deregulation, the potential for a second TARP, cuts to pensions, and cuts to funding for Pell Grants to help out students. Once again, the people lose.Mark A. Johnson , 4 years ago
So tough, so strong, and so right. And I love that she's not afraid to rip into Democrats and the White House for their complicity in selling out our country and tax dollars to the big banks. We need more strong politicians on both sides of the aisle like this.TheBambinoitaliano , 4 years ago
I wish more politicians had the courage to stand up to Wall Street the way you do. Loved your speech and please keep the heat on.Author F.E Feeley Jr. , 4 years ago
It's not party specific, though the Republicans are the worst. Both parties are to be blame. The biggest blame goes to the Americans who do not vote and those who have no clue who or what they are voting for. The government is the way it is, it's because of the attitude of Americans towards politics. Majority do not give a shit and hence you have that pile up in Washington and states legislature.
Elizabeth Warren is like a fictional do gooder character from Hollywood. No one take her seriously.
Blame all the politicians you want, you Americans voting or not voting are the lousiest employers in the world, because you hire a bunch of corruptors into your government. These corruptors in fact control your lives.
They abuse your money, spending every penny on everything but on you. You would not hand over your wallet or bank accounts to a strangers, yet are precisely doing that by putting these corruptors in the government.Stikibits , 4 years ago (edited)
"I agree with you: Dodd Frank isn't perfect-- it should have broken you into pieces." Give em Hell Elizabeth! Nick Lento , 4 years ago (edited)
The USA is run by crooks. There'll be a few changes when Senator Warren is President Warren. Warren/Sanders 2016!Gregory Ho , 4 years ago
This speech encapsulates and exposes all that is wrong with America in general and with our governance in particular. Taking the heinous provision out of the bill would be a great first baby step toward cleaning up our politics, economy and collective spirit as a nation. All the "smart money" says that Warren is engaged in a Quixotic attempt to do something good in a system that is irredeemably corrupted by money and the lust for power. The cynics may be right, perhaps America is doomed to be consumed by the parasites to the last drop of blood...but maybe not. Maybe this ugly indefensibly corrupt malevolent move to put the taxpayers back on the hook for the next trillion dollar bail out theft will be sufficient to wake up hundreds of millions of us. When the people wake up and turn on the lights, the crooks and the legally corrupt will slither away back into their hole...and many may just wind up in prison, where they belong. But so long as corrupt dirty dastardly interests can keepAmerica deceived and asleep, they will continue to drain our nation's life's blood dry. Please share this video widely. If half as many folks watch this speech as watched the Miley Cyrus "Wrecking Ball" YouTube, the provision to which Warren is objecting will be taken out very quickly indeed.JIMJAMSC , 4 years ago (edited)
Socialize the costs and privatize the profits! Yeeha! - Goldman Sachs, JP Morgan, Citigroup
As George Carlin said a decade ago,who are we going to replace these politicians with? They did not fall out of the sky or come from a distant planet. They are US. You can vote all you want and replace every last one of them but nothing will change. It is human nature. Besides the road from being on the local town council, to the mayor,Gov then into the Capital is littered with test to weed out anyone who might really pose a danger to the system. The occasional odd one that does make it to power is castrated or there simply to give the illusion that elections matter. Unless you can eliminate the attraction of greed,ego and power nothing will ever change. Just a quick look back at history tells you what is happening now and what will be going on in our future. The only difference is there are more zeros.
Apr 01, 2019 | www.project-syndicate.orgKenneth Rogoff
The debate about how to regulate the tech sector is eerily reminiscent of the debate over financial regulation in the early 2000s. Fortunately, one US politician has mustered the courage to call for a total rethink of America's exceptionally permissive merger and acquisition policy over the past four decades.
CAMBRIDGE – Displaying a degree of courage and clarity that is difficult to overstate, US senator and presidential candidate Elizabeth Warren has taken on Big Tech, including Facebook, Google, Amazon, and Apple. Warren's proposals amount to a total rethink of the United States' exceptionally permissive merger and acquisition policy over the past four decades. Indeed, Big Tech is only the poster child for a significant increase in monopoly and oligopoly power across a broad swath of the American economy. Although the best approach is still far from clear, I could not agree more that something needs to done, especially when it comes to Big Tech's ability to buy out potential competitors and use their platform dominance to move into other lines of business.
Warren is courageous because Big Tech is big money for most leading Democratic candidates, particularly progressives, for whom California is a veritable campaign-financing ATM. And although one can certainly object, Warren is not alone in thinking that the tech giants have gained excessive market dominance; in fact, it is one of the few issues in Washington on which there is some semblance of agreement . Other candidates, most notably Senator Amy Klobuchar of Minnesota, have also taken principled stands
Although the causal relationships are difficult to untangle, there are solid grounds for believing that the rise in monopoly power has played a role in exacerbating income inequality, weakening workers' bargaining power, and slowing the rate of innovation. And, perhaps outside of China, it is a global problem, because US tech monopolies have often achieved market dominance before local regulators and politicians know what has happened. The European Union, in particular, has been trying to steer its own course on technology regulation . Recently, the United Kingdom commissioned an expert group, chaired by former President Barack Obama's chief economist (and now my colleague) Jason Furman , that produced a very useful report on approaches to the tech sector.
The debate about how to regulate the sector is eerily reminiscent of the debate over financial regulation in the early 2000s. Proponents of a light regulatory touch argued that finance was too complicated for regulators to keep up with innovation, and that derivatives trading allows banks to make wholesale changes to their risk profile in the blink of an eye. And the financial industry put its money where its mouth was, paying salaries so much higher than those in the public sector that any research assistant the Federal Reserve System trained to work on financial issues would be enticed with offers exceeding what their boss's boss was earning.
There will be similar problems staffing tech regulatory offices and antitrust legal divisions if the push for tighter regulation gains traction. To succeed, political leaders need to be focused and determined, and not easily bought. One only has to recall the 2008 financial crisis and its painful aftermath to comprehend what can happen when a sector becomes too politically influential. And the US and world economy are, if anything, even more vulnerable to Big Tech than to the financial sector, owing both to cyber aggression and vulnerabilities in social media that can pervert political debate.
Another parallel with the financial sector is the outsize role of US regulators. As with US foreign policy, when they sneeze, the entire world can catch a cold. The 2008 financial crisis was sparked by vulnerabilities in the US and the United Kingdom, but quickly went global. A US-based cyber crisis could easily do the same. This creates an "externality," or global commons problem, because US regulators allow risks to build up in the system without adequately considering international implications.
It is a problem that cannot be overcome without addressing fundamental questions about the role of the state, privacy, and how US firms can compete globally against China, where the government is using domestic tech companies to collect data on its citizens at an exponential pace. And yet many would prefer to avoid them.
That's why there has been fierce pushback against Warren for daring to suggest that even if many services seem to be provided for free, there might still be something wrong. There was the same kind of pushback from the financial sector fifteen years ago, and from the railroads back in the late 1800s. Writing in the March 1881 issue of The Atlantic , the progressive activist Henry Demarest Lloyd warned that,
"Our treatment of 'the railroad problem' will show the quality and caliber of our political sense. It will go far in foreshadowing the future lines of our social and political growth. It may indicate whether the American democracy, like all the democratic experiments which have preceded it, is to become extinct because the people had not wit enough or virtue enough to make the common good supreme."
Lloyd's words still ring true today. At this point, ideas for regulating Big Tech are just sketches, and of course more serious analysis is warranted. An open, informed discussion that is not squelched by lobbying dollars is a national imperative.
The debate that Warren has joined is not about whether to establish socialism. It is about making capitalist competition fairer and, ultimately, stronger.
Kenneth Rogoff, Professor of Economics and Public Policy at Harvard University and recipient of the 2011 Deutsche Bank Prize in Financial Economics, was the chief economist of the International Monetary Fund from 2001 to 2003. The co-author of This Time is Different: Eight Centuries of Financial Folly , his new book, The Curse of Cash , was released in August 2016.
Apr 28, 2019 | therealnews.com
MARC STEINER Welcome to The Real News Network. I'm Mark Steiner. Great to have you all with us. Senator Elizabeth Warren is attempting to make waves with her bold pronouncements during her bid for this presidency. She's introduced two bills into the Senate. The first is called the Corporate Executive Accountability Act, which will hold corporate executives of million-dollar corporations criminally liable for negligence with potential prison time. The other is called The Too Big to Jail Act, creating a corporate crime strike force. In the wake of the 2008 meltdown, where there were no criminal prosecutions of note despite ruining millions of lives in our country, it's led to a roiling discontent in America. Why has it been so difficult to prosecute bankers and corporate leaders and executives in our country? Why has the government been so reluctant to do so? And in the unlikely circumstance that Warren's bills will get passed in the Senate, what would be the result and complications if they did? Joining us once again to sort through all of this is a man who knows a thing or two about white-collar crime. Bill Black -- Associate Professor of Economics and Law at the University of Missouri-Kansas City, white- collar criminologist, former financial regulator, the author of the book The Best Way to Rob a Bank Is to Own One, and a regular contributor here at The Real News. Bill, welcome back. Good to have you with us. Thank you. So this has obviously been building since 2008. People have been wanting some answer, but I think most folks don't know really what that means. I've been reading a lot of pieces that are pro and con about what Elizabeth Warren is suggesting. Let's go through what she's suggesting and get your initial read and analysis of that.
BILL BLACK Okay. So as you said, there are two different acts. She just rolled one of them out a couple of days ago and they fit together. One is addressed more directly to the financial crisis and the other one is prompted by the financial crisis, but broader than it. That second one would propose to change the requirement to get a guilty verdict to a demonstration of negligence on the part of officers when they commit the really serious crimes. The other act would basically provide more resources to go after elite, white-collar criminals.
MARC STEINER In the New York Times, there was a quote from Lanny Breuer who is a Justice Department, Criminal Division official former head. He said on Frontline, "when we can't prove beyond a reasonable doubt that there was a criminal intent, then we have a constitutional duty not to bring those cases." And Attorney General Eric Holder told the Senate committee that some banks would become "too big," that prosecuting them would have negatively affected the economy. In other words, they've become too big to jail. And then, in Britain there it was said that if you start prosecuting these people, then it threatens the very foundations of the free enterprise system. So Bill, what's the problem here?
BILL BLACK So the problem is the people at the top in both the United States and the United Kingdom. For example, Prime Minister Blair complained at a time when the Financial Supervisory Authority -- which is referred to over there as the Fundamentally Supine Authority [laughter] -- was absolutely not regulating anything, that it was outrageous overregulation, and how dare they treat bankers as potential criminals. We have the combination of Breuer and Holder where the only issue is, which of them was more moronic on this subject, and it was a dead tie.
MARC STEINER So tell me why do you use the word "moronic?"
BILL BLACK Because it's a family show.
MARC STEINER [laughter]
BILL BLACK So seriously, to go through these things, let's recall that in much more difficult cases in the savings and loan debacle, we oriented the prosecutions entirely towards the most elite defendants. And here's the first thing: There is never a problem to the financial system from prosecuting individual criminals. It is not good for a financial system to be run by criminals. You strengthen the financial system when you convict and remove criminals from running the largest bank. [laugher]
MARC STEINER Let me just ask you a question about that. But is the nature of the competition among banks and the competition to make as much money as humanly possible -- like the scandal that happened in 2008 that tanked our economy for a while and put millions of people into huge financial jeopardy -- that seems to me to be the daily workings of those institutions. And the issue
BILL BLACK No, no.
MARC STEINER Go ahead. Tell me why you say no.
BILL BLACK Banks don't do anything.
MARC STEINER The people in them do, though.
BILL BLACK The bankers do things and bankers shape the institutions, so institutions matter enormously. And that's the first big thing in a critique of Senator Warren. If anybody is close to Senator Warren, please send her this link. [laughter] We can really help. She's got exactly the right ideas, but she isn't an expert in criminology. She wasn't part of the efforts to prosecute folks successfully that I'm about to describe. We can really, really help her be effective and we're willing to help any candidate be effective on these issues. Two enormous institutional changes have made the world vastly more criminogenic. Those changes are: we got rid of true partnerships where you had joint and several liability. Therefore, it really paid to make sure that you didn't make a partner, someone who was super sleazy, because then they could sue you -- not them, not the sleazy partner, but you and it was absolutely no defense that you had nothing to do with it. Your entire net worth could be taken. That's what a true partnership was. We got rid of true partnerships throughout the financial world. The second thing is modern executive compensation. Modern executive compensation not only creates the incentives to defraud, because you can be made wealthy. It provides the means to defraud. This allows you to convert corporate assets to your own personal wealth in a way that has very little risk of prosecution and it allowed you to suborn the controls but also [allowed] the lower officers and employees to actually commit the fraudulent acts, which are usually accounting for you in a way that you'd have plausible deniability. We can change both and we must change both of those incredibly perverse incentives if we want to deal with fraud successfully. So that's the missing part of her plan and I think she would agree with everything I've said. Now we have a detailed plan -- we being the bank whistleblowers united -- that we put out two years ago in the election, two and a half years ago. We'll put this on the website, or at least the links to it for folks who want to know the kind of institutional steps you need to start changing this. But even with what I've said about this much more criminogenic environment, it remains true that we could have prosecuted successfully elite officers and every one of the major participants that committed these frauds. Indeed in many ways it would have been easier than during the savings and loan debacle, because unlike the savings and loan debacle, we have superb whistleblowers -- literally hundreds of whistleblowers who can say explicitly that these frauds occurred. And then we do it the old-fashioned way. That would give us the ability to prosecute midlevel officials and we can take it up the food chain by flipping them so that they give us information on the more senior folks. In some cases, our whistleblowers were right there in the C-suite and that would have included for example, a dead to rights prosecution against Robert Rubin. That's as senior as you can get at city, a dead to right prosecution of Mozilo at Countrywide. And we have other institutions like Wells Fargo where the following happened, so it's easy to look at liar's loans. Liar's loans again had a fraud incidence of 90 percent -- nine-zero. So the only entities doing liar's loans as a significant product are fraudulent. Similarly, if they're doing appraisal fraud, extorting appraisers to inflate appraisals, that only occurs at fraudulent shops. So Wells actually checked and it's easy to check and that's an important point. The fact that the Department of Justice never did this, and the banking agencies never did this, is a demonstration that they didn't want to actually conduct investigations. Here's how you check: so in a liar's loan, you don't verify the borrower's income, but the borrower signs at the same time a permission that says you can check this against my I.R.S. forms. And here's a hint: none of us deliberately inflate our income on our income tax returns because we'd have to pay more taxes. [laughter] So in the case of both Countrywide and Wells Fargo, we know that senior management who was given the results said, these kinds of loans, liar's loans, are majority frauds. And we know that senior management in both cases said, you know what we should do? Many, many more of those. That is a great criminal case. At J.P. Morgan, we have a great criminal case.
MARC STEINER Let me just interrupt you for a second, Bill. I want people to understand this because everything you're reading in the press right now, almost every article, whether they seem to like what Elizabeth Warren is suggesting, or oppose it, have questions about it. Almost everybody to a person I've read has said, it's almost impossible to prosecute these cases. We don't have a law to do it, that prosecuting somebody for, as she's suggesting, for negligence would not get the job done even if her bill ever passed. And so, talk a bit about that though. I'm very curious since clearly, you're going against the common wisdom that most people would have and anything they read -- whether it's The New York Times or anywhere else -- that we don't have the laws to make prosecutions work, which is one of the reasons why we're not prosecuting people.
BILL BLACK Okay so everybody you've read, has never been involved in these successful prosecutions.
MARC STEINER No, but if they're journalists and they've studied it, they should know what they're talking about.
BILL BLACK Seriously? [laughter]
MARC STEINER You would think, right? Well I would hope so. Anyway, but go ahead. [laughter].
BILL BLACK No, I would not think so. I don't think that at all because otherwise, they would have talked to people like us who actually did it. So let's go back. Under the same laws in the savings and loan debacle, we were able to hyper-prioritized prosecutions against the most elite folks. So we're going after folks in the C-Suite -- the C.E.O.s, the chief operating officers, the boards of directors, and such. We got over a thousand convictions in these cases, just the ones designated as major. We did over 600 prosecutions of the most elite of the elite, against the best criminal defense lawyers in the world with the same laws, and we got over a ninety percent conviction rate. So can it be done? Of course it can be done. We've shown that it can be done. Maybe our cases were just simple because it was just savings and loans and these are big banks. Actually, the prosecutions in many of these cases were easier. The loans in the savings and loan debacle, were actually much more complicated than home loans. They were commercial construction loans, $80-90 million dollars at-a-pop often. That's far more complex to explain to a jury, than a home loan and something as easy as a liar's loan and extorting an appraiser. In addition, there are massively more whistleblowers. I cannot remember the name of a significant whistleblower in the savings and loan debacle that was critical to prosecutions. I'm sure there were a couple, but again we have literally hundreds of whistleblowers who came forward in this crisis. This crisis occurred because first the Bush administration and then the Obama administration, were unwilling to investigate, unwilling to prosecute. And here's again the key. There are about two F.B.I. white-collar specialists per industry in the United States -- not per firm, per industry. So that means they don't have expertise in individual industries and they don't walk a beat, or they'd never find it. They only come when there's a criminal referral. Our agency, our much tinier agency back in the savings and loan debacle, made over thirty thousand criminal referrals. All of the federal banking regulatory agencies, much bigger in the great financial crisis, made fewer than a dozen criminal referrals, 30,000 to under a dozen. That means that the banking regulatory agencies basically ceased functioning in terms of criminal referrals. And why? That's the third big change and the third big change is ideological. What you saw is, both under the Republicans and under Bill Clinton -- the Democratic Party, the due Democrats, the Wall Street wing of the party -- they were simply unwilling to even think of bankers as criminals. I got out of the regulatory ranks when under Bill Clinton we were ordered, and I witnessed personally, to refer to the industry as our customers. Not the American people as our customers, the industry as our customers. Well do you make criminal referrals on your customers?
MARC STEINER So we're here talking to Bill Black and we've been covering some of the history of this. What we are going to do is we're going to take a break here and come back with another segment shortly and really probe into what Elizabeth Warren has said she wants to make into law. Would that make a difference? Does it fall short and it could lead to more prosecutions? We're going to come back to that. So you want to hit the next segment with Bill Black and Marc Steiner. Bill, thank you once again for being with The Real News. It's always a pleasure to have you with us.
BILL BLACK Thank you.
MARC STEINER And I'm Mark Steiner here for The Real News Network. Take care.
Apr 26, 2019 | fivethirtyeight.com
The most aggressive response to the full Mueller report has, naturally, come from the most liberal wings of the Democratic Party. Last month, I sketched out six chief Democratic blocs (from most liberal to most moderate): the Super Progressives, the Very Progressives, the Progressive New Guard, the Progressive Old Guard, the Moderates and Conservative Democrats. Many of the party's Super Progressives , including U.S. Reps. Alexandria Ocasio-Cortez of New York, Ilhan Omar of Minnesota and Rashida Tlaib of Michigan, are already talking about impeachment, as is a key voice in the party's Very Progressive bloc, Sen. Elizabeth Warren of Massachusetts.
Apr 26, 2019 | www.moonofalabama.org
donkeytale , Apr 25, 2019 4:19:45 PM | link
Russiagate will scarcely matter to most voters by election time 2020. Trump has already received whatever positives he will receive courtesy of Barr's whitewashing. It is clear among a majourity of Americans that Trump obstructed justice and the drip drip of continued information, hearings, etc will not improve his standing. May not hurt him but definitely will not help him gain voters at the margins.
Likewise, foreign policy scarcely moves the needle in the US electorate at large so that won't necessarily help Trump nor hinder Bernie except on the outer fringes. Americans are tired of endless wars so the Demotards should generally be favoured on this issue whether or not warranted so long as they play their cards right.
Trump may gain an advantage among more conservative-tinged independent voters if he continues to work in concert with Russia and Israel on Middle East issues in the sense that many may see these alliances as promoting strength and peace (whether warranted or not). The coming deal with China on trade will benefit Trump too...as long as the economy keeps humming along.
US Presidential elections definitely turn on the economy. A slowdown or recession before 11/2020 and Trump is toast. Also, the conversation has clearly moved left on economic inequality and healthcare. Bernie owns these issues and to the extent he can make his way through the primaries he will stand a great chance of unseating Trump.
Warren does too but as you stated she is not telegenic nor peronable. Her .01% Native American schtick really hurt her credibility. That was a dumb move. Are some of her problems related to gender bias? Without a doubt. However, as I have long said, the first American female president will not come from the baby boom. The first American female president will more likely be a millenial.
Gabbard is certainly telegenic and hasn't been blackballed as much as she is simply not well-known. She's in the field at the moment. Her chances appear more real farther down the road so running now could be seen as a first step in the eventual process. I doubt Bernie will choose her as VP but who knows?
... ... ...
Apr 26, 2019 | www.moonofalabama.org
spudski , Apr 25, 2019 4:35:40 PM | link
re Warren, she is also a "Russia! Russia! Russia!" type.
On facebook in May 2017, "We know that the Russians hacked into American systems to try to influence our election."
The other day on CNN she said, re the Mueller report, "Three things just totally jump off the page. The first is that a hostile foreign government attacked our 2016 election in order to help Donald Trump. The evidence is just there. Read it, footnote after footnote, page after page documentation. ..."
Not saying that most other candidates aren't the same.
uncle tungsten , Apr 25, 2019 5:07:29 PM | linkThank you spudski #26, Warren is crap. There are only two genuine leading candidates, Tulsi Gabbard and Bernie Sanders that offer some serious prospect of change and either could get there. Any change away from the Belligerant faction would be welcome. But it needs a Congress and a Senate to combine with the change agenda to make a concrete, durable new direction. That is a daunting task but achievable in these times.
It will be interesting to watch Creepy Joe Biden eat shit but he is just the bait, I look forward to the switch being revealed. Nothing will surprise me.
Apr 22, 2019 | www.huffpost.com
On Monday, Sen. Elizabeth Warren (D-Mass.) released a wide-ranging plan to fix the U.S. college system, with proposals including making two-year and four-year public college free and expanding the size and scope of the federal Pell Grant program. And one particularly radical idea is sure to grab the attention of young people around the country: wiping out student loan debt for the vast majority of American borrowers. "The time for half-measures is over," Warren, one of many politicians and public figures hoping to secure the 2020 Democratic presidential nomination, wrote in a post published Monday on Medium. "My broad cancellation plan is a real solution to our student debt crisis. It helps millions of families and removes a weight that's holding back our economy." Last year, outstanding student debt in the U.S. topped $1.5 trillion , a growing financial burden that Warren argues is "crushing millions of families and acting as an anchor on our economy." "It's reducing home ownership rates," she wrote. "It's leading fewer people to start businesses. It's forcing students to drop out of school before getting a degree. It's a problem for all of us." To address the problem, Warren is suggesting what she calls a "truly transformational" approach: wiping out $50,000 in student loan debt for anyone with a household income below $100,000. People with student loans and a household income between $100,000 and $250,000 would receive substantial relief as well. At that point, "the $50,000 cancellation amount phases out by $1 for every $3 in income above $100,000," Warren wrote.
Apr 14, 2019 | discussion.theguardian.comHARPhilby -> HARPhilby , 12 Apr 2019 08:55ABT-Anybody But Trumpmoderate_rebel_rebel , 12 Apr 2019 08:55Warren has the same foreign policy as all the others, invade, sanction, destroy. Steal oil, gold and assets. The US has become a deluded neurotic police state rife with addiction and so addled it is no longer a force for good in any sphere.
In short it is now a part of the problem and no longer a part of any workable solution. Who becomes POTUS is therefore irrelevant.
Warren is flawed ideologically and personally, US citizens need to wake up and recognise that the POTUS is an irrelevant position with no authority and that until you tackle the neocon ridden nature of US politics nothing will ever change.
There is no hope in systems, only hope in people. Politics has become irrelevant in the face of our impending extinction.
Apr 12, 2019 | www.theguardian.com
It may well not be Warren who wins the Democratic nomination, but whoever does will be campaigning on her ideas
since her initial announcement in December, Warren's campaign has rolled out a series of detailed policy proposals in quick succession, outlining structural changes to major industries, government functions, and regulatory procedures that would facilitate more equitable representation in the federal government and overhaul the economy in favor of the working class. These policy proposals have made Warren the Democratic party's new intellectual center of gravity, a formidable influence who is steadily pushing the presidential primary field to the left and forcing all of her primary challengers to define their political positions against hers.
Warren has become the Democratic party's new intellectual center of gravity
Warren herself is an anti-trust nerd, having come to the Senate from a career as an academic studying corporate and banking law. On the stump, she's most detailed in the same areas where she is most passionate, like when she talks about about breaking up huge tech companies such as Amazon and Google, and implementing a 21st-century -- version of the Glass-Steagall act that would separate commercial and investment banking (she has also called for prosecuting and jailing bank executives who break the law). But her policy agenda is broader than that, taking on pocketbook issues that have resonance with working families.
Warren outlined a huge overhaul of the childcare system that would revolutionize the quality, cost and curriculum of early childhood education, with subsidies for families and a living wage for caregivers. It's a proposal that she talks about in the context of her own career when, as a young mother and fledgling legal mind, she almost had to give up a job as a law professor because childcare for her young son was too expensive.
Warren has also proposed a housing plan that would limit huge investors' abilities to buy up homes, give incentives for localities to adopt renters' protections, and build new public housing. Crucially, and uniquely, her housing plan would also provide home ownership grants to buyers in minority communities that have historically been "redlined", a term for the racist federal housing policies that denied federally backed mortgages to black families. The provision, aimed to help black and brown families buy their first homes, is a crucial step toward amending the racial wealth gap, and it has helped sparked a broader conversation within the party about the need to pay reparations to the descendants of slaves -- a concept that Warren has also endorsed.
Taking her cues from pro-democracy and voting rights advocates such as Stacey Abrams, Warren has also taken on anti-majoritarian constitutional provisions, aiming to make American democracy more representative and less structurally hostile to a progressive agenda. She has called for abolishing the electoral college , the unfair institution the US uses to elect chief executives that makes a vote in New York count less than a vote in Wyoming, and which has resulted in two disastrous Republican presidencies in the past two decades. She has advocated eliminating the filibuster , an archaic procedural quirk of the Senate that would keep the Democrats from ever passing their agenda if they were to regain control of that body. And she has signaled a willingness to pack the courts , another move that will be necessary to implement leftist policies such as Medicare for All -- because even if the next Democratic president can pass her agenda through Congress, she will not be able to protect it from the malfeasance of a federal bench filled with conservative Trump appointees eager to strike it down.
When other candidates campaign, Warren's strong policy positions force them to define themselves against her
Warren has been the first to propose all of these policies, and it is not difficult to see other candidates falling in line behind her, issuing belated and imitative policy proposals, or being forced to position themselves to her right. Warren has promised not to go negative against other Democrats , but her campaign's intellectual project also serves a political purpose: when other candidates campaign, her strong policy positions force them to define themselves against her.
After Warren announced her childcare overhaul, senators Kirsten Gillibrand and Kamala Harris rolled out plans similarly designed to combat gendered economic injustice, calling for guaranteed family leave and better teacher pay , respectively. After Warren rolled out her pro-democracy agenda of eliminating the electoral college, abolishing the filibuster and packing the courts, her ideological rival Bernie Sanders was forced to come out against both eliminating the filibuster and packing the courts , damaging his reputation with a party base who knew that without these interventions, a progressive agenda will probably never be enacted. The pressure eventually forced Sanders to cave to Warren's vision and concede that he would be open to eliminating the filibuster in order to pass Medicare for All.
There's still a long time before the first contests, and it's possible that Warren will succumb to the flaws that her critics see in her campaign. In particular, she might not be able to raise enough money. She's decided not to take any Pac money and not to fundraise with wealthy donors, a position that may be as much practical as it is principled: the super-rich are not likely to donate to Warren anyway, since she has such a detailed plan, called the Ultra Millionaire Tax , to redistribute their money. She may fall victim to the seemingly unshakable controversy over her old claims of Native American ancestry, and she seems doomed to be smeared and underestimated for her sex, called cold and unlikable for her intellect and then, as with other female candidates, derided as pandering when she tries to seem more relatable.
But it would be a mistake to write Warren off as a virtuous also-ran, the kind of candidate whose intellectual and moral commitments doom her in a race dominated by the deep divisions in the electorate and the craven demagoguery of the incumbent. Elizabeth Warren does not seem to be running for president to make a point, or to position herself for a different job. Instead, she is making bold interventions in the political imagination of the party. It may well not be Warren who wins the Democratic nomination, but whoever does will be campaigning on her ideas.Moira Donegan is a Guardian US columnist
CharlesLittle -> Ken Kutner , 12 Apr 2019 11:00Thanks Ken and Thomas. I couldn't have said it better myself. Are we going to pare down the list of Democratic candidates on the basis of one or two stupid missteps? Looking through the Bible, I note that Jesus lost his temper at the money-changers and put down the hard-working Martha. So, he's out too.geejay123 -> Beaufort100 , 12 Apr 2019 10:58Ex Veteran Tulsi Gabbard has a very good chance of taking votes from Trump's base imo.Ranger69 , 12 Apr 2019 10:57
All round the best democratic candidate to declare so far.Im just glad Gabbard made it to the debate stage. More progressives the better.SoonToBeDead -> T0nyN , 12 Apr 2019 10:57Not only the USA, with everyone becoming wealthier, the need for education has declined, across the western world, being liberal or educated has become a swear word. Social media and lazy journalists are doing the rest, its all propaganda now, and permanent contradictory stories means only simple messages cut through the noise, hatred, immigrants, islamophobia, anti-semitism, etc. are classic messages that get through and stir people's emotions. Intellect doesn't win elections with a gullible electorateBaronVonAmericano -> CharlesLittle , 12 Apr 2019 10:54She really is thin in all areas but financial regulation and consumer protection.zagrebZ -> alex13 , 12 Apr 2019 10:54
An excellent Commerce/Treasury secretary, or VP. But she lacks the cohesive vision that Sanders articulates.Trump IS dumb... Or do you want me to Google a few thousand references for you?FolkSpirit -> OliversTravels , 12 Apr 2019 10:48
'Moron'; 'Child-like'; 'Idiot'; 'Can barely read'...
Sound familiar? Words about Trump from his own staff.It was a mistake and it was self-interested and it was unethical. And it was a different time before tribal groups in the US developed and enforced laws regarding membership status. Had Trump not shown disdain for her and all native Americans by calling her Pocahontas as though it were a racial slur, few would have made a big deal from this mistake.Excession77 -> HarryFlashman , 12 Apr 2019 10:42
Warren did confess without need to do so that she had purchased distressed mortgages to turn a profit as a young lawyer like so many of her ethically misguided law colleagues.
If you are or intimately know more than two attorneys you know this was and in some towns and cities still is common practice for building wealth among lawyers who have first notice when these “deals” are posted at the local Court House. Find me a “clean” lawyer anywhere if you can and I doubt you can — they write law and protect themselves and wealthy constituents mightily in doing so.
If you can help remove most of them from political office and replace them with people working professions of greater merit I stand with you. Congress needs intellectual strength and diversity of backgrounds.
