“The party of Franklin Roosevelt through Lyndon Johnson and its alliance with private-sector industrial unions made Democrats aware that their fortunes ultimately were joined to the success of the private sector. The Democrats are now the party of Bernie Sanders, the progressive icon Sen. Elizabeth Warren and—make no mistake—of Barack Obama, a man of the left from day one. Rather than distrust the private sector, they disdain and even loathe it…

…The policies of John Kennedy and Bill Clinton, now in disrepute, ensured that annual economic growth remained at its postwar average of about 3%. Those Democrats understood the private sector, even if they distrusted it. In the new Democratic Party, defined by the substance of Sen. Sanders’s campaign, the role of the private sector is to transmit revenue to the public purse. Private business has become an exotic abstraction, like the province of Cappadocia in the Roman empire. As the Obama presidency made clear, this new relationship is not based on the tax code, which the new Democrats think of as a kind of dumb sump pump. The driver now is legal prosecution or the constant threat of it by government enforcement agencies—Justice, Labor, the NLRB, and the new Consumer Financial Protection Bureau, whose originator was Elizabeth Warren.”Excerpts from Daniel Henninger’s, “Bernie Should Hold Out”, The Wall Street Journal, June 9, 2016

“Unfortunately, I and my family lived this political reality when IndyMac Bank was seized during the crisis by the FDIC on July 11, 2008 and I have done my best to document this truth on my blog. (The above dovetails perfectly with: June 9, 2016 – Statement 1198: “Why crisis era mortgage defect rates cited by the government (and others) are false, a massive Red Herring. Part 1: The General Logic Behind My Argument… ) It’s why I left the Democratic Party some time ago. P.S. Coincidentally and ironically, FCIC Chairman (and Democratic politico) Phil Angelides, who I think is wrong and politically-motivated/biased in his crisis views, used to be a friend, as we were both from Sacramento. I even hosted a political fundraiser for him in Pasadena.”, Mike Perry, former Chairman and CEO, IndyMac Bank

Posted on June 12, 2016, in Postings. Bookmark the permalink. Leave a comment.

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