Will Biden Be Better? We Now Have an Indication

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    • #318212
      Cold Mountain Trail
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      • Total Posts: 8,492

      The article says that appointment of Summers as Biden ‘economic advisor’ shows the nature of a future Biden admin:

       

      Summers championed the ultimate deregulation achievement that even Reagan could not.  He advised Clinton to repeal Glass-Steagall, a regulation put in place to limit the causes of the Great Depression…  Prior to 1929, investment arms of banks had owned hedge funds that had been wildly speculating in risky investments in the stock market. Then, because banks could do both functions, the creditors of the investment bank division could seize the savings of America in the deposit money at the commercial bank division if their speculations went south, as they did…Glass-Steagall separated the function so that no one entity could be both investment and commercial bank. Now if investment banks lost their bets, the creditors could not seize deposit money.

      It also limited the commercial banks so that they could only speculate in the markets to the extent of 10% of their assets.  After the Summer’s supported policy of repealing Glass Steagall was put into effect, the reins were off. The executives at both banks could use bank assets to speculate in the markets for profits that flowed into their bonuses putting depositor money at risk….bank executive bonuses exploded…

      There we have it. This well rewarded friend of Wall Street, who got just about every important issue about the 2008 crisis wrong, is a Biden go to guy for future economic policy….  Summers likely supports many Democratic issues such as LGBTQ rights, Dreamers, humane treatment of refugee claimants and such. But when it comes to policies that might put some control on the easy upward flow of income and wealth to Wall Street, he will ensure that doesn’t happen.   (Biden) will have a team of ‘Summers’ advising him during his administration should he be elected. And these neoliberal economists, with their deregulation agenda, will accept speaking engagements at ridiculously exaggerated fees from Wall Street and corporate America, their universities will receive bountiful grants, and Biden’s policies, even if he intends otherwise, will continue to preserve, completely intact, the various ways in the financial system for the upward transfer of wealth.

      https://www.opednews.com/articles/5/Will-Biden-Be-Better-We-N-by-Jan-D-Weir-Bottom-up-Economics_Economics_Politics_Wall-Street-200521-448.html

      https://www.pbs.org/video/frontline-the-warning/

       

    • #318215
      MizzGrizz
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      • Total Posts: 1,873

      Rich man’s candidate,just like Trump.

    • #318329
      Jan Boehmerman
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      • Total Posts: 3,013
    • #318334
      Populist Prole
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      • Total Posts: 431

      But it gets worse. Barack ran as a bona-fide progressive. Though treated as a radical leftist by the GOP ( Wow, what a shocker! ) he ramped up rather quickly toward corporate fascism, and by the latter part of his 2nd term was comfortable enough to tell what was once the classic democratic party base to go shit in their hats.

      Biden, coming in with a with a an even further right resume, albeit concealed under the characteristic vice-president veil, knows time is short ( what with what’s left of his marbles dropping out of a hole in his draw-string bag ) gets right to the point and tells the classic democratic party base, as well as anybody under 40 to go shit into their hats from the get-go.

      Not the makings of “better”, I assure you, and certainly not the benign trojan horse some delusional “vote blue no matter who” types think that is campaigning rightward to pacify the deep state in order to get elected, and become FDR V2.0 once in.

    • #318362
      Fugitive Birdie
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      • Total Posts: 238

      You know that if Biden and the  neoliberals get in control again they will pass the Trans-Pacific Partnership and bring 655 million South-East Asians into the race to the bottom of cheap production to compete with China and destroy the last of regulated labor for manufacturing in the world.

    • #318370
      Betty Karlson
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      • Total Posts: 467

      Third Party please? How is that People’s Party gearing up?

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