Category Archives: Wealth

Hillary Clinton, the bankster’s and frackster’s BFF

We’ve characterized Campaign 2016 as a contest between the Despicable [Donald Trump] and the Deplorable [Hillary Clinton].

Events of recent days have done nothing to change our opinion and everything to confirm it, most notably the leaked Trump tape and the massive cache of Democratic Party and Clinton campaign emails handed over to Wikileaks.

Today’s we focus on the massive Clinton documents, confirmation that Trump’s got one thing exactly right: She really is Lying Hillary, campaigning as a candidate who favors strong financial regulation and opposes fracking, while privately telling industry folks she opposes the former and favors the latter.

From Democracy Now!:

Leaked Hillary Clinton Emails: Could Bernie Sanders Have Won Primary If Leak Occurred Earlier?

From the transcript:

LEE FANG: These emails are very interesting. They provide a window into Clinton and her experiences, certainly her speeches. I don’t believe that there are any huge bombshells, that this will change the course of the general election. Maybe if these emails came out earlier in the year, during the Democratic primary, that could have maybe changed history. But this won’t change the course of the general election.

That being said, the emails really show, including the transcripts, that Hillary Clinton is far more conservative, far more business-friendly, when she’s speaking with aides, when she’s giving speeches to these Wall Street banks. Also, the emails show that Clinton’s inner circle is filled with wealthy people, Wall Street types, Washington insiders, that are kind of part of a—what you might call a Washington bubble. They are very quick to attack and show a lot of contempt for anyone that they perceive on their political left, whether that’s activists or certain journalists. So, you know, these are interesting emails, but for folks who have followed Hillary Clinton’s tenure in government, they aren’t particularly surprising. They certainly fit a larger pattern.

JUAN GONZÁLEZ: And, Lee, they do reveal that, especially with Wall Street firms or commercial interests, that they expect to be able to be heard, given the money that they contribute. They also show, though, some of the major labor unions in the country also seeking to get heard because of their donations, as well, to the Clinton campaign, don’t they?

LEE FANG: Yeah, that’s right. You know, I think the Dodd-Frank comments are really interesting, the ones you just highlighted. You know, on the campaign trail, as she competed with Bernie Sanders, Hillary Clinton embraced Dodd-Frank, the big financial reform law passed by President Obama, called it a great law that she will defend. She was very proud of it. But, you know, speaking to bankers, she showed a contempt for the law. She sympathized with bankers who were opposed to this law, basically made the argument that it was only passed because of politics, that, you know, after the financial crisis of 2008, Democrats had to do something, and so they had to pass this. And she mentioned to Goldman Sachs in some of these paid speeches that she sees the financial sector, folks who work on Wall Street, that they know how to make the rules better than those in Washington. So it’s a stark contrast.

Map of the day: Illegal cash transfer outflows

A look at funds being illegally siphoned out of nations in the Second and Third Worlds by folks ranging from plutocrats and crime lords to banksters and mere common criminals. From Global Financial Integrity:


Brazilian regime seeks permanent austerity

It’s the worst possible scenario for millions of the poor in South America’s largest country and a neoliberal’s wet dream, and it seems inevitable.

From teleSUR English:

Unelected Brazilian President Michel Temer is a step closer to cementing his long-term austerity plan for the cash-strapped country as the lower house of Congress approved Monday a constitutional reform that would freeze public spending for the next two decades.

Critics argue that the aggressively neoliberal plan — known as PEC 241, the Portuguese acronym for Proposed Constitutional Amendment — dramatically undermines rights enshrined in the 1988 constitution, written in the early years of Brazil’s transition to democracy following the fall of the military dictatorship in 1985.

Progressive economists often warn that austerity deepens an economic downturn rather than reverses it, by depleting consumers of buying power. Public disinvestment, is, in effect, anti-Keynesian, and is akin to turning off the engine of a plane already in free-fall.

With a population of more than 200 million, Brazil’s income and wealth disparities are among the widest in the world, and the country is currently in the midst of its worst economic contraction since the Great Depression.  The PEC 241’s 20-year freeze on public spending will almost certainly produce an anemic economy because it will starve a demand economy of the very oxygen it needs — consumer demand — to thrive.

The controversial amendment passed with ease in the lower house by a 366 to 111 vote in favor, with two abstentions, after a marathon nine-hour session. The measure still needs a second vote in the lower house, where it is expected to pass the supermajority threshold in a vote scheduled for Oct. 24; if approved, it will be forwarded to the Senate for final approval.

Chart of the day: Religions and income in the U.S.

From the Pew Research Center:


Map of the day: Global import rates take a dive

Following up on our previous post, there’s this from the International Monetary Fund’s World Economic Outlook — October 2016:

IMF World Economic Outlook, October 2016; Chapter 2: Global Trad

Chart of the day: Global trade collapse in 3 charts

A stark picture of the collapse of global trade from World Economic Outlook — October 2016:

IMF World Economic Outlook, October 2016; Chapter 2: Global Trad

Chart of the day II: Inequality soars yet again

The rich get even richer while the rest of us grow poorer.

From Bloomberg: