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Posts Tagged ‘Elizabeth Warren’


I paid my wealth tax of almost $3000 earlier this month. Doing so left me broke for a couple of weeks. This wealth tax is called a property tax, but the land you own is part of your wealth and my property tax could just as easily be called a wealth tax since it taxes part of my wealth.

Until recently, progressive taxation had been part of the fabric of American democracy for over a century. The idea the rich can pay more is quite biblical, just ask Jesus. Somebody who has $100 billion in wealth is going to pay $3 billion or so in tax, and some of them are acting as though the taxman is going to swing an ax into their billion-dollar genitals if the tax legislation is enacted.
These billionaires have rigged the economy in their favor by using their billions to corrupt both major political parties and the federal government in the process. They have used corruption to redistribute trillions of dollars from working folks to themselves in the process. This is why three people (Bill Gates, Warren Buffett and Jeff Bezos) own more wealth than the bottom half of the U.S. population. This is why the 1 percent have gained $21 trillion since 1989 and the bottom half of U.S. citizens have lost $900 billion (See  the-corrupting-billionaires-have-gotten-richer-by-21-trillion-since-1989)

Exporting millions of jobs via trade agreements alone sent trillions of dollars from working people to the billionaires over the last forty years. The difference between the old higher US pay and the new lower third world pay goes straight into the pockets of the billionaires via higher corporate profits, rising dividends, and surging share prices.

Corruption and class warfare against the 99 percent are running wild in all three branches of government, and that tiny progressive tax is a step in the right direction that might help put an end to it and restore U.S. democracy in the process.

I do not agree with everything Elizabeth Warren and Bernie Sanders propose. However, I agree with former President Barack Obama when he said: “Income inequality is the defining challenge of our time.” He said it one time. Then somebody likely took him to the side, told him never to say it again, and he never did. Now he makes $400,000 a speech, which is $150,000 more than Bill and Hillary Clinton make.

We can put an end to this type of revolving-door corruption and other forms of political corruption. The wealth tax is just a tiny step in the right direction.

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Democratic presidential candidate Elizabeth Warren understands economics and political power. She understands democracy, and she understands we no longer have a democracy. We have a plutocracy, which is a government for the rich and by the rich. The rich and their corporations have their power over all three branches of government, and they have used that power to redistribute tens of trillions of dollars from working people to themselves over the last forty years.

This week hedge fund CEO Leon Cooperman sent her a five-page letter complaining that she doesn’t know anything about billionaires, or him in particular. Leon apparently does not know that when you export millions of jobs, the difference between the old higher U.S. compensation and the new low, that is very low, third-world wages with no benefits goes straight into the pockets of the rich while the job losers get unemployment insurance.

This is why three people own more wealth than the bottom half of the U.S. population, This is why the six richest people in the world own more wealth than the bottom half of humanity. This is why 38+ percent of all income in the U.S. goes into the pockets of the 1 percent every year compared to roughly 8 percent as late as 1979. The billionaires have created massive amounts of political corruption and the destruction of United States democracy in the process. Warren understands this.

Leon Cooperman is facing a tax hike if Warren becomes president. Apparently, many billionaires are assuming this is the end of life as they know it.

Warren’s tax agenda has become a lightning rod for criticism by the ultrawealthy, including some, like Cooperman, who identify as political moderates. “What is wrong with billionaires?” Cooperman complained to Politico in a story that appeared last week. “You can become a billionaire by developing products and services that people will pay for.” Warren is not against billionaires who do this. She is against those who have rigged the economy and destroyed U.S. democracy in the process.

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Adding to the mountain of statistical evidence showing the severity of U.S. inequality, an analysis by of the United States Federal Reserve Bank showed that the top one percent of Americans have gained, or rather stolen using political and media corruption, $21 trillion in wealth since 1989 while the bottom 50 percent lost $900 billion.

Matt Bruenig, founder of the left-wing think tank People’s Policy Project, broke down the Federal Reserve’s newly released “Distributive Financial Accounts” data series and found that, overall, “the top one percent owns nearly $30 trillion of assets while the bottom half owns less than nothing, meaning they have more debts than they have assets.”

Wealth is made up of assets, such as stocks, bonds, and houses. Income is the money that comes to you either via government programs, your jobs, or from your assets, such as dividends.

