House passes sweeping bank deregulation bill, but where's the outrage?

[BainsBane]

http://www.politico.com/story/2017/06/08/bank-deregulation-house-239313

This was five days ago. We've heard a lot of discussion about Wall Street in those five days, yet none of it has focused on legislative action currently being taken to dismantle existing regulations.

Instead, we are told that the Democratic Party stands in the way of doing something about Wall Street.
https://www.theguardian.com/us-news/2017/jun/11/bernie-sanders-lambasts-absolute-failure-of-democratic-partys-strategy

Yet the Democratic Party isn't controlling the legislative agenda. There is a current, direct effort to deregulate Wall Street that very likely will succeed. Yet we see absolutely no focus on that, no effort to mobilize progressives or leftists to stop that deregulation? Why?

We see the same dynamic reflected on DU, in which posters express angst over Wall Street and the Democratic Party but can't even bring themselves to respond to a point about the current banking deregulation going on in congress.

I find all of this odd. It would seem to be that if people were concerned about the role of Wall Street in American politics, they would be doing everything they could to stop the GOP's efforts. Yet we hear nothing.

[JustAnotherGen]

1. Amen n/t

[democratisphere]

2. I'm outraged as hell. Wall Street greed is at the core of every GD thing

that is wrong with our country. Healthcare, jobs, wealth transfer to the Wealthiest just to name a few. Terrorists can sit back in their recliners while the f'ing GOP does their dirty work for them! The silence about what should be outrage is simple; wall streeters own all of the money making media outlets. We have become a laughing stock and also a total disgrace.

[BainsBane]

3. What is stopping the participants of the People's Summit from denouncing the deregulation efforts?

Rather than focusing on the Democratic Party? I don't think you can attribute their concerns to being owned by Wall Street.

The one place I saw this bill mentioned, besides Politico, was in the corporate media--MSNBC. It's interesting that they are the only ones who have paid attention to it.

[NCTraveler]

5. Well stated. All the way around.

Last edited Tue Jun 13, 2017, 08:57 AM - Edit history (1)

I think some of us, including myself, have resigned to the fact some draconian legislation will pass the house. They have successfully voted on horrid legislation after horrid legislation over the last couple of years. Much of it has gone no further than the house. These house moves are one of the only things holding their base together, IMO.

I have seen the party and DU members use some of these pieces of legislation used as talking points. Highlighting how disgusting the Tea Party types are and the fact that rank and file Republicans seem more than happy to go along with them.

I do agree with the points you are making and believe I just gave you a failed justification for why a bigger stink isn't being made. I still think my justification is real and alive.

[BainsBane]

7. There is fatigue to be sure

but that doesn't explain why some choose to focus their attacks on Democrats rather than legislation deregulating Wall Street. Presumably the implication that Wall Street money is a a problem is because it might lead to legislation favorable to them. Well that is already happening, right now, yet we continue to see anger directed at Democrats rather than the GOP legislative action currently underway. If the goal is to do something about the influence of Wall Street on government, the tactic isn't working. in fact, it distracts from that deregulation. So why do it? Who is benefited?

[NCTraveler]

16. Their motives are highly questionable. As is their intellect and character.

"yet we continue to see anger directed at Democrats rather than the GOP legislative action currently underway."

[OnDoutside]

4. One must be careful not to get outrage fatigue. The no 1 is saving healthcare, Dodd-Frank can be

re-instated after 2018.

[BainsBane]

6. Only there is lots of outrage

directed at the Democratic Party for its supposed Wall Street ties. Meanwhile, legislative efforts are ignored.

[watoos]

8. I'm sorry but I'm saying this anyway

Democrats need to refute neoliberalism and we are not doing that. The world has shifted so far to the right that we on the left are left to celebrate when a neoliberal, Macron beats a fascist, Le Pen. LePen is not a Donald Trump clone, LePen is a Donald Duke clone and she got a lot of votes in France, she will come back when neoliberalism fails Macron.

Please click on the Naomi Klein interview on the Thom Hartmann show, it was posted here on DU I believe.
I implore you to listen to what Naomi says, she has been a modern day prophet.

The Democratic party needs to go back to the basics, back to our roots, and that means moving back to the left, means rejecting neoliberalism. Listen to Naomi and dismiss what she has to say at our own peril.

[BainsBane]

9. Okay, but what about the country?

Is there any point in which the state of America matters? Why can't you bring yourself to as much as mention the GOP deregulation efforts? How is it that you are so disinterested in actions being taken on behalf of Wall Street and banking? I find it very strange.

