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Senate's Socialist Scores a Win
Chalk one up for the socialist.
Sen. Bernie Sanders is often dismissed as a novelty in two-party Washington. But the move toward heightened corporate regulation moves him a step closer to the political mainstream. (Photo: AP) In November, Vermont Sen. Bernie Sanders, a self-described Democratic socialist, introduced the provocatively named Stop the Greed on Wall Street Act - a bill aimed at limiting executive compensation at banks receiving government bailout funds.
The measure was promptly ignored and died a quick death in committee.
But when President Barack Obama proposed a similar limit last week - his would cap pay at $500,000; Sanders would have put the lid on at $400,000 - the accolades came pouring in. Even the free market devotees at the conservative Cato Institute issued a press release applauding the idea, telling executives: "Sorry, guys, you asked for it."
"We are on the verge of a depression that these people helped cause, so that helps wake people up," Sanders said, explaining the increased support for his proposal. "It should have been done years ago, of course."
Sanders is often dismissed as a novelty in two-party Washington. But the move toward heightened corporate regulation moves him a step closer to the political mainstream.
The Vermont independent spent 16 years in the House and has spent another two in the Senate railing against corporate greed and the rising income gap. "I occasionally quote some of the things I did 10 years ago," he said.
While the current economic troubles limit Sanders' sense of vindication, he's quick to point out his earlier opposition to the deregulation that many believe allowed a mild downturn to sink into a severe recession.
"This is an issue that some of us have been onto for a number of years," he said. "You didn't have to be a Ph.D. in economics to figure this out."
As a congressman, Sanders opposed the Gramm-Leach-Bliley Act, a 1999 statute that repealed a Depression-era law prohibiting commercial banks from merging with investment banks. Clinton administration officials and then-Federal Reserve Chairman Alan Greenspan supported the bill over objections from more liberal critics who wanted to preserve regulatory walls between financial services companies.
"Greenspan had more influence than I did," said Sanders.
Sanders wants to strengthen Obama's executive compensation restrictions and enact a host of new and old proposals cracking down on hedge funds, banks and financial services firms.
"This should be seen as the beginning," he said. "Wall Street has got to know that many of us believe a new day has got to come."
54 Comments so far
Show AllOkay Bernie--well and good and thanks for the tenacity and proven record on this issue. Now for an encore may I suggest that you introduce a Senate companion bill to HR 676 for single payer healthcare for all Americans.
Bernie we know this is a way to not only help all Amerticans to obtain a nercessary service they all need, it will even make big business more competitive as it frees them of the expense of that item being added to the price of their goods or services.
Major associations of medical professionals want it, the American people (when having it clearly explained to them) want it, and the example of the entire rest of the develped world shows it can and does work as a way to deliver healthcare services to all.
C'mon Bernie, you now have some political capital, how about spending it on behalf of all of the American electorate? Single-payer healthcare to match that proposed by Rep. Conyers in HR 676.
Poet
Ditto.
q
OK, that's it I am moving to Vermont!
"Greenspan had more influence than I did,' said Sanders."
Could any quotation more clearly illustrate the idiocy of the economic attitudes of the right?"
Bernie Sanders is as close to a hero as the Progressives have at this moment. If his influences grows, look for him to have a airplane accident.
q
Sanders is often dismissed as a novelty in two-party Washington.
------------------------
Sanders advocates people-first "socialism"
Every other Senator advocates corporate "socialism", the type of socialism biased, irresponsible and irrelevant publications like Politico would never point out.
That's the novelty.
Examples:
- Big Agriculture could not exist without massive taxpayer cash.
- Big Media is receving FREE digital t.v. spectrum from the public worth trillions.
- The Defense Dept. gets unnecessary wars launched to improve their bottom line.
- Big Oil gets the U.S. Armny for free to help procure foreign oil fields.
- Big Pharma gets a Medicare Prescription bill worth tens of billions of dollars in non-negotiable prescription drugs.
- The banks gets Glass Stegall overturned allowing them to profit to the tune of billions and then get bailed out to the tune of trillions.
Nice portrait of fascism at work.
q
read the many remarks of General Smedley Butler from nearly a century ago..you will see "capitalism" revealed from the HEART of its power center in its TRUE GLORIOUS GORINESS.
