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The Wrongologist

Geopolitics, Power and Political Economy

Saturday Soother – December 15, 2018

The Daily Escape:

Outdoor market, Istanbul, Turkey – 2013 photo by Wrongo

As we cruise toward year’s end, we’ve received a political Christmas present in the form of Paul Ryan’s retirement from Congress. On Ryan’s heading into the Wisconsin sunset, newly minted House Rep Alexandria Ocasio-Cortez (D-NY), had this take:

It’s pathetic how journalists and Republicans often say that Ryan is a thoughtful and principled member of Congress, a genius by some accounts. He is lauded for being elected to the House at age 28, and working his way up to Speaker. But he’s left few footprints on important legislation, except for the Trump tax cut in 2017.

Alexandria Ocasio-Cortez was elected to the House at 28 just like Ryan. Unlike Ryan, Ocasio-Cortez has been called out for everything from her wardrobe, to her active commentary on Twitter. Many of the same Conservatives who lionized Ryan say that Ocasio-Cortez is naïve, undisciplined and unwilling to play by their rules. Freshman Congressman, especially young female Democrats are expected to keep their heads down, and speak only when spoken to.

But no one ever changed anything by going along to get along. She’s been outspoken, but she’s done so in a manner which spotlights legitimate issues. That tends to rankle the established power structure, who prefer the status quo, because it’s predictable, manageable, and largely male.

It’s far too early to know if Ocasio-Cortez will be a political force to reckon with, or a transformative legislator. But the fact that she’s willing to speak out and rattle cages is a good sign. Congress has needed new (and younger) voices for a long time. It will be interesting to see what sort of rabble-rousing she’ll take on, and if it will cause meaningful change.

Is there a chance that she’ll accomplish far more than Paul Ryan? Sure, but that’s a low bar. Ryan always played by the rules while working his way up the ladder. That’s great if you are ambitious, which is all that Ryan was really about. Oh, and Ayn Rand.

Consider one of Ryan’s final acts as Speaker:

By three votes, the House of Representatives advanced a farm bill, but not before the Republican leadership slipped in a provision that would turn off any possibility of the Congress’s fast-tracking an effort to turn off American aid to Saudi Arabia due to that country’s abominable war in Yemen.

As Charlie Pierce says,

Consider what Ryan and his majority did today. They made it impossible for the United States to swiftly extricate itself from accessorial conduct in a horrible ongoing crime-by-famine, and they did it by sabotaging a bill that helps get food to people in this country.

This is one of the last acts of Paul Ryan’s Speakership. He will richly deserve our contempt for playing partisan legislative games with starving children.

On to Saturday! Time to leave tree-trimming and shopping on Amazon for a few minutes, it’s time to unplug and land on a small island of soothing in the midst of all of the chaos. Let’s start by brewing up a yuuge hot cup of Baru Gesha coffee (1 kg/$100) from the Los Angeles-based Bar Nine brewers. The Baru Gesha tastes like dark chocolate, raspberry liqueur, frankincense, and almond brittle in aroma.

Frankincense! How seasonal.

Now, gaze out at the last few leaves on the trees and the dormant grass, and listen to JS Bach’s “Air on a G-String”, an arrangement for the violin made in the 19th Century from Bach’s Orchestral Suite No. 3 in D major. Bach originally wrote the suite between the years 1717 and 1723. It found its nickname in 1871 when the German violinist August Wilhelmj (1845-1908) made a violin and piano arrangement of the second movement of this orchestral suite. By changing the key into C major and transposing the melody down an octave, Wilhelmj was able to play the piece on only one string of his violin, the G string.

Procol Harum borrowed from it for their hit, “A Whiter Shade of Pale.” Gary Brooker of Procol Harum said:

If you trace the chordal element, it does a bar or two of Bach’s ‘Air On A G String’ before it veers off. That spark was all it took. I wasn’t consciously combining Rock with Classical, it’s just that Bach’s music was in me.

If you would like to hear the echoes of “Whiter Shade of Pale”, you can hear the Air played on organ.

But, here it is as intended on violin played by the Ukrainian violinist Anastasiya Petryshak with the Orchestra Cantelli at the Basilica Sant’Ambrogio in Milan, Italy in December 2015:

Those who read the Wrongologist in email can view the video here.