Shakespeare: “First, we kill the lawyers”.Tulsi Gabbard or don't bother.garlicbreakfast , 12 Apr 2019 10:41
Unfortunately she opposes wars of choice from the position of an impressive service record in Iraq so she gets ignored in favour of the ridiculous Elizabeth Warren here and in other places. Warren's window was last time anyway when she was coming off the back of viral public speeches about inequality.Posturing as a would-be American native and supporting racial retributions is as far from qualifying as an intellectual powerhouse as it gets. She would be better than Trump, obviously, but then anybody would.BaronVonAmericano , 12 Apr 2019 10:41While I'd prefer the genders reversed, I think she would be an ideal running mate for the front-runner among the declared candidates.Sheldon Hodges -> Londonsage , 12 Apr 2019 10:41
Sanders has much more assiduously defined the moral center that any candidate for president must have: unapologetic confrontation with the oligarchy. Warren is the intellectual weapon such an administration could deploy on the specifics of banking and anti-trust.
This is all the more practical given that Warren has failed to tie race, social justice and criminal justice issues all together in her values-based worldview -- certainly not to the extent that Sanders has, his being well beyond any other candidate's efforts.Because Obama was a canny corporate move to place someone that offered such qualities as intelligence and grammar in sharp relief to GW Bush while remaining closely controlled by the oligarchy.BigDave47 , 12 Apr 2019 10:30Intellectual powerhouse?
Do you include her fraudulent and offensive claims to Native American heritage in that? As CNN has reported, as far back as 1986 she was falsely claiming "American Indian" heritage on official documents. Despite repeated calls by the leaders of the Tribal Nations, she has still failed to apologise. That's some intellectual powerhouse..
Apr 14, 2019 | www.zerohedge.com
BMW ends pensions for workers
The era of US companies offering pensions is coming to a close.
The latest evidence: after freezing it's two UK pension plans in 2017, BMW will do the same for its remaining US plans.
Since 2011 new workers have not been offered a pension, but rather a defined contribution plan.
Workers who formerly had a pension will keep what they have accrued, but not accrue more. Current retirees receiving a pension will not be affected.
Apr 12, 2019 | www.youtube.com
At least 60 companies reported an effective federal tax rate of zero, meaning they owe nothing in federal taxes for 2018, and that tax burden then falls on the rest of us. Senator Elizabeth Warren has a plan to fix that. She joins Stephanie Ruhle in her first interview since unveiling her proposal.
Patti Granros , 6 hours agoSome Person , 8 hours ago
Love Liz Warren. No BS. Policy-driven campaign! She's for the regular people, who keep this country going.Kamikapse , 7 hours ago
60 years ago every job offered health insurance, retirement plans, paid vacation, and all sorts of other benefits. It's time to have them pay a share of our societies costs, they use the same roads, breathe the same air, and drink the same water...Greg Miller , 9 hours ago
Warren has consistently amazed me with her proposals... I hope she will make it to the debates, since everyone's fawning over Bernie and Beto for their fundraising capabilities, I hope they are not trying to sink her...Kip Landingham , 6 hours ago
Warren Buffet, who saved 28 or so million on his, himself said trumps tax deal was foolish..but he also said he wouldn't turn it down, which i don't blame him on that..Google User , 1 hour ago
Senator Warren makes some excellent points (as usual): "market" implies a competitive environment, so when huge corps squeeze out competitors, it's no longer a "market". Corporations/rich individuals always say they made their profits themselves (independently of others or of any social structure systems). Really? If you were living/doing business on a mountaintop, disconnected from everyone else and any infrastructure support, you would have done just as well? That's a load of crap, and if they had any responsibility at all (as opposed to just pure greed), they'd be willing to give back a bit and contribute to the system(s) they build their wealth on.Tessmage Tessera , 7 hours ago
Elizabeth Warren you've got my attention.
The fact is that the wealthy all over the world do not want their position of privilege to be challenged. This is why Bernie Sanders has been saying (for several DECADES) that the only way to move our society forward is to build from the bottom up... not the top down. And he is 100% correct.
Apr 11, 2019 | talkingpointsmemo.comSen. Elizabeth Warren (D-MA) unveiled a major plank in her platform to tax the rich on Thursday, introducing plans for a new tax on all corporations that clear $100 million in annual profits.
Warren's "real corporate profits tax" is aimed at large corporations like Amazon that have generated huge profits in recent years while almost entirely avoiding federal taxes through a series of loopholes and credits.
"Because of relentless lobbying, our corporate income tax rules are filled with so many loopholes and exemptions and deductions that even companies that tell shareholders they have made more than a billion dollars in profits can end up paying no corporate income taxes," Warren wrote in a Medium post unveiling the plan. "Let's bring in the revenue we need to invest in opportunity for all Americans. And let's make this year the last year any company with massive profits pays zero federal taxes."
The plan would institute a seven percent tax on profits over $100 million in addition to current taxes. An economic analysis released by Warren's campaign estimated that at least 1,200 companies would be forced to pay new taxes under the plan, generating a net revenue boost of at least $1 trillion for the government.
Warren's plan is aimed at large corporations -- ones that have generally paid lower tax rates than smaller companies in recent years. The GOP tax cut law nearly doubled the number of publicly held companies that paid no federal taxes from 30 to 60 in the last year alone, according to a recent study from the left-leaning Institute on Taxation and Economic Policy.
This is the latest significant tax proposal the Massachusetts senator has unveiled as part of her campaign platform, which also includes a two percent surtax on people with more than $50 million in assets and a three percent surtax on those who have $1 billion.
The plans have earned her plaudits on the left and drawn concern from some more business-friendly moderate Democrats.
But so far, they haven't proven a game-changer in the presidential race. Warren continues to struggle to siphon off a significant chunk of voters who backed Sen. Bernie Sanders (I-VT) last election, her natural base of support. She's regularly polled in the mid- to upper-single digits in recent state and national polls, in the second tier of candidates.
And she raised just $6 million in her first quarter in the campaign, her team announced yesterday. That's not a terrible haul in a crowded field, especially since she's sworn off big donors, but it's nothing compared to the huge sums she pulled in as a Senate candidate -- and trailed even upstart South Bend Mayor Pete Buttigieg (D).
She also spent almost all of that money, having built out a large staff in the early primary states with a high payroll.
And Sanders isn't giving her much room on her left: He reintroduced a sweeping Medicare for all plan on Wednesday, which she cosponsored, a move that puts pressure on Warren and other Democrats to keep up as they try to woo the progressive wing of the party base.
Apr 08, 2019 | economistsview.typepad.com
Fred C. Dobbs , April 07, 2019 at 06:00 AM(Liz swerves left!)
Here's how Elizabeth Warren is trying to outmaneuver Bernie Sanders
https://www.bostonglobe.com/news/politics/2019/04/05/warren-call-for-end-senate-filibuster/S3saQJayxQNZBPTXQ85x1O/story.html?event=event25 via @BostonGlobe
Liz Goodwin - April 5, 2019
NEW YORK -- Senator Elizabeth Warren lobbed another policy grenade into the Democratic primary Friday, announcing she supports drastically changing the Senate by eliminating its legendary filibuster to give her party a better chance of implementing its ambitious agenda.
The move puts her campaign rivals on the spot to explain how they would pass their own ambitious legislative priorities if the Senate keeps its rule in place requiring a 60-vote supermajority to advance most bills.
Warren's announcement allows her to swerve to the left of Senator Bernie Sanders of Vermont in a meaningful way at a time when she's straggling far behind him in early polls and grass-roots fund-raising.
Sanders, who popularized proposals like free college and Medicare for All among Democrats during his 2016 run for president, has been reluctant to support scrapping the filibuster. That raises questions about how he would be able to pass his sweeping proposals into law should he become president, given Democrats are extremely unlikely to have 60 seats in the Senate.
"I'm not running for president just to talk about making real, structural change," Warren told a group of activists at a conference organized by the Rev. Al Sharpton, where she announced her opposition to the filibuster. "I'm serious about getting it done. And part of getting it done means waking up to the reality of the United States Senate."
The appearance in New York caps off a three-week run that has seen Warren call for making it easier to send executives to jail for corporate crimes, unveil a proposal to break up farm monopolies, endorse forming a commission to study reparations for the descendants of slaves, and say she would like to abolish the Electoral College so presidents are elected by popular vote.
"Bernie Sanders, nobody's to his left on policy, but there's lots of running room on his left on procedural changes that would be necessary to enact those policies," said Brian Fallon, a former top Hillary Clinton aide and the founder of the liberal advocacy group Demand Justice.
Sanders said he's not "crazy about" the idea of getting rid of the filibuster in an interview in February, but said in a later statement that he is open to reform.
Getting rid of the Senate filibuster, which has been around since the mid-1800s, was once seen as a radical proposal that would undermine the chamber's ability to take a deliberative approach to major issues. But Democratic and Republican majorities have chipped away at it in recent years, jettisoning filibusters for Cabinet and Supreme Court nominees.
Just this week, Senate Republicans infuriated Democrats by unilaterally reducing the amount of debate time for other executive branch and judicial nominees before a filibuster could be ended.
The move to ditch the filibuster has gained currency among liberals frustrated that the Senate is more Republican than the general public because of liberals clustering on the coasts and the constitutional requirement that all states get two senators regardless of population.
President Trump and Barack Obama have complained about the filibuster, with Obama saying last year that it made it "almost impossible" to govern.
Though probably too wonky a proposal to reach the average voter, the debate over the Senate filibuster animates the Democratic activists who are watching the primary the most closely and whose support the candidates are vying to win. Those activists are unmoved by candidates who say they'll be able to persuade Republicans to sign onto their ambitious liberal legislation.
"The idea that you can win people over by inviting them over for drinks on the Truman Balcony -- that is completely out of vogue," Fallon said.
Other candidates have also called for getting rid of the filibuster, including Governor J*a*y Inslee of Washington and Representative Seth Moulton of Massachusetts, who is pondering a run. However, Warren is the first sitting senator in the race to do so. Senator Kamala Harris of California, who signed a letter in 2017 affirming the filibuster, now says she's conflicted about it.
The filibuster's defenders say it protects the rights of the minority party, and forces the majority to compromise. Senator Cory Booker of New Jersey, who also signed the 2017 letter, has said he is concerned that getting rid of the filibuster would mean Republicans would be able to more easily pass legislation in the future over Democrats' objections.
In her speech to the National Action Network's activists, a largely black crowd, Warren framed the filibuster as a tool of "racists" who used it for decades to block civil rights legislation, including a bill to make lynching a federal crime that was first introduced in the early 1900s. The legislation finally passed this year.
"We can't sit around for 100 years while climate change destroys our planet, while corruption pervades every nook and cranny of Washington, and while too much of a child's fate in life still rests on the color of their skin," she said.
After her speech, Warren told reporters that she is concerned about the bills Republicans would be able to pass without the filibuster, but that getting rid of it is worth it for Democrats. "Of course I'm worried. But I'm also worried about a minority that blocks real change that we need to make in this country," she said.
The calls to eliminate the filibuster are part of a larger debate among Democrats about reforming US democracy after they lost the 2000 and 2016 presidential elections despite winning the popular vote. Warren, along with several other Democrats, has also called to abolish the Electoral College. Warren, Harris, and former representative Beto O'Rourke of Texas are also open to the idea of the next president expanding the number of seats on the Supreme Court to offset its conservative majority.
Sanders, a self-described democratic socialist who pushes a host of liberal policies, has been more conservative on these proposals than many of his presidential campaign rivals. He is against expanding the court, arguing it would be a slippery slope that Republicans could also take advantage of, and is still on the fence about ditching the filibuster and abolishing the Electoral College.
Warren declined to call out her Senate colleagues when asked whether she was surprised they had not endorsed the idea of ending the filibuster. "All I can do is keep running the campaign I'm running and talking about these ideas," she said.
Apr 06, 2019 | www.theamericanconservative.com
Too often caught between Randian individualism on one hand and big-government collectivism on the other, America's working-class parents need a champion.
They might well have had one in Elizabeth Warren, whose 2003 book, The Two-Income Trap , co-authored with her daughter Amelia Warren Tyagi, was unafraid to skewer sacred cows. Long a samizdat favorite among socially conservative writers, the book recently got a new dose of attention after being spotlighted on the Right by Fox News's Tucker Carlson and on the Left by Vox's Matthew Yglesias .
The book's main takeaway was that two-earner families in the early 2000s seemed to be less, rather than more, financially stable than one-earner families in the 1970s. Whereas stay-at-home moms used to provide families with an implicit safety net, able to enter the workforce if circumstances required, the dramatic rise of the two-earner family had effectively bid up the cost of everyday life. Rather than the additional income giving families more breathing room, they argue, "Mom's paycheck has been pumped directly into the basic costs of keeping the children in the middle class."
Warren and Warren Tyagi report that as recently as the late 1970s, a married mother was roughly twice as likely to stay at home with her children than work full-time. But by 2000, those figures had almost reversed. Both parents had been pressed into the workforce to maintain adequate standards of living for their families -- the "two-income trap" of the book's title.Advertisement
What caused the trap to be sprung? Cornell University economist Francine Blau has helpfully drawn a picture of women's changing responsiveness to labor market wages during the 20th century. In her work with Laurence Kahn, Blau found that women's wage elasticities -- how responsive their work decisions were to changes in their potential wages -- used to be far more heavily driven by their husband's earning potential or lack thereof (what economists call cross-wage elasticity). Over time, Blau and Kahn found, women's responsiveness to wages -- their own or their husbands -- began to fall, and their labor force participation choices began to more closely resemble men's, providing empirical backing to the story Warren and Warren Tyagi tell.
Increasing opportunity and education were certainly one driver of this trend. In 1960, just 5.8 percent of all women over age 25 had a bachelor's degree or higher. Today, 41.7 percent of mothers aged 25 and over have a college degree. Many of these women entered careers in which they found fulfillment and meaning, and the opportunity costs, both financially and professionally, of staying home might have been quite high.
But what about the plurality of middle- and working-class moms who weren't necessarily looking for a career with a path up the corporate ladder? What was pushing them into full-time work for pay, despite consistently telling pollsters they wished they could work less?
The essential point, stressed by Warren and Warren Tyagi, was the extent to which this massive shift was driven by a desire to provide for one's children. The American Dream has as many interpretations as it does adherents, but a baseline definition would surely include giving your children a better life. Many women in America's working and middle classes entered the labor force purely to provide the best possible option for their families.The Student Loan Trap Up From Consumerism
In the search for good neighborhoods and good schools, a bidding war quickly became an arms race. There were "two words so powerful the families would pursue them to the brink of bankruptcy: safety and education ." The authors underplay the extent to which policy had explicitly sought to preserve home values, driven by their use as investment vehicles and retirement accounts, a dynamic covered expertly by William Fischel's The Homevoter Hypothesis . But their broader point is accurate -- rising house prices, aided and abetted by policy choices around land use, have made it harder for families to afford the cost of living in 21st-century America.
Another factor in the springing of the trap? Divorce. In her 2000 book about how feminism had failed women, Danielle Crittenden writes about how fear of dependency, especially in an era of no-fault divorce, had caused women to rank financial independence highly.
These two factors, along with others Warren and Warren Tyagi explore, made it difficult for families to unilaterally disarm without losing their place in the middle class. "Today's middle-class mother is trapped," they write. "She can't afford to work, and she can't afford to quit."
A quiet armistice may have been declared in the so-called "mommy wars," but the underlying pressures haven't gone away since The Two-Income Trap was published. If anything, they've gotten worse.
Warren and Warren Tyagi propose severing the link between housing and school districts through a "well-designed voucher program," calling the public education system "the heart of the problem." They correctly note that "schools in middle-class neighborhoods may be labeled 'public,'" but that parents effectively pay tuition by purchasing a home within a carefully selected school district. Breaking the cartel that ties educational outcomes to zip codes would increase choices for families and open the door to further educational pluralism.
Warren and Warren Tyagi are also unafraid to tell unpopular truths about the futility of additional funding for colleges (identifying "faith in the power of higher education [as] the new secular religion"), housing affordability ("direct subsidies are likely to add more ammunition to the already ruinous bidding wars, ultimately driving home prices even higher"), universal child care (which "would create yet another comparative disadvantage for single-income families trying to compete in the marketplace"), and usurious credit (Warren's long work on bankruptcy requires deeper treatment than this space allows, but their questioning of our over-reliance on consumer debt deserves a fuller hearing).
Warren's presidential campaign contains elements of this attempt to make life easier for families, but the shades of her vision of a pro-family economic policy seem paler than they were a decade and a half ago.
Her universal child care plan , for example, seemingly contradicts her prior stated worries about disadvantaging stay-at-home parents. While she explicitly -- and wisely -- steers clear of a subsidy-based approach, her attempt to "create a network of child care options" does less to directly support families who aren't looking for formal care. In a sense, Warren would replicate the public school experience for the under-five crowd -- if you don't want to participate, that's fine, but you'll bear the cost on your own. A true pro-family populism would seek to increase the choice set for all families, regardless of their work-life situations.
Warren's housing plan has similarly good intentions, seeking to increase the supply of affordable housing rather than simply trying to subsidize demand. Her competitive education grant would reward municipalities for relaxing restrictive zoning requirements. But while her campaign has yet to release a plan on education, it seems unlikely we'll see the kind of bold approach to educational choice she espoused in 2003. Populist sympathizers of all ideological stripes should hope I'm proven wrong.
Warren's attempt at pro-family progressive populism seems honest. If not for certain infamous biographical missteps, her personal story would be one of how America is still a land of opportunity -- the daughter of a Oklahoma department store salesman who worked her way to a law degree, a professorship, and a Senate seat. There's a congruence in her positioning of economic security as a family values issue and the resurgent interest in a pro-worker, pro-family conservative agenda. And unlike so many politicians, her personal experience seems to have instilled an understanding of why so many dual-earner families see work as a means to the end of providing a better life for their children rather than an end in itself.
A politician willing to question the sacred cows of double-income families, more money for schools, and easy credit is the kind of politician this populist moment requires. A candidate willing to call into question an economic model that prioritizes GDP growth over all else would boldly position himself or herself as being on the side of families whose vision of the American Dream involves a better life for their children, yet who are exhausted and hemmed in by costs.
How Warren needs to position her platform to navigate the vicissitudes of a Democratic Party primary will likely not be the best way to address the needs of the modern American family. But in a crowded field, an uncompromising vision of increased choice for families across all dimensions -- not just within the public school system, for example, but among all options of education -- would be an impressive accomplishment and a way of distinguishing herself from the pack. An explicit defense of parenthood as a social good would be unconventional but welcome.
Still, a marker of how far the conversation around families has shifted from the early 2000s is the extent to which Warren's and Warren Tyagi's view of parenthood as something more than an individual "lifestyle choice" would now be viewed as radical, particularly on the Left. "That may be true from the perspective of an individual choosing whether or not to have a child," they write, "but it isn't true for society at large. What happens to a nation that rewards the childless and penalizes the parents?"
What indeed. Paging the Elizabeth Warren of 2003 -- your country needs you.
Patrick T. Brown ( @PTBwrites ) is a master's of public affairs student at Princeton University's Woodrow Wilson School of Public and International Affairs.
JonF April 4, 2019 at 6:22 amDoe anyone think the middle and especially upper middle class would be in favor of a school choice plan that would cause their housing values to take hit? And there's another big roadblock with a school choice program: the need for transportation. Two years ago my next door neighbors who were able to place their young son in a good school across town sold their house and moved to be closer to the school since the daily cross-town commute at rush hour was just too much.grin without a cat , says: April 4, 2019 at 7:44 amThey might well have had one in Elizabeth Warren, whose 2003 book, The Two-Income Trap, co-authored with her daughter Amelia Warren Tyagi, was unafraid to skewer sacred cows.Chris Atwood , says: April 4, 2019 at 9:38 am
It's more recent than that. The first edition was 2003, but a second edition came out in 2016, by which time Mom probably knew she might be running for president. It's got a new introduction by the authors, so obviously it was done with their cooperation.
I haven't read either edition, so I don't know what's been changed in the new one.Great essay.Roy Fassel , says: April 4, 2019 at 10:30 am
I am struck again and again, by the unbelievable power of the forces in the political arena pushing everyone who is a Democrat because they are fiscally liberal* to ALSO become socially liberal,* and everyone who is a Republican because they are socially conservative* to ALSO become fiscally conservative.*
The net result of the laws of motion seem to systematically take the ideological space of "socially conservative, fiscally liberal" (the old New Deal) and push everyone in it either out to the usual left "fiscally liberal, socially liberal" or the usual right "socially conservative, fiscally conservative" quadrants.
This article shows how it's happening with Elizabeth Warren in one direction, and it's happened constantly with socially conservative Republicans who get yanked back to the proper quadrant anytime they try to move to a direction of economic policy that doesn't involve tax cuts for the rich and actually help their constituents.One can have all the opinions on better ways to do things for the good of society, but if those ideas are not politically viable, it creates a change in directions. Warren probably by now .realizes how complicated all of these policy issues are and the unintended consequence of these policies are always a factor and a risk. Elizabeth Warren seems to have a good grasp of complicated issues, but that never get her the support she would need to prevail in this campaign. We currently live in the age of "Fantasyland" spewed by both the Trump RINOs and the Lunatic Left. Warren is a thinker. That is not helpful these days.Sid Finster , says: April 4, 2019 at 10:55 amWhat happened is that Warren wants the Team D nomination, and Team D, like Team R, could not care less about the 99.9% of Americans who are not non-campaign bundlers or big contributors.Chris in Appalachia , says: April 4, 2019 at 11:46 am
In fact, Team D (again, just like Team R) is actively hostile to any proposal that might take money out of the pockets of the .1%, or otherwise affect the way the the economic pie is sliced.If this was the 1970s Warren would probably have supported busing. Pocahontas – leave my safe neighborhood, my children's schools, and my home equity alone. Because these well meaning social engineering schemes seldom work out as planned. As a middle class American I will probably get the short end of the stick.BradleyD , says: April 4, 2019 at 12:15 pm
Funny that policy makers never want to help families by taking a little chunk out of hedge funds and shareholders and vulture capitalists and sharing it with American workers. Talk about "the heart of the problem."My wife and I did a sort of calculation. In our state child care would be about 11,000 per child per year. Also, you can't drop them off if they are sick, so you have to use your sick days for them. Oh, and if you don't use the child care if you're on vacation, you still need to pay to hold the slot. With two kids and taxes, she has to clear well over 30k per year to about break even.EliteCommInc. , says: April 4, 2019 at 1:00 pm
Add in the fact you'll be missing out on their childhood, spending maybe three or so hours per day with them, is it really worth it?
The more I see the 'big tech' developments, they are basically things your pay for to let you work so you can afford to work. TaskRabbit, Fivrer, DoorDash, etc basically give you free time so you can work more."What happens to a nation that rewards the childless and penalizes the parents?"EliteCommInc. , says: April 4, 2019 at 1:13 pm
They become liberals, democrats, anarchists, socialists, communists . . . supporters of murdering children in the womb, efficiency advocates by way of eugenics . . . and other assorted malcontents against ordered society.This may be unfair as I have not read the book.rps , says: April 4, 2019 at 3:22 pm
But in my view, what has damaged economic sociology has been the shift in practice without any assessment what it would do to the traditional family dynamic between husbands and wives in family construction. That simply demanding that space be made for women and millions of women would seriously tighten the job market for all and disrupt the pillars upon which our nation was built, despite its problems.
Power dynamic, chivalry outran practical realities and that remains the case in increasingly stratifying civil demands.
And while I sympathetic to the complaint about bussing, that had a very little impact on the employment numbers which government and businesses and edication raced to fill the discrimination expectations with women, and primarily white women.
tired comment, but accurate nonetheless, so instead of hiring men in response to discrimination, those men were instead replaced by women, most of whom already had access via the cultural dynamics of the majority.Warren and Warren Tyagi propose severing the link between housing and school districts through a "well-designed voucher program," calling the public education system "the heart of the problem." [ ]Fran Macadam , says: April 4, 2019 at 4:34 pm
In my opinion, Warner's education voucher proposal by guaranteeing voucher dollar enrollment in the affluent zip codes ignores the heart of the education problem. Affluent zip codes do not ensure a child's academic success via 'better' teachers and educational materials. Public schools in the big cities are filled with teachers who have their masters and Ph.D's along with continuing education requirements.
Student success is fundamentally based upon parental commitment and community involvement. Are the parents committed to their children's academic success? Does the parent(s) provide a conducive and safe home environment? Does the child have a quiet space to study, do their homework and prepare for school? Does the parent(s) sit down and teach? Review the child's homework? Do the parents volunteer at the school? Are they involved with school events? Is education a top priority? Or is school a babysitting service to drop off and pick up?
Those affluent zip codes are more than a number. For the most part, they are a supportive community of families.
A child's academic success is assuredly tethered to the parental guiding hands. Simply, a child's success begins at home with parents who care about their children's future.She Woke up.Robert K U , says: April 4, 2019 at 6:47 pm
Careerism trumps sanity. In the age of #MeToo, it's got to be all about me.Probably, every conservative will agree, that the basic flaw is materialism. Thus, with materialism, personal values that cannot be sold or bought for money, are neglected in favour of the gross domestic product per capita philosophy. Such personal values are, for instance, family values, that is, children need both a mother, especially when they are below teenage, and a father, especially when they are teenagers, and perhaps most important, a father and a mother need one another. All this family thing does, however, not enter into the money economy of big government. Whence, on the side of families, those need to take quite brave choices, to choose morals above money. And on the side of the government, this needs to tax the rich and help the poor. In fact, according to the World Bank, economic growth is stimulated best, if governments help the poor directly, rather than with obscure subsidies to the economic system. However, there is also the difficulty with difficult access to regular jobs. By no doubt, abortion genosuicide decreases demand on the most simple of goods and services, causing unemployment for the poor, and driving up costs of raising children. Society then goes into socialism, with genosuicide instead of economic growth, while the money flows into pension funds of the upper middle class. Governments must simply help the poor. Humankind has always been able to produce twice the amount of good food that it needs, but bureaucratic governments keep the poor enslaved, to fill them with lie.Tim , says: April 4, 2019 at 7:19 pmWarren's academic work and cheeky refusal to fold under pressure when her nomination as Obama's consumer ('home ec.'?) finance czar was stymied by the GOP are worthy of respect. I'd like to see her make a strong run at the dem nomination, but am put off by her recent tendency to adopt silly far-left talking points and sentiments (her Native DNA, advocating for reparations, etc.). Nice try, Liz, but I'm still leaning Bernie's direction.EliteCommInc. , says: April 4, 2019 at 10:57 pm
As far as the details of the economic analysis related above, though, I am unqualified to make any judgment – haven't read the book. But one enormously significant economic development in the early 70s wasn't mentioned at all, so I assume she and her daughter passed it over as well. In his first term R. Milhouse Nixon untethered, once & for all, the value of the dollar from traditional hard currency. The economy has been coming along nicely ever since, except for one problematic aspect: with a floating currency we are all now living in an economic environment dominated by the vicissitudes of supplies and demands, are we not? It took awhile to effect the housing market, but signs of the difference it made began to emerge fairly quickly, and accelerated sharply when the tides of globalism washed lots of third world lucre up on our western shores. Now, as clearly implied by both Warren and the author of this article, young Americans whose parents may not have even been born back then – the early 70s – are probably permanently priced out of the housing market in places that used to have only a marginally higher cost of entry – i.e. urban California, where I have lived and worked for most of my nearly 60 years. In places like this even a 3-earner income may not suffice! Maybe we should bring back the gold standard, because it seems to me that as long as unfettered competition coupled to supply/demand and (EZ credit $) is the underlying dynamic of the American economy we're headed for the New Feudalism. Of course, nothing could be more conservative than that, right? What say you, TAColytes?"Maybe we should bring back the gold standard, because it seems to me that as long as unfettered competition coupled to supply/demand and (EZ credit $) is the underlying dynamic of the American economy we're headed for the New Feudalism."K squared , says: April 5, 2019 at 7:05 am
I take it you think the old one has departed.
It was in the area of how businesses and government were reciprocating unhealthy and unfair business practices is where I think her advocacy was most accurate. But she has abandoned all of that."Funny that policy makers never want to help families by taking a little chunk out of hedge funds and shareholders and vulture capitalists and sharing it with American workers."
Funny that Warren HAS brought up raising taxes on the rich.
Apr 05, 2019 | www.commondreams.org
"We can't sit around for 100 years while the rich and powerful get richer and more powerful and everyone else falls further and further behind."
The 2020 presidential candidate is expected to endorse the proposal in a speech at the National Action Network Convention in New York Friday morning.
"When Democrats next have power, we should be bold and clear: We're done with two sets of rules -- one for the Republicans and one for the Democrats," Warren is expected to say. "And that means when Democrats have the White House again, if Mitch McConnell tries to do what he did to President Obama and puts small-minded partisanship ahead of solving the massive problems facing this country, then we should get rid of the filibuster."
"I'm not running for president just to talk about making real, structural change. I'm serious about getting it done," the speech reads. "And part of getting it done means waking up to the reality of the United States Senate."
Getting rid of the filibuster -- the Senate procedure which allows a minority party to delay a vote by drawing out debate and block legislation from passing by requiring a "supermajority" of 60 senators to approve it -- would be a key step toward passing progressive measures, advocates say.
At the NAN Convention, Warren is expected to note that the filibuster has stopped the Senate from passing radical justice legislation for decades, including an anti-lynching bill which was first introduced a century ago but didn't pass until December 2018.
"It nearly became the law back then. It passed the House in 1922. But it got killed in the Senate -- by a filibuster. And then it got killed again. And again. And again," Warren plans to say. "More than 200 times. An entire century of obstruction because a small group of racists stopped the entire nation from doing what was right."
Advocates including Warren also say the end of the filibuster would make it easier for the Senate to pass meaningful legislation to combat the climate crisis and to further other progressive causes.
"We can't sit around for 100 years while the rich and powerful get richer and more powerful and everyone else falls further and further behind," Warren's speech reads. "We can't sit around for 100 years while climate change destroys our planet, while corruption pervades every nook and cranny of Washington, and while too much of a child's fate in life still rests on the color of their skin. Enough with that."
Warren joins fellow 2020 Democratic hopefuls Pete Buttigieg and Washington Gov. Jay Inslee in endorsing the end of the filibuster. Her speech Friday will represent her latest push for "structural change" that she says would have far-reaching positive effects on the lives of working Americans. Since announcing her candidacy in January she has called for a tax on the wealth of the richest Americans to combat economic inequality and fund progressive programs, a universal childcare plan, and a breakup of powerful tech giants , among other proposals.
Mar 31, 2019 | medium.com
At CNN's town hall event on Monday, the American people saw something we'd been told was impossible: Elizabeth Warren winning over a crowd.
The Massachusetts senator took aim at a variety of subjects: the Electoral College, Mississippi's racist state flag, the rise of white nationalism . Always, she was met with thunderous applause. Even a simple Bible verse -- from Matthew 25:35–40, about moral obligation to the poor and hungry -- prompted cheers so loud and prolonged that Warren had to pause and repeat herself in order to make her voice heard over the noise. Yet this was the same woman the media routinely frames as too wonky, too nerdy, too socially stunted. But then, Warren has always been an exceptionally charismatic candidate. We just forget that fact when she's campaigning -- due, in large part, to our deep and lingering distrust for female intelligence.
Warren is bursting with what we might call "charisma" in male candidates: She has the folksy demeanor of Joe Biden, the ferocious conviction of Bernie Sanders, the deep intelligence of fellow law professor Barack Obama. But Warren is not a man, and so those traits are framed as liabilities, rather than strengths. According to the media, Warren is an uptight schoolmarm, a " wonky professor ," a scold, a wimpy Dukakis, a wooden John Kerry, or (worse) a nerdier Al Gore.
