Clintonism: Re-Defining Progressivism, Populism And The Democratic Party-- And Not In A Good Way

Congressman Wright Patman (D-TX), chairman of the House Banking Committee, 1963-74, led the fight in Congress to stop the manipulators of the Federal Reserve System from 1937 to his death in 1976

It flipped me out earlier in the cycle when Obama sent out numerous communications-- including radio ads-- to Democratic base voters in Florida, particularly African-Americans, that reactionary New Dem Patrick Murphy is a progressive. The only relationship that Patrick Murphy has with progressives is that he opposes their agenda and that he was running against one, Alan Grayson. But, then again, maybe it's just about how you define "progressive." After all, Murphy doesn't mind if women get abortions or gays want to get married or even if lots of undocumented immigrants come over the border. If that's how you define progressive... ok, Murphy's a progressive. A look at his voting record, on the other hand, paints a picture of Wall Street's most devoted Democratic puppet in Congress, something borne out by Wall Street campaign contributions this cycle. Murphy has gotten more loot ($2,013,462) from the Finance Sector than any other non-incumbent running for the Senate-- more than any Republican and more than many incumbents. The banksters have given more to Murphy than to embattled allies like Ron Johnson (R-WI), John McCain (R-AZ), Mark Kirk (R-IL), Richard Burr (R-NC), Joe Heck (R-NV), Roy Blunt (R-MO), men who have served them faithfully for years or even decades and are now facing defeat. But getting Murphy into the Senate is a Wall Street priority, even if they love Marco Rubio and were a significant part of his aborted presidential campaign.

In fact, more than any other Democrat running for the Senate, Murphy is seen as the not-Elizabeth Warren candidate. He's the one who has worked in the House Financial Services Committee to help the Republicans with their efforts to undo all the consumer protections Warren was able to incorporate into Dodd-Frank. But if decades old battles for gay rights and women's equality is the ultimate definition of "progressive," maybe Obama wasn't as much of a liar as he sounded and maybe I was too hasty to point out that Murphy's parents' and Saudi allies' promises to help fund his presidential library-- surely a progressive place in the making, no?-- weren't really the motivation for the lie.

Notorious bankster errand boys Chuck Schumer and Patrick Murphy

Anyway, yesterday Matt Stoller, a Bernie Sanders Senate staffer, published the article of the day, How Democrats Killed Their Populist Soul and the period he wrote about, the mid to late 1970s-- was actually just before Patrick Murphy was born. The liberal reformers who came in on the coattails of Americans' disgust with Nixonian sleaze, didn't understand that banksterism was the enemy either. And they screwed things up in a way to make it possible for Wall Street toadies like Patrick Murphy, Ann Kirkpatrick (D-AZ) and Evan Bayh (D-IN) to thrive within the Democratic Party today.

It's entirely consistent with Stoller's nature to launch right into a defense of an old racist, pro-war congressman who few people outside of obsessed political junkies have ever heard of. "One of their first targets," he wrote, "was an old man from Texarkana: a former cotton tenant farmer named Wright Patman who had served in Congress since 1929. He was also the chairman of the U.S. House Committee on Banking and Currency and had been for more than a decade. Antiwar liberal reformers realized that the key to power in Congress was through the committee system; being the chairman of a powerful committee meant having control over the flow of legislation. The problem was: Chairmen were selected based on their length of service. So liberal reformers already in office, buttressed by the Watergate Babies’ votes, demanded that the committee chairmen be picked by a full Democratic-caucus vote instead. Ironically, as chairman of the Banking Committee, Patman had been the first Democrat to investigate the Watergate scandal. But he was vulnerable to the new crowd he had helped usher in. He was old; they were young. He had supported segregation and the war in Vietnam; they were vehemently against both. Patman had never gone to college and had been a crusading economic populist during the Great Depression; the Watergate Babies were weaned on campus politics, television, and affluence."

In reality, while the Watergate Babies provided the numbers needed to eject him, it was actually Patman’s Banking Committee colleagues who orchestrated his ouster. For more than a decade, Patman had represented a Democratic political tradition stretching back to Thomas Jefferson, an alliance of the agrarian South and the West against Northeastern capital. For decades, Patman had sought to hold financial power in check, investigating corporate monopolies, high interest rates, the Federal Reserve, and big banks. And the banking allies on the committee had had enough of Patman’s hostility to Wall Street.