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Funding The Revolution

The Daily Escape:

Lake Louise, Alberta, Canada in snow – photo by Yan Gao

When the President and the incoming Speaker of the House get into a televised shouting match over whether we have enough money to fund Trump’s wall, you know that things have to change in America. They’re fighting over use of a limited resource, the US government’s funding.

We now have within our means the ability to feed, clothe, shelter, and educate everyone. But, as a country, we are unwilling to do so, because we buy into neoliberal economic theory. Never in history have we had the ability to make our species as secure as we do now, but we choose instead to make as many as insecure as possible.

Until about 1980, economic growth created a level of prosperity that earlier generations of Americans could only dream about. But, economic growth no longer makes people more economically secure. We’ve become prisoners in a system that promotes permanent growth, where wages stagnate, schools decay, and Goldman Sachs sits inside our government.

The question we should be asking is: How can our politics provide an answer to our people’s need for economic security? We know that neoliberalism has reduced many of our people to states of economic insecurity. We know that our economic and social order must change, and profoundly, or face an eventual revolution. This isn’t an option, it’s a certainty.

That means that only state funding will create the (peaceful) change we need.

Here’s a big idea from Richard Murphy, a UK tax accountant:

…To put this another way, what may be the biggest programme of change ever known in human history is required in very short order. We need new energy systems; transformation of our housing stock; new transport infrastructure; radically different approaches to food that might even require rationing if we cannot create change any other way; different ways of working and new ways of using leisure time.

Murphy goes on to say:

But this must be done in a way that increases certainty. Jobs must be created on the ground…And I mean, in every constituency….but the transport and other infrastructure must be provided in that case and that does not simply mean more roads. The social safety net must be recreated. That means a job guarantee. It also means a universal basic income. And business must be transformed. Since that process will be incredibly expensive this requires capital and if that means state investment and co-ownership, so be it.

Murphy says that if this was wartime, our government would find the money to fund radical change. He says that we can no longer just extract higher taxes from the rich to solve our funding requirements, we need to create a vision, a plan and funding to achieve the change required.

One way to fund a portion of these requirements may be to restrict funding for the military, to eliminate tax breaks and subsidies for corporations. More from Murphy:

The time for pussy-footing is over. We know what we need to do. We know the scale of the issue. We know the reasons for acting….and we know we can pay for it. This is not left or right as we know it. And any party not addressing it is part of the problem and not the solution.

He’s suggesting deficit financing for societal gain. What are the chances that revolutionary change can happen? Almost zero today. Left to our political class, we’re just going to keep on doing what we’re currently doing, that is, until we can’t.

As we said yesterday, people say, “It’s the system, we can’t change it”.

But, in the Middle Ages, the exact same thing could have been said about feudalism. That institution was deeply entrenched, it was “how things are, and were meant to be.” It was inconceivable that something like democratic government could ever succeed feudalism, yet it did.

Today, our revolutionary task is to allow democracy to express its full potential to reshape and revitalize our social and economic life.

We must begin by setting priorities, taking resources from areas that drain the economy. Then we need to devote those resources to things that will make for a healthier, more secure economy.

One example is to adjust the priority that military defense spending has in our economy. Let’s stop being the world’s policeman, nobody wants us to do it. Then, use the excess resources to build infrastructure, and renewable energy systems.

Everything else we need then will become easier to build.

It’s a matter of deciding what our priorities are, and voting for those who agree with that vision.

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We’re Too Short to be on This Ride

The Daily Escape:

Lion’s Head, Capetown South Africa, viewed from Tabletop Mountain – 2012 photo by Wrongo

A WaPo report said that Donald Trump discussed giving Janet Yellen another term as head of the Federal Reserve, but was concerned that she was too short. He thought that at 5 feet, 3 inches, she just wasn’t tall enough to get the job done.

Wrongo thinks Yellen’s performance was about the same as her predecessor, Ben Bernanke, and her successor, Jerome Powell. Shouldn’t the real question be: Do we know what’s wrong with our economy, and do we have people in place with enough strength and/or courage to fix it? They can also be short, as long as they have ability and vision.

And it isn’t only in the US: (brackets by Wrongo)

Income inequality has increased in nearly all regions of the world over the past four decades, according to the World Inequality Report 2018. Since 1980, the global top 1% of earners have…[garnered] twice as much of the global growth as have the poorest 50%.

