Archives for category: Wall Street

Earlier this week, prior to the disastrous 2014 election results, I raised the question of whether my, or your, individual vote really matters anymore—whether anything would change regardless of which way we voted, or whether we voted at all. I was enormously frustrated and cynical when I wrote that, but I was also pretty much correct: under our current two-party system, the individual doesn’t count for much.

The American Unwinding Continues
Image from George Packer’s The Unwinding, Farrar, Straus and Giroux (2013).

The mainstream media’s reading of the election results has been predictably superficial; the local media’s reading even more so. Yes, the Republicans won handily. Voters were unhappy, so they voted for “change.” This is of course starkly ironic, in that Americans heartily disapproved of Congress and Republican obstructionism before the election. Now we’ll have more of the same.

Still, one should never give up. What is the way forward?

For Democrats at every level (local, regional, statewide, national), the message needs to be sharper and stronger if the party is to stand for anything at all. Here in Greene County, I have nothing but admiration for Democrats who brave the odds and run for office (though I’d like to see them more dynamic and outspoken). But as regards the 19th Congressional District, I have to ask: what the hell was the party thinking? Surely Democrats will be able to come up with a more plausible candidate from this region the next time Gibson runs for reelection.

Timid, wishy-washy stances on every important topic contributed to the piss-poor showing of Democrats and progressives on Tuesday. A Democratic candidate in Ohio who wouldn’t even admit to voting for the president? Cuomo at the top of the Working Families ticket? (That party paid dearly for its mistaken “compromise.”) Candidates who were unwilling to address climate change or economic inequality? No wonder most people stayed home, or voted for the other side to voice their dissatisfaction (contrary to their own interests though that vote may have been).

Zephyr Teachout, who ran strongly against Cuomo in the Democratic primary, had this to say about the midterm results.

And the national news that Democrats lost—well, that’s a sign we need to return to our core progressive values with Elizabeth Warren-style populism if we’re going to win, not a set of manufactured milquetoast messages with no real ideas behind them. People feel powerless—we should address that honestly and directly, and take on the monopolists that are rigging the system. We need a trust-busting, pro-public school, clean energy Democratic Party that is unafraid to speak the truth and refuses the trickle-down ideology. So let’s keep up the fight.

She’s not talking about Hillary Clinton in 2016, folks.

The Sept. 9 Democratic primary is coming up fast. There was supposed to have been a debate this past Tuesday between Gov. Cuomo and his primary challenger, Zephyr Teachout. Cuomo chickened out but Teachout showed up, and she had some very interesting points to make. You can watch this informative one-person debate here.


Zephyr Teachout scores points against an absent governor. Still: NY1.

A breath of political fresh air rolled into Woodstock last night, as Zephyr Teachout and her Whistleblower Tour bus pulled up around 9 PM to address supporters waiting at the funky/charming Havana Club Bar & Grill at the Woodstock Lodge. She’d been slated to appear at 8:30 but was running late from an address across the river in Columbia County. The Havana Club’s patrons didn’t mind—Zephyr was worth the wait.

title
Zephyr Teachout at the Havana Club. Photo: Tom Pletcher.

Ms. Teachout was nearing the end of her second full day of the Whistleblower Tour, which kicked off in midtown Manhattan Wednesday at One57, the billionaires’ residence built by Extell. The theme of the tour is endemic corruption in New York State, and the way ordinary people have been ignored in the current political process. Economic inequality and lack of opportunity are among the inevitable results, which Teachout vows to address in her bottom-up underdog campaign.

She was absolutely terrific, despite having spent a long day on the tour: sincere, engaging and compelling. And she’s got some strong momentum going, too: the New York Times declined to endorse her opponent, Cuomo the Lesser, and urged people to vote for Zephyr instead, in order to “send a message.” Yesterday the Times decided to endorse her running mate, Tim Wu, for Lt. Governor. Wu is vastly preferable to the conservative and hypocritical Kathy Hochul, just as Zephyr Teachout would be an enormous improvement over Mario Cuomo’s autocratic, unlikeable son.