Over the years, Patman had upset these members by blocking bank mergers and going after financial power. As famed muckraking columnist Drew Pearson put it: Patman “committed one cardinal sin as chairman. ... He wants to investigate the big bankers.” And so, it was the older bank allies who truly ensured that Patman would go down. In 1975, these bank-friendly Democrats spread the rumor that Patman was an autocratic chairman biased against junior congressmen. To new members eager to participate in policymaking, this was a searing indictment.

...Not all on the left were swayed. Barbara Jordan, the renowned representative from Texas, spoke eloquently in Patman’s defense. Ralph Nader raged at the betrayal of a warrior against corporate power. And California’s Henry Waxman, one of the few populist Watergate Babies, broke with his class, puzzled by all the liberals who opposed Patman’s chairmanship. Still, Patman was crushed. Of the three chairmen who fell, Patman lost by the biggest margin. A week later, the bank-friendly members of the committee completed their takeover. Leonor Sullivan-- a Missouri populist, the only woman on the Banking Committee, and the author of the Fair Credit Reporting Act-- was removed from her position as the subcommittee chair in revenge for her support of Patman. “A revolution has occurred,” noted the Washington Post.

Indeed, a revolution had occurred. But the contours of that revolution would not be clear for decades. In 1974, young liberals did not perceive financial power as a threat, having grown up in a world where banks and big business were largely kept under control. It was the government-- through Vietnam, Nixon, and executive power-- that organized the political spectrum. By 1975, liberalism meant, as [Michigan's Bob] Carr put it, “where you were on issues like civil rights and the war in Vietnam.” With the exception of a few new members, like [George] Miller and Waxman, suspicion of finance as a part of liberalism had vanished.

Over the next 40 years, this Democratic generation fundamentally altered American politics. They restructured “campaign finance, party nominations, government transparency, and congressional organization.” They took on domestic violence, homophobia, discrimination against the disabled, and sexual harassment. They jettisoned many racially and culturally authoritarian traditions. They produced Bill Clinton’s presidency directly, and in many ways, they shaped President Barack Obama’s.

The result today is a paradox. At the same time that the nation has achieved perhaps the most tolerant culture in U.S. history, the destruction of the anti-monopoly and anti-bank tradition in the Democratic Party has also cleared the way for the greatest concentration of economic power in a century. This is not what the Watergate Babies intended when they dethroned Patman as chairman of the Banking Committee. But it helped lead them down that path. The story of Patman’s ousting is part of the larger story of how the Democratic Party helped to create today’s shockingly disillusioned and sullen public, a large chunk of whom is now marching for Donald Trump.

In March, we spent some time talking about Thomas Frank's new book, Listen Liberal-- Or What Ever Happened To The Party Of The People. Stoller's analysis is very much in synch with the one offered by Frank, namely that the Democratic Party no longer prioritizes the interests of working families but instead super-serves the interests of the top 10%, a professional class for whom Wall Street is not as mortal an enemy as has proven itself to be to the working class.

Stoller lionizes the contributions of Supreme Court Justice Louis Brandeis who, he wrote, essentially formaled "the populist social sentiment of the late 19th century into a rigorous set of legally actionable ideas. This philosophy then guided the 20th-century Democratic Party."

Brandeis’s basic contention, built up over a lifetime of lawyering from the Gilded Age onward, was that big business and democracy were rivals. “We may have democracy, or we may have wealth concentrated in the hands of a few,” he said, “but we can’t have both.” Economics, identity, and politics could not be divorced, because financial power-- bankers and monopolists-- threatened local communities and self-government.

This use of legal tools to constrain big business and protect democracy is known as anti-monopoly or pro-competition policy. This tension stretched back to colonial times and the nation’s founding. The British East India Company was a chartered corporation organized to monopolize the tea business for its corporate owners and the Crown-- which spurred the Boston Tea Party. Alexander Hamilton’s financial architecture concentrated power and wealth-- which prompted the founding of the Democratic Party along more Jeffersonian lines, promoting private small-land ownership. J.P. Morgan’s and John D. Rockefeller’s encroaching industrial monopolies were part of the Gilded Age elite that extorted farmers with sky-high interest rates, crushed workers seeking decent working conditions and good pay, and threatened small-business independence-- which sparked a populist uprising of farmers, and, in parallel, sparked protest from miners and workers confronting newfound industrial behemoths.