The criticism has hit her from the left and right. The far-right Daily Caller accused her of looking weird when she drank beer ; on social media, conservatives spread vicious (and viciously ableist) rumors that Warren took antipsychotic drugs that treated "irritability caused by autism ." On the other end of the spectrum, Amber A'Lee Frost, the lone female co-host of the socialist podcast Chapo Trap House , wrote for The Baffler (and, when The Baffler retracted her article, for Jacobin) that Warren was " weak " and " not charismatic ." Frost deplored the "Type-A Tracy Flicks" who dared support "this Lisa Simpson of a dark-horse candidate."
Casting Warren as a sheltered, Ivory Tower type is odd, given that her politics and diction are not exactly elitist. Yet none of this is new; the same stereotypes were levied against Warren in 2011, during her Senate campaign.
Strangely, the first nerdification of Warren was a purely local phenomenon -- one which happened even as national media was falling in love with her. Jon Stewart publicly adored her , and her ingenuity in proposing the creation of the Consumer Financial Protection Bureau a few years prior earned her respect among the rising populist wing of the party. Her fame was further catapulted when a speech -- a video of Warren speaking, seemingly off-the-cuff , in a constituent's living room -- went viral. "Nobody in this country got rich on his own, nobody," Warren proclaimed, pointing up the ways entrepreneurs benefit from publicly funded services like roads and schools and fire departments.
"First-time candidates don't usually articulate a progressive economic message quite this well," the Washington Monthly declared . The New Yorker called it " the most important political speech of this campaign season. " That enthusiasm continued throughout Warren's first Senate bid. Writing for the New York Times , Rebecca Traister noted that "the early devotion to Warren recalls the ardor once felt by many for Obama." (Obama himself famously echoed Warren's message -- "you didn't build that" -- on the 2012 campaign trail.)
Locally, Warren prompted a much different discussion, with scores of Massachusetts analysts describing her as stiff and unlikable. Boston-based Democratic analyst Dan Payne bemoaned her "know-it-all style" and wished aloud she would " be more authentic I want her to just sound like a human being, not read the script that makes her sound like some angry, hectoring schoolmarm." In a long profile for Boston magazine, reporter Janelle Nanos quoted Thomas Whalen, a political historian at Boston University, who called Warren a "flawed candidate," someone who was " desperately trying to find a message that's going to resonate. " In that same article, Nanos asked Warren point-blank about her "likability problem." Warren's response seemed to stem from deep frustration: "People tell me everywhere I go why they care that I got in this race," she said. "I can't answer the question because I literally haven't experienced what you're talking about."
By demanding that Warren disguise her exceptional talents, we are asking her to lose. Thankfully, she's not listening.
There's an element of gaslighting here: It only takes a reporter a few sources -- and an op-ed columnist a single, fleeting judgment -- to declare a candidate "unlikable." After that label has been applied, any effort the candidate makes to win people over can be cast as "inauthentic." Likability is in this way a self-reinforcing accusation, one which is amplified every time the candidate tries to tackle it. (Recall Hillary Clinton, who was asked about her "likability" at seemingly every debate or town hall for eight straight years -- then furiously accused of pandering every time she made an effort to seem more "approachable.")
It's significant that the " I hate you; please respond" line of political sabotage only ever seems to be aimed at women. It's also revealing that, when all these men talked about how Warren could win them over, their "campaign" advice sounded suspiciously close to makeover tips. In his article, Payne advised Warren to "lose the granny glasses," "soften the hair," and employ a professional voice coach to "deepen her voice, which grates on some." Payne seemed to suggest that Elizabeth Warren look like a model and sound like a man -- anything to disguise the grisly reality of a smart woman making her case.
Warren won her Senate race, and the "schoolmarm" stereotype largely vanished as her national profile grew. By 2014, grassroots activists were begging her to run for president; by mid-2016, CNN had named her " Donald Trump's chief antagonist ." She's since given a stream of incendiary interviews and handed the contemporary women's movement its most popular meme . All this should be enough to prove any candidate's "charisma." Yet, now that she's thrown her hat into the presidential ring, the firebrand has become a Poindexter once again.
The digs at Warren's "professorial" style hurt her because, on some level, they're true. Warren really is an intellectual, a scholar; moreover, she really is running an exceptionally ideas-focused campaign, regularly turning out detailed and exhaustive policy proposals at a point when most of the other candidates don't even have policy sections on their websites. What's galling is the suggestion that this is a bad thing.
Yes, male candidates have suffered from being too smart -- just ask Gore, who ran on climate change 20 years before it was trendy. But just as often, their intelligence helps them. Obama's sophistication and public reading lists endeared him to liberals. And just a few days ago, Indiana Mayor Pete Buttigieg was widely praised for learning Norwegian in order to read an author's untranslated works. Yet, Warren is dorky, a teacher's pet, a try-hard Tracy Flick, or Lisa Simpson. A "know-it-all."
The "schoolmarm" stereotype now applied to Warren has always been used to demean educated women. In the Victorian era, we called them "bluestockings" -- unmarried, unattractive women who had dared to prioritize intellectual development over finding a man. They are, in the words of one contemporary writer, " frumpy and frowly in the extreme, with no social talents ." Educators say that 21st century girls are still afraid to talk in class because of "sexist bullying" which sends the message that smart girls are unfeminine: "For girls, peers tell them 'if you are swotty and clever and answer too many questions, you are not attractive ,'" claims Mary Bousted, joint general-secretary of the U.K.'s National Education Union. Female academics still report being made to feel " unsexual, unattractive, unwomanly, and unnatural. " We can deplore all this as antiquated thinking, but even now, grown men are still demanding that Warren ditch her glasses or "soften" her hair -- to work on being prettier so as to make her intelligence less threatening.
Warren is cast as a bloodless intellectual when she focuses on policy, a scolding lecturer when she leans into her skills as a rabble-rouser; either way, her intelligence is always too much and out of place. Her eloquence is framed, not as inspiring, but as "angry" and "hectoring." Being an effective orator makes her "strident." It's not solely confined to the media, but reporters seem anxious to signal-boost anyone who complains: Anonymous male colleagues call her "irritating," telling Vanity Fair that "she projects a 'holier than thou' attitude" and that " she has a moralizing to her. " That same quality in male candidates is hailed as moral clarity.
Warren is accused, in plain language, of being uppity -- a woman who has the bad grace to be smarter than the men around her, without downplaying it to assuage their egos. But running in a presidential race is all about proving that you are smarter than the other guy. By demanding that Warren disguise her exceptional talents, we are asking her to lose. Thankfully, she's not listening. She is a smart woman, after all.
Dec 20, 2018 | www.nytimes.com
The president and the senator both want you to know that our system is "rigged."
... ... ...
For decades, the left sought to dethrone the idea of truth. Truth was not an absolute. It was a matter of power. Of perspective. Of narrative. "Truth is a thing of this world," wrote Michel Foucault. "Each society has its regime of truth, its 'general politics' of truth: that is, the types of discourse which it accepts and makes function as true."
Then Kellyanne Conway gave us "alternative facts" and Rudy Giuliani said, " Truth isn't truth" -- and progressives rushed to defend the inviolability of facts and truth.
For decades, the left sought to dethrone reverence for the Constitution. "The Constitution," wrote progressive historian Howard Zinn, "serves the interests of a wealthy elite" and enables "the elite to keep control with a minimum of coercion, a maximum of law -- all made palatable by the fanfare of patriotism and unity."
Then Donald Trump attacked freedom of the press and birthright citizenship, and flouted the emoluments clause, and assailed the impartiality of the judiciary. And progressives rediscovered the treasure that is our Constitutional inheritance.
... ... ...
To an audience of nearly 500 new graduates and their families at the historically black college, the Massachusetts senator laid out a bleak vision of America. "The rules are rigged because the rich and powerful have bought and paid for too many politicians," she said. "The rich and powerful want us pointing fingers at each other so we won't notice they are getting richer and more powerful," she said. "Two sets of rules: one for the wealthy and the well-connected. And one for everybody else," she said.
"That's how a rigged system works," she said.
It was a curious vision coming from a person whose life story, like that of tens millions of Americans who have risen far above their small beginnings, refutes her own thesis. It was curious, also, coming from someone who presumably believes that various forms of rigging are required to un-rig past rigging. Affirmative action in college admissions and aggressive minority recruitment in corporations are also forms of "rigging."
But however one feels about various types of rigging, the echo of Trump was unmistakable. "It's being proven we have a rigged system," the president said at one of his rallies last year . "Doesn't happen so easy. But this system -- gonna be a lot of changes. This is a rigged system."
Trump's claim that the system is rigged represents yet another instance of his ideological pickpocketing of progressives. From C. Wright Mills ("The Power Elite") to Noam Chomsky ("Manufacturing Consent"), the animating belief of the far left has been, as Tom Hayden put it, that we live in a "false democracy," controlled by an unaccountable, deceitful and shadowy elite. Trump has names for it: the globalists; the deep state; the fake news. Orange, it turns out, is the new red.
Of course, Warren and Trump have very different ideas as to just who the malefactors of great wealth really are. Is it Sheldon Adelson or George Soros? The Koch brothers or the Ford Foundation? Posterity will be forgiven if it loses track of which alleged conspiracy to rig the system was of the far-right and which was of the far left.
What it will remember is that here was another era in which a president and one of his leading opponents abandoned the prouder traditions of American politics in favor of paranoid ones. Compare Warren's grim message to Bill Clinton's sunny one from his first inaugural: "There is nothing wrong with America that cannot be cured by what is right with America."
At some point, it will be worth asking Senator Warren: Rigged compared to when? A generation ago a black president would have been unthinkable. Two generations ago, a woman on the Supreme Court. And rigged compared to what? Electoral politics in Japan, which have been dominated by a single party for decades? The class system in Brazil, dominated by a single race for centuries?
Bret L. Stephens has been an Opinion columnist with The Times since April 2017. He won a Pulitzer Prize for commentary at The Wall Street Journal in 2013 and was previously editor in chief of The Jerusalem Post.Larry Bennett Cooperstown NY Dec. 20, 2018 Times Pick
Warren is saying the system is rigged to suppress the middle class and poor in favor of the wealthy, which is easy to substantiate. Trump is saying the system is rigged to suppress the white right, which is easy to refute. One statement is an economic fact, the other is a racist trope. There is no equivalence here. ScottW Chapel Hill, NC Dec. 20, 2018
Sen. Warren supports Medicare for All, meaningful banking/financial regulations, regulations that benefit consumers, a living wage, etc. Trump supports none of these policies--not a one. Trying to equate Trump with Warren is just stupid.
Terry Gilbert, AZ Dec. 20, 2018 Times Pick
Comparing Elizabeth Warren to Trump is disingenuous. Trump is just ranting and defensive, without any evidence to back up his claims. What Elizabeth Warren is saying is just a matter of paying attention. I don't need to list all the ways in which money buys everything in politics. It's always a matter of following the money. Bret Stephens conveniently avoids looking at economics. His supposed counterexamples are at best irrelevant to the issue: We've had a black President. We have women on the Supreme Court. How are those examples proof that the system isn't rigged in favor of the wealthy and corporations? No doubt he thinks Plutocracy is part of the natural order of things. He should go back to the Wall Street Journal where his myopia is more appropriate. MarnS Nevada Dec. 20, 2018 Times Pick
Unfortunately Bret there are no "optimists" in the GOP, including yourself being one who has bounced back and forth in your positions regarding the Trump presidency. Though you have found your way on CNN or MSNBC spouting your disappointments about the state of the nation, the fact remains is that your a hardened, right wing opinion writer who may have less of an ideal when it comes to America being a democratic nation. No, you can conveniently ignore the actions of your conservative party in there gerrymandering, in their changing the rules for governors of the Democrat persuasion, or gross deliberate voter suppression that has placed your party in power positions by, in effect, stealing elections. You are a writer with a forked tongue trying, at times in a passive manner, to separate yourself from Trump, and the evilness of the current GOP Party without understanding that the definition of "conservative" has changed to the radical. And that is documented by your writings in the WSJ. Yet, you cannot even dream about truly being on the left side of an argument other than beating your breast with the fact that the GOP has disappeared, as we have known it, in the hands of radicalism (which prior to Trump you participated in the escalation of radical conservatism), and your party can never be revived as it once was...and we all pray it never will be so.
JPM Hays, KS Dec. 20, 2018 Times Pick
This analysis completely ignores the outrageous, overarching influence of money and financial privilege over American politics. Equating Bill Clinton's dalliance with Trump's disrespect for all norms of decency and the truth? Please. Warren is right. Just look at the legislative obscenity of the recent tax bill and then try and equivocate they left and the right. I am not buying this false equivalency.
Patrick Schenectady Dec. 20, 2018 Times Pick
FYI, Foucault was offering critiques of "regimes of truth," not of truth itself. That's very different. Like most historians, he spent an impressive amount of time in archives where he collected evidence in order to write books that give truthful accounts of the past. You make a caricature of Foucault, and then of the entire left.
Rich Casagrande Slingerlands, NY Dec. 20, 2018 Times Pick
Please, Elizabeth Warren is nothing like Trump. She's a brilliant, honest, tireless fighter for ordinary Americans. She wants a fair shake for them, just as FDR wanted a fair shake -- a "New Deal" -- for our Country. While much of the rest of the world was turning to communism or fascism, FDR saved American capitalism by shaking it up. Oh how we could use a large dose of that today.
WDP Long Island Dec. 20, 2018 Times Pick
Whoa! Line by line, Mr Stephens offers statements that are way off base and should be refuted. Are you saying you disagree with Warren? Do you think the "system" in America for the last 400 years has not been generally "rigged" against African-Americans? But the gist of his column, and the main argument of conservatives these days, is that the left and the right are equally out of line; that what the right says and does may be bad, but the left does the same sort of thing and is just as bad. This is not true Bret, and you know it. The left desperately tries to find the high road, and anyone who supports Trump these days or believes in most of his policies is either someone who has abandoned morality or is a fool. And that is the truth, Bret.
Hannacroix Cambridge, MA Dec. 20, 2018 Times Pick
Calling out our system as "rigged" is nothing new for Sen. Warren. She's been stating that publicly since being a regular Bill Moyer's guest on his PBS program 20 years ago -- and clearly already on a "prep for national politics" stump. What undercuts her own integrity regarding "rigged" is that she chose, after much wait & anticipation, to throw her support to Hillary Clinton in the summer of 2016. Not Bernie Sanders. She knew HRC had little integrity. And it's highly likely she knew the DNC primary was rigged in favor of Clinton -- as it's widely been proven.
My point here highlights one of several reasons why Sen. Warren is unelectable in the 2020 presidential general election. This is not to compare her in any way to Trump -- he's a venal, disturbed & dangerous traitor to our country. However, if winning the WH in 2020 is the goal, Elizabeth Warren ain't got the goods to get the necessary votes across our Republic.
Longestaffe Pickering Dec. 20, 2018 Times Pick
There's a good case to be made that the far left exists in two separate dimensions. I offer myself in evidence. Among the policies and social changes I advocate: Medicare for all Aggressively progressive taxation.
I don't recognize any freedom to corner as much wealth as one can while other people must labor at two or three jobs just to feed their families on peanut butter.
I do think there's a bit of rigging afoot. Restrictions on the ownership of firearms comparable to those in Japan.
A society free from all forms of identity discrimination or prejudice. I'm bitterly opposed to racism, anti-Semitism, sexism, homophobia; any example you care to give, including those without short handles, such as prejudice against Muslims or transgender people.
Yes, I know I have this in common with decent conservatives, but I'm thinking of partisan realities in the US today. I should add that I don't mind the prospect of WASPS like me becoming just another minority.
But-- I can't picture myself as a socialist -- hair combed straight back, and all that.
The rigorously progressive personality type rubs me the wrong way. Leftist cant grates on every fiber of my being. Che Guevara T-shirts make the lip curl. When my knee jerks, it jerks against things like that old leftist conceit that truth is what you make it. I look at the far-left agenda and see a lot to like. I look at the far-left milieu and see didactic arrogance, frigidity, and pat attitudes. I'm a Democrat in disarray.
John Wilson Maine Dec. 20, 2018 Times Pick
The so-called "left" in America (moderates anywhere else on the globe) have never varied from saying that money = power. They still say that today, and raise money like crazy for candidates thereby proving their own point.
Conservatives in America (far-right extremists anywhere else on the globe) are much quieter about the influence of dough, but raise money like crazy for candidates thereby proving the "left's" point.
Reality? Money in America is everything. Period. Just try to run for office, influence policy, and/or change the direction of the country as a sole, intelligent, concerned poor person and see how far you get.
Sep 18, 2018 | lrb.co.ukOne might object that Trump, a billionaire TV star, does not resemble his followers. But this misses the powerful intimacy that he establishes with them, at rallies, on TV and on Twitter. Part of his malicious genius lies in his ability to forge a bond with people who are otherwise excluded from the world to which he belongs. Even as he cast Hillary Clinton as the tool of international finance, he said:
I do deals – big deals – all the time. I know and work with all the toughest operators in the world of high-stakes global finance. These are hard-driving, vicious cut-throat financial killers, the kind of people who leave blood all over the boardroom table and fight to the bitter end to gain maximum advantage.
With these words he brought his followers into the boardroom with him and encouraged them to take part in a shared, cynical exposure of the soiled motives and practices that lie behind wealth. His role in the Birther movement, the prelude to his successful presidential campaign, was not only racist, but also showed that he was at home with the most ignorant, benighted, prejudiced people in America. Who else but a complete loser would engage in Birtherism, so far from the Hollywood, Silicon Valley and Harvard aura that elevated Obama, but also distanced him from the masses?
The consistent derogation of Trump in the New York Times or on MSNBC may be helpful in keeping the resistance fired up, but it is counterproductive when it comes to breaking down the Trump coalition. His followers take every attack on their leader as an attack on them. 'The fascist leader's startling symptoms of inferiority', Adorno wrote, 'his resemblance to ham actors and asocial psychopaths', facilitates the identification, which is the basis of the ideal. On the Access Hollywood tape, which was widely assumed would finish him, Trump was giving voice to a common enough daydream, but with 'greater force' and greater 'freedom of libido' than his followers allow themselves. And he was bolstering the narcissism of the women who support him, too, by describing himself as helpless in the grip of his desires for them.
Adorno also observed that demagoguery of this sort is a profession, a livelihood with well-tested methods. Trump is a far more familiar figure than may at first appear. The demagogue's appeals, Adorno wrote, 'have been standardised, similarly to the advertising slogans which proved to be most valuable in the promotion of business'. Trump's background in salesmanship and reality TV prepared him perfectly for his present role. According to Adorno,
the leader can guess the psychological wants and needs of those susceptible to his propaganda because he resembles them psychologically, and is distinguished from them by a capacity to express without inhibitions what is latent in them, rather than by any intrinsic superiority.
To meet the unconscious wishes of his audience, the leader
simply turns his own unconscious outward Experience has taught him consciously to exploit this faculty, to make rational use of his irrationality, similarly to the actor, or a certain type of journalist who knows how to sell their sensitivity.
All he has to do in order to make the sale, to get his TV audience to click, or to arouse a campaign rally, is exploit his own psychology.
Using old-fashioned but still illuminating language, Adorno continued:
The leaders are generally oral character types, with a compulsion to speak incessantly and to befool the others. The famous spell they exercise over their followers seems largely to depend on their orality: language itself, devoid of its rational significance, functions in a magical way and furthers those archaic regressions which reduce individuals to members of crowds.
Since uninhibited associative speech presupposes at least a temporary lack of ego control, it can indicate weakness as well as strength. The agitators' boasting is frequently accompanied by hints of weakness, often merged with claims of strength. This was particularly striking, Adorno wrote, when the agitator begged for monetary contributions. As with the Birther movement or Access Hollywood, Trump's self-debasement – pretending to sell steaks on the campaign trail – forges a bond that secures his idealised status.
Since 8 November 2016, many people have concluded that what they understandably view as a catastrophe was the result of the neglect by neoliberal elites of the white working class, simply put. Inspired by Bernie Sanders, they believe that the Democratic Party has to reorient its politics from the idea that 'a few get rich first' to protection for the least advantaged.
Yet no one who lived through the civil rights and feminist rebellions of recent decades can believe that an economic programme per se is a sufficient basis for a Democratic-led politics.
This holds as well when it comes to trying to reach out to Trump's supporters. Of those providing his roughly 40 per cent approval ratings, half say they 'strongly approve' and are probably lost to the Democrats. But if we understand the personal level at which pro-Trump strivings operate, we may better appeal to the other half, and in that way forestall the coming emergency.
Mar 23, 2019 | twitter.com
MoveOn 1:32 PM - 21 Mar 2019
& the list of 2020 presidential candidates who have made the decision to
#SkipAIPAC continues to grow. Thank you for your leadership here @PeteButtigieg , @ewarren , @BernieSanders , @KamalaHarris , @JulianCastro , @BetoORourke , @JayInslee ... who is next?
Mar 20, 2019 | www.aol.com
In 2016, Cannon wrote that Warren would indeed bring more warmth than Clinton, pointing to an anecdote she shared on Facebook about how she would bake her mother a "heart shaped cake" as a child. He contrasted that with Clinton's sarcastic "I suppose I could have stayed home and baked cookies" comment from 1992 , which was a response to ongoing questions about why she chose to continue her law practice when her husband was governor of Arkansas.
For some Bernie Sanders supporters, meanwhile, praising Warren was a way to deflect accusations of sexism. In a 2016 Huffington Post opinion piece titled, "I Despise Hillary Clinton And It Has Nothing to Do With Her Gender," Isaac Saul wrote that he "and many Sanders supporters would vote for Elizabeth Warren if she were in the race over Hillary or Bernie." ( Saul apologized to Clinton for being a "smug young journalist" and "Bernie Bro" in a follow up article months later, writing that his views of her changed after he endeavored to learn more about her history).
So what's going on here? Has Warren become incredibly unlikable over the past two years? Or is this change more an indication of her growing power. High-achieving women, sociologist Marianne Cooper wrote in a 2013 Harvard Business Review article , are judged differently than men because "their very success -- and specifically the behaviors that created that success -- violates our expectations about how women are supposed to behave." When women act competitively or assertively rather than warm and nurturing, Cooper writes, they "elicit pushback from others for being insufficiently feminine and too masculine." As a society, she says, "we are deeply uncomfortable with powerful women. In fact, we don't often really like them."
Nov 02, 2017 | www.washingtonpost.com
The former interim head of the Democratic Party just accused Hillary Clinton's campaign of "unethical" conduct that "compromised the party's integrity." The Clinton campaign's alleged sin: A hostile takeover of the Democratic National Committee before her primary with Sen. Bernie Sanders had concluded.
Donna Brazile's op-ed in Politico is the equivalent of taking the smoldering embers of the 2016 primary and throwing some gasoline on them. Just about everything she says in the piece will inflame Sanders's passionate supporters who were already suspicious of the Democratic establishment and already had reason to believe -- based on leaked DNC emails -- that the committee wasn't as neutral in the primary as it was supposed to be.
But the op-ed doesn't break too much new provable, factual ground, relying more upon Brazile's own perception of the situation and hearsay. In the op-ed, Brazile says:
Clinton's campaign took care of the party's debt and "put it on a starvation diet. It had become dependent on her campaign for survival, for which [Clinton] expected to wield control of its operations." She described Clinton's control of the DNC as a "cancer." Gary Gensler, the chief financial officer of Clinton's campaign, told her the DNC was (these are Brazile's words) "fully under the control of Hillary's campaign, which seemed to confirm the suspicions of the Bernie camp." She "couldn't write a news release without passing it by Brooklyn."
Then-Chairwoman Debbie Wasserman Schultz, whose pressured resignation after the leaked emails left Brazile in charge as interim chairwoman, "let Clinton's headquarters in Brooklyn do as it desired" because she didn't want to tell the party's leaders how dire the DNC's financial situation was. Brazile says Wasserman Schultz arranged a $2 million loan from the Clinton campaign without the consent of party officers like herself, contrary to party rules.
Brazile sums it up near the end: "If the fight had been fair, one campaign would not have control of the party before the voters had decided which one they wanted to lead. This was not a criminal act, but as I saw it, it compromised the party's integrity."
None of this is truly shocking. In fact, Brazile is largely writing about things we already knew about. The joint fundraising agreement between the Clinton campaign and the DNC was already known about and the subject of derision among Sanders's supporters. But it's worth noting that Sanders was given a similar opportunity and passed on using it, as Brazile notes.
There were also those emails from the DNC hack released by WikiLeaks that showed some at the DNC were hardly studiously neutral . One email chain discussed bringing Sanders's Jewish religion into the campaign, others spoke of him derisively, and in one a lawyer who worked for both Clinton and the DNC advised the committee on how to respond to questions about the Clinton joint fundraising committee. The emails even cast plenty of doubt on Brazile's neutrality, given she shared with the Clinton campaign details of questions to be asked at a pair of CNN forums for the Democratic candidates in March 2016, before she was interim chair but when she was still a DNC official. Brazile, who was a CNN pundit at the time, lost her CNN job over that.
The timeline here is also important. Many of those emails described above came after it was abundantly clear that Clinton would be the nominee, barring a massive and almost impossible shift in primary votes. It may have been in poor taste and contrary to protocol, but the outcome was largely decided long before Sanders ended his campaign. Brazile doesn't dwell too much on the timeline, so it's not clear exactly how in-the-bag Clinton had the nomination when the alleged takeover began. It's also not clear exactly what Clinton got for her alleged control.
This is also somewhat self-serving for Brazile, given the DNC continued to struggle during and after her tenure, especially financially . The op-ed is excerpted from her forthcoming book, "Hacks: The Inside Story of the Break-ins and Breakdowns That Put Donald Trump in the White House." Losses like the one in 2016 will certainly lead to plenty of finger-pointing, and Brazile's book title and description allude to it containing plenty of that.
But taking on the Clintons is definitely something that most in the party wouldn't take lightly. And Brazile's allegation that Clinton was effectively controlling the DNC is the kind of thing that could lead to some further soul-searching and even bloodletting in the Democratic Party. It's largely been able to paper over its internal divisions since the primary season in 2016, given the great unifier for Democrats that is President Trump.
Sanders himself has somewhat toned down his criticism of the DNC during that span, but what he says -- especially given he seems to want to run again in 2020 -- will go a long way in determining how the party moves forward.
Mar 15, 2019 | www.nytimes.com
... ... ...
Warren is trying to treat not just the symptoms but the underlying disease. She has proposed a universal child-care and pre-K program that echoes the universal high school movement of the early 20th century. She favors not only a tougher approach to future mergers, as many Democrats do, but also a breakup of Facebook and other tech companies that have come to resemble monopolies. She wants to require corporations to include worker representatives on their boards -- to end the era of "shareholder-value maximization," in which companies care almost exclusively about the interests of their shareholders, often at the expense of their workers, their communities and their country.
Warren was also the first high-profile politician to call for an annual wealth tax , on fortunes greater than $50 million. This tax is the logical extension of research by the economist Thomas Piketty and others, which has shown how extreme wealth perpetuates itself. Historically, such concentration has often led to the decline of powerful societies. Warren, unlike some Democrats, comfortably explains that she is not socialist. She is a capitalist and, like Franklin D. Roosevelt, is trying to save American capitalism from its own excesses.
"Sometimes, bigger ideas are more possible to accomplish," Warren told me during a recent conversation about the economy at her Washington apartment. "Because you can inspire people."
... ... ...
Warren's agenda is a series of such bold ideas. She isn't pushing for a byzantine system of tax credits for child care. She wants a universal program of pre-K and child care, administered locally, with higher pay for teachers and affordable tuition for families.
And to anyone who asks, "But how will you pay for that?" Warren has an answer. Her wealth tax would raise more than $250 billion a year, about four times the estimated cost of universal child care. She is, in her populist way, the fiscal conservative in the campaign.
... ... ...
David Leonhardt is a former Washington bureau chief for the Times, and was the founding editor of The Upshot and head of The 2020 Project, on the future of the Times newsroom. He won the 2011 Pulitzer Prize for commentary, for columns on the financial crisis. @DLeonhardt • Facebook [Sign up for David Leonhardt's daily newsletter with commentary on the news and reading suggestions from around the web.]
Jul 07, 2011 | bloomberg.com
Elizabeth Warren has infuriated bankers and alienated half of Washington, all in the name of a new consumer protection agency she may not get to runElizabeth Warren's admirers often refer to her as a grandmother from Oklahoma. This is technically true. It's also what you might call posturing. Warren, 62, is a Harvard professor and perhaps the country's top expert on bankruptcy law. Over the past four years she has managed to stoke a fervent debate over the government's role in protecting American consumers from what she sees as the predatory practices of financial institutions, and she has positioned herself as the person to oversee a new federal agency to rewrite the rules of lending. Warren is a grandma from Oklahoma in roughly the same way Ralph Nader is a pensioner with a thing about cars.
If the grandmother perception is plausible, it's largely because Warren has a gift for parables and for placing herself in the middle of them as the embodiment of moral force. Thus, her account of the precise moment she realized that changing the way banks lend was going to require a new federal bureaucracy -- and that it was up to her to create it.
Warren begins her tale in the spring of 2007, before the housing crash and the financial crisis. She was on a plane back to Boston after a series of discouraging meetings with credit-card company executives. She had tried to sell them on an idea called the "clean card" that grew out of her academic work and her side gig as a guest on such shows as Dr. Phil , where she dispensed empathy and advice to audience members who were one bad check away from losing everything. The concept was simple: Offer the equivalent of a Good Housekeeping Seal of Approval to any credit-card company that disclosed all of its costs and fees up front, no fine print.
After a few meetings in which she was politely rebuffed, one executive walked Warren to the door and, with his arm around her, let her in on a trade secret: If he admitted that his card's actual rate was 17 percent, while his competitors were still claiming theirs was only 2.9 percent, his customers would desert him for the seemingly cheaper option, seal of approval or not. No credit-card company would ever go along with a clean card unless all of them did. And the only way to get all of them to do it was to require it by law.
At this point, Warren says, the banker made a confession. "We recognize that we have an unsustainable model, and it cannot work forever," she says he told her. "If we told people how much these things cost, they wouldn't use them."
Here she pauses for effect, and to take a sip of herbal tea. Warren is slight and kinetic, with wide, pale blue eyes behind rimless glasses. She punctuates her sentences with exclamations like "Holy guacamole!" It's difficult to tell whether these are spontaneous or deliberately deployed to soften her imposing professorial mien. Warren, who grew up poor and went to college on a debate scholarship, understands the power of expression. When she wants to underline a point, she leans in to conspire with her listener; then her voice goes quiet, as it does when she says she knew instantly the condescending executive was right. Her clean card was a flop.
And so, on the flight home, Warren turned to the problem of how to push those credit-card companies into doing the right thing. By landing time, she says, she had her answer: a powerful new federal agency whose sole mission would be to protect consumers, not only from confusing credit cards but from what she calls the "tricks and traps" of all dangerous financial products. The same way the Consumer Product Safety Commission guards against dangerous household products or the Food and Drug Administration watches out for contaminated produce and quack medications. The way Warren tells it, she pulled a piece of paper out of her backpack and got to work right there on the plane. "I started sketching out the problem and what the agency should look like."
