Monday, July 25, 2016

Granny Goes All-In - AND THEN SOME - for the Vampire Squid



consortiumnews |   By picking Sen. Tim Kaine, Hillary Clinton has revealed her true preferences and shown that her move to the left on policy issues during the primaries was simply a tactical move to defeat Bernie Sanders. It’s not what you say, it’s what you do. Clinton can talk about caring about the U.S. public, but this choice cuts through the rhetoric. The two politicians to whom she gave serious consideration to choosing as her running mates were Kaine and Secretary of Agriculture Tom Vilsack. What both men share in common is, like the Clintons, being leaders of the Democratic Leadership Council (DLC). The DLC was, on economic and foreign policy issues, a servile creature of Wall Street – funded by Wall Street.

As Tom Frank’s new book Listen, Liberal documents, the DLC vilified the New Deal, financial and safety regulation, organized labor, the working class, opponents of militarism, opponents of the disastrous trade deals that were actually backdoor assaults on effective health, safety and financial regulation, and the progressive base of the Democratic Party.

The DLC leadership, which included President Bill Clinton and Vice President Al Gore, entered into a series of cynical bipartisan deals with the worst elements of the Republican Party, Federal Reserve Chairman Alan Greenspan and Wall Street elites that:
  • Destroyed Glass-Steagall (the New Deal reform that separated commercial and investment banks)
  • Created a massive regulatory “black hole” in financial derivatives that Enron and later the world’s largest banks exploited to run their fraud schemes that led to the Enron-era scandals and the Great Recession
  • Drove Brooksley Born from government because she warned about these derivatives and sought to protect us from the coming disaster
  • Cut the Federal Deposit Insurance Corporation’s (FDIC) staff by over three-quarters, destroying effective supervision of banks
  • Cut the Office of Thrift Supervision’s (OTS) staff by over half, destroying effective supervision of savings and loans such as Countrywide, Washington Mutual (known as WaMu, the largest “bank” failure in U.S. history), and IndyMac. OTS was also supposed to regulate aspects of AIG and Lehman, but had no capacity to do so given the massive staff cuts and its deliberately useless regulatory leaders chosen by Bill Clinton and George W. Bush
Kaine, like Hillary Clinton, has embraced for decades the DLC/’New Democrats’ agenda – meaning they are allies of Wall Street. They embrace a neo-liberal, pro-corporate outlook that has done incredible damage to the vast majority of Americans.