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Posts Tagged ‘Elizabeth Warren’

When you vote November 6th for the Republican or Democratic Party candidates for the US House of Representatives and the US Senate, with few exceptions, you will be voting to increase income and wealth inequality in the United States and the world.

Below are some of the recent statistics on income and wealth inequality from Inequality.com. Wealth are the things that you own, such as homes, cars, stocks, bonds, businesses, etc…. Income is money you have coming in, such as unearned income like dividends and capital gains; while earned income is derived by actually doing something productive, like working at a job or starting and operating a business. Entrepreneurial folks are different from corporate folks inasmuch as the folks who manage corporations are often employees without clues as to how to make the businesses operate efficiently.

I should point out that control of the government via ownership of both major political parties has brought about an unceasing increase in wealth and income inequality in the USA and throughout the world. In other words, political corruption and corruption of the all major corporate news networks have been used to bring about unprecedented income and wealth inequality in the United States and the rest of the world.

Below are some of the most recent findings.

1. Three dynastic wealth families—the Waltons, the Kochs, and the Mars—have seen their wealth increase nearly 6,000 percent since 1982. Meanwhile, median household wealth over the same period went down by 3 percent. Notice they all inherited great wealth. Note that the rich have used their political power to redistribute income and wealth from the 99 percent to themselves.

2. These three wealth dynasties own a combined fortune of $348.7 billion. That’s more than four million times the median wealth of U.S. families. The dynastic wealth of the Walton family grew from $690 million in 1982 (or $1.81 billion in 2018 dollars) to $169.7 billion in 2018, a mind-numbing increase of 9,257 percent.

3. Three individuals—Jeff Bezos, Bill Gates, and Warren Buffett—still own more wealth than the bottom half of the country combined.

4. A third of the members of the Forbes 400 own fortunes derived from companies that were founded by earlier generations.

5. The 15 wealthiest multi-generational dynastic families on the Forbes 400 own a combined $618 billion. Their parents or other ancestors founded all of the companies from which their wealth is derived.

6. The Forbes 400 combined own $2.89 trillion dollars, more than the combined wealth of the bottom 64 percent of the United States. It’s also more than the GDP of Britain, the 5th-largest economy in the world. Just 45 individuals own half of this wealth.

7. The median family in the United States owns just over $80,000 in household wealth. The richest person in the United States (and the world), Jeff Bezos, has accumulated a fortune nearly 2 million times that amount.

8. The Bezos fortune expanded by $78.5 billion just in the last year to $160 billion. Even at the recently increased wage of $15/hour, a full-time Amazon worker would need to toil for 2.5 million years to generate this much money.

And so it goes. The entire Republican Party leadership has been bought by the billionaires as well as the entire Democratic Party leadership. In other words, the battle between the Democrats and the Republicans is a battle between billionaires. A few relatively honest major politicians remain in the Democratic Party, but they are not in leadership positions. Think Elizabeth Warren, Bernie Sanders, Jeff Merkley, and a few others.

Think Elizabeth Warren for president in 2020.

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It looks as though progressive, anti-Wall Street, pro main street, US Senator Elizabeth Warren of Massachusetts is getting ready to make a run to become the next United States president. She has always been the champion of the 99 percent and the scourge of Wall Street criminals.

Warren recently took a DNA test showing she has a small percentage of native American running in her bloodstream. For years President Trump mocked Warren’s claim “that family lore says I have Cherokee blood in me.” Trump, true to his immaturity, has always ridiculed her by calling her Pocahontas. This suggests the president and his billionaire backers are terrified of her, and the polls show why he should be scared of her.

During the presidential primaries in 2016, Trump was the only man standing in the Republican field, while Bernie Sanders was still running hard against eventual nominee and Wall Street favorite Hilliary Rodham Clinton. Polls showed Clinton consistently beating Trump by 5 to 10 points at the time, Meanwhile, polls showed progressive candidate Sanders wiping out Trump by 10 to 20 points.

This suggests a significant number of Republican voters would have preferred Sanders over Trump.

In the actual election, Clinton beat Trump by four million votes but lost the electoral college and the presidency. Warren would likely defeat Trump by a greater amount than Wall Street Hillary.

Trump’s popularity is running at 41 percent. Warren, assuming she develops name recognition and a funding machine as Sanders did, would likely wipe Trump out.

However, getting out of the primaries will be tough for Warren. For starters, the Wall Street billionaires who control the Democratic Party, and in particular its leadership; the Democratic National Committee (DNC), would do just about anything to stop a progressive candidate such as Warren, Bernie Sanders or Oregon’s US Senator Jeff Merkley from ever winning the Democratic primary. Wall Street billionaires are terrified of Warren because she actually wants to put an end to business as usual, which is largely based on corruption.

Should Warren win the Democratic presidential primary in 2020, her most bitter foes will be Trump, the Republican Party, the DNC, the Koch brothers, and almost every living billionaire, and perhaps every living billionaire.

Not since President Franklin Delano Roosevelt will the forces of corruption be so united against one candidate. Want proof? The reliably DNC ally Huffington Post has run stories two days in a row denigrating Warren releasing her DNA test results. The last thing the billionaires want is a high visibility presidential candidate talking about bread and butter issues such as forty years of stagnant wages, massive income and wealth inequality, as well as political corruption, Supreme court corruption, and Wall Street corruption.

The attacks on Warren will come from all sides. The big boys are utterly terrified of her. This is precisely why both the Huffington Post, the New York Times and CNN, bastions of the DNC and its billionaire backers, have viciously attacked Warren for her DNA test. Let the battle begin.