In the 20th century, Woodrow Wilson authored the Federal Trade Commission Act, the Federal Reserve Act, and the anti-merger Clayton Act, and, just before World War I intervened, he put Brandeis on the Supreme Court. Franklin Delano Roosevelt completed what Wilson could not, restructuring the banking system and launching antitrust investigations into “housing, construction, tire, newsprint, steel, potash, sulphur, retail, fertilizer, tobacco, shoe, and various agricultural industries.” Modern liberals tend to confuse a broad social-welfare state and redistribution of resources in the form of tax-and-spend policies with the New Deal. In fact, the central tenet of New Deal competition policy was not big or small government; it was distrust of concentrations of power and conflicts of interest in the economy. The New Deal divided power, pitting faction against other faction, a classic Jefferson-Madison approach to controlling power (think Federalist Paper No. 10). Competition policy meant preserving democracy within the commercial sphere, by keeping markets open. Again, for New Deal populists like Brandeis and Patman, it was democracy or concentrated wealth-- but not both.

...Underpinning the political transformation of the New Deal was an intellectual revolution, a new understanding of property rights. In a 1932 campaign speech known as the Commonwealth Club Address, FDR defined private property as the savings of a family, a Jeffersonian yeoman-farmer notion updated for the 20th century. By contrast, the corporation was not property. Concentrated private economic power was “a public trust,” with public obligations, and the continued “enjoyment of that power by any individual or group must depend upon the fulfillment of that trust.” The titans of the day were not businessmen but “princes of property,” and they had to accept responsibility for their power or be restrained by democratic forces. The corporation had to be fit into the constitutional order.

Remember, it was the great bankers and managers of the “money trusts,” such as J.P. Morgan, who sat astride wide swaths of corporate America through their investment and lending power, membership on boards of directors, and influence over industrial titans. Among other things, they maintained a sufficient concentration of power to keep prices up, workers disorganized, and politics firmly within their grasp.

New Deal fears of bigness and private concentrations of power were given further ideological ammunition later in the 1930s by fascists abroad. As Roosevelt put it to Congress when announcing a far-reaching assault on monopolies in 1938: “The liberty of a democracy is not safe if the people tolerate the growth of private power to a point where it becomes stronger than their democratic state itself. That, in its essence, is fascism.” In 1947, Patman even commissioned experts to publish a book titled Fascism in Action, noting that fascism as a political system was the combination of extreme nationalism and monopoly power, a “dictatorship of big business.”

This basic understanding of property formed the industrial structure of mid-20th-century America and then, through its trading arrangements, much of the rest of the world. Using this framework, the Democrats broke the power of bankers over America’s great industrial commons. To constrain big business and protect democracy, Democrats used a raft of anti-monopoly, or pro-competition, policy to great effect, leading to vast changes: The Securities and Exchange Commission was created, the stock exchanges were regulated, the big banks were broken up, the giant utility holding companies were broken up, farmers gained government support for stable agricultural prices free from speculation, and the chain stores were restrained by laws that blocked them from using predatory pricing to undermine local competition (including, for instance, competition from a local camera store in San Francisco run by a shopkeeper named Harvey Milk).

Competition policy was also a powerful political strategy. Democrats lost the U.S. House of Representatives just twice between 1930 and 1994. To get a sense of how rural Democrats used to relate to voters, one need only pick up an old flyer from the Patman archives in Texas: “Here Is What Our Democratic Party Has Given Us” was the title. There were no fancy slogans or focus-grouped logos. Each item listed is a solid thing that was relevant to the lives of conservative white Southern voters in rural Texas: Electricity. Telephone. Roads. Social Security. Soil conservation. Price supports. Foreclosure prevention.

