Upset By Elizabeth Warren, U.S. Banks Debate Halting Some Campaign Donations

This is why we need campaign finance reform. As the old adage states “Follow the money” and the banks are threatening to withhold “the money” as a symbolic assertion of their power and authority. If that isn’t a red flag as to how out of control our political finance system is, then I don’t know what else can do it. Senator Warren has done an exemplary job in explaining how dangerous our banking system has become since Glass-Steagall has been repealed and she has repeatedly called for its reinstatement. Moreover a possible contender for the democratic nomination, Martin O’Malley, has written an op-ed calling for that very thing as well and if we only did that one thing, our banking system would be returned to a more reliable state of affairs. Unfortunately, we have been betrayed by the Wall Street democrats ever since the days they were lured in by outsized campaign donations thinking that more campaign money was what they needed in order to win elections. I would argue that instead of caving into crass monetary temptations, democrats should have relied on crafting a solid common sense economic and political message that would have resonated with their electorate and the values that they share. I realize that this may seem very PollyAnnish in this post Citizens United climate, but if you look at the data from the 2014 mid term elections, Senator Al Franken had won his relection easily because he went the populist route and he never shrunk from his progressive economic message that reflected his core values, which is to grow our nation from the bottom up and to make sure that there are opportunities and possibilities for everyone who is willing to show up and apply themselves. Senator Warren knows this instinctively and it is obvious that Wall Street is very afraid of her which is why they are trying to scare the rest of the democrats into submission. It is up to those democrats to be smarter and more courageous and the best way for them to come out ahead, is to call Wall Street out on their bullying tactics and political extortion. I am sure that the people will respond in ways that will happily surprise many democratic legislators and it may even stem the tide of the Citizen’s United plutocratic wave. We have to do something about the imbalance of influence between the powerful and the rest of us.

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