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New York Times: Schumer Is Wall Street
Don't miss the New York Times expose on Chuck Schumer today. It will enrage folks who believe that all Democrats by definition are on the side of the angels. It raises some interesting questions. If you are a Senator from New York, it is your job to represent Wall Street and capitalist fat cats? Same question applies to Michigan Democrats. Is it their job to represent the auto industry and fight clean air mandates?
This is how these legislators see their jobs and the case can be made. The Times suggests that it's all too convenient.
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I'll never forgive Schumer and Feinstein reversing themselves and voting to approve Mukasey as AG, after an "illuminating" conversation on a plane with Bush. WTF!
December 14, 2008 9:32 AM | Reply | Permalink
It's terrible having him as a Senator and as head of the DSCC where he failed to send the proper resources to Lamont, causing the Lieberman problem that now haunts the Democratic majority.
And you're not a good man if Jack Bogle says this about you:
"He is serving the parochial interest of a very small group of financial people, bankers, investment bankers, fund managers, private equity firms, rather than serving the general public,” said John C. Bogle, the founder and former chairman of the Vanguard Group, the giant mutual fund house. “It has hurt the American investor first and the average American taxpayer.”
December 14, 2008 9:57 AM | Reply | Permalink
Time to tell Chuck, ala Liar-Man... that he, Chuck, is next.
December 14, 2008 10:37 AM | Reply | Permalink
Please tell me who will run against him. The last clown who ran to the left of a sitting Democratic Senator in New York got a huge 17% of the vote in the 2006 primary. Not one single elected Democrat of any stature will challenge Chuck in 2010, but if you'd like I can give you Jonathan Tasini's phone number.
December 14, 2008 9:02 PM | Reply | Permalink
sage,
in the article by the NYT we find this quote about Schumer:
“He is serving the parochial interest of a very small group of financial people, bankers, investment bankers, fund managers, private equity firms, rather than serving the general public,” said John C. Bogle, the founder and former chairman of the Vanguard Group, the giant mutual fund house. “It has hurt the American investor first and the average American taxpayer.”
"Lee A. Pickard, a lawyer representing clients including the Bank of New York, whose employees have been significant donors to Mr. Schumer and other Senate Democrats, turned to Mr. Schumer last year to successfully beat back a regulatory initiative by the Securities and Exchange Commission. “If you get Chuck Schumer on your side, you are O.K.,” he said."
Popular regulations for the Credit Rating Agencies like Standard & Poors, and Moody's etc.
“They knew Schumer would support them,” said one former Moody’s executive, who asked not to be named because he still works in the industry. “He was their go-to guy,” the executive said.
Schumer is the Democrat's version of Phil Gramm.
December 15, 2008 9:26 AM | Reply | Permalink
I've written a number of posts criticizing Schumer, Dodd, and the rest of modern day Democratic Leadership for their abdicating the title "opposition party" and joining the republicans in bed with the unbridled capitalists of the world.
Democratic leaders are as responsible for this economic disaster as the Republicnas are, as you can see their fingerprints all over the legislation or lack of that enabled this fiasco to take place.
I don't give a shit about the Republicans, I know what they do, my problem is with my own party and those in it who now too often put 10% of the public ahead of the other 90%.
Schumer, Dodd, and many other Democrats should be outed for their complicity and then run out of the Senate and House on a rail.
December 14, 2008 10:39 AM | Reply | Permalink
And don't forget that it was Schumer's comments that caused a run on IndyMac Bank and led to it's downfall. I have never liked him, Dem or not.
December 14, 2008 11:28 AM | Reply | Permalink
You have politicians from the Upper Midwest whose agenda is to help the Big 3. There are senators from the deep South who oppose helping the Big 3 partly for the benefit of foreign car makers in their respective states. Chuck Schumer is trying to provide help to his local interests. Part of representing a group of people as an elected official is to protect those people's best interests...even if those best interests run counter to the best interests of the nation as a whole. I think changing this culture is what Barack Obama meant with his promise of change. Until we get a majority of politicians who do not put parochial interests ahead of the national good, and often at the expense of the national good, nothing will change with bad laws and a lack of regulation representing the future ticking time bombs. It is the plutocracy protecting their own...