Foreclosures protected homes against bankers. Farm-to-market roads allowed communities to organize around markets. Social Security protected one’s livelihood in the form of unemployment insurance and old-age benefits. Price supports for family farms protected them from speculators. And rural electrification and telephones shielded communities from the predations of monopolistic utilities. Packaged together, these measures epitomized the idea that citizens must be able to govern themselves through their own community structures, or as Walt Whitman put it: “train communities through all their grades, beginning with individuals and ending there again, to rule themselves.” Patman’s ideals represented a deep understanding that sovereign citizens governing sovereign communities were the only protection against demagoguery.

The essence of populist politics is that political and economic freedom are deeply intertwined-- that real democracy requires not just an opportunity to vote but an opportunity to compete in an open marketplace. This was the kind of politics that the Watergate Babies accidentally overthrew.

The story of why the Watergate Babies spurned populism is its own intellectual journey. It started with a generation of politicians who cut their teeth on college-campus politics. In their youth, they saw, up close, not the perils of robber barons, but the failure of the New Deal state, most profoundly through the war in Vietnam. “We were the ’60s generation that didn’t drop out,” Bob Edgar, a U.S. representative from the class of 1975, told me. The war in Vietnam shaped their generation in two profound ways. First, it disillusioned them toward the New Deal. It was, after all, many New Dealers, including union insiders, who nominated Hubert Humphrey in 1968 and who supported a war that killed millions, including 50,000 Americans their age. And second, higher education-- the province of the affluent-- exempted one from military service, which was an explicit distinction among classes.

...For younger Democrats, the key vector for these ideas was an economist named Lester Thurow, who organized the ideas of Galbraith, Stigler, Friedman, Bork, and Jensen into one progressive-sounding package. In an influential book, The Zero-Sum Society, Thurow proposed that all government and business activities were simply zero-sum contests over resources and incomes, ignoring the arguments of New Dealers that concentration was a political problem and led to tyranny. In his analysis, anti-monopoly policy, especially in the face of corporate problems was anachronistic and harmful. Thurow essentially reframed Bork’s ideas for a Democratic audience.

With key intellectuals in the Democratic Party increasingly agreeing with Republican thought leaders on the virtues of corporate concentration, the political economic debate changed drastically. Henceforth, the economic leadership of the two parties would increasingly argue not over whether concentrations of wealth were threats to democracy or to the economy, but over whether concentrations of wealth would be centrally directed through the public sector or managed through the private sector—a big-government redistributionist party versus a small-government libertarian party. Democrats and Republicans disagreed on the purpose of concentrated power, but everyone agreed on its inevitability. By the late 1970s, the populist Brandeisian anti-monopoly tradition-- protecting communities by breaking up concentrations of power-- had been air-brushed out of the debate. And in doing so, America’s fundamental political vision transformed: from protecting citizen sovereignty to maximizing consumer welfare.

The Watergate Babies began to coalesce around their own sense of this new intellectual economic philosophy to deal with the stagnating economy around them. In an early sign of where it would lead, President Jimmy Carter deregulated the trucking, banking, and airline industries, with help from economist Alfred Kahn, Senator Edward Kennedy, and Kennedy’s young aide, future Supreme Court Justice Stephen Breyer. Democrats then popularized supply-side economics in a Thurow-influenced and Democrat-authored 1980 Joint Economic Committee report, “Plugging in the Supply Side.”

In 1982, journalist Randall Rothenberg noted the emergence of this new statist viewpoint of economic power within the Democratic Party with an Esquire cover story, “The Neoliberal Club.” In that article, which later became a book, Rothenberg profiled up-and-coming Thurow disciples like Gary Hart, Bill Bradley, Bill Clinton, Bruce Babbitt, Richard Gephardt, Michael Dukakis, Al Gore, Paul Tsongas, and Tim Wirth, as well as thinkers like Robert Reich and writers like Michael Kinsley. These were all essentially representatives of the Watergate Baby generation. It was a prescient article: Most Democratic presidential candidates for the next 25 years came from this pool of leaders. Not all Watergate Babies became neoliberals, of course. There were populists of the generation, like Waxman and Miller, but they operated in an intellectual environment where the libertarian and statist thinkers who rejected Brandeis shaped the political economy.