"OUR FOREIGN POLICY HAS ALWAYS BEEN GEARED towards gathering as much of the world's resources unto ourselves at the expense of other nations...it has nothing to do with freedom or justice or democracy...the TRUE purpose of our Military is to make the world safe for Capitalism, our economic and cultural assault. you wanted to rid the Dominican Republic of Nationalists? I'll get rid of them for you. our Chamber of Commerce and Big Banks wanted to control banking and commerce in nicaragua, panama?...i'll do the job for you...our foreign policy is about our BIG BANKS, BIG MONEY, BIG BUSINESS in control of other countries. they had their POinters men...people who identified enemies or uncooperative ones that we would destroy...the US military is the BIG MUSCLE of Big Money and Corporations...I was its Chief Enforcer...all in service of our BIG BOSS...our Supernationalistic Capitalism.........i would have no more to do with it".
Poet,
May I add good post.
And please, Bernie, demand that the USA withdraw its forces from the world and come home. Our empire is broke. No one is going to attack this nation. No one has since Pearl Harbor in 1941. (Yes, I believe 911 was an inside job; buildings don't collapse that way without internal demolition; no I don't know how they did it, but the planning and execution took years.)
Reduce the military, National Security budget 25 percent and put that money into health care, wealth fare, social security, public transit, city parks, bike paths to stimulate the spending.
Agreed in principle if not exact percentage-- We could go a long way towards funding single-payer healthcare with the walking around, tipping, and wasted--and unaudited 'cause, see, it's a national security issue--monies that regularly get shipped into that black hole known as the Pentagon.
Poet
I would suggest to you both that the moneies currently being paid for health care would more than fund Single Payer for every citizen and give you change.
But this way we kill two very dirty birds (for profit healthcare and for profit warfare) with one stone.
Poet
There should be political party that adopts the ideas of Bernie Sanders, so people can vote for it.
It is amazing how myths persist. Bernie is NOT a Socialist. Real Vermont Socialists are always amused when Bernie is referred to as a Socialist. Check his voting record.
A Socialist would support a Single Payer Health care system and close ALL US bases on foreign soil.
Also - $400,000, compared to the minimum wage is a disgrace. Ben & Jerry got it right. They limited top salaries to 6 times the lowest wage paid by the company.
...and then sold the company to the corporate giant Unilever.
---USAn---
"A Socialist would support a Single Payer Health care system and close ALL US bases on foreign soil."
Who are you to say what a socialist is or isn't? And you know that Bernie Sanders is opposed to these things? How so? Because he didn't vote for such-and-such bill, when you thought he should? Or what?
The truth is Bernie Sanders has an extremely progressive record, and while he may not be pure enough for the true-believer Marxists, he sure the hell has a right to the label socialist.
I probably just got myself barred from your exclusive little club, but hell, I'm going to keep calling myself a socialist too.
------
Elohi Gadugi Journal
I'm not a socialist or for socialism by any means, but good policy is good policy whether I or anyone else agree with their overall philosophy.
Go get em' Bernie.
that is a very ironic remark:
it can be translated as :
" I am a capitalist and a capitalist by ANY means,,,including anything that works, which INCLUDES SOCIALISM TO SAVE CAPITALISM ".
the only thing missing in the statements is:
CAPITALISM DOESN"T WORK. and as the ICELANDIC people say nowadays - after their country was thrown to the wolves of capitalism and is the first country to OFFICIALLY COLLAPSE completely due to capitalism:
"IT IS NOW OFFICIAL -- CAPITALISM IS MONSTROUS".
it's only americans, it seems that can't blurt it out of their own mouths......
after all it seems to be a matter of NATIONAL PRIDE...what General Smedley Butler called:
"OUR BIG BOSS -- our SUPERNATIONALISTIC CAPITALISM..it has nothing to do with freedom, liberty or justice...it is about Big Money, Big Business, Big Guns, and about gathering as much of the world's resources unto ourselves at the expense of other nations".
and where american "supernationalism" comes -- hey -- "we're all for capitalism by any means"..........even if it means SAVING it with means capitalism is SUPPOSEDLY superior to......such as Socialism......
what a grand irony.
in a way - it has its counterpart in american foreign policy blunders in which the USA NEVER apologizes...such as invading iraq for CAPITALISM ("the TRUE purpose of our military is to make the world safe for capitalism and our economic and cultural assaults:" General Smedley Butler)...or toppling democratically voted leaders such as iran's MOSSADEGH because he INSISTED that "IRAN's OIL and GAS BELONGS TO IRANIANS -- NOT chevron or exxon or mobil or british petroleum"....
that counterpart reflects that american CLINGING to Capitalism.
dastardly as the actions and principles are -- nevermind - it's STILL AMERICAN!!!
it's almost comical in its tragic consequences and utter mendacity and hypocrisy.
