PCCC, DFA Attack Schwartz’s Wall Street Connections

The Progressive Change Campaign Committee today attacked Gubernatorial candidate Allyson Schwartz for her ties to Third Way which attacked Sen. Elizabeth Warren yesterday.  Third Way, for which the Congresswoman acts as a Co-Chair, is funded largely by major Wall Street firms.  Sen. Warren is known for her opposition to Wall Street and the Too Big To Fail banks which crashed our economy in 2008.  Democracy For America joined the attacks on Schwartz and candidate John Hanger has also chimed in.  

From the PCCC:

Wall Street is trying to marginalize Elizabeth Warren, and we need to bolster her.

Third Way — a Wall Street-funded group that poses as a “progressive” think tank — blasted Warren and her bold economic agenda yesterday in Rupert Murdoch’s Wall Street Journal.

They wrote that Warren’s “economic populism [is] disastrous for Democrats,” including the growing consensus that we must expand — not cut — Social Security benefits.

Shockingly, Rep. Allyson Schwartz is Honorary Co-Chair of this group that’s attacking Elizabeth Warren!

Can you call Allyson Schwartz today and tell her to drop her affiliation with Third Way immediately? Click here for the number.

Third Way receives a ton of money from Wall Street, but they don’t publicize this on their website or in their attacks on Warren’s economic agenda that stands up for the little guy.

Polling shows Warren’s ideas are popular in red, purple, and blue states. In fact, expanding Social Security is popular by 2 to 1 in Kentucky and 3 to 1 in Texas!

Third Way has no grassroots support — they are just a tool for Wall Street and big corporations to attack popular, progressive ideas.

DFA’s Jim Dean had this to say:

“Pennsylvanians already have an unpopular Governor who supports cutting Medicare, Medicaid and Social Security benefits, they don’t need another one who does the same thing by providing cover to the Wall Street-funded front group Third Way.  If Allyson Schwartz opposes cutting the benefits that seniors and working families rely on and earn with every single paycheck, now is the time for her to say so publicly and resign from her position at Third Way.”

John Hanger:

“Third Way’s attack in yesterday’s Wall Street Journal on Elizabeth Warren, Bill DeBlasio, and other Democrats who are fighting for working people was misguided and unacceptable. Sen. Warren has captured Americans’ imagination and Bill DeBlasio won the mayoralty of New York City because they effectively and unapologetically challenge the political elites and the big money interests just as we are doing in our People’s Campaign for Governor in Pennsylvania. Congresswoman Allyson Schwartz can undermine Third Way’s unacceptable attack on good Democrats and important ideas by resigning as Third Way’s Honorary Co-chair. I hope Congresswoman Schwartz joins my call to strongly disavow and rebuke this right wing attack on Senator Warren, Mayor-elect DeBlasio, and progressive policies.”

I’ve been saying all along that as much as I admire Congresswoman Schwartz, she is no progressive.  Yesterday’s attack on these progressive Democrats and her leadership position of Third Way should disqualify Schwartz from consideration by liberals and progressives.  In addition to Hanger Rob McCord and Tom Wolf are strong progressives in the race for Governor.

Sen. Warren today sent a letter demanding that Wall Street firms be forced to open their records about how much they fund think tanks and which ones they finance.

Bankers Continue Rigging the System For Profit

Barack Obama has yet to arrest or convict a single banker for the massive fraud which broke the economy.  Instead he hired some of the biggest names on Wall Street to run his economic team.  No wonder fraud continues.  Unfortunately banking fraud isn’t confined only to Wall Street.  Barclays, one of Britain’s major TBTF financial institutions, got caught manipulating the LIBOR rate.  LIBOR is the London Inter Bank Offered Rate is one of the world’s principal interest rates, one which establishes the cost of banks borrowing from each other.

The rate is established daily and Barclays rigged it with cooperation from former employees then working elsewhere, for its own profit.  This is after bankers fraudulently issued home mortgages wherein they falsified applicant information, fraudulently packaged them into AAA (fraudulently rated) securities and then bet that they’d fail.  Then they got AIG to insure their losses when the giant pyramid scheme collapsed.  You and I bailed them out for their criminal behavior.  You and I the homeowners, got nothing but fraudulently filed court foreclosure documents.

All that fraud and no one went to prison.  This isn’t they change I’d hoped for.  I’m voting for Dr. Jill Stein for President.

The Preposterousness of the Greek Debt Situation

The Greek debt crisis has had world markets in turmoil for months as the western world tries to come to grips with a sovereign debt crisis which is shaking the foundations of the Euro.  Greece borrowed its way to a measure of prosperity which it couldn’t afford to repay.  While many lunatics on the American Right keep using it as an excuse to cut federal spending the Greek and American situations have nothing in common.  Greece cannot repay its debt while the U.S. can.  Greece didn’t use its debt to finance tax cuts for the rich, corporate tax loopholes for corporations and to finance foreign wars as America did.

Bankers readily financed the Greek debt without, apparently, doing due diligence.  The business practice of only lending to credit worthy borrowers got tossed out the window and now the banks want everyone else to pony up for their failures.  Where is the banker’s responsibility in all this?  When any business accepts risks they gamble on possibly losing their investment.  These bankers made horrendously bad decisions issuing loans to Greece yet don’t accept responsibility for those bad moves.  Why should world governments continue bailing out banks for bad business decisions?  

Enough is enough.

Boycotting the Banks

Are you fed up with huge Wall Street bankers who took billions of tax dollars then turn around and keep giving money to their employees instead of small businesses?  The economy remains crippled as credit available for businesses is scarce but huge bonuses plentiful.  Are you ready to do something about it?  There are two steps every individual can do, today, to begin fighting back.  First begin using cash again.  Then move your accounts from the large “too big to fail” banks which are abusing us.

Using cash instead of credit and debit cards will affect bank’s cash flow.  Each time you swipe a card that bank receives a fee.  This also increases the costs of everything we buy because retailers must factor in those costs.  For example, every business which accepts credit and debit cards pays a percentage of every transaction to banks.  These range from 1-4%.  If you get cash from your ATM, or even better, teller, and stop giving them these fees you can fight back with every transaction.  ATM’s were developed by banks to save money on staff since they needed fewer tellers.  Then the greedy bastards began charging us for using machines which saved them tons of money.  Cashing checks at tellers and spending that instead of using your debit card is a very effective manner of cutting their cash flow and profits.

Moving your money is even better.  Last year I moved my accounts from Sovereign Bank to Metro Bank.  By using smaller, community based banks you keep your money in your community and it might be better used to provide credit to your local businesses.  The huge banks like Wachovia, Wells Fargo (same institution as they bought Wachovia when it came close to collapse), Citi, JPMorgan Chase, Bank of America and other national banks will reduce their businesses and cost them profits.  We can make these “too big to fail” banks smaller ourselves by moving our accounts.  They are all dependent on deposits and moving your deposits and savings accounts to local banks or credit unions will make them smaller.  Smaller one customer at a time but it is amazing how one customer at a time can have a serious effect.  Even better your funds may wind up being more secure.  Sovereign almost collapsed when the Massachusetts, worried about its solvency, moved $300 million to another bank.  Though the FDIC will guarantee your money to a certain limit can you do without any cash flow until they get around to you?  Move it and move it today.