Let’s Party

If the Democratic Party abandons Democracy, Democrats and other Progressives should not fear supporting alternative parties such as the Greens. Nevertheless, if the excerpt from the Post below is any indication perhaps the old Jackass can still kick.

FROM: Harold Meyerson  WASHINGTON POST (September 17, 2013)

“The Democratic Party’s romance with Wall Street may finally be breaking up. In the past 10 days, a diverse group of Democratic senators scuttled Larry Summers’ candidacy for Federal Reserve chair and New York Democrats voted for the candidate  whose campaign was an attack on Michael Bloomberg’s care and feeding of the super-rich at the expense of the rest of the city. Former commerce secretary (and JP Morgan Chase executive) William Daley’s surprise withdrawal from the Illinois Democratic gubernatorial primary is one more indication of Wall Street’s diminished sway.

Democrats have reached a watershed. After two decades in which the party has moved leftward on social issues but has largely accepted the financial sector’s economic preferences – for smaller government; a greater role for markets; and reduced regulation, particularly of finance – the abject failures of the market economy are pushing the party leftward. The revolt against Summers was less about his positions on today’s economic issues than his adamant opposition to regulating derivatives  during his tenure as Bill Clinton’s Treasury secretary, when he invoked as an argument against such oversight the dismay of the big banks at the one set of regulations that might have staved off, or at least diminished, the Great Recession of the past five years.”

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