Third Way Document Proves Democratic Party Supports Permanent Bailouts for Banksters

[StarsInHerHair]

http://www.nakedcapitalism.com/2011/07/third-way-document-proves-democratic-party-supports-institutionalized-looting-by-banks.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29

..."It is one thing to suspect that something is rotten in Denmark, quite another to have proof. Ever since Obama appointed his Rubinite economics team, it was blindingly obvious that he was aligning himself with Wall Street. The strength of the connection became even more evident in March 2009, when Team Obama embarked on its “stress test” charade and bank stock cheerleading. Rather than bring vested banking interests to heel, the administration instead chose to reconstitute, as much as possible, the very same industry whose reckless pursuit of profit had thrown the world economy off the cliff.

But now we see evidence in a new paper by the think tank Third Way of an even deeper commitment to pro-financier policies. The Democratic party has made clear that it supports institutionalized looting by banks, via the innocuous-seemeing device of rejecting the idea of writedowns on bonds they hold."...

http://www.nakedcapitalism.com/2011/06/michael-hudson-the-financial-road-to-serfdom-%E2%80%93-how-bankers-are-using-the-debt-crisis-to-roll-back-the-progressive-era.html

"Financial strategists do not intend to let today’s debt crisis go to waste. Foreclosure time has arrived. That means revolution – or more accurately, a counter-revolution to roll back the 20th century’s gains made by social democracy: pensions and social security, public health care and other infrastructure providing essential services at subsidized prices or for free. The basic model follows the former Soviet Union’s post-1991 neoliberal reforms: privatization of public enterprises, a high flat tax on labor but only nominal taxes on real estate and finance, and deregulation of the economy’s prices, working conditions and credit terms.

What is to be reversed is the “modern” agenda. The aim a century ago was to mobilize the Industrial Revolution’s soaring productivity and technology to raise living standards and use progressive taxation, public regulation, central banking and financial reform to distribute wealth fairly and make societies more equal. Today’s financial aim is the opposite: to concentrate wealth at the top of the economic pyramid and lower labor’s returns. High finance loves low wages. "...

[StarsInHerHair]

1. 3rd way honorary co-chairs listed here-trade em in

http://www.thirdway.org/co_chairs

[StarsInHerHair]

2. the rich want to turn public infrastructure into tollbooths for themselves

"This new road to neoserfdom is an asset grab. But to achieve it, the financial sector needs a political grab to replace democracy with financial technocrats. Their job is to pretend that there is no revolution at all, merely an increase in “efficiency,” “creating wealth” by debt-leveraging the economy to the point where the entire surplus is paid out as interest to the financial managers who are emerging as Western civilization’s new central planners."

[chill_wind]

3. K'd and very recommended. n/t

[chill_wind]

4. "SS/Medicare must be on the table immediately."

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x617879

[DJ13]

5. Something stinks, and its not Obama's socks

K&R

[girl gone mad]

6. k & r

[provis99]

7. put this in the "No Shit, Sherlock" category.

Why would anyone who pays attention to politics be surprised that Democrats are corporate bootlicks?