Democrats and Republicans still fought. Neoliberals, while agreeing with Reagan Republicans on a basic view that the structure of corporate America should be as depoliticized and as shielded from voters as possible, still vehemently opposed Ronald Reagan on environmental policy, foreign policy, and taxes. But the very idea of competition policy, of inserting democracy into the economy, made no sense to them. Previously, voters had expected politicians to do something about everything from the price of milk to mortgage rates. Now, neoliberals expressed public power through financial markets. As libertarian and future Fed Chairman Alan Greenspan had written a decade before, “The ultimate regulator of competition in a free economy is the capital market.”

...When Bill Clinton took office as the 42nd president, the Watergate Babies would finally have their chance to govern... Clinton Democrats eventually came to reflect Dutton’s political formulation, more diverse and less reliant on the white working class. His administration looked like America-- with women, African Americans, Latinos, and gays and lesbians represented-- and most were educated at top universities. Thurow’s influence was also notable. Clinton stripped antitrust out of the Democratic platform; it was the first time a reference to monopoly power was not in the platform since 1880. Globalization, deregulation, and balanced budgets would animate Clinton’s political economy, with high-tech and finance leading the way.

And it seemed to work. From 1993 to 2001, GDP growth averaged 4 percent, up from 2.8 percent from 1981 to 1993. The median family income increased by $6,000, with the lowest inflation rate since the 1960s. Plus, 22 million jobs were created, 7 million people came out of poverty, America saw the highest homeownership rate ever, the national debt nearly disappeared, and interest rates came down. African Americans experienced pay increases for the first time since the 1960s. Goldman Sachs called it the “best economy ever,” and BusinessWeek lauded a “New Age economy of technological innovation and rising productivity.” The administration put this additional fat of the land toward third-world debt relief, student aid, empowerment zones, and community block grants. (When George W. Bush came into office after Clinton, The Onion’s headline read, “Bush: ‘Our Long National Nightmare of Peace and Prosperity is Over.’”)

At the end of his presidency, Clinton explained his success. He praised Greenspan’s stewardship of the Federal Reserve. He said that the key to noninflationary growth was ensuring that workers did not demand raises beyond the rate of productivity, while unleashing businesses to pursue the most profitable lines of investment through deregulation and globalization. He implicitly touted the theory of capital shortage: Inflation resulted from overregulation and deficits, which took money out of the hands of businesses. Putting money and power back into the hands of businesses with deregulation and a balanced budget led to low interest rates, massive corporate profits, productivity growth, and broad prosperity. Bork and Thurow, in other words, were right.

Clinton’s policy framework diverged with that of his Republican predecessors in many ways, not just on social policy but also on raising marginal tax rates on the wealthy. In terms of concentrations of power in the private sector, however, it was more a completion of what Reagan did than a repudiation of it.

From telecommunications to media to oil to banking to trade, Clinton administration officials-- believing that technology and market forces alone would disrupt monopolies-- ended up massively concentrating power in the corporate sector. They did this through active policy, repealing Glass-Steagall, expanding trade through NAFTA, and welcoming China’s entrance into the global-trading order via the World Trade Organization. But corporate concentration also occurred in less-examined ways, like through the Supreme Court and defense procurement. Clinton Library papers, for example, reveal that the lone Senate objection to the Supreme Court nominations of both Stephen Breyer and Ruth Bader Ginsburg was from a lurking populist Ohio Democrat, Howard Metzenbaum, who opposed the future justices’ general agreement with Bork on competition policy. And in response to the end of the Cold War, the administration restructured the defense industry, shrinking the number of prime defense contractors from 107 to five. The new defense-industrial base, now concentrated in the hands of a few executives, stopped subsidizing key industries. The electronics industry was soon offshored.

But who could argue? The concentration of media and telecommunications companies happened concurrent with an investment boom into the newest beacon of progress: the internet. The futurism, the political coalition of the multiethnic cosmopolitans, the social justice of the private centrally planned corporation-- it worked. Clinton’s “Third Way” went global, as political leaders abroad copied the Clinton model of success. A West Wing generation learned only Watergate Baby politics, never realizing an earlier progressive economic tradition had even existed.

