What caught my eye about Timothy Shenk’s op-ed in the New York Times, declaiming that Elizabeth Warren is “the wrong kind of radical” was its implied taxonomy of political stances. Here’s an example of what I found interesting:
This election was supposed to be Ms. Warren’s opportunity to prove that she could do a better job executing Mr. Obama’s strategy than Mr. Obama himself. Rather than calling for a Sanders-style political revolution, she would remake the Democratic establishment from within. In 2018 alone, she raised or donated more than $11 million for over 160 Democratic congressional candidates. She launched a charm offensive with leading progressive activists and staked out bold positions on subjects ranging from impeachment to reparations to the wealth tax.
Underlying all of this was her conviction that she could rally the Obama coalition — young people, African-Americans, Hispanics and liberal white college graduates, with just enough of the white working class to win the Midwest — behind policies that took on the 1 percent. Then she would staff her administration with the best of the Democratic wonkocracy rather than the next generation of Goldman Sachs alumni.
If Sen. Warren is a radical who wants to change practically everything except the Democratic Party itself, what sort is Sen. Sanders? He, too, wants to change practically everything but he also wants to change the composition of the electorate, bringing in millions of imaginary young people who actually vote (for him).
I am no radical but I see a grave need for reform. I, on the other hand, think that the institutions most in need of reform are our political parties and the politicians that lead them. It should not be possible other than through dumb luck to become a multimillionaire over a lifetime of what is laughingly called “public service” but that is presently too common to be the result of mere dumb luck.
Scenarios like Rahm Emanuel’s, in which after serving in the Clinton Administration he reportedly plopped himself down in the offices of a series of private equity managers, demanding a million dollar salary in exchange for his contacts, something known in the trade as a “Rolodex hire”, after the old-fashioned device for holding address cards, should be deemed sufficient to render one unfit for public office. Instead, influence peddling, pay for play, and other forms of corruption are not just tolerated but expected. They’re a perk of office.
In that respect Sen. Sanders is little different from Joe Biden or Elizabeth Warren or practically every other officeholder you can name. That has to end. Unless it does any other reforms will either be stalled or futile. Start by reforming the Democratic Party. Its ties to the financial sector, cemented in place during the Clinton Administration should be severed or at least attenuated. The big banks received their payoff when they weren’t nationalized in 2009.
One might ask why I emphasize the Democratic Party rather than the Republicans who have just about the same problem. Mostly because unless the Democratic Party is reformed we won’t see a lot of reform in my lifetime. In Illinois there’s a real, proximate need. The mayor of my city and all city-wide elective offices, the president of the county board, the governor and all statewide elected officials, my Congressional representative, and both of my senators, are all Democrats and that is unlikely to change in my lifetime whatever else happens. The Republicans could all become saints and Illinois, Cook County, and Chicago would continue to elect Democrats.
Solomon Bros was a bond house, not a PE firm. Other than fundraising, his Rolodex would be pretty much useless to a PE firm. Al Gore, on the other hand, is the poster boy for a PE firm’s entrée into regulatory driven and government funding of environmental investment ventures.
In any event, Sanders, Warren, Biden and perhaps the majority of politicians have become wealthy through influence peddling. I don’t think one of them really wants change. The chant simply sells politically.
I can only think of one frequent commenter who might not share the sentiment that reform is needed. However, what you are asking for is the scorpion to not sting the frog as they cross the river. I don’t see it happening. We are about to get an $8B corona virus bill. That means $8B/3 for corona virus, and the balance for the politicians and their friends.
I think that the sad truth is, most voters don’t really care. Al Gore, both Clintons and Emanuel are generally well liked and respected in the Democratic party. It really doesn’t do much good to rail on about what a money grubbing scoundrel some politician is. If they put on a good show, they stay in office. The kind of house cleaning we’d both like to see has to come from the courts. And the SEC.
Wasn’t Bruce Rauner private equity? He told the anecdote which I repeated above about Emanuel and which I assume was repeated until he received an offer he liked.
GS:
I think you’re right. The voters don’t care as long as the pols bring home the bacon. Our problem is that we have reached a sufficiently degenerate condition that once the pols and a few special interests are done there is no bacon left.
Rahm went to work at Solomon. Pure political payback. Bond offerings.