Among her ideas to revitalize the upstate economy: big investments in 21st Century energy sources and modernized transportation systems. You’d have to dig deep into Cuomo’s idea bank to find any thoughts on improving things upstate, and what you’d come away with is casinos (a day late and a dollar short, as they say).

Zephyr Teachout and Tim Wu deserve the support of every progressive New Yorker, and they need your support now, with only 11 days to go until the Sept. 9 primary. Please volunteer or donate as you can.

The new year is nearly upon us—what to expect is anyone’s guess, but what we should strive for is increasingly clear. Broadly, we need more equality, greater justice and a more peaceful, sustainable world. Here is an excellent outline of some of the specifics, courtesy of Senator Bernie Sanders from neighboring Vermont.

Dear Thomas,

I want to take this opportunity to wish you and yours a very happy new year. I also want to express my gratitude to you for the political support that you have given to me, and for all of your efforts in trying to move our country and the world in the direction of peace, justice and environmental sanity.

As we survey our country at the end of 2013 I don’t have to tell you that the problems facing us are monumental, that the Congress is dysfunctional and that more and more people (especially the young) are, understandably, giving up on the political process. The people are hurting. They look to Washington for help. Nothing is happening.

  • The middle class continues to decline with median family income some $5,000 less than it was in 1999.
  • More Americans, 46.5 million, are now living in poverty than at any time in our nation’s history. Child poverty, at 21.8 percent, is the highest of any major country.
  • Real unemployment is not 7 percent. If one includes those who have given up looking for work and those who want full-time work but are employed part-time, real unemployment is 13.2 percent — and youth unemployment is much higher than that.
  • Most of the new jobs that are being created are part-time work at low wages, but the minimum wage remains at the starvation level of $7.25 per hour.
  • Millions of college students are leaving school deeply in debt, while many others have given up on their dream of a higher education because of the cost.
  • Meanwhile, as tens of millions of Americans struggle to survive economically, the wealthiest people are doing phenomenally well and corporate profits are at an all-time high. In fact, wealth and income inequality today is greater than at any time since just before the Great Depression. One family, the Walton family with its Wal-Mart fortune, now owns more wealth than the bottom 40 percent of Americans. In recent years, 95 percent of all new income has gone to the top 1 percent.
  • The scientific community has been very clear: Global warming is real, it is already causing massive problems and, if we don’t significantly reduce greenhouse gas emissions, the planet we leave to our kids and grandchildren will be less and less habitable.

Clearly, if we are going to save the middle class and protect our planet, we need to change the political dynamics of the nation. We can no longer allow the billionaires and their think tanks or the corporate media to set the agenda. We need to educate, organize and mobilize the working families of our country to stand up for their rights. We need to make government work for all the people, not just the 1 percent.

Before we talk about 2014, let me ask you a favor. Do you know of friends, family or co-workers who might be interested in receiving our email newsletters and updates? If you do, please forward this email and encourage them to sign-up for occasional updates. They can sign-up for our emails by clicking here.

When Congress reconvenes for the 2014 session, here are a few of the issues that I will be focusing on.

WEALTH AND INCOME INEQUALITY: A nation will not survive morally or economically when so few have so much while so many have so little. It is simply not acceptable that the top 1 percent owns 38 percent of the financial wealth of the nation, while the bottom 60 percent owns all of 2.3 percent. We need to establish a progressive tax system which asks the wealthy to start paying their fair share of taxes, and which ends the outrageous loopholes that enable one out of four corporations to pay nothing in federal income taxes.

JOBS: We need to make significant investments in our crumbling infrastructure, in energy efficiency and sustainable energy, in early childhood education and in affordable housing. When we do that, we not only improve the quality of life in our country and combat global warming, we also create millions of decent paying new jobs.

WAGES: We need to raise the minimum wage to a living wage. We should pass the legislation which will soon be on the Senate floor which increases the federal minimum wage from $7.25 an hour to $10.10 an hour, but we must raise that minimum wage even higher in the coming years. We also need to expand our efforts at worker-ownership. Employees will not be sending their jobs to China or Vietnam when they own the places in which they work.

