HER SECOND BIGGEST DONORS ARE CRIMINAL BANKSTERS WELLS FARGO AND BANK OF AMERICA.
FEINSTEIN
HAS SPENT HER POLITICAL LIFE STALKING THE HALLS OF CONGRESS SNIFFING OUT DEALS
THAT PUT HUNDREDS OF MILLIONS IN HER POCKETS.
SHE HAS
AVOIDED PROSECUTION BY VOTING AGAINST ANY ETHICS BILLS AND HER HUSBAND, RICHARD
BLUM'S HANDING OUT "CAMPAIGN CONTRIBUTION" BRIBES TO EVERY DEMOCRAT
OUT THERE!
IN THE
November 2006 election, the voters demanded congressional ethics reform. And
so, the newly appointed chairman of the Senate Rules Committee, Dianne
Feinstein, D-Calif., is now duly in charge of regulating the ethical behavior
of her colleagues. But for many years, Feinstein has been beset by her own
ethical conflict of interest, say congressional ethics experts.
“All in all, it was an
incredible victory for the Chinese government. Feinstein has done more for Red
China than other any serving U.S. politician. “ Trevor Loudon
“Our entire crony
capitalist system, Democrat and Republican alike, has become a kleptocracy
approaching par with third-world hell-holes. This is the way a great
country is raided by its elite.” ---- Karen McQuillan AMERICAN
THINKER.com
Senator
Who Employed Chinese Spy Endorses Joe Biden for President
Win
McNamee/Getty Images
9 Oct 20192,419
5:44
A high-profile U.S. senator with professional and personal ties to
China — including once employing one of its spies — is backing former Vice
President Joe Biden amid mounting questions over his son’s business dealings
with the communist regime.
Sen. Dianne Feinstein (D-CA), a
former chairwoman of the Senate Intelligence Committee, announced her
endorsement of the former vice president on Tuesday, claiming to have
witnessed Biden’s “fortitude” and leadership during their overlapping tenures
in Congress.
I’ve worked closely with Vice
President Biden and I’ve seen firsthand his legislative ability, his
statesmanship, and most importantly his moral fortitud. During his time in
Congress and in the White House, Joe Biden has been a tireless fighter for hard
working American families.
The endorsement comes as Biden’s
presidential campaign is besieged by scandal regarding the lucrative business
dealings his youngest son, Hunter, had with foreign governments.
Only hours before Feinstein’s
endorsement, the Chinese government announced it would not
investigate how Hunter Biden ended up at the center of one its top private
equity firms. The Chinese foreign ministry made the decision after President
Donald Trump publicly called for a probe of Hunter Biden’s dealings with Bohai Harvest
RST (BHR). In particular, Trump has noted that the circumstances surrounding
BHR’s creation could have posed a conflict of interest for Joe Biden.
As Peter Schweizer, senior
contributor at Breitbart News, revealed in his bestselling book Secret Empires: How the American Political
Class Hides Corruption and Enriches Family and Friends, Hunter
Biden inked the multibillion-dollar deal that created BHR with a subsidiary of
the state-owned Bank of China in 2013.
The timing of the lucrative deal has
been brought into question as it came only 12 days after Hunter visited China
with his father aboard Air Force Two. Officially, the then-vice president
was visiting the country amid escalating tensions over islands in the South
China Sea and decided to bring his granddaughter and son along. In a March
2018 interview with Breitbart News Tonight,
however, Schweizer detailed the political machinations that preceded Hunter
Biden’s $1.5 billion venture with China:
In December of 2013, Vice President
Joe Biden flies to Asia for a trip, and the centerpiece for that trip is a
visit to Beijing, China. To put this into context, in 2013, the Chinese have
just exerted air rights over the South Pacific, the South China Sea. They
basically have said, ‘If you want to fly in this area, you have to get Chinese
approval. We are claiming sovereignty over this territory.’ Highly
controversial in Japan, in the Philippines, and in other countries. Joe Biden
is supposed to be going there to confront the Chinese. Well, he gets widely
criticized on that trip for going soft on China. For basically not challenging
them, and Japan and other countries are quite upset about this.
Since its creation, BHR has invested
heavily in energy and defense projects across the globe. As of
June, Hunter Biden was still involved with BHR,
sitting on its board of directors and owning a minority stake of the fund
estimated to be worth more than $430,000.
