Private equity is destroying our country, predators aggressively taking over flourishing businesses and turning them to dust. Sen. Elizabeth Warren has been trying to rein it in since she has been in the Senate, so kudos to her. I hope she keeps at it, even though her efforts are constantly frustrated.
This issue was raised when Mitt Romney ran for president. His Bain Capital had done exactly what you describe. And now he's a U.S. senator.
I think lobbyists should be banned from Congress and the Executive Branch. The wealthy and large corporations should be limited to the same access as we ordinary folk have: write a letter, call the office and speak to a staff member, attend a town hall.
I believe that the court rulings have stated that lobbying is considered constitutionally protected free speech, so banning it completely may not be possible. It should be heavily regulated -- stuffing money into politician's pockets is not free speech and should be banned!
Robert, every time you post, I learn something new. Such relevant, useful information. Outrageous only because it's happening right before our eyes. When will the greed end? Thank you again. You and Brian Berlectic are both breaking down the egregious practices of the US government.
@BPM65. But not the US government - it is the egregious practices of our elected officials! Perhaps our elected officials all play the game (to some extent) or they couldn't get elected. But many of them appear to really strive to represent the interests of their constituents in spite of needing to take the lobbyist money! Others are pure sell out (and many in between). What occurred to me this morning is that our democratic coalition needs to buy off the slime dogs in our own party so that they can both stay elected (preserve Democrat majority) AND represent the interests of the people...
>EXACTLY!< The government is only the dumb machinery people complain about that implements laws & policies the politicians >they< elect legislate & set! Then they turn around and get all "law & order" about the police and all patriotic about the military - the government's means of enforcing those laws and policies. It all confounds me!
Lobbying! This is one danger of money in politics! Congress members should not be trading stock during office. They will naturally want something that benefits themselves. We already know that they get away with insider trading. This also shows how important it is to get more progressives in office.
This is all making me wonder if the sole reason for holding office is to make a lot of money. Play the game right and you can rake in millions, year after year. Then allow your donors to write laws that allow the scheme to continue while denying all along that it is true. All at our expense with no consequences.
In addition to all you’ve said, they enjoy premium health care that the rest of us are not privy to. My former governor used to be a US senator MN (Mark Dayton). He recommended congress refuse the elite care package and use insurance just as all other Americans have to. Shockingly (sarc), not nearly enough people supported it. We’re not to supposed to have a system of kings and queens but looking at health care and electoral votes, etc, it seems we do have that. Our high priests with the real control belongs to all the lobbyists and their money.
The voting to increase their own pensions, rather than voting a salaried increase, is a ploy I’ve seen forever. Serving more than one term is worth hundreds of thousands, two to three millions…
All of their stock market investments should be put into a blind trust while they remain in office. They can add and withdraw money from the trust, but must not do any stock trading or be aware of what stocks are owned by the trust. I think that Presidents (except Trump) do this already.
Absolutely! I believe you are correct that presidents do, but I am adding congress to do that too, if not already required. That’s just how it should be done, blind trust. Trump simply ignored traditions and laws but we let him.
Lobbyists! Over 4,000 working for the rich, but how many do the people have? Well, that's the catch - our elected representatives and senators are supposed to be furthering our interests in congress, but they are captured to a more or less degree depending on the elected person. Senema, for example, panders and panders; first she runs for office to differentiate herself in her campaign, then she emulates the worst behaviors of those who came before. Manchin intones in a serious sounding voice that he is worried about the country but his behavior shows he is worried about his campaign finance. It is dawning on me now that ordinary people need lobbyists in Washington too! We must buy off the slime dogs in the same way as lobbyists for the rich are doing! It appears to me that we have government by the money, for the money and we need to play the "game" in Washington the way the game is played...
I am thinking about that too. In my case I figure I can put in some seed money, but to be effective the costs run into the millions. I suppose we will need an organization, but we will need a Board of Directors who will keep their eyes on the goal...
Our government is collapsing under the weight of corruption. Money flows up and our public servants are happy with the system as long as their own snouts are in the trough.
Well of course the loophole needs to be closed. But there are a couple of assumptions in your writing. The first, and most glaring, is that anyone gives a sh*t about the "most vulnerable Americans" or "investing in America’s future." Those vulnerable folks don't count and they are counting less and less as voting rights get chipped away.
If Dems could get their heads out of their collective butt then they might see that campaign finance reform would benefit everyone. Our government (and by extension our society) will remain paralyzed until big money is out of politics.
