ALL BILLIONAIRES ARE GLOBALIST DEMOCRATS. ALL BILLIONAIRES WANT
AMNESTY AND WIDER OPEN BORDERS. ALL BILLIONAIRES WANT NO CAPS ON IMPORTING
CHEAPER FOREIGN WORKER. Further, the dubious
choice of Kamala Harris as the vice presidential nominee was made solely
to placate and reassure Wall
Street and the wealthy, as she was viewed by them as being very deferential to
the mega-rich class based on her days in California.
Millionaire Democrat Donor Says Joe Biden Will Be Good for
Wall Street
Scott
Olson/Getty Images
15 Sep 2020 395
2:53
A millionaire Democrat donor, who
was once listed as a billionaire by Forbes , says Democrat presidential candidate Joe Biden will be
good for Wall Street in the long run.
Michael Novogratz, the former Goldman Sachs executive and hedge
fund manager, told CNBC in an
interview that while a Biden win against President Donald Trump may initially
drag the market down, Wall Street will stand to benefit.
“I think Biden’s going to win. I hope Biden wins,” said
Novogratz, who now runs an investment firm. “But if he wins, I think the market
will go down, at least initially because he’s going to raise capital gains tax
… he’s going to raise corporate taxes some and he’s going to raise personal
income tax.”
“I think it’s probably better for the markets [if Biden
wins] because the chaos Trump brings every week, every day just gets tiring,”
Novogratz said.
Novogratz donated $200,000 to
the Biden Action Fund in June.
Despite endorsements from Sens. Bernie Sanders (I-VT) and
Elizabeth Warren (D-MA), Novogratz said Biden and running mate Sen. Kamala
Harris’s (D-CA) platform “sounds a lot more conservative than the Republican
team when you’re talking about their plans.”
“There’s going to be so much pressure to start redistributing
wealth whether it’s paying for college, paying for loans, if it’s Medicare for
All,” Novogratz said. “Those are things the Democrat Party cares about and
there’s going to be pressure and maybe we’re not going to get all of those but
we’ll be heading in that direction. So I don’t see our deficits miraculously
collapsing.”
Biden and Harris have sought to distance themselves from their
large Wall Street backing in recent weeks. Although Biden blasted Wall Street
executives in a town hall with the AFL-CIO union, a new report revealed that the
former vice president’s campaign has assured Wall Street donors that his
administration will maintain an economic status quo to their benefit.
This month, Biden touted Wall Street’s
support for his plan to abolish America’s suburbs by seizing control of local
zoning laws to construct housing developments and multi-family buildings in
neighborhoods. Likewise, Wall Street is fully behind Biden’s plan
to hugely expand legal
immigration levels, beyond already historical highs at 1.2 million green cards
and 1.4 million visa workers a year.
The Biden-Harris ticket has elated Wall Street
so much that for the first time in a decade, more financial executives are
donating to the Democrat candidates than Republicans, the latest Center for
Responsive Politics analysis reveals .
John Binder is a reporter for
Breitbart News. Follow him on Twitter at @JxhnBinder .
Biden’s Billionaires By Steve McCann
Many years ago, while
participating in a voter registration drive, I came upon a grizzled and
disheveled old man sitting in the overgrown and weed-infested yard of his
paint-starved house calming smoking his pipe. Despite his gruff demeanor,
Ully (Ulysses) was very pleasant and loquacious as we talked for over an hour
on topics ranging from the weather to the innate foibles of mankind. It
turned out that he had to leave school after the fourth grade in order to work
in the fields to help support his family and had toiled in a variety of menial
and labor-intensive jobs ever since. Yet, he had a deep and thorough
insight into human nature. Among his comments about the rich and
ostensibly well-educated was: “All the money in the world cain’t buy a fool a
lick of common sense.”
I was reminded of that
observation after reading an article describing the 131 billionaires who are pouring
millions into the coffers of the Democrat party and Joe Biden’s campaign in
their mindless obsession to defeat President Trump in November. Among the
prominent names are Jeff Skoll, a founder of eBay who has contributed $4.5
million; Laurene Powell Jobs of Apple and owner
of The Atlantic magazine has donated $1.2 million,
and Josh Bekenstein , Chairman of Bain
Capital (co-founded by Mitt Romney), $5 million.
Far more Wall Street
financers have also jumped on the Biden/Democrat party bandwagon than are
supporting Donald Trump, whose policies have overwhelmingly revived the economy
after the stagnation of the Obama-Biden years. The tech billionaires , not content to simply
cough up untold millions in direct political contributions, are also funding
massive voter drives, promoting mail-in balloting, creating divisive partisan
news sites, aiding and designing the Democrat party’s digital campaigns and
unabashedly censoring the social media accounts of the Trump campaign and
innumerable conservatives.
The political party they
are gleefully underwriting in order to oust Trump is no longer the party of the
middle and working class (which is now one and the same) but a two-tier
assemblage in which the prey is sleeping with the predator. The witless
wealthy and socially aware are in bed with the avowed socialists and militant Marxists.
What is holding this marriage of convenience together is a mutual hatred of
Donald Trump and the undoable promises made by Joe Biden and the Democrat party
hierarchy.
In a 2019 meeting with
100 super-wealthy potential donors, Biden assured the gathering that he would
not demonize the rich and would only increase their taxes slightly while
ensuring that their standard of living would not be affected by any of his
policies.
He also
stated: “I’m not Bernie Sanders. I don’t think 500 Billionaires are the reason
why we are in trouble”. Further, he unabashedly emphasized that the
wealthy are not the reason for income inequality and “If I win this
nomination. I won’t let you
down. I promise you .”
Further, the dubious
choice of Kamala Harris as the vice presidential nominee was made solely
to placate and reassure Wall
Street and the wealthy, as she was viewed by them as being very deferential to
the mega-rich class based on her days in California.