The growth of wealth inequality over the past 30 years, Bruenig found, is “eye-popping.” This income and wealth inequality has been brought about by the political corruption of all three branches of the United States government by the 1 percent using their control of both major political parties.

“Between 1989 and 2018, the top one percent increased its total net worth by $21 trillion,” Bruenig wrote. “The bottom 50 percent actually saw its net worth decrease by $900 billion over the same period.”

Much of the increase in inequality is due to international trade agreements, which have allowed U.S. corporations to export millions of American jobs to third world nations. The difference between the old higher US pay and other compensation goes straight into the pockets of the 1 percent via higher corporate profits, dividends and share prices.

This suggests you ought to vote for Bernie Sanders or Elizabeth Warren for presidents.

Wall Street executives already have Joe Biden and Donald Trump, along with the corrupt corporate wing of the United States Supreme Court, and such US Senators as Ron Wyden and Mitch McConnell tucked away in their back pockets. These folks do not represent you.

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The billionaires who own the Democratic Party are preparing to sit out the presidential campaign fundraising cycle, and have threatened to back President Trump if Senator Elizabeth Warren wins the party’s nomination. We know where the loyalty of the billionaires who control the Democrat Party lie, and it is with their comrades in arms, the billionaires who own the RepubliCon Party.

The billionaires that control both major political parties work hard using their news media and talking heads to get Democratic and Republican voters to side with their party and argue with one another about social issues, such as abortion, gun control, or whether or not transgender bathrooms should have urinals, and whether or not Albus Dumbledore of Harry Potter fame is gay or not, and whether or not Santa Claus should be depicted as transgender or not, rather than talking about income, wealth and the political inequality the billionaires, their politicians (such as Wall Street Senator Ron Wyden) and their Supreme Court have created, and how the billionaires have rigged and corrupted the democracy we live in, while simultaneously working together to financially rob and rape the 99 percent of both Parties in whatever way possible so long as it makes them richer in the process.

The billionaires who control the Democratic Party have already supported President Trump on a number of issues, such as tax cuts for the rich.

Warren tweeted in response to the threat, “I’m fighting for an economy and a government that works for all of us, not just the wealthy and well-connected. I’m not afraid of anonymous quotes, and wealthy donors don’t get to buy this process. I won’t back down from fighting for the big, structural change we need.”

In recent weeks, CNBC spoke to several high-dollar Democratic donors and fundraisers in the business community and found that this opinion was becoming widely shared as Warren, an outspoken critic of big banks and corporations, gains momentum against Joe Biden and Bernie Sanders in the 2020 race.

What CNBC did not say was that the vast majority of U.S. citizens need a new Franklin Delano Roosevelt as United States president in order to stave off the predations of the billionaires who own both major political parties, as well as the corrupt/corporate/conservative wing of the United States Supreme Court.

One Democratic Party senior private equity executive said, “You’re in a box because you’re a Democrat and you’re thinking, ‘I want to help the party, but she’s going to hurt me, so I’m going to help President Trump.’” This billionaire spoke on the condition of anonymity in fear of retribution by party leaders. The executive said this Wednesday, a day after Speaker Nancy Pelosi announced that the House would begin a formal impeachment inquiry into Trump.

During the campaign, Warren has put out multiple plans intended to curb the corrupting influence of Wall Street on government, both major political parties, and the United States Supreme Court, including a wealth tax. In July, she released a proposal that would make private equity firms responsible for debts and pension obligations of companies they buy. The billionaires surely do not want that. Trump, meanwhile, has given wealthy business leaders a helping hand with a major corporate tax cut and by eliminating regulations.

Warren has sworn off taking part in big money fundraisers for the 2020 presidential primary. She has also promised to not take donations from special interest groups. She finished raising at least $19 million in the second quarter mainly through small-dollar donors.

Trump, has been raising hundreds of millions of dollars, putting any eventual 2020 rival in a bind as 20 or so Democrats compete for their party’s nomination.

Trump’s campaign and the Republican National Committee have raised over $100 million in the second quarter, and a record $125 million in the third quarter. Most of that came from wealthy donors who gave to their joint fundraising committee, Trump Victory. In August, the RNC raised just over $23 million and has $53 million on hand.

The Democratic National Committee have struggled to keep up. The DNC finished August bringing in $7.9 million and has $7.2 million in debt. CNBC decided not to mention this is because Democratic grassroots voters are throwing tens of millions of dollars to the Warren and Bernie Sanders campaigns.