It's a good story, even if the timeline is a little off. Warren's aides say she first pitched the idea of a consumer financial protection agency to then-Senator Barack Obama's office months before her fateful meeting with the executive. Whatever the idea's provenance, there's no doubting its influence. In a summer 2007 article in the journal Democracy , Warren outlined what her guardian agency would look like. "It is impossible to buy a toaster that has a one-in-five chance of bursting into flames and burning down your house," she wrote. "But it is possible to refinance an existing home with a mortgage that has the same one-in-five chance of putting the family out on the street -- and the mortgage won't even carry a disclosure of that fact to the homeowner." One was effectively regulated. The other was not.
The annals of academia are stuffed with provocative proposals. Most die in the library. A little over four years after she first dreamed it up, Warren's has become a reality. Last summer, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, a package of financial reforms meant to prevent another economic meltdown. One of the bill's pillars is Warren's watchdog agency, now called the Consumer Financial Protection Bureau.
On July 21, exactly a year after Dodd-Frank became law, the CFPB is scheduled to open for business with a broad mandate to root out "unfair, deceptive, or abusive" lending practices. Consolidating functions previously scattered across seven different agencies, the bureau will have the power to dictate the terms of every consumer lending product on the market, from mortgages and credit cards to student, overdraft, and car loans. It will supervise not only banks and credit unions but credit-card companies, mortgage servicers, credit bureaus, debt collectors, payday lenders, and check-cashing shops. Dozens of researchers will track trends in the lending market and keep an eye on new products. Teams of examiners will prowl the halls of financial institutions to ensure compliance. The bureau is already at work on its first major initiative: simplifying the bewildering bank forms you sign when you buy a house.
Warren's life is a blur of building and promoting the agency she dreamed up -- and that she may never get to lead. On leave from Harvard, she has spent hundreds of hours on Capitol Hill visiting with members of Congress, Democrat and Republican, and flown across the country meeting with the heads of the nation's major banks and many smaller ones. If most financial firms have yet to embrace the bureau, she's made some headway, at least, among the community banks. "Some of my colleagues have not gotten there yet because they are convinced she's close to the antichrist," says Roger Beverage, the head of the Oklahoma Bankers Assn. "I don't think she's doing anything but speaking from the heart on community banks."
One other person she has not yet won over: Barack Obama. The President has not nominated her to head the bureau. Instead, last fall he gave her the title of special assistant to the President and special adviser to the Treasury and tasked her with getting the place up and running. For now, she is the non-head of a non-agency. The White House refuses to say whether Obama will eventually put her up for the job, allowing only that he is considering several candidates. In the coded language of appointment politics, it is a signal that they are seriously considering passing Warren over for someone else. A White House official says the Administration would like to have a nominee in place before Congress leaves for its August recess.
There's a reason for their wariness. The White House is reluctant to antagonize congressional Republicans in the middle of contentious negotiations over the federal debt ceiling. Warren's position requires Senate approval, and Republicans, many of whom regard the CFPB as more clumsy government meddling in the free market, are vehemently opposed to allowing its creator to be installed at its helm. Republicans have used a parliamentary maneuver to keep the Senate from officially adjourning for its traditional summer break, thus depriving Obama of the opportunity to sidestep their objections and make Warren a recess appointment.
"She's probably a nice person, as far as I know," says Senator Richard Shelby (R-Ala.), the ranking member of the Banking Committee, which will hold hearings on the eventual nominee for the post. Shelby has said Warren is too ideological to lead the agency, a judgment shared by many of his Republican colleagues. "She's a professor and all this," he says in a tone that makes it clear he is not paying her a compliment. "To think up something, to create something of this magnitude, and then look to be the head of it, I wouldn't do that," Shelby says. "It looks like you created yourself a good job, a good power thing."
Warren is not waiting for permission to do the job she may never get. She and her small team have hired hundreds of people, at a recent clip of more than 80 per month. The agency has already outgrown its office space and is divided between two buildings in downtown Washington -- with branches to be opened across the country. A fledgling staff of researchers is cranking out the CFPB's first reports, and its first bank examiners are being trained. Meanwhile, the office softball team has compiled a 2-3 record.
Above all, an institutional culture is emerging, and it is largely loyal to Warren and her idea of what the agency should be. She has attracted several top hires from outside the federal government. The bureau's chief operating officer, Catherine West, was previously president of Capital One; its head of research, Sendhil Mullainathan, is a behavioral economist and star Harvard professor; the chief of enforcement, Richard Cordray, is the former attorney general of Ohio; Raj Date, her deputy and head of the bureau's Research, Markets and Regulation Div., is a former banker at Capital One and Deutsche Bank. Warren, whose reputation as a scholar rests on her pioneering use of bankruptcy data, has imbued the place with her faith in quantitative analysis. Researchers she recruited and hired have begun to build the bureau's database of financial information, with a broad mandate to keep track of lending markets and find ways to make financial information more easily digestible.
While Washington bickers, Warren has built the CFPB largely to her specs and almost entirely free of interference from Congress and the Administration, which devotes most of its attention to fixing the economy. Few Cabinet secretaries can claim to have left as indelible a mark on the departments they lead as Elizabeth Warren has already left on the one she doesn't.
The CFPB's main offices are on two floors of a russet-colored office building a few blocks northwest of the White House. The government-gray cubicles and hallways spill over with new hires -- many of them young -- working 12- and 14-hour days elbow to elbow, pale and exuding a dogged cheerfulness that suggests that, no, they do not miss the sun. By the elevator bank is a calendar counting down the days until July 21.
Ten years ago, before she became a liberal icon, Warren was a popular Harvard professor known for taking a maternal interest in the students she chose as research assistants. She was famous, but only in the small corner of academia that cared about bankruptcy. "In my opinion she is the best bankruptcy scholar in the country," says Samuel Bufford, a law professor at Penn State who got to know Warren decades ago as a bankruptcy judge in California's Central District.
Work Warren did with Jay Westbrook, a law professor at the University of Texas at Austin, and Teresa Sullivan, a sociologist who is now president of the University of Virginia, reshaped the scholarly understanding of bankruptcy. Analyzing thousands of filings and interviewing many of the debtors themselves, they found that those who go bankrupt weren't, as commonly assumed, primarily poor or financially reckless. A great many of them were solidly middle class and had been driven to bankruptcy by circumstances they did not choose or could not control: the loss of a job, a medical disaster, or a divorce. The explosion in consumer credit in recent decades had only exacerbated the situation -- almost without realizing it, households could now slide faster and further into debt than ever before.
Warren, Westbrook, and Sullivan all saw their bankruptcy findings as a window into the broader travails of the financially fragile middle class. More than her co-authors, though, Warren sought a larger audience for the message. In 2003, along with her daughter, Amelia Warren Tyagi, she wrote The Two-Income Trap: Why Middle-Class Mothers & Fathers Are Going Broke , a book that combined arguments about the political and economic forces eroding middle-class financial stability with practical advice about how households could fight them. The language was sharper than in her academic work: "Subprime lending, payday loans, and the host of predatory, high-interest loan products that target minority neighborhoods should be called by their true names: legally sanctioned corporate plans to steal from minorities," Warren and Tyagi wrote.
The book got attention and Warren became a frequent TV guest. She was invited to give speeches and sit on panels on bankruptcy and debt. She was a regular on comedian Al Franken's radio show on the now defunct Air America network. "She's quite brilliant. She was always just an excellent guest," recalls Franken, now a Democratic U.S. Senator from Minnesota. "She has a very good sense of humor."
In 2003, Warren attended a fundraiser in Cambridge for Barack Obama, then running for U.S. Senate. When she walked up to shake his hand, he greeted her with two words: "predatory lending." As a senator, Obama would occasionally call Warren for her thoughts, though the two never became close.
It was the financial crisis that made Warren a star. In November 2008, in a nod to her growing reputation as a consumer advocate, Senate Majority Leader Harry Reid chose Warren to chair the congressional panel overseeing the TARP financial rescue program. The reports she helped produce over the next two and a half years and the hearings she helped lead gave the panel a higher profile than even its creators had predicted, as she articulated concerns that many Americans had about the wisdom of a massive Wall Street bailout. In perhaps her most famous moment, Warren grilled Treasury Secretary Timothy Geithner on AIG's share of the aid money and how it was that so much of it had ended up simply reimbursing the investment banks the insurer owed money.
Warren used her role on the panel, and the newfound visibility it gave her, to push for her agency. She worked the idea into a special report the committee released in January 2009, among a list of recommendations to head off fut ure financial crises. She wrote op-ed pieces, was on TV constantly, and met with at least 80 members of Congress. She also brought the idea to the Administration. Over a long lunch at an Indian restaurant in Washington, she pitched the concept to White House economic adviser Lawrence Summers, whom she knew from his tenure as Harvard's president. Inside Treasury, the idea was taken up by Michael Barr, a key architect of Dodd-Frank and a lawyer Warren had known for years. At least within the White House, Barr recalls, it wasn't hard to build support. "I think there was a general consensus that built pretty quickly that this was a good option," he says. "I didn't get any significant pushback on the idea." Barr's inside advocacy, combined with Warren's PR blitz, paid off. In June 2009, Obama released a "white paper" laying out his own financial regulatory proposals, and Warren's agency was in it.
Among the CFPB staff there is a strongly held belief that they have the opportunity not only to reshape an industry but reinvent what a government agency can be, to rescue the idea of bureaucracy from its association with sclerosis and timidity. People there emphasize that they are creating a 21st century agency. Still, there's a throwback Great Society feel to the place, with its faith in the abilities of very smart unelected administrators, armed with data, to iron out the inefficiencies and injustices of the world. "Nobody looks at consumer finance regulation as it existed over the past decade and says, 'Yeah, that seemed to work all right, let's do more of that,' " says Raj Date, a square-jawed 40-year-old who speaks in the confident, numbers-heavy parlance of Wall Street.
Regardless of whether the CFPB has a director by its July 21 "transfer date," there are certain things it will immediately begin to do. One is to send teams of examiners into banks and credit unions to make sure they are complying with existing consumer finance regulations. When the bureau is fully staffed up -- initially, it will have some 500 employees and an annual budget of around $500 million -- a majority of the people who work there will be examiners. The bureau has only supervisory power over banks with assets of more than $10 billion, though the rules it writes will still apply to smaller banks. Banks on the low end of the scale will see a team of examiners for a few weeks every two years, unless there are specific complaints to investigate. Most of the biggest banks, those with assets of $100 billion and up, will have CFPB examiners in residence year-round. The examiners will go to work parsing the terms of mortgages and other loans, searching for evidence of consumer harm. They'll look at how the products are marketed and sold to make sure it's done transparently, that costs and fees are disclosed up front.
What the bureau will not be able to do without a director is send its examiners into nonbank financial institutions. Dodd-Frank gives the CFPB jurisdiction over payday lenders, check cashers, mortgage brokers, student loan companies, and the like. Because this is an expansion of regulatory powers, it will not take effect until a permanent director is in place.
The bureau is less willing to discuss the specifics of what will happen when it finds evidence of wrongdoing. The press office refused to make the head of enforcement, Richard Cordray, available for an interview. Like other enforcement agencies, the CFPB will have a variety of measures at its fingertips: It will be able to give firms a talking-to, or issue so-called "supervisory guidance" papers on problematic financial products. It will be able to send cease-and-desist orders. And if all else fails, the bureau will be able to take offenders to court.
The CFPB will also have broad rule-making powers over everything from credit-card marketing campaigns to car loan terms to the size of bank overdraft fees. For now, it has confined itself to initiatives less likely to arouse wide opposition among financial firms. The major one at the moment is developing a clear, simple, two-page mortgage form that merges the two confusing ones borrowers now confront. Bureau staff met with consumer advocates and mortgage brokers last fall, then put up two versions of a possible new form on the bureau's website, where consumers were invited to leave critiques. About 14,000 people weighed in. The forms are now being shown to focus groups around the country. A new version is due out in August.
This lengthy process is meant to demonstrate the bureau's commitment to a sort of radical openness to counter accusations that it's a body of unaccountable bureaucrats. In another gesture, Warren's calendar is posted on the website so that anyone can see who has a claim on her time. The undeniable sense among bureau staffers that they are political targets tempers that commitment to transparency a bit. The press office is jittery about allowing reporters to talk to staff on the record, and Warren agreed to two interviews on the condition that Bloomberg Businessweek allow her to approve quotes before publication.
If the supervision and enforcement division is the long arm of the bureau, its eyes and brain will be Research, Markets and Regulations, headed by Raj Date. Teams of analysts will follow various markets -- credit cards, mortgages, or student loans -- to spot trends and examine new products. Economists and other social scientists on staff will help write financial disclosure forms that make intuitive sense. The benefits of this sort of work, Date argues, will extend beyond just protecting consumers. It will help spot signs of more systemic risks. If the bureau and its market research teams had been in place five years ago, he says, they would have spotted evidence of the coming mortgage meltdown and could have coordinated with the bureau's enforcement division to head it off. "If it was someone's job to be in touch with the marketplace and monitor what was going on," Date says, "it would have been very difficult not to notice that three different kinds of mortgages had gone from nothing to a very surprising share of the overall marketplace in the span of, honestly, like three years."
Were it not for a head of prematurely gray hair, Patrick McHenry could still pass for the college Republican he once was. Elected to Congress from North Carolina seven years ago at age 29, he speaks through an assiduous smile and arches his eyebrows as he listens -- furrowing them quizzically at arguments he disagrees with. In late May, McHenry assumed the role of Warren's chief antagonist in Congress. At an oversight hearing he was chairing, McHenry accused Warren of misleading Congress about whether she had given advice to Treasury and Justice Dept. officials who were investigating companies for mortgage fraud. McHenry said she had concealed her conversations. Warren insisted she had disclosed them.
The hearing then took a bizarre turn. McHenry called for a recess so members of the committee could go to the House floor for a vote. Warren replied that she had agreed to testify for an hour and could not stay any longer. "Congressman, you are causing problems," she said. "We had an agreement." Offended, McHenry shot back: "You're making this up, Ms. Warren. This is not the case." Warren's response, an outraged gasp, was played on cable news.
In a conversation a month later in his Capitol Hill office, McHenry is eager to emphasize that his problem is not with Warren, but with the bureau itself. That's not to say he feels he has anything to apologize for. "I've asked questions of a litany of Administration officials from Democrat and Republican Administrations, and I've never seen an action by any witness like I saw that day," he says.
Like most congressional Republicans -- and a broad array of business groups, including the Chamber of Commerce, the Financial Services Roundtable, and the National Association of Federal Credit Unions -- McHenry opposed the creation of the CFPB and voted against Dodd-Frank. At the time, the bureau's opponents argued that its seemingly noble goals would not only hurt financial firms -- depriving them of the ability to compensate for risky borrowers by charging higher interest rates -- they would also hurt borrowers. The prospect of limits on the sort of rates and fees they could charge would cause banks and payday lenders alike to lend less and to not lend at all to marginal borrowers at a time when the economy needed as much credit as it could get.
Where it's not actively harmful, McHenry argues, the bureau will be redundant. If there's fraud or deceptive marketing in the consumer lending market, the federal government can prosecute it through the Federal Trade Commission. Clearer mortgage forms are all well and good, but Congress can take care of that, he says, noting that he introduced legislation for a simpler mortgage form three years ago. In response to arguments like these, Warren simply points to the record of those existing regulators: the Fed and the Housing & Urban Development Dept. have haggled over a simpler mortgage form for years. As for fears that the bureau will cap the interest rates companies can charge, she notes that Dodd-Frank explicitly prevents it from doing that.
Warren has been uncharacteristically tightlipped about her own ambitions. She refuses to say whether she even wants the job and has never publicly expressed a desire for it. In a way, the White House may do her a favor by not nominating her. If the President decides to go with a compromise candidate to appease Republicans, she will be spared the indignity of being tossed aside. She can't be said to have lost a job she was never offered.
Yet Warren gives the distinct impression that she will not suffer long if the President passes her over. Harvard has more than its share of celebrity professors who have gone to Washington and returned. The experience could also lead to a different kind of life in politics: Democrats in Massachusetts have been urging her to come home to run for Senate against Republican Scott Brown. There would be books to write, television appearances to make, and, who knows, maybe a show of her own. And whatever happens, she will get to tell the second half of the story of how she started a government agency. Whether the story ends with her confirmation or being driven from town, it's almost certain that the character of Elizabeth Warren will come out looking just fine.( Corrects the year Elizabeth Warren moved to Washington to work at the Consumer Financial Protection Bureau )
Mar 19, 2019 | www.nakedcapitalism.com
rc, March 18, 2019 at 4:01 pm
Elizabeth Warren had a good speech at UC-Berkeley. She focused on the middle class family balance sheet and risk shifting. Regulatory policies and a credit based monetary system have resulted in massive real price increases in inelastic areas of demand such as healthcare, education and housing eroding purchasing power.
Further, trade policies have put U.S. manufacturing at a massive disadvantage to the likes of China, which has subsidized state-owned enterprises, has essentially slave labor costs and low to no environmental regulations. Unrestrained immigration policies have resulted in a massive supply wave of semi- and unskilled labor suppressing wages.
Recommended initial steps to reform:
1. Change the monetary system-deleverage economy with the Chicago Plan (100% reserve banking) and fund massive infrastructure lowering total factor costs and increasing productivity. This would eliminate
2. Adopt a healthcare system that drives HC to 10% to 12% of GDP. France's maybe? Medicare model needs serious reform but is great at low admin costs.
3. Raise tariffs across the board or enact labor and environmental tariffs on the likes of China and other Asian export model countries.
4. Take savings from healthcare costs and interest and invest in human capital–educational attainment and apprenticeships programs.
5. Enforce border security restricting future immigration dramatically and let economy absorb labor supply over time.
Video of UC-B lecture: https://www.youtube.com/watch?v=akVL7QY0S8A&feature=youtu.be
Jerry B, March 18, 2019 at 5:26 pm
As I have said in other comments, I like Liz Warren a lot within the limits of what she is good at doing (i.e. not President) such as Secretary of the Treasury etc. And I think she likes the media spotlight and to hear herself talk a little to much, but all quibbling aside, can we clone her??? The above comment and video just reinforce "Stick to what you are really good at Liz!".
I am not a Liz Warren fan boi to the extent Lambert is of AOC, but it seems that most of the time when I hear Warren, Sanders, or AOC say something my first reaction is "Yes, what she/he said!".
Mar 17, 2019 | angrybearblog.comPolitics Taxes/regulation I just had an unusual experience. I was convinced by an op-ed. One third of the way through "Elizabeth Warren Actually Wants to Fix Capitalism" by David Leonhardt, I was planning to contest one of Leonhard's assertions. Now I am convinced.
The column praises Elizabeth Warren. Leonhardt (like his colleague Paul Krugman) is careful to refrain from declaring his intention to vote for her in the primary. I am planning to vote for her. I mostly agreed with the column to begin with, but was not convinced by Leonard's praise of Warren's emphasis on aiming for more equal pre-fiscal distribution of income rather than just relying on taxes and transfers to redistribute.
In particular, I was not convinced by
This history suggests that the Democratic Party's economic agenda needs to become more ambitious. Modest changes in the top marginal tax rate or in middle-class tax credits aren't enough. The country needs an economic policy that measures up to the scale of our challenges.
Here two issues are combined. One is modest vs major changes. The other is that predistribution is needed in addition to redistribution, as discussed even more clearly here
"Clinton and Obama focused on boosting growth and redistribution," Gabriel Zucman, a University of California, Berkeley, economist who has advised Warren, says. "Warren is focusing on how pretax income can be made more equal."
The option of a large change in the top marginal tax rate and a large middle class tax credit isn't considered in the op-ed. I think this would be excellent policy which has overwhelming popular support as measured by polls (including the support of a large fraction of self declared Republicans). I note from time to time that, since 1976 both the Democrats who have been elected president campaigned on higher taxes on high incomes and lower taxes on the middle class (and IIRC none of the candidates who lost did).
This is also one of my rare disagreements with Paul Krugman , and, finally one of my rare disagreements with Dean Baker ( link to a book which I haven't read).
After the jump, I will make my usual case. But first, I note Leonardt's excellent argument for why "soak the rich and spread it out thin" isn't a sufficient complete market oriented egalitarian program. It is phrased as a question.
"How can the next president make changes that will endure, rather than be undone by a future president, as both Obama's and Clinton's top-end tax increases were?"
Ahh yes. High taxes on high income and high wealth would solve a lot of problems. But they will be reversed. New programs such as Obamacare or Warren's proposed universal pre-K and subsidized day care will not. Nor will regulatory reforms such as mandatory paid sick leave and mandatory paid family leave. I am convinced that relatively complicated proposals are more politically feasible, not because it is easier to implement them, but because it is very hard to eliminate programs used by large numbers of middle class voters.
I'd note that I had already conceded the advantage of a regulatory approach which relies on the illusion that the costs must be born by the regulated firms. Here I note that fleet fuel economy standards are much more popular than increased gasoline taxes. One is a market oriented approach. The other is one that hides behind the market as consumers don't know that part of the price of a gas guzzler pays the shadow price of reducing fleet average milage.
OK my usual argument after the jump
It is unusual for me to disagree with Baker, Leonhardt, and (especially) Krugman. I am quite sure that the Democratic candidate for president should campaign on higher taxes on the rich and lower taxes for the non-rich.
To be sure, I can see that that isn't the only possible policy improvement. Above, I note the advantages of hiding spending by mandating spending by firms and of creating entitlements which are very hard for the GOP to eliminate. I'd add that we have to do a lot to deal with global warming. Competition policy is needed for market efficiency. I think unions and restrictions on firing without cause have an effect on power relations which is good in addition to the effect on income distribution.
But I don't understand the (mildly) skeptical tone. I will set up and knock down some straw men
1) Total straw -- US voters are ideological conservatives and operational liberals. They reject soaking the rich, class war, and redistribution. To convince them to help the non rich, one has to disguise what one is doing.
This is especially silly, and no one in the discussion argues this (anymore -- people used to argue this). The polls and elections are clear. US voters want higher taxes on high incomes and on the wealthy. Also Congress has gone along -- the effective tax rate on the top 1% was about the same after Obama as before Reagan
2) Extremely high marginal tax rates are bad for the economy. Here this is often conceded, in particular by people arguing for modest increases in the top marginal tax rate. The claim is not supported by actual evidence. In particular the top rate was 70% during the 60s boom.
3) High tax rates cause tax avoidance. This reduces efficiency and also means that they don't generate the naively expected revenue. There is very little evidence that this is a huge issue . In particular there was a huge increase in tax sheltering after the 1981 Kemp-Roth tax cuts and reforms. It is possible to design a tax code which makes avoidance difficult (as shown by the 1986 Kemp-Bradley tax reform). It is very hard to implement such a code without campaigning on soaking the rich and promoting class uh struggle.
4) More generally, redistribution does not work -- the post tax income distribution is not equalized because the rich find a way. This is super straw again. All the international and time series evidence points the other way.
I don't see a political or policy argument against a large increase in taxes on high incomes (70% bracket starting at $400,000 a year) used to finance a large expansion of the EITC (so most households receive it).
I think a problem is that a simple solution does not please nerds. I think another is that a large fraction of the elite would pay the high taxes and it is easier to trick them into trying to make corporations pay the costs.
But I really don't understand.
Denis Drew , March 17, 2019 3:51 pmBert Schlitz , March 17, 2019 10:14 pm
First, whenever anybody (that I hear or read) talks about what to do with the revenue from higher taxes on the rich, they always suggest this or that government program (education, medical, housing). I always think of putting more money back in the pockets of my middle 59% incomes to make up for the higher consumer prices they will have to pay when the bottom 40% get unionized.
Of course the 59% can use that money to pay taxes for said government programs -- money is fungible. But, that re-inserts an important element or dimension or facet which seems perpetually forgotten (would not be in continental Europe or maybe French Canada).
Don't forget: predistribution goal = a reunionized labor market. Don't just look to Europe for redistribution goals -- look at their predistribution too.run75441 , March 18, 2019 6:09 am
Nobody in the 60's that was taxed at a marginal 70% rate paid 70%. The top effective rate was about 32-38%, which was far higher than today, but you get the point. The income tax code was as much control of where investment would take place as much as anything ..Ronald Reagan whined about this for years. Shove it grease ball. There was a reason why.
Redistribution won't work because the system is a debt based ponzi scheme. The US really hasn't grown much since 1980, instead you have had the growth in debt.
You need to get rid of the federal reserve system's banks control of the financial system, which they have had since the 1830's in terms of national control(from Hamilton's Philly, which was the financial epicenter before that) and de Rothschild free since the 1930's(when the bank of de Rothschild ala the Bank of England's reserve currency collapsed). Once we have a debt free currency that is usury free, then you can develop and handle intense changes like ecological problems ala Climate Change, which the modern plutocrats cannot and will not solve.
They have been ramming debt in peoples face since 1950 and since 1980 it has gotten vulgar. They know they are full of shit and can't win a fair game.Robert Waldmann , March 18, 2019 4:47 pm
Would you agree a secure healthcare system without work requirements for those who can not afford healthcare is a form of pre-distribution of income? Today's ACA was only a step in the right direction and is being tampered with by ideologs to limit its reach. It can be improved upon and have a socio-economic impact on people. Over at Medpage where I comment on healthcare, the author makes this comment:
"Investing in improvements in patients' social determinants of health -- non-medical areas such as housing, transportation, and food insecurity -- is another potentially big area, he said. "It's a major opportunity for plans to position around this and make it real. The more plans can address social determinants of health, [the more] plans can become truly organizations dedicated to health as opposed to organizations dedicated to incurring medical costs, and that to me is a bright future and a bright way to position the industry."
Many of the "social determinants of health" are not consciously decided by the patient and are predetermined by income, social status or politics, and education. What is being said in this paragraph makes for nice rhetoric and is mostly unachievable due to the three factors I suggested. And yes, you can make some progress. People can make healthy choices once the pre-determinants to doing so are resolved.
Another factor which was left dangling when Liebermann decided to be an ass is Long Term Healthcare for the elderly and those who are no longer capable. Medicare is only temporary and Medicaid forces one to be destitute. There is a large number of people who are approaching the time when they will need such healthcare till death. We have no plans for this tsunami of people.
The tax break was passed using Reconciliation. In 7-8 years out, there is a planned shift in taxes to be levied on the middle income brackets to insure the continuamce of Trump's tax break for the 100 or so thousand households it was skewed towards. If not rescinding the tax break then it should be fixed so it sunsets as did Bush's tax break due to its budget creating deficit. Someone running for the Pres position should be discussing this and pointing out how Republicans have deliberately undermined the middle income brackets.
We should not limit solutions to just income when there are so many areas we are lacking in today.
Mu $.02.run75441 , March 18, 2019 9:01 pm
I guess I consider food stamps, Medicare, Medicaid, Social Security old age pensions and disability pensions to be redistribution. My distinction is whether it is tax financed. Providing goods or services as in Medicare and food stamps seems to me basically the same as providing cash as in TANF and old age pensions.
There is also a difference between means tested and age dependent eligiability, but I don't consider it fundamental.
I assert that Medicare (especially plan B) is a kind of welfare basically like TANF and food stamps.
(and look forward to a calm and tranquil discussion of that opinion).
Medicare is 41% funded by general revenues. The rest comes from payroll taxes and beneficiary premiums. Advantage plans cost more than traditional Medicare for providing the same benefits and also extract a premium fee. I do not believe I have been mean to you. I usually question to learn more. I am happy to have your input.
I am writing for Consumer Safety Org on Woman's healthcare this time and also an article on the Swiss struggling to pay for cancer fighting drugs.
I am always looking for input.
Mar 14, 2019 | www.theamericanconservative.com
When President Donald Trump announced in December that he wanted an immediate withdrawal of U.S. troops from Syria, there was more silence and opposition from the Left than approval. The 2016 election's highest-profile progressive, Senator Bernie Sanders, said virtually nothing at the time. The 2018 midterm election's Left celeb, former congressman Beto O'Rourke, kept mum too. The 2004 liberal hero, Howard Dean, came out against troop withdrawals, saying they would damage women's rights in Afghanistan.
The liberal news outlet on which Warren made her statement, MSNBC, which had already been sounding more like Fox News circa 2003, warned that withdrawal from Syria could hurt national security. The left-leaning news channel has even made common cause with Bill Kristol and other neoconservatives in its shared opposition to all things Trump.
Maddow herself has not only vocally opposed the president's decision, but has become arguably more popular than ever with liberal viewers by peddling wild-eyed anti-Trump conspiracy theories worthy of Alex Jones. Reacting to one of her cockamamie theories, progressive journalist Glenn Greenwald tweeted , "She is Glenn Beck standing at the chalkboard. Liberals celebrate her (relatively) high ratings as proof that she's right, but Beck himself proved that nothing produces higher cable ratings than feeding deranged partisans unhinged conspiracy theories that flatter their beliefs."
The Trump derangement that has so enveloped the Left on everything, including foreign policy, is precisely what makes Democratic presidential candidate Warren's Syria withdrawal position so noteworthy. One can safely assume that Sanders, O'Rourke, Dean, MSNBC, Maddow, and many of their fellow progressive travelers' silence on or resistance to troop withdrawal is simply them gauging what their liberal audiences currently want or will accept.
Warren could have easily gone either way, succumbing to the emotive demands of the Never Trump mob. She instead opted to stick to the traditional progressive position on undeclared war, even if it meant siding with the president.
... ... ...
Jack Hunter is the former political editor of Rare.us and co-authored the 2011 book The Tea Party Goes to Washington with Senator Rand Paul.
WorkingClass March 13, 2019 at 10:36 pmOnly a crushing defeat and massive casualties on the battlefield will cause ANY change in foreign policy by either party.PAX , says: March 13, 2019 at 10:45 pmThe antiwar movement is not a "liberal" movement. Hundreds of mainly your people addressed the San Francisco board of supervisors asking them to condemn an Israeli full-fledged attack on Gaza. When they were finished, without objection from one single supervisor, the issued was tabled and let sink permanently in the Bay, never to be heard of again. Had the situation been reversed and Israel under attack there most probably would have been a resolution in nanoseconds. Maybe even half the board volunteering to join the IDF? People believed Trump would act more objectively. That is why he got a lot of peace votes. What AIPAC wants there is a high probability our liberal politicians will oblige quickly and willingly. Who really represents America remains a mystery?Donald , says: March 13, 2019 at 11:40 pm"That abiding hatred will continue to play an outsized and often illogical role in determining what most Democrats believe about foreign policy."polistra , says: March 14, 2019 at 2:18 am
True, but the prowar tendency with mainstream liberals ( think Clintonites) is older than that. The antiwar movement among mainstream liberals died the instant Obama entered the White House. And even before that Clinton and Kerry and others supported the Iraq War. I think this goes all the way back to Gulf War I, and possibly further. Democrats were still mostly antiwar to some degree after Vietnam and they also opposed Reagan's proxy wars in Central America and Angola. Some opposed the Gulf War, but it seemed a big success at the time and so it became centrist and smart to kick the Vietnam War syndrome and be prowar. Bill Clinton has his little war in Serbia, which was seen as a success and so being prowar became the centrist Dem position. Obama was careful to say he wasn't antiwar, just against dumb wars. Gore opposed going into Iraq, but on technocratic grounds.
And in popular culture, in the West Wing the liberal fantasy President was bombing an imaginary Mideast terrorist country. Showed he was a tough guy, but measured, unlike some of the even more warlike fictitious Republicans in that show. I remember Toby Ziegler, one of the main characters, ranting to his pro diplomacy wife that we needed to go in and civilize those crazy Muslims.