To focus on Democrats, who have no power, while ignoring what is currently being done to promote deregulation seems strange to me. The result is that the GOP is left free to advance their deregulatory efforts without opposition from the public. Is that really what you want to happen? I find it very strange to see such complete lack of interest in actual legislation being taken that enacts what progressives say they oppose, yet can't manage to even mention.

Or am I wrong in assuming that critics of the Democratic Party oppose banking deregulation? Perhaps stopping such efforts isn't the goal at all?

[BainsBane]

13. I won't be generating profits for the Kremlin

I am more than willing to read thoughtful and informed analysis, but entertainment radio programs are not where one finds it, especially those that line the pockets of Russian oligarchs. For-profit radio does not, in my experience, generate informed discussion.

I don't buy the supposed opposition to neoliberalism because that stated goal is entirely inconsistent with the calls to return America to the 1950 to the 1970s, a period when the US enforced prosperity for the white bourgeoisie through empire and regime change. It was in that period in which the US spread it's neoliberal empire, imposing dictators like Pinochet and who presided over neoliberal economic changes that benefited US corporations. Yet that is precisely the time progressives want to return to because that empire brought prosperity to a small portion of the American public.

One cannot claim to oppose neoliberalism without a critique of capital and inequality. One cannot legitimately oppose neoliberalism while seeking to return America to the height of its capitalist empire. I see no opposition to neoliberalism or capitalism. I see a lament about the decline of American empire and the privilege of the white male bourgeoisie. I see anger over the erosion of privilege and a desire to return to the days when America was more unequal but a certain privileged segment of the population prospered at the expense of the majority at home and abroad.

I also see efforts to restrict the franchise by replacing primaries with caucuses, a system that has the lowest voter participation rates and undermines the political influence and representation of the the non-propertied and non-white.

I also see efforts to undermine the party's commitment to equal rights, including reproductive rights. That so many insisted the increased poverty that results from lack of access to abortion rights was not germane exposed the claims about economic justice to be empty. It was then that I understood that the goal was to promote the prosperity of a narrow segment of the population, whose income already exceeds the national median, at the expense of increased poverty for the majority.

I don't believe any of the claims about opposition to neoliberalism. I instead see a commitment to reclaim the height of capitalist empire and the inequality it wrought.

[BainsBane]

19. Still no concern about the banking deregulation bill?

Last edited Tue Jun 13, 2017, 06:02 PM - Edit history (1)

Not a single word of opposition? Why is that?

[NurseJackie]

24. It's bizarre. I don't understand why.

It's definitely puzzling.

[Cha]

22. The point of the OP.. is where is the Outrage at

what the republicons are doing in Congress to De-Regulate WALL STREET?

[Bradical79]

23. Not going near anything Hartman

but I agree that it's something we need to pay attention to, though not sure how effective we can be with the current make up of the government.

[Vinca]

10. It seems there is a finite amount of outrage to go around. In any case, the GOP attack on the

financial standing of this country was a foregone conclusion. Every time they're in power they deregulate and every time they're in power it all goes to hell. Democrats are then elected to clean up the mess. At the moment we don't have the numbers to do anything about anything. Sad, but true. The "hard working, rust belt, holier-than-thou, we-love-America" Trump voters might wake up when their credit card interest rate becomes usurious and they can't afford to buy a four wheeler. In the meantime, their heads are still up the orange behind and they won't vote for "libtards."

[yardwork]

11. Responses in this thread seem to be missing the point.

I will repeat your point. Supposed progressive leaders are complaining about Democrats this week.

Why aren't they complaining about what the Republicans just did?

[BainsBane]

12. It begs the question of what the end goal is

They can conceivably remake the party exactly as they like and still have absolutely no impact on Wall Street. Isn't the purpose of reforming the party to stop the sort of thing the GOP is doing right now?

[yardwork]

17. The people seeking to destroy Democratic unity aren't interested in a positive outcome.

That's my opinion.

[murielm99]

20. Maybe they are

too feeble to do more than one thing at a time? I am not part of that movement, so I don't know for sure.

[mcar]

14. K&R

[NurseJackie]

15. Blinded by ... I don't know what.

* Or I can't say what.

[brer cat]

18. Projection is not just a republican process.

Painting our party as the "do nothing" or "failing" Democrats while remaining silent on the actual legislation being passed is very telling about the motives and commitment of the painters. I am reminded that the republican fall-back plan on healthcare "reform" is to let ACA stand, kill it by withholding essential funding, and then say: "See, we told you it would fail." I have no doubt that there will be an "I told you so" in our future regarding Wall Street deregulation, and the Democratic Party will be blamed.

[Cha]

21. Oh wow.. didn't know this. Mahalo for pointing

this out, Bains.

Why so quiet about what the republiCONS are doing in Congress to De-Regulate WALL STREET!?!

Bookmarking.