Feeds:
Posts
Comments

Archive for the ‘Uncategorized’ Category


According to Forbes Magazine, not a single billionaire shows any financial support for Bernie Sanders in his run for the presidency. What do the billionaires expect in return for their support of the other candidates? We will not know unless we elect the billionaire’s candidate. One thing is certain; some of the billionaires want to continue to redistribute more income and wealth from the 99 percent to themselves.

The list was last updated on August 13th. According to Forbes, “67 billionaires—including spouses and members of billionaire families—had donated to the 20 Democratic candidates that debated in Detroit last week. Some, like Lowercase Capital founder Chris Sacca and his wife, Crystal, have donated to as many as seven candidates. Others, like Bill Gates and Warren Buffett, have instead chosen to donate to only one of the contenders, according to data from the U.S. Federal Election Commission.”

Below is a list of the candidates rated by how many different billionaires support their public and non-public positions (i.e. We do not know what was promised).

1. Pete Buttigieg: 23 billionaire donors
2. Corey Booker: 18 billionaire donors
3. Kamala Harris: 17 billionaire donors–no wonder she says one thing to the public and another thing to her campaign donors.
4. Michael Bennet: 15 billionaire donors
5. Joe Biden: 13 billionaire donors
6. John Hickenlooper: 11 billionaire donors
7. Beto O’Rourke: 9 billionaire donors
8. Amy Klobuchar: 8 billionaire donors
9. Jay Inslee: 5 billionaire donors
10. Kirsten Gillibrand: 4 billionaire donors
11. Elizabeth Warren and John Delaney: 3 billionaire donors each
12. Steve Bullock: 2 billionaire donors
13. Tulsi Gabbard, Andrew Yang, and Marianne Williamson: 1 billionaire donor each
14. Bernie Sanders, Julian Castro, Bill De Blasio, and Tim Ryan: 0 billionaire donors

We all knew Joe Biden has always been a servant of Wall Street. What we did not know was who were the other stealth candidates for the rich. Pete Buttigieg, Corey Booker, and Kamala Harris are at the top of the list of the billionaires. A vote for them is a vote for redistributing income from the 99 percent to the billionaires.

Bernie, Julian Castro, Bill De Blasio, and Tim Ryan are the least favorite of the billionaires. A vote for them is a vote for the 99 percent.

Elizabeth Warren is the surprise here. She is a consistently ardent supporter of the 99 percent and an avowed enemy of the billionaires of Wall Street. Warren has received contributions from the wife of GitHub founder Tom Preston-Werner and from Susan Pritzker, the spouse of Hyatt heir Nicholas Pritzker, II.

The Billionaires and their Democratic Presidential Candidates–Forbes

Advertisements

Read Full Post »

Sen. Elizabeth Warren cited recent Pew Research Center polling that found only 18% of Americans say they can trust the U.S. government to do the right thing to unveil her Anti-Corruption and Public Integrity Act on Tuesday.

It is well known that the rich, their corporations, and their lobbyists have bought almost every member of the United States House of Representatives and almost every member of the Senate since 1981, which include such corrupt blowhards as RepubliCons Orrin Hatch, Mitch McConnell and Democrat Ron Wyden. Since 1981, every United States president has bent to the desires of the well-to-do on all matters having to do with redistributing income and wealth from the 99 to the 1 percent. Wyden, Hatch, and McConnell have voted to redistribute income and wealth from the 99 percent to the rich and powerful time and time again when they voted to export millions of jobs held by United States citizens via trade agreements.

The difference between the old higher US wages and benefits and the new three dollars a day jobs in foreign nations goes straight into the pockets of the super-rich via higher corporate profits, rising share prices, and surging dividends. The newly unemployed in the U.S. might get unemployment insurance for a few months if they are lucky.

Political corruption is precisely why income inequality has grown from the 1 percent receiving 8 percent of all income produced in the USA in 1980 to 37 percent today, and why three people own more wealth than the bottom 50 percent of the U.S. population, and why the 1 percent owns more wealth than the bottom 90 percent.

Warren’s plan provides a lifetime ban on lobbying by former members of Congress, Presidents, and agency heads and banning foreign lobbying and lobbyists donations to candidates and members of Congress.

