Wall Street Is Panicking Over Sen. Warren's Rise in the Polls

According to the New York Times and Robert Reich in the Baltimore Sun, Wall Street is panicking over Senator Elizabeth Warren's rise in the polls. To protect the oligarchy they enjoy more than ever before, Wall Street Democrats are heaping donations on Mayor Pete Buttigieg and other centrists: "Democratic oligarchs hope Mr. Biden, or perhaps Pete Buttigieg or Amy Klobuchar, can still take Ms. Warren out. In just the third quarter, Mr. Buttigieg raised around $25,000 from executives at finance firms such as Goldman Sachs, Morgan Stanley and JPMorgan along with hedge fund giants such as Bridgewater, Renaissance Technologies and Elliott Management. Mr. Buttigieg raised another $150,000 from donors who described their occupation as 'investor,'” according to Robert B. Reich's 10/30/19 article, "Only two Democrats could fix our broken system," in the Baltimore Sun.

Those two Democrats are Bernie Sanders and Elizabeth Warren. Why? Because Senators Warren and Sanders vow to disrupt the oppressive grip of our current oligarchy and return to our democratic values and the rule of law.

Robert Reich clarifies terms in our current political culture:

"In the conventional view of American politics, Joe Biden is a moderate, while Elizabeth Warren and Bernie Sanders are on the left, and Donald Trump is on the right.

"This conventional view is rubbish. The most powerful force in American politics today is anti-establishment fury at a rigged system. There are no longer 'moderates.' There's no longer a 'center.' Today's great divide is not between left and right. It's between democracy and oligarchy."

This is perhaps why the American working-class voter has flailed between Obama and Trump. Both billed themselves as "change" agents and didn't deliver except to Wall Street. The same is true for Bill Clinton because he signed the repeal of Glass-Steagall, which was enacted after the Great Depression and regulated the banks.

The result is an ever more oppressive oligarchy, assisted by the Supreme Court's Citizens United decision, which decided that money is speech and corporations are people and can "free speech" (donate huge amounts of money) until they're hoarse. Concentrated wealth and the ability to influence Congress to respond to their rich donors instead of their voters has disenfranchised voters.

Money from powerful donors supplant the rule of law and our democratic values. The rich are getting richer, the middle class is losing ground, and the poor are getting poorer. According to Robert Reich, "The three richest Americans now have more wealth than the bottom half of the population put together." Real wages (how much you can buy with your pay) for the working class have been stagnant since the mid-seventies. In 1965 the ratio of CEO pay to worker pay was 20:1. The ratio of CEO pay to worker pay was 58:1 in 1989.

Wealth inequality continued to increase after Republican President Trump) and the Republican Congress enacted a tax law with 83% of its tax cuts permanently benefiting the rich. Republicans gave temporary tax cuts to the rest of us.

We should be protesting in the streets like other oppressed citizens in other oppressive countries, but we're not. We're flailing from one "change" agent to another (flipping from Obama to Trump) and still feeling disappointed. Only Senators Elizabeth Warren and Bernie Sanders are willing to challenge the system. Warren's rise in the polls really has Wall Street worried.

Enter Michael Bloomberg, mayor of New York City, and a billionaire worth more money than Tom Steyer, the other billionaire in the presidential campaign. Bloomberg's entering to save Wall Street from Sen. Elizabeth Warren, who has promised to reinstate banking regulations, enforce the Sherman Anti-Trust Act (break up monopolies and prevent more mergers from occurring), and take bloated profits and price-gouging away from Big Pharma. And that's just for starters.