Hillary Clinton, Bernie Sanders, Wall Street, and America 2.0

[oregonjen]

The stunning ascent of Bernie Sanders portends far more than a hard-fought Democratic primary. Its greater implication, whether Sanders wins or loses, is that America's crony capitalism will no longer go unchallenged. Thus Hillary Clinton and her husband, along with many others, are increasingly trapped by the wealth, credentials, and insider status they have pursued so fervently - because they derive from a corruption whose nature and consequences can no longer be concealed. America's financial elites are now so corrupt, arrogant, and predatory that political leaders beholden to them can't even pretend to deliver economic or political security, much less fairness or progress.

And now, finally, Americans are running out of patience. In addition to Bernie Sanders, there's Elizabeth Warren, Zephyr Teachout, and even movies - The Big Short has (deservedly) grossed $100 million. Everything suggests that American politics is now truly, fundamentally, up for grabs - a hugely exciting but also terrifying prospect. In America, the Great Depression yielded Franklin D. Roosevelt and the New Deal; but in Europe, it created Hitler and Mussolini. America's reaction against its corruption and decline could show us at our best - or our worst.

Indeed, this is the Democratic establishment's rejoinder to Bernie Sanders: he's a wonderful dreamer, but impractical - he can't get elected, so we'd get Trump or Cruz, and furthermore even if Bernie was elected, he couldn't get anything done. Look at Dodd-Frank and Obamacare, they say - those laws barely passed. No way could Bernie break up the banks. Only a pragmatic, moderate insider can get anywhere.

Actually the truth is exactly the opposite. American insider politics is now so corrupt that nobody within it can get anything done. But by stepping outside of the rules, you could do a great deal. Let's take a concrete example - the banks.


More at...
http://www.huffingtonpost.com/charles-ferguson/hillary-clinton-bernie-sa_b_9172128.html

[99th_Monkey]

1. OMG! THIS is a very potent gem of an article. This needs to be shouted from the roof-tops

The Clinton argument goes: No way could Bernie break up the banks. Only a pragmatic, moderate insider can get anywhere.

Actually the truth is exactly the opposite. American insider politics is now so corrupt that nobody within it can get anything done. But by stepping outside of the rules, you could do a great deal. Let's take a concrete example - the banks.

Start with Hillary Clinton. The sound bite is that Goldman Sachs paid her $675K for three speeches. The full reality is far worse. She, her husband, and their advisers have history with the banks going back decades. Bill Clinton made Robert Rubin, former president of Goldman Sachs, his Treasury secretary, then appointed Larry Summers and Laura Tyson to succeed him, and re-appointed Alan Greenspan as chairman of the Fed. Together, they let the banks run amok; in fact, they helped them. They repealed Glass-Steagall, banned the regulation of derivatives, refused to use the Fed's authority to regulate the mortgage industry, and did nothing as massive securities fraud permeated the Internet bubble. Then Rubin became vice-chairman of Citigroup, while Tyson joined the board of Morgan Stanley. Bill Clinton, Rubin, Summers, Tyson, and Greenspan all share major responsibility for the 2008 global financial crisis, and none of them have been remotely honest about it.

Since leaving office, both Bill and Hillary have made millions of dollars giving speeches to banks while being remarkably quiet about prosecution of financial crime, not to mention the Obama administration's appalling record since the crisis - zero prosecutions, bankers in senior regulatory positions, inviting bank CEOs to state dinners dozens of times, et cetera. Now Hillary says she'll rely on Bill for economic policy. Bad idea. The financial sector became a pervasively criminal and economically destabilizing industry largely through Clinton policies, and now Hillary takes their money. When pressed, Democratic insiders concede all this, but then say, well, OK, the financial sector is just too powerful to rein in, but think of what Hillary could do in, say, education.

[Uncle Joe]

3. Kicked and recommended, thanks for the thread, oregonjen and

thanks for the post, 99th_Monkey.

[oregonjen]

6. Thanks for the bold sections, 99th Monkey!

This is why I proudly support Bernie!

[zentrum]

13. Your comment

….and this post lay it out really cogently. Thanks.

[Flying Squirrel]

2. Such a boring headline, such a great read!

Kick

[reformist2]

7. Buried deep inside, almost hidden, is a scathing indictment of the Clintons.

"The full reality is far worse. She, her husband, and their advisers have history with the banks going back decades. Bill Clinton made Robert Rubin, former president of Goldman Sachs, his Treasury secretary, then appointed Larry Summers and Laura Tyson to succeed him, and re-appointed Alan Greenspan as chairman of the Fed. Together, they let the banks run amok; in fact, they helped them. They repealed Glass-Steagall, banned the regulation of derivatives, refused to use the Fed's authority to regulate the mortgage industry, and did nothing as massive securities fraud permeated the Internet bubble. Then Rubin became vice-chairman of Citigroup, while Tyson joined the board of Morgan Stanley. Bill Clinton, Rubin, Summers, Tyson, and Greenspan all share major responsibility for the 2008 global financial crisis, and none of them have been remotely honest about it.

Since leaving office, both Bill and Hillary have made millions of dollars giving speeches to banks while being remarkably quiet about prosecution of financial crime, not to mention the Obama administration's appalling record since the crisis - zero prosecutions, bankers in senior regulatory positions, inviting bank CEOs to state dinners dozens of times, et cetera. Now Hillary says she'll rely on Bill for economic policy. Bad idea. The financial sector became a pervasively criminal and economically destabilizing industry largely through Clinton policies, and now Hillary takes their money. When pressed, Democratic insiders concede all this, but then say, well, OK, the financial sector is just too powerful to rein in, but think of what Hillary could do in, say, education."

[mhatrw]

9. It's a great article. nt

[FailureToCommunicate]

10. +1 !

