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Wed Nov 21, 2012, 07:55 AM

Wall Street Finds a 'Third Way' to Plunder Our Wealth

http://smirkingchimp.com/thread/richard-eskow/46667/wall-street-finds-a-third-way-to-plunder-our-wealth


Wall Street Finds a 'Third Way' to Plunder Our Wealth
by Richard Eskow | November 20, 2012 - 9:58am

Gotta hand it to 'em: Those Wall Street guys are smart. They've already found two ways to plunder the nation's wealth for their own enrichment, and now they're working on a third.

The first way? Identify and finance a wave of Democratic politicians who would join with Republicans in deregulating Wall Street. The second? Employ the same so-called 'centrist' Democrats, along with their Republican cohorts, to bail them out after they crashed the economy. That bailout continues, and the assurance of protection from being prosecuted for their criminal misdeeds.

Now comes Wall Street's "third way" of hijacking the nation's wealth: it's trying to persuade Democratic supporters to support the dismantling of the social contract that has held our society together for 75 years. And it's using many of the same tactics -- and many of the same faces -- it used in its first two forays.

If you liked Wall Street deregulation, an inequitable bank bailout, and a get-out-of-jail-free card for bank executives, you're going to love this.

47 replies, 4484 views

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Reply Wall Street Finds a 'Third Way' to Plunder Our Wealth (Original post)
unhappycamper Nov 2012 OP
HiPointDem Nov 2012 #1
forestpath Nov 2012 #2
WinkyDink Nov 2012 #7
pasto76 Nov 2012 #9
Doremus Nov 2012 #15
Hydra Nov 2012 #18
whatchamacallit Nov 2012 #24
forestpath Nov 2012 #33
YoungDemCA Nov 2012 #40
Scalded Nun Nov 2012 #3
airplaneman Nov 2012 #46
fasttense Nov 2012 #4
Doremus Nov 2012 #14
Jasana Nov 2012 #5
Baitball Blogger Nov 2012 #6
woo me with science Nov 2012 #19
Turbineguy Nov 2012 #8
me b zola Nov 2012 #10
meegbear Nov 2012 #11
Rider3 Nov 2012 #17
daybranch Nov 2012 #12
hay rick Nov 2012 #20
AnotherMcIntosh Nov 2012 #43
hay rick Nov 2012 #13
cprise Nov 2012 #16
YoungDemCA Nov 2012 #41
LineReply I
heaven05 Nov 2012 #21
AnotherMcIntosh Nov 2012 #44
The Wizard Nov 2012 #22
AgingAmerican Nov 2012 #32
FredStembottom Nov 2012 #47
leftstreet Nov 2012 #23
Rex Nov 2012 #25
dreamnightwind Nov 2012 #35
AnotherMcIntosh Nov 2012 #45
loudsue Nov 2012 #26
closeupready Nov 2012 #27
OnyxCollie Nov 2012 #28
santamargarita Nov 2012 #29
Smilo Nov 2012 #30
dkf Nov 2012 #31
Sadiedog Nov 2012 #36
jtuck004 Nov 2012 #38
ProfessionalLeftist Nov 2012 #34
woo me with science Nov 2012 #37
YoungDemCA Nov 2012 #39
Fire Walk With Me Nov 2012 #42

Response to unhappycamper (Original post)

Wed Nov 21, 2012, 07:58 AM

1. kr

 

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 08:11 AM

2. A "Third Way" Democrat is nothing but a REPUBLICAN!

 

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Response to forestpath (Reply #2)

Wed Nov 21, 2012, 08:58 AM

7. 100% agree. The old "Duck" identtification.

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Response to forestpath (Reply #2)

Wed Nov 21, 2012, 09:33 AM

9. third way is the most stupid moniker ever produced, but it does highlight the radicals on the left

which is nice.

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Response to pasto76 (Reply #9)

Wed Nov 21, 2012, 09:53 AM

15. radicals on the left

What do you mean "...highlight the radicals on the left"?

Haven't had my coffee yet.

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Response to pasto76 (Reply #9)

Wed Nov 21, 2012, 10:18 AM

18. You mean the radicals on the left like me

Who think rule of law is a neat idea and should be applied now and then?

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Response to pasto76 (Reply #9)

Wed Nov 21, 2012, 10:44 AM

24. Looks like it also highlights

RW Trolls.

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Response to pasto76 (Reply #9)

Wed Nov 21, 2012, 11:10 AM

33. Huh?

 

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Response to pasto76 (Reply #9)

Wed Nov 21, 2012, 01:43 PM

40. "Radicals on the left"?!

Umm, this is a progressive site, not a place for Democrats In Name Only.

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 08:24 AM

3. Better solution

a 3% transaction tax (or surcharge if that sounds nicer) on all Wall Street (stock, inter-bank, etc) activity, with all money going (by law) towards debt reduction and infrastructure.

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Response to Scalded Nun (Reply #3)

Wed Nov 21, 2012, 09:29 PM

46. yeah one of my favorite topics.