More from the World Inequality Report: (emphasis by Wrongo)

Such acute economic imbalances can lead to political, economic, and social catastrophes if they are not properly monitored and addressed….Governments need to do more to keep society fair…Public services, taxation, social safety nets – all of these have a role to play.

We’re seeing a slow-rolling social catastrophe in the US. We’re seeing alienation across class, race, age and gender. We’re divided as never before, with the possible exception of the pre-Civil War period.

Aren’t we all too short to be on this ride?

Central banks play an integral part in the global economy, and their performance (including the Fed’s) during the 2008 Great Recession was for the most part, admirable.

But central banks can only use monetary policy to partially solve issues of economic inequality. The most robust solutions lie in fiscal policy. Fiscal policy is how Congress and other elected officials influence the economy using spending, taxation and regulation.

Take student loans. Many of our university students are simply being led to the debt gallows. Currently, 44.5 million student loan borrowers in the US owe a total of $1.5 trillion. Student loans are the fastest growing segment of US household debt, seeing almost 157% growth since the Great Recession.

From Bloomberg:

Student loans are being issued at unprecedented rates as more American students pursue higher education. But the cost of tuition at both private and public institutions is touching all-time highs, while interest rates on student loans are also rising. Students are spending more time working instead of studying. (Some 85% of current students now work paid jobs while enrolled.)

Student loan debt has the highest “over 90 days” delinquency rate of all household debt. More than 10% of student borrowers are at least 90 days delinquent. Mortgages and auto loans have a 1.1% and 4% 90-day delinquency rate, respectively,

And if the student loan can’t be repaid, it isn’t expunged by bankruptcy. In fact, students can’t outlive their debt. The feds can garnish social security payments to repay a student’s outstanding debt.

As young adults struggle to pay back their loans, they’re forced to make financial choices that create a drag on the economy. Student debt has delayed marriages. It has led to a decline in home ownership. Sixteen percent of young workers aged 25 to 35 lived with their parents in 2017, up 4% from 10 years earlier.

We are only beginning to understand the social costs of our politics. We are in the midst of a brewing social disaster. And these are self-inflicted wounds, fixable with different government policies. But, most of today’s politicians are too short to get on that ride.

So, how to solve the simultaneous equations of high poverty rates, income inequality and an impending social disaster?

It won’t be easy, and it starts with politicians admitting that our economy doesn’t work for everyone, and that it must be reformed. Then, we can move beyond the tired rallying cries of “more tax cuts” to a capitalism which incorporates a social consciousness that can get people on the track to better paying, and more secure jobs.

An April 2018 study of survey data from 16 European countries found that economic deprivation increased right-wing populist tendencies. Sam van Noort, a co-author of the report said:

Individuals who “feel economically less well-off” were more likely to be attracted by the far right…and radical right respondents are more likely to be male, subjectively poorer, less educated [and] younger.

This will also happen here, unless the voters have determination, and even the short politicians have courage.

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Monday Wake Up Call – December 3, 2018

The Daily Escape:

Boston Public Library – photo by joethommas

The NYT’s David Brooks:

We’re enjoying one of the best economies of our lifetime. The GDP is growing at about 3.5% a year, which is about a point faster than many experts thought possible. We’re in the middle of the second-longest recovery in American history, and if it lasts for another eight months it will be the longest ever.

So everything’s good, no? Not really. More from Brooks: (emphasis by Wrongo)

Researchers with the Gallup-Sharecare Well-Being Index interviewed 160,000 adults in 2017 to ask about their financial security, social relationships, sense of purpose and connectedness to community. Last year turned out to be the worst year for well-being of any since the study began 10 years ago.

And people’s faith in capitalism has declined, especially among the young. Only 45% of those between 18 and 29 see capitalism positively, a lower rate than in 2010.

Brooks’ conclusion? It’s not the economy, we all just need more community connections.

His is another attempt to dress up the now-failing neoliberal economics. Things look good today from some perspectives, but our economy is crushingly cruel from others. Brooks seems to think that millions of Americans are struggling to pay their rent or mortgage, education loans, health care insurance or buy groceries because they have failed to master the art of networking in their neighborhoods.

Alienation is behind the rise of Trumpism, and the rise of populism across the world. In that sense, Brooks is correct, but the leading cause of people’s alienation is economic inequality.