RETIREMENT SECURITY: At a time when only one in five workers in the private sector has a defined benefit pension plan; half of Americans have less than $10,000 in savings; and two-thirds of seniors rely on Social Security for more than half of their income we must expand Social Security and make sure that every American can retire with dignity.

WALL STREET: During the financial crisis, huge Wall Street banks received more than $700 billion in financial aid from the Treasury Department and more than $16 trillion from the Federal Reserve because they were “too big to fail.” Yet today, the largest banks in this country are much bigger than they were before taxpayers bailed them out. It is time to break up these behemoths before they cause another global economic collapse.

CAMPAIGN FINANCE REFORM: We are not living in a real democracy when large corporations and a handful of billionaire families can spend unlimited sums of money to elect or defeat candidates. We must expand our efforts to overturn the disastrous Citizens United Supreme Court decision and move this country to public funding of elections.

SOCIAL JUSTICE: While we have made progress in recent years in expanding the rights of minorities, women and gays, these advances are under constant attack from the right wing. If the United States is to become the non-discriminatory society we want it to be, we must fight to protect the rights of all Americans.

CIVIL LIBERTIES: Frankly, the National Security Agency (NSA) and some of the other intelligence agencies are out of control. We cannot talk about America as a “free country” when the government is collecting information on virtually every phone call we make, when they are intercepting our emails and monitoring the websites we visit. Clearly, we need to protect this country from terrorism, but we must do it in a way that does not undermine our constitutional rights.

WAR AND PEACE: With a large deficit and an enormous amount of unmet needs, it is absurd that the United States continues to spend almost as much on defense as the rest of the world combined. The U.S. must be a leader in the world in nuclear disarmament and efforts toward peace, not in the sale of weapons of destruction.

Let me conclude by once again wishing you a happy and healthy new year — and by asking you to share this email with friends, family and co-workers. They can sign-up for our occasional emails by clicking here.

This is a tough and historical moment in American history. Despair is not an option. Let us stand together as brothers and sisters and fight for the America our people deserve.

Thank you for your continued support.

Sincerely,

Senator Bernie Sanders

To the Senator’s worthy agenda, I would only add this:

GUN VIOLENCE: It’s time we treated gun violence as the public health menace it is. That means real legislative reform and much tougher regulation. This is one of the most, if not the most, politically difficult fights that rational Americans face today, but it is increasingly urgent.

Here’s to a better world in 2014. Happy New Year, everyone.

It could be argued, with a high degree of credibility, that the most serious roadblock to happiness and fulfillment, not to mention health and general well-being for the average American in 2012 is the Republican Party. Or, to be more specific, the practices and principles which are embraced and endorsed by the current incarnation of the Republican Party.

Let’s look down the list. The economy? Still in the tank, thanks to the profligate spending of the Bush administration and the crimes and predations of Wall Street and the banking industry. The environment? Drill, baby, drill—and frack you in the process. Health care? Let’s repeal it. Civil rights? Depends on whose. Women’s rights? Sure, we have lots of special laws just for women.

It is heartening, then, to watch Mitt Romney and the Republicans squirm as the candidate comes under attack for his work at Bain Capital, and for his refusal to release more than two years of tax returns.

Bain of Our Existence
Photo: Evan Vucci/AP, on csmonitor.com

It’s no wonder Romney is defensive about his time at Bain, and about when he ended it. After all, the firm is notorious for outsourcing and layoffs, and for investing in such sterling endeavors as Stericycle, a company that specialized in disposing of aborted fetuses collected from family planning clinics, among other things. And that was an investment that took place in 1999, by the way.

As for the missing tax returns … as so many others have said, the calculation must have been made that it would be more damning to release the returns than to withhold them. Hence Romney’s continued refusal to show anything earlier than his 2010 return. We already know about the offshore accounts Romney has, and we already know he makes tons of money (most of it from his Bain days). What is he hiding? And as a presidential candidate, is he really entitled to hide it?