Did you know that a 1% transaction tax on all derivative and stock trades would generate over 3 trillion a year. And on a closely related subject on your 401k did you know that fund managers siphon off 2-4 percent every year so in 20 years you have $100 and the fund manager has $80.00. Lets make the trade transaction tax coupled with government run 401K that does not siphon. They would leave you with $160.00 instead of $100.0 and $20 to the government as tax instead of $80 to the fund manager as profit. I actually think both more revenue and better treatment of the middle class is extremely simple and obvious.
-Airplane

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 08:30 AM

4. Be Ware of disguised RepubliCON think tanks.

The third Way is a fake. It is far, far from centrist and cuddles up to right wing crazies.

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Response to fasttense (Reply #4)

Wed Nov 21, 2012, 09:53 AM

14. +1000 nt

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 08:55 AM

5. Oh I'd bet

They're looking for a third way... a fourth way... and a fifth, sixth, and seventh way. We must hold our Democratic Reps feet to fire when it comes to reigning these monsters in. K&R

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 08:56 AM

6. Didn't Obama promise to help us with this one?

That was the difference between him and the other guy?

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Response to Baitball Blogger (Reply #6)

Wed Nov 21, 2012, 10:18 AM

19. Imagine that...

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 09:12 AM

8. How else are they going to make money?

Screwing their customers doesn't seem to be working.

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 09:45 AM

10. K&R

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 09:48 AM

11. This is why they don't want Elizabeth Warren on the Banking Commitee ...

go Liz!!

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Response to meegbear (Reply #11)

Wed Nov 21, 2012, 10:13 AM

17. You are 100% correct!

Elizabeth Warren is our ticket to fighting these crooks. They are all afraid of her. I hope they do the right thing and put her on the Banking Committee!

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 09:50 AM

12. what do we do?

Now that progressives have worked so hard to reelect the President to hold back the republican hordes as the best of our two choices what should we do now? He is maintaining his campaign organization as a so called movement builder but its sole purpose apparently is to support his legislative agenda( their words not mine). As a progressive I know clearly what I believe our legislative agenda should be. First at the national level we must simply say no to republicans on austerity measures. Where waste exists we should fight it but we cannot sacrifice the people on the altar of financial interst such as big banks and Wall Street. Second we must forcethe needed capital into our system by whatever means are necessary, Fed action, stimulus spending, changes in tax codes to prevent capital hoarding etc. People need jobs and demand cxreates jobs ,so we must create demand.
The President many times appears to be on another track, a track created by the lies of financiers to further increase and protect their wealth and power. I am very afraid he will allow this country to move to austerity measures that will create unemployment and possibly civil unrest as he seeks to compromise. Compromise and the grand bargain seem to me to be a long term deal with those who have hurt our people and our economy.
I worked very hard for this reelection and now the President is turning to Progressives again to mobilize communities to fufill his legislative agenda? What is that agenda and is it good for the country? Is achievement of the grand bargain just more suffering for our people? Here in Ohiowe are still suffering fromthe free trade agreements and do not want any more such mistakes. Whatshould a progressive do?

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Response to daybranch (Reply #12)

Wed Nov 21, 2012, 10:31 AM

20. The administration is pushing the mother of all free trade agreements- TPP.

The Trans Pacific Partnership. Needless to say, Third Way is a big promoter of TPP.
Links:
http://content.thirdway.org/publications/613/Third_Way_Report_-_The_Bargain.pdf
http://www.democraticunderground.com/10021845455

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Response to hay rick (Reply #20)

Wed Nov 21, 2012, 04:44 PM

43. If signing a let's-send-even-more-jobs-to-foreign-countries "free-trade" agreement is going to help,

 

this should really do it.

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 09:52 AM

13. Third Way has a lot of Democrats on board.

Obama's recent chief of staff, Bill Daley and Biden's former chief of staff, Ron Klain- for starters. Post here:http://www.democraticunderground.com/10021845455

Third Way is DLC reincarnated- without the Iraq war baggage, but completely dominated by Wall Street interests.

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Response to hay rick (Reply #13)

Wed Nov 21, 2012, 10:06 AM

16. What a coincidence, the 'Tea Party' is also a reincarnation without the Iraq war baggage. n/t

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Response to hay rick (Reply #13)

Wed Nov 21, 2012, 01:44 PM

41. Thanks for this...

What good is it to call yourself a Democrat, when your policies are little different from Republicans?

Unless, of course, you have ulterior motives...

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 10:39 AM

21. I

am so hoping you are wrong, but if this happens, I won't be surprised. Blame it on these third wayers otherwise known as bluedog traitors to our Party.

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Response to heaven05 (Reply #21)

Wed Nov 21, 2012, 04:45 PM

44. Now that the election is over, can we say that?

 

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 10:41 AM

22. The third way is

a fifth column. Anyone who doesn't realize that bargaining in good faith with Repubes is a trip down a blind alley hasn't been paying attention or is a Republican interloper.

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Response to The Wizard (Reply #22)

Wed Nov 21, 2012, 11:09 AM

32. Bipartisanship Vs. Democracy: The Third Way Fallacy

Politicians and journalists in Washington cling to the belief that there's a better way to run government, one that dispenses with the messy process of debate and disagreement. Call it "the Third Way Fallacy."