When the time came to
deal with the Marxist/socialist wing of the Democrat party’s anti-Trump
coalition, policy commitments, many diametrically opposite of what was promised
the wealthy donors, were also guaranteed with a non-verbal pledge of we won’t
let you down.
The first step was a de
facto party platform. The 110-page Biden-Sanders Manifesto which includes,
among other commitments, a massive job killing $2+ trillion climate agenda to
phase out fossil fuel usage within 15 years, the elimination of cash bail,
redirecting (i.e. cutting) funding for the police, dismantling all border
protections, legalizing virtually all illegal immigrants and massively raising
corporate and individual tax rates on the wealthy. This manifesto is a
socialist screed that would destroy the middle class and permanently neuter the
economy and nation.
An effusive Bernie
Sanders proclaimed to the world that Biden and the Democrats have embraced his
socialist agenda and that Biden would be the most progressive president since FDR.
Sanders exposed not only the behind the scenes reality of today’s Democrat
party but Biden’s figurehead role.
Further confirmation of
the radicalization of the Party came about unexpectedly as the militant Marxist
faction of the Sanders coalition forced the issue. Impatient and
unwilling to wait until after the 3rd of November, Antifa and Black Lives
Matter used the death of George Floyd as a pretext to take to the streets and
begin their long-hoped for revolution. They claimed that rioting,
looting, committing arson and attacking law enforcement was a necessity as this
was a systemically racist country. Yet, they openly demanded immediate
changes rooted in their radical Marxist ideology of class warfare not so-called
systemic racism. As two of their preferred chants and graffiti
slogans “eat the rich” and “abolish capitalism now” confirms.
Biden, the Democrat party
hierarchy as well as virtually all Democrat elected officials refused to
address the violence and those responsible. Thus, they tacitly approved
of the lawlessness and by doing so flashed a green light to continue the
riots. When forced to acknowledge the reality on the streets of the
nation’s cities, they instead blamed Trump, the police, white supremacists and
even the Russians. Due to their spinelessness, the armies of anarchy and
revolution Biden and the Democrats unleashed will never be defeated or
mollified by them.
Considering the vast
dichotomy in the litany of promises made and actions taken, it is inevitable
that either the moneyed elite or the mob of passionate true believers will be
betrayed. There is no middle ground. Who will prevail?
Will it be the elites
whose only weapon is money and fleeting political influence or the passionate
mob whose weapons are unconstrained violence and intimidation? Will it be
those who believe a revolution could never happen here or those who are
currently inciting revolution with the implicit blessing of a major political
party? Will it be those who believe that Biden and the Democrats, if
elected, will be able to forcefully deal with the insurgents or the insurgents
who now know that riots and extortion causes Democrat politicians to cower in
the corner?
Beginning with the French
Revolution and throughout the 19th and 20th centuries, history has recorded that
passionate mobs always prevail when dealing with a feckless ruling class or
party. And the first casualties have inevitably been the wealthy elites.
I can envision sitting
with my old friend, Ully, and asking him if he thought the wealthy elites,
indiscriminately tossing money at the Democrats for the sole purpose of
defeating President Trump, understood the pitfalls involved. He would
lean back, slowly exhale a puff of smoke from his well-worn pipe and with
uncontrollable anger in his eyes would say: “Nope. Those damn fools ain’t
got a lick of common sense.”
Report:
Joe Biden Promises Wall Street Donors the Status Quo in Private Calls OLIVIER DOULIERY/AFP via Getty Images
8 Sep 2020 343
3:50
Democrat presidential candidate Joe Biden is promising Wall
Street donors the economic status quo that they became used to before President
Donald Trump’s administration, according to a report.
An investment banker on Wall Street told the Washington Post
The Post reports :
When Joe
Biden released economic recommendations two months ago, they included a few
ideas that worried some powerful bankers
But in
private calls with Wall Street leaders, the Biden campaign made it clear those
proposals would not be central
“They basically said, ‘Listen, this is just an exercise to keep
the Warren people happy, and don’t read too much into it,’” said one investment
banker , referring to liberal supporters of
Sen. Elizabeth Warren (D-Mass.). The banker, who spoke on the condition of
anonymity to describe private talks, said that message was conveyed on multiple
calls. [Emphasis added]
In a statement to the Post
“The Biden-Sanders task forces made recommendations to Vice
President Biden and to the [Democrat National Committee] platform drafting
committee,” Biden spokesperson TJ Ducklo said. “This anonymous source appears
to be confused and uninformed about this very basic distinction.”
The report comes as Biden told AFL-CIO members on Labor Day that
he will be the “strongest labor president” union workers “have ever had.”
“You can be sure you’ll be hearing that word, ‘union,’ plenty of
times when I’m in the White House,” Biden pitched. “The words of a president
matter. Union. We’re going to empower workers and empower unions.”
In the Democrat presidential primary, Biden told a group of rich
Manhattan donors at a private fundraiser that “nothing would change” for them
or their wealthy lifestyles if elected.
“I mean, we may not want to demonize anybody who has made
money,” Biden said at the
June 2019 fundraiser.
“The truth of the matter is, you all, you all know, you all know
in your gut what has to be done. We can disagree in the margins but the truth
of the matter is it’s all within our wheelhouse and nobody has to be punished,”
Biden said. “No one’s standard of living will change, nothing would
fundamentally change.”
Like failed Democrat
presidential candidate Hillary Clinton, Biden has enjoyed a cozy relationship
with Wall Street executives, along with his running mate Sen. Kamala Harris
(D-CA).
Most recently, Biden touted Wall Street’s
support for his plan to abolish America’s suburbs by seizing control of local
zoning laws to construct housing developments and multi-family buildings in
neighborhoods. Likewise, Wall Street is fully behind Biden’s plan
to hugely expand legal
immigration levels, beyond already historical highs at 1.2 million green cards
and 1.4 million visa workers a year.
The Biden-Harris ticket has elated Wall Street
so much that for the first time in a decade, more financial executives are
donating to the Democrat candidates than Republicans, the latest Center for
Responsive Politics analysis reveals .