If just from an economic standpoint, we should care about our most vulnerable. Just look at the current growth in the economy even during the pandemic, a large part of it has to be due to the American Rescue Plan that's helped lower-income Americans as Robert pointed out in yesterday's newsletter. I believe this has been huge in keeping the economy from going bust!
Absolutely, you care, I care, people that can reason care. Folks that only have their elite personal finances (i.e. multibillionaires, corporate boards with only next quarter's profits, said private equity companies, and, cynically poor idiots that have been hoodwinked into thinking they want to preserve tax breaks because someday they'll win the lottery), those folks?, they don't care. There's also a racist/sexist component since many poor and vulnerable are single mothers and other-than-white. As we've seen the rescue plans *are* successful - successful in allowing the plebes to rebel (i.e. worker strikes). A compliant workforce is desirable to the elites so they can keep raking in record profits.
Until the US adopts the policy of the UK regarding funding for candidates - meaning everyone gets equal funding through the government and no private donations allowed - this is going to be the reality. John McCain proposed this and it was shot down. The final nail in the coffin was when the Supreme Court voted to give private citizenship status to corporations in regard to how much could be given to candidates to support their campaigns. As it is, it costs millions to run for public office, and once those campaigns are financed, the donors expect something in return.
“I had a dream” President Biden should start addressing republicans as the fascist party. Bring it out into the open. Joe give us something to get excited for and bring us together. Don’t miss this opportunity to unite the country. Time to prioritize and get serious. I promise to make a donation the first time you call them out. You can not negotiate with a criminal enterprise and fascism. Never worry about the consequences of doing the right thing. Trust The universe and God
I agree that it’s time for honesty. It’s good for the president to attempt to unite but we’re now one year in, it won’t work. It will take people power, not just politicians. As for the universe and your god, they allowed centuries of slavery, the Holocaust, 911, Hiroshima/Nagasaki on and on.
Is it necessary to add a snide comment about what he believes? For the record, PEOPLE did these horrible things, not GOD. Just as bad people are trying to ruin our country now. Hateful and misguided people can do horrible things. People have to learn from their mistakes, or we can repeat them.
I am terrified that horrible things like that could happen here if the wrong people gain power again.
I used to ask myself while reading about the holocaust, if the government was starting to change so badly and became so hateful, WHY WOULD THE JEWISH PEOPLE STAY THERE?
Unfortunately, I am asking myself the same question right now.😔
It is no snide to state the truth. And there is nothing snide about my comment. I’m not the one who credits god for saving people but never blaming god for the bad events. You need to think more critically. Your comment about Jews in the Holocaust is both ignorant and obscenely insensitive!
I was just last night considering renaming the parties according to their trending behavior. Where the word "republican" is from the Latin "re publicus" and translates "public interest," the Democrats should readopt the historic name Democratic Republicans and the current crop of Republicans should be the "Reprivatus," from the Latin "re privatus" meaning "private property." (Notice the stem "priv" of "privilege" >embedded within the term.) Unfortunately, it would be unintelligible to a population mostly cultivated to sportscaster ear-wash, arguably the worst possible influence on schoolkids still learning the English language! Local newscasters are marginally better.
The carried interest loophole must be closed. Moreover, the Warren Buffett Rule for minimum (fair) taxes must be passed for both individuals & corporations. ALL American citizens can better flourish when we reduce wealth & income inequality in our country.
Reading this this morning was enough to remind me that there is really absolutely nothing that the average person can do to get out from under the weight of greed and corruption among the wealthy and politically powerful. Time to tune out and turn off for awhile.
Oh, please don't turn out and off. I hate to think that my writings make you more cynical. My intent is to get your as furious as I am -- and intent on keeping up the fight.
I’m in all the way. I intend to fight until I have my country back. I never thought things would get worse AFTER Trump left office. I thought I could exhale. I volunteer now for my Alderman. Get in politics at the local level and it will give you some inspiration. I happen to have a fantastic Alderman who is right with us every step of the way. He’s even on our snow crew, to shovel snow for seniors and disabled during winter. He’s a local Bernie Sanders type.I’ve not only been disgusted by what I see. There literally are more of us than them! We have to understand this!