Such dealings at the center of
politics and business, while perhaps not illegal, are not exclusive to the
Biden family alone. As a few noted at the time of Feinstein’s endorsement, the
senator and her husband have their own close ties to the communist country.
During her tenure as mayor of San
Francisco in the late-1970s and early-1980s, Feinstein took advantage of the
newly normalized diplomatic relations between the U.S. and China by
establishing one of the first sister city partnership between San Francisco and
Shanghai. Through that partnership, Feinstein led trade delegations to China in
which she and her husband, Richard Blum, became acquainted with some of the
country’s most prominent political leaders.
As the Federalist noted in August 2018, Feinstein
and her husband leveraged those relationships to boost their own wealth. In
1986, Feinstein and Jiang Zemin — the then-mayor of Shanghai, who would later
ascend to the presidency of the People’s Republic of China — “designated
several corporate entities for fostering commercial relations.” One of those
firms was Shanghai Pacific Partners, which employed Blum as a director. Blum reportedly
had an interest of upwards of $500,000 in a project backed by Shanghai Pacific
Partners.
After Feinstein was elected to the
Senate in 1992, Blum continued profiting off their ties to China. A the same
time, the freshman lawmaker was pitching herself as a “China hand” to
colleagues, even once claiming “that in my
last life maybe I was Chinese.” Through her seat on the Senate Foreign
Relations Committee, Feinstein led the fight on a number of initiatives seen as
being favorable to China, including granting the country permanent
most-favored-nation trading status in 2000.
Despite Feinstein and her husband
having a close relationship with Jiang, the Chinese government targeted the senator
as part of its espionage operations. In the early 2000s, the Chinese Ministry
of State Security (MSS) recruited a longtime employee of the senator to gather
information about the inner workings of her congressional and district offices.
Feinstein only learned of the staffer’s duplicity in 2013, after he’d already
been on her payroll for more than 20 years.
“While this person, who was a
liaison to the local Chinese community, was fired, charges were never filed
against him,” Politico reported in 2018,
speculating that because “the staffer was providing political intelligence and
not classified information—making prosecution far more difficult.”
Apart from the convoluted history of
the senator’s ties to China, the political timing of Feinstein’s endorsement
also caught many off guard. The California Democrat, who hosted a
fundraiser on Biden’s behalf last week alongside House Speaker
Nancy Pelosi’s (D-CA) daughter, is only the most recent figure from the
Democrat establishment to openly pledge support for the former vice president.
Feinstein’s endorsement, however, was not totally expected, especially since
her seamate, Sen. Kamala Harris (D-CA), is mounting a bid of her own for the
Democrat nomination. In fact, earlier this year, Feinsten flirted with the
notion of remaining neutral in the 2020 contest out of respect for Harris.
Compounding the political picture is
that most polls show Biden no longer the favorite to win California,
having fallen behind Sen. Elizabeth Warren (D-MA).
Feinstein, however, did not address
any of that when endorsing the former vice president on Tuesday. Instead, the
senator offered platitudes about Biden’s work to enhance gun control and how
his campaign was a “fight to restore the soul of the nation.”
Sanders called JPMorgan’s CEO
America’s "biggest corporate socialist" — here’s why he has a point
Sen.
Bernie Sanders called JPMorgan CEO Jamie Dimon the “biggest corporate socialist
in America today” in recent ad
PAUL
ADLER
FEBRUARY 13, 2020 9:59AM (UTC)
Sen. Bernie Sanders called
JPMorgan Chase CEO Jamie Dimon the "biggest corporate
socialist in America today" in a
recent ad.
He may have a point
— beyond what he intended.
With his Dimon ad, Sanders is
referring specifically to the bailouts JPMorgan and other banks took from the government during the 2008
financial crisis. But accepting government bailouts and corporate welfare is
not the only way I believe American companies behave like closet socialists
despite their professed love of free markets.
In reality, most big U.S. companies operate internally in ways Karl Marx would applaud as remarkably
close to socialist-style central planning. Not only that, corporate America has
arguably become a laboratory of innovation in socialist governance, as I show
in my own research.
Closet socialists
But inside JPMorgan and most
other big corporations, market competition is subordinated to planning. These
big companies often contain dozens of business units and sometimes thousands.
