Showing posts with label Glass-Steagall. Show all posts
Showing posts with label Glass-Steagall. Show all posts

Wednesday, February 3, 2016

Is Bernie for real, or does he just represent our need for real change?


Bernie Sanders - the "Independent" senator from Vermont who caucuses with the Democrats.  The big question for many is - Is his candidacy for real, or is he, like Elizabeth Warren from the sides, trying to pull Hillary Clinton to the left?


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There is one key element in play that benefits both Sanders and the Democratic party. By running on the Democratic ticket, he prevents a three way race (GOP Wingnut, Hillary Clinton, and Bernie Sanders as an independent) that would give the presidency to the GOP. Since Bernie plays nice with the Democrats (look at his debates with Hillary for example), the Democrats are more than happy to let him play in their sandbox.  Even if he loses to Hillary, he has done his job - keeping the Democratic contender for the office of the president from going too far to the right to win votes.

However, Bernie's candidacy throws a monkey wrench into the expected coronation of Hillary Clinton as the Democratic Party's candidate.  Debbie Wasserman Schultz is an avowed Hillary supporter, and has gamed the Democratic Party debate schedule to prevent Bernie from getting name recognition. And yet, he may just yet win both the Iowa caucuses and the New Hampshire primary.  Can you imagine if Hillary is doomed to lose before the real campaign starts?

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As I see it, the important differences between Hillary's platform and Bernie's platform focuses on two areas: Regulation of the Banking Industry and Healthcare.  Hillary has said that Wall Street needs greater regulation, but falls short of a restoration of Glass-Steagall. She is also pragmatic, and says that any attempt to change the healthcare system, Obamacare, with a Republican congress might make things worse.  On the other hand Bernie says that restoring Glass-Steagall and Medicare for All is absolutely needed.

Bernie has yet to issue a detailed plan on how America can afford "Medicare for All", but his logic does make sense.  A recent estimate from people unconnected with Bernie's campaign estimates that the average family savings under his plan would roughly be between $500-$1,800/year.  Given the GOP and its willingness to repeal Obamacare, does Bernie really think that he could implement his plan?

However, I think that the reregulation of Wall Street is possible, as even the wingnuts of the GOP right wing hate the banking industry.  But could Bernie unite enough people to dislodge some of Wall Street's corrupting influence on Washington politics?  I'm not so sure of this.


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In the past, I have noted that both Sanders' and Trump's candidacies have been propelled by the same fuel - the ruling elite of both parties has betrayed the public, and that public is mad as hell and won't take it any more.  At this point of time, I still predict a November election with Trump and Sanders being their parties' candidates. And it will be very interesting.

But the big question is - Does Bernie have a real chance to win?  And if so, will the Democrats (other than Debbie Wasserman Schultz) try to scuttle him before he wins too many delegates?









Wednesday, January 21, 2015

Now that the lunatics are in charge of the asylum, now what?




If the lunatics were in charge of the above asylum, I'm not too sure of how bad things would get. However, the lunatics are now in charge of the asylum below, and there's no limit to how much damage they can do....


Here's the problem - the wingnuts from the GOP's extreme right wing have taken over the party, and people like Ronald Reagan would be considered a leftist if his actions were listed without his name being attached to them.

Why is this important?

There is a lot of damage that can be done when one party is in charge of the legislative branch. There is even more damage that can be done when the same party is in charge of both legislative and executive branches of government. Regardless of what one thinks of today's Democratic party (and I don't think much of them), I am very upset at the rhetoric coming from the party in power.

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I'm a person who believes that as much power in society as possible should be left in the hands of the individual, and not the big corporation or big government. So my philosophy had led me to support a "pro choice" position on abortion, as well as a "pro 2nd amendment" position on gun control. The opponents of my viewpoints have valid reasons to disagree with me, and I respect their positions as important enough to discuss. In a healthy society, this discussion would lead to policies that would minimize the negative effects of preserving these individual rights. Sadly, in our society, both parties (and their supporters) are shouting past each other, saying nothing that the other side finds worthwhile to listen to.

This post will not be one that attempts to justify my position on these controversial issues. I could almost as easily justify the opposite positions on these issues - save that I don't want big government, big business, or some moral zealot telling me what I can do (or not do) with my body, and another moral zealot telling me what I can (or can't) use to protect myself (and my rights).

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When one party gains too much power, it can implement laws without the consent of a significant number from the opposition party. We live in a society where important decisions are being made with a public that is split 50/50 down the middle on most issues. Sometimes, this is needed. Other times, the opposite (no action) would be the best course of action to take.

Our founding fathers designed the American system to slow down the pace of decision making. The House of Representatives was designed for hot heads to vent their steam, while the Senate was designed to let bad bills go and languish in committee until they are dead and buried. This is very different from a unicameral parliamentary system as used in most of the British commonwealth - where one party can act very quickly. and get voted out (a vote of no confidence) at a moment's notice.

We suffer from a system which has become sclerotic. But should we be in a rush to change our system?  I doubt that major changes are needed. Instead, I think we need "small" changes such as term limits and non-partisan (or bipartisan) drawing of congressional district maps. We might also consider laws that break up the two party monopoly, mandating the governmental support for a third party in the same way that the Democrats and Republicans are supported in most states' laws today. Another avenue to help third parties would be laws to allow third party cross-endorsement of major party candidates. No matter what, we need to do something to destabilize the two major parties, as to help facilitate new ideas in the "public debate"....

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I find it amazing that both the Tea Party (on the right) and many leftists believe that the big banks are out of control. Yet they haven't bothered to look across the aisle to find that common ground needed to design meaningful regulation of the financial services industry, to rebuild checks and balances (like the Glass-Steagall act which once separated Commercial Banks from Investment Banks) needed for a sound economy.

In 2008, we almost saw a complete systemic collapse of the banking industry. I was in a bank that was reasonably well capitalized (I can't say anything about it now, as I no longer follow it in detail), while other "too big to fail" banks could have collapsed had the Federal Government not stepped in to save them.  (The HBO movie, "Too Big To Fail" gives a good idea of what was happening behind the scenes, and shows how close we were to the collapse I still fear so much.)

Recently, in the latest "Must Pass" bill, designed to keep the Federal Government running, we saw a relaxation of the "Dodd-Frank" rules that were designed to help prevent another systemic collapse of the financial system. Sadly, this bill was signed into law.

Right now, the lunatics are in charge of the asylum. Will they continue to act irresponsibly, now that they have the power to govern? I'm not sure. But I hope things will change for the better....