Nov. 14th DEMOCRATIC DEBATE: Middle Class, College Tuition, RX Costs, Wall Street, Redistribution Of Wealth, Minimum Wage, Gun Safety…

By Russ Phillips At the Democratic Debate on November 14, 2015 there was discussion about Wall Street and financial institutions as well as redistribution of wealth and other topics. Some have been included in the partial transcript below. Some may wish to refer to the entire transcript. of the complete debate. Regarding Wall Street reference was made to the Glass-Steagall Banking Act. Other sources pertaining to this: What caused the Great Depression? “Shadow Banking” At Last Night’s Democratic Debate: Are we Paying Attention? Wall Street must work for Main Street … Continue reading

The Great Depression: Bank Failures

(Presidential candidate Jim Webb ended his bid for the Democratic nomination yesterday as noted here. – Admin.)

By Russ Phillips

(Earlier postings: One and Two)

As mentioned yesterday, “Those who cannot remember the past are condemned to repeat it” (George Santayana) and it appears that many events in history repeat. This cyclical nature of history, in part, suggests the lack of mindfulness of the past and a lack of action to prevent its recurrence.

America’s banking system began to collapse in the early 1930s, in part, because so many commercial banks had speculated in stocks. After several prominent banks collapsed depositors rushed to withdraw funds from remaining banks. In the first two months of 1933 four thousand banks were forced out of business. Because accounts were not government-insured millions lost their life savings.

As a result of the Banking Act of 1933, bank deposits since have been insured by the Federal Deposit Insurance Corporation (FDIC). However, the Financial Crisis of 2007-2008 manifested itself in some ways very different from The Great Depression.  One significant factor was the housing market.

“The bursting of the U.S. (United States) housing bubble, which peaked in 2004, caused the values of securities tied to U.S.real estate pricing to plummet, damaging financial institutions globally. The financial crisis was triggered by a complex interplay of policies that encouraged home ownership, providing easier access to loans for (lending) borrowers, overvaluation of bundled subprime mortgages based on the theory that housing prices would continue to escalate, questionable trading practices on behalf of both buyers and sellers, compensation structures that prioritize short-term deal flow over long-term value creation, and a lack of adequate capital holdings from banks and insurance companies to back the financial commitments they were making.” (Source)

This 2:18 video clip, “Worsening Crisis,” appears on the Franklin D. Roosevelt Presidential Library and Museum website as part of its “Virtual Tour.” BTW, this is an excellent website that gives great insight into our nation’s history during the Roosevelt Presidency of twelve years.

What caused the Great Depression?

By Russ Phillips

“Those who cannot remember the past are condemned to repeat it” (George Santayana) and it appears that many events in history repeat. This cyclical nature of history, in part, suggests the lack of mindfulness of the past and a lack of action to prevent its recurrence.

Two momentous events that can be instructive for the future are The Great Depression (1929-1939) and the Financial Crisis (2007-2008).

Several days ago I posted about the Glass-Steagall Banking Act that was referred to in the October 13, 2015 Democratic Debate as well as by Ben Carson on ABC “This Week” two days ago.

This 2:58 video clip, “What Caused the Great Depression,” appears on the Franklin D. Roosevelt Presidential Library and Museum website as part of its “Virtual Tour.” BTW, this is an excellent website that gives great insight into our nation’s history during the Roosevelt Presidency of twelve years.

“Shadow Banking” At Last Night’s Democratic Debate: Are We Paying Attention?

By Russ Phillips During last night’s Democratic debate reference was made to the Glass-Steagall Banking Act. This resonated with me due to the fact that recently I visited the Franklin D. Roosevelt Presidential Library and Museum and there was a display regarding bank failures during the 1920s-1930s and their cause. The debate brought to mind the financial crisis of 2007 and subsequent years including the extended recession. There was discussion about this among the candidates and below is a transcript of those comments. This topic, commercial and investment banking, as well as … Continue reading

It’s not just Trump, the richest ever presidential field

It’s not just Trump A POLITICO special report on the richest ever presidential field, a campaign of and about the .1% (Use this link to see related chart and table.) By Politico Staff 9/18/15 Carly Fiorina may be the new surprise flavor of the month in the GOP field, but there’s one aspect of her candidacy that’s neither surprising nor unusual in this 2016 field: she’s rich — in her case, very rich. Forget about the top 1 percent. An analysis of federal elections data by POLITICO shows that five … Continue reading

Shelli Yoder running for Indiana 9th Congressional District
By Megan Banta

Monroe County Council member Shelli Yoder today announced that she will run for Indiana’s 9th Congressional District.