Instead of letting these units compete among themselves, CEOs typically direct
a strategic planning
process to ensure they
cooperate to achieve the best outcomes for the corporation as a whole.
This is just how a socialist
economy is intended to operate. The government would conduct economy-wide
planning and set goals for each industry and enterprise, aiming to achieve the
best outcome for society as a whole.
And just as companies rely
internally on planned cooperation to meet goals and overcome challenges, the
U.S. economy could use this harmony to overcome the existential crisis of our
age — climate change. It's a challenge so massive and urgent that it will
require every part of the
economy to work together with
government in order to address it.
Overcoming socialism's past
problems
But, of course, socialism
doesn't have a good track record.
One of the reasons socialist
planning failed in the old Soviet Union, for example, was that it was so top-down that it lacked the kind of popular legitimacy that
democracy grants a government. As a result, bureaucrats overseeing the planning
process could not get reliable information about the real opportunities and
challenges experienced by enterprises or citizens.
Moreover, enterprises had
little incentive to strive to meet their assigned objectives, especially when
they had so little involvement in formulating them.
A second reason the USSR
didn't survive was that its authoritarian system failed to motivate either workers or entrepreneurs. As a result, even though
the government funded basic science generously, Soviet industry was a laggard in innovation.
Ironically, corporations
— those singular products of capitalism — are showing how these and
other problems of socialist planning can be surmounted.
Take the problem of
democratic legitimacy. Some companies, such as General Electric, Kaiser Permanente and General Motors, have developed innovative ways to avoid the dysfunctions of
autocratic planning by using techniques that enable lower-level personnel to participate actively
in the strategy process.
Although profit pressures
often force top managers to short-circuit the promised participation, when
successfully integrated it not only provides top management with more reliable bottom-up input for strategic planning but also makes all employees
more reliable partners in carrying it out.
So here we have
centralization — not in the more familiar, autocratic model, but rather in
a form I call "participative centralization." In a socialist system,
this approach could be adopted, adapted and scaled up to support economy-wide
planning, ensuring that it was both democratic and effective.
As for motivating innovation,
America's big businesses face a challenge similar to that of socialism. They
need employees to be collectivist, so they willingly comply with policies and
procedures. But they need them to be simultaneously individualistic, to fuel
divergent thinking and creativity.
One common solution in much
of corporate America, as in the old Soviet Union, is to specialize those roles,
with most people relegated to routine tasks while the privileged few work on
innovation tasks. That approach, however, overlooks the creative capacities of
the vast majority and leads to widespread employee disengagement and sub-par business
performance.
Smarter businesses have found
ways to overcome this dilemma by creating cultures and reward systems that
support a synthesis of individualism and collectivism that I call
"interdependent individualism." In my research, I have found this kind
of motivation in settings as diverse as Kaiser Permanent
physicians, assembly-line workers at Toyota's NUMMI
plant and software developers at Computer Sciences
Corp. These companies do this, in
part, by rewarding both individual contributions to the organization's goals as
well as collaboration in achieving them.
While socialists have often
recoiled against the idea
individual performance-based rewards, these more sophisticated policies could
be scaled up to the entire economy to help meet socialism's innovation and
motivation challenge.
Big problems require big
government
The idea of such a socialist
transformation in the U.S. may seem remote today.
But this can change,
particularly as more Americans, especially young ones, embrace socialism. One reason they are doing so is because the current capitalist
system has so manifestly failed to deal with climate change.
Looking inside these
companies suggests a better way forward — and hope for society's ability
to avert catastrophe.
Paul Adler, Professor of Management and Organization, Sociology and
Environmental Studies, University of Southern
California
Billionaire JP Morgan chief attacks socialism as 'a
disaster'
This article is more
than 10 months old
·
Jamie Dimon: socialism leads to ‘corruption and favouritism’
·
America’s top banker, paid $31m last year, defends capitalism
Thu 4 Apr 2019 12.45 EDTLast
modified on Sun 7 Apr 2019 20.55 EDT
5,968
Jamie Dimon said
capitalism was ‘the most successful economic system the world has ever seen’.
Photograph: Jacquelyn Martin/AP
The world’s most powerful banker has attacked socialism, saying
it produces “stagnation, corruption and often worse”.