So it isn't just an illogical overreaction to Trump, though that is part of it.Won't happen. Gabbard is solid and sincere but she's not Hillary so she won't be the candidate. Hillary is the candidate forever. If Hillary is too drunk to stand up, or too obviously dead, Kamala will serve as Hillary's regent.ked_x , says: March 14, 2019 at 2:48 amThe problem isn't THAT Trump is pulling the troops out of Syria. The problem is HOW Trump is pulling the troops out of Syria. The Left isn't fighting about 'keeping troops indefinitely in Syria' vs pulling troops out of Syria'. Its a fight over 'pulling troops out in a way that makes it so that we don't have to go back in like Obama and Iraq' vs 'backing the reckless pull out Trump is going to do'.Kasoy , says: March 14, 2019 at 3:42 amWill Democrats go full hawk?Connecticut Farmer , says: March 14, 2019 at 8:47 am
For Democrats, everything depends on what the polls say, which issues seem important to get elected. They will say anything, no matter how irrational & outrageously insane if the polls say Democrat voters like them. If American involvement in Syria, Iraq, Afghanistan are less important according to the polls, Democratic 2020 hopefuls will not bother to focus on it.
For True Christian conservatives, everything depends on how issues line up to God's laws. Polls do not change what is morally right, & what is morally evil."I am glad Donald Trump is withdrawing troops from Syria. Congress never authorized the intervention."M. Orban , says: March 14, 2019 at 9:35 am
Bravo Congressman Khanna. And to those progs who share his sympathies with those of us who have consistently opposed US military adventurism. Howard Dean's comments that American troops should take a bullet in support of "women's rights" in Afghanistan (!) only underscores why he serves as comic relief and really should consider wearing tassels and bells.Having grown up under communism, I learned that it is dangerous but inevitable that propagandists eventually come to believe their own fabrications.Argon , says: March 14, 2019 at 11:23 amKasoy: "For True Christian conservatives, everything depends on how issues line up to God's laws. Polls do not change what is morally right, & what is morally evil."Dave , says: March 14, 2019 at 12:53 pm
I think that needs the trademark symbol, i.e True Christians™
What do True Scotsmen do?Recent suggests that more Christian Identity Politics will not keep us out of unwise wars.Dave , says: March 14, 2019 at 1:19 pmThe Second Coming of Jack Hunter. Given his well-documented views on race, it's no surprise he's all in on Trump. That surely outweighs Trump's massive spending and corruption that most true libertarians oppose.EarlyBird , says: March 14, 2019 at 3:04 pmTrump – and Bernie – put their fingers on the electoral zeitgeist in 2016: the oligarchy is out of control, its servants in Washington have turned their backs on the middle class, and we need to stop getting into stupid, needless wars.Erin , says: March 14, 2019 at 3:11 pm
Of course, the left would come out against puppies and sunshine if Trump came out for those things.
But if they are smart, they'd recognize that on war, or his lack of interest in starting new wars, even the broken Trump clock has been right twice a day.The flip side of this phenomenon is that so many Republican voters supported Trump's withdrawal from Syria. Had it been Obama withdrawing the troops, I suspect 80-90% of Republicans would have opposed the withdrawal.Andrew , says: March 14, 2019 at 5:14 pm
This does show that Republicans are listening to Trump more than Lindsey Graham or Marco Rubio on foreign policy. But once Trump leaves office, I fear the party will swing back towards the neocons."Principles", LOL? What principles? When have Democrats ever not campaigned on a "bring them home, no torture, etc" peace platform and then governed on a deep state neocon foreign policy, with entitlements to drone anyone on earth in Obama's case? At least horrible neocon Republicans are honest enough to say what they believe when they run.Mark Thomason , says: March 15, 2019 at 11:23 am
Dopey Trump campaigned on something different and has now surrounded himself with GOP hawks, probably because he's lazy and doesn't know any better.
Bernie, much like Ron Paul was, 180 degrees away, is the only one who might do different if he got into office, and the rate the left is going he may very well be the nominee.Hillary was full hawk. It was Trump who said he was less hawkish. Yeah, he hasn't lived up to that either. But Democrats can't go hawkish in response. They already were the hawks.
The least bad comment on Democrats is that everyone in DC is a hawk, not just them.
Mar 12, 2019 | www.zerohedge.com
"Three companies have vast power over our economy and our democracy. Facebook, Amazon, and Google," read the ads which began to run on Friday, According to Politico . "We all use them. But in their rise to power, they've bulldozed competition, used our private information for profit, and tilted the playing field in their favor."
As these companies have grown larger and more powerful, they have used their resources and control over the way we use the Internet to squash small businesses and innovation , and substitute their own financial interests for the broader interests of the American people. To restore the balance of power in our democracy, to promote competition, and to ensure that the next generation of technology innovation is as vibrant as the last, it's time to break up our biggest tech companies. -Elizabeth Warren
Facebook confirmed with Politico that the ads had been taken down and said said the company is reviewing the matter. "The person said, according to an initial review, that the removal could be linked to the company's policies about using Facebook's brand in posts ."Around a dozen other ads placed by Warren were not affected.
Mar 09, 2019 | www.bloomberg.comOn Friday she called for legislation that would designate large technology companies as "platform utilities," and for the appointment of regulators who'd unwind technology mergers that undermine competition and harm innovation and small businesses.
"The idea behind this is for the people in this room," for tech entrepreneurs who want to try out "that new idea," Warren told a packed and enthusiastic crowd. "We want to keep that marketplace competitive and not let a giant who has an incredible competitive advantage snuff that out."
Warren said venture capital "in this area" has dropped by about 20 percent because of a perceived uneven playing field. She didn't provide more detail or say where she obtained her figures.
Mar 09, 2019 | www.bloomberg.com
Elizabeth Warren's proposal to break up "Big Tech" companies is sure to stoke debate and add to the tension between the Democratic Party and reliably Democratic Silicon Valley. While breaking up Big Tech isn't likely to happen anytime soon, one nuance in her proposal is worth thinking about, and that's whether tech companies that operate large marketplaces should also be able to participate in said marketplaces.
The most obvious impact this would have would be on Amazon. While in the universe of the American retail industry Amazon's market share remains in the single digits, in e-commerce it's got around 50 percent market share . When consumers shop on Amazon, they're presented with items sold by Amazon, and also items that Amazon doesn't own or warehouse but merely hosts the listings. It's also increasingly getting into the advertising business, so that when you're searching you'll be presented with a list of sponsored products in addition to whatever results a search may generate.
A third-party seller on Amazon has a difficult relationship with Amazon, which can act both as partner and competitor. Amazon can use its huge data sets to see how successful third-party sellers and products are, and if they meet a certain profitability threshold Amazon can decide to compete with that third-party seller directly.
Someone might say, isn't that what grocery stores or Costco do with private label goods or Costco's Kirkland brand? But the difference is that in physical retail, there are all sorts of stores where a producer can sell their products -- Walmart, Target, Costco, major grocery chains, and so on. In e-commerce, with half the market share, Amazon has a dominant position. While in the short run Amazon being able to compete with its third-party sellers may be good for consumers, who can end up with lower prices, in the long run it may mean fewer producers even bother to come up with new products, feeling that eventually Amazon will crowd them out of the marketplace.
Would restricting Amazon, which has grown so quickly and is popular with consumers, harm the economy? Government's antitrust fight with Microsoft a generation ago ended up paying dividends for innovation. In the 2000s a common critique of Microsoft was that it "missed" the internet, and smartphones, and social media, but to some extent that may have been because the company feared an expansion in emerging technologies would bring back more scrutiny from the government. As a result, new tech platforms and companies bloomed. The same could happen in the next decade if Amazon's ambitions were reined in a little.
"Break up Big Tech" is an easy emotional hook, but hopefully Warren's proposal will get all Americans to think more about the power of tech companies and their platforms, and whether regulatory changes would best serve both consumers and producers.
Feb 26, 2016 | www.weeklystandard.com
In a recent issue of THE WEEKLY STANDARD, Matt Labash highlighted the sad story of Trump University, one of the Donald's biggest failures. Here's an excerpt:But most egregious was Trump University, a purported real estate school that attracted the attention of New York's attorney general, who brought a $40 million suit on behalf of 5,000 people. The New York Times described Trump U as "a bait-and-switch scheme," with students lured "by free sessions, then offered packages ranging from $10,000 to $35,000 for sham courses that were supposed to teach them how to become successful real estate investors." Though Trump himself was largely absentee, one advertisement featured him proclaiming, "Just copy exactly what I've done and get rich." While some students were hoping to glean wisdom directly from the success oracle, there was no such luck. At one seminar, attendees were told they'd get to have their picture taken with Trump. Instead, they ended up getting snapped with his cardboard cutout. What must have been a crushing disappointment to aspiring real estate barons is a boon to Republican-primary metaphor hunters.
Read the whole article here , which documents Trump at his Trumpiest, from his penchant for cheating at golf to his sensitivity to being called a "short-fingered vulgarian."Michael Warren is a senior writer at The Weekly Standard.
Mar 05, 2019 | jessescrossroadscafe.blogspot.com
David Cay Johnston on the Crony Capitalism, and Part 2 on Plans for Funding For Your Old Age
"A pension is not a 'gratuity.' A pension is wages you could have taken in cash, but prudently and conservatively set aside for your old age. It's your money. If your employer, for every pay period, does not set aside and designate it to go into a pension plan, your employer is stealing from you. The way to get this is to require pay stubs to itemize the amount of money that has been contributed to your pension plan."
David Cay Johnston
"Capitalism is at risk of failing today not because we are running out of innovations, or because markets are failing to inspire private actions, but because we've lost sight of the operational failings of unfettered gluttony. We are neglecting a torrent of market failures in infrastructure, finance, and the environment. We are turning our backs on a grotesque worsening of income inequality and willfully continuing to slash social benefits. We are destroying the Earth as if we are indeed the last generation."
"We are coming apart as a society, and inequality is right at the core of that. When the 90 percent are getting worse off and they're trying to figure out what happened, they're not people like me who get to spend four or five hours a day studying these things and then writing about them -- they're people who have to make a living and get through life. And they're going to be swayed by demagogues and filled with fear about the other, rather than bringing us together.
President Theodore Roosevelt said we shall all rise together or we shall all fall together, and we need to have an appreciation of that.
I think it would be easy for someone to arrive in the near future and really create forces that would lead to trouble in this country. And you see people who, they're not the leaders to pull it off, but we have suggestions that the president should be killed, that he's not an American, that Texas can secede, that states can ignore federal law, and these are things that don't lack for antecedents in America history but they're clearly on the rise.
In addition to that, we have this large, very well-funded news organization that is premised on misconstruing facts and telling lies, Faux News that is creating, in a large segment of the population -- somewhere around one-fifth and one-fourth of it -- belief in all sorts of things that are detrimental to our well-being.
So, no, I don't see this happening tomorrow, but I have said for many years that if we don't get a handle on this then one of these days our descendants are going to sit down in high-school history class and open a textbook that begins with the words: The United States of America was and then it will dissect how our experiment in self-governance came apart."
David Cay Johnston, May 2014
Posted by Jesse at 10:17 AM Email This BlogThis! Share to Twitter Share to Facebook Share to Pinterest Category: Crony Capitalism , social security , Stealing Social Security Older Posts
Mar 05, 2019 | finance.yahoo.com
Senator Brian Schatz (D-Hawaii) is expected to introduce a new tax bill today. The senator says his bill would tax the sale of stocks, bonds and derivatives at a 0.1 rate. It would apply to any transaction in the United States. The senator says his proposal would clamp down on speculation and some high frequency trading that artificially creates more market volatility.
Nov 11, 2016 | www.nakedcapitalism.comallan November 10, 2016 at 2:35 pmChauncey Gardiner November 10, 2016 at 3:57 pm
Trump calls for '21st century' Glass-Steagall banking law [Reuters, Oct. 26]
Financial Services [Trump Transition Site, Nov. 10]
Oddly, no mention of Glass-Steagall, only dismantling Dodd-Frank. Who could have predicted?
File under Even Victims Can Be Fools.Dr. Roberts November 10, 2016 at 4:03 pm
Not surprised at all. The election is over, the voters are now moot. As Sen. Elizabeth Warren has famously said with respect to cabinet and other political appointments, "Personnel Is Policy." You can see the outline of the Trump administration's real policies being shaped before our eyes via his proposed cabinet appointees, covered by Politico and other sites.Steve C November 10, 2016 at 4:18 pm
Also no mention of NAFTA or renegotiating trade deals in the new transition agenda. Instead there's just a bunch of vague Chamber of Commercesque language about making America attractive to investors. I think our hopes for a disruptive Trump presidency are quickly being dashed.pretzelattack November 10, 2016 at 5:17 pm
Sanders, Warren and others should hold Trump's feet to the fire on the truly populist things he said and offer to work with him on that stuff. Like preserving Social Security and Medicare and getting out of wars.
As to the last point, appointing Bolton or Corker Secretary of State would be a clear indication he was just talking. A clear violation of campaign promises that would make Obama look like a choirboy. Trump may be W on steroids.Steve C November 10, 2016 at 6:25 pm
sure he may be almost as bad as Clinton on foreign policy. so far he hasn't been rattling a saber at Russia.anti-social socialist November 10, 2016 at 4:23 pm
Newland also is pernicious, but as with many things Trump, not as gaudy as Bolton.Katniss Everdeen November 10, 2016 at 5:38 pm
I can't imagine how he's neglected to update his transition plan regarding nafta. After all, he's already been president-elect for, what, 36 hours now? And he only talked about it umpteen times during the campaign. I'm sure he'll renege.
Hell, it took Clinton 8 hours to give her concession speech.
On the bright side, he managed to kill TPP just by getting elected. Was that quick enough for you?
Apr 27, 2017 | www.nakedcapitalism.com
Shot: "Obama's $400,000 Wall Street Speech Is Completely In Character" [ HuffPo ].
Chaser: "Ask all the bankers he jailed for fraud."JohnnyGL , April 27, 2017 at 2:25 pmMyLessThanPrimeBeef , April 27, 2017 at 2:41 pm
This just in .Saint Obama is no longer infallible among Dems. Winds of change are blowing. Six months ago, you couldn't get away with saying this kind of thing.curlydan , April 27, 2017 at 3:21 pm
Clinton is down.
Pelosi? For how long?
Only one big Democrat left – Schumer. Very few target him for challenge, yet.jrs , April 27, 2017 at 3:47 pm
He probably said to himself, "What did I make in a year as president? Oh yeah, $400,000. Now that's what I want to make in an hour"David Carl Grimes , April 27, 2017 at 7:46 pm
you gotta pay your dues if you wanna sing the blues, and you know it don't come easyfresno dan , April 27, 2017 at 3:35 pm
Obama's not concerned about optics anymore.
April 27, 2017 at 2:25 pm
"The New York Times reported on Wednesday that Obama will receive the sum - equal to his annual pay as president - for a speech at Cantor Fitzgerald LP's healthcare conference, though there has been no public announcement yet."
Sheer coincidence that what Obama campaigned on and what Obama governed on appear to be influenced by rich people. Physics prevents single payer health care .dark energy, dark matter, dark, dark, money ..
Until a strong majority of dems are ready to say what is patently obvious to anyone even mildly willing to acknowledge reality, i.e., that policy is decided not by a majority of voters, but by a majority of dollars, than there is simply no hope for reform.
Aug 22, 2018 | www.washingtonpost.com
... just as the day was ending, news broke that Rep. Duncan D. Hunter (R-Calif.), an early Trump backer, was indicted for misusing campaign funds for personal expenses big and small, including dental bills and a trip to Italy.
And this sort of behavior isn't even what Warren is targeting.
Warren's bill takes on what is usually termed the legalized corruption, the dirty dealings of Washington. Among other things, the legislation would:
Increase salaries for congressional staffers, so they will be less tempted to "audition" for lobbying jobs while working for government.
Ban the "revolving door" for elected officials expand how lobbying is defined to include anyone who is paid to lobby the federal government as well as halt permitting any American to take money from "foreign governments foreign individuals and foreign companies" for lobbying purposes.
Prohibit elected officials from holding investments in individual stocks require that presidential candidates make their tax returns public
The goal? To make government once again responsive to voters, not the corporations and the wealthy donors responsible for the vast majority of the $3.37 billion spent lobbying Washington in 2017. That money buys results, but only for the people paying the bills. As Warren said:
Corruption has seeped into the fabric of our government, tilting thousands of decisions away from the public good and toward the desires of those at the top. And, over time, bit by bit, like a cancer eating away at our democracy, corruption has eroded Americans' faith in our government.
This is not hyperbole. A 2014 academic study found the U.S. government policy almost always reflected the desires of the donor class over the will of the majority of voters, while a 2016 report by the progressive think tank Demos determined political donors have distinctly different views from most Americans on issues ranging from financial regulation to abortion rights. A tax reform package that showers benefits on corporations and the wealthiest among us? Consider it done. But a crackdown on drug pricing, buttressing of Social Security without cutting benefits, expansion of Medicare and Medicaid, or progress combating global warming, all of which majorities say they want? Not so fast.Sen. Warren (D-Mass.) said on June 5 that she will introduce "sweeping anti-corruption legislation to clean up corporate money sloshing around Washington." (Georgetown Law)
It's not just what laws get passed, but who is held accountable under those laws. No one in a high position went to jail for the financial crisis. Foreclosure fraud on the part of the banks was punished with a slap on the wrist – if that. All too many corporations treat their customers with complete impunity, as scandals ranging from the Equifax hack to Wells Fargo's many misdeeds demonstrate. It feels as if there is no one minding the store -- if you are rich and connected enough, that is.
This behavior leaves us enraged, feeling like outsiders peering in on our own elected government. A Gallup poll found 3 out of 4 voters surveyed described corruption as " widespread throughout the government " -- in 2010. There's a reason Trump's claim he would "drain the swamp" resonated. No one, after all, thought Trump was clean. His stated argument was, in fact, the opposite. He claimed his success a businessman navigating the corrupt U.S. system gave him just the right set of insight and tools to clean up Washington.
We all know now that was just another audacious Trump con. The tax reform package almost certainly benefited his own bottom line, though we don't know that for sure since he has not released his taxes. Andrew Wheeler , the acting head of the Environmental Protection Agency, is a former lobbyist for the coal industry. Alex Azar , the secretary of Health and Human Services, is a former top executive of pharmaceutical giant Eli Lilly. At the Education Department, the revolving door is alive and well, with former George W. Bush administration officials who went on to work at for-profit institutions of higher education returning to government service to advise Betsy De Vos who is -- surprise! -- cutting the sector multiple breaks.
And all this, under our current laws, is allowed.
To be clear, this is not a matter of Republicans Good, Democrats Bad. As Warren put it on Tuesday, "This problem is far bigger than Trump." An Obama-era attempt to slow the revolving door was riddled with loopholes that allowed the appointment of Wall Street insiders to too many regulatory posts. Subsequently, more than a few Obama appointees have gone on to work for big business as lobbyists.
Corruption, legal or illegal, rots the system from the inside out. In an environment where it seems anything goes, it's not hard to think that, well, anything goes -- like Cohen and Manafort, who almost certainly would have gotten away with their behavior if not for the Mueller investigation, and Hunter, who ignored multiple warnings from his campaign treasurer and instead continued to do such things as pass off the purchase of a pair of shorts as sporting equipment intended for use by "wounded warriors."
There is, of course, no way Warren's bill would clean up this entire festering mess. But healthy democracies need government officials -- elected and unelected -- to behave both ethically and honestly. Warren is putting our governing and business classes on notice. Simply saying the law is on your side isn't good enough. The voters won't stand for that.
Aug 22, 2018 | mondoweiss.net
On Tuesday, Sen. Elizabeth Warren addressed the National Press Club , outlining with great specificity a host of proposals on issues including eliminating financial conflicts, close the revolving door between business and government and, perhaps most notably, reforming corporate structures .
Warren gave a blistering attack on corporate power run amok, giving example after example, like Congressman Billy Tauzin doing the pharmaceutical lobby's bidding by preventing a bill for expanded Medicare coverage from allowing the program to negotiate lower drug prices. Noted Warren: "In December of 2003, the very same month the bill was signed into law, PhRMA -- the drug companies' biggest lobbying group -- dangled the possibility that Billy could be their next CEO.
"In February of 2004, Congressman Tauzin announced that he wouldn't seek re-election. Ten months later, he became CEO of PhRMA -- at an annual salary of $2 million. Big Pharma certainly knows how to say 'thank you for your service.'"
But I found that Warren's tenacity when ripping things like corporate lobbyists' "pre-bribes" suddenly evaporated when dealing with issues like the enormous military budget and Israeli assaults on Palestinian children.
... ... ...
Said Warren of her own financial reform proposals: "Inside Washington, some of these proposals will be very unpopular, even with some of my friends. Outside Washington, I expect that most people will see these ideas as no-brainers and be shocked they're not already the law.
Why doesn't the same principle apply to funding perpetual wars and massive human rights abuses against children?
Sam Husseini is an independent journalist, senior analyst at the Institute for Public Accuracy and founder of VotePact .org. Follow him on twitter: @samhusseini
ckgAugust 22, 2018, 10:46 am OpenSecrets shows that Senator Warren has received funds from the pro-Israel PAC Joint Action Committee for Political Affairs for the 2018 election cycle. Among the largest funders of this PAC are billionaire venture capitalist J.B. Pritzker and his wife. At the start of Israel's 2014 massacre in Gaza, the PAC issued a statement in support of Israel.
justAugust 22, 2018, 12:36 pm No surprise there, ckg. I cannot think of anyone in Congress nor in the US cabinet that is not 99-100% in Israel supporters' pockets. Nor can I think of anyone that is diplomatically focused. Nor can I think of anyone that is seriously objecting to the slaughter in Yemen, the ongoing attempt to topple Assad, and the endless war in Afghanistan, etc.
Then there's this: the US and too many others pay/subsidize Israel for the privilege of dictating foreign policy and for their own selfish, ridiculous claims of being 'surrounded by enemies'. A nuclear- armed state (though never inspected nor properly declared) keeps this trope/cliché alive???
How many billions should Americans and others pay to Israel for nothing in return?
https://www.aljazeera.com/indepth/interactive/2018/03/understanding-military-aid-israel-180305092533077.html Log in to Reply
MaghlawatanAugust 23, 2018, 7:10 am Standing up to the Israel lobby now is suicidal. Nobody will risk a career to support a dissident until the dam breaks as it always does.
Power doesn't work linearly. It goes in cycles. Zionism is tied up with money which is a function of the economic system. Warren is playing a long game. She knows the people at the Fed are clueless. She knows there is going to be an awful crash. She knows there will be a new economic system based on the people rather than the elites..
Zionism is living on fumes in DC
Jun 02, 2017 | www.nakedcapitalism.comYves here. How many ways can you spell "payoff"?
By Joshua Weitz, a research associate at the Academic-Industry Research Network and an incoming graduate student in the PhD program in political science at Brown University
Since leaving office President Obama has drawn widespread criticism for accepting a $400,000 speaking fee from the Wall Street investment firm Cantor Fitzgerald, including from Senators Bernie Sanders and Elizabeth Warren. Only a few months out of office, the move has been viewed as emblematic of the cozy relationship between the financial sector and political elites.
But as the President's critics have voiced outrage over the decision many have been reluctant to criticize the record-setting $65 million book deal that Barack and Michelle Obama landed jointly this February with Penguin Random House (PRH). Writing in the Washington Post, for example, Ruth Marcus argues that while the Wall Street speech "feels like unfortunate icing on an already distasteful cake," the book deal is little more than the outcome of market forces fueled by consumer demand: "If the market bears $60 million to hear from the Obamas, great."
May 04, 2017 | economistsview.typepad.com
Obama centrists don't have to worry just about Sanders' popularity. Elizabeth Warren, who is increasingly appearing as a plausible presidential candidate for 2020, has also risen as an economic populist critic of the former president.
She has been perfectly willing to challenge Obama by name, saying he was wrong to claim at a commencement address at Rutgers last year that "the system isn't as rigged as you think." "No, President Obama, the system is as rigged as we think," she writes in her new book This Fight Is Our Fight. "In fact, it's worse than most Americans realize." She even went so far as to say she was "troubled" by Obama's willingness to take his six-figure speaking fee from Wall Street. There is indeed a fight brewing, but it's not Obama v. Trump, but Obama v. Warren-Sanders.
And this is where the real difficulty lies for the Democrats. The trouble with the popular and eminently reasonable Sanders-Warren platform-reasonable for all those, Obama and Clinton included, who express dismay over our country's rampaging levels of Gilded Age-style inequality-is that it alienates the donor class that butters the DNC's bread. With Clinton's downfall, and with the popularity of economic populism rising in left circles, Obama has to step in and reassert his more centrist brand of Democratic politics. And what better way to do so than by conspicuously cashing a check from those who would fund said politics?
Mar 04, 2019 | www.nakedcapitalism.com
MedicalQuack , , November 15, 2017 at 10:31 am
Oh please, stop quoting Andy Slavitt, the United Healthcare Ingenix algo man. That guy is the biggest crook that made his money early on with RX discounts with his company that he and Senator Warren's daughter, Amelia sold to United Healthcare.
He's out there trying to do his own reputation restore routine. Go back to 2009 and read about the short paying of MDs by Ingenix, which is now Optum Insights, he was the CEO and remember it was just around 3 years ago or so he sat there quarterly with United CEO Hemsley at those quarterly meetings.
Look him up, wants 40k to speak and he puts the perception out there he does this for free, not so.
diptherio , , November 15, 2017 at 11:25 am
I think you're missing the context. Lambert is quoting him by way of showing that the sleazy establishment types are just fine with him. Thanks for the extra background on that particular swamp-dweller, though.
a different chris , , November 15, 2017 at 2:01 pm
Not just the context, it's a quote in a quote. Does make me think Slavitt must be a real piece of work to send MQ so far off his rails
petal , , November 15, 2017 at 12:52 pm
Alex Azar is a Dartmouth grad (Gov't & Economics '88) just like Jeff Immelt (Applied Math & Economics '78). So much damage to society from such a small department!
sgt_doom , , November 15, 2017 at 1:21 pm
Nice one, petal !!!
Really, all I need to know about the Trumpster Administration:
From Rothschild to . . . .
Since 2014, Ross has been the vice-chairman of the board of Bank of Cyprus PCL, the largest bank in Cyprus.
He served under U.S. President Bill Clinton on the board of the U.S.-Russia Investment Fund. Later, under New York City Mayor Rudy Giuliani, Ross served as the Mayor's privatization advisor.
Mar 03, 2019 | www.youtube.com
FrostScience , 2 years agoShaoul Rick Chason , 2 years ago
Warren is my hero. Keep up the great work Elizabeth!AfternoonBaboon , 1 year ago
Warren for President, 2020PRESTIGIOUS691 , 2 years ago
"Put the pen down, dear, we both know you're not writing anything" - Olenna TyrellKristina V. , 2 years ago
DeVos is clueless, another idiotic pick for swamp cabinet!!Rondell Threadgate , 1 year ago
Warren sounds like a teacher telling her student why they're failing.Melissa Warren , 2 years ago
I am an Australian observer, What I see of Elizabeth Warren, she should be the next American President, 1, she has a brain, 2, she has dignity, 3, she knows what she is dong, (she has a clue, unlike the current one ) no one scares this woman.Cupid Betty , 1 year ago
She is so SAVAGE. I love Elizabeth Warren for this!whm5609 , 2 years ago
This is so funny. As so soon as Warren said "oh good", DeVos was going down.Paul Copland , 2 years ago
Betsy deVos got raked over the coals by both Franken and Warren... deVos isn't qualified to be a teacher's aid for a kindergarten class much less run the D. of Ed. scary!Lucas Sg , 2 years ago
We need more Elizabeth Warrens in America. And we need new rules in our governance. Can you imagine if this was a real life corporate board interview. Would DeVos be hired by that board? Be honest....... DeVos was beyond stupid here.D Allen , 2 years ago
That was brutally enlightening. I mean, I heard from the news that she didn't have a clue about education, but I didn't know it was this bad. America's education system desperately needs to be improved, but I don't see that coming with her...Clyde Mccray , 2 years ago
Education Secretary wanted, no experience necessary, top salary paid, full benefits.......man sign me up!Guitar73 T , 2 years ago
I am not a fan either way of DeVos, but this was nothing but a platform for Warren to fast talk over her, and a way to slam Trump, call him a crook and fraud, and be condescending non-stop.
Elizabeth Warren has some good ideas at times, but this was bullying and showboating on her part and she wasted her time lecturing instead of really giving her a real opportunity to answer a few strong questions to see where she stood on certain topics. Pity.
Has Warren been held accountable for the billions of waste and fraud committed by the congress in the past 8 years on failed policies, laws, etc.
And by the way, how many people in Washington, D C have had experience running a Trillion dollar bank? What a rather dumb question since the answer is NOBODY.
DeVos never stood a chance.RcMx , 2 years ago
"Destroys?" She basically ask her a bunch of questions she already knew the answer to just to point out she hasn't taken out a student loan or has experience overseeing a trillion dollar program. Then Liz proceeds to derive her own answer prior to Besty answering herself.
A cop may not have saved someones life before so by that logic the cop is not qualified to save lives? Sure, she may not have experience with student loans but that doesn't mean she doesn't understand compound interest, inflation and economics. Maybe these hearings would be a better use of tax payer's money if they weren't merely a forum to broadcast the fact that you don't like someone's political affiliations.nfl doesn't matter , 2 years ago
So having focused on being a community organizer is fine for running for president, but somehow NOT for running a federal agency under a president? Meanwhile, when it comes to following the spirit of regulations as opposed to regulations themselves, which (if any) were NOT violated when a certain senator used to be a professor at Harvard and proclaimed that she was of American Indian heritage, while such a classification "coincidentally" benefited whomever claimed it?
Having said that, Senator Warren's zeal and interrogation skills are both admirable. So is the way in which Betsy Devos diplomatically handles such an onslaught of pointed questions that some say are agenda-driven.
This is democracy at work and it's refreshing to see. Thanks Youtube and all who helped bring this about.
Senator Warren. You are a US Senator. What is your plan for insuring the United States won't run up 10's of trillions of debt which will bankrupt our country? Senator Warren, have you ever balanced a budget? Do you know what a balanced budget is? Senator Warren, what is your plan for protecting US citizens from criminal illegal aliens? Do you know, Senator Warren, we already have laws in place to protect US citizens from criminal illegal aliens? They're called immigration laws.
Mar 03, 2019 | www.youtube.com
Michael O , 1 hour ago
Warren is buddies with Suze Orman. I will never vote for her for this reason alone.
Mar 03, 2019 | www.youtube.com
Tc Linn , 1 year ago (edited)Lily Reyes , 5 months ago (edited)
Tim Sloan has all the characteristics of a crook. He is remorseless, misleading, lacks responsibility, tries to cause confusion of the facts, and a manipulator. This guy was the CFO and claims he was removed from the scams. Yeah right!Realistic Man , 1 month ago
He should be fired for sure, fired straight to jail.Shauneille Morton , 1 month ago
I know Tim Sloan did not do a good job and Senator Warren grilled him to the point where I feel bad for him. She is so good at finding out the truth and cornering the guilty like a rat.crayzmoe , 2 months ago
Tim Sloan is a criminal psychopath and a habitual liar.J F , 3 weeks ago (edited)
87% of CEO are crooksJeff Luallin , 3 weeks ago
Good job standing up against this loony who thinks she's a Native American.