Biden, who has courted and garnered the support of various wealthy donors, has started to lag in some polls. The latest Quinnipiac poll has Warren virtually tied with the former vice president. Biden was one of three contenders that saw an influx of contributions from those on Wall Street in the second quarter.

The business community’s unease about Warren’s candidacy has surged in tandem with her campaign’s momentum. CNBC’s Jim Cramer said earlier this month that he’s heard from Wall Street executives that they believe Warren has “got to be stopped.”

Some big bank executives and hedge fund managers have been stunned by Warren’s ascent, and they are primed to resist her. Ultimately, this means they intend to resist the will of the vast majority of United States citizens.

“They will not support her. It would be like shutting down their industry,” an executive at one of the nation’s largest banks told CNBC, also speaking on condition of anonymity. This person said Warren’s policies could be worse for Wall Street than those of President Barack Obama, who signed the Dodd-Frank bank regulation bill in the wake of the 2008 financial meltdown.

Yet before Obama was elected, his campaign took over $1 million from employees at Goldman Sachs, according to the nonpartisan Center for Responsive Politics.

A hedge fund executive pointed to Trump’s tax cut as a reason why his colleagues would not contribute or vote for Warren if she wins the nomination.

“I think if she can show that the tax code of 2017 was basically nonsense and only helped corporations, Wall Street would not like the public thinking about that,” this executive said, also insisting on anonymity.

This really means something simple: if you want to vote for your interests, as well as the interests of the vast majority of United States citizens, vote for Elizabeth Warren or Bernie Sanders. If you want to vote for the interests of the billionaires’ vote for Joe Biden.

Billionaires Rise Up Against Elizabeth Warren

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The gap between the richest and the poorest U.S. households is now the largest it’s been in the past 50 years according to new data from the U.S. Census Bureau.

U.S. income inequality was “significantly higher” in 2018 than in 2017, the Census Bureau says in its latest American Community Survey report. Since the rich in the United States possess earnings and investments abroad, it is likely the income and wealth gaps are much larger than the Census Bureau measures.

The gap grew despite a surging national economy that has seen low unemployment and more than 10 years of consecutive GDP growth.

The most troubling thing about the new report, says William M. Rodgers III, a professor of public policy and chief economist at the Heldrich Center at Rutgers University, is that it “clearly illustrates the inability of the current economic expansion, the longest on record, to lessen inequality.”

That is because the rich are using their political power to create income inequality in their favor.

When asked why the rising economic tide has raised some boats more than others, Rodgers lists several factors, including the decline of organized labor and competition for jobs from abroad. He also cites tax policies that favor businesses and higher-income families.

To understand even a little of how labor unions have been weakened you only need to look at a few of the legal decisions made by the corrupt corporate wing of the United States Supreme Court when it sided with the billionaires and their corporations in the Janus vs. AFSCME case. The corrupt wing of the court, lead by Cheif Justice John Roberts, decided to put an end to decades of legal precedent in which labor union members who did not want to pay union dues were required to pay a lesser fee to their unions to cover the cost of negotiating new contracts with management. Now labor unions are the only organizations in the United States that must provide free services to members who do not wish to pay. The corrupt wing of the court’s intention in making this decision was to weaken the power of labor unions, and working people in general, vis-a-vis the billionaires and their corporations.

Everybody knew the corrupt corporate wing of the court was going to vote in favor of Janus and end four decades of legal precedent in the process. Everybody knew the billionaires had the corporate wing in their hip pocket.

Income inequality is measured through the Gini index, which measures how far apart incomes are from each other. To do that, the index assigns a hypothetical score of 0.0 to a population in which incomes are distributed perfectly evenly and a score of 1.0 to a population where only one household gets all of the income.

The United States has been one of the most unequal of nations in the world using the Gini coefficient. The U.S. is ranked 103 in the world by the World Bank for income inequality, behind every major industrialized country, and up there with such nations as Haiti and Uganda. The U.S. was ranked at 73 ten years ago, so inequality continues to worsen here.

The billionaires’ control the corrupt corporate wing of the United States Supreme Court, the entire Republican Party, and most Democratic politicians at the national level. Therefore, you can expect income and wealth inequality will continue to get worse in the United States.

In other words, vote for Bernie Sanders or Elizabeth Warren for president.

US Census Bureau Report

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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

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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.

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