John Binder is a reporter for Breitbart News. Follow him on
Twitter at @JxhnBinder .
As Bloomberg
pledges $100 million, Wall Street boosts Biden campaign Billionaire Michael
Bloomberg has pledged to spend at least $100 million to support the campaign of
Democratic presidential candidate Joe Biden in Florida. This announcement
Sunday is only the largest pledge of support from the financial oligarchy for
the Democratic campaign.
Bloomberg aide Kevin Sheekey
said the pledge of virtually unlimited financial backing to Biden in Florida,
the most critical “battleground” state in the 2020 election, “will allow
campaign resources and other Democratic resources to be used in other states,
in particular the state of Pennsylvania.”
Florida has 29 electoral
votes, the most of any closely contested state, following California with 55,
overwhelmingly Democratic, and Texas with 38, leaning Republican. New York
state, also with 29 electoral votes, is heavily Democratic.
Only once in the last 60
years—Bill Clinton in 1992—has a candidate won the presidency while losing
Florida. The last Republican to lose Florida and still win the White House was
Calvin Coolidge in 1924, when the state was lightly populated swampland.
Early voting begins in
Florida September 24, and Bloomberg’s money will pay for massive campaign
advertising on behalf of Biden, in both English and Spanish. Campaign officials
said the funds would be devoted almost entirely to television and digital ads.
Even before the Bloomberg
commitment, the Biden campaign and supporting Democratic groups had outspent
Trump and the Republicans by $42 million to $32 million. The flood of cash from
the billionaire media mogul will give the Democrats a three- or four-to-one
advantage over the final seven weeks of the campaign.
The efficacy of Bloomberg’s
huge financial commitment is open to question. The media billionaire spent $1
billion (a mere one-fiftieth of his gargantuan personal fortune) on his own
pursuit of the Democratic presidential nomination. He launched his campaign at
a time when he believed Biden’s candidacy was near its demise, hoping that his
money might forestall the nomination of Vermont Senator Bernie Sanders.
The sudden revival of
Biden’s campaign with his victory in South Carolina in February and then in the
Super Tuesday primaries on March 3 led Bloomberg to abandon his own efforts and
endorse the former vice president, since their right-wing views on a range of
topics, and particularly on foreign policy, were virtually identical.
Since then, Bloomberg has
transferred $20 million from his abortive presidential campaign to the
Democratic National Committee, as well as pumping in another $120 million to
local, state and congressional campaigns, making him by far the largest single
backer of the Democratic Party.
Florida is only the most
glaring example of the general trend in the 2020 election, in which the
financial oligarchy and Wall Street have indicated a distinct preference for
Biden and backed it up with heavy financial commitments.
During August, the Biden
campaign broke all records for fundraising in a single month, raking in $365
million, nearly double the previous record of $203 million set by the campaign
of Barack Obama in September 2008, and more than Hillary Clinton and Trump
combined to raise, in August 2016, $233 million. The Trump campaign also broke
the Obama record, but its total of $210 million in August was far behind the
pace set by the Democrats.
Approximately $205 million
of the $365 million came through online donations, including 1.5 million new
donors. This is more an indication of the widespread hostility to Trump among
millions of working-class and middle-class people than any groundswell of
support for Biden, who personifies the corrupt US political establishment,
having spent 36 years in the Senate before his eight years as Obama’s vice president.
That means that $160
million—a near-record amount by itself—was raised through large donations from
wealthy supporters of the Democratic Party. While Trump continues to rake in
the lion’s share of support from industries such as oil and gas, mining and
real estate, Biden has collected the bulk of financial backing from the banks,
hedge funds and insurance industry.
Under rules set by the
Federal Election Commission, a wealthy donor can now give as much as $830,600
to support a presidential candidate, routing much of the money through federal
and state party committees rather than the candidate’s own campaign.
The result of the disparity
in fundraising throughout the summer is that the Democratic presidential
campaign has now caught up with and even surpassed Trump’s war chest. The Trump
reelection campaign, despite raising an unprecedented $1.1 billion, has less
cash on hand for the fall than the Biden campaign. According to press accounts,
more than one-third of the money raised by the Trump campaign was used to pay
the expenses of fundraising itself.
There
were several reports last week that the Trump campaign was experiencing a “cash
crunch,” and was unable to sustain advertising in all 15 of the so-called
battleground states. Both the Washington
Post and Bloomberg News reported that Trump campaign manager
Bill Stepien has halted television advertising in Michigan and Pennsylvania at
least temporarily, and that Biden was outspending Trump in nearly every closely
contested state.
Stepien replaced Brad
Parscale as campaign manager in July, at least in part because of concerns that
Parscale had squandered Trump’s substantial initial fundraising advantage.
According to the media
tracking firm Advertising Analytics, the Biden campaign spent $17 million in
television and digital advertising in nine battleground states during the week
of September 3, compared to $4 million by the Trump campaign.
The Clinton campaign
outspent Trump by similar margins in 2016, but Trump campaign aides had boasted
they would not face such a deficit in 2020. Trump has hinted he would seek to
make up the difference from his personal fortune, but there has been no sign
yet of any direct outlay by the billionaire to back his own campaign.
ALL BILLIONAIRES ARE GLOBALIST DEMOCRATS. ALL BILLIONAIRES WANT
AMNESTY AND WIDER OPEN BORDERS. ALL BILLIONAIRES WANT NO CAPS ON IMPORTING
CHEAPER FOREIGN WORKER. Further, the dubious
choice of Kamala Harris as the vice presidential nominee was made solely
to placate and reassure Wall
Street and the wealthy, as she was viewed by them as being very deferential to
the mega-rich class based on her days in California.
Millionaire Democrat Donor Says Joe Biden Will Be Good for
Wall Street
Scott
Olson/Getty Images
15 Sep 2020 395
2:53
A millionaire Democrat donor, who
was once listed as a billionaire by Forbes , says Democrat presidential candidate Joe Biden will be
good for Wall Street in the long run.
