Home | About | Donate

'Warning Lights Are Flashing,' Says Elizabeth Warren, Detailing Plan to Stave Off Impending Financial Crisis

Originally published at http://www.commondreams.org/news/2019/07/22/warning-lights-are-flashing-says-elizabeth-warren-detailing-plan-stave-impending

“Bold action now” is badly needed in many areas. Bold rhetoric is everywhere (especially during an election cycle), action is sorely lacking. Concerning the economy, Warren points to some serious problems that are only worsening.

But so far, no banana. ‘Now’ never seems to come.

5 Likes
2 Likes

Liz would make a good cabinet member for President Sanders.

6 Likes

One Neo Dem was asked why they did not gum up McConnell’s senate agenda by stalling and filibusters. Paraphrased: ‘We do not want to look like the Repubs. We want to be civil’.

Senator Warren’s finger wagging will scare McConnell shi*less… or not. But at least it is ‘civil’.

3 Likes

Perfect.

1 Like

A promising situation for Trump’s dictatorship and Elites/corporations
should he be re-elected.

Let’s see, trillions for tax cuts, trillions for wars, and even more trillions for the military and MIC.
And we wonder why we are too broke for infrastructure and other domestic spending. The next budget ceiling fight should be a good one. Might need to stock up on popcorn.

3 Likes

The reality is that stable markets won’t produce more than something like
10% profit –

It is volatile markets which allow huge theft of funds from the public -
and in secondary actions like bail-outs.

That’s why Elites create them –

7 Likes

We need to employ Gringott’s Wizarding Bank to oversee every dollar to be spent by the trump administration. Perhaps more importantly, ever dollar not being spent but allocated.

1 Like

Yes, a crash is on the horizon, because none of the structural problems that caused the crash have even been addressed, many are now worse, the economy is massively out of whack and it is obvious that we need massive structural changes (doubly given the environmental crisis) and the elites in BOTH parties and their donors are dead set against structural changes. I do like Warren, but her being a proud capitalist is an issue, and it doesn’t matter at all whether or not people like that fact. Capitalism in any form is on borrowed time, and we are utterly unprepared for what is coming for us. Democrats cannot deal with and come to terms with why this is so unless they are honest about the Obama years. He was the darling of Wall Street, he governed that way.

12 Likes

Sorry Gand, no popcorn. Thanks to climate change and the current hot weather it’s already popped.

A smile got through the depression. Good comment aussi.

Elizabeth has provided genuine warning about an economic crash and it is just not within USA.
Major, ethical companies paying 5% annual dividend have issued bonds in massive amounts, repurchased their shares. The interest rate is low now, but will increase as we use inflation to pay for middle east wars and VA pensions and medical. About seven million auto loans are 90 days or more late. that is a lot of repos. Meanwhile, folks have moved up to Lincolns and Audi replacing their old Kia. This is where household borrowing has risen. Not house purchase.

2 Likes

Don’t forget Obama’s trillion for nukes

2 Likes

Do you, or anyone have a link to Obama’s spending on nukes? I have not followed that story.

Progressive petition on corporate dem candidates at change.org

http://chng.it/K95rmqLR2F.

I like Warren but the reasons given why she thinks a crash is coming are not convincing. For example, the household debt increase since 2008 of $869 billion sounds big, but it is a bit over 7%, while the population has grown about 10% since then. Underestimating the resilience of capitalism has been done often.

Crashes are built into the capitalist system; it’s not a bug but a feature. A President "I am a Capitalist’ Warren won’t be able to stop it but she could lessen the psychologic impact by tossing the a-holes who caused it in jail or off the top of a building.

I’d like to see candidates name a few possible candidates for Treasury Sec to give us their thinking on the matter. Richard Wolff or a Wolf of Wall Street.

It is not debt relative to population growth, it is private debt relative to the capacity to pay back the debt. If your family has seen its debt grow by 20%, and your family has grown in size by 20%, but your real wages have flatlined, you are in trouble, especially if you have little to nothing in reserve. And, as the last crash showed, it is the debt of the rich and private banks that will be socialized. After financial capital and the rich are bailed out with state funds they can then buy up your under water property and others like it at distressed prices. Capitalism will not survive the environmental crisis, and it is increasingly likely that we will not as well because of our allegience to capitalism.

4 Likes