December 14, 2008 1:38 PM | Reply | Permalink
Libertine,
Chuck Schumer, as a US Senator, represented New York State, his constituency was the whole of New York State not just NYC. And Schumer didn't get in bed with reputable businessmen, he got in bed with sharks and his constituents are paying the price.
Kick him out of office, don't reward him by reelecting him.
December 14, 2008 4:01 PM | Reply | Permalink
In a perfect world John. Dodd and Lieberman from my state should be on that list to be removed by the standard being used here. Actually Lieberman needs to go for much more fundamental reasons. Are we gonna 'clean house' on the Democratic side?
But it appears that the voters of NY State are happy with the way Schumer brings home the bacon, he keeps getting reelected quite comfortably. And I am sure Hillary's replacement in the Senate will establish close ties with The Street too...it's all about the ching.
December 14, 2008 6:07 PM | Reply | Permalink
lib,
I guess my main point is we have to try to get the Democrats to again be the opposition party in matters of financial institutions. They've become whores to Wall Street and the corporate boardrooms and until they start feeling they may lose their seats it will be business as usual.
December 15, 2008 9:03 AM | Reply | Permalink
I bet Governor Paterson could take Shumer's seat down the road, using the Obamamentum? to turn out the Black and Latino vote in the primary. Of course, Obama might need to support Paterson's effort, which seems unlikely given his tendency to avoid ruffling as many feathers as possible.
December 14, 2008 2:22 PM | Reply | Permalink
Thanks MJ for encouraging this discussion. All democrats should be aware that our party helped push through the deregulations that have resulted in the current financial mess. We know who repealed Glass-Steagell -- we can add Shumer to the list of Clinton, Rubin, Summers. The republicans always hated it, but it took our neoliberals to push through the repeal.
The next question: Is it realistic to try to topple Shumer in the next primary?
December 14, 2008 3:46 PM | Reply | Permalink
Yes we can. We should get rid of all Jewish neocons in senate including Schumer, Feinstein and Lieberman.
December 14, 2008 4:02 PM | Reply | Permalink
syvanen,
I don't know if its realistic but the base should try to find a strong candidate to run against him in the primary. Sadly, the party is rife with Schumers.
December 14, 2008 4:05 PM | Reply | Permalink
Please tell me who will run against him. The last clown who ran to the left of a sitting Democratic Senator in New York got a huge 17% of the vote in the 2006 primary. Not one single elected Democrat of any stature will challenge Chuck in 2010, but if you'd like I can give you Jonathan Tasini's phone number.
December 14, 2008 9:04 PM | Reply | Permalink
I'd like to see Caroline Kennedy earn a Senate seat, and not just have one handed to her. You're probably right that she wouldn't dare challenge him, but she would have a very good chance I imagine. I'd volunteer for her, begrudgingly, because I do loathe rampant nepotism.
December 14, 2008 10:17 PM | Reply | Permalink
As Dana Milbank reported sometime back Schumer is not alone amongst democrats. Most democratic congresspersons are beholden to, and serve, the same benefactors as do most republicans.
They have, though, enacted legislation to legalize the bribery which used to be proffered in envelopes of cash passed out on the floor of congress.
December 14, 2008 7:15 PM | Reply | Permalink
Let's not be unduly hasty. The good senator was perhaps wiser than most of us. With foresight, he worked hard to inflate successive economic bubbles knowing the whole sordid edifice would ultimately collapse, finally enabling the next administration to pass a reasonable health care plan and other legislation that only stand a chance in the aftermath of a tragedy. Thanks, Senator. We should all remember your wisdom around next election time.
December 15, 2008 1:17 PM | Reply | Permalink
As luck would have it, the only politician on the national scene who can't be blamed for Economic Crisis is also the incoming POTUS.
Although in fairness, its pretty tough to blame Ron Paul and Dennis Kucinich, too.
December 15, 2008 1:29 PM | Reply | Permalink