Michael Novogratz, the former Goldman Sachs executive and hedge
fund manager, told CNBC in an
interview that while a Biden win against President Donald Trump may initially
drag the market down, Wall Street will stand to benefit.
“I think Biden’s going to win. I hope Biden wins,” said
Novogratz, who now runs an investment firm. “But if he wins, I think the market
will go down, at least initially because he’s going to raise capital gains tax
… he’s going to raise corporate taxes some and he’s going to raise personal
income tax.”
“I think it’s probably better for the markets [if Biden
wins] because the chaos Trump brings every week, every day just gets tiring,”
Novogratz said.
Novogratz donated $200,000 to
the Biden Action Fund in June.
Despite endorsements from Sens. Bernie Sanders (I-VT) and
Elizabeth Warren (D-MA), Novogratz said Biden and running mate Sen. Kamala
Harris’s (D-CA) platform “sounds a lot more conservative than the Republican
team when you’re talking about their plans.”
“There’s going to be so much pressure to start redistributing
wealth whether it’s paying for college, paying for loans, if it’s Medicare for
All,” Novogratz said. “Those are things the Democrat Party cares about and
there’s going to be pressure and maybe we’re not going to get all of those but
we’ll be heading in that direction. So I don’t see our deficits miraculously
collapsing.”
Biden and Harris have sought to distance themselves from their
large Wall Street backing in recent weeks. Although Biden blasted Wall Street
executives in a town hall with the AFL-CIO union, a new report revealed that the
former vice president’s campaign has assured Wall Street donors that his
administration will maintain an economic status quo to their benefit.
This month, Biden touted Wall Street’s
support for his plan to abolish America’s suburbs by seizing control of local
zoning laws to construct housing developments and multi-family buildings in
neighborhoods. Likewise, Wall Street is fully behind Biden’s plan
to hugely expand legal
immigration levels, beyond already historical highs at 1.2 million green cards
and 1.4 million visa workers a year.
The Biden-Harris ticket has elated Wall Street
so much that for the first time in a decade, more financial executives are
donating to the Democrat candidates than Republicans, the latest Center for
Responsive Politics analysis reveals .
John Binder is a reporter for
Breitbart News. Follow him on Twitter at @JxhnBinder .
Biden’s Billionaires By Steve McCann
Many years ago, while
participating in a voter registration drive, I came upon a grizzled and
disheveled old man sitting in the overgrown and weed-infested yard of his
paint-starved house calming smoking his pipe. Despite his gruff demeanor,
Ully (Ulysses) was very pleasant and loquacious as we talked for over an hour
on topics ranging from the weather to the innate foibles of mankind. It
turned out that he had to leave school after the fourth grade in order to work
in the fields to help support his family and had toiled in a variety of menial
and labor-intensive jobs ever since. Yet, he had a deep and thorough
insight into human nature. Among his comments about the rich and
ostensibly well-educated was: “All the money in the world cain’t buy a fool a
lick of common sense.”
I was reminded of that
observation after reading an article describing the 131 billionaires who are pouring
millions into the coffers of the Democrat party and Joe Biden’s campaign in
their mindless obsession to defeat President Trump in November. Among the
prominent names are Jeff Skoll, a founder of eBay who has contributed $4.5
million; Laurene Powell Jobs of Apple and owner
of The Atlantic magazine has donated $1.2 million,
and Josh Bekenstein , Chairman of Bain
Capital (co-founded by Mitt Romney), $5 million.
Far more Wall Street
financers have also jumped on the Biden/Democrat party bandwagon than are
supporting Donald Trump, whose policies have overwhelmingly revived the economy
after the stagnation of the Obama-Biden years. The tech billionaires , not content to simply
cough up untold millions in direct political contributions, are also funding
massive voter drives, promoting mail-in balloting, creating divisive partisan
news sites, aiding and designing the Democrat party’s digital campaigns and
unabashedly censoring the social media accounts of the Trump campaign and
innumerable conservatives.
The political party they
are gleefully underwriting in order to oust Trump is no longer the party of the
middle and working class (which is now one and the same) but a two-tier
assemblage in which the prey is sleeping with the predator. The witless
wealthy and socially aware are in bed with the avowed socialists and militant Marxists.
What is holding this marriage of convenience together is a mutual hatred of
Donald Trump and the undoable promises made by Joe Biden and the Democrat party
hierarchy.
In a 2019 meeting with
100 super-wealthy potential donors, Biden assured the gathering that he would
not demonize the rich and would only increase their taxes slightly while
ensuring that their standard of living would not be affected by any of his
policies.
He also
stated: “I’m not Bernie Sanders. I don’t think 500 Billionaires are the reason
why we are in trouble”. Further, he unabashedly emphasized that the
wealthy are not the reason for income inequality and “If I win this
nomination. I won’t let you
down. I promise you .”
Further, the dubious
choice of Kamala Harris as the vice presidential nominee was made solely
to placate and reassure Wall
Street and the wealthy, as she was viewed by them as being very deferential to
the mega-rich class based on her days in California.
When the time came to
deal with the Marxist/socialist wing of the Democrat party’s anti-Trump
coalition, policy commitments, many diametrically opposite of what was promised
the wealthy donors, were also guaranteed with a non-verbal pledge of we won’t
let you down.
The first step was a de
facto party platform. The 110-page Biden-Sanders Manifesto which includes,
among other commitments, a massive job killing $2+ trillion climate agenda to
phase out fossil fuel usage within 15 years, the elimination of cash bail,
redirecting (i.e. cutting) funding for the police, dismantling all border
protections, legalizing virtually all illegal immigrants and massively raising
corporate and individual tax rates on the wealthy. This manifesto is a
socialist screed that would destroy the middle class and permanently neuter the
economy and nation.