Despite this prosperity, in 2000, the American people didn’t reward the Democrats with majorities in Congress or an Oval Office victory. In particular, the rural parts of the country in the South, which had been a traditional area of Democratic strength up until the 1970s, were strongly opposed to this new Democratic Party. And white working-class people, whom Dutton had dismissed, did not perceive the benefits of the “greatest economy ever.” They also began to die. Starting in 1998 and continuing to this day, the mortality rate among white Americans, specifically those without a high school-degree, has been on the rise-- leaving them scared and alienated.

...By 2008, the ideas that took hold in the 1970s had been Democratic orthodoxy for two generations. “Left-wing” meant opposing war, supporting social tolerance, advocating environmentalism, and accepting corporatism and big finance while also seeking redistribution via taxes. The Obama administration has been ideologically consistent with the Watergate Babies’ rejection of populism. Modern liberal political culture epitomizes Dutton’s ideas. And its accomplishments are impressive. As late as 1995, a majority of Americans did not approve of interracial marriage. Today, gay marriage is the law of the land, and intermarriage rates are high and growing. Culturally, the United States is a far more tolerant and open society.

Dealing with a financial collapse in the early years of his administration, Obama’s political-economic framework supported concentrated yet regulated financial power. From 2009 to 2010, the administration prioritized the stability of a concentrated financial system over risking an attempt to end the foreclosure wave threatening the American housing market. In the last seven years, another massive merger boom has occurred, with concentrations accruing in the hospital, airline, telecommunications, and technology industries. Progressive corporations like Google are key pillars of a cosmopolitan liberal culture. This is the world of the Watergate Babies and the libertarian and statist thinkers who shaped their intellectual understanding of it.

But what intellectuals like Thurow, Galbraith, Greenspan, Bork, and so forth didn’t foresee was political disillusionment on a vast scale. In 2014, for example, voting rates in some states dropped to levels unseen since the 1820s (when property-franchise laws were in force). Meanwhile, American soldiers once again find themselves in a quagmire; this time, in the Middle East. Despite their best efforts, U.S. institutions seem as out-of-control and ungovernable as they did when the 1975 class came into office.

For most Americans, the institutions that touch their lives are unreachable. Americans get broadband through Comcast, their internet through Google, their seeds and chemicals through Monsanto. They sell their grain through Cargill and buy everything from books to lawnmowers through Amazon. Open markets are gone, replaced by a handful of corporate giants. Political groups associated with Koch Industries have a larger budget than either political party, and there is no faith in what was once the most democratically responsive part of government: Congress. Steeped in centralized power and mistrust, Americans must now confront Donald Trump, the loudest and most grotesque symbol of authoritarianism in politics today.

“This,” wrote Robert Kagan in the Washington Post, “is how fascism comes to America.” The nation is awash in commentary and fear over the current cultural moment. “America is a breeding ground for tyranny,” wrote Andrew Sullivan in New York magazine. Yet, Trump’s emergence would not be a surprise to someone like Patman, or to most New Dealers. They would note that the real-estate mogul’s authoritarianism is not new in American culture; it is ubiquitous. It is consistent with how the commercial sphere has developed since the 1970s. Americans feel a lack of control: They are at the mercy of distant forces, their livelihoods dependent on the arbitrary whims of power. Patman once attacked chain stores as un-American, saying, “We, the American people, want no part of monopolistic dictatorship in … American business.” Having yielded to monopolies in business, the nation must now face the un-American threat to democracy Patman warned they would sow.

Americans have forgotten about the centuries-old anti-monopoly tradition that was designed to promote self-governing communities and political independence. The Watergate Babies got rid of Patman’s populism for a lot of reasons. But there was wisdom there. In the 1930s, Patman said that restricting chain stores would prevent “Hitler’s methods of government and business in Europe” from coming to the United States. For decades after World War II, preventing economic concentration was understood as a bulwark against tyranny. But since the 1970s, this rhetoric has seemed ridiculous. Now, the destabilization of political institutions suggests that it may not have been. Financial crises are a regular feature of the U.S. banking system, and prices for essential goods and services reflect monopoly power rather than free citizens buying and selling to each other. Americans, sullen and unmoored from community structures, are turning to rage, apathy, protest, and tribalism, like white supremacy.

