Feeds:
Posts
Comments

Posts Tagged ‘Elizabeth Warren’

We can pretty much see from the graph above what the Trump tax plan does. It raises taxes on those couples earning less than $80,000 a year, and reduces taxes on those earning more, until you get to the million dollar couples.

However, beyond the graph is something more illuminating, and both the liberal and corporate so-called news media won’t mention this because they don’t want you to know.

Income and wealth inequality will increase under Trump’s tax plan. In the United States, the top 1 percent already steal via legislation and trade treaties about 37 percent of all income produced in the United States, compared to just 8 percent in 1980. In addition, wealth inequality, already the most unequal in US history, will increase under Trump’s plan.

Do you know why? Because that’s what the Republicans and some Democrats like Wall Street Senator Ron Wyden want to do!

Trump’s tax cut proposal will also reduce corporate tax rates, which will, quite naturally, result in higher corporate after-tax profits, which will then be redistributed to rich shareholders and bigwig corporate officers in the form of surging share prices and rising dividends. It will also help bid up the price of corporate bonds since corporations will be able to offer the rich higher rates of return with corporate tax cuts. Trump’s tax plan is really a plan to redistribute more money to himself and rich Democrats and affluent Republicans from the rest of us.

The government will experience greater budget deficits, which will mean reducing federal funds for Social Security, Medicaid, Aid to Needy Children, Food Stamps, etc…while, of course, maintaining or increasing funding for the military (which benefits only the rich).

Trump’s tax plan essentially calls for continued inflating of the current stock market bubble. Historically, the bigger the bubble, the greater will be the shock to the rest of the economy.

Naturally, one can look at the Republican created stock market bubble of the 1920s, and the income and wealth inequality that fueled that bubble, which led directly to the Great Depression. Then there was the Reagan bubble, and after a short blip of a recession in 1991 that cost President George H.W. Bush the presidency, the bubble renewed under the vigorous presidency of Wall Street’s very much owned Bill Clinton.

Under Clinton, there was a tech bubble, a telecommunications bubble (Bill signed the legislation guaranteeing it), a housing bubble (Bill refused to sign the legislation that would have prevented this), and, of course, all of these helped to fuel a stock market bubble (also fueled by exporting jobs to Mexico thanks to Clinton’s NAFTA). When the bubbles burst in 2001, the economy became a shambles.

Sure, the incompetent, corrupt and worst president in US history, President George W. Bush, followed the incompetent and corrupt President Bill Clinton into office, and did some really stupid things, like passing a tax cut for the rich that helped to create negative job growth in his eight years. However, to some degree, the economy under George W never recovered from the Clinton bubbles. It still has not, and likely never will, not without a major shift in political power from the billionaires who control both major political parties to people who will represent working folks, like Bernie Sanders and Elizabeth Warren.

Trump’s proposed tax cuts for the rich shows who is in control. It isn’t Trump, and it isn’t congress. A handful of billionaires need the bubble to continue to expand. Otherwise, they will lose trillions of imaginary dollars when it bursts, like back in 2008.

The best evidence of this collusion is Trump himself. When Trump was running for president he verbally assaulted in the most vicious of ways Chinese currency manipulation. The president has made certain not to mention this since shortly after he became president. This suggests one or more billionaires grabbed him by the lapels and told him if he mentioned Chinese currency manipulation again the billionaire’s club would take him behind the woodshed and give him a good political beating. Why would they do that?

When the Chinese manipulate their currency, it increases the profits of US corporations that manufacture in China and export those products to the US, and this, as you might suspect, fuels the stock market bubble.

As a senator, former President Obama also viciously attacked Chinese currency manipulation. However, once he became president Obama never mentioned the issue again, at least not in public. This suggests the same billionaires also threatened to take President Obama behind the political woodshed if he ever mentioned the subject again.

This suggests the same billionaires control both major political parties. Or, more than likely, there are two groups of billionaires, each in control over a major political party. However, it also suggests both groups close ranks when they have a common goal, such as making certain the public doesn’t know about how Chinese currency manipulation enriches them at the expense of everybody else, just like Trump’s tax cuts will.

 

Advertisements

Read Full Post »

A CNN reporter asked US Senator Elizabeth Warren from Massachusetts, “Do you agree with the notion that the DNC was rigged in Hillary Clinton’s favor?”

“Yes,” Warren said.

Okay, virtually everybody in the world has known or suspected this for quite some time.

Warren said the 2016 Democratic nomination for president was rigged in favor of Hillary Clinton. She also said the Wall Street controlled Democratic Party faces “a real problem” in dealing with the fallout from the revelation that Clinton’s campaign secretly took over control of the Democratic National Committee in 2015.

Responding to the disclosure by Donna Brazile, who became interim chairwoman of the DNC as last year’s election approached, Warren told CNN’s Jake Tapper on Thursday that Democratic leaders must restore faith in the party’s operations.

“What we’ve got to do as Democrats now is hold this party accountable,” Warren said, adding that the current DNC chairman, former Labor Department Secretary Tom Perez is “being tested.”

Warren failed to mention that Perez was the Clinton and Wall Street candidate to manage the Democratic Party.

Donna Brazile, a Clinton and Wall Street loyalist, wrote in her new book, Hacks: The Inside Story of the Break-ins and Breakdowns that Put Donald Trump in the White House, that shortly after she took the DNC job in late July 2016, she discovered the Clinton campaign had signed an agreement to help keep the DNC financially afloat, a deal in “which [Clinton] expected to wield control of its operations.”

The agreement between the DNC and the Clinton camp was signed in August 2015, several months before the primary season began and almost a full year before she officially secured the nomination over Vermont Sen. Bernie Sanders (I).

The Clinton campaign “had the DNC on life support, giving it money every month to meet its basic expenses, while the campaign was using the party as a fund-raising clearing house,” Brazile said in her book, to be released on Tuesday.

“The funding arrangement … was not illegal, but it sure looked unethical,” Brazile wrote.

The excerpt, first published in Politico, includes details about Brazile’s call to Sanders after she discovered the arrangement, set up under her predecessor, Rep. Debbie Wasserman Schultz (D-Fla.).

“When I hung up the call to Bernie, I started to cry, not out of guilt, but out of anger,” Brazile wrote. “We would go forward. We had to.”

Of course, Brazile leaked the questions to the Clinton campaign for one of the debates. She did not perform the same favor for Sanders. This suggests Brazile wrote the tell-all-book-about-the-scandal-but-not-my-involvement-in-it to make a few extra bucks.

Read Full Post »


The Senate voted Tuesday night to kill a rule that would have allowed Americans to file class-action suits against banks instead of being forced in many cases into private arbitration. As US Senator Elizabeth Warren puts it, “This is how the game is rigged against the middle class.”

The move by the Senate followed a similar action by the US House in July to rescind the rule. President Trump is expected to sign the repeal legislation, providing a major victory for the rich in their war against the rest of the United States citizens.

The Republican’s did this to protect the profits, share prices, and home mortgage-backed bond prices of the big banks, and to ensure that the current stock market bubble, doomed to massive deflation anyway within the foreseeable future, continues its upward trajectory without the burden of potentially bubble deflating class action lawsuits on the part of members of the 99 percent.

By its action, the US Congress and President Trump are helping the rich continue its vicious financial assaults against the 99 percent through the use of fraud, lies, providing misinformation and other illegal activities by the banks by putting up this firewall (ending class action lawsuits against the banks) and ending one of the most significant leverages the 99 percent has against the financial raping and pillaging by the big banks.

Most, if not all, of the corporate news media, failed to report that this action of Congress was not a victory for the “financial industry,” it was a victory for the rich. That’s because this action of Congress will ensure the banking industry can redistribute income from the 99 to the 1 percent more easily while increasing income and wealth inequality in the USA. The US is a nation that rates lower than many third world nations in income and wealth inequality, and this inequality will have massive economic repercussions in the coming months.

Read Full Post »

The Wall Street Democratic National Committee (DNC), arch supporters of the presidential candidate of Wall Street, Hillary Rodham Clinton, want us to believe their lie that automation killed US manufacturing and created greater income and wealth inequality over the last thirty-five years. They don’t want us to believe US corporations have exported millions of jobs because of Bill Clinton’s trade treaties like NAFTA. Hillary, being a good Wall Street pawn, supported income redistribution scams like Nafta and the Trans Pacific Partnership. These Wall Street DNC folks even have people trolling the web looking for stories with Hillary Clinton tags showing automation did not kill millions upon millions of manufacturing jobs, and that they’ve been instead exported to China, Vietnam, Mexico and elsewhere.

