Big-Bank Bad Guys Bully Democracy—and Blow It

[eridani]

http://www.nationofchange.org/2015/03/31/big-bank-bad-guys-bully-democracy-and-blow-it/

he last thing these bankers want is a debate within the Democratic Party about reforming Wall Street and breaking up their too-big-to-fail institutions – a debate that could energize the “Warren wing” and leave finance-friendlier Dems on the defensive.

For her part, Warren was unfazed, describing the threat as “warning shot … a showy way to tell Democrats across the country to be scared of speaking out, to be timid about standing up, and to stay away from fighting for what’s right.”

Added Warren: “Ok, they have taken their shot, but it will not work.”

Warren has it exactly right. Warren and her peers have started a conversation Wall Street doesn’t want us to have. She is to be commended for resisting the big banks’ undemocratic (and ungrateful) attack on the very system which saved them.

One thing is clear: This wasn’t just a threat against a few senators, or a Democratic Party faction. It was a naked attempt to crush public debate with campaign cash. That makes it an attack on democracy itself. If the big banks weren’t unpopular already, this undertaking would certainly help turn public opinion against them. They have made the case more convincingly than their critics ever could: We need to get money out of politics – and break up the big banks.

Warren and her allies clearly have public opinion on their side. 79 percent of voters have an unfavorable view of Wall Street. 80 percent of voters in last year’s battleground states agreed that politicians do too much to support Wall Street and not enough for the middle class. 60 percent favor stricter regulation of Wall Street.

[zeemike]

1. I'll give this a kick.

We talk about getting money out of politics all the time, but party leaders don't listen...I think they like the money...for more than one reason.

[Liberalynn]

2. k&r

[Jackpine Radical]

3. Nobody's gonna support those crazy socialist ideas of hers--

Oh, wait--

I guess the big banks are going to have to put some real PR money into turning Snidely Whiplash into a cultural hero.

[Enthusiast]

4. K&R! This post should have hundreds of recommendations!

Democrats should unite around this issue. It is a winning issue.

Like preserving Social Security and Medicare this issue is wildly popular with voters. Imagine putting an end to Too Big to Fail. Imagine ending tax payer responsibility for crazy financial products.

Another issue popular with voters is a more progressive tax structure including reining in corporate tax abuses.

Then there is that nasty trade deal issue.

How about the military spending issue? The people want the Pentagon audited. While 60 Minutes focuses on Social Security fraud the military procurement system goes unexamined. What we do know about the MIC is very ugly indeed.

Elizabeth Warren could win the presidency in a landslide.