The Progressive movement’s darling of the hour; Elizabeth Warren aka Fauxahontas rails about big corporations and the 1%. When push came to shove, she defended the interest of the same entities she denounces. An alliance of Social Conservatives/Tea Party and Libertarian/Fiscal Conservative Republicans are blocking the renewal of the corporate welfare based Export-Import bank. This is nothing but a form of welfare to prop up big corporations, many of whom outsource jobs overseas. When invited to join opposition to this from welfare, Elizabeth Warren defended the EX-IM bank.
It was a really nice try.
Heritage Action (the activist arm of the conservative Heritage Foundation) invited Senator Elizabeth Warren to speak at an event dedicated to phasing out the Export-Import Bank. The Ex-Im, as it’s known inside the Beltway, has become a favorite target of populist forces on right.
The Ex-Im gives U.S. taxpayer-backed loan guarantees to the foreign customers of giant U.S. corporations that don’t need the help. It socializes the risk while privatizing the profits. Basically, it’s free money for big businesses like GE, Caterpillar, and particularly Boeing (hence the outfit’s nickname, “the Bank of Boeing”). Even Barack Obama, shortly before he became president, derided Ex-Im as “little more than a fund for corporate welfare.”
As first reported by Bloomberg News, Heritage sent Warren a letter asking her to speak against Ex-Im “and the political favoritism it engenders.”
“We, like you, are frustrated with a political economy that benefits well-connected elites at the expense of all Americans,” Michael Needham, the head of Heritage Action, wrote. “Your presence will send a clear signal that you are going to fight the most pressing example of corporate welfare and cronyism pending before Congress right now.”
Warren didn’t take the bait. Her spokeswoman told Bloomberg, “Senator Warren believes that the Export-Import Bank helps create American jobs and spur economic growth, but recognizes that there is room for improvement in the bank’s operations.”
I’m not so sure there’s a contradiction here. Rather, I think we’re seeing why there will never really be a bipartisan Left–Right alliance against crony capitalism and corporate welfare.
The Right’s “libertarian populism” wants to separate big business and big government. That means no more “too big to fail” and no more of government picking winners and losers.
The Left’s anti-big-business populism is very different. It doesn’t want to cut the government’s incestuous relationship with big business; it simply wants to bring business to heel. Big business should do what Washington tells it to do, and when it does, it will get treats. When it doesn’t, it will get the newspaper to the nose. But big business will never be let off its leash, if the Left has its way.
The Progressive rhetoric against big corporations, is just all talk. In reality the Progressives are tied to the hip with big companies like Goldman Sachs and GE. In a heavily regulated economic structure, politically connected big corporations thrive, while medium and small firms die. This is the reason why Silicon valley, Wall and Corporate CEO’s support the Democrat Party. They ensure the government prevents competitors from rising, thus hindering the free market and destroying economic mobility.
Elizabeth Warren’s support fior the corrupt and Fascist like Export-Import bank shows that Democrats despite their rhetoric love big businesses. Fauxahontas is fraud and hypocrite like all Progressives. They just want to control those corporations to do their buidding.
If the Republicans would stop obsessing with Gays in comic books or other useless cultural crusades, they might actually be able to hit the Democrats on their Achilles heel of being the party of the well connected. Americans are hurting economically as take home pay is less than it was 14 years and many people have lost hope for the future. I will not hold my breath expecting The GOP to embrace a Libertarian-Populist ideology, hammer the Progressives on their Fascist ideology and promote a POSITIVE future oriented agenda to benefit all Americans.
In the meantime, Elizabeth Warren is laughing all the way to the bank!
On another note, I really recommend reading Pat Buchanan’s new book: “The Greatest Comeback: How Richard Nixon Rose from Defeat to Create a New Majority.” It shows how the Republicans after their 64 debacle were politically resurrected by Nixon. Richard Nixon for all his faults, helped the GOP adapt to the electorate that existed and forged a coalition that would go 5-1 from 1968 to 1988. This is a lesson the GOP of today can learn if they were a serious entity.