[99th_Monkey]

17. The author, Charles Ferguson, has some deep history with the Clintons, interesting dude.

He had a deal sewn-up with CNN to do a documentary on Clinton-World, which triggered much consternation
and hostility from Clinton circles and anyone close to Clintons, David Brock (of course) and even from the Republican party. NO one who knew anything would talk with him. This helps explain some of the back-story
as to why he has such a cogent clear voice when writing about the Clintons. Interesting dude.

Here's a link to another article he wrote about ending the Clinton Documentary project, if you're
interested: http://www.huffingtonpost.com/charles-ferguson/hillary-clinton-documentary_b_4014792.html

[Live and Learn]

4. K&R nt

[mhatrw]

5. K&R

Read it and weep, Wall Street.

[cantbeserious]

8. When We Stand Together - No Citizen Need Settle For The Lesser Of Two Corporate Evils - Go Bernie Go

eom

[TIME TO PANIC]

11. K & R!

[Armstead]

12. Did someone say America 6.0 -- Paging Steve Earle

Look at ya
Yeah, take a look in the mirror now tell me what you see
Another satisfied customer in the front of the line for the American dream
I remember when we was both out on the boulevard
Talkin' revolution and singin' the blues
Nowadays it's letters to the editor and cheatin' on our taxes
Is the best that we can do
Come on

Look around
There's doctors down on Wall Street
Sharpenin' their scalpels and tryin' to cut a deal
Meanwhile, back at the hospital
We got accountants playin' God and countin' out the pills
Yeah, I know, that sucks – that your HMO
Ain't doin' what you thought it would do
But everybody's gotta die sometime and we can't save everybody
It's the best that we can do

Four score and a hundred and fifty years ago
Our forefathers made us equal as long as we can pay
Yeah, well maybe that wasn't exactly what they was thinkin'
Version six-point-oh of the American way
But hey we can just build a great wall around the country club
To keep the riff-raff out until the slump is through
Yeah, I realize that ain't exactly democratic, but it's either them or us and
And it's the best we can do

Yeah, passionely conservative
It's the best we can do

Conservatively passionate
It's the best we can do

Meanwhile, still thinkin'
Hey, let's wage a war on drugs
It's the best we can do
Well, I don't know about you, but I kinda dig this global warming thing...

[mhatrw]

19. as long as the global warming thing doesn't come too fast ...

the frogs don't even notice what's happening.

[Mike__M]

22. +6.0

We have a candidate for whom both Simon & Garfunkel and Steve Earle are appropriate.

[Ed Suspicious]

14. K&R

[artislife]

15. Kick.

[Euphoria]

16. k & r.

[bbgrunt]

18. great article!

[retrowire]

20. terrific read! nt

[tomm2thumbs]

21. Kick, Kickity Kick

[snagglepuss]

23. Must read. K n R ....political leaders beholden to them can't

political leaders beholden to them can't even pretend to deliver economic or political security, much less fairness or progress.

[Mbrow]

24. K&R

[mak3cats]

25. K&R! (eom)

[farleftlib]

26. Great article

And file this under things Bernie can get done:

OK, Hillary ain't so great. But could Bernie do any better? Well, he could appoint an Attorney General and a head of the DOJ Criminal Division who haven't spent their careers defending corporate criminals, and then invite the Justice Department to put lots of bankers in jail. (There is overwhelming evidence to justify doing so)

[A Little Weird]

27. Good article!

Getting things turned around to benefit the people over the corporations is going to involve more than just getting Bernie elected but I think that's where it will start.

[in_cog_ni_to]

28. No wonder the entire establishment, TPTB, Wall St., CONGRESS and their ilk have stood against Bernie

Geezus effing krist. This really is David and Goliath! Except, they have it backwards - WE THE PEOPLE are Goliath in this scenario. 99% > 1% and they're going to learn that in this election.
We cannot allow them to win. It's imperative.
<snip>

Start with Hillary Clinton. The sound bite is that Goldman Sachs paid her $675K for three speeches. The full reality is far worse. She, her husband, and their advisers have history with the banks going back decades. Bill Clinton made Robert Rubin, former president of Goldman Sachs, his Treasury secretary, then appointed Larry Summers and Laura Tyson to succeed him, and re-appointed Alan Greenspan as chairman of the Fed. Together, they let the banks run amok; in fact, they helped them. They repealed Glass-Steagall, banned the regulation of derivatives, refused to use the Fed's authority to regulate the mortgage industry, and did nothing as massive securities fraud permeated the Internet bubble. Then Rubin became vice-chairman of Citigroup, while Tyson joined the board of Morgan Stanley. Bill Clinton, Rubin, Summers, Tyson, and Greenspan all share major responsibility for the 2008 global financial crisis, and none of them have been remotely honest about it.<snip>

<snip>

Let us therefore take a brief tour of the Education Management Corporation (EDMC), one of the most repulsively predatory companies in America. EDMC specialized in exploiting poor people seeking to better themselves educationally. It used fraudulent marketing, luring students into paying high tuition - by taking out student loans signed over to EDMC. EDMC kept all the money, but provided abysmal schooling with high dropout rates. EDMC made huge profits while poor students wasted time, obtained no skills, and dropped out with crushing debts.

EDMC raked in $11 billion this way. Assuming, say, $11,000 per student, EDMC screwed one million poor Americans. Eventually the Justice Department sued, but as usual the settlement was a wrist-slap with no criminal prosecutions, no admission of guilt, and no financial relief to victims.

But why am I telling you all this?

Well, now. Who devised EDMC's strategy, aided by relaxed Federal regulation? Who was EDMC's largest shareholder, buying 41% of the company in 2006?

Goldman Sachs.<snip>

[azmom]

29. Kick

[TexasBushwhacker]

30. Excellent article n/t