The Importance of Getting Wall Street Out of Washington, and Washington Out of Wall Street

Goldman Sachs Bets Against America

Robert Reich: If Washington knew what was good for it and the nation, it would sever its financial connections with the Street. Better yet, it would enact legislation seeking to limit the impact of private and corporate money in politics. That goal is made more difficult to achieve by the grotesque recent Supreme Court decision (Citizens United vs. Federal Election Commission) holding that corporations, including financial firms, have the right to spend unlimited amounts on political campaigns. But there are ways around this, such as more generous public funding for candidates that choose not to take private contributions. Hopefully as well, the president will nominate Supreme Court justices who understand the importance of public trust in democratic institutions, and the difference between companies and people.

Peter Baker and David Herszenhorn: Wall Street Reform Reporting Lacking

Mitch McConnel

Joseph Palermo: The massive trading and swapping of Collateralized Debt Obligations (CDOs) and other abstractions cooked up by the fertile minds of sociopathic Wall Street “traders” not only did nothing to lubricate the real economy through financial intermediation, but they helped bring down the entire system and cost taxpayers hundreds of billions of dollars.

Rahmifications of Obama’s Presidency

Joseph Palermo: Peter Baker’s profile of White House Chief of Staff Rahm Emanuel in the New York Times Magazine raises some interesting questions about President Barack Obama’s top aide. For Emanuel, it seems that all politics are electoral politics. He wouldn’t know a social movement if he saw one.

JFK’s “How To” Manual

obama and jfk

Joseph Palermo: Obama took so many daring chances during the 2008 presidential campaign but when it comes to governing it seems he has become risk averse. The Democrats’ slogan for 2010 should be: “If Ben Nelson Doesn’t Like It — We Won’t Do It!”

Democratic “Accomplishments” Not Nearly Enough

Democratic spine

Joseph Palermo: Unless the Congress moves some progressive legislation quickly there’s going to be trouble this fall because any political party that is stupid enough to allow a couple of shmucks like Joe Lieberman and Ben Nelson, or the outcome of a special election in New England, to unravel its governing coalition doesn’t deserve to be in power.

End the Filibuster and Pass a Lot of Stuff

Joseph Palermo: The Democrats must pass a lot of legislation before the midterms or they’re going to be very sorry. Soon enough, given the Supreme Court’s recent 5-4 ruling in Citizens United v. FEC, we’re going to see campaigns where our choice for U.S. Senator will be between the “Doritos Nacho Cheese Tortilla Chips” candidate and the “Pepsi/Pizza Hut/KFC/Frito Lay/Taco Bell” candidate. Former President George W. Bush is raking in the bucks speaking at the National Grocers’ Association. First he defiled the presidency by getting John Yoo to turn the Justice Department into a law factory for monarchical presidential powers, now he shares the stage as an inspirational speaker with Terry Bradshaw. Our elections are about to become a satirical skit that Stephen Colbert of the Colbert Report did a long time ago.

A Lesson for Obama: President Kennedy’s Stand Against the Steel Industry

RFK JFK

Joseph Palermo: If the Democrats go into the 2010 midterm elections without passing concrete measures that move the pendulum back toward labor and away from corporate domination it will remind voters that the Democratic Party is still the party of Mondale, Dukakis, Gore-Lieberman, Carter, Clinton, and Kerry. These guys can ride in tanks, say they love guns and the death penalty, call for deregulating business and slashing welfare, or salute and say “reporting for duty” — but they’re still a bunch of hapless losers.

Obama Speaks (Some) Truth From Power

Peace-Prize

President Obama’s Nobel lecture might have showed us that the United States has reached a turning point: either the national security monster we’ve created is going to eat us alive by bankrupting the country or we’re going to have to shift course. We must begin to spin off the 700 or so military bases and installations around the world and focus on building a better life for our own people here at home.

Glenn Beck vs. Van Jones: McCarthyism Enters the 21st Century

mcbeck

What Glenn Beck, Roger Ailes, and their allies did in drumming Van Jones out of the government was an example of 21st century McCarthyism. They smeared Jones’ past political remarks and associations the same way Joe McCarthy and Roy Cohn smeared a young Boston lawyer named Fred Fisher for being a member of the National Lawyers Guild.

Half Measures and Lukewarm “Reform” Won’t Save the Middle Class

liberty

The 30-year class war the rich launched against the working people in this country (and reached its apogee during the George W. Bush years), has left the middle class reeling and wounded. Only bold federal action that puts something concrete in the palms of middle-class Americans can begin to turn these dire social conditions around.

Health-Care Reform Key Issue in 2008 Campaign: What Happened?

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The current state of the health care “debate” illustrates, even with the election of Barack Obama and large Democratic majorities in Congress, we might have already lost the vocabulary for collective moral discourse.

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