Jamie Dimon, spare us your
crocodile tears about inequality
Robert Reich
Read more
JP Morgan’s chief executive, Jamie Dimon, took aim at socialism
in his annual letter to shareholders, and warned it would be “a disaster for our country”.
Dimon, who was paid $31m last year as the head of America’s
largest bank and who is estimated by Forbes to be worth $1.3bn,
took his swipe as a new wave of left politics has emerged in the US.
Democratic socialism has been embraced by a new generation of
politicians, including New York congresswoman Alexandria Ocasio-Cortez, and supporters of Bernie
Sanders, a longtime socialist now making a second bid for the presidency.
Dimon’s attack also comes as many leftwing Democrats, including
Sanders and Senator Elizabeth Warren, have called for the breakup of big
businesses and greater regulation of banking in particular.
In his letter, Dimon wrote: “When governments control companies,
economic assets (companies, lenders and so on) over time are used to further
political interests – leading to inefficient companies and markets, enormous
favoritism and corruption.”
He went on: “Socialism inevitably produces stagnation,
corruption and often worse – such as authoritarian government officials who
often have an increasing ability to interfere with both the economy and
individual lives – which they frequently do to maintain power. This would be as
much a disaster for our country as it has been in the other places it’s been
tried.”
Socialism is set to be one of the
key issues of the 2020 election cycle. Donald Trump has already begun
campaigning against socialism and used his State of the Union address to
declare that “America will never be a socialist country.”
Business Today: sign up for a
morning shot of financial news
Read more
“It is absolutely obvious that a big chunk of [people] have been
left behind,” Dimon said last month. “Forty percent of Americans make less than
$15 an hour. Forty percent of Americans can’t afford a $400 bill, whether it’s
medical or fixing their car. Fifteen percent of Americans make minimum wages,
70,000 die from opioids [annually].”
In his letter, Dimon acknowledged capitalism’s “flaws” but praised
it as “the most successful economic system the world has ever seen”.
He wrote: “This is not to say that capitalism does not have
flaws, that it isn’t leaving people behind and that it shouldn’t be improved.
It’s essential to have a strong social safety net – and all countries should be
striving for continuous improvement in regulations as well as social and
welfare conditions.”
JP Morgan CEO Jamie Dimon takes on socialism, says it will lead to
an ‘eroding society’
PUBLISHED WED, JAN 22 20207:58 AM ESTUPDATED
WED, JAN 22 20208:57 AM EST
KEY POINTS
·
J.P. Morgan Chase CEO Jamie Dimon criticized socialism, saying
it leads to an “eroding society.”
·
Speaking at the World Economic Forum in Davos, Dimon told CNBC
that capitalism is not perfect but is capable of fixing the problems of today.
VIDEO01:59
Jamie
Dimon: ‘I don’t think people understand what socialism is’
Socialism
has failed where it’s been tried and ultimately leads to an “eroding
society,” J.P.
Morgan Chase CEO Jamie Dimon said Wednesday.With democratic socialist Sen. Bernie Sanders among the leaders in the Democratic presidential race and other candidates espousing similar-sounding ideas, the head of the nation’s biggest bank by assets said the idea of socialist control of the means of production would be detrimental to the U.S.
“I honestly don’t think they understand what socialism is,” Dimon told CNBC during a “Squawk Box” interview at the World Economic Forum in Davos, Switzerland, referring to a question about millennials.
VIDEO19:31
Watch
CNBC’s full Davos interview with JP Morgan Chase CEO Jamie Dimon
“Most
state-owned enterprises don’t do a particularly good job,” he added. “You look
around the world and they become corrupt over time. That doesn’t mean that
capitalism is perfect. That doesn’t mean that every public company is perfect.
No, there are flaws.”Sanders has been the most out front of the candidates in backing socialism, though many of his opponents in the Democratic race also back universal health care, increased business taxes and greater government control over private enterprise.
Dimon said he did not want to address any specific candidates. But he said that socialist governments traditionally have done a poor job allocating capital and end up backing politically popular endeavors and “bridge to nowhere” projects.
“Once you do that, you will have an eroding society,” he said.
“They do need to fix inner-city schools, infrastructure, health care,” Dimon added. “We can fix all of those in a capitalist society.”
