The Third Way summary
It’s critical to understand that Third Way presents itself as “centrist” and a think tank:
Via Huffington Post Bill Black summarizes the profiles of the trustees:
Twenty of the twenty-nine trustees come from finance (counting the lawyer whose specialty is representing private equity firms). Their most common background is Mitt Romney’s — private equity — and hedge funds. The nine non-finance members include:
- A Pete Peterson acolyte who previously created supposedly centrist front groups for gun rights and an effort to enlist “Gen X” in Wall Street’s assault on the safety net
- A developer of giant malls
- A semi-conductor manufacturer
- A manufacturer of diaries
- A criminologist/journalist
- A PR specialist
- A gay rights activist
- A lobbyist at a firm best known for representing finance
- A lawyer
Yves Smith points to Elizabeth Warren Attacks Beltway Powerhouse Third Way as Fronting for Wall Street
Wow, the gloves are finally coming off. Elizabeth Warren has been making good use of her Senate bully pulpit in terms of keeping the excessive power of the big banks and the haplessness of regulators in the headlines. But as readers know, we’ve had our doubts as to how much in the way of tangible outcomes she could achieve from the Senate. For instance, she’s dutifully sent pointed follow up questions as part of Congressional hearings to various regulators. The replies have been at best evasive, in the faux polite form of bureaucratic obfuscation and misdirection to (from the Fed) borderline dismissive.
More important in her use of her Senate microphone is Warren’s ongoing campaign to move the Overton window to the left on basic economic issues for what remains of the US middle class. It’s vital to note that positions that are regularly depicted in the media as “liberal” or “progressive,” such as strengthening Social Security and Medicare (even if it means raising taxes) and cutting defense spending in fact poll with significant majorities, so they are in fact both popular and centrist for those outside the elites.
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Two operatives from the Washington think tank Third Way put Warren in their crosshairs for daring to suggest that Social Security be strengthened and the rich be taxed more in a Wall Street Journal op-ed on Monday.
It’s critical to understand that Third Way presents itself as “centrist” which is code for “oligarchy promoters pretending to be reasonable” and has consistently advocated gutting Social Security and Medicare.
“Twenty of the twenty-nine trustees come from finance ” What’s the point of this statement, especially in the context in which it’s provided?
While I don’t recognize all the names on the list, of these twenty, John Vogelstein, Peter Lewis (who passed away within the past week or so), Bill Dailey and Mike Novogratz are known supporters of the Democratic Party and causes typically aligned with the Democrats. Vogelstein has only donated to Democratic politicians, Peter Lewis made large donations to the Democrats and MoveOn, and Bill Dailey, son of former Democratic mayor of Chicago Richard J. Dailey, brother of former Democratic mayor of Chicago Richard M. Dailey, was Obama’s Chief of Staff and has considered running for Illinois Governor (not as a Republican). Mike Novogratz, President of Hedge Fund/Private Equity Firm, Fortress, is also known for supporting the Democratic party. Andrew Parmentier has given money to candidates of both parties, but in 2010 made his largest political contribution according to records, to the DNC.
George Soros comes from finance. So does John Corzine. Hillary Clinton is a former member of Walmart’s Board of Directors. “Coming from finance” doesn’t obviate centrist, or even liberal, tendencies.
Ah well….this piece indicates their Third Way platform, and is chock full of ideas not so centrist…
“Economic Populism Is a Dead-End for Democrats” appeared in The Wall Street Journal
@M.jed
And what’s the point of identifying some of those Third Way board members as Democrats?
As progressives have seen to our dismay in recent years, association with the Democratic Party doesn’t prove liberal, or even centrist tendencies.
“What’s the point of this statement, especially in the context in which it’s provided?”
Perhaps, because financiers would benefit immensely from Social Security cuts or privatization? How depressing that the absurdly obvious needs pointing out!
Is it “not so centrist” to point out that a proposing expansion to a current Medicare system that pays out in benefits more than 3 times what it collects in premiums is fiscally irresponsible?
Is it “not so centrist” to point out that Social Security will be unable to pay scheduled benefits at some point in the future under the current program and thus raising taxes while *also* raising benefits doesn’t enhance solvency?
Is it “not so centrist” to point out that a referendum on a progressive education reform priority (that has shown no efficacy past 3rd grade) failed in a landslide in a Purple state?
I agree that pointing out these facts (and to be clear, these are facts) are not likely to gain support of left-wing progressives, but in a Center-Right country, they seem pretty centrist.
jed:
Medicare and Social Security are not bankrupt now and potentially into the future. This is the illusion created by these centrists as well as the far right in the public minds. SS and Medicare TF go in and out based upon economic growth. Looking out into 2020-something and 2030 – something is too long in which to base a policy today upon. Furthermore, the approach many are taking today is such that they object to paying back to the TF what was borrowed in the first place. I would call neither as being centrist.
The Third Way does not represent Main Street and a centrist or left leaning view. They represent Wall Street and TBTF by their very own membership.
“Is it “not so centrist” to point out that a proposing expansion to a current Medicare system that pays out in benefits more than 3 times what it collects in premiums is fiscally irresponsible?”
What’s fiscally irresponsible is financiers paying capital gains taxes on their “earned” income. What’s fiscally irresponsible is effectiv3
(sorry).. . effective corporate tax rates being at 50 year lows.