Occupy Banksters & Crony Capitalism & GREED

FCC Chief Tom Wheeler Suggests That He Will Back Strict Net Neutrality Rules
HP & Reuters | author | 01/07/15

WASHINGTON/LAS VEGAS, Jan 7 (Reuters) - The top U.S. communications regulator on Wednesday endorsed the regulatory standard applied to telephone companies in remarks seen as the strongest indication yet that he planned to side with President Barack Obama on strict "net neutrality" rules. ... Read more

Greek Default Risk Soars As "Independent" ECB Dictates Greek Policy... Or Else
ZeroHedge | author | 01/08/15

Despite stressing time and again that the ECB cannot dictate policy within individual nation states in Europe, Reuters reports Draghi's henchmen are playing 'bad cop' to Germany's 'good cop' for now as they threaten the withdrawal of Greek financial system funding if reforms are not carried out post election. Greek stocks are falling once again (led by the banks) and default risk has soared, with 5Y CDS +250bps at 1555bps. ... Read more

Elizabeth Warren and the Four Corners of American Politics
HP | Mike Lux | 01/07/15

The last couple of days have been a provocative view of the near-term future of American politics. There are four major teams on the scene at the same time, coming from four different corners of the field, and they all have some amount of political juice. How they end up interacting and competing with each other will be the driving political story for quite a while into the future.

On the Republican side, there is the increasingly conservative -- but apparently never extreme enough -- establishment wing of the party led by Boehner and McConnell and the big business lobby, and there is the Tea Party anti-establishment wing. The establishment guys, pretty much all guys, have the upper hand for now but clearly got a little surprised by the strength of the anti-Boehner rebellion in the Speaker election. Knowing the strength of the Tea Party gang in primary election fights, they are a force to be reckoned with for the foreseeable future -- as evidenced by the fact that the Republican Party's establishment has moved so far to the right on most issues in the last five years. The establishment team certainly has embraced the Ayn Rand worldview so popular with the tea partiers, as evidenced by how on day one, they passed a rule that will probably result in cutting benefits and stealing from the disabled.

The biggest policy difference between the two wings of the Republicans is that the establishment wing invariably does whatever the big business lobby want them to do, even if it violates small government and free market principles -- note how the Wall Street provision snuck into December's budget bill that caused all the trouble allows more bailouts of the biggest banks' riskiest bets -- which isn't exactly Adam Smith's idea of free market economics. Tea Party types have been railing against these kinds of Wall Street bank bailouts since the last round of them in 2008. The biggest political difference is that the establishment will go along with the company line when push comes to shove, while the Tea Party still doesn't mind-blowing up Congress to get what they want.

The two wings of the Democratic Party are similarly the insiders and the populists. The difference between these two corners of the party was of course, also on display in the blow-up over the budget bill with that nasty Wall St bailout. However, there are more ugly policy fights coming soon with the Trans-Pacific Partnership trade deal/abomination being at the top of the list, and the Antonio Weiss nomination fight also in the queue.

Representing the establishment point of view was Obama's Secretary of Labor, Tom Perez. I should just say at the outset of this discussion that Perez is actually a strong progressive and great friend of labor, in my view the best of Obama's Cabinet Secretaries, and he certainly gave a good speech extolling progressive values on jobs and wages. But because he does represent the administration, the message he gave was an establishment message: that because of Obama's great economic policies, the macro-economy is getting a lot better and things are looking up. He acknowledged that there was "progress yet to be made," but made the case that the economy is recovering strongly because of Obama's leadership.

Representing the populist progressive wing of the party was Elizabeth Warren, and while she gave props to the president's leadership on economic issues for the good things that are happening, she cast a starker picture for the bottom 90 percent of Americans income-wise: ... Read more