Teddy, I'm not ready to completely condemn capitalism yet. The idea of a reward befitting the work you have done is a good one. Getting no reward at all for your work is one reason communism is not as succesful as it should perhaps have been.
I think we need a new term for the kind of capitalism that has grown up in the deregulated world of the neocons; maybe Vampire capitalism, because it sucks all your blood and then it kills you.
A careful blend of capitalism and socialism is a better answer. A little bit extra for a job well done is not a bad thing. It is the disparity in compensations and pay, and taxes thereon, that is the trouble now.
Everyone is still afraid of socialism because of the Welfare Queen in a Cadillac idea that Reagan foisted upon us. I had a pre-election conversation with a neighbor on the street in front of the human services building. I told him I was in favor of a little socialism. He said, "do you want all your money going over THERE?" and he pointed to the "Welfare Dept." as we used to call it. "Those people should have to get JOBS!" He conveniently forgot that most of those served in that building are children.
I think people still see socialism as taking money from them to give to (undeserving) others, when they and you and me would all be beneficiaries. In the end we might all have a little MORE money.
P.S. Nobody listened to Smedley Butler or D.W. Eisenhower either when he said just about the same thing. Maybe because they were busy working at Raytheon, GE, Genreal Dynamics, etc.
Well I'll be darned Teddy, I certainly didn't mean to be ironic.
But there is no doubt that I favor a real capitalist system, regulated with oversight. It is the only system that has worked over any length of time.
And you are correct I have great pride in America, I'd compare our history and record with any other comparable country you'd care to name.
I believe you'll find their history is more violent and more colonial or empirical than we ever were.
But you pegged the blunder by our cowardly leaders in going into Iraq spot on.
Thomas: You're a smart guy, but you missed on this comment. Consider the genocide that the US perpetrated on the American Indians through out its history that makes what Hitler did to the Jews and others pale in comparison. And how about the US expansionist policies during the 19th century when they stole what is now the Southwestern US from Mexico at the point of a gun. And let's not forget Cuba and the Phillipines at the turn of the 20th Century when they took those countries from Spain.
Cavedweller
"Thomas: You're a smart guy"
Boy, you can get great odds on that here!!!
If you look at Spains record we look like choirboys. The Italians record makes us look even better. The Ottoman Turks..etc.
Believe me, you want to see some real genocide, real conquests, real territorial empire, real abuses, simply read their histories.
"And how about the US expansionist policies during the 19th century when they stole what is now the Southwestern US from Mexico at the point of a gun"
And how did those folks get it? They weren't the original inhabitants.
"And let's not forget Cuba and the Phillipines at the turn of the 20th Century when they took those countries from Spain."
How did Spain get them? And do you believe that Spain would have returned their countries to them as we did?
I wouldn't begin to compare American Indians to Jews under Hitler. Thats a whole nother can of worms.
I don't claim we are that far, far better than those that came before us, but I would say we have done better and certainly tried harder than most.
Doesn't mean for a minute that we haven't done the deed, stole land, pushed Indians and others off their land, broke treaties, indulged in wars we shouldn't have fought, especially Iraq which in my view was a far larger mistake than Viet Nam, just as other that came before us did. But I do believe we have done better in the end.
I know there are folks here that will (lets be generous here) say I'm not correct. I just believe I am and I believe history bears me out.
(at least you didn't mention our invasion of Canada!)
Using Spain's, Italy's and Mexico's histories as a guide to how nations should treat each others seems like a fake premise. It seems to me that imitating the cruelty of others is no way to create a code of conduct or honor. That line of thinking is directly from the Bush/Cheney administration's policies of torture and other abuses.