I don't know all the ins-and-outs of Tim Sloan, probably some fair criticism, but he doesn't strike me as a crook. For Pocahontas to say he should be "fired", the same charge could be made at Pocahontas - that she should resign (fire herself from the Senate); the scam of her claiming Native American heritage to further her career was TOTALLY bogus.
Mar 03, 2019 | www.youtube.com
A E. , 4 days agoBoris Psenicnik , 3 days ago
This was a great line of questioning by Warren.James Powers , 4 days ago
Great job Ms. Warren!!!Barry Calvert , 1 day ago
If she would shut up about being an Indian and attacking Trump and focus on attacking the banks she would win I'm a Trump supporter and I would vote for her. She is great on the fedshiftnow , 3 days ago
I hope she becomes the POTUS... They will kill her is=f she gets close. You think they dont like Trump ? They control him, they cant control her...
Bravo Sen. Warren. Way smart, way informed and who gives a shit about DNA, Truth is, we're all a little bit Native American.
Mar 03, 2019 | www.youtube.com
Laura B , 2 hours agoangelmushahf , 3 hours ago
Is this the only dirt they can come up with. Lol 😊 Elizabeth Warren 2020independent vote , 3 hours ago
Most White ppl in the U.S. think they are Cherokee, even though they aren't. In fact, I know White conservatives who claim Cherokee. Sure she went a step too far 30-40yrs ago, but at least she actually cares about Natives. Conservatives, on the other hand, claim to be Native Americans, support DAPL, could care less about them and mock Natives any chance they getQueer Radical Social-Anarchist Punk-Rock Vegan , 3 hours ago
This is FK'D. trump has committed EVERY political error in the book, breaks laws, THANK'D MATT GAETZ FOR THREATENING COHEN, cheats on wives..
BUT ELIZABETH WARREN IS IN TROUBLE ?Brian Young , 3 hours ago
--Principal Chief Richard Sneed "It's media fodder. It's sensationalism. That's what it is,. All it takes is for one person to say they're offended, and then everybody does a dog pile. But to me, it's 'Wait a second. Let's get to some of the facts here.' Sen. Warren has always been a friend to tribes. And we need all the allies we can get."James Burns , 3 hours ago
I see the hate on the comments...it looks like the KKK types are here donning their MAGA hats. Are they tight? Lowering your, already low, IQs further? YeahCC , 1 hour ago
The whole DNA thing is such a silly, irrelevant distraction. It's so utterly unimportant. But we're now going to find that those sideshows become the focus of the race rather than any real discussion on policy. I'm becoming more and more convinced that people are increasingly too stupid or simply lazy and cynical to bother thinking about things that actually matter.Slap Daddy , 3 hours ago
Why? The poor learned the loopholes just like the rich. That's why she checked the native American box. And the hypocrisy of "President" Trump's past brought out from the time he stated he was running, this women was right next to Hillary knocking him down.
I don't buy the soft casual talk about not going to the past. She messes with the wrong man and then her skeletons came our of the closet. She deserved itEzequiel H , 3 hours ago
Nothing we First Nations people despise more than a white person so ashamed of themselves try and pretend they are one of us . We have more respect for white people who are strong and proud of their own people . She is not only very weak , she is a traitor to her people . We do not respect people ashamed of themselves .marzipanjoyjoy , 2 hours ago
Why so many stupid trump supporters in the comment section. This story is very relevant to many Americans my family included .Rob Wealer , 3 hours ago
I also hope all you upright citizens are out there demanding a boycott of Chuck Norris. I'm sure you're outraged by Walker Texas Ranger, correct? You know that tv show where one of the whitest guys in America claimed both in the show and outside of the show for marketing purposes that he is native American. I assume you all want Chuck Norris to take a DNA test and prove it right? Guys? Right?chip block , 2 hours ago (edited)
They should simply agree on what is the proper genetic mix that is acceptable ideologically to determine which genetic mix is less or not acceptable so that the proper mistreatment of the lesser sort can be determined and enforced by popular consensus. This seems almost to be having the force and effect of law socially and politically. This is becoming a strange mix of nostalgic notions of virtue while at the same time embracing the basic premise of Nuremburg.Juantarde , 55 minutes ago
She has too much excess baggage to run for president. She reminds me a little bit of Hillary mixed with Trump. She used to or still supports Susie Orman, the self proclaimed financial wizard. Orman is a lier and has cheated many people and has made a lot of money off people who fell for her get rich sceems. Orman is a lot like Trump. I don't mind having a woman president but just not this ine!marzipanjoyjoy , 2 hours ago
I'm happy as long as Elizabeth Warren is in ANY part of government where she can continue to kick major ass on the republican crooks.Jasion Sail , 2 hours ago
Donald and Fred Trump both claimed that their family is from Switzerland when they are are actually 2nd and 3rd generation German immigrants and still have a whole town of living relatives in Germany. I'm sure we need to demand Donald Trump take a DNA test and also exhume and test Fred Trump's remains . I mean since these matters are clearly so important to everyone. Come on let's dig up the president's dead father to solve a petty political dispute!Mister Sarajevo , 3 hours ago (edited)
CNN literally can't do an interview without being obsessed with race. Warren would probably had a chance if they gave her a support like they do Harris. ...now here comes the twist I actually do not support her or anyone on the left but she didn't even get a solid chance she might as well drop out now and endorse someone.2degucitas , 1 hour ago
Why do Bernie Bros hate her so much when she's basically doing the same thing but w/ less yelling, finger wagging & condescension?Jason Milton , 2 hours ago
She mentions her native ancestry. It's a point of pride to her, she has no shame of it. Trumps bullying her lead her to get the DNA test. It made her look foolish, like she would do anything to shut the bully up. Whatever her action they have a reaction of insulting her. Because they are racist.Lefty Jones , 2 hours ago
OMG, What controversy with Warren?? No one outside of DC cares about the ancestry.. Trump is literally a Mob Boss...TheRealMVP , 3 hours ago
It's so annoying how anytime a decent person fucks up nowadays they're forced to spend like an entire year apologizing, and that's only if they don't automatically lose their entire career right after said fuck up. She admits she shouldn't have done it, great, now lets get back to policy.
I just don't understand how some people can't accept her apology for the Native American fiasco, yet they give trump all the slack in the world. This is a man who bragged about grabbing women by the pussy..... The double standard is just ridiculous.
Mar 03, 2019 | www.nytimes.com
voreason Ann Arbor, MI Jan. 29
If Elizabeth Warren is nominated for president, and I hope she will be, I believe we will see the most virulent, vile and vituperative campaign imaginable against her by the right, the wealthy and the corporate interests. It will be a battle for the soul of this country. But if anyone can make the case to the middle class for real economic and tax reform in the face of the attacks that such a plan will face, Elizabeth Warren is the person to do it. She has a first class intellect, she has remarkable communication skills and, as she says, this is her life. She's not running in order to "be" president, she's running to enact policies that have the potential of turning the tide in this country in favor of the people and away from the plutocrats. And in this, she will face real opposition from many within her own party. It's going to be an interesting two years.
Robert Seattle Jan. 28Dawne Touchings Glen Ridge, NJ Jan. 29
Paul, it would be great if you could compare the revenue effects of this Warren proposal with the actual tax policies that were in effect during the Eisenhower administration. It seems that the progressive taxation rates of that era, topping out at about 90% marginal rates, should and could be the "gold standard" for comparison with current plans.
The neolib/libertarian campaign, stretching back to those years and even earlier, has been wildly successful in brainwashing Americans with regard to both public finance and the link with tax structures. And the removal of controls on money in politics has us in a truly toxic environment that in my view has already tipped us into an oligo-klepto-plutocracy. The ravaging of all three branches of government has reached critical mass, and we're teetering on the brink in a way that may not be reversible.Bill from Honor Jan. 29
Any candidate who is promising health care for all and a substantial response to climate change and crumbling infrastructure, has to be talking taxation of the wealthy either by income tax or wealth tax or both. Otherwise, they are just blowing smoke. Elizabeth has that combination in her platform.Tom Miller Oakland, California Jan. 29
It is a tragic commentary on the American political system that FDR felt he had to make a compromise with the Devil in order to gain the passage of progressive legislation.
The situation continues today with the institutions of the electoral college and especially the US Senate, where the population of several small easily manipulated states can hold equal power to representatives of states with many times more people. In our times the circumstances often result in gridlock when the Senators from progressive states refuse to compromise with these who represent minority viewpoints.Jay Arthur New York City Jan. 29
Warren Buffett and other billionaires who are socially committed should endorse Senator Warren's proposal and her candidacy. Let Trump call her names; she knows what she's doing and is truly on our side.PATRICK G.O.P. is the Party of "Red" Jan. 29
The national debt as a % of GDP was higher after WWII than it is now. Then we had three decades of prosperity along with a steady decline in the debt. How? High marginal tax rates. Since Reagan's election the debt has steadily increased, so that now it's almost as high as it was in 1945. We solved this problem before, we can solve it again. Warren and AOC are right on.mrpoizun hot springs Jan. 28
There is a very simple logic to focus on; The corruption of Republicans from campaign donations to legislation as directed by wealthy's lobbyists enriching their wealthy benefactors, to gross wealth inequality as a result, is overwhelming justification to get that wealth back to the nation through progressive taxation. Tax the wealthy before they export America's wealth. It isn't trickling down as much as trickling Up and Out of the country.Ana Luisa Belgium Jan. 28
The idea that a couple of extra percentage points of taxes on fifty million dollars could be considered to be outrageous shows how radical the right-wing has become in this country.
Someone who has that much income- I was going to say "earned", but it's the lower-class working people who earn it for them- would not even miss that money. And how much money can you actually spend in a way that makes you happy, or happier, anyway?bill washington state Jan. 29
In real life, Obama already increased taxes for the extreme rich, and Hillary's campaign agenda included additional tax increases. So this is merely a logical continuation of what Democrats have always stood for.SAF93 Boston, MA Jan. 29
I've noticed two things that have happened in my lifetime. Many Billionaires and near billionaires have proliferated while at the same time social security has become more precarious and homelessness has exploded.
And of course our overall national debt has dramatically increased. Nobody needs a billion dollars or even ten percent of it for that matter. Not sure if Warren's plan is the best but it would generate a ton of money to improve the collective good and it still wouldn't dent the billionaires much.JW New York Jan. 29
I for one, would be happy to pay the extra taxes that Senator Warren proposes, should I ever amass over $50million in wealth!CH Indianapolis IN Jan. 29
The downside to this proposal is that my newest Bugatti Veyron I was planning to gold-plate may have to be silver-plated instead. Worse, my tenth beach house estate I was planning on building on the island I purchased off Fiji may have to be scaled back to a bungalow occasionally rented out to cover the utilities. Oh, the pain. And forget about me trying a hostile takeover of a major media outlet I will not name.Sherrie California Jan. 29
Prof. Krugman, why do you give credit to Elizabeth Warren's party rather than to Elizabeth Warren herself? Her party will deserve credit if they can get beyond the corporatists and nominate her. Otherwise, no. Last night on Lawrence O'Donnell, Sen. Warren explained how the wealthy have manipulated the system for years to accumulate more and more wealth.
Their lobbyists persistently ask Congress for small, subtle changes in the law that benefit them. Because the individual changes seem minor, Congress often goes along, but, over the years, they add up to major benefits allowing the wealthiest to accumulate more and more assets.
Billionaire Howard Schultz's ability to self-fund a presidential campaign and the Koch political network's efforts to make its own preferred policies exemplify another reason for taxing the wealthiest. They can and do use their vast resources to cause significant harm to the country.Meredith New York Jan. 29
Watched Sen. Warren on MSNBC last night and she did well to explain her plan to us "regular folks," rare for a politician. Just ask Paul Ryan.
This plan can work if we don't let Republicans lie about its benefits. Nail the Fox crew to the wall in siding with their uber rich boss Murdoch, who loathes the plan (I wonder why). This plan can work if it still contains tax break goodies for the 90%---all levels. We all have to join together and we all have different economic concerns. That's a fact.
This plan can work if the public realizes it prevents tapping into Social Security or Medicare or cutting benefits. This plan can work if we can hear over and over again how the money will be spent on climate change, healthcare, college tuition, infrastructure, cyber security, and poverty, to name a few. Repeat. Repeat. Repeat. This plan will work if they point to the Republican tax debacle giveaway of 2018 did NOTHING to help any of those problems but was a major giveaway to the rich who did not reinvest into the economy but cashed in instead.johnj san jose Jan. 28
The ripple effects of more fair, adequate, progressive tax rates are huge throughout the society. Low tax rates and tax havens for the rich and corporations lets mega donors keep increasing their donations (investments) in our politicians and elections, thus their dominance over lawmaking.
This effectively subverts our professed ideals of equality and citizen influence. It subverts our constitution, bill of rights, and the safeguards of our 3 equal branches. Big money values infect our executive, legislative and judicial branches. The S. Court legalized unlimited donor money (investments) in our elections, pretending that any limits would subvert the 1st Amendment's Free Speech. We see the effects on tax laws and weak regulations giving huge advantage to the donor elites. In effect they are regulating our govt.Gene S Hollis NH Jan. 28
You are wrong in every argument you make. You don't live in isolation, you live in an organized society that makes your wealth possible. There would be no wealth in the US if we didn't have a functioning society, and there would be no functioning society without taxation and government functions. And "the rich" didn't go anywhere in the fifties and sixties when the taxation was much higher than today. Also these 0.1 to 0.01% that Warren is proposing to tax don't pay vast majority of the taxes, it's the upper 10% that pays the majority.Ralph Averill New Preston, Ct Jan. 28
I agree that the tax rates from the 1950's were economically, fiscally and socially sound. Were it not a violation of the constitutional ban on bills of attainder, I would propose a more rigorous tax be applied to the Kochs and the Adelsons. When it comes to spending more on Medicare (which I interpret to mean more than the current 17-18% of GDP), however, we should not. I recently had a health problem while traveling in Germany. I spent 4 days in a teaching hospital (University Clinic of Bonn--UKB). Not only did I receive excellent care, which my American doctor told me was as good as any care available here, but the bill came to around $4300 (€3700). That included three diagnostic procedures. The Medicare-approved payments for the same care would have been about $28,000. Throwing more money down the bottomless pit of U.S. medical practice is futile. The proceeds of such a capital levy as that proposed by Ms.Warren would be better spent on addressing hunger, on infrastructure and on retiring some of the national debtMeredith New York Jan. 29
A tax on significant accumulated wealth is past due. The same for inherited wealth. Apparently the hated "Death Tax" doesn't go far enough. Many self-made millionaires promote the benefits of pulling one's self up by one's boot straps. Why are they so adamant about denying the opportunity to their children?
When Warren Buffett turned over much of his wealth to charity through Bill Gates, he was asked if he wasn't giving away his children's inheritance. Buffett responded, (paraphrase,) "My children have enough to do whatever they want. They do not have enough to do nothing." In my perfect world, it would be difficult to be very rich or very poor, and no one would ever go without.Jose C North Gotham Jan. 29
Nice headline---Eliz Warren does Teddy Roosevelt--- who broke up the trusts in the progressive era. And Bernie Sanders aimed to do Franklin Roosevelt. Sanders had the quixotic idea to restore the New Deal. But he was soundly bashed and trashed by Krugman and most NYT columnists/reporters.
Even if he wasn't their ideal candidate, his proposals should have been given the respect of serious discussion, like we now are getting for Ocasio and Warren. Do a compare and contrast on policy---Warren and Sanders. Interesting to see what we can learn.Blunt NY Jan. 28
Speaking of billionaires, I just heard Howard Schultz on NPR trashing Warren's wealth tax plan. So what does this say? Even a so-called progress wealthy person really doesn't want to give up a scintilla of coin. I think the counter-argument, that increasing the income of the 0.1% with tax breaks, does not lead to significant increases in prosperity for everybody - the "lifts all boats" ruse. A recent article in the NY Times shows that this is the case. That is, yachts are being lifted, dinghies are getting shredded by their propellers.Jack Mahoney Brunswick, Maine Jan. 29
Ignoring the irrelevance of the Teddy Roosevelt comparison (hardly has anything to do with the rest of his article anyway), this is pretty good from a guy who did all he could to kill Bernie against Hillary. Bernie would have said pretty much the same as Warren then and probably would agree with the proposals now. So Dr K, good to have you back in the midst of the progressives and assume you had a lapse of reason for the past 3 or 4 years. Saez, Piketty and Zucman are fantastic. I am delighted the first two are helping Warren. Ps. All three deserve the Nobel Prize. At least as much as you did.Barbara Iowa Jan. 29
I was disappointed that she didn't run in 16. She knows that large swaths of our population are under-educated, superstitious, and under the impression that their little arsenals will make a dent should their conspiracy theories that heroically place them behind bushes at Lexington and Concord at odds with the US government somehow come to pass. As someone who has taught school, she appears to understand that trying to engage the back row not only fails to produce positive results but also annoys and appalls those who showed up in good faith. Similarly, she appears to know that the best way to enlighten is to lay out the facts as accessibly as possible and trust that those viewing the facts can come to logical conclusions. Note that if her theory is fatally flawed, so is the Republic. Adlai Stevenson, when told that every thinking American would vote for him, reportedly was chagrined and noted that to win he needed a majority. That was in the 1950's, when sensible tax policies had not been hijacked by dark messaging funded by those who had so much to gain if American safety nets such as Social Security and, in the 1960's, Medicare, could be misconstrued as the insidious tentacles of the Red Menace. The messengers of deceit, thanks to Citizens United, no longer have to whisper doom from the shadows. Rest assured that if EW moves toward the nomination we will be frightened by slick ads that equate gross wealth not with a cancerous concentration but with American lifeblood.Frank Columbia, MO Jan. 29
@JW Not sure why anyone on the left sneers at Sanders. Did you know that Sanders has an approval rating of something like 80% in Vermont, a state that used to be full of Republicans and still has plenty of conservatives? People who pay serious attention to Sanders like and respect him. We'll actually be very lucky if we get someone with Sanders' magnetism. If you listen closely, his anger is at injustice, not at other people. He cares about everyone.Berkshire Brigades Williamstown, MA Jan. 28
Why do we have college football coaches making $6million per year ? Because slightly lesser coaches make $5million per year. They could all get by very nicely on a quarter million per year. It's the same with the 1% : they need their fortune only in comparative terms. In the meantime 80% of us live in an economy comprising about 20% of our country's wealth, a very poor country in itself indeed.M Lindsay Illinois Jan. 29
Liz has always been ahead of the curve. She knows well that it's time for Democrats to right the ship of state by reducing income and wealth inequality before it sinks our democracy. Go Liz! Go Dems! Go big .. before it's too late!SherlockM Honolulu Jan. 29
"...public opinion surveys show overwhelming support for raising taxes on the rich." Yet, congress refuses to support such tax reform. I guess that tells us that most politicians are serving and protecting their wealthy political donors rather than our country.JLM Central Florida Jan. 29
Here's a fine way to make America great again. Yes, let's go back to the marginal tax rates of the prosperous '50's. What have we got to lose?Joe White Plains Jan. 29
One summer in Sigourney, Iowa, when I was a small boy, my grandfather took me into the library Carnegie built and talked about it with great pride. By the way, he served in both world wars and was a prominent Republican. Oh, how times have changed.John Wesley Baltimore MD Jan. 29
This is going to be a tough choice for average voters. Work till the day you die, live in squalor and penury in old age as the social safety net is cut, and condemn your family to ever decreasing living standards -- or in the alternative, tax the accumulated wealth of billionaires. Decisions, decisions, decisions...Jesse DENVER, CO Jan. 29
RICH- THE ANSWER IS NOT CLASS WARFARE VS THE RICH...I'm not rejecting this proposal out of hand but Warren/Picketty have been putting the cart before the horse-she needs to identify and focus on a fiscal need, THEN assemble tax policy to pay for it in an earmarked way...and it has to be gradual, ideally phased in over 10 plus years. Suggestions ? What do we need to establish Medicare for all ? Or address infrastructure problems over next 10-20 years ? Or make SS solvent ? Determine the revenue you need, not the "revenge" you might want vs the "rentiers" - and I think a very good place to start would be top tax advantages accounts very heavily at high rates.Its absurd Mitt Romney has like what $200 million in his IRA and hes only taking the RMD ?? Tax any income to an IRA with a balance over say $10 million....nobody needs a tax break at that level.A.G. Alias St Louis, MO Jan. 29
But billionaires are the job creators, the noble stewards of finance and cap... and I'm laughing. Tax the rats. If they complain, tax them more. Let them move to Singapore and share their crocodile tears with crocodiles (does Singapore have crocodiles?)
America's oligarchs have given the working class 40 years of wage slavery and we've given them a life in the clouds. Time to renegotiate.george Iowa Jan. 29
It's I thought was about taxing the rich more, not only on high incomes but on high net worth also. Rajiv said about how the rich donate to causes that reduce their taxes, by say, electing more tax-cutting Republicans. The Koch brothers are good examples. I didn't quite get your criticism of Rajiv.Marx and Lennon Virginia Jan. 29
This column " Elizabeth Warren does Teddy Roosevelt " says a lot about Professor Warren but very little about Teddy. I read a column yesterday by Charlie Pierce where he goes into detail about TR`s New Nationalism speech.
There are parts of this speech that are real eye openers such as - The true friend of property, the true conservative, is he who insists that property shall be the servant and not the master of the commonwealth; who insists that the creature of man's making shall be the servant and not the master of the man who made it. The citizens of the United States must effectively control the mighty commercial forces which they have called into being.
Or- We must have complete and effective publicity of corporate affairs, so that the people may know beyond peradventure whether the corporations obey the law and whether their management entitles them to the confidence of the public. It is necessary that laws should be passed to prohibit the use of corporate funds directly or indirectly for political purposes; it is still more necessary that such laws should be thoroughly enforced. Corporate expenditures for political purposes, and especially such expenditures by public-service corporations, have supplied one of the principal sources of corruption in our political affairs. This speech spends a lot of time praising the Saviors of our Country, The Civil War Veterans. And it also says a lot about the proper place for Capital and Corporations, servants not masters.CallahanStudio Los Angeles Jan. 29
I might agree with you if this was a momentary phenomenon, but it's not. The imbalance that is finally plain to all began with subtle changes in the balance between capital and labor in the early 1970s. The truly rich understood what they were doing. They found a fulcrum that allowed them to pry money and power from the increasingly vulnerable middle and lower classes, so they did. To correct this by less drastic means will take at least that long again. I doubt we can wait another 45 years, so yes. We need to use the taxation authority as the fulcrum to pry back the people's fair share. There is no other option as far as I can see.Tim W Seattle Jan. 29
Your characterization of the argument as suggesting that "we should just take all the money from individuals because we can" is as complacent as your reference to Lenin and Mao. Did you miss the part where Krugman points out that we have already used progressive taxation in this country to advance the collective economic good? U.S. economic policy from the Great Depression to Reagan unleashed a rising tide that truly floated all boats in the U.S. economy.
It was the gratuitous tax giveaways to the wealthy advocated by Milton Friedman, among others, that gave our wealth distribution its present hourglass configuration.dwalker San Francisco Jan. 29
Let's add another thing: scrap the cap on the amount of wages subject to the 6.2% Social Security tax, currently set at $128,400. Why should someone making $20 million a year only pay the SS tax on the first $128,400? Scraping the cap would make SS solvent forever, and could even reduce the percentage we're taxed.Ellen San Diego Jan. 28
@Robert Elizabeth Warren is a good explainer, and when she starts banging on a point she's convincing. Importantly, she doesn't do it just once, she makes it a theme to be hammered.
A great lesson of the Vietnam War was that it is *repetition* that drives change -- in that case, TV news repeatedly showing flag-draped coffins coming home, covering marching protesters, exposing atrocities, etc.
Whether through timidity or laziness or slavishness to big money donors, Democrats have failed to create a momentum on the idea of wealth inequality that would persuade the public. This will change with Elizabeth Warren and, if he chooses to run, Bernie Sanders. In this regard, a prediction: At some point before November 2020, we will hear the phrase "I welcome their hatred."Andrew Zuckerman Port Washington, NY Jan. 29
Far from radical, the ideas of Warren, Sanders, and AOC are sensible, logical, and fair. Bring on any politician who means business such as these proposals and can articulate them, isn't a billionaire already, and doesn't have a tawdry history of being entangled with Wall Street, and watch him/her win.Rima Regas Southern California Jan. 28
Progressive taxation isn't all that progressive anymore. Capital gains and even earned income of incredible amounts of money as well as stock options are taxed at low rates. In case no one has noticed, the AMT is a bust. It doesn't work and when it does, it harms the upper middle class rather than the super-rich.
The "high-end earners" pay a lot (but not enough) because they are the only ones who have so much income that taxing them does not adversely affect the economy. We have rich folks who can afford giant yachts and not so rich folks who can't survive an unexpected $400 bill. That is not the way the economy should work. Eventually, income inequality will even weaken corporate profits and destroy the economy. Even large corporations need customers who can buy their products.Constance Warner Silver Spring, MD Jan. 28
FDR 2.0 must address the social class the Great Recession created. Those are the now 50-60 year olds and millennials who lost jobs, pensions, and are still underemployed and in the gig economy.
Starting in ten years, if nothing is done,very will have 95 million or so homeless. Leaving it to states to construct affordable housing won't do. We need Universal Basic Income. This is needed regardless of whether the GOP and Trump's scams cause a depression. Bernie and Elizabeth would easily demand Congress act on these ideas. Bloomberg and Schultz? Not on your life. A decent future is progressive. We need FDR 2.0. we need to be done with triangulation.
The GOP is an untrustworthy partner. --- Things Trump Did While You Weren't Looking  https://wp.me/p2KJ3H-3h2JP MorroBay Jan. 29
Let's hope Warren succeeds, whether she becomes President or not. I recall that under Eisenhower-era rates of taxation, the middle class and the working class had a lot better deal than we have today. Heck, we even had a better deal under Nixon-era rates of taxation. It's weird to be nostalgic for Nixon, but look at what's in the White House now.DocBrew Central WI Jan. 29
Thanks for a great column again, and yes, Ms. Warren in on the right track. Now if we could only get the corporate media to stop trivializising her policies as "nerdy" we might get somewhere.Kwip Victoria, BC Jan. 29
While Warren's proposal and ACO's marginal tax ideas both have merit, let's be honest- ideas such as these have no chance until campaign finance reform occurs. Given the current composition of the SOCTUS that seems impossible for several decades, as the obscenely rich simply buy the government they want.Murray Illinois Jan. 29
I suggest that you rethink your position. I appreciate the frustration with the current system but the public school system is habitually underfunded. The $40k is not a direct benefit to each child. Look into that. And maybe look at Finland where schooling is considered one of the most important benefits to a country. As a result you see the best university graduates going into teaching because they make a very good salary and they are supported by an administration that supports their efforts, efforts that come with passion for helping kids.Whole Grains USA Jan. 29
A 2% tax on wealth is not much more than what many of us pay the financial industry to 'manage' our savings. The investment funds take their percentage, and the companies managing the portfolio take theirs. Small investors tend to pay a higher percentage in fees than larger investors. When all is taken into account, people living paycheck to paycheck pay the highest percentage, of what ends up being zero wealth. This 'wealth tax' would help rectify the imbalance.Karen Brooklyn Jan. 29
I'm very impressed with Elizabeth Warren,not just for her tax proposals, but because she is so intelligent - and genuine. Some say that she is too heady to win but she certainly has more charisma than Adlai Stevenson, who lost in the 1950s because he was too intellectual. And he didn't have a catchy slogan such as "I Like Ike." Unfortunately, it's all about how politicians are perceived. I would like to see Warren more poised and not afraid to express her sense of humor.Julie Parmenter Jan. 29
If talent and drive - particularly talent - were the deciding factor in wealth accumulation, the descendants of Fred Trump would be living on the street.SteveHurl Boston Jan. 28
We have a Carnegie library in our small town of 2400 in rural Indiana. It is still in use as a community resource center and town history museum. It is a beautiful sturdy brick building and I assume it will be around for 100 more years. We just outgrew it and had to build a new one. Carnegie will be remembered for this, not his great wealth. Same with Gates and Buffett.CDN NYC Jan. 28
I've generally been impressed with Warren's economic analyses, going back a couple of years before she ran for Senate. A close version of this plan deserves support. If it seems "radical," it's probably because the USA drifted so far to the right. I blame disco and "Grand Theft Auto."4Average Joe usa Jan. 29
Her tax proposal would be a nightmare to implement. How do you value thinly traded assets (real estate, art, antiques, etc.)? Hire a valuation expert? Have the IRS contesting it every year? Litigate? Please, tax all dividends as ordinary income, eliminate/change the duration for long term cap gains treatment, make inherited assets have a zero cost basis, etc. Simple to implement, enforce, ideas.Elizabeth Bennett Arizona Jan. 29
In 1906, Representatives and Senators did not spend 4.5 days a week, every in a cubicle, begging for money, calling rich people all day. We have elected telemarketers. (no insult intended to telemarketers.)Christy WA Jan. 29
It's not surprising that "the usual suspects" are already trying to disarm Elizabeth Warren's well thought out tax plan. Many American billionaires are nouveau riche, and don't have the sense of responsibility that the very wealthy used to feel towards the less fortunate. And the Republican party is right there egging them on to resist fair taxation--like Elizabeth Warren's proposal.Stephen Boston Canada Jan. 29
I'm all for her. Warren is by far the smartest presidential candidate in the Democratic pack and I'm all for supertaxing the superrich -- as well as making mega-corporations pay the proper taxes they've been evading for so long.Mjxs Springfield, VA Jan. 29
The confiscation of excessive wealth is exactly the point and that point is a practical one -- to mitigate the tendency of unregulated large scale economies to form parasitic aristocracies that lead to resource deprivation in vast portions of the society's population. And this is not a scapegoating of the wealthy, it is refusing to worship them, it is to call them back to Earth and ask of them what is asked of each of us.Pinewood Nashville, TN Jan. 29
"Malefactors of great wealth," Theodore Roosevelt called them. Prosperity that delivers unbelievable amounts of wealth to a very few while the other 99% struggle is not sustainable.
TR was no wild-eyed Socialist: he was a man of wealth and property and wished to remain so. He and FDR were both blue-blooded aristocrats. Both were saving capitalism by restraining its excesses.Alex Washington D.C. Jan. 29
Whether you realize it or not, the good old USA takes away the wealth of individuals and hands it over to the government to allocate. The rest of your statement, about tyrants, is just wrong. You are equating communism with taxation, a silly thing to do. Educate yourself.
I agree with you 1000%. I'm tired of people arguing that certain persons would not be good candidates because they sound too smart. That's the dumbest argument I've heard so far. If someone sounds smart, then GOOD. I hope they ARE smart.
Right now we are a laughing stock of the world because our leaders are actually proud to sound stupid and boorish. Out with charisma and in with intellect and expertise, please. I wouldn't want Tom Hanks performing brain surgery on me, nor do I want him in the White House (much as I enjoy seeing him on the big screen
Mar 03, 2019 | www.nytimes.com
Yuri Asian Bay Area Jan. 29 Times PickPaul Rogers Montreal Jan. 29
This isn't about taxing wealth. It's about taxing power, privilege and greed. This isn't about punishing oligarchy. This is about saving democracy. The concentration of wealth parallels the accumulation of carbon dioxide in the atmosphere: it is economic climate change with consequences equally as dire as global warming on all lifeforms.
