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Joe BidenCongratulations to our presumptive Democratic nominee, Joe Biden!
 

BlueMTexpat

(15,370 posts)
Thu Oct 24, 2019, 06:08 AM Oct 2019

The Wall Streeters who actually like Elizabeth Warren

“I’m fully on board with soaking the rich, 100 percent, and if that involves me paying more taxes, let’s go.”

https://www.vox.com/policy-and-politics/2019/10/23/20916138/wall-street-elizabeth-warren-supporters-donald-trump

Very worthwhile reading.
...
Some in the industry believe that the excesses of the financial system continue to be a problem in the wake of the Great Recession and that corporate concentration, wealth inequality, and lax regulation are still issues that need addressing. Do they think she’s 100 percent right on everything? No. But they know she’s smart, and they think she’s approaching policy with a scalpel, not a sledgehammer. [emphasis mine] They believe Warren when she says she is a capitalist and are on board with her brand of capitalism.
...
I spoke with more than three dozen people from across the financial sector — professionals who work at hedge funds, big banks, and private equity funds, in asset management, financial advice, investment banking, trading, research, and compliance — who support Warren’s presidential bid. They know if she lands in the White House that may make their jobs a bit different, their companies a little less lucrative, or mean they’ll pay more in taxes. And they think that’s great. They support Warren because of her policies, not in spite of them.
...
Supporters also trust her in the event of a potential recession. They see her as an experienced economic hand who would seek to spend more money at the lower ends of the economic spectrum rather than at the top, and they assume the deficit is going to continue to balloon whoever the next president is, Republican or Democrat. “At the macro level, the redistribution of wealth back into consumer’s pockets will positively impact equity markets,” said a State Street vice president. “It’s just what side of the ledger you want to look at.”

While in the wake of the financial crisis, Warren trained much of her ire on the big banks; on the campaign trail, she’s specifically gone after private equity. She’s characterized the industry’s practices as “Wall Street looting,” invoking private equity’s role in the demise of companies such as Toys R Us, Payless, and Shopko, and proposed revamping the way firms do business and closing the carried interest tax loophole many in the field take advantage of.
...


MUCH more at the link.
If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
32 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
The Wall Streeters who actually like Elizabeth Warren (Original Post) BlueMTexpat Oct 2019 OP
I'm one such supporter working at a hedge fund! Lucky Luciano Oct 2019 #1
You would be most BlueMTexpat Oct 2019 #3
I have some respect for some Wall Streeters now Farmer-Rick Oct 2019 #2
There are many who realize that BlueMTexpat Oct 2019 #4
I want Elizabeth in office one way or another! True Blue American Oct 2019 #5
I was sorry to BlueMTexpat Oct 2019 #6
Richard was doing a great job True Blue American Oct 2019 #7
And that's one of the reason why BlueMTexpat Oct 2019 #10
Like everywhere and everything, Wall Street us a complex ecosystem. Blue_true Oct 2019 #25
Better capitalism is achievable BeyondGeography Oct 2019 #8
This I believe! BlueMTexpat Oct 2019 #9
I have read that True Blue American Oct 2019 #13
Smart, honest wing of the financial industry will welcome a Warren administration blm Oct 2019 #11
They won't like everything. BlueMTexpat Oct 2019 #12
I heard an expert say this morning that Trump was a Casino operator. True Blue American Oct 2019 #14
And oddly enough her support of it is looked at as a negative by Sanders. oldsoftie Oct 2019 #16
And that's the main reason why his ceiling is so much lower than hers BeyondGeography Oct 2019 #17
Thank God. nt oldsoftie Oct 2019 #20
I would be willing to pay more taxes. If we enacted a Sales Tax. oldsