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No wonder Wall Street fears Warren and Sanders -- they speak for the people

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From The Guardian

Donald Trump's victory showed right v left is irrelevant but he made anti-establishment fury work for those in charge

Elizabeth Warren rises in the polls ahead of next debate
Elizabeth Warren rises in the polls ahead of next debate
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In the conventional view of American politics, Joe Biden is a moderate while Elizabeth Warren and Bernie Sanders are on the left and Donald Trump is on the right.

This conventional view is rubbish. Today's great divide is not between left and right. It's between democracy and oligarchy.

There are no longer "moderates." There's no longer a "center." The most powerful force in American politics today is anti-establishment fury at a rigged system.

Four decades ago, when America had a large and growing middle class, the left wanted stronger social safety nets and more public investment in schools, roads and research. The right sought greater reliance on the free market.

In those days, a general election was like a competition between two hotdog vendors on a long boardwalk extending from left to right. To maximize sales, each had to move to the middle. If one strayed too far left or right, the other would move beside him and take all sales from the rest of the boardwalk.

This older American politics is now obsolete. As wealth and power have moved to the top and the middle class has shrunk, more Americans have joined the ranks of the working class and poor.

Most Americans, regardless of whether they were once on the left or right, have become politically disempowered and economically insecure. Nowadays it's the boardwalk versus private jets on their way to the Hamptons.

As Rahm Emmanuel, Barack Obama's chief of staff and former mayor of Chicago, told the New York Times: "This is really the crack-up. Usually fights are Democrats versus Republicans, one end of Pennsylvania versus the other, or the left versus the right. Today's squabbles are internal between the establishment versus the people that are storming the barricades."

In 2016, Trump harnessed many of these frustrations, as did Sanders.The frustrations today are larger than they were in 2016. Corporate profits are higher, as is CEO pay. Markets are more monopolized. Wealth is more concentrated at the top. Although the official unemployment rate is lower, most peoples' incomes have gone nowhere and they have even less job security.

Meanwhile, Washington has become even swampier. Big corporations, Wall Street and billionaires have flooded it with money and lobbyists. Trump has given out all the tax cuts, regulatory rollbacks and subsidies they have ever wanted. The oligarchy is in charge.

Why hasn't America risen up in protest? Because American democracy was dysfunctional even before Trump ran for president. The moneyed interests had already taken over much of it.

It's hard for people to get very excited about returning to the widening inequalities and growing corruption of the decades before Trump. Which partly explains why Biden is foundering.

At the same time, Trump and his propagandists at Fox News have channeled working-class rage against the establishment into fears of imaginary threats such as immigrants, socialists and a "deep state."

But a large majority of Americans right and left, Republican as well as Democrat could get excited about moving toward a real democracy and economy that worked for the many.

This is why the oligarchy is so worried about Warren's rise to front-runner status in some polls.

Politico reports that Democratic-leaning executives on Wall Street, in Silicon Valley and across the corporate world are watching her with an increasing panic.

"Ninety-seven percent of the people I know in my world are really, really fearful of her," billionaire Michael Novogratz told Bloomberg.

These Democratic oligarchs hope Biden, or perhaps Pete Buttigieg or Amy Klobuchar, can still take Warren out.

In just the third quarter, Buttigieg raised about $25,000 from executives at Wall Street firms including Goldman Sachs, Morgan Stanley, JPMorgan and hedge fund giants like Bridgewater, Renaissance Technologies and Elliott Management. And another $150,000 from donors who described their occupation as "investor."

 

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Robert Reich, former U.S. Secretary of Labor and Professor of Public Policy at the University of California at Berkeley, has a new film, "Inequality for All," to be released September 27. He blogs at www.robertreich.org.

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2 people are discussing this page, with 2 comments


Phat Khat

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I didn't even read it. Warren is a phony. She is riding Bernie's coattails, and will pivot right as soon as she gets the nomination. Bernie is invisible. Warren is front and center in the media. Red flag. The media will never push a real progressive. There is only one Bernie, and this is our only chance.

Submitted on Sunday, Oct 27, 2019 at 6:06:54 PM

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John Jonik

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Kinda simple...and kinda obvious w/ a moment's thought...that Wall Street gets every dime from We, The People. Whatever "dimes" it gets from other corporate interests, is still from regular people.

Would be informative to pluck one dollar bill from, say, Citi Bank or some hedge fund or whatnot and do a "DNA" check to see the original source of that dollar.


Submitted on Tuesday, Oct 29, 2019 at 12:37:58 AM

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