Aww come on…isn’t it becoming clear at this juncture? The reality is that the Dems are being bribed and kept well fed by the same mutant corporate forces that have Manchin and the rest of the turncoats in clover. Disguise it any which way you like but the fierceness with which this attack on our liberties should be fought seem to float past the Dems each and every time. It is so entirely debilitating to watch as this exercise in futility continues seemingly unabated…and for the record, Schumer is utterly useless. I’m fed up with the Dems…I think the real question here is: whose side are they on anyway?
For too long, Dem advisors continued with recommending moving to the center! The center is now the right, there is no center. Compromising when they should have been fist pounding would have shown the rest of us they were trying. There’s a percentage of corrupt Dems and the entire republican party is beyond repair with corruption. Who fights for people’s rights in person? Bernie Sanders and the progressives of the Dem party.
Thanks for the info, Mr Reich. I was wondering what all this "corporate money" I've seen detractors banging on was all about. It just goes to show that neither party's hands are clean.
Private equity companies are taking over newspapers across the country and doing exactly what you describe-cutting staff, putting debt on the papers and then walking away with a pile of cash. Without newspapers people will go online and goodness only knows where they will get their news.
It is disgusting that Democrats are taking money from these vultures and then can't seem to find the courage to get rid of the carried interest loophole coming up with laughable reasons to continue the corporate welfare.
Even us surfs have to pay a tax for earnings in the lottery market. Why do we put up with the uber rich setups nit having to pay taxes on there lottery like earnings? Someone please explain.
The whole purpose of the tax code is to obscure the rich avoiding taxes, while discussions of the "tax base" make clear that our representatives are trying to fund the country off the backs of the average and low wage earner...
Private equity is destroying our country, predators aggressively taking over flourishing businesses and turning them to dust. Sen. Elizabeth Warren has been trying to rein it in since she has been in the Senate, so kudos to her. I hope she keeps at it, even though her efforts are constantly frustrated.
This issue was raised when Mitt Romney ran for president. His Bain Capital had done exactly what you describe. And now he's a U.S. senator.
I think lobbyists should be banned from Congress and the Executive Branch. The wealthy and large corporations should be limited to the same access as we ordinary folk have: write a letter, call the office and speak to a staff member, attend a town hall.
Elizabeth Warren continues to call it as it is. I wish more people would listen to her. (I'd also wish she'd be more vocal on private equity.)
I believe that the court rulings have stated that lobbying is considered constitutionally protected free speech, so banning it completely may not be possible. It should be heavily regulated -- stuffing money into politician's pockets is not free speech and should be banned!
Robert, every time you post, I learn something new. Such relevant, useful information. Outrageous only because it's happening right before our eyes. When will the greed end? Thank you again. You and Brian Berlectic are both breaking down the egregious practices of the US government.
Thanks for your thanks.
@BPM65. But not the US government - it is the egregious practices of our elected officials! Perhaps our elected officials all play the game (to some extent) or they couldn't get elected. But many of them appear to really strive to represent the interests of their constituents in spite of needing to take the lobbyist money! Others are pure sell out (and many in between). What occurred to me this morning is that our democratic coalition needs to buy off the slime dogs in our own party so that they can both stay elected (preserve Democrat majority) AND represent the interests of the people...
>EXACTLY!< The government is only the dumb machinery people complain about that implements laws & policies the politicians >they< elect legislate & set! Then they turn around and get all "law & order" about the police and all patriotic about the military - the government's means of enforcing those laws and policies. It all confounds me!
Lobbying! This is one danger of money in politics! Congress members should not be trading stock during office. They will naturally want something that benefits themselves. We already know that they get away with insider trading. This also shows how important it is to get more progressives in office.
Absolutely right. I'm researching this right now.
This is all making me wonder if the sole reason for holding office is to make a lot of money. Play the game right and you can rake in millions, year after year. Then allow your donors to write laws that allow the scheme to continue while denying all along that it is true. All at our expense with no consequences.
In addition to all you’ve said, they enjoy premium health care that the rest of us are not privy to. My former governor used to be a US senator MN (Mark Dayton). He recommended congress refuse the elite care package and use insurance just as all other Americans have to. Shockingly (sarc), not nearly enough people supported it. We’re not to supposed to have a system of kings and queens but looking at health care and electoral votes, etc, it seems we do have that. Our high priests with the real control belongs to all the lobbyists and their money.
The voting to increase their own pensions, rather than voting a salaried increase, is a ploy I’ve seen forever. Serving more than one term is worth hundreds of thousands, two to three millions…
All of their stock market investments should be put into a blind trust while they remain in office. They can add and withdraw money from the trust, but must not do any stock trading or be aware of what stocks are owned by the trust. I think that Presidents (except Trump) do this already.