The challenge will be no less difficult, replete with a powerful lobby of deniers and greed-mongers ready for war against all threats to their power and position. Their battle cry is apres moi, le deluge -- as if taxing wealth and privilege is barbarians at the gate and the demise of civilization rather than curbing cannibals driven not by hunger but voracious greed. Everywhere climate change deniers are being drowned out by a rational majority who now see the signs of global warming in every weather report and understand what this means for their children if we continue to emulate ostriches.
Likewise, the same majority now sees the rising tide of inequality and social dysfunction and what that means for the future as a global caste system condemns nearly all of us -- but mainly our progeny -- to slavery in servitude to our one percent masters.
Elizabeth Warren is no nerd. She's our Joan of Arc. And it's up to us to make sure she isn't burned alive by the dark lords as she rallies us to win back our country and our future.Yuri Asian Bay Area Jan. 29
the two issues, inequality of wealth and global warming, are related. The vast wealth of the Koch Brothers enables them to drown out rational debate with propaganda. Propaganda must be abolished.hm1342 NC Jan. 29
@FunkyIrishman I think Trump intentionally or inadvertently has destroyed anything resembling the status quo. It's the political equivalent of Newton's Third Law of Motion: that for every action in nature there is an equal and opposite reaction.
Trump is the ugly face of unbridled power and privilege, leavened only by vainglory ignorance.
He's the equivalent of melting icecaps and stranded polar bears when it comes to the concentration of wealth and economic climate change. His utter failure will be the rational majority's success in plowing a better and more equitable path forward. There's been nothing more radical than Trump. He's made radical solutions compelling and necessary. And inevitable.Yuri Asian Bay Area Jan. 29
@Yuri Asian: "This isn't about taxing wealth. It's about taxing power, privilege and greed." Their is plenty of power, privilege and "greed" in our nation's capital, and it is practiced daily by individuals who are elected and un-elected.
@Jim Thanks for your reply and appreciation. I'm lucky to be an Editor's Pick as there are so many great comments by thoughtful and articulate NYT readers, particularly those who follow Krugman's columns. I agree with your sense of wealth as a social disease that's highly contagious. We need a vaccine and I hope Sen. Warren is it and she inoculates a strong majority by 2020.
November 2018 has Come; 2020 is Coming Vallejo Jan. 28Phyliss Dalmatian Wichita, Kansas Jan. 28
I agree, Anne - Marie. There was a time when being rich carried a responsibility to contribute more to the world than those with less; a responsibility to serve society overall, and one's country and community in particular. Also the rich were expected to have better manners and more discerning taste than those who worked because they had the free time to study and model grace and refinement.
In addition, the wealthy were expected to be patrons of the arts, the sciences, and religion by contributing money and time to support practioners, research, and experimentation in these areas.
Finally, the wealthy were expected to raise children who were role models, leaders, and volunteers who contributed emotionally and spiritually to their schools and communities.
Compare Franklin D. and Eleanor Roosevelt to Paris Hilton or the tRump family.Ray Zielinski Champaign, IL Jan. 28
Amen and hallelujah, and I'm an atheist. For those asleep or oblivious, we're in the new gilded age. But faux gold, as evidenced by the occupant sitting in the Oval Office.
These " Job Creators " are creating Jobs only for shady attorneys and accountants specializing in creative mathematics, sham Corporations, Trusts and TAX avoidance. See: the Trump Family.
What's the average, law abiding citizen to do ??? Absent actually eating the Rich, WE must overhaul the entire system.
Warren is very nerdy, and very necessary. Unfortunately, the great majority of Men will not vote for any Woman, not yet. See: Trump. She would be a most excellent choice for VP, the back-up with a genius IQ and unstoppable work ethic. President ??? A modern day, working man's Teddy OR Franklin Roosevelt, and His name is Senator Sherrod Brown, Of the very great state of Ohio. MY native state. Think about it, it's the perfect pair.Nana2roaw Albany NY Jan. 28
I particularly like Elizabeth Warren's ability to talk policy. But as a career academic I also realize that she sounds to most like a law professor giving a lecture. Unfortunately, I don't think this is a winning formula but I'd be happy to be proven wrong.Gustav Durango Jan. 28
Yesterday a billionaire threatened the Democratic Party with certain defeat in the 2020 Presidential election if the Party chose a candidate not to his liking. Increasing concentration of wealth in the hands of a few will ultimately spell the end of our democracy.Ralph Philadelphia, PA Jan. 28
If there were ever a politician for our time, the second and more egregious gilded age, it should be Elizabeth Warren. She INVENTED the Consumer Financial Protection Burueau! She has studied the big banks and Wall Street for decades! She knows how they operate better than anyone on the planet. She is the Teddy Roosevelt of our time, but are we smart enough to elect her?George Minneapolis Jan. 29 Times Pick
My wife and I find Warren to be the most impressive candidate we've seen in a long time. She has the mastery of detail that can actually move our country to where it should be. No lazy demagoguery, either -- and she communicates well.FunkyIrishman member of the resistance Jan. 28
The primary purpose of taxes should be to raise necessary revenues, not the confiscation of "excessive" wealth. Making the case for the moral and practical necessity to contribute more would be more effective than the tiresome scapegoating of the wealthy.andrewm L.I. NY Jan. 28
@RR I happen to live in one of those Scandinavian paradises. I, nor my family, have ever had a problem with ''care''. We also have higher education paid for through a moderately higher tax structure. (perhaps 10% average higher than the U.S.) I sleep like a baby and all is taken care of. (as well as 5 weeks vacation per year) You are welcome to visit anytime.Joe Ryan Bloomington IN Jan. 28
@Shiv, the wealthiest 20% of Americans also have about 90% of the wealth (as of 2013, probably higher now). According to the Wall Street Journal, the top 20% in income paid about 87% of individual federal income taxes in 2018. But income tax is just a portion of tax. Personal income taxes were about 48% of federal revenues in 2017, payroll tax was 35%.
Since payroll taxes are regressive, the top 20% of income tax payers pay a considerably lower percentage of total taxes than the percentage of the nation's wealth they control. Saying those paying more in taxes than they receive in direct benefits and services are 'paying all the taxes' is simplistic and deceptive. It isn't even accurate to say that they are completely funding the transfers and services to the bottom 50%, since the federal government operates at a deficit.
The deficit is covered in large part by debt owed to the social security fund, which is funded through payroll taxes. When you include state and local taxes, it looks like the percentage of total taxes paid by each income quintile is not far off from the percentage of total income that they bring in.
The tax system in the U.S. overall is 'barely progressive'. https://www.ctj.org/who-pays-taxes-in-america-in-2015 / https://whorulesamerica.ucsc.edu/power/wealth.html https://www.wsj.com/articles/top-20-of-americans-will-pay-87-of-income-tax-1523007001Ana Luisa Belgium Jan. 28
We probably all remember the scene where Chinatown's detective, J. J. Gittes, asks the bad guy, Noah Cross, "How much are you worth?" And Cross says, "I've no idea."
There are two take-aways from this. One is the low marginal utility of wealth at Mr. Cross's level. This is what makes the optimal progressivity of a wealth tax positive. But the second is the literal take-away: he really doesn't know. Nobody knows.
So, as Prof. Piketty points out (pp. 518ff of his book), the value of even a nominal wealth tax in terms of transparency -- forcing the system to determine what the distribution of wealth actually is -- is substantial, aside from revenue generation. If we're going to give wealth a vote, via Citizens United etc., then wealth should at least have to register.Umesh Patil Cupertino, CA Jan. 28
As this op-ed shows, even a majority of Republicans ALREADY supports this idea. So the problem is not so much getting rid of the GOP's fake news, but having a voter turnout where the demographics of those who vote reflect the demographics of the entire population. In 2016, a whopping 50% of citizens eligible to vote, didn't vote. And the lack of political literacy among many progressives has certainly been a factor here. So what is needed is for ordinary citizens to start engaging in real, respectful debates with their family, friends, neighbors, colleagues etc. again, to make sure that everybody votes. Only then will we have more impact on what happens in DC than Big Money.Thomas New York Jan. 28
This is a superb insight you are providing....the 'critique' of Late Capitalism from the perspective of 'Systems Stability'. I work in the field of Distributed Systems Management though Cloud for Living. The way with Distributed Decision Making is, in a number of situations it is a lot more resilient and powerful. There are advantages of Command & Control decision making (war for example). But in Late Capitalism that concentration of Decision Making in hand of few has gone too far.
To understand all this, to figure out the relevance of Distributed Decision Making, to articulate all this to masses and then to formulate sane policy proposals out of all that - that is not a simple task. So Sen. Warren, please continue the 'nerding'. I am Kamala Harris constituency, but the intellectual heft Warren is bringing to this campaign; I love that. She needs to bring her such big guns for a couple of marquee social issues as well as about America's Foreign Policy. Obviously, it cannot degenerate into 63 details policy papers like HRC.
The trick is to make the campaign about few core issues and then there to 'have the house cleaned' - completely worked out theory, understanding, explanation and policy proposals. Hope E. Warren does that, she is capable no doubt. (Predictable election cycles - such a good thing with American System....for a while just to think and discuss things apart from the Orange Head in White House - it is so refreshing...)John B St Petersburg FL Jan. 28
J suspect that the notion that proposals to raise taxes sharply on the wealthy are too left-wing for American voters is wishful thinking or propaganda by the wealthy, on whom many pundits and analysts rely, one way or another, for their jobs. "It's difficult to get a man to understand something when his salary depends on his not understanding it." I don't know whether I agree with Warren on enough things to support her, but I hope this idea influences the Democratic platform and becomes reality.Ellen San Diego Jan. 28
@Tom The current Republican Party is toxic – to democracy, truth, ethics, human health, human survival, equality, education, nature, love... most anything a decent person values. We can get rid of it and still have a two-party system of reasonable people who disagree on the best way to solve problems.Rajiv California Jan. 29
I read somewhere that the Davos crowd was intent on speeding up the development of robots to do those jobs so they wouldn't have to deal with pesky humans who want an occasional break.Bonnie Luternow Clarkston MI Jan. 29 Times Pick
As a person who has done fairly well, there is no end to your "needs" once your start getting wealthy. Let's take flying. First, you are happy to get a deal every now and then on a flight to Hawaii. After a while, you earn status, so now you want to be first in line, have baggage privileges and get into premium economy with an extra 5 inches of leg space. Then, it's enough status to "earn" business class upgrades. Next you have to have business class on every flight, so you pay up. There's first class, but now you can afford NetJets where you get fractional ownership of a jet to fly almost anytime you like. If you get even wealthier, you get your own jet with an on demand staff. It's "worth it" as your time is valuable. It goes on and on. Every time you get more, you can't live without it. You feel like you deserve it because you've worked so hard for that money. Knowing some of those super rich, they will complain about those fascist attacking their success. They "donate" a lot to candidates whose job it is to protect their wealth. While Warren's ideas via Piketty are really interesting, maybe we need to work on our culture and values so people understand what they are doing when they expect that jet with a staff that waits in them like royalty. Then let's invest in the IRS to stop the cheating that deprives our citizens of at least $200 billion/year. After that, let's look at closing loopholes and increasing taxes.Peter Czipott San Diego Jan. 28
Until we get the money out of elections, the moneyed will control those elected. I'm not sure what our elected officials are more afraid of - meeting with their electorate and facing our anger, or voting against Grover Norquist et al.Bruce Shigeura Berkeley, CA Jan. 28
During the primaries and the subsequent campaign, Democratic candidates should run explicitly and continually as new Teddy Roosevelts, using his words and images of him -- presenting the Democratic Party as the Roosevelt Republican alternative when it comes to taxation policy. It would reduce right-wing attempts to cast them as Maduros-in-waiting to pure late-night comic fodder: which is what they properly are. In fact, they should identify past Republican champions of as many of their policy proposals as possible and run as "Democrats: the Real Republicans."Thinker Upstate Jan. 28
Warren, Ocasio-Cortez, and Bernie have blown open up a discussion that had been locked down since Reagan -- tax the rich. Krugman is too timid.
Time to radically redistribute wealth from the capitalist class to the people in the form of jobs and social benefits.
Tax the banks and corporation to 40+% and end all tax incentives -- corporate welfare. Apple used its tax break to buy back stock to enrich investors. Facebook bought up competitors like Instagram and suppresses start-ups. A hedge fund bought Toys R Us, loaded it with debt, then bankrupted it.
The right-wing turn of rural white Americans is largely due to economic anxiety resulting from the industrialization of agriculture and global commodification of grain -- all the profits leave farm communities for mega-corporations based in cities and Wall Street, as well as global capitalist de-industrialization.
Americans on both the right and left believe the system is rigged, because it is. Warren's tax on personal assets is the first baby step. To win 2020, Democrats have to secure the vote of minorities, women, and Millennials, and peel off some white working-class voters. They have to fight for working people against the capitalists.sdavidc9 Cornwall Bridge, Connecticut Jan. 29
And we have to keep educating people, in large part at taxpayers expense, so they can continue to speak up as you have. The idea that everything, education, healthcare, prescriptions, housing, food, etc has to be on a max-out-profit basis is not sustainable for a decent society. If you look into the history of successful billionaire families who might profess that government should not be used to create equal financial opportunity, you may find that they have benefited from U.S. government policies themselves to get to where they are. So why prevent others from having the opportunity to join them ?Glenn Ribotsky Queens Jan. 28
@Bill A small transaction tax on sales of stocks would not raise that much money. What it would do is much more useful -- put program trading and the arbitraging of tiny, tiny price differences on huge, huge trades out of business. The sort of liquidity they provide is not needed by the market and is not worth the price we pay for it.White Buffalo SE PA Jan. 29
Absolutely agree with R. Law--the carried interest loophole has got to go. That's probably contributed more to the aggrandizement of oligarchical fortunes than just about anything else. But I'd also add two more modest suggestions: --Eliminate the cap on individual Social Security contributions. There's no reason it should fade to black at $132,900 gross annual income. It should be applicable to ALL earned (and unearned) income. --Institute a small stock trade/financial transactions tax; even a 0.1% rate here would raise significant revenue, and it also might curb a lot of wild equities speculation. But, of course, none of this is likely until we can get big money out of politics; it's impossible to get representatives to represent their actual constituents, rather than their oligarchic campaign funders, if the latter are the prime source of campaign money. So, as the risk of repeating myself: --Publicly funded elections, with low three digit limits on individual campaign contributions and NO corporate, organizational, church, or (yes, even) union contributions. No PAC's, 501's, or any other letter/number combinations. --Reinstatement of the Fairness Doctrine. --Legislative repeal of the Citizens United decision.Roger California Jan. 29
@Tom "Wealthy people reinvest their money in economic ventures that grow their wealth, which generates greater productivity while creating jobs and wealth for the society." Like, for example, the investments that caused the 2008 Republican Great Recession for example? That plan hasn't worked since Reagan. And taxing 2%-3% of enormous wealth is hardly taking away "all the wealth of individuals!" We also need to roll back estate tax to pre-Reagan policies.sdavidc9 Cornwall Bridge, Connecticut Jan. 29
The moral and practical necessity is that oligarchy is antithetical to democracy. I would think that was obvious.calhouri cost rica Jan. 28
So businessmen and financiers need checks and balances, and these checks and balances include high taxation and occasionally breaking a business into pieces because it is too big and powerful. We broke up Rockefeller's company. We should be thinking about Amazon, Google, Facebook, and even Microsoft. We are using Word and Excel because Microsoft owned the operating system they run under, not because they were better products. Now we are stuck with their strengths, weaknesses, and odd habits.Schrodinger Northern California Jan. 28
Boy do I wish I could share Dr, Krugman's hopefulness. But after the Supreme Court decision equating money with speech and one of the two major political parties literally a "wholly owned subsidiary" of those very 0.01%, as the ancestral Scot in laments, "I hae me doots."Ana Luisa Belgium Jan. 28
@Blair A Miller....Rewarded for hard work and talent? Well that is the myth. There is a case to be made that capitalism rewards greedy and unethical people who have a talent for working the system. There is also no question that it rewards monopolists and the fortunate.K D P Sewickley, PA Jan. 29
@Kurt Heck It doesn't. That's precisely why we have to stop the GOP strategy to pass tax cut after tax cut for the wealthiest all while making life even more difficult for the other, very hard-working 99%. And if you believe that in order to be a billionaire today you must work hard, it's time to update your info. Most of them inherited a fortune already, together with the knowledge needed to engage in financial speculation, which in the 21st century is totally disconnected from the real economy - or rather, they PAY experts to engage in financial speculation, and that's it.
It's time for the most industrious to at least be able to pay the bills, get the education and healthcare they want, and become represented in Congress again. THAT is why we need a tax increase for the extreme rich, all while increasing the minimum wage, and expanding Medicaid and Medicare. THAT is how we'll finally become an entirely civilized country too. Not by adding trillions and trillions to the debt just to make the extreme wealthy even wealthier, as the GOP just did again.Souvient St. Louis, MO Jan. 29
The NYTimes reported in October, "Over the past decade, Jared Kushner's net worth has quintupled to almost $324 million. And yet, for several years running, Mr. Kushner paid almost no federal income taxes." Let's not get lost in the details of how we do it: taxing wealth, making income taxes more progressive, restoring the estate tax, or something else. Let's remember that Jared Kushner is the poster boy for our current (extremely unfair) tax system.Matthew Carnicelli Brooklyn, NY Jan. 28
I care about taxes and wealth inequality, so I like that Warren is talking about them. I'm also a bit of a policy wonk, so I like the fact that Warren focuses on policy issues. As a classically trained economist, though, I know how quickly others' eyes glaze over when I get too excited about anything related to finance or economics. The vast majority of people lack the patience for it. Too many think they understand far more than they really do because they read a handful of articles and watched CNBC a couple times. And when people believe they already know something, they're unlikely to greet new ideas with an open mind. A wealth tax makes sense to me on a lot of levels. I just hope Senator Warren keeps the explanation as simple as possible. For every wonk she wins over, she risks pushing two rubes away if she makes it any more complicated. It's unfortunate that we live in the Twitter era of gadfly attention spans, but we do. Dems need to do a better job of distilling their platform to bumper stickers. If they do that, the polity might actually remember some of their talking points.Barry of Nambucca Australia Jan. 29
Win or lose, Elizabeth Warren will bring the lion's share of ideas to this presidential season. It's one to say that you support a trendy concept, but it's quite another to have thought through the implications of your proposals - and be prepared to first defend, and then implement them. Warren is, and will be - from Day 1. We shouldn't settle for "hope and change" this time; we need a President in 2021 capable of thinking her way through a maze of societal problems, and unafraid to passionately, untiringly champion her preferred option.
Paul, as an aside, do you think that we would have lost the House of Representatives in 2010 if someone had opted for that much larger stimulus package that you, Joe Stiglitz and Robert Reich were recommending (thus causing the economy to more quickly and fully rebound in time for the midterms)?HL Arizona Jan. 29
@Tom A 2% tax on wealth from $50 million to $1000 million, will have minimal impact on the mega rich, with hopefully maximum benefit going to those who need government assistance.ruth goodsnyder sandy hook, ct. Jan. 29
The primary purpose of Citizens United was to allow the wealthy a back door into stealing our public institutions and public contracts along with reducing the taxes on passive income for their own personal expansion of wealth. While I agree this is a form of class warfare, the rich have won the war. Instead of thinking of this as confiscation, consider it insurance for keeping your head up.Ashleigh Adams Colorado Jan. 29
Love "Pinocchio". It is perfect. He needs to be made fun of. I think that would drive him crazy.hen3ry Westchester, NY Jan. 28
As Yascha Mounk has been saying for years, democracy isn't about a firm belief in the power of the people, or a belief in personal liberty - above all, its support is determined by one thing: whether it is delivering results for the majority of the population. If it doesn't, it loses support; and unfortunately, for decades now, it hasn't been delivering results. Even Obama, the great liberal hope, stacked his cabinet and advisors with the likes of Geithner, Bernanke, and Sommers, appointing people to the FTC who were too soft to trust-bust or aggressively tackle mergers. I am of the belief that Trump was a warning. We got him because ordinary people have been losing faith that the government is working for them. If we want to regain that faith, we need a government (meaning both an Executive and a Legislature) that is prepared to go full FDR in 2021. Trust bust corporations that have decreased power of workers by consolidating labor market, and the power of consumers by monopolizing goods and services. Expand social security. Cut the red tape to build millions of desperately-needed housing units. Take away the excess wealth of the plutocrats, and their political power. Expand voting rights. Make unionization easier, and healthcare more affordable by socializing it. Without this, we run the risk of losing our democracy. 2020 is do or die. Warren has a record of fighting for this. She has my vote.Mark Cheboygan Jan. 28
If the people who make their fortunes in America because of Americans don't want to support the country that helped them perhaps they should consider this: our sweat, our hard work, and our tears were a vital part of their success. It doesn't matter how brilliant the idea is or smart the inventor is or how cleverly the product is marketed. If the public isn't ready for it, it won't sell and money won't be made. There is a lot of luck involved in making a fortune. Part of that luck depends upon us and our willingness to buy into what is being sold. Yes, the inventor or the creator has to have the drive to succeed. S/he has to accept failure, work very hard, and have faith that s/he will succeed.
It's nonsense to claim that Bill Gates would not have created Windows if he knew he'd be taxed at very high rates. He didn't know if it would succeed as well as it did. The purpose of taxes is to support the country. It's to have a government that can fund basic research to help us, create nationwide rules to ensure that milk in New York is milk in North Dakota, and to regulate those little things like roads, bridges, water safety, and keep the country safe. Any exceedingly rich corporation or person who doesn't want to support that is not patriotic in the least. They are greedy.Tom New Jersey Jan. 28
Make America Great Again. Repeal the Bush and Trump tax cuts.Peter J. New Zealand Jan. 28
The American Revolution was a revolt of American born property holders, not of the peasants or the slaves. The Constitution and the Bill of Rights are both very strong on property rights. The rights of an individual to own property free from seizure by the government is at the heart of Liberalism. We live in a two party state. If we truly eliminated the Republican party we'd be no different than China. America only gets better if the Republican party gets better. The Democratic party could use some improvement too. I support Warren's tax plan. It's a reasonable and sensible move, not just a bunch of poorly thought out hot air.Ellis6 Sequim, WA Jan. 29
This is but one in a long line of cogent reasonable suggestions to tax mega rich a little more. Unfortunately while the economics makes sense, these schemes fail politically because enough of the vast majority of much poorer people in the middle class can be convinced that there is something unfair by singling out the successful.
The Steve Jobs story, whereby a poor boy with a great idea should be able to make tons of money. The only way a change will come is if the middle class' eyes can be opened to the fact that for every Steve Jobs there are thousands of Jay Gatsbys who inherited their wealth and privilege and who now spend much of their time and money ensuring that the laws are written so that they can keep their wealth.
The inequity of the present laws, via tax loopholes and corporate subsidies to favour the very rich should be highlighted, showing the middle class how they are constantly being ripped off in order to fund the rich.Tom New Jersey Jan. 28
There are polls and then there is reality. In Alabama in 2003, a newly-elected conservative Republican governor proposed a constitutional amendment to raise taxes on the wealthiest Alabamans. The measure was defeated 67.5%-32.5% with low-income voters opposing it by a significant margin. In Washington in 2010, voters defeated a referendum to impose a modest income tax on the state's wealthiest residents. (There is no income tax in Washington.)
It seems unlikely that in the state with the country's most regressive tax system that 65% of the voters are wealthy. Despite language in the referendum that guaranteed it could never be applied to lower incomes without a vote of the people and a provision to lower property taxes by 20%, paranoia, not reason, ruled the day. It lost 65%-35%.
Polling is easy. But when concrete proposals go to the voters, the wealthy interests overwhelm voters with fear and lies, and the voters, complacent and ill-informed, can be easily manipulated. Conservative Alabama and liberal Washington State both defeated measures that would have helped their state finances significantly.
The money raised was to be spent on education, health care for the elderly and other radical things some of which would have helped the poor, but lower income voters cast their votes as though, despite their current conditions, they'd be subject to the taxes tomorrow or next month or next year.WK Green Brooklyn Jan. 29
@Acajohn "Why isn't there one billionaire or multi billion dollar company that actually takes pride in paying their fair share?" Like Bill Gates and Warren Buffett, the two richest men in America, who have pledged to follow Carnegie's example, and taken actions to do so?Bejay Williamsburg VA Jan. 29
The notion that Sanders has no deep understanding of the policies that he champions is a stroke of common wisdom that is not very wise, as anyone who ever bothered going to he web site would find. In 2016, at least, it was chalk full of issues and positions with a long section on how it could be paid for.
Krugman seemed to shun him for reasons that were never clear to me, but Sanders' proposals had the ear of quite a few economists.
Even Krugman's crush, Thomas Piketty was intrigued. I'm thrilled that both Warren and Sanders are in this, and if the primary were today I could probably toss a coin. But I find this constant picking at Bernie Sanders and his "flailing arms" to be grating and uninformed. It's akin to asking him to just smile more.Jerry in NH Hopkinton, NH Jan. 28
Not just Roosevelt. "The consequences of this enormous inequality producing so much misery to the bulk of mankind, legislators cannot invent too many devices for subdividing property... Another means of silently lessening the inequality of property is to exempt all from taxation below a certain point, and to tax the higher portions of property in geometrical progression as they rise." - Thomas Jefferson, October 28, 1785.
"An enormous proportion of property vested in a few individuals is dangerous to the rights, and destructive of the common happiness, of mankind; and therefore every free state hath a right by its laws to discourage the possession of such property." - Benjamin Franklin, July 29, 1776.
"All property ... seems to me to be the creature of public convention. Hence the public has the right of regulating descents and all other conveyances of property, and even of limiting the quantity and the uses of it." - Benjamin Franklin, December 25, 1783.aem Oregon Jan. 28
Bring back the inheritance tax on large estates and we have a winner!Tom New Jersey Jan. 28
Senator Warren should consider a few adjustments to her plan. First, tax capital gains income at the same rate as earned income. Eliminate the carried interest deduction and close some other egregious loopholes (including the new "pass through" income loophole). Finally, give the wealth tax a nine year period after which it would have to be renewed. Call it a "Patriotism Tax". Pledge to use it for infrastructure improvements and debt reduction. I think that could be very popular.Acajohn Chicago Jan. 28
That is a radical plan, one tried many times before. It fails because humans are not perfect, and not perfectible. They try to accumulate wealth and power, are jealous of each other's possessions and mates, and try to create circumstances that favor their offspring over others of the next generation.
The fields of human evolutionary biology and psychology tell us that your plan can not and will not work. Not only that, countless Utopians have tried this in the past. Most fail within months, even with a small group of people who all supposedly love one another. All societies founded on the belief that humans are perfectible have failed. Societies founded on the belief that humans will be venal, corrupt, and power-hungry tend to have the safeguards that allow them to survive. That's why the constitution is full of "checks and balances". Don't think you can replace them with a society of peace and love where we will all live in quiet harmony. You can only replace them with better checks and balances if you hope to succeed. John Lennon's "Imagine" is a lovely song. But it's just a wish list, not a manifesto.Alan J. Shaw Bayside, New York Jan. 28
Yes, what kind of person, especially one with obscene wealth, prefers to keep every penny rather than pay taxes that make our country function? Why isn't there one billionaire or multi billion dollar company that actually takes pride in paying their fair share?Laurie USA Jan. 29
Sanders said little about taxation. In his debates with Clinton, he advocated scrapping the ACA and starting de novo, whereas Clinton suggested legislation to improve it. Thanks in part to Sanders' attacks on Clinton, both personally and on policy, Trump got elected and the Republicans have tried in every possible way to destroy it. On this issue, will Pelosi and Warren follow the so-called progressivism of Sanders?Mark Thomason Clawson, MI Jan. 28
I don't get your criticism of Rajiv either. Rajiv know what he is talking about. The rich can never have enough; more is not enough. We see it all the time. We need to eliminate the dynasties and equalize the democracy.Stevenz Auckland Jan. 28
Existing wealth and annual income are two very different things. Both are now problems. Existing wealth disparity is the accumulation of all the last 40 years of income disparity, plus the "work the money did" to pile itself up higher. Our laws magnified the wealth disparity. That was deliberate and calculated. Our laws allow it to pile up without the former taxation at death to trim it back. We charge only half the tax rate on the "work" of the money itself, the special "capital gains" rate. It is specially privileged from taxes, which is entirely new over these last few Presidential Administrations. It was said that would encourage job growth. It never did. Nobody who knew anything about the subject ever really believed it would. What is now proposed by Warren is to fix what they so deliberately broke. This would not come up if they had not done that first. And if we hadn't done this, we'd have had the job growth this stifled, from the consumer purchasing power it took to pile up as wealth, much of it speculative and overseas.Charlton Price Jan. 28
Conservative voters are against taxes because *if* they get rich they don't want to pay them. As a liberal I, on the other hand, would be *delighted* to have to pay this tax!Thomas Washington DC Jan. 29
Tax policy also should strive to assess from each taxpayer according to the means of that tax payer. Note the source of that statement of principle.Eitan Israel Jan. 29
By all means let's tax the rich. But what I find most alarming is Kamala Harris's call for yet ANOTHER tax cut for the middle class. Every since the days of Saint Ronnie, Americans have been misled into believing they deserve tax cut after tax cut. And the result for the commons (those goods and services that we share) has been disastrous. Americans already pay lower taxes than most of the developed world. Yet the candidates are also calling for more benefits: Medicare for All and free college. The defense establishment continues to clamor for more resources. What we need is to increase taxes on the rich along with a robust tax enforcement system, so that Americans see that EVERYONE is pulling their weight, according to their means.PB USA Jan. 28
Redistribution of wealth through progressive taxation is as American as apple pie. In addition to taxing wealth, there should be a significant estate tax on the top 1%. Getting rich is for many the American Dream, but that does not entitle the rich to endless wealth forever. Others should have an opportunity to take their shot.Quinn New Providence, NJ Jan. 29
A couple of points: at the turn of the 20th Century (about the time that Teddy Roosevelt was railing against the rich), John D Rockefeller had more lawyers on staff than the United States Government. Rockefeller's net worth at that point (they had not yet broken up Standard Oil at that point), was $1 billion, at a time when the total receipts of the US Government were $700 billion.
Krugman also mentions Piketty and his book. A central theme in Piketty's book, not mentioned here, was that there is no countervailing force that naturally takes us back to a more equitable distribution of wealth.
That only occurred because the world suffered through two world wars, and a depression, out of which came a determination by FDR to use government as a countervailing force. And so it is not an accident that the Republican Party is trying to kill government because that is the only large, countervailing force known to be effective. Do we really want a world where a Jeff Bezos has more lawyers on staff than the US Government? Don't laugh; something similar has happened in the past.Rick Morris Montreal Jan. 29 Times Pick
@dajoebabe For the last 40 years, we have had the GOP tell us that government is the problem and lower tax rates will supercharge economic growth. Now we have a nation with a superpower's army, third rate infrastructure, a porous social safety net and a mediocre education system. Granted that government cannot solve all problems (nor should it try!), but the evidence is clear that the effects of our disinvestment in ourselves is now coming to the fore. If we are truly at the point where raising the marginal tax rate on a very small number of households will cause economic collapse, then our capitalist system has failed and should be replaced.Daniel Salazar Naples FL Jan. 29
Interesting ideas, but to get Americans (read Republicans) to swallow this whole is doubtful. Perhaps some marketing is in order. Let's not call this a tax. Let's call it a gift. High value households would give to the government agency of their choice (Social Security, Veteran's Affairs, EPA etc..), garner a modest tax credit as in charity donations, and as a plus receive a full accounting of how their money was spent by an independent auditor. Their gifts could be publicized on social media, thus generating the kind of attention that could generate higher and higher donations. Just a thought.John Kell Victoria Jan. 28
We could also use Teddy Roosevelt's anti-corruption and environmental values as well. I think he is one Republican completely disowned by the current Republican Party. While I do not believe Elizabeth Warren has any chance to be President, her candidacy will certainly force intelligent debate on the Democratic Platform for 2020. She will make a tremendous Treasury Secretary and break the Goldman Sachs stranglehold on that position.Michael Skadden Houston, Texas Jan. 28
Let's not stop with progressive taxes on the income and wealth of corporations and individuals. We need to ban monopolies outright, and limit the market share of oligopolies to something like 20%. And we should even limit the fraction of a corporations' shares (e.g. 10%) that can be owned by any one entity (corporal or corporate), and make privately-held corporations go public once they reach a certain size.
There's a lesson we can learn from Mother Nature: "Too big to fail" really means "Too big to exist"!Osama Jan. 29
Maybe Piketty instead of Teddy Roosevelt -- but the rates for the wealthy should be higher, especially for passive income, to force the rich if for no other to avoid taxation to invest their money in the economy.Elin Minkoff Florida Jan. 28
"Poverty exists not because we can't feed the poor, but because we can't satisfy the rich."David Henan Jan. 29
@Linda: Your comment is just wonderful, and gets to the crux of what is right, fair, decent, moral. Some super wealthy people will always be superficial and greedy, and others will always be generous, and have profound character and depth.
People who are remembered with the greatest respect, fondness, reverence, and joy, are not those who have amassed fortunes, but those who have done what they could with their fortunes, for those who would never have fortunes. Or people who sacrificed for others, if not with their fortunes, then by other means. It is not desirable to be remembered for being selfish, greedy, and financially predatory like trump and his ilk.Jan Schreuder New York Jan. 29
Aside from the fact that a a massive concentration of wealth is inimical to a functioning democracy because it inevitably leads to a concentration of power, if the tax code is meant to give incentives to productive behavior, what is less of an incentive to being productive than inheriting hundreds of millions of dollars?
I personally knew an heiress from one of the most famous wealthy families of the 20th century; the name would be familiar. She was a good person, but a drug addict. So was her brother. No one needs to start life with a hundred million dollars. It's not healthy.Balance FL Jan. 29
tax and spend is what a government is for. Spending it on infrastructure as opposed to increasing the already bloated pentagon budget and not on a wall, would be preferable. And reallocation, so that for instance teaching becomes a viable career choice again, would be a very useful government task. I don't know whether mr. Coctosin ever worked in the private industry but if he did he must have seen a lot of waste. Though willful blindness is of course "so expected from" the right.John B St Petersburg FL Jan. 29
"Conficatory taxes on excessive wealth" is a sin tax-a tax on greed. There is only so much money on person can use in a lifetime if it is to be more than a competitive status and power symbol and is not given back as an investment to build society and the future.
The numbers-$50 million are HUGE. Anyone, with that kind of money who could resent paying 1% toward the future and toward society is simply, selfishly and sinfully, GREEDY! It's about time the excessively wealthy, who do not allow their wealth to trickle down as wages, or even trickle through the economy as investments for the benefit of society, are taxed because it has become apparent that only taxes will force them to let go of their wealth.Ana Luisa Belgium Jan. 28
Trump making his tax returns public has nothing to do with IRS staffing. And yes, a better staffed IRS does a better job of catching tax cheats. (No idea why they never nailed Trump's father, though.)Duane McPherson Groveland, NY Jan. 29
We will only have a government for the people if it's a government BY the people. That means politicians who REALLY are just like you and me, not always very charismatic, not always your ideal best friend, or a "savior", or common sense spiritual leader such as Michelle Obama, but instead people who flaws, all while being decent citizens, with a very clear moral compass, AND the skills and intellectual capacity to know how to design new, science-based law projects and how to obtain political agreements in DC without even THINKING of starting to stop implementing already existing law (= shutting down the Executive branch of government).14 RecommendKen Tillson, New York Jan. 29
Warren would be an excellent Cabinet member. But people vote for President on an emotional level, and I don't think Warren has that emotional charisma. It's excellent that she is running and running early, because that way she can set some of the parameters of discussion, which is what she's doing now.Jim MA/New England Jan. 29
Just how much money does somebody really need? The Bezos divorce is going to result in two people having "only" 70 billion dollars each. 1 billion, 10 billion, 70 billion; at some point, how can you tell? At some point, doesn't it just become a number?White Buffalo SE PA Jan. 29
@Yuri Asian Best comment I have read on this subject, Thank you. It should be understood that the wealthy just don't care and are very un- American. Wealth in our society will equal slavery for everyone else and it has already begun. See the republican tax plan if you have any doubts.Doug Keller Virginia Jan. 29
Two points: If you add the compound interest forgone on the amount paid in SS taxes I wonder if the calculation changes. The wealth of the over 65 group is very differentially distributed, just like wealth in general. Think what the Koch Brothers, Sheldon Adelson, the Walmart heirs and Warren Buffet do to that distribution.
Just because Ellen is 70 does not mean she is participating in the relative wealth growth of the over 65 cohort you note. I imagine with few exceptions most very wealthy people are over 65, but that does not mean the reverse is true, that most over 65 are wealthy or even comfortable. For a large number SS is their main source of support, and rampant ageism makes it very difficult for even healthy over 65 years to find a job to supplement it.
Taxing SS is a form of double taxation. People with high incomes could still be taxed on their income after excluding SS. Or, since you are so concerned about the people collecting more in SS than they paid in, taxation could start on all benefits exceeding that figure. (And you seem totally unconcerned with all the people who collect nothing or much less than they paid in. If you are worried about one group not being in balance you should be equally worried about the other group not being in balance.
I am ok with both because I consider SS to be an insurance program. I don't pay income taxes on my insurance proceeds paid for by premiums on which I did pay taxes.Jane S Philadelphia Jan. 29
The shutdown taught a clear lesson: people squarely located in the middle class (in this case, federal workers) cannot afford to miss a single paycheck.
Add that awareness to the cluelessness of the wealthy who, with the attention brought to them by their position in the trump administration, put that cluelessness on full display -- and add the awareness that the trump tax break benefitted the wealthy only while saddling the nation with debt -- put those together, and we will find positive support for what amounts to a relative pinprick of sacrifice from the ultra wealthy, as proposed by Warren and likeminded Congresswomen.Quinn New Providence, NJ Jan. 29
American public policy is designed to concentrate wealth at the top and impoverish the bottom. Progressive taxation is but one measure to correct the economic structure that results in death and destitution, even among fully employed workers. Health care for all and living wages are additional measures.
Extreme poverty in America is a result of public policy which further enriches the wealthy. Course correction is a moral imperative.PATRICK G.O.P. is the Party of "Red" Jan. 29
It's a giant leap to say that a 2% tax or a higher marginal rate is the confiscation of wealth. It's also a giant leap imply that only the very wealthy reinvest their money. Where do you think the dividends and gains in your 401K account go? They are reinvested! The key point is that many of the very wealthy have used their wealth and influence to change the tax code and other laws to their benefit. There is zero evidence that a lower marginal tax rate on the wealthy has any correlation to job creation, but there is a very strong correlation between lower tax rates and income disparity.Duffy Currently Baltimore Jan. 29
Taxes are the necessary fact of a thriving civilization. When confronted by the trained mindset of anti-tax rhetoric issuing from a clone of selfish leadership, I simply say; if it were not for taxes, we'd all be driving on rutted dirt roads and dying young. Tax the rich so they survive the slings and arrows of discontent they created. They will thank us for it later.Duane McPherson Groveland, NY Jan. 28
I'actually tired of the rich scapegoating the poor. Like Romney calling them takers. The wealthy will be fine, don't worry.Clyde Pittsburgh Jan. 29
You already pay a wealth tax, if you own a home. It's called "property tax". Why should the very wealthy not pay a property tax, too? But in the present condition, they do not, and can easily hide their wealth from view, and pass it to their heirs without paying any tax. Which just adds and adds to the concentration of wealth among the few.JMM Worcester, MA Jan. 28
Of course it makes perfect sense. Which is why those uber-rich people will not allow this to happen. They'll do everything they can to shut down Ms. Warren. It's what they doWendy Maland Chicago, IL Jan. 28
If I were doing tax policy from scratch, I'd include both the Warren wealth tax, a progressive income tax culminating with the AOC 70% marginal rate, treat capital gains as regular income, eliminate the carried interest loophole, and investigate the taxing of all "non-profits" including religious and political organizations. I would replace the standard deduction and personal exemption with a universal basic income. I would reduce the military budget and provide at least a buy-in to medicare.
Anything less that than, I don't consider "radical."Socrates Downtown Verona. NJ Jan. 29
If the Democratic party continues to do nothing to address the problem of the top .1 percemt owning 90 percent of American wealth, we are destined to sit idly by as the heartbreaking inequities and divisions of this country deepen.... and this means, too, that we will be doing very little to address the deeper causes of a certain kind of American desperation and violence.
It's time to address the radically warped system with sensible countermeasures. This is, in my view, a moderate position that moderate, sensible politicians will promote. Doing nothing to address this enormous problem is the most radical position of all.Judy M Los Angeles Jan. 28
I work and pay taxes and have done so for 40 years. I'm happy to pay taxes, not because I'm dependent on them, but because I realize a few things that make you uncomfortable:
1. No one does it by themselves; we all rely on others at work, at home and in life; we're part of society; we are not solo warriors on some mystical heroic island
2. Not everyone is as fortunate as I; I'm glad the poor, the disabled, the unlucky, the elderly, the uneducated and the unskilled can get a modicum of government assistance when their chips are own
3. Canadians and Europeans and the Japanese do not suffer from 'dependency' syndrome; they're hardworking people with healthy market economies who have decent government that regulate healthcare extortion and corporate extortion to a minimum; it's a pretty humane arrangement
4. Corporations and CEO's have been redistributing upward for about fifty years; 20:1 CEO:worker pay was the 1960's norm....now a 350:1 ration is common.
5. Tax rates for the rich and corporations have collapsed from the 1950's to 2019; the right-wing pretends they're high, but they're not. 6. America has the greatest health-care rip-off in the world at 17% of GDP; it's an international 'free-market' disgrace that no foreign country would touch a 300-foot pole because it would bankrupt them, just as it bankrupts Americans.
Keep living in a 1787 time tunnel and see where it gets you. Or buy a calendar...and evolve.Gini Green Bay, Wi Jan. 29
[Drive toward] Equality is the basis of society; it has always been close to my heart. Thank you, Paul Krugman, for standing clearly for economic equality.Duane McPherson Groveland, NY Jan. 28
The purpose of taxes is not only to fund public necessities, but also to encourage society to behave in a manner which is good for all of society.
Thus, in World War 2 income tax was set quite high, to discourage consumption of scarce resources.
It is not scapegoating the wealthy to have them pay a proportional share of their wealth to fund the public good, and to, in a small way, discourage inherited wealth. It is through our society that they are able to accumulate their wealth, it follows that they should have incentive to preserve and further that society.Marvin Raps New York Jan. 29
I agree completely with a progressive tax on net wealth. Piketty proposed this in "Capital in the Twenty-first Century" back in 2014. I'm happy to hear that Elizabeth Warren has picked up the idea.
The elegance of it is that it does not prevent the wealth-motivated from seeking high incomes and accumulating a lot of wealth in their lifetime. But it reduces the incentive to earn an ever-higher income, and it prevents the wealthy from creating wealth dynasties.
And consider this: even a 90% tax on inherited wealth would mean, for someone who accumulated a $10 billion estate, that their heirs would receive a $1 billion inheritance as a grubstake. Not a bad start in life, if I say so myself.John Griswold Salt Lake City Utah Jan. 29
Almost any tax measure to re-distribute wealth is appropriate in a nation that values economic justice. However, answering the question of just how people accumulate billions, while so many others struggle so hard to remain in place. First, it is necessary to dispense with the fiction that the wealthy earned it so let them keep it.
No one person or one family EARNS billions. The hard work necessary to create wealth belongs to many hard working and creative people and to numerous public institutions that make its creation possible.
Both are entitled to a fair share of the wealth they help to create. It is the laws and even traditions that allow one individual to CAPTURE and keep so much wealth. And those laws and traditions need to be changed.
Start with a Living Wage plus full benefits for all workers and salary scales that are reasonable, not the 1:300 that some CEO's currently enjoy. End golden parachutes for retiring or even fired executives and tax unearned income at the same rate as earned income. Equal opportunity cannot stand without economic justice.
No, part of the purpose of taxes should be to counteract the normal power of capital that causes the formation of massive personal fortunes which distort the economy relied on by all. It's not scapegoating to try to put our economy back in balance, to curtail its division into the Main St. economy, currently starved by that wealth division so heavily favoring the fabulously wealthy, and the shadow economy of Wall St. gambling, commodity market manipulation, and asset ownership.
Mar 03, 2019 | www.nytimes.com
JimB NY Jan. 29
I like the idea, although it may be very difficult to value certain kinds of assets and how they may have appreciated. For example, if the Republican Congressman you bought as a freshman goes on to win a Senate seat, how much would his value have increased?
Feb 10, 2019 | www.politico.com
Sen. Elizabeth Warren (D-Mass.) on Sunday said that President Donald Trump "may not even be a free person" by 2020, suggesting the president might become ensnared by the special counsel's investigation before she has a chance to face him in a general election.
"Every day there is a racist tweet, a hateful tweet -- something really dark and ugly," Warren said during a campaign event in Cedar Rapids, Iowa. "What are we as candidates, as activists, as the press going to do about it? We're going to chase after those every day?"
She added: "Here's what bothers me. By the time we get to 2020, Donald Trump may not even be president. In fact, he may not even be a free person."
The jab marks Warren's first foray into campaign-trail skirmishing with Trump since entering the Democratic presidential fray with a Saturday announcement event in Lawrence, Mass.
During her kickoff speech, Warren, a consumer protection advocate and former Harvard Law School professor, attacked Trump as being part of a "rigged system that props up the rich and the powerful and kicks dirt on everyone else."
Earlier Saturday, Trump mocked Warren's rollout and took aim at the controversies surrounding her past claims of Native American heritage, which intensified Wednesday after The Washington Post revealed that she had identified herself as American Indian on her Texas State Bar registration card.
"Today Elizabeth Warren, sometimes referred to by me as Pocahontas, joined the race for President," Trump tweeted. "Will she run as our first Native American presidential candidate, or has she decided that after 32 years, this is not playing so well anymore?"
"See you on the campaign TRAIL, Liz!" the president added, in what many Democrats judged to be a reference to the forced relocation of several Native American tribes in the Southeast U.S. in the 1830s known as the Trail of Tears.
Feb 25, 2019 | www.politico.com
Sen. Elizabeth Warren (D-Mass.) announced Monday her campaign will shun fundraising through some of the old-fashioned means: dinners, donor calls and cocktail parties.
In an email to supporters Monday, Warren also said she won't sell access to big-name donors as candidates often do to raise money for a presidential bid.
Warren has demonstrated as much in organizing events where she poses for photos with anyone who stands in line and requests it. Typically, candidates put a premium on such access, sometimes charging thousands of dollars for a personal photograph.
"My presidential primary campaign will be run on the principle of equal access for anybody who joins it," Warren said in a message to supporters.
"That means no fancy receptions or big money fundraisers only with people who can write the big checks. And when I thank the people giving to my campaign, it will not be based on the size of their donation. It means that wealthy donors won't be able to purchase better seats or one-on-one time with me at our events. And it means I won't be doing 'call time,' which is when candidates take hours to call wealthy donors to ask for their support."
The self-imposed restrictions allow Warren to distinguish herself from the field at a time when candidates are in a mad race for donations from small donors.
The Democrat, who launched a full-fledged campaign earlier this month, has already vowed not to take money from lobbyists or super PACs.
She has rejected all PAC money and challenged others in the sprawling field of candidates to reject PAC money. A group of competitors have said they wouldn't take corporate PAC money -- including Kamala Harris (D-Calif.), Cory Booker (D-N.J.), Kirsten Gillibrand (D-N.Y.) and Amy Klobuchar (D-Minn.). Former Texas Rep. Beto O'Rourke, a prospective candidate, shattered records in the 2018 midterms after rejecting PACs and relying on small-dollar donors.
Warren's move, though, takes that promise a step further, saying she won't spend time making donor calls or that she will host private fundraising dinners or receptions.
While Warren did hold fundraisers in her years as a senator, she hasn't held any since she first launched her exploratory bid Dec. 31, according to her campaign.
Warren has a proven network of small dollar donors, but she's also seemed to lag others in the primary field in early fundraising, including Harris and Sen. Bernie Sanders (I-Vt.), whose one-day $6 million haul swamped all his competitors in the field.
Feb 04, 2019 | www.nytimes.com
America invented progressive taxation. And there was a time when leading American politicians were proud to proclaim their willingness to tax the wealthy, not just to raise revenue, but to limit excessive concentration of economic power.
"It is important," said Theodore Roosevelt in 1906, "to grapple with the problems connected with the amassing of enormous fortunes" -- some of them, he declared, "swollen beyond all healthy limits."
Today we are once again living in an era of extraordinary wealth concentrated in the hands of a few people, with the net worth of the wealthiest 0.1 percent of Americans almost equal to that of the bottom 90 percent combined. And this concentration of wealth is growing; as Thomas Piketty famously argued in his book "Capital in the 21st Century," we seem to be heading toward a society dominated by vast, often inherited fortunes.
So can today's politicians rise to the challenge? Well, Elizabeth Warren has released an impressive proposal for taxing extreme wealth. And whether or not she herself becomes the Democratic nominee for president, it says good things about her party that something this smart and daring is even part of the discussion.
The Warren proposal would impose a 2 percent annual tax on an individual household's net worth in excess of $50 million, and an additional 1 percent on wealth in excess of $1 billion. The proposal was released along with an analysis by Emmanuel Saez and Gabriel Zucman of Berkeley, two of the world's leading experts on inequality.
Saez and Zucman found that this tax would affect only a small number of very wealthy people -- around 75,000 households. But because these households are so wealthy, it would raise a lot of revenue, around $2.75 trillion over the next decade.
Make no mistake: This is a pretty radical plan.
I asked Saez how much it would raise the share of income (as opposed to wealth) that the economic elite pays in taxes. His estimate was that it would raise the average tax rate on the top 0.1 percent to 48 percent from 36 percent, and bring the average tax on the top 0.01 percent up to 57 percent. Those are high numbers, although they're roughly comparable to average tax rates in the 1950s.
Would such a plan be feasible? Wouldn't the rich just find ways around it? Saez and Zucman argue, based on evidence from Denmark and Sweden, both of which used to have significant wealth taxes, that it wouldn't lead to large-scale evasion if the tax applied to all assets and was adequately enforced.
Wouldn't it hurt incentives? Probably not much. Think about it: How much would entrepreneurs be deterred by the prospect that, if their big ideas pan out, they'd have to pay additional taxes on their second $50 million?
It's true that the Warren plan would limit the ability of the already incredibly wealthy to make their fortunes even bigger, and pass them on to their heirs. But slowing or reversing our drift toward a society ruled by oligarchic dynasties is a feature, not a bug.
And I've been struck by the reactions of tax experts like Lily Batchelder and David Kamin ; while they don't necessarily endorse the Warren plan, they clearly see it as serious and worthy of consideration. It is, writes Kamin, "addressed at a real problem" and "goes big as it should." Warren, says The Times, has been " nerding out "; well, the nerds are impressed.
But do ideas this bold stand a chance in 21st-century American politics? The usual suspects are, of course, already comparing Warren to Nicolás Maduro or even Joseph Stalin, despite her actually being more like Teddy Roosevelt or, for that matter, Dwight Eisenhower. More important, my sense is that a lot of conventional political wisdom still assumes that proposals to sharply raise taxes on the wealthy are too left-wing for American voters.
But public opinion surveys show overwhelming support for raising taxes on the rich. One recent poll even found that 45 percent of self-identified Republicans support Alexandria Ocasio-Cortez's suggestion of a top rate of 70 percent.
By the way, polls also show overwhelming public support for increasing, not cutting, spending on Medicare and Social Security . Strange to say, however, we rarely hear politicians who demand "entitlement reform" dismissed as too right-wing to be taken seriously.
And it's not just polls suggesting that a bold assault on economic inequality might be politically viable. Political scientists studying the behavior of billionaires find that while many of them push for lower taxes, they do so more or less in secret, presumably because they realize just how unpopular their position really is. This "stealth politics" is, by the way, one reason billionaires can seem much more liberal than they actually are -- only the handful of liberals among them speak out in public.
The bottom line is that there may be far more scope for a bold progressive agenda than is dreamed of in most political punditry. And Elizabeth Warren has just taken an important step on that agenda, pushing her party to go big. Let's hope her rivals -- some of whom are also quite impressive -- follow her lead.
Yuri Asian Bay Area Jan. 29 Times PickPeter Wolf New York City Jan. 28
This isn't about taxing wealth. It's about taxing power, privilege and greed. This isn't about punishing oligarchy. This is about saving democracy. The concentration of wealth parallels the accumulation of carbon dioxide in the atmosphere: it is economic climate change with consequences equally as dire as global warming on all lifeforms. The challenge will be no less difficult, replete with a powerful lobby of deniers and greed-mongers ready for war against all threats to their power and position. Their battle cry is apres moi, le deluge -- as if taxing wealth and privilege is barbarians at the gate and the demise of civilization rather than curbing cannibals driven not by hunger but voracious greed. Everywhere climate change deniers are being drowned out by a rational majority who now see the signs of global warming in every weather report and understand what this means for their children if we continue to emulate ostriches. Likewise, the same majority now sees the rising tide of inequality and social dysfunction and what that means for the future as a global caste system condemns nearly all of us -- but mainly our progeny -- to slavery in servitude to our one percent masters. Elizabeth Warren is no nerd. She's our Joan of Arc. And it's up to us to make sure she isn't burned alive by the dark lords as she rallies us to win back our country and our future.Rich Berkeley CA Jan. 29 Times Pick
Warren's proposal- and her desire to try to actually explain these basic economic realities without dumbing them down- has put her at the top of my list for the Dems so far. I was/am a big Bernie fan, and Bernie is great with the big picture (it's Yuge). But Warren really knows the details and how to craft an economic policy. Trump will call her names (that's his specialty), and she will explain reality (her specialty).DazedAndAmazed Oregon Jan. 28
@George, It's not scapegoating the wealthy. When I was born, the top marginal tax rate was 91%. This has shriveled, along with inheritance and cap gains taxes. This was not due to an act of nature: it was a series of conscious policy decisions and SCOTUS decisions that created the situation we face today. Great societal damage derives from wealth inequality -- think public schools, access to college, housing costs, and more recently, political influence. Those who have far more money than they need distort the economic and political landscape, to the detriment of the majority. Class warfare against the poor and middle classes must end. Reversing the policies that changed the US from having a growing middle-class of my childhood to the shrinking one my kid faces is simply correcting bad policy. It can't come soon enough.DBman Portland, OR Jan. 29 Times Pick
I recently listened to a TED talk where Yuval Harari observed that capitalism beat out communism in the 20th century in large part due to the distributed decision making platform it provided that far out-performed what was available to the limited number of central planners in communist systems. It occurs to me that this same limiting dynamic of a restricted number of decision makers can occur in capitalist systems if wealth (and power) become concentrated. When just 2200 billionaires meet in Davos to choose the path forward for the rest of the 7.53 billion inhabitants of this planet (without their input) we can be assured that a series of sub-optimal decisions will have been made.JSH California Jan. 28
Elizabeth Warren is impressive. She has the passion of Bernie Sanders. Unlike Sanders, she has a deep understanding of the policy and mechanisms that can achieve that result. A plan to tax extreme wealth is brilliant and, at about $275 billion per year, will ease the budget deficit.
As the Times noted, Warren also can talk expertly about subjects as diverse as the Consumer Financial Protection Bureau to net power metering. The political punditry is probably wrong about voters rejecting a too-intellectual candidate. (They seem to be wrong a lot lately.) Especially in contrast to Trump, voters hunger for someone who is passionate, smart, has their interests at heart, and is very well informed.Anne-Marie Hislop Chicago Jan. 29 Times Pick
If amassing billions of dollars isn't a hoarding disease, nothing is. Who needs more than a few hundred millions dollars, anyway? Perhaps it would be less of a problem if the uber-wealthy didn't secretly try to get their taxes lowered. They also, like the Koch brothers, like to buy policy positions and elect politicians that hurt most of the rest of us. The Bill of Rights isn't meant to be a list of suggestions. A democratic republic isn't meant to be ruled by the wealthiest 0.01 percent of all Americans. When those with the money get to establish opinions as to what is and isn't too radical for this nation, all of the marching and demonstrating the rest of us do doesn't amount to much. Vote the Republicans out of office in the next election and keep voting them out until their number fit in the bathtub they would have liked to drown the government in. That's two or three, tops.Bill Belle Harbour, New York Jan. 29 Times Pick
Yes. I remember a time when at least some of the rich viewed paying their taxes as "giving back" to the country which had been so good to them.Mike Rowe Oakland Jan. 28
A small transaction tax on the sale of stocks and bonds that was proposed as a way to sure-up and expand social security and Medicare should be added to the list of higher taxes on earned income. Furthermore, the tax rates on salaries and wages should no longer be penalized with high rates so that the privileged who make their money from transactions can pay a favored tax rate that is much much lower than the rates paid by people who work. Please, Paul, write a column on what Teddy Roosevelt and FDR advocated. They were nearly a hundred years ahead of where Americans want us to be. Minimum wage, from the Roosevelts' perspective meant a wage that could support a family. It meant making enough for a family to take a vacation and put some money away to retire. They weren't contemplating a wage for teenagers when they talked about minimum wage. The Roosevelts wanted to see retirement security. They were advocates of legislation that prevented employers from ripping off the wages of their workers. Liz Warren isn't radical; neither is OCA, or Bernie Sanders. They are merely informed about our history and the trends around the world.FunkyIrishman member of the resistance Jan. 28
We should use some (a pittance) of the $300 billion a year this proposal would raise on giving the IRS the resources it needs to actually enforce the laws already on the books, and to the prisons, to house tax-cheats like our "president".Linda Oklahoma Jan. 28
''Make no mistake: This is a pretty radical plan.'' - Uhm No. A radical plan is not allowing any single person or family to even HAVE a billion dollars, let alone tax them @ a paltry 3%. A radical plan would be to do way with money altogether, and have all of us contribute proportionally and progressive into one single community, instead of having 26 people have the SAME wealth as HALF of the world's population. A radical plan would be to actually work together so that our species could actually survive, instead of destroying our planet, and us as an extension. I am really tired of people and pundit alike trying to box in people and ideas before they even get off the ground, because all it does is continue the status quo. Perhaps the point, I suppose...Orthoducks Sacramento Jan. 29 Times Pick
I'm reading Susan Orlean's book, The Library Book. It's not just about the fire in Los Angeles but covers much of the history of libraries. If you love libraries, you probably know who Andrew Carnegie was. At one time, he was the richest person in the world. In middle-age, he decided to give his money away. He built 1,700 libraries for towns that couldn't afford them. I'm sure he had his problems and wasn't perfect. But, Carnegie realized you really can't take it with you and you can do much good while on earth. When I see rich people who only seem to care about showing up at premiers, jetting around the world, wearing different outfits every time they're photographed, and not seeming to care about all the pain on earth, it hurts. A certain billionaire bragged that not paying taxes made him smart. That means he's not paying to help the poor, the sick, the elderly, not paying for safe roads or safe water systems, not paying for the soldiers he claims to be so proud of. If these rich people were true Americans, they'd be proud to pay their fair share, proud to support the country that gave them so much. Happy to give away their money because they have more than they'll ever use. They won't be remembered for being rich. But look when you drive through small towns. More than 100 years after he gave his money away, you still see the name Carnegie on libraries across America.dajoebabe Hartford, ct Jan. 29 Times Pick
Let's be honest: there's a limit to how much wealth one person or even one clan can reasonably use, and it's way below $1 billion. The super-rich are not motivated by money. Many of them are motivated by power, and money is an important surrogate for power, but by no means the only We need to think about all the ways that the super-wealthy exercise power -- not just about money -- about which ones are harmful to society, and how they can be restrained or redirected.Robert White Plains, NY Jan. 29 Times Pick
It's only a matter of time before the uber rich pay more in taxes. And when all the tired right-wing arguments about "penalizing people for being successful." and "socialism" get trotted out by the right-wing media echo chamber, there's a quick and decisive answer. The additional taxes (that have been there before and always should have been preserved) are the price of admission to a system that is the only one in the world where such vast sums can be accumulated with so little being required in return. Taxes pay for the roads, bridges, sewer systems, public protection, airports, seaports, armies, navies, court systems, research, health assistance, disaster relief, and future employee training and education of the society, to name just a few things. Having the middle class and poor pay for this disproportionately is absurd. And is unsustainable. People have to buy things, money has to circulate, or capitalism falls apart. Period.BC New York City Jan. 29 Times Pick
Warren's approach could work, but persuading the public is another story. Every time Democrats want to raise taxes on the wealthy, Republicans claim Democrats are raising taxes on everybody. This has gone on for decades! Why can't Democrats get this point across without having it perennially hijacked?Charlie Bronx Jan. 28
These potential changes in the tax law are important and, if enacted, will actually replicate what happened at the turn of the 20th century, when marginal tax rates started to rise dramatically, eventually landing in the 90% range in mid-century. That's when the middle class was truly allowed to come into existence. Accumulated wealth, it was learned more than 100 years ago, is not healthy for society in general. Personally, I would like to see a complete overhaul of the tax structure so that the earnings on the first 10K to 20K are not taxed at all. This would put much more money into the hands of people who, in the immortal words of Molly Ivins, would use it to go out and buy shoes for their babies.Steve B Old Pueblo AZ Jan. 28
@Peter Wolf I know it's childish, but I'd love to see her start calling him Pinocchio.ChristineMcM Massachusetts Jan. 28
Raising taxes on the super wealthy won't really hurt them. How about eliminating taxes on Social Security? That would be very popular with most senior citizens.Gwen Vilen <
"And there was a time when leading American politicians were proud to proclaim their willingness to tax the wealthy, not just to raise revenue, but to limit excessive concentration of economic power." I believe it's only since the 1980s that taxing wealth became akin to killing one's newborn. That's when voo-doo economics started the mess we we're in, where every Republican administration then and since delivered tax cuts for the folks who needed it least. The latest abomination, the Trump tax heist, was, really the coup de grace. That the net worth of the 0.1% equal the bottom 90% of the entire nation is not only obscene, it bodes ill for our society. Of course, it's gotten even worse since Citizens United, because, greed feeds on itself, now that every wealthy family can buy some politicians. The fact that so many, even Republicans, aren't screaming their heads off makes me think that--like Medicare for All--a new wealth tax is not the anathema it once was. Maybe ordinary Americans are sick and tired of hearing corrupt cabinet members tell unpaid federal workers to just apply for a loan.