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Senator Elizabeth Warren (D-MA) has proposed legislation in which United States presidential and vice presidential candidates must legally disclose eight years worth of tax returns and place any assets that could present a conflict of interest into a blind trust to be sold off (neither of which President Donald Trump has done). Warren’s bill is part of new legislation she’s introducing to reduce the power and influence of big corporations and banks. Last week, Warren introduced the Accountable Capitalism Act, which would require corporations to be more accountable to their workers, communities, and less accountable to shareholders.

To Warren, the Trump administration’s nepotism is emblematic of everything that is wrong with Washington. But she doesn’t just want to replace Trump and his administration with better actors; she wants to blow up the existing system and start from scratch.

“Let’s face it,” Warren said. “There’s no real question that the Trump era has given us the most nakedly corrupt leadership this nation has seen in our lifetimes,” Warren said to an audience at the National Press Club. “But they are not the cause of the rot — they’re just the biggest, stinkiest example of it. Corruption is a form of public cancer, and Washington’s got it bad.”


Then again, think about what Warren is not saying. Both major political parties are corrupt to the bone. Big money owns the important politicians of both major political parties. The politicians of these two parties and their billionaire owners are what has corrupted our federal, state and local governments, as well as the corporate wing of the United States Supreme Court. Quite naturally, Warren is a member of the Democratic Party and understandably does not want to offend the billionaire-controlled leadership.

Warren wants a federal government in which the US president, vice president, Cabinet members, and congressional lawmakers have a lifetime ban on becoming lobbyists, and other federal workers have restrictions — albeit less severe — on entering lobbying firms. The act would also bar federal judges from owning individual stocks or accepting gifts or payments that could potentially influence the outcome of their rulings. Conservatives Supreme Court members, such as Clarence Thomas and the laste Antonin Scalia are perfect examples of court justices ruling on issues in which they have a vested interest.

And in Warren’s plan — laid out in a new bill called the Anti-Corruption and Public Integrity Act — this would all be overseen by a new US Office of Public Integrity, which would go after violators and usher in a new era of ethics law enforcement.

As expected, the Republican Party, the Koch Brothers controlled Tea Party, and the Wall Street controlled Democratic National Committee will oppose Warren’s proposed legislation.

Billionaires, Wall Street, Big Oil and other major vested interests have rigged politics for decades in their favor, and at the expense of the 99 percent. They will fight to the death to maintain the current corrupt system.
The idea is to “isolate and quarantine the ability of big money to infect the decisions made every day by every branch of our government,” Warren said in a speech on Tuesday. That means all three branches: executive, legislative, and judicial.

“Inside Washington, some of these proposals will be very unpopular, even with some of my friends,” she said. “Outside Washington, I expect that most people will see these ideas as no-brainers and be shocked they’re not already the law.”

Warren, one of the top potential 2020 presidential candidates who is staking out an early position for herself as a voice of working people, is laying out exactly how she would drain the swamp — in detail. She’s long railed against corruption in Washington, but she’s clearly setting herself up as the anti-Trump, proposing drastic reforms to prove it.

The Anti-Corruption and Public Integrity Act is a wide-ranging bill that focuses on getting money and lobbying out of politics in all three branches: executive, legislative, and judicial. Here are the key parts:
• A lifetime ban on lobbying for presidents, vice presidents, members of Congress, federal judges, and Cabinet secretaries.
• Multi-year lobbying bans for federal employees (both Congressional staffers and employees of federal agencies). The span of time would be least two years, and six years for corporate lobbyists.
• Requiring the president and vice president to place assets that could present a conflict of interest — including real estate — in a blind trust and sell them off.
• Requiring the IRS to release eight years’ worth of tax returns for all presidential and vice presidential candidates, as well as requiring them to release tax returns during each year in office. The IRS would also have to release two years’ worth of tax returns for members of Congress, and require them to release tax returns for each lawmaker’s year in office.
• Banning members of Congress, Cabinet secretaries, federal judges, White House staff, senior congressional staff, and other officials from owning individual stocks while in office.
• Changing the rulemaking process of federal agencies to severely restrict the ability of corporations or industry to delay or influence rulemaking.
• Creating a new independent US Office of Public Integrity, which would enforce the nation’s ethics laws, and investigate any potential violations. The office would also try to strengthen open records laws, making records more easily accessible to the public and the press.

“Yes,” Warren said, “public servants should be able to use their expertise when they leave government,” she said. “But we’ve gone way past expertise and are headed directly into graft. Padlock the revolving door.”

Warren wants to create an Office of United States Corporations inside the Department of Commerce and require any corporation with revenue over $1 billion — only a few thousand companies, but a large share of overall employment and economic activity — to obtain a federal charter of corporate citizenship.

The charter tells company directors to consider the interests of all relevant stakeholders — shareholders, but also customers, employees, and the communities in which the company operates — when making decisions. That could concretely shift the outcome of some shareholder lawsuits but is aimed more broadly at shifting American business culture out of its current shareholders-first framework and back toward something more like the broad ethic of social responsibility that took hold during WWII and continued for several decades.

More concretely, United States Corporations would be required to allow their workers to elect 40 percent of the membership of their board of directors.
In this Warren is wrong. 50 percent of the board members should be workers, like in Germany.

Taken together, the Accountable Capitalism Act and the Anti-Corruption and Public Integrity Act are a return to Warren’s bread-and-butter issues, ones that she’s been hammering home since she was a Harvard Law School professor who helped establish the Consumer Financial Protection Bureau after the 2008 financial crisis.

https://www.vox.com/2018/8/21/17760916/elizabeth-warren-anti-corruption-act-bill-lobbying-ban-president-trump

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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.

 

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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.

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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.

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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.

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