Ending the threat of authoritarianism is not a left-wing or right-wing problem, and the solution does not reside in building a bigger or a smaller government. Restoring political stability means structuring society’s public and corporate institutions so they can be governed by human beings and communities. It means protecting the property rights of citizens and not confusing property with arbitrary tollbooths erected by tech billionaires. And it means understanding that protecting competitive markets and preventing concentrations of power are essential components of democracy.

Fortunately, Americans are beginning to remember what was once lost. Senator Elizabeth Warren often sounds like she’s channeling Wright Patman. Senator Bernie Sanders stirred enormous enthusiasm in a younger generation more in touch with their populist souls. Republicans even debated putting antitrust back in their party platform. President Obama has begun talking about the problem of monopolies. Renata Hesse, the head of the government’s antitrust division, recently gave a blistering speech repudiating Bork’s corporatist ideas. And none other than Hillary Clinton, in an October 3, 2016, speech on renewing antitrust vigor, noted that Trump, while a unique figure, also represents the “broader trends” of big business picking on the little guy.

Restoring America’s anti-monopoly traditions does not mean rejecting what the Watergate Babies accomplished. It means merging their understanding of a multicultural democratic society with Brandeis’s vision of an “industrial democracy.” The United States must place democracy at the heart of its commercial sphere once again. That means competition policy, in force, all the time, at every level. The prevailing culture must be re-geared, so that the republic may be born anew.

Note:

When he was still Chairman of the House Banking Committee, Patman once famously asked the Chairman of the Federal Reserve, Arthur Burns, testifying in front of his committee, "Can you give me any reason why you should not be in the penitentiary?" A year after being deposed in a 152-117 caucus vote in 1975, Patman died of pneumonia and was replaced by an ultra-conservative Democrat, Sam Hall, who was later nominated for a judgeship by Reagan, making way for the district to turn red. It is now one of the most Republican districts in the country, Obama getting only 25% of the vote there in 2012; 24% of the population is black or Latino. When people talk about Hillary gaining on Trump in Texas, this isn't the part of Texas they're talking about. They're talking about well-off suburbs around San Antonio, Austin, Houston, Dallas and Forth Worth, traditionally Republican areas, not traditionally Democratic areas that have been left behind and have slipped into the Republican orbit. 

Mary Hoeft is the progressive Democrat running for the northwestern/central Wisconsin congressional seat (WI-07), currently held by Trumpist and former reality TV character Sean Duffy, who currently earns his campaign funds as chairman of a House Financial Services Sub-committee on Investigations and Oversight by pointedly not providing any oversight or doing any investigations of crooked (albeit generous-- at least to Rep. Duffy) banksters. Last night, after reading Stoller's article, Mary drew a sharp contrast between herself and crooked members of Congress from both parties who put Wall Street's interests above the interests of their own constituents.

I refuse to balance Patrick Murphy's advocacy on behalf of Wall Street with his advocacy on behalf of reproductive rights, gays, and undocumented workers. To do so would be naïve. Pope Francis spoke out against the naivete of those who believe good will come as droplets of water trickle down from the pool of riches our wealthiest bathe in. Americans are drowning in those droplets. My opponent Sean Duffy is an easier enemy to see coming. He advocates against reproductive rights, gays, and undocumented workers. But Murphy is equally responsible for the chasm that now divides our wealthiest from the rest of America.

Needless to say, Hoeft is one of the progressives who won her primary, only to be promptly ignored by the very conservative and very Wall Street-friendly DCCC. They're not helping her, even though her district is very swingy and was only recently held by a Democrat, Dave Obey (who is campaigning for her), and was won by Obama against McCain, 53-45%. Please consider contributing to her grassroots campaign by tapping the thermometer below:

And An Update For Capitol Hill:

Today one of the congressmembers who helped write Dodd-Frank sent me a note:

Dear Howie:

Even when we were writing the Dodd-Frank Act, in the wake of the financial meltdown, there was only mild attention to what might be done to prevent another meltdown, rather than any focus on the distribution of wealth and financial power. That latter subject is essentially verboten; instead, we scold the GOP about bathroom laws and personal indiscretions. On the contrary, Democratic candidates ritually and habitually deny any motivation to “penalize success,” especially when talking to wealthy donors.