And the leading cause of economic inequality is corporate America’s free rein, supported by their helpmates in Washington. Last week, Wrongo wrote about the exceptional market concentration that has taken place in the US in the past few years. He suggested America needs a revitalized anti-trust initiative. In The Myth of Capitalism, authors Jonathan Tepper and Denise Hearns write:

Capitalism without competition is not capitalism.

For decades, most economists dismissed antitrust actions as superfluous, so long as consumers were not the victims of price-gouging. Monopoly capitalism is back, and it’s harmful, even if a company’s core product (like Google’s and Facebook’s) is free to consumers. As we wrote last week, there’s excessive corporate concentration in most industries, including air travel, banking, beer, health insurance, cell service, and even in the funeral industry.

All of this has led to a huge and growing inequality gap. That means there is little or no economic security for a large and growing section of the American population. People see their communities stagnating, or dying. They feel hopeless, angry, and yes, alienated.

One consequence is that we’ve seen three years of declining life expectancy, linked to growing drug use and suicides. We seem to be on the edge of a social catastrophe.

But our real worry has to be political. People could become so desperate for change that they are willing to do anything to get it. The worry then, is that few vote and a minority elects a strong man populist leader, simply because he/she tells them what they want to hear. That leader can then go out and wreak havoc on our Constitutional Republic.

After that, anything could happen.

Despite what Brooks thinks, we don’t have a crisis of connections. It’s a crisis of poorly paying jobs, job insecurity, and poverty. When people look at their economic prospects, they despair for their children. Doesn’t it matter that in America, health care, education, and transportation all lag behind other developed countries?

The unbridled ideology of free markets is the enemy. Our problem isn’t that individual entrepreneurs went out and took all the gains for themselves, leaving the rest of us holding the bag. It’s more about how neoliberal economics is used both by government and corporations to justify an anti-tax and anti-trust approach that has led to extreme wealth and income concentration in the top 1% of Americans.

The reality is that the nation’s wealth has become the exclusive property of the already prosperous.

We need to wake up America! We have to stop for a second, and think about how we can dig out of this mess. When America bought in to FDR’s New Deal programs 75 years ago, we entered an era we now think back on nostalgically as “great”.

And it isn’t enough to talk about how we can look to Sweden or Norway as economic models. Both have populations of under 10 million, and our society is far less homogeneous than theirs.

We need a uniquely American solution to this problem. It will involve reforming capitalism, starting with tax reform, and enforcing anti-trust legislation.

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Sunday Cartoon Blogging – November 25, 2018

Dems think the mid-terms mean dynamic change in DC. They’re mistaken:

Democrats seem to want younger leaders, but there’s this:

Another Trump Thanksgiving pardon:

If the Saudis can murder thousands in Yemen with Trump’s help, why get upset about one reporter?

We’ll see if new AG Whitaker pardons another turkey this season:

Some of NYC’s parade balloons are losing air at a bad time:

Turkey day should be a time for gratitude:

 

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A Strategy for 2020 Emerges

The Daily Escape:

Fall in Hopkinton, MA – November, 2018 photo by Karen Randall

The 2020 election campaign has already started, regardless of whether we are ready.

“Big Idea” strategies are in the air. And the large group of potential Democratic presidential candidates are being discussed.

And we no longer have to chew on the failure by Democrats in 2016. We can now talk about lessons learned in the 2018 midterms, and how they may apply in 2020. Wrongo wants to highlight three Democrats who won in deeply Republican districts. Max Rose, who won on Staten Island in NYC; Kyrsten Sinema, who won the open Senate seat in Arizona; and Lauren Underwood, who won a Congressional seat in Illinois.

Rose won a district that went heavily for Trump in 2016. He beat a long-time incumbent Republican. He did it by asking for a chance to reshape the fortunes of working people. From the NYT:

He offered a simple, unifying message that was progressive in substance but relatively neutral in its delivery: that the system is rigged to benefit special interests, that the little guy is getting stiffed over and over, that we need better infrastructure and stronger unions.

Demographic change helped. Rose’s district covers parts of Staten Island and Brooklyn, where Millennials who have been priced out of living in Manhattan and trendy Brooklyn are now locating.

Kyrsten Sinema’s story is different on the surface, but similar in what got her elected. A three-term member of Congress, she campaigned on her biography. She was homeless for three years as a child. Sinema is an openly bisexual former Green Party activist who moved to the political center.

Sinema promised to be a nonpartisan problem-solver. She campaigned on health care and protections for people with pre-existing conditions. Sinema treaded lightly on immigration, but probably looked pro-immigrant versus her opponent Martha McSally, another member of Congress who was very anti-immigration. 2.1 million Latinos live in Arizona, and after Trump’s visit in October, there was a spike in Latinos returning early ballots. Most Arizona residents vote by mail, and many Latinos voted for Sinema.

Lauren Underwood won an Illinois Congressional seat held in the past by the infamous Denny Hastert. The 32-year-old African-American nurse, unseated four-term Rep. Randy Hultgren in a district that is 86% white. The district was gerrymandered after the 2010 census to make it an even safer Republican seat. She won by stressing health care for all Americans.

These three candidates were successful in traditionally Republican places. They each had great personal stories. They each ran as problem solvers who wanted to help working families. This shows there are two threads that mattered in 2018: The candidate, and a message that addressed the things that were alienating people in their districts.

If we widen out our view to America today, alienation is behind the rise of Trumpism, and the rise of populism across the world.

The leading cause of people’s alienation is economic inequality.

Candidates can win as centrists if they are willing to fight economic inequality, because everybody knows that the system is rigged to benefit special interests.

Progressives can also win on economic inequality, because the largest divide in our country is between the 98% and the 2%. This idea can unite us, because nowhere in the US do the capitalists outnumber the salaried and hourly wage people.

Remember what Franklin Roosevelt said in his acceptance speech: (emphasis by Wrongo)

Throughout the nation men and women, forgotten in the political philosophy of the Government, look to us here for guidance and for more equitable opportunity to share in the distribution of national wealth… I pledge myself to a new deal for the American people. This is more than a political campaign. It is a call to arms.

Today, Democrats need working people to vote for them if they want to win decisively. But since they govern like mainstream Republicans when in office, they must change to an FDR-like call to action.

It is possible to build voting coalitions that pick off a few red states in 2020. In fact, the midterm results were a terrible leading indicator for Trump in 2020. Without Hillary heading the ticket, Midwest states like Michigan and Wisconsin appear to be returning to Democrats. Pennsylvania is already back.

The Dems need to convince voters that governing the country in a manner that benefits everyone is a better idea than governing the country in a manner that benefits only a few.

The potential new votes for Democrats by following this strategy is largely the pool of non-voters. They are the majority in this country, and they are alienated.

They also outnumber the small percentage of persuadable Republican voters.

Nominating high quality candidates and fighting alienation are the keys to success in 2020.

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Sunday Cartoon Blogging – November 11, 2018

Possibly the best news about the mid-terms was that the long-promised youth vote was finally real.  A study by Tufts University found that: (brackets by Wrongo)

Approximately 31% of youth (ages 18-29) turned out to vote in the 2018 midterms, an extraordinary increase over the CIRCLE estimate in 2014 [when 21% voted] and the highest rate of turnout in at least 25 years.

Harvard’s Institute of Politics found that, in 2014, approximately 10.8 million young Americans voted, with Democrats preferred 54%-43%, compared to 14.7 million in 2018 (Democrats preferred 67%-32%). So the Dem’s share of the youth vote increased by 13 percentage points in four years.

The actual number of Republican votes cast by those under 30 remained stable from 2014 to 2018. So, nearly all of the 4 million increase in turnout came from those supporting Democrats.

Wrongo tried to stay away from Jim Acosta and Jeff Sessions for today’s cartoons. It wasn’t easy.

Another place where thoughts and prayers are really needed:

After the CA shooting, there was a fire, followed by a shower for the GOP:

2020 is right around the corner:

From the cartoonist, Clay Jones: After the 2014 midterms, the first major candidate to announce a presidential bid, not an exploratory committee, was Ted Cruz in March 2015. Now, that doesn’t mean we’ll have an announcement in four months…but we don’t have long.

Media madness starts on Monday:

We wouldn’t need to throw the TV out the window if the media actually covered ISSUES. You didn’t hear that last Tuesday, HHS published Final Regulations that will allow employers and universities to deny health insurance coverage of contraception to any woman based on the company’s “moral” or “religious” belief. Did anyone see coverage of this issue before it happened? Which news organizations are covering it now?

Florida, same as it ever was:

Back to the usual totally repellent ads next week:

 

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Tuesday Night: Just a Skirmish in the War

The Daily Escape:

People Power Beer, Kent Falls Brewing Co. – November 6, 2018 iPhone photo by Wrongo

Turnout worked for both parties on Election Day. It was basically a good news election for Democrats, who took back control of the House. They also picked up seven governors’ mansions, and gained control of seven state houses, bringing their total from seven to 14. Now, Republicans hold all three power bases—House, Senate, governor—in 21 states, down from 26. Thirteen states have divided control, down from 17.

Importantly, Democrats won the governorships in three states that helped elect Trump in 2016: Pennsylvania, Michigan, and Wisconsin. They also won the US Senate races in those states.

But, the mid-terms also proved that Trump’s win in 2016 wasn’t a fluke. The GOP won what it had to in Florida, Texas and most likely, in Georgia. They also took three Democratic Senate seats that were up in the very red states of Indiana, Missouri, and North Dakota, giving them a comfortable majority in the Senate.

Two loathsome Republicans lost governor’s races: Kris Kobach in Kansas, and Scott Walker in Minnesota.

The repellent Congressman Dana Rohrabacher (R-CA), lost in Orange County, CA. Elsewhere in notable House races, Republican Dave Brat an equally repellent Republican, fell to a new face, Amy Spanberger in Virginia.

Two longer-term thoughts: State-level Democrats can now build on this base, and do even better in the 2020 races to help gain more control over redistricting in 2021. Doubling states under Democratic control yesterday makes that closer to a reality.

Second, we also learned that in today’s America, it is very, very difficult to change anybody’s mind, despite spending billions of dollars. About the best you can do is drive the turnout of your own party. Changing demographics will flip some seats, egregious behavior may sometimes be penalized, but not in all cases. States which are 50/50 can switch leaders.

Finally, for those who woke up this morning unhappy with the Dem’s results, Wrongo has little patience with that viewpoint. A win is a win. Going forward, the GOP and Trump will not be passing any more legislative horrors. For at least this term, Social Security and Medicare are safe. The ACA will remain. There will be no more tax cuts for corporations and the rich.

Last night, Wrongo heard a few pundits saying that the Democrats shouldn’t investigate Trump, because it would be divisive. And, that Democrats shouldn’t simply obstruct Republican legislative initiatives because that too, would be divisive. Funny how Republicans investigated Benghazi for 7 years, and spent the entirety of Obama’s presidency obstructing everything, and somehow that wasn’t divisive at all.

The bigger picture is that Democrats have slammed the brakes on Trumpism. Over the next year, a few truths are going to come out, either via Mueller, or from the House.

Then, we can decide what kind of nation we want to be: Will we be willing to hold people accountable for voter suppression and for their efforts to divide races and religions?

Here’s a comment that Wrongo found on another blog: (emphasis by Wrongo)

Here in my county, turnout was 61.5%, an incredible number. And while we did see a slightly larger level of support than usual for Democratic candidates, it was matched, and often exceeded, by GOP turnout…. So many new volunteers and so many people canvassing for the first time. We have to find a way to keep these people interested, involved, and motivated. But sometimes it can be a hard sell when you have to try and convince someone that all those months of hard work to move the needle a couple of percentage points…should be considered a WIN, especially when the difference is….Losing 65%-35% instead of 70%-30%…

We should remember that Obama didn’t keep his highly successful volunteer group together. It’s a huge challenge for Dems in red states.

We’re in a very long game. It’s all about the application of people power to better ideas and better candidates. You can’t let losing sadden or depress you, this fight is for the soul of America, and it’s worth it.

Soon, the Democrats will have to remove the dinosaurs who currently run the DNC. That internal fight should happen sooner, rather than later. Keeping Nancy Pelosi as the face of the Democrats is the best possible outcome for Trump 2020.

The balance has to be between someone like Pelosi who has been there before, and can hammer the House into a functioning opposition, and others who will still be calling to “abolish ICE” two years from now. The Dems have to avoid a Tea Party moment.

The Dems did reasonably well in the mid-terms. They also got much younger.

Now, they have to find younger leadership. And a better message.

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Sunday Cartoon Blogging – November 4, 2018

Truthout reports:

Wall Street donors have been lavishing the Democrats in the Senate with far more money than their GOP colleagues. The top six recipients (and nine of the top 10) of Wall Street money in 2018 among senators are Democrats. Of the top 20 Senate candidates to receive donations from Wall Street this cycle, 17 are Democrats, up from six in the last midterm in 2014…

Here are the top 12 recipients of Wall Street money. Eleven are Democrats:

Screen shot from Center for Responsive Politics

Why is Wall Street supporting these Dems? Seventeen Democrats helped repeal portions of the Obama-era Dodd-Frank legislation by voting with Republicans on the Dodd-Frank repeal. Nine Democrats also crossed party lines to appoint Goldman Sachs bailout attorney Jay Clayton to lead the Securities and Exchange Commission. 37 Democratic Senators opposed his confirmation.

This is despite Pew saying in a May 2018 poll that two-thirds of Americans support laws to limit money in politics. Truthout says that for this mid-term, Wall Street has donated nearly $43 million to Senate Democrats, compared with only $19 million for Republicans, a departure from typical election years.

The Democrats’ dependence on Wall Street money is not new. In fact, President Obama raised more money from finance than any candidate in history in his first presidential campaign. Even though polling shows deep distrust over Wall Street, most politicians don’t seem to care.

Will taking Wall Street money be worth it? Will McCaskill, Tester and Heitkamp hold on? If voters really want this to change, they’ll have to stop electing politicians who represent Wall Street. On to cartoons:

Will Tuesday bring nightmares?

Tuesday’s choice:

Shouldn’t we be more worried about the gerrymandering, the crooked voting machines, the $ billions in corporate money, and the slander and attack ads?

Trump’s parade:

And a yoga class. The home of the brave has become the fortress of fear:

Keeping out the criminals:

It’s getting tougher for the GOP to keep using terrorism as their rallying call:

 

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Saturday Soother – Voter Turnout Edition

The Daily Escape:

Autumn, Blue Ridge Mountains, near Asheville, NC – 2018 photo by RedWhiteTruee

Wrongo guesses that we’ll know Tuesday night whether being an A-hole is a winning strategy for the Donald.

While traveling in Russia, Wrongo finished reading (and recommends) Amor Towle’s “A Gentleman in Moscow”. If you haven’t read it, the story is about a Russian nobleman who is sentenced in 1922 by the Bolsheviks to the equivalent of permanent house arrest in Moscow’s Hotel Metropol. He spends 30+ years living there.

Doesn’t it seem that we have been locked up for the past two years, waiting on the mid-terms? Let’s hope that on Tuesday, the doors will fly open, because we want out. We want a world with fewer lies, with fewer insults, maybe even a return to sanity.

Here’s a thought to launch you into the weekend. Despite Friday’s news about brisk new jobs creation, and the headline unemployment rate being at a 50-year low, MarketWatch reported that just 28% of Americans are financially healthy:

Some 44% of people said their expenses exceeded their income in the past year and they used credit to make ends meet. Another 42% said they have no retirement savings at all.

That’s despite a nine-year-long bull(ish) stock market, and consumer confidence levels nearing record highs. And, there’s more:

The median American household currently holds just $11,700 in savings, according to a recent analysis of Federal Reserve and Federal Deposit Insurance Corp. data by personal-finance site Magnify Money. The top 1% of households in the U.S. by income have a median savings of $1.1 million….The bottom 20% by income have no savings accounts and the second lowest 20% income earners have just $26,450 saved.

Meanwhile, the majority of Americans in a recent survey said their finances have not improved since the 2016 elections. Market Watch quotes Mark Hamrick, senior economic analyst at Bankrate:

All of this is a call to action: We need to make savings, both for retirement and for emergencies a higher priority, so that they aren’t the source of financial regret later in life.

So, all of you politicians who are running on the great economy ought to study up on a few facts, and find a few solutions.

A good start for the rest of us is showing up to vote on, or before next Tuesday.

But Wrongo senses that you’ve had enough, that you need to check out of the news feeds, to stop being carpet-bombed by political ads, and contemplate…nothing. To help you get started on your Saturday Soothing, brew up a large, hot steaming cup of Kenya Konyu coffee, with its sweet, tart and savory notes of dried berries and richly bittersweet flowers ($16.25 for 10 oz.). It comes from Branch Street Coffee Roasters in Youngstown, in the swing state of Ohio.

Since it’s another rainy Saturday in the Northeast, stay indoors and listen to English composer Sir Michael Tippett’s “Concerto for Double String Orchestra”. Here, the Adagio, the middle movement of the Concerto, is played by the Academy of St Martin-in-the-Fields, conducted by Sir Neville Marriner:

Those who read the Wrongologist in email can view the video here.

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