The trolls are reading from the same basic script. It goes something like this; “I worked in high tech for (take your pick – 30, 35, 40) years and I witnessed whole categories of jobs being eliminated through automation. Automation has created joblessness and income inequality, not trade treaties. You progressives are all the same. You don’t know what you’re talking about. You need to get your facts straight!”

First of all, there is not a shred of evidence that automation causes joblessness or inequality because advances in technology tend to create more jobs than it displaces. For example, the computer industry wiped out the typewriter industry and created tens of millions more jobs in the process than the old typewriter industry ever created. As a 2017 study from the Economic Policy Institute points out, “Yes, automation has led to job displacements in particular occupations and industries in the past, but there is no basis for claiming that automation has led—or will lead—to increased joblessness, unemployment, or wage stagnation overall.”

Trade treaties are the primary cause of the growth in income and wealth inequality in the United States and throughout the world. This is a no-brainer: When jobs are exported the difference between the old higher US wages and benefits and the new lower Mexican, Chinese and Vietnamese wages go into the already fat wallets of the super rich via higher corporate profits, surging dividends, and soaring share prices. So yes, since Hillary supports trade treaties, she also clearly supports redistributing income from the 99 to the 1 percent.

So Hillary wrote a new book that blames Bernie Sanders for her presidential defeat to Donald Trump, and her trolls are roaming around the Internet advancing her cause with lies, half-truths, and distortions. This suggests Hillary may be getting ready for another run at the presidency. It also suggests the Wall Street Democratic National Committee is behind her possible candidacy.

In 2020, she’ll be the wrong candidate at the wrong time for 99 percent of the people of this nation. We’re heading into an already overdue recession that should be worse than the last one in many respects. Unemployment, for example, will likely be higher than last time. We need a champion of the people, such as Bernie Sanders, Sherrod Brown, Jeff Merkley, or Elizabeth Warren. The last thing the people of the United States will need in 2020 is another brown-nosing Wall Street pawn in the White House.

Read Full Post »

Hillary Clinton’s new book, What Happened shows she is completely out of touch with reality and voter’s anxieties over the economic policies that have redistributed trillions of dollars from the 99 to the 1 percent. These policies were championed by her, former President Bill Clinton, former President Barack Obama, former President George W. Bush, and a host of other Republicans and Democrats, such as Mitch McConnell, John Boehner, and Wall Street’s favorite brown-noser, Wall Street Senator Ron Wyden.

In her book, Clinton blames Bernie Sanders for her defeat in the presidential election. She claims Sanders candidacy split the progressive vote. Hogwash! Hillary lost the presidential election because she is a gold plated pawn of Wall Street. Voters were tired of their jobs and tax dollars being exported to Mexico, China, and Vietnam. Clinton supported the policies that did this. Wall Street loved her support for these policies.

The CEOs of Wall Street, other major corporations, and billionaire investors rewarded her and her husband with $150 million in speaking fees from 2001 to 2016, at $225,000 a pop. Progressive voters knew that yes big money had gotten her to change her mind on legislation cutting back on the abilities of working folks to declare bankruptcy on behalf of the big banks who had purchased her lock, stock and barrel (See video above). Progressives knew the mind boggling millions of jobs that would have been exported from the United States to China with the Trans Pacific Partnership, which she called the “gold plated standard” for trade agreements. Then, of course, there was her support as Secretary of State for the coup that overthrew the lawful government of Honduras and resulted in the death of hundreds. You could go on and on about why progressives could not and would not support Candidate Clinton, but you cannot blame Bernie Sanders.

Hillary is completely out of touch with reality, but the book suggests she might want to run for president again.

Read Full Post »

Neil Gorsuch, Donald Trump’s nominee to be the next US Supreme Court justice, is completely unfit for the office. There are a myriad of reasons why this is so. The most damning thing is that he thinks corporations are people.

That’s been the slogan repeated by conservatives for over a hundred years, and yet, corporations are purely and only an idea of a business structure that sprang forth from somebody’s mind and not from a woman’s womb. Conservatives, and Gorsuch in particular, haven’t figured out the difference between babies that spring forth from a woman’s womb, and an idea that originated from a human brain.

