Massachusetts Democrat Senator Elizabeth Warren is ready to trash her image as a progressive warrior battling Wall Street.
Sources told Reuters last night Warren will endorse Hillary Clinton and has not ruled out serving as her running mate. Her advisers are in close contact with Clinton’s campaign team.
According to Reuters, if Warren joins the Clinton ticket she will energize progressives and win over Bernie Sanders supporters.
Acquiescing to Wall Street
In 2013, the former Harvard Law School professor joined a bipartisan group of fellow senators to introduce the 21st Century Glass-Steagall Act. The legislation gained little traction in Congress.
Warren wrote the purpose of the bill was “to reduce risks to the financial system by limiting banks’ ability to engage in activities other than socially valuable core banking activities” and “to protect taxpayers and reduce moral hazard by removing explicit and implicit government guarantees for high-risk activities outside of the core business of banking.”
Bill Clinton worked with Congress to repeal the Depression-era Glass–Steagall Act. Its removal allowed investment banks to create the subprime bubble that took down the economy in 2008.
In October, Hillary Clinton said she would not reinstate the law separating commercial and investment banks. “The big banks are not the only thing we have to worry about,” she said.
Donors from Wall Street and other financial services firms have given $44.1 million to the Clinton campaign.
She has also received money from George Soros and hedge-fund manager S. Donald Sussman. Top donors include Citigroup, Goldman Sachs, JP Morgan Chase, and Morgan Stanley. Clinton has also received hundreds of thousands of dollars in speaking fees from major banks. She has fought to keep transcripts of the speeches secret.
Betraying the Progressive Base
It is not clear how Warren will square her decision with the fact Hillary Clinton is the preferred choice of Wall Street and the bankers.
The betrayal of her progressive base will be sidelined and ignored by the establishment media as Warren, Clinton, and the Democrats concentrate on defeating Republican Donald Trump.
“People talk about how ‘this is the most important election’ in our lifetime every four years, and it gets stale,” Warren wrote on her Facebook in March. “But consider what hangs in the balance. Affordable college. Accountability for Wall Street. Healthcare for millions of Americans. The Supreme Court. Big corporations and billionaires paying their fair share of taxes. Expanded Social Security. Investments in infrastructure and medical research and jobs right here in America. The chance to turn our back on the ugliness of hatred, sexism, racism and xenophobia. The chance to be a better people.”
If elected, Clinton is not likely to fight for many of these issues, in particular Wall Street accountability.
“More than 23 years following Bill Clinton’s election, Wall Street is very much intertwined with the Clintons: they helped fundamentally change Wall Street, and Wall Street fundamentally changed the Democratic party,” writes Chris Arnade, a Wall Street trader who attributes the success of his career to the Clintons. “Ask anyone who has spent the last two decades on Wall Street which politicians have worked for them the hardest and most will grudgingly admit it’s the Clintons. I doubt that will change anytime soon.”
Elizabeth Warren is preparing to sell her believers down the river and deliver them to Clinton and Goldman Sachs.
If she joins the race as Clinton’s running mate, millions of gullible Democrats will pull the lever for her in November. This is precisely what the Democrat party wants.