Absolutely! I believe you are correct that presidents do, but I am adding congress to do that too, if not already required. That’s just how it should be done, blind trust. Trump simply ignored traditions and laws but we let him.
YES! We let him! We continue to allow our government to get away with things we could never get away with. WHY??
Lobbyists! Over 4,000 working for the rich, but how many do the people have? Well, that's the catch - our elected representatives and senators are supposed to be furthering our interests in congress, but they are captured to a more or less degree depending on the elected person. Senema, for example, panders and panders; first she runs for office to differentiate herself in her campaign, then she emulates the worst behaviors of those who came before. Manchin intones in a serious sounding voice that he is worried about the country but his behavior shows he is worried about his campaign finance. It is dawning on me now that ordinary people need lobbyists in Washington too! We must buy off the slime dogs in the same way as lobbyists for the rich are doing! It appears to me that we have government by the money, for the money and we need to play the "game" in Washington the way the game is played...
Sad ordeal ! To many sellouts in Congress regardless of party ! Reason my first choice was Bernie !! Rest are Crooks !
Brilliant idea... now I just have to figure out how to set my career path to lobbyist for the people.
I am thinking about that too. In my case I figure I can put in some seed money, but to be effective the costs run into the millions. I suppose we will need an organization, but we will need a Board of Directors who will keep their eyes on the goal...
I love your thoughts but question - How do we get lobbists who work for us the way they do for corporations?
Our government is collapsing under the weight of corruption. Money flows up and our public servants are happy with the system as long as their own snouts are in the trough.
to me this is all too reminiscent of the rise and fall of the roman empire...except we have many many more crooks at our public purse.
I remember people saying just that back in the '50s. It's been a long time coming.
Well of course the loophole needs to be closed. But there are a couple of assumptions in your writing. The first, and most glaring, is that anyone gives a sh*t about the "most vulnerable Americans" or "investing in America’s future." Those vulnerable folks don't count and they are counting less and less as voting rights get chipped away.
If Dems could get their heads out of their collective butt then they might see that campaign finance reform would benefit everyone. Our government (and by extension our society) will remain paralyzed until big money is out of politics.
We reformed campaign finance after Watergate. Then the lobbyists chipped it away. We must do so again. And again.
Like killing zombies then seeing them amble on...
If just from an economic standpoint, we should care about our most vulnerable. Just look at the current growth in the economy even during the pandemic, a large part of it has to be due to the American Rescue Plan that's helped lower-income Americans as Robert pointed out in yesterday's newsletter. I believe this has been huge in keeping the economy from going bust!
Absolutely, you care, I care, people that can reason care. Folks that only have their elite personal finances (i.e. multibillionaires, corporate boards with only next quarter's profits, said private equity companies, and, cynically poor idiots that have been hoodwinked into thinking they want to preserve tax breaks because someday they'll win the lottery), those folks?, they don't care. There's also a racist/sexist component since many poor and vulnerable are single mothers and other-than-white. As we've seen the rescue plans *are* successful - successful in allowing the plebes to rebel (i.e. worker strikes). A compliant workforce is desirable to the elites so they can keep raking in record profits.
Until the US adopts the policy of the UK regarding funding for candidates - meaning everyone gets equal funding through the government and no private donations allowed - this is going to be the reality. John McCain proposed this and it was shot down. The final nail in the coffin was when the Supreme Court voted to give private citizenship status to corporations in regard to how much could be given to candidates to support their campaigns. As it is, it costs millions to run for public office, and once those campaigns are financed, the donors expect something in return.
“I had a dream” President Biden should start addressing republicans as the fascist party. Bring it out into the open. Joe give us something to get excited for and bring us together. Don’t miss this opportunity to unite the country. Time to prioritize and get serious. I promise to make a donation the first time you call them out. You can not negotiate with a criminal enterprise and fascism. Never worry about the consequences of doing the right thing. Trust The universe and God
I agree that it’s time for honesty. It’s good for the president to attempt to unite but we’re now one year in, it won’t work. It will take people power, not just politicians. As for the universe and your god, they allowed centuries of slavery, the Holocaust, 911, Hiroshima/Nagasaki on and on.
Is it necessary to add a snide comment about what he believes? For the record, PEOPLE did these horrible things, not GOD. Just as bad people are trying to ruin our country now. Hateful and misguided people can do horrible things. People have to learn from their mistakes, or we can repeat them.