Anybody who has not figured out the difference is not mentally fit to sit on the bench of the United States Supreme Court. That really means that none of the conservative justices, and perhaps a few of the liberal justices as well, are not mentally fit to serve on the highest court. Yet, there they are, and that’s because the US Supreme Court is a battle ground between persons with legal rights protected under the US Constitution, and the corporations used by the rich and powerful to take those rights away, as much as possible. The rich have used this argument to provide themselves with greater legal rights through their corporations, since those corporations are managed and largely owned by the 1 percent.

Ergo, the idea that publicly traded limited liability corporations are persons protected by the US Constitution is simply a legalistic slight-of-hand maneuver that has succeeded to undermine the original intent of the founding fathers to establish and protect individual rights, and twist the law in favor of the rich and against the 99 percent. That is the sole purpose of using this lie in legal matters.

Gorsuch takes this anti-original intent further than most conservatives. He ruled that a truck driver should have frozen to death in his tractor rather than abandon his load and get to safety. Whenever possible, he has ruled for corporations and against people, as if working persons are disposable raw material whose sole purpose is to generate profits for corporations. Those profits primarily redound to the benefit of the rich.

Gorsuch does not care about original intent when it comes to the US Constitution. He is a judicial champion of the billionaires and their corporations in their war against the 99 percent.

Who among the founding fathers said that corporations were people? Who among them said that an idea of a business structure from somebody’s mind had the same constitutional protections as a person conceived in a woman’s womb? Not a single one of them said or wrote or implied such a thing, so far as I can discover.

Read Full Post »

A month ago, I wrote the Democrats would do anything to prevent the Republicans from using the nuclear option, and so too would the Republican Party leadership. See President Trump, Neil Gorsuch and the Nuclear Option That Won’t Happen–JohnHively.Wordpress.com. Right now, it takes sixty votes to pass anything through the senate, otherwise the opposition will filibuster whatever it is. However, the senate can vote to end the filibuster, which means a simple majority vote is all it will take to pass anything through the senate, such as legislation or Neil Gorsuch’s nomination to be the next US Supreme Court justice.

Politico now reports the Democrats are negotiating with Republicans to allow Gorsuch to become the next Supreme Court Justice in exchange for not eliminating the nuclear option on a future US supreme court nominee. See Democrats Weigh In On Deal–Politico.com.

This would allow Gorsuch to become a US Supreme Court justice on a simple party line up and down vote. Forty-eight Democrats will vote against him, and fifty-two Republicans will vote for him, and the deal will be done.

Quite naturally, the corporate media will not mention the last thing the Republican leadership wants to do is use the nuclear option, just like the corporate wing of the Democratic Party doesn’t want to use it.

If the Republicans use the nuclear option for Gorsuch’s nomination, the Republican grassroots would then insist the Republican Party leadership use the nuclear option to pass anti-abortion legislation, thereby ending the Republican leadership’s best wedge issue uniting the billionaire corporate wing of the party with middle and working class evangelical Christians, many of whom might then decide to vote on bread and butter issues during the next presidential race with such progressive Democrats as Bernie Sanders and Elizabeth Warren. No, the billionaires don’t want that.

With control of the US house, senate and presidency, this is a golden opportunity for the Republican leadership to pass strong anti-abortion legislation, if they really wanted to, and no, they don’t want to. The Democrats couldn’t stop them if they tried to, provided an old fashioned up and down vote can take place in the senate. That won’t happen.

The other billionaires who control the Democratic Party don’t want to use the nuclear option as well, and for simple financial reasons. One day the Democrats will have control of all three branches of the US government, and the Democratic grassroots will want the Party to pass stronger labor union legislation, a higher minimum wage, renegotiate the trade treaties that allow the billionaires to export US jobs so they cannot do so (Grassroots Republicans also want that), pass a single payer health care bill, and on and on. None of these, of course, would be in the interests of the billionaires who control both parties.

The Republican and Democratic grassroots are being played by the billionaires and their politicians in high places. We’ve been played for decades. The nuclear option has not been used precisely because doing so would end the legislative gridlock that has stopped the above issues from being determined. The billionaires win with gridlock, and all at the expense of the rest of us. The rest of us win when the nuclear option is used.

So expect a deal will be made between the Democrats and the Republicans that will allow Neil Gorush to become the next US Supreme Court Justice without the use of the dreaded nuclear option. Of course, it’s the billionaires who dread it.

Read Full Post »

Older Posts »