An effusive Bernie
Sanders proclaimed to the world that Biden and the Democrats have embraced his
socialist agenda and that Biden would be the most progressive president since FDR.
Sanders exposed not only the behind the scenes reality of today’s Democrat
party but Biden’s figurehead role.
Further confirmation of
the radicalization of the Party came about unexpectedly as the militant Marxist
faction of the Sanders coalition forced the issue. Impatient and
unwilling to wait until after the 3rd of November, Antifa and Black Lives
Matter used the death of George Floyd as a pretext to take to the streets and
begin their long-hoped for revolution. They claimed that rioting,
looting, committing arson and attacking law enforcement was a necessity as this
was a systemically racist country. Yet, they openly demanded immediate
changes rooted in their radical Marxist ideology of class warfare not so-called
systemic racism. As two of their preferred chants and graffiti
slogans “eat the rich” and “abolish capitalism now” confirms.
Biden, the Democrat party
hierarchy as well as virtually all Democrat elected officials refused to
address the violence and those responsible. Thus, they tacitly approved
of the lawlessness and by doing so flashed a green light to continue the
riots. When forced to acknowledge the reality on the streets of the
nation’s cities, they instead blamed Trump, the police, white supremacists and
even the Russians. Due to their spinelessness, the armies of anarchy and
revolution Biden and the Democrats unleashed will never be defeated or
mollified by them.
Considering the vast
dichotomy in the litany of promises made and actions taken, it is inevitable
that either the moneyed elite or the mob of passionate true believers will be
betrayed. There is no middle ground. Who will prevail?
Will it be the elites
whose only weapon is money and fleeting political influence or the passionate
mob whose weapons are unconstrained violence and intimidation? Will it be
those who believe a revolution could never happen here or those who are
currently inciting revolution with the implicit blessing of a major political
party? Will it be those who believe that Biden and the Democrats, if
elected, will be able to forcefully deal with the insurgents or the insurgents
who now know that riots and extortion causes Democrat politicians to cower in
the corner?
Beginning with the French
Revolution and throughout the 19th and 20th centuries, history has recorded that
passionate mobs always prevail when dealing with a feckless ruling class or
party. And the first casualties have inevitably been the wealthy elites.
I can envision sitting
with my old friend, Ully, and asking him if he thought the wealthy elites,
indiscriminately tossing money at the Democrats for the sole purpose of
defeating President Trump, understood the pitfalls involved. He would
lean back, slowly exhale a puff of smoke from his well-worn pipe and with
uncontrollable anger in his eyes would say: “Nope. Those damn fools ain’t
got a lick of common sense.”
Report:
Joe Biden Promises Wall Street Donors the Status Quo in Private Calls OLIVIER DOULIERY/AFP via Getty Images
8 Sep 2020 343
3:50
Democrat presidential candidate Joe Biden is promising Wall
Street donors the economic status quo that they became used to before President
Donald Trump’s administration, according to a report.
An investment banker on Wall Street told the Washington Post
The Post reports :
When Joe
Biden released economic recommendations two months ago, they included a few
ideas that worried some powerful bankers
But in
private calls with Wall Street leaders, the Biden campaign made it clear those
proposals would not be central
“They basically said, ‘Listen, this is just an exercise to keep
the Warren people happy, and don’t read too much into it,’” said one investment
banker , referring to liberal supporters of
Sen. Elizabeth Warren (D-Mass.). The banker, who spoke on the condition of
anonymity to describe private talks, said that message was conveyed on multiple
calls. [Emphasis added]
In a statement to the Post
“The Biden-Sanders task forces made recommendations to Vice
President Biden and to the [Democrat National Committee] platform drafting
committee,” Biden spokesperson TJ Ducklo said. “This anonymous source appears
to be confused and uninformed about this very basic distinction.”
The report comes as Biden told AFL-CIO members on Labor Day that
he will be the “strongest labor president” union workers “have ever had.”
“You can be sure you’ll be hearing that word, ‘union,’ plenty of
times when I’m in the White House,” Biden pitched. “The words of a president
matter. Union. We’re going to empower workers and empower unions.”
In the Democrat presidential primary, Biden told a group of rich
Manhattan donors at a private fundraiser that “nothing would change” for them
or their wealthy lifestyles if elected.
“I mean, we may not want to demonize anybody who has made
money,” Biden said at the
June 2019 fundraiser.
“The truth of the matter is, you all, you all know, you all know
in your gut what has to be done. We can disagree in the margins but the truth
of the matter is it’s all within our wheelhouse and nobody has to be punished,”
Biden said. “No one’s standard of living will change, nothing would
fundamentally change.”
Like failed Democrat
presidential candidate Hillary Clinton, Biden has enjoyed a cozy relationship
with Wall Street executives, along with his running mate Sen. Kamala Harris
(D-CA).
Most recently, Biden touted Wall Street’s
support for his plan to abolish America’s suburbs by seizing control of local
zoning laws to construct housing developments and multi-family buildings in
neighborhoods. Likewise, Wall Street is fully behind Biden’s plan
to hugely expand legal
immigration levels, beyond already historical highs at 1.2 million green cards
and 1.4 million visa workers a year.
The Biden-Harris ticket has elated Wall Street
so much that for the first time in a decade, more financial executives are
donating to the Democrat candidates than Republicans, the latest Center for
Responsive Politics analysis reveals .
John Binder is a reporter for Breitbart News. Follow him on
Twitter at @JxhnBinder .
As Bloomberg
pledges $100 million, Wall Street boosts Biden campaign Billionaire Michael
Bloomberg has pledged to spend at least $100 million to support the campaign of
Democratic presidential candidate Joe Biden in Florida. This announcement
Sunday is only the largest pledge of support from the financial oligarchy for
the Democratic campaign.
Bloomberg aide Kevin Sheekey
said the pledge of virtually unlimited financial backing to Biden in Florida,
the most critical “battleground” state in the 2020 election, “will allow
campaign resources and other Democratic resources to be used in other states,
in particular the state of Pennsylvania.”