Bernie Sanders Slams Jamie Dimon On
Socialism – They’re Both Wrong
Bernie
Sanders has hit back against Jamie Dimon's comments about socialism, but
they're both missing the point on Wall Street greed.
Bernie Sanders is looking to school Wall Street giant Jamie Dimon
on socialism but does the Senator really know better? | Source: Getty Images
/AFP/REUTERS/Edited by CCN
·
Bernie Sanders went after Jamie Dimon on Twitter
calling him a hypocrite for his comments on socialism.
·
Senator Sanders is not telling the whole truth
when it comes to Wall Street bailouts.
·
Jamie Dimon is also wrong as corporate welfare is
rampant, and creating a dangerous imbalance in U.S. society.
What is the
saying about people in glass houses? Jamie Dimon has been getting a lot of press for his comments on several economic topics at
the billionaire ski-meet, otherwise known as the World Economic Forum in Davos. Of
particular interest were his comments regarding socialism, of which the
JPMorgan Chase CEO and Chairman were very critical. The United States’ most
famous socialist, Senator Bernie Sanders, is not having it, and reminded Dimon
of a very inconvenient truth.
Bernie Sanders Stretches The Truth To Slam Jamie Dimon
While the above tweet will no doubt get Bernie Bros feeling the
Bern and pumping their fists, a note of caution. JPMorgan Chase did pay back
their bailout money, and Bernie Sanders must be referring to Wall Street as a
whole, not specifically Jamie Dimon’s bank, which only received $25 billion.
Dimon can
state that his bank was a profitable investment, as President Obama’s decision to trust the bank’s ability getting
back on its feet resulted in a profit for the government.
The JPMorgan Chase CEO Owes A Lot Of
His Considerable Wealth To Socialism
So Sanders is not telling it precisely as it is here. The point he
is really making paraphrases as “don’t insult the concept of receiving aid from
the government when your corporation went broke and used Wall Street food
stamps.” The senator has a point.
What truly
irks the everyday American is not that some people rise to the top of the
corporate ladder on Wall Street and earn billions. What annoys them is when
those CEO’s mess up, get everything wrong, screw over the working man and crash
the housing market, and still walk away with their vast compensation packages.
Yes, the taxpayer technically got most of it back, but a large
contingent of those people didn’t get the jobs or houses back that they lost in
the recession.
Fed Interventions Are Enabling Wall Street Recklessness, Again
The same
economic mistakes that required the Federal Reserve to put the U.S. economy on
life support have, in turn, stagnated wage growth and disproportionately
benefited the financial class that got so greedy in the first place.
Now that Jamie
Dimon has shown that JPMorgan paid back their bailout money, what’s to stop
them from taking excessive risks and blowing everything up again? Rinse and repeat, as Wall Street relies on government handouts
to catch it when it falls.
Long considered somewhat of a conspiracy theory, more and more
market voices are speaking up against the Fed’s interventions in financial
markets. Scott Minerd, the CIO of Guggenheim Partners, is about as mainstream a
figure as you can get in the hedge fund world, and he called the stock market a
“Ponzi scheme” in Davos.
You Can’t Cherry-Pick What Is
Socialism & What’s “Necessary”
So Bernie Sanders is absolutely right. Taxpayer funds were used to
make the rich richer but looks to be wrong that these were not a good
investment from perspective of taxpayer funds.
Jamie Dimon is
wrong because he doesn’t understand that he is himself, a billionaire product
of corporate socialism. CEOs love to talk about how corporations should legally be
treated as individuals, so we can probably just call it socialism.
A person who
is down and out in society is no different from a bankrupt Wall Street firm
when it comes to needing a handout. Whatever the result, or the amount in
question, they are all part of the same system.
Bernie Sanders
is right to tell you not to listen to people like Jamie Dimon, who criticize
socialism when they don’t need it, yet are first in line and full of excuses
when they do. Secondly, please don’t believe word for word everything Bernie
Sanders says about Wall Street, because he is often exaggerating to make his point.
Finally, it’s impossible to have an article about socialism and
not give former U.K. Prime Minister Margaret Thatcher the last word.
This article was edited
by Samburaj Das.
Last modified: January 23, 2020 9:29 AM UTC
Financial speculator & author living in the hills in
Los Angeles. J.D. but very much not a lawyer. Favorite trading books are
anything written by Jack Schwager. Email: bullishtulips@gmail.com,
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