Warren’s bill seeks to eliminate both the appearance and the potential for financial conflicts of interest by banning members of Congress, cabinet secretaries, federal judges, and other senior government officials from owning and trading individual stock, including requiring the Supreme Court follow the ethics rules applicable to all other federal judges. One study has found that members of the U.S. Supreme Court rule in favor of companies they invest in.

Warren advocates “locking the government-to-lobbying revolving door” and eliminating the “golden parachutes” that companies pay some executives when they enter public service, citing the instance of Goldman Sachs paying Gary Cohn more than $250 million when he left the firm to lead President Trump’s National Economic Council.

Warren’s legislation also aims to end what she characterizes as the corporate capture of public interest rulemaking by requiring disclosure of funding or editorial conflicts of interest when corporations and special interest groups pay for comments and studies that support rulemaking, as well as requiring elected officials and candidates for federal office to disclose more financial and tax information and making federal contractors – including private prisons and immigration detention centers – comply with federal open records laws.

A lot more can be done to end corruption in the U.S. government. Banning the paid speeches made by former presidents and high officials is a starter. Bill and Hillary Clinton and Barack Obama get $250,000 a pop for half-hour paid speeches. Who is to say the lure and promise of future profits do not influence the choices made by people in high office? In addition, the government could limit the amount of funding of political campaigns provided by political action committees, corporations, and individuals. However, the corporate wing of the United States Supreme Court has been so corrupted by the inflow of cash and favors and class warfare mentality in favor of their social and economic class, that they eliminated one hundred years of legal precedent in the Citizens United case of 2010 that limited contributions as outlined in the sentence above. Reversing that, and successfully impeaching the corrupt corporate wing of the Supreme Court would go a long way toward ending the massive wave of political corruption that has swamped the United States governments at all levels like rising tides of overflowing cesspools.

For the complete story, see Elizabeth Warren Proposes Ways to Fight Political Corruption–MarketWatch.

Read Full Post »

The Communist Party of the United States never amounted to more than a few thousand people. The Socialist Party of the United States, quite different from the Communist Party, peaked in 1912 when presidential candidate Eugene Debs received 6.0 percent of the popular vote. The socialist party went downhill from there, and never really was a political threat to the two major corporate political parties. The political left of the United States has been effectively dead for decades in terms of communists and socialist. So who makes up the political left nowadays? And who is on the political right?

The political left is the 99 percent, while the political right is made up of the billionaires, their corporations, their corporate media, the two major political parties they own, their allies in political office, their anti-U.S. Constitution corrupt corporate wing of the United States Supreme Court (John Roberts, Samuel Alito, Neil Gorsuch, Brent Kavanaugh, and Clarence Thomas).

In the days of yore, during the Great Depression, the left came up with socialist legislation, such as the 40-hour work week, social security, the minimum wage, labor union organizing rights, unemployment insurance, and so on. The right tried to prevent these things, and as President Franklin Roosevelt noted in 1936, the millionaires previously in control of the government and both major political parties wanted everything as it had been before the Great Depression. The millionaires wanted nothing for the 99 percent. They wanted to be in charge so to use government as an appendage of their own corporations, and let political corruption run rampant, just like the billionaires today in the United States.

In the aftermath of the Great Depression, when all those socialist programs were put in place, the United States middle class thrived. The middle and lower economic classes even won political battles, such as ending racial segregation, terminating the profitable war in Vietnam, winning the battle of the environment which industry lost, winning women’s rights, etc….

The 1 percent felt threatened enough to organize among themselves, using their corporations, and creating propaganda think tanks, such as the Heritage Foundation, and by 1975, the rich began a massive propaganda campaign, along with corrupting both major political parties and the United States Supreme Court into giving them more rights and a vast array of political victories over the 99 percent, especially when it comes to redistributing income and wealth from the 99 percent to themselves.

The rich use social issues to divide us, and keep our attention from the redistribution of income and wealth from us to them, led by such politicians as Wall Street Senator Ron Wyden, and Wall Street Senator Mitch McConnell. The billionaires who own the Democratic Party and the billionaires who own the RepubliCon Party often work together to redistribute income and wealth from the 99 percent to themselves, such as pushing legislation to export millions of jobs, while simultaneously using their corporate news media to divide the 99 percent via social issues, such as abortion, racism, the war against Christmas, the war against women, and the war against dirty diapers.