Florida has 29 electoral
votes, the most of any closely contested state, following California with 55,
overwhelmingly Democratic, and Texas with 38, leaning Republican. New York
state, also with 29 electoral votes, is heavily Democratic.
Only once in the last 60
years—Bill Clinton in 1992—has a candidate won the presidency while losing
Florida. The last Republican to lose Florida and still win the White House was
Calvin Coolidge in 1924, when the state was lightly populated swampland.
Early voting begins in
Florida September 24, and Bloomberg’s money will pay for massive campaign
advertising on behalf of Biden, in both English and Spanish. Campaign officials
said the funds would be devoted almost entirely to television and digital ads.
Even before the Bloomberg
commitment, the Biden campaign and supporting Democratic groups had outspent
Trump and the Republicans by $42 million to $32 million. The flood of cash from
the billionaire media mogul will give the Democrats a three- or four-to-one
advantage over the final seven weeks of the campaign.
The efficacy of Bloomberg’s
huge financial commitment is open to question. The media billionaire spent $1
billion (a mere one-fiftieth of his gargantuan personal fortune) on his own
pursuit of the Democratic presidential nomination. He launched his campaign at
a time when he believed Biden’s candidacy was near its demise, hoping that his
money might forestall the nomination of Vermont Senator Bernie Sanders.
The sudden revival of
Biden’s campaign with his victory in South Carolina in February and then in the
Super Tuesday primaries on March 3 led Bloomberg to abandon his own efforts and
endorse the former vice president, since their right-wing views on a range of
topics, and particularly on foreign policy, were virtually identical.
Since then, Bloomberg has
transferred $20 million from his abortive presidential campaign to the
Democratic National Committee, as well as pumping in another $120 million to
local, state and congressional campaigns, making him by far the largest single
backer of the Democratic Party.
Florida is only the most
glaring example of the general trend in the 2020 election, in which the
financial oligarchy and Wall Street have indicated a distinct preference for
Biden and backed it up with heavy financial commitments.
During August, the Biden
campaign broke all records for fundraising in a single month, raking in $365
million, nearly double the previous record of $203 million set by the campaign
of Barack Obama in September 2008, and more than Hillary Clinton and Trump
combined to raise, in August 2016, $233 million. The Trump campaign also broke
the Obama record, but its total of $210 million in August was far behind the
pace set by the Democrats.
Approximately $205 million
of the $365 million came through online donations, including 1.5 million new
donors. This is more an indication of the widespread hostility to Trump among
millions of working-class and middle-class people than any groundswell of
support for Biden, who personifies the corrupt US political establishment,
having spent 36 years in the Senate before his eight years as Obama’s vice president.
That means that $160
million—a near-record amount by itself—was raised through large donations from
wealthy supporters of the Democratic Party. While Trump continues to rake in
the lion’s share of support from industries such as oil and gas, mining and
real estate, Biden has collected the bulk of financial backing from the banks,
hedge funds and insurance industry.
Under rules set by the
Federal Election Commission, a wealthy donor can now give as much as $830,600
to support a presidential candidate, routing much of the money through federal
and state party committees rather than the candidate’s own campaign.
The result of the disparity
in fundraising throughout the summer is that the Democratic presidential
campaign has now caught up with and even surpassed Trump’s war chest. The Trump
reelection campaign, despite raising an unprecedented $1.1 billion, has less
cash on hand for the fall than the Biden campaign. According to press accounts,
more than one-third of the money raised by the Trump campaign was used to pay
the expenses of fundraising itself.
There
were several reports last week that the Trump campaign was experiencing a “cash
crunch,” and was unable to sustain advertising in all 15 of the so-called
battleground states. Both the Washington
Post
Stepien replaced Brad
Parscale as campaign manager in July, at least in part because of concerns that
Parscale had squandered Trump’s substantial initial fundraising advantage.
According to the media
tracking firm Advertising Analytics, the Biden campaign spent $17 million in
television and digital advertising in nine battleground states during the week
of September 3, compared to $4 million by the Trump campaign.
The Clinton campaign
outspent Trump by similar margins in 2016, but Trump campaign aides had boasted
they would not face such a deficit in 2020. Trump has hinted he would seek to
make up the difference from his personal fortune, but there has been no sign
yet of any direct outlay by the billionaire to back his own campaign.
JPMorgan’s investment
arm, which includes its energy group, collects $14 billion annually; in
comparison, six months’ worth of fines would amount to a paltry $180 million.
"One of the premier institutions of big business,
JP Morgan Chase, issued an internal report on the eve of the
10th anniversary of the 2008 crash, which warned that
another “great liquidity crisis” was possible, and that a
government bailout on the scale of that effected by Bush and Obama
will produce social unrest, “in light of the potential impact
of central bank actions in driving inequality between
asset owners and labor."
"JPMorgan
Chase CEO Jamie Dimon, who was known as Barack Obama’s
favorite banker and who has been a major donor to the Democratic Party,
centered his annual letter to shareholders on a denunciation of
socialism."
BANKSTER SOCIALISM
Dimon’s bank
received tens of billions of dollars in government bailouts and
many billions more from the Obama administration’s ultra-low
interest rate and “quantitative easing” money-printing policies. He
told his shareholders that “socialism inevitably produces stagnation,
corruption” and “authoritarian government,” and would be “a
disaster for our country.”… UNLESS IT IS SOCIALISM FOR BANKSTERS AND WALL
STREET!
Trump criticized Dimon in 2013 for
supposedly contributing to the country’s economic downturn. “I’m not
Jamie Dimon, who pays $13 billion to settle a case and then pays $11
billion to settle a case and who I think is the worst banker in
the United States,” he told reporters.
Obama: JPMorgan Is 'One of the Best-Managed Banks'
By Mary Bruce | ABC OTUS News – 2 hrs 31 mins ago
Obama: JPMorgan Is 'One of the …
Lou Rocco / ABC News
Just hours after a top JPMorgan Chase executive
retired in the wake of a stunning $2 billion trading loss, President Obamatold
the hosts of ABC's "The View" that the bank's risky bets exemplified
the need for Wall Street reform.
*
JPMorgan Chase investigated for
manipulating California energy market
By Oliver Richards
23 July 2012
The California Independent Systems
Operator (CalISO), the nonprofit organization that coordinates the state’s
electricity market, has alleged that JPMorgan Chase& Co. manipulated the
state’s energy market, resulting in at least $73 million in improper
payments—costs passed along to the state’s energy consumers.
Global banking
system a network of criminality
The great 19th century
French writer Honoré de Balzac once noted that behind every great fortune there
is a crime. In the 21st century, one would have to say that behind the great
fortunes of the world’s major banks there is a network of criminality. This reality
is documented in the revelations published over the weekend concerning a small
portion of the international operations of the world’s major banks.
Documents
from the US Treasury’s Financial Crimes Enforcement Network, known as FinCEN,
obtained by BuzzFeed News
But as the investigation
revealed, the $2 trillion worth of suspicious transactions was “just a drop in
a far larger flood of dirty money gushing through banks around the world.” The
files examined in the investigation “represent less than 0.02 percent of the
more than 12 million suspicious activity reports that financial institutions
filed with FinCEN between 2011 and 2017.”
The United Nations Office on
Drugs and Crime estimates that $2.4 trillion in illicit money is laundered
through the global banking system each year, equivalent to 2.7 percent of
global output, but only 1 percent of the illegal traffic is detected by the
authorities.
The banks involved are some
of the biggest names in the world, including JPMorgan, HSBC, Standard Charter
Bank and Bank of New York Mellon. In some cases, they continued to profit from
the dirty money flow even after being previously fined.
Under existing laws, banks
are required to file suspicious activity reports (SARs) that point to potential
criminal activities. But any conception that this is a method of crime
prevention would be completely mistaken. In fact, it is a means of crime
facilitation.
As BuzzFeed News
In the rare cases where
authorities do decide to take action, it involves making a deal in which the
bank agrees to pay a fine. But the fine is not imposed on the executives
involved. It is paid for by the bank and treated as a minor operating cost,
while the bank continues to obtain fees and profits from the dirty money
transactions.
It would likewise be a grave
mistake to conclude that the criminal money operations are somehow separate
from the regular activities of the global financial and banking system. In
fact, they are an integral component of them. There is no Chinese wall
separating so-called legitimate activities from illegitimate ones.
In 2011, the US Senate
report on the 2008 financial crisis revealed that major banks such as Goldman
Sachs and Deutsche Bank were engaged in what amounted to outright criminal
activity in the lead-up to the crisis. This included selling financial products
they knew were going to fail, and then making deals to profit from the failure
of the same financial products.
No one was even prosecuted,
let alone jailed, and in an extraordinary admission to the Senate Judiciary
Committee in March 2013, President Obama’s attorney general, Eric Holder,
revealed why, essentially acknowledging that criminality was not some extraneous
activity, but was deeply embedded in the very foundations of the US and global
financial system.
“I am concerned,” he said,
“that the size of some of these institutions becomes so large that it does
become difficult for us to prosecute them, when we are hit with indications
that if we do prosecute—if we do bring a criminal charge—it will have a
negative impact on the national economy, perhaps even the world economy. …”
A similar situation emerged
in 2012. Then-UK Chancellor of the Exchequer George Osborne wrote to Fed
Chairman Ben Bernanke and US Treasury Secretary Timothy Geithner about criminal
proceedings against Standard Charter and HSBC. He expressed “concerns” that a
heavy-handed approach could have “unintended consequences,” and warned of
“contagion.”
The FinCEN files
investigation details countless cases where authorities not only turned a blind
eye to money-laundering operations, but facilitated them. One of the more
egregious examples concerns UK-based HSBC, the largest bank in Europe. In 2012,
it admitted it had laundered some $881 million for Latin American drug cartels.
The US government deferred criminal charges for five years in return for the
payment of a $1.9 billion fine and a pledge by the bank that it would halt such
activities.
During the five-year
probation period, HSBC continued to shift money from criminal sources,
including Russian money launderers, but in December 2017 the government allowed
the bank to declare it had “lived up to all of its commitments” and the
criminal charges were dismissed.
What the FinCEN files
investigation has revealed is that the criminal activities of the major banks
do not take place in defiance of government authorities, but with their active
cooperation because they are so integral to the entire financial system.
Consequently, the force of
the state is not brought against the criminals at the top of the banking system
but utilized against those who expose them. There is a direct parallel here
with the case of the journalist Julian Assange, now facing extradition to the
US and 175 years in jail for exposing the war crimes of US imperialism.
After the US Treasury
Department received a series of questions on the FinCEN files, it issued a
statement that it was aware that various media outlets intended to publish a
series of articles based on “unlawfully disclosed” SARs. It said that “the
unauthorized disclosure of SARs is a crime that can impact the national
security of the United States, compromise law enforcement investigations, and
threaten the safety and security of the institutions and individuals who file
such reports.” It said Treasury was referring the matter to the Justice
Department.
Back in the early 1970s, UK
Prime Minister Edward Heath, confronted with the exposure of the corruption of
the British company Lonhro in Africa, referred to the “unacceptable face of
capitalism.” But the passing off of its activities as an “excess”—in order to
cover up the collaboration of the British government with Lonhro—cannot be
repeated today. The “unacceptable” or “ugly” face of capitalism has become the
norm.
This transformation is
rooted in the vast changes in the capitalist economy over the past 50 years,
above all, the rise of financialization. The accumulation of profit through
speculation, the creation of arcane derivatives, share buybacks and other forms
of “financial engineering” means there is now a seamless transition from
supposedly legitimate to outright criminal activity. They are virtually
indistinguishable.
The FinCEN files exposure is
yet another devastating refutation of all those who maintain there is some kind
of reformist solution at hand. What has been revealed is that all the arms of
the state—the financial regulators, the Treasury and the Fed—are facilitators
for the decay and rot that lies at very heart of the global financial system.
The banks occupy a central
position in the commanding heights of the capitalist economy. Their activities
determine the fate of billions of people around the world, wreaking havoc in
the pursuit of profit. The case for their expropriation, bringing them into
public ownership under democratic control, as the first step in laying the
basis for a planned economy based on human need, is overwhelming.
Joe Biden Exploited S-Corporation Loophole to Avoid Payroll Tax
Alex Wong/Getty 6:13
The establishment media is all aflutter Monday after a New York Times story over the weekend about incumbent GOP President Donald Trump’s tax records, but it turns out Democrat candidate former Vice President Joe Biden used a series of tax code loopholes to avoid paying hundreds of thousands of dollars in taxes over the years.
Back in August, the Wall Street Journal’s Chris Jacobs exposed how the Biden family structured what is called an “S-Corp” to avoid paying hundreds of thousands of dollars in taxes.
“How the Bidens Dodged the Payroll Tax,” was Jacobs’ headline on Aug. 10.
In it, the Journal details how the Bidens set up an S-Corporation to avoid paying more than half a million dollars in taxes they would have otherwise owed.
“Joe Biden responded to President Trump’s partial suspension of payroll-tax collections with a statement calling it the ‘first shot in a new, reckless war on Social Security,’” Jacobs wrote. He continued: “‘Our seniors and millions of Americans with disabilities are under enough stress without Trump putting their hard-earned Social Security benefits in doubt.’ Mr. Biden’s objections might be more persuasive had he and his wife, Jill, not gone out of their way to avoid funding seniors’ entitlement benefits. According to their tax returns, in 2017 and 2018 the Bidens and his wife Jill avoided payroll taxes on nearly $13.3 million in income from book royalties and speaking fees. They did so by classifying the income as S-corporation profits rather than taxable wages.”
Jacobs continued in his expose by noting the corporation the Bidens established to avoid paying the payroll taxes on millions of dollars in income amounts to more than half a million dollars in taxes that Joe and Jill Biden did not pay.
“According to the Urban Institute, a couple featuring one high earner and one average earner, retiring this year, will have paid a total of $209,000 in Medicare taxes during their working lives,” Jacobs wrote. “The Bidens avoided paying nearly twice that much in Medicare taxes during two years. The maximum payroll tax affected by Mr. Trump’s suspension is $1,984—less than 1/250th of the amount the Bidens avoided in 2017-18. The Bidens didn’t avoid any Social Security tax, which applied only to the first $127,200 of income in 2017 and $128,400 in 2018. But they would under Mr. Biden’s tax plan, which would impose the 12.4% Social Security tax on income over $400,000; the same loophole he used in 2017-18 would shield him from his own tax. And how can Mr. Biden claim to protect Medicare and ObamaCare when he avoided more than $500,000 in taxes that fund the two programs? The media have largely ignored the Bidens’ accounting legerdemain, fixating on Mr. Trump’s tax returns instead. But at least the president isn’t looking to raise taxes on everyone else.”
The Wall Street Journal is hardly the only outlet to illustrate how the Bidens used this tax code loophole of creating an S-Corporation to save themselves from paying hundreds of thousands—perhaps now millions—of dollars in taxes over the years.
CNBC’s Darla Mercado in 2019 wrote about it explaining to her readers how they can use the same loopholes Biden did to avoid paying their taxes.
“The former vice president and 2020 presidential contender and his wife Jill Biden reported about $10 million in income in 2017 from a pair of S-corporations, CelticCapri and Giacoppa,” Mercado wrote in CNBC. “The two entities were paid for the couple’s book deals and speaking gigs. That mean any amounts the Bidens received as a distribution wasn’t subject to the 15.3% combined Social Security and Medicare tax. Here’s how it works. S-corporations pay their employee shareholders in two ways: wages and distributions.The S-corps reported another $3.2 million in income in 2018.”
In other words, on much of the income Joe and Jill Biden generated through the corporations they established to pay themselves—CelticCapri and Giacoppa are the names of the two so-called S-Corporations—they did not have to pay payroll taxes collected to fund Social Security and Medicare.
Those on the left are not happy with the Bidens over the hypocrisy, either. The Intercept’s Ryan Grim in 2019 noted Biden has used Delaware corporation laws to hide his financial information from the American people.
“The Bidens have used their home state’s financial privacy laws to shield his income from public view, by setting up two tax- and transparency-avoidance vehicles known as S corporations,” Grim wrote. “He and his wife Jill Biden called them CelticCapri Corp. and Giacoppa Corp., respectively, and, according to the Wall Street Journal , have reported more than $13 million in profits the previous two years that weren’t subject to specific disclosure or self-employment taxes. As CNBC has described, money Biden made from book deals and speeches flowed into the S corporations and was then remitted to Biden and his wife as ‘distributions’ rather than salary. When money is funneled through an S corporation, the recipient doesn’t owe Social Security or Medicare taxes on it, nor can the source of revenue be traced. (In addition to the distributions, the Bidens drew relatively small salaries from the S Corporations: under half a million dollars, for which they owed self-employment taxes.)”
What’s more, as Ryan Ellis from the Center for a Free Economy wrote in a Washington Examiner op-ed last year, the last budgets from the Barack Obama and Joe Biden administration called for an end to this loophole allowing S-Corporations to avoid payroll taxes.
That means Barack Obama, the former Democrat president of the United States, does not support what Biden has established in these S-Corporations to avoid payroll tax liability on millions of dollars in income.
Hunter Biden, son of Democratic presidential nominee Joe Biden, addresses the virtual 2020 Democratic National Convention on Aug. 20, 2020. (DNCC via Getty Images)
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