(And Canada kicked the US's ass.)
My point was when you take our history and critiqe us on it, we as a fact are better than those that came before.
"Using Spain's, Italy's and Mexico's histories as a guide to how nations should treat each others seems like a fake premise. It seems to me that imitating the cruelty of others is no way to create a code of conduct or honor."
Not saying that. Not a guide but a comparison.
"It seems to me that imitating the cruelty of others is no way to create a code of conduct or honor."
Absolutely correct.
Its the Bush's of our country that pervert that code of conduct or honor. They are the ones that encourage breaking our rule of law. I never thought I'd see the day when torture would even be under discussion in our country, let alone defended by cowards that never risked any harm to them selves. They disgraced us and we will have to restore what they disgraced.
(And Canada kicked the US's ass.)
Didn't they just!
At least those countries don't hold themselves up as beacons of freedom and liberty while exploiting and enslaving others at the very same time. And this has been going on since way before the rule of George W. Bush.
I assume that was a joke.
You obviously have a bizarre sense of humor.
fuedalism worked for along time too! How about the Roman Empire how long did that last? Native Indians lived here quite a while and quite prosperously as well, long before we got here. The idea that capitalism is the end point of human development and the best that we can hope for because "nothing else works" especially socialism is nothing but propaganda that has no basis in reality. The U.S.S.R. did not fail and was not socialism, it was the beginning of the socialist experiment that was to spark a revolution in the industrialised west. It was the German working class that voted to continue the war in the name of nationalism-over internationalism that caused the Russian Revolution to stall and saw Stalin take over protecting mother Russia with 'socialism in one country" like capitalism, socialism has to be international in scale otherwise you would simply have the capitalist setting up shop somewhere else with some other enslaved population. And look what socialism in one country did accomplish, the leap from an agricultural to an industrialized modern economy, health care, housing, education, sputnik, etc and after losing 20 million people in the second world war caught up to the west in spite of being surrounded by capitalist counter revolutionaries with nuclear missles pointed down their throats. It was the Russian apparati that sold out the Russian people who DID NOT WANT CAPITALISM, but did want something akin to the Swedish model. And don't think that the majority of Russian people were not sorry to see socialism go. Indeed, the capitalist counter revolution had the people going so far as to calling for the good old days of Stalin if you can believe it. And the fall of Soviet Union is in many respects as responsible for this present crisis as anything else with the capitalist triumphalists and free marketeers turning there sights on smashing anything that even resembles the collective rights of labour-a one sided civil war against the working class that has been going on since. Do you think that these creeps would have gotten away with what they have if the soviet union still existed? No way. The fall of the soviet union was a set back for working people the world over and we are still paying the price.
Yours,
RR
Yours,
RR
I waasn't particularly referring to Russia, but to every model of Socialism or Communism wherever and whenever its been tried. Its never delivered.
As to Social Democracies like Swedens, they use Capitalism to fund Socialistic programs to a greater extent than we do. I doubt that they can continue it as their economies are stagnant because of their models.
But as to Capitalism being the best? I don't know, its just the best system so far. Many people call for someone else to take care of them, no surprise there, no matter how badly its done as long as they carry no responsibility and someone else pays.
Its my belief that Socialism can only work if you can change human nature. There is no point in extra effort under Socialism.
I'd suggest you read some real history about Indians, north and South...they weren't quite the wonderful folks portrayed by many here. They were just people.
I appreciate your thoughts.
TM
And the U.S. economy is not stagnant? And capitalism is the best system so far? I agree it's the best at exploiting the world's people and resources, but it has actually brought us to the crisis we are in today. The truth is that capitalism could only work if you change human nature, because the nature of capitalism is to encourage greed that leads to the destruction of the planet we are now facing.
If there is no point to extra effort under socialism, why do so many continue to become doctors in Cuba? It's because they actually want to help other human beings!
Maybe if we'd have more independents just like Bernie in Congress and maybe even the White House, we'd have more victories and not losses and funerals !
We can't say often enough that the 1999 Gramm-Leach-Bliley Act -- which is primarily responsible for our current financial crisis -- was a Republican deregulation bill which did away with safeguards put in place following the Great Depression (safeguards designed to prevent another economic depression).
The GLBA was part of Reaganomics, "voodoo" economics (as George H.W. Bush once called it), trickle-down/corporate-socialism theory, and the whole "government is not the solution; government is the problem" Reagan horseshit. Sen. Phil Gramm (Texas Republican), king of deregulation propaganda in the Senate, had been carrying water for the multinational corporations for years.
The fact that a Democratic president (Bill Clinton) signed the bill is the head scratcher. I think it demonstrates corporate media's powerful influence over public opinion, as they had created public acceptance of the whole trickle-down rhetorical frame as "freedom," acting in concert with corporate-puppet-actor Reagan's efforts in the eighties.
Remember that Bill Clinton and others had to re-invent the Democratic party, calling themselves "new" Democrats and embracing Reagonomics, in order to win the next election in the wake of this corporate-media brainwashing.
Centrism. Isn't that the same snake oil that Obama has been selling?
"We can't say often enough that the 1999 Gramm-Leach-Bliley Act -- which is primarily responsible for our current financial crisis -- was a Republican deregulation bill which did away with safeguards put in place following the Great Depression (safeguards designed to prevent another economic depression)."
Excellent comment.
Though I wouldn't call Phil (give me something) Gramm a Centrist by any means.
Agreed. Gramm is a right-wing extremist. I was referring to Bill Clinton, the "centrist" Democrat who signed the bill.
Gotcha. But I think Gramm may be further right than that.(lol)
And Gramm was one of McCain's financial advisors 'til his gaffe about whining Americans. SHEEESH!!
***Stop the Greed on Wall Street Act***
"The measure was promptly ignored and died a quick death in committee."
Well of course it did. A bill like that would interfere with the bailout heist's massive transfer of wealth before the country takes a complete nose-dive.
Let 'em be paid whatever. Tax anything over $200,000 at 90%.
one old atheist
YES! Roll back the Reagan tax cuts!
Sanders is a voice of reason in the sea of fascist, corporate-owned lackeys that we call Congress.
Change! I believe in it too.....
"This should be seen as the beginning," he said. "Wall Street has got to know that many of us believe a new day has got to come."
"A new day has got to come". Sounds like the title to a pop song by, say, Barry White or Barry Manilow. The people who own this country will see it destroyed first before there is ever any economic justice. You do not tell these people to curb their greed. They are a pack of hyenas who will strip the United States to the bone, then move on to take down the next victim. There is never enough for these people. When they have you begging for mercy is when they stick in the knife. And when all of us are dead, they'll begin devouring themselves.
I realize that you are being metaphorical, but please don't insult hyenas. They are creatures with primate like intelligence that are just trying to survive in the wild. The Wall Streeters are nothing but financial psychopaths who destroyed people's lives and dreams; while they are laughing all the way to the bank with taxpayer's money.
"A Capitalist will try to sell you the rope to his own hanging"
V.I. Lenin.
Yours,
RR
Fabulous to read that someone with some common sense is finally getting the coverage they deserve. You can watch Senator Sanders' proposals on the floor on youtube. Its amazing. Also, if anyone is further interested in listening to his ideas, Thom Hartmann has him on his radio show every Friday. This is my favorite day to listen because of this: www.thomhartmann.com
Limiting taxpayer-funded executive compensation for the leaders of failed businesses to half a million dollars per year is a victory? Subtract a zero from that number and I'll be impressed.
Pan
Bernie a voice of reason, often alone.
For All HUMANS .
Justice and Liberty for ALL
Sanders is a socialist on the left; but it is the right's socialists that are the problem, the Republican socialist corporations. Don't be deceived. The right condemns the left's socialism, so that no one will notice the right's total socialistic authoritarian fascist state.
Succinct. Well-stated.
Is this really much of a victory for Sanders when even the CATO institute agrees?
I’m a big fan of Bernie Sanders. He would make a tremendous president.
As Riglpo already noted, Bernie is a guest on Thom Hartmann’s radio show every Friday. www.thomhartmann.com. Do yourself a favor and tune in.
Bernie takes a lot of questions from listeners during the show, and it’s a pleasure listening to his succinct, reasoned, passionate answers. He appears during Hour One of Thom’s three-hour show.
Jim Swanson, Los Altos, CA
"The Bush League of Nations"
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