Yoder, a Democrat, successfully garnered the Democratic nomination for the seat in 2012 but lost to incumbent Rep. Todd Young in the general election. Young announced earlier this summer that he is vacating the seat to run for the U.S. Senate spot currently held by Dan Coats, a Republican who isn’t seeking re-election next year.

Yoder is the first Democrat to announce her intention to run.  

“I’m a different kind of Democrat, and I will always put common sense over partisan ideology,” Yoder said Monday morning in a press release announcing her campaign. “I believe good government and a strong private sector can work together without leaving hard-working Hoosier families behind, and I have a proven track record of working across the aisle to solve tough problems as a public servant.

“More than anything, I understand as the mom of three young children that you can’t fix anything if folks are always fussing and fighting. It’s time to put petty politics aside and move all communities and Hoosiers in the Ninth District forward,” Yoder added.

Yoder, who lives in Bloomington with her husband, Josh Perry, and their three children, currently is vice president on the council and teaches an award-winning business course to all undergraduates enrolled at Indiana University’s Kelley School of Business.

In her campaign announcement, Yoder laid out what she would like to see Central and Southern Indiana become:  “a place that rewards people who work hard and take chances.”

“We must rebuild a place where our kids and grandkids can find good-paying jobs and strong schools, where entrepreneurs can thrive, where everyone feels safe and welcome, and where a ZIP code doesn’t determine your destiny,” she said.

Who Is Senate Candidate John Dickerson?

John Dickerson hasn’t been in politics, but he is a fresher face than the other Democratic candidate, former Rep. Baron Hill.
By Gretchen Frazee

Dickerson Campaign Kickoff

John Dickerson kicks off his campaign for U.S. Senate. (Photo: John Dickerson campaign)

Democrats have another choice for U.S. Senate after John Dickerson announced his candidacy this weekend.

Dickerson isn’t a politician. He’s never even run for office. Instead, he’s run a nonprofit group, The Arc of Indiana, for more than 30 years.

Political analyst Ed Feigenbaum says that makes him different from the other Democratic candidate, former Rep. Baron Hill.

“If we’re talking about an election that’s going to be defined as generational change and change in the direction of the country, John Dickerson, from a policy perspective, would be a good choice for the Democrats to have on the ballot,” Feigenbaum says.

However, Feigenbaum also points out Dickerson, like many of the 2016 Democratic candidates, is in his 60s, so he might not appeal to younger voters.

“There’s not a lot of young fresh faces on the Democratic side, and that could be a disadvantage for them,” Feigenbaum says.

Dickerson does have some good support, though. He’s been backed by former Lt. Gov. Kathy Davis, who Feigenbaum says wouldn’t support someone she didn’t think had the political know-how to make it in the Senate.

But even if Dickerson gained the Democratic nomination, could he beat one of the three Republican candidates who are well-versed in the political arena?

The answer could be determined by which GOP candidate wins.

Both Rep. Todd Young, R-Ind. District 9, and former state GOP chair Eric Holcomb are considered establishment candidates, so if the votes for them are split, Rep. Marlin Stutzman, R-Ind. District 3, could come out as the nominee.

Stutzman is considered the far-right candidate, and Feigenbaum says his nomination could keep some GOP voters on the sidelines or cause some moderates to vote Democratic.

“There’s an opportunity, perhaps, at least under one scenario for Dickerson or Baron Hill to do well simply because they are not the Republican nominee,” Feigenbaum says.

Dickerson will face Hill in the Democratic primary.

Pulliam: John Dickerson dives into politics By Russ Pulliam 8/28/15 John Dickerson is a non-traditional U.S. Senate candidate. Dickerson, a career advocate for the disabled, calls himself a George McGovern Democrat and talks about the joy of running for office. In another challenge to conventional wisdom, he thinks a contest for the Democratic nomination is good for the party. Having recently taken early retirement, Dickerson is known as the long-time executive director of the Arc of Indiana, which lobbies for people with disabilities. Yet he’s never run for office and has low statewide name recognition. … Continue reading

The myth of Trump’s angry legions By Matt Bai, National Political Columnist 8/13/15 Trumpmania may be telling us a lot less about the dominant mood in the electorate at large than we think. (Photo: Dominick Reuter/Reuters) Voters of America: Get ahold of yourselves, please. I know you’re irrational and seething with anger. I know this because I keep reading about it, in every somber piece of punditry about Donald Trump or Bernie Sanders or what’s going to drive the 2016 campaign. I hear it on my Twitter feed and in the fundraising emails that batter … Continue reading