The Primary Contradiction: Corporate Power vs. Progressive Populism

For plutocrats, this summer has gotten a bit scary. Two feared candidates are rising. Trusted candidates are underperforming. The 2020 presidential election could turn out to be a real-life horror movie: A Nightmare on Wall Street.

"Wall Street executives who want Trump out," Politico reported in January, "list a consistent roster of appealing nominees that includes former Vice President Joe Biden and Sens. Cory Booker of New Jersey, Kirsten Gillibrand of New York and Kamala Harris of California."

But seven months later, those "appealing nominees" don't seem appealing to a lot of voters. Biden's frontrunner status is looking shaky, while other Wall Street favorites no longer inspire investor confidence : Harris is stuck in single digits, Booker is several points below her, and Gillibrand just dropped out of the race.

Meanwhile, Bernie Sanders and Elizabeth Warren are drawing large crowds and rising in polls. In pivotal early states like Iowa and especially New Hampshire, reputable poll averages indicate that Biden is scarcely ahead.

"Bankers' biggest fear" is that "the nomination goes to an anti-Wall Street crusader" like Warren or Sanders, Politico reported, quoting the CEO of a "giant bank" who said: "It can't be Warren and it can't be Sanders. It has to be someone centrist and someone who can win."

But the very biggest fear among corporate elites is that Warren or Sanders could win-- and then use the presidency to push back against oligarchy. If Biden can't be propped up, there's no candidate looking strong enough to stop them.

Biden, Warren and Sanders, as the New York Times reported on Wednesday, are "a threesome that seems to have separated from the rest of the primary field." In fourth place, national polling averages show, Harris is far behind.

Biden's distinguished record of servicing corporate America spans five decades. He is eager to continue that work from the Oval Office, but can he get there? A week ago, a Times headline noted reasons for doubt: "Joe Biden's Poll Numbers Mask an Enthusiasm Challenge." Enthusiasm for Biden has been high among Democratic-aligned elites, but not among Democratic-aligned voters.

While corporate news organizations -- and corporate-enmeshed "public" outlets like NPR News and the PBS NewsHour -- evade primary contradictions, Sanders directly hammers at how huge corporations are propelling media bias and undermining democracy.

Even though he has inspired media onslaughts -- such as the now-notorious16 anti-Sanders articles published by the Washington Post in a pivotal 16-hour period during the 2016 primary contest -- the Sanders campaign is so enormous that even overtly hostile outlets must give him some space. In an op-ed piece he wrote that the Post published seven weeks ago, Sanders confronted Biden's wealth-fondling approach.

Under the headline "The Straightest Path to Racial Equality Is Through the One Percent," Sanders quoted a statement from Biden: "I don't think 500 billionaires are the reason why we're in trouble." Sanders responded, "I respectfully disagree" -- and he went on to say: "It is my view that any presidential candidate who claims to believe that black lives matter has to take on the institutions that have continually exploited black lives."