It suggests that all will be well if we just stop all the partisan "bickering" - "bickering" being a pejorative word for the political discourse that permits voters to distinguish one politician's views from another and vote accordingly. The Third Way approach would replace the quarrelsome democratic process with a system in which powerful people from both parties sit down amicably to "work things out," presumably in quiet - and private - places.

http://www.ourfuture.org/blog-entry/2010125015/bipartisanship-vs-democracy-third-way-fallacy

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Response to AgingAmerican (Reply #32)

Thu Nov 22, 2012, 02:15 AM

47. What a perfectly written summation, AA!

It should be it's own thread.

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 10:42 AM

23. DURec

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 10:45 AM

25. Amazing, what does it take to make the government work

for the People and not for the Corporations? What do we have to do to get our leaders to stop making promises with war mongering criminals?

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Response to Rex (Reply #25)

Wed Nov 21, 2012, 12:36 PM

35. Third way = corporate

Third way is the corporate intersection of the two parties. Nothing good comes from there.

We all know the only way to get these people to work for us is for us to pay their campaign money. All of it, not just 50% like we do with Obama. When it's 50% small donors and 50% from a few large corporate sources, after the election the corporations are the ones calling the shots.

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Response to dreamnightwind (Reply #35)

Wed Nov 21, 2012, 04:46 PM

45. corporate = undemocratic

 

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 10:49 AM

26. They need to be OCCUPIED

once and for all.

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 10:52 AM

27. 3rd Way/DLC's premise "We are weak, don't hurt us too bad, GOP!"

was always a crock of shit, a convenient cover for those who never WERE Democrats.

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 10:53 AM

28. But they've got a "D" after their name.

Isn't that the equivalent of a magic amulet to ward off corruption?

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 10:56 AM

29. Evil never sleeps!

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 10:59 AM

30. It is amazing to me

just how many ignorant people do not understand (or even care for that matter) what is happening to this country.

- how many still believe Obama is a Socialist and coming to get you, so to them the only way to stop that is for the capitalists to win.

- how many are just plain greedy, selfish people who are only concerned with themselves and will not take their heads out of the asses to look at the big picture and really see how Wall St wants to screw this country yet again.

- how many are just moronic idjits who take from the government and then decry the government's attempts to improve life for all. What will they do when their is no safety net?

ELIZABETH WARREN for the Banking Committee!!!

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 11:00 AM

31. I think it's funny that we blame the bankers for an unsustainable health care system.

 

Why aren't we blaming the medical system that is bleeding us dry?

No country could afford our health system and the ACA didn't do crap to fix costs.

We need to be realistic about what is feasible and keeping the system as is isn't.

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Response to dkf (Reply #31)

Wed Nov 21, 2012, 01:11 PM

36. I believe that the blame is with the insurance companies! NT

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Response to dkf (Reply #31)

Wed Nov 21, 2012, 01:36 PM

38. No, we blame some bankers (among others) when they are greedy bastards, for pursuing profit

at the expense of the well-being of the people of this country. Given the number of people whose lives have been ruined, or the early and tragic deaths that are attributable to them, they are unquestionably a greater threat than any terrorist organization might ever be. And perhaps with less moral fiber than any pedophile. Though that does put them in a better light than I intend, that might suggest how I regard them.

The unsustainable health care system built on American expectations of instant gratification, greed, and profit for others is another matter entirely...

What we need to do is expand the insurance system we put together as a people to insure our people against starvation, homelessness, and medical tragedy, change it in ways to make sustainable, along with the behaviors that help make it unsustainable, as a trusted item under the control of the people. Never as a source of profit to people who add NOTHING to the process, such as people who seek only to profit from the misery of others. And because work is at least as important to a person as food and health, and is part and parcel of a "sustainable" system, that has to be part of the conversation.

Because people want, and this country can provide, "...peace of mind instead of gnawing fear ..."

There is a list of those people...


"Written on it are the names of millions who never had a chance—men at starvation wages, women in sweatshops, children at looms.

Written on it are the names of those who despaired, young men and young women for whom opportunity had become a will-o’-the-wisp.

Written on it are the names of farmers whose acres yielded only bitterness, business men whose books were portents of disaster, home owners who were faced with eviction, frugal citizens whose savings were insecure."
FDR, Here.


For these good people, as well as others, Social Security and Medicare provide the last and only protection against tragedy and death and are, in the hearts of millions of people then and now, part of a "crusade to restore America to its own people”.

It would be an act of cowardice, treason, to hand the last hope people have to greedy bastards for profit, which is a separate issue from the healthcare system that doesn't provide a good enough return on our investment as a country.

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 11:55 AM

34. Posted about this a week or so ago. Criminal dirtbags.

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 01:16 PM

37. K&R Transparent as hell, even here.

Reject Third Way Propaganda, especially now
http://www.democraticunderground.com/10021791044

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 01:42 PM

39. K&R

nt

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Response to unhappycamper (Original post)

Wed Nov 21, 2012, 02:04 PM

42. K&R!

 

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