I am terrified that horrible things like that could happen here if the wrong people gain power again.
I used to ask myself while reading about the holocaust, if the government was starting to change so badly and became so hateful, WHY WOULD THE JEWISH PEOPLE STAY THERE?
Unfortunately, I am asking myself the same question right now.😔
It is no snide to state the truth. And there is nothing snide about my comment. I’m not the one who credits god for saving people but never blaming god for the bad events. You need to think more critically. Your comment about Jews in the Holocaust is both ignorant and obscenely insensitive!
Oh it is, is it? It was intended that way. But, that’s your opinion. AND THAT’S OKAY. We can agree to disagree.🤷🏼♀️
I was just last night considering renaming the parties according to their trending behavior. Where the word "republican" is from the Latin "re publicus" and translates "public interest," the Democrats should readopt the historic name Democratic Republicans and the current crop of Republicans should be the "Reprivatus," from the Latin "re privatus" meaning "private property." (Notice the stem "priv" of "privilege" >embedded within the term.) Unfortunately, it would be unintelligible to a population mostly cultivated to sportscaster ear-wash, arguably the worst possible influence on schoolkids still learning the English language! Local newscasters are marginally better.
The carried interest loophole must be closed. Moreover, the Warren Buffett Rule for minimum (fair) taxes must be passed for both individuals & corporations. ALL American citizens can better flourish when we reduce wealth & income inequality in our country.
Reading this this morning was enough to remind me that there is really absolutely nothing that the average person can do to get out from under the weight of greed and corruption among the wealthy and politically powerful. Time to tune out and turn off for awhile.
Oh, please don't turn out and off. I hate to think that my writings make you more cynical. My intent is to get your as furious as I am -- and intent on keeping up the fight.
I’m in all the way. I intend to fight until I have my country back. I never thought things would get worse AFTER Trump left office. I thought I could exhale. I volunteer now for my Alderman. Get in politics at the local level and it will give you some inspiration. I happen to have a fantastic Alderman who is right with us every step of the way. He’s even on our snow crew, to shovel snow for seniors and disabled during winter. He’s a local Bernie Sanders type.I’ve not only been disgusted by what I see. There literally are more of us than them! We have to understand this!
@ bMarshall. Yes! GET MAD and don't give up.
bMarshall- As someone who cares, I bet you'll find it difficult to tune out for long. I've tried.
Aww come on…isn’t it becoming clear at this juncture? The reality is that the Dems are being bribed and kept well fed by the same mutant corporate forces that have Manchin and the rest of the turncoats in clover. Disguise it any which way you like but the fierceness with which this attack on our liberties should be fought seem to float past the Dems each and every time. It is so entirely debilitating to watch as this exercise in futility continues seemingly unabated…and for the record, Schumer is utterly useless. I’m fed up with the Dems…I think the real question here is: whose side are they on anyway?
For too long, Dem advisors continued with recommending moving to the center! The center is now the right, there is no center. Compromising when they should have been fist pounding would have shown the rest of us they were trying. There’s a percentage of corrupt Dems and the entire republican party is beyond repair with corruption. Who fights for people’s rights in person? Bernie Sanders and the progressives of the Dem party.
Thanks for the info, Mr Reich. I was wondering what all this "corporate money" I've seen detractors banging on was all about. It just goes to show that neither party's hands are clean.
Happy Festivus to all!
Private equity companies are taking over newspapers across the country and doing exactly what you describe-cutting staff, putting debt on the papers and then walking away with a pile of cash. Without newspapers people will go online and goodness only knows where they will get their news.
It is disgusting that Democrats are taking money from these vultures and then can't seem to find the courage to get rid of the carried interest loophole coming up with laughable reasons to continue the corporate welfare.
Gee, I'm in Richie Neal's district. Maybe I should visit him a little. I'm sure he'll be happy to meet me and hear my views about this matter.
Go for it, Martha.
Seems you’d be just the right person to show up on his doorstep!
Even us surfs have to pay a tax for earnings in the lottery market. Why do we put up with the uber rich setups nit having to pay taxes on there lottery like earnings? Someone please explain.
The whole purpose of the tax code is to obscure the rich avoiding taxes, while discussions of the "tax base" make clear that our representatives are trying to fund the country off the backs of the average and low wage earner...
Good call! 👍🏼
Didn't know about this. Thanks for publicizing. Let's work on it.