Let’s keep the pressure on.

Julian Schreibman held another “meet & greet” this past Sunday, at the Brik Gallery on Main Street in Catskill. It was an apt setting—Main Street had rebounded and was doing fairly well prior to the financial crisis; now it is a collection of largely empty storefronts where businesses, restaurants and galleries used to be (including Brik). This made Main Street an ideal setting for the recent, innovative “Wall Street to Main Street” exhibition put on by the Greene County Council on the Arts in collaboration with the artistic wing of Occupy Wall Street. Many of the window displays from that recently concluded exhibition remain, as the photo below demonstrates.

The Writing's on the Wall (or Window)
The Writing’s on the Wall (or Window)
Photo: John P. O’Grady

Mr. Schreibman spoke movingly, as though inspired by the reduced state of the street outside. He railed against America’s growing economic inequality, and vowed to do everything he could to address it. He also:

  • Spoke in favor of the DREAM Act
  • Firmly renounced fracking as bad for New York
  • Emphatically renounced policies of torture and rendition in America’s endless wars (this, in reply to an inquiry about his CIA background, which had nothing to do with field activities)
  • Explained how grateful he was for the help he received in getting a good (Yale) education, and described his belief that every American should be entitled to a chance at the same opportunities he had
  • Denounced our current Republican Congressman for voting against the interests of the 19th District
  • Announced strong support for new policies to stimulate economic growth in our region, including support for family farms and a strategic rural broadband initiative

It was another strong performance by a candidate whose appeal only continues to grow.

Occupy Hudson has been meeting regularly on Mondays at 7th Street Park (or nearby at The Parlor Coffee & Tea House in bad weather) for months now. This past Saturday, May 19, the group went public with an inviting, low-key event in the park.

Occupy Public Space
Photo: Tom Pletcher

It was an "unofficial" event, and I wasn’t able to stay for all of it. As noted, the atmosphere was low-key and friendly. There was some good music, plenty of hula hoops and lots of engaging and thought-provoking conversation, including a very well-led discussion of the commons (thanks, Christine!).

Hudson city officials had been notified about the event in advance, and everything went off without any hitches or glitches (that I’m aware of, at any rate). Just by holding this event in a public space, Occupy Hudson performed a valuable service by demonstrating the importance of public space.

Occupy Hudson will soon go live with a new website at occupyhudson.org. Watch for it, and check the online calendar for meetings and events. We hope to see you next time.

Sometimes it helps to lighten up a little, and the creative remix of West Side Story that’s been making the rounds the past couple of weeks is bound to generate a smile, at the very least. The new “Occupy” lyrics are clever and nicely performed, and Officer Winski receives a much-deserved comeuppance. Check it out below if you’ve haven’t seen it before (or even if you have).

BlueInGreene couldn’t let this day pass without saluting our friends and colleagues in the various Occupy groups, who have done so much to bring America’s growing inequality to mass attention. If there is any hope for our two-party political system, it has been born on the streets.

As an example of the great influence Occupy has wielded, here is an angry, profane and engaging article by best-selling American novelist Stephen King on the subject of unequal taxation. Spoiler alert: a quote from the essay’s last paragraph is coming up.

Last year during the Occupy movement, the conservatives who oppose tax equality saw the first real ripples of discontent. Their response was either Marie Antoinette (“Let them eat cake”) or Ebenezer Scrooge (“Are there no prisons? Are there no workhouses?”). Short-sighted, gentlemen. Very short-sighted. If this situation isn’t fairly addressed, last year’s protests will just be the beginning. Scrooge changed his tune after the ghosts visited him. Marie Antoinette, on the other hand, lost her head.

Think about it.

We’d planned to show the award-winning documentary Inside Job later this month as part of the “Wall Street to Main Street” exhibition in Catskill. Unfortunately, those plans have changed.

Do let us know if you would like to see this film. If enough of you vote “Yes,” we’ll try to show it at a later date.

Follow

Get every new post delivered to your Inbox.

Join 61 other followers