Bill Black is "now officially an economic advisor to Bernie Sanders"

[antigop]

Last edited Fri Apr 8, 2016, 11:49 PM - Edit history (1)

http://www.nakedcapitalism.com/2016/04/the-myth-that-obamas-taking-huge-contributions-from-wall-street-was-fine.html

I am now officially an economic advisor to Senator Sanders, and this column reflects some of that advice. Part of my advice is not to take money from Wall Street felons. (I am not taking credit for Bernie’s decision — at most I supported a decision he had already made over a year ago.) One of the reasons I reinforced Bernie’s decision was witnessing the problems President Obama experienced given his taking very large contributions from Wall Street. I channeled the prescient warning that Professor Thomas Ferguson (U. Mass, Boston) gave a group of us in 2008. He predicted, accurately, that Obama would not lead an effective crackdown on the endemic fraud by Wall Street elites that caused the financial crisis. Tom (he is a personal friend) is the expert on campaign finance. He authored the classic book on campaign finance entitled Golden Rule (as in the observation that he that has the gold makes the rules.).

Tom pointed out that (then) Senator Obama was accomplishing something unprecedented. He was not only raising more money from Wall Street than the Republicans were, he was doing so in the context of a nomination battle with (then) Senator Hillary Clinton. The Clintons were both preeminent leaders of the “New Democrats.” They crafted the coalition of conservative (on economics and national security issues) Democrats. The New Democrat’s apparatus was funded overwhelmingly by Wall Street and President Bill Clinton was famous for championing the three “de’s” – financial deregulation, desupervision, and de facto decriminalization. Even if Wall Street was willing to reverse decades of contributing primarily to Republicans, why would they choose Senator Obama over their great ally, Senator Hillary Clinton? Tom predicted that Obama would win the nomination and the election – and would reject emulating President Roosevelt’s “New Deal” and its transformation of finance. All three predictions proved accurate.

eta: I am not sure this is an official announcement. That's why I put his statement in quotes.
He could just be offering advice.

[glinda]

1. kick

[Baobab]

23. Control Fraud, criminogenic, both words Bill Black coined

He has been mapping how the US has basically become a captured state.

[DemocracyDirect]

2. K$R

[avaistheone1]

3. This is excellent news.

k&r

[antigop]

4. I'm not sure it's an official announcement. That's why I put it in quotes.

Could be he just was offering advice.

[appalachiablue]

5. K & R. Wall Street Felons is it. Good post.

[bbgrunt]

6. Wonderful! Great addition to the Bernie team.

[billhicks76]

7. We Have Been Hoodwinked

[Baobab]

24. Bamboozled

What else do you expect, when the foxes have been guarding the henhouses for decades. At least THREE DECADES?

[Jefferson23]

8. Excellent. K&R

[Maedhros]

9. For a second, I read this as "Lewis Black".[n/t]

[KPN]

11. It wasn't?!

[pnwmom]

10. Yeah, keep suggesting Obama is corrupt. That will go over really well with his supporters.

[KPN]

12. What's to suggest?

Obama is and has been a great President. Certainly close to, if not, the best in my pretty long lifetime. He would unquestionably have been the best had he cracked down on Wall Street. But he didn't. He treated Wall Street with kids gloves holding no one accountable.

Given the views Obama holds and has pursued on virtually every other presidential issue, it is impossible for me to believe that record level Wall Street contributions to his campaign did not flavor his perspective and influence the decisions he has made affecting Wall Street. You really only need to look at the economic advisors he appointed.

It's not a suggestion that money influenced how Obama has treated Wall Street. It's a fact.

When you look at:

the direct harm Wall Street has caused millions upon millions in this country,
the tax payer and federal program costs of the bailout,
the outrageous profits Wall Street has enjoyed since 2009,
the current real potential for another crash,
devil could care, irresponsible and predatory credit practices of the financial industry that are still on-going,
the relative weakness of Dodd-Frank and many economic/financial regulations instituted and policies followed during Obama's tenure ...

not recognizing the corrupting influence of Wall Street money is irresponsible, reckless, and in my view dishonest.

[pnwmom]

13. It's not a fact. It's your opinion. n/t

[KPN]

14. Oh come on.

You know better than that.

[pnwmom]

15. Obama is not corrupt. Period. n/t

[KPN]

16. OK. I didn't say he was.

I said (essentially) big money in politics has a corrupting influence. So let's keep that straight shall we?

There is clearly a "conflict of interest" created when any public official is dependent on huge financial contributions from highly concentrated special interests to get elected when that public official might have to deal with and make policy decisions affecting those special interests.

In my view, that conflict of interest came into play in policy decisions affecting Wall Street during the Obama administration. In my view, the Obama administration put Wall Street interests ahead of worker interests.

Call that whatever you want.

[pnwmom]

17. You're ignoring the context of his whole Presidency. He barely got the small stimulus

through Congress and barely got Obamacare passed.

If, instead of focusing on trying to help the country, he'd focused all his efforts on attacking the Bush administration and the banks, the Rethugs would have used every trick in the book to stop him from accomplishing anything -- as they did after the first year.

And the second he left office, they would be out gunning for him.

[KPN]

19. The context of his Presidency had something to do with

all the former Citigroup, JP Morgan and Goldman Sachs executives Obama has appointed
to Treasury, Federal Reserve, National Economic Council, Commerce, US Trade Rep, etc., etc.?

I don't think so.

[SoLeftIAmRight]

20. he also gave the war criminals a pass

...

[wilsonbooks]

18. Whether official or unofficial, he has input to the campaign.

His colleague at UMKC is an official part of the Sander's team and has worked closely with Bernie to formulate economic policy.

https://stephaniekelton.com/

[westerebus]

21. Good news.

Truth finds its way into the open.

[dreamnightwind]

22. Wow, this is great!

I watch Black's segments pretty often on The Real News, he is no Wall St. puppet and he successfully prosecuted many of the perps in the 80's Savings and Loan scandal.

[snot]

25. Bill Black is to financial terrorism what Richard Clark is to the other kind,

which is why neither is any longer employed by the government.

[yourpaljoey]

26. Brilliant!

[think]

27. William K Black would make a great Attorney General! He'd put a big dent in Wall Street corruption.

[BillZBubb]

28. If so, this is great news.

He's a strong voice against corporatist influence.