Occupy Wall Street

Does Romney Think that 60% of Americans Are Jealous of Him?

In an interview with Matt Lauer this morning, Mitt Romney repeated three times his claim that widespread concern about income inequality is motivated by “envy.”

It’s a pretty bold assertion, given that as recently as November, 60 percent of Americans supported government efforts to address historically high income inequality. And it’s especially bold coming from the mouth of a multi-hundred-millionaire in a time of 8.5% unemployment – especially a multi-hundred-millionaire who made his fortune helping large corporations lay off workers and outsource jobs.

Until fairly recently, Republicans had united behind the vapid phrase “class warfare” to describe efforts to require the wealthiest to pay their fair share in taxes and companies to abide by reasonable regulations. But in the heat of the New Hampshire primary, both Newt Gingrich and Rick Perry tapped into the widespread anger about the slash-and-burn capitalism that got Romney where he is today.

In his New Hampshire victory speech last night, Romney accused his rivals of being “desperate” and putting “free enterprise on trial.” But perhaps they were just quicker to realize that dismissing the economic concerns of a majority of Americans as “envy” might not be the smartest move.

 

PFAW

PFAW Founder Norman Lear: Fighting the Good Fight

In an op-ed in the Los Angeles Times, PFAW founder Norman Lear describes the values that have guided his activism for the past 30 years: a belief that the right to individual liberty is not dependent on one’s religious beliefs and that the opportunity to pursue a decent life should be available to all. Now, argues Lear, those ideals are being held hostage by demagogues of many forms, and it is up to the American people to fight back.

The religious right leaders who got me engaged in politics often portray such things as free expression and equal protection for all Americans no matter their race, religion or sexual orientation as anti-Christian and un-American, as symptoms of cultural decline. I couldn't disagree more. What strikes me as un-American are the greed, deception and systematic corruption that have infected politics, business and so much of our culture in recent years. Some of those with power and privilege have worked to create a system that continually reinforces that privilege and power, leaving ever-increasing numbers of Americans without reasonable hope for the kind of life their parents worked to give them….

Call it the American dream, the American promise or the American way. Whatever term you use, it is imperiled, and worth fighting for. It is that basic, deeply patriotic emotion that I believe is finding expression — bottom-up, small-d democratic expression — in the Occupy movement. We can, and I would say must, fully embrace both love of country and outrage at attempts to despoil it. What better cause? What better time?

You can read the full op-ed here.

PFAW

In Tight Race with Elizabeth Warren, Scott Brown Bucks Party to Endorse Cordray for Consumer Financial Protection Bureau

Last month, PFAW’s Marge Baker wrote an op-ed for The Hill suggesting a simple way that Congress can respond to the energy behind Occupy Wall Street: by finally confirming Richard Cordray to head the long-languishing Consumer Financial Protection Bureau. Marge wrote:

Thanks to Republican obstructionism, the CFPB, tasked with holding big banks accountable to American consumers, has been without a leader since it was created by the Dodd-Frank Act last year. Elizabeth Warren, who conceived of the agency and oversaw its creation, would have been the natural fit to lead it, but her unapologetic work holding financial institutions accountable put her on the bad side of Congress’s GOP leadership.


In July, President Obama nominated former Ohio attorney general Richard Cordray to head the agency. Cordray is a strong defender of consumers who has also earned respect from the banks he worked with in Ohio. Last week, a bipartisan group of 37 state attorney generals wrote to Congress urging his confirmation. Even Ohio’s Republican attorney general Mike DeWine, a former U.S. senator who defeated Cordray in last year’s election, has endorsed him for the job. He is a well-respected, reasonable and eminently qualified choice to lead the agency.

Cordray’s nomination would be a shoe-in if it weren’t for one thing: Republicans in Congress don’t want the Consumer Financial Protection Bureau to exist at all. Unable to stop its creation, they have turned their energies to starving it. In May, 44 Republican senators sent a letter to the president saying that they would not confirm any nominee to head the CFPB unless the agency was first substantially weakened. Without a confirmed leader, the agency can’t fully start the work that it was designed to do.


While the agency is already overseeing credit companies and big banks, it can’t have its full oversight over mortgage companies and payday lenders until a head is confirmed. This situation is perfectly satisfactory to big lenders and the GOP leadership – but it’s bad for American consumers.


There is now one notable exception to the Republican blockade of Cordray’s nomination. Massachusetts Sen. Scott Brown, who is running against CFPB architect Elizabeth Warren in what will likely be a tough reelection race, has urged his fellow GOP senators to break their filibuster of Cordray’s nomination.

Brown’s in a more precarious political position than many of his Republican colleagues, but his endorsement of Cordray is telling. Recent polls have shown that Americans are concerned about the nation’s increasing income inequality and want tougher government regulation of Wall Street. The big banks may not want the Consumer Financial Protection Bureau to get up and running, but American consumers are eager for the protections that the bureau would provide. Sen. Brown has done the right thing by bucking his party to support Cordray – but by doing so he’s also acknowledging the tough spot that opponents of financial sector accountability may find themselves in in 2012.
 

PFAW