There you have it: the political right is made up of the billionaires and millionaires, and the political left is made up of the rest of us.

Read Full Post »

Elizabeth Warren plans to put an end to Wall Street control of the Democratic Party if she becomes president. The first place she would begin is with international trade policies, drawing sharp contrasts with Wall Street puppet’s Barack Obama, Bill Clinton and Hillary Clinton in the process, along with Democratic Party Wall Street Senator Ron Wyden and dozens of other Democrats in political office.

Wyden has long been one of the architects of the growing income and wealth inequality in the United States over the last thirty years. He has continuously championed the exporting of tens of millions of American jobs on behalf of Wall Street investment banks and corporate bigwigs. The difference between the old higher U.S. wages and the new much less third world wages goes straight into the already fat wallets of the billionaires. My ex-wife calls Wyden, accurately as it turns out, a RepubliCon on all economic matters.

As for Warren, her plans include nine issues every nation would have to meet before negotiating a trade deal with the United States. Those standards include upholding and enforcing the labor rights laid out by the International Labour Organization, eliminating all domestic fossil fuel subsidies, fulfilling commitments from the Paris Climate Agreement, not running afoul of the State Department’s Country Reports on Human Rights, and not being on the Treasury Department’s monitoring list for manipulative currency practices. Warren’s requirements would apply not only to new trade deals but to existing treaties that Warren pledges to renegotiate.

Naturally, RepubliCons and Corporate/Wall Street Democrats, such as Wyden, will be opposed to Warren’s standards. So are the billionaires, Wall Street investors, and the so-called news media they control. Their only standard is to redistribute income and wealth from the 99 to the 1 percent even if the world burns.

Taken together, Warren’s mandates would fundamentally change American trade policy, potentially excluding many countries that would see the requirements as too onerous for the parasitic elites who control those governments, and who want to continue the maldistribution of income and wealth that existing trade agreements have been negotiated to bring about.

“For decades, big multinational corporations have bought and lobbied their way into dictating America’s trade policy,” Warren wrote, calling the policies across Republican and Democratic administrations a “failed trade agenda.”

“Trade can be a powerful tool to help working families but our failed pro-corporate agenda has used trade to harm American workers and the environment. My plan represents a new approach to trade — one that uses America’s leverage to boost American workers and raise the standard of living across the globe.”

In effect, Warren aims to reverse the income and wealth stolen from 99 percent of Americans and given to the billionaires by Wyden, Clinton, Obama, and the entire RepubliCon Party.

Read Full Post »

George W. Bush was born with a golden spoon in his mouth, and he was pretty stupid, along with being one of the, if not the, worst presidents in U.S. history. As president, he actually had the stupidity to tell a working-class woman how “uniquely American” it is for her to work three jobs. In other words, the guy who took several months of vacation during his first year as the U.S president told the woman how uniquely American it was to be overworked, that is, if you work for a living.

According to a recent study, the people of the United States are the most overworked in the developed world. We are talking about the 99 percent, not the rich. On this matter, their fates are inversely entwined. Anyway, studies show American workers work more hours and have more stress-related illnesses than workers in Europe and Japan.

The authors point to rising economic inequality as one possible reason for the culture of overwork. The United States has the most unequal maldistribution of income and wealth in the developed world. It is not a coincidence that income and wealth inequality and Americans being overworked and overstressed are happening at the same time.

As income and wealth are redistributed by the major political parties from the 99 to the 1 percent since 1980 using state and federal governments, the 99 percent has had to work more and more hours to make ends meet.

That, in a nutshell, is why working folks in the United States are most overworked and overstressed people in the developed world.
The United States is the Most Overworked Nation in the World–Forbes

Here’s How Many Hours the Average American Works per Year-Vox

Why Are Americans Spending So Much Time at Work–The Guardian

Read Full Post »

According to Business Insider, the one percent has so much money they don’t know what to do with it.

Top corporations have been engaged in rigging the stock markets by buying their stocks and pushing the price of their stocks higher than would otherwise be the case. As much as 59 percent of all corporate profits have gone to stock buybacks rather than investing in new products or machinery. Until 1982, stock buybacks were illegal in the United States.

One of the more obvious things corporations could do with this money would be to pay their workers more, but “that would be terrible for the stock market,” said Neil Shearing, chief economist at Capital Economics. However, paying their employees more would stimulate the demand for goods and services, but doing so would leave less financial wiggle room for corporations to buy back more of their own shares, which would then depress the value of those shares, while devaluing the stock options received by CEOs.

In other words, stock options are good for CEOs but bad for the rest of the economy as a whole.

Corporations spent $1.1 trillion in stock buybacks in 2018, and they are “on track to surpass that number this year. But they still have record cash holdings of close to $3 trillion.

“Wealthy households and individuals, according to the report, are pouring money into asset managers, betting on companies that lose $1 billion a year, bonds from little-known Middle Eastern republics, and giving hot Silicon Valley start-ups more venture capital than they can handle.

And private equity companies have seen so much cash flow that these firms have $2 trillion of unused capital.

But even that hasn’t been enough to account for all the new money. The top 1% of US households are holding a record $303.9 billion of cash, a quantum leap from the under $15 billion they held just before the financial crisis.”

In other words, the rich are sitting on $303.9 billion and don’t know what to do with it, corporations are sitting on $3 trillion and don’t know what to do with it, private equity firms are sitting on $2 trillion and don’t know what to do with it. Meanwhile, trillions of dollars the rich, corporations and private equity firms have invested have been used to create a large unsustainable financial bubble that will burst with the coming of the next recession.

Given that after-tax corporate profits are down for the last two quarters for which statistics have been fully completed and given the inversion of the yield curve (which has always signaled the coming of recessions since the 1970s), all those trillions of dollars will likely vanish into nothingness when the bubble bursts. However, had the majority of that money gone to pay increases, which would have stimulated demand for goods and services, the economy would likely continue on its growth trajectory with greater Gross Domestic Product growth.

This unequal distribution of income and wealth has been brought about due to inequality in the political markets. The golden rule has been used to bring this about. He who has the gold makes the rules.

The report blames free trade for placing significant pressure downward on wages, the Trump tax cuts for the rich and their corporations which have provided even more money for corporations to buy back their shares, thereby jacking up their share prices and allowing them to give more and higher dividends to shareholders.

Click here for the report from Business Insider.

Read Full Post »

Democratic presidential candidate and U.S. Senator Bernie Sanders (I-VT) is calling for a tax on Wall Street to pay for forgiving $1.6 trillion in student loan debt.

Sanders tweeted, “If we can bail out Wall Street (See The $26 Trillion Bailout) we sure as hell can cancel student loan debt,” and “We bailed out Wall Street in 2008. It’s time to tax Wall Street’s greed to help the American people.”

Sanders tweeted who he thought the opponents of his legislation will be: “I am going to make a prediction. The major opponents of our legislation to cancel $1.6 trillion in student debt—mark my words—will be the exact same people who said we had to bail out Wall Street to the tune of billions upon billions of dollars.” In other words, the entire RepubliCON party, most corporate Democrats, Wall Street and major corporate leaders will oppose the legislation.

Tens of millions of US jobs have been exported overseas since the 1970s, especially manufacturing jobs. That is a big chunk of the US tax base that supported such things as universities, K-12 public schools, etc…, and one of the main reasons college has become so expensive in recent decades. The difference between the old higher US wages and benefits and the new considerably less foreign wages with no benefits has gone into the pockets the rich by the trillions of dollars, which clearly represents a redistribution of income, which has fueled massive wealth inequality. Wall Street executives and the affluent have been the beneficiaries of these income redistribution scams.

As for Bernie’s plan to offset decades of the corrupt US government and both corrupt major political parties using trade treaties and legislation to redistribute income from working folks to the rich, he said: “In the wealthiest country in the history of the world, it is simply not acceptable for our younger generation through no fault of their own have a lower standard of living than their parents, more debt, lower wages, and less likelihood of owning their own homes.”

Sanders said this at a Monday news conference detailing the proposal, called the College For All Act.

He added: “That is why this proposal completely eliminates student debt in this country and ends the absurdity of sentencing an entire generation — the millennial generation — to a lifetime of debt for the ‘crime’ of doing the right thing, and that is going out and getting a higher education.”

Read Full Post »

Older Posts »

%d bloggers like this: