Tag: Glass-Steagall Act

After Crypto Money Piled into Campaign Coffers of Senators Lummis and Gillibrand, They Introduced a Sweetheart Legislative Bill for Crypto

Tina Marie (Ms. Cat)

By Pam Martens and Russ Martens: June 20 , 2022 ~

On June 7, Senator Kirsten Gillibrand, a Democrat from New York who sits on the Senate Agriculture Committee which oversees commodities, and Senator Cynthia Lummis, a Republican from Wyoming who sits on the Senate Banking Committee which oversees Wall Street and trading, introduced a bill as an early Christmas present to the crypto industry. It carries the Alice in Wonderland title of the Responsible Financial Innovation Act.

After Crypto Money Piled into Campaign Coffers of Senators Lummis and Gillibrand, They Introduced a Sweetheart Legislative Bill for Crypto

Redditors Are Furious at the SEC’s New Ad Campaign Portraying them as Idiot Investors

Tina Marie (Ms. Cat)

By Pam Martens and Russ Martens: June 2, 2022 ~

Redditors at the subreddit Superstonk are posting obscenities directed at Gary Gensler, Chair of the Securities and Exchange Commission (SEC), over the new ad campaign from the SEC that appears to target young Reddit investors as fools that do no research before investing, lose all their money, and deserve a whipped-cream pie in the face. (Yes, a young investor actually gets a whipped-cream pie in the face during two of the ads. See videos below.) CNBC ran one of the new SEC ads yesterday.

Redditors Are Furious at the SEC’s New Ad Campaign Portraying them as Idiot Investors

Why Biden supports the unionization of the Amazon workforce

Tina Marie (Ms. Cat)

Why Biden supports the unionization of the Amazon workforce

First, the ruling class confronts an unprecedented crisis, which has been enormously intensified by the pandemic. As a result of the refusal of the ruling class to take the necessary measures to save lives, nearly 530,000 people have died from COVID-19 over the past year. The impact of mass death, combined with the disastrous social and economic situation, is having a profoundly radicalizing impact on the consciousness of workers and youth.

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Second, the international situation is no less concerning to the ruling class, which is determined to maintain its global hegemonic position through the use of military force. The Biden administration is carrying out an increasingly confrontational policy toward Russia and, in particular, China. The logic of this policy leads to war. In the event of a major “great power conflict,” the pro-capitalist unions will be critical in promoting national chauvinism and suppressing the class struggle. War abroad requires a disciplined “labor movement” at home.

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The strategy Biden is pursuing is known as corporatism—that is, the integration of the government with the corporations and the unions on the basis of a defense of the capitalist system. In 1938, Trotsky drew attention to this tendency when he wrote, in the founding document of the Fourth International, “In periods of acute class struggle, the leading bodies of the trade unions aim to become masters of the mass movement in order to render it harmless… In time of war or revolution, when the bourgeoisie is plunged into exceptional difficulties, trade union leaders usually become bourgeois ministers.”

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At its most fundamental level, the promotion of the unions by the ruling class is aimed at quarantining workers from socialism. The overriding fear of the ruling class is that the objective radicalization of the working class, intensified by the pandemic, will acquire a socialist leadership and political program. It is this fear that is behind Biden’s extraordinary intervention at Amazon.

Trump Regulator Set to Consider Approving the Banking Model that Ushered in the Great Depression – Uninsured Deposits

Tina Marie (Ms. Cat)

Trump Regulator Set to Consider Approving the Banking Model that Ushered in the Great Depression – Uninsured Deposits

Seven banking and credit union associations have sent a letter to the Office of the Comptroller of the Currency (OCC), the regulator of national banks in the U.S., spelling out the dangers of the OCC approving a pending bank charter that would allow a national bank to accept and hold deposits that lack federal deposit insurance. The lack of federal deposit insurance triggered the bank runs and banks collapses that played a key role in ushering in the Great Depression. (More on that in a moment.)

‘A win for the establishment and a loss for progressives’ — analysts react to Yellen as Biden’s Treasury secretary

Tina Marie (Ms. Cat)

‘A win for the establishment and a loss for progressives’ — analysts react to Yellen as Biden’s Treasury secretary

— “Janet Yellen’s nomination to be Treasury Secretary is a win for the establishment and a loss for progressives and modern monetary theory proponents. So far, the Biden team is mostly establishment types, which should ease the concerns of investors who feared a more leftward tilt. Although we were skeptical that Mr. Biden was going to pick Sen. Elizabeth Warren for the Treasury job, that risk has been completely removed for now.” — Brian Gardner, chief Washington policy strategist at Stifel.

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— “She is well within the orthodoxy of the economics community, and I suspect that fact along with her familiarity will lead to a largely positive response from financial markets. More broadly, from what we have seen so far, Biden appears to be mainly choosing old Democratic hands to fill his most vital Cabinet and White House posts, people from the Obama (and in some cases, even the Clinton) years. Progressives had hoped to wield major influence in the next administration, but if Biden’s personnel choices so far are any indication, he intends to govern more from what constitutes the middle of the Democratic Party today than to push the envelope far to the left.” — Stephen Stanley, chief economist at Amherst Pierpont.

Related:

The Wall Street Journal Nominates Janet Yellen as Treasury Secretary