Former Clinton aide on how Democrats lost their way chasing Wall Street Cash & Need for New Populism

[KoKo]

My party has lost its soul: Bill Clinton, Barack Obama and the victory of Wall Street Democrats
Bill Curry

Between 1996 and 2000 the Wall Street Democrats who by then ruled the party’s upper roosts scored their first big legislative wins. Until then their impact was most visible in the quietude of Congress, which had not enacted any major social or economic reforms since the historic environmental laws of the early ’70s. It was the longest such stretch since the 19th century, but no one seemed to notice.

In the late ’70s, deregulation fever swept the nation. Carter deregulated trucks and airlines; Reagan broke up Ma Bell, ending real oversight of phone companies. But those forays paled next to the assaults of the late ’90s. The Telecommunications Act of 1996 had solid Democratic backing as did the Financial Services Modernization Act of 1999. The communications bill authorized a massive giveaway of public airwaves to big business and ended the ban on cross ownership of media. The resultant concentration of ownership hastened the rise of hate radio and demise of local news and public affairs programming across America. As for the “modernization” of financial services, suffice to say its effect proved even more devastating. Clinton signed and still defends both bills with seeming enthusiasm.

The Telecommunications Act subverted anti-trust principles traceable to Wilson. The financial services bill gutted Glass-Steagall, FDR’s historic banking reform. You’d think such reversals would spark intra-party debate but Democrats made barely a peep. Nader was a vocal critic of both bills. Democrats, he said, were betraying their heritage and, not incidentally, undoing his life’s work. No one wanted to hear it. When Democrats noticed him again in 2000 the only question they thought to ask was, what’s got into Ralph? Such is politics in the land of the lotus eaters.

The furor over Nader arose partly because issues of economic and political power had, like Nader himself, grown invisible to Democrats. As Democrats continued on the path that led from Coehlo to Clinton to Obama, issues attendant to race, culture and gender came to define them. Had they nominated a pro-lifer in 2000 and Gloria Steinem run as an independent it’s easy to imagine many who berated Nader supporting her. Postmortems would have cited the party’s abandonment of principle as a reason for its defeat. But Democrats hooked on corporate cash and consultants with long lists of corporate clients were less attuned to Nader’s issues.

Democrats today defend the triage liberalism of social service spending but limit their populism to hollow phrase mongering (fighting for working families, Main Street not Wall Street). The rank and file seem oblivious to the party’s long Wall Street tryst. Obama’s economic appointees are the most conservative of any Democratic president since Grover Cleveland but few Democrats seem to notice, or if they notice, to care.


http://www.salon.com/2014/07/27/my_party_has_lost_its_soul_bill_clinton_barack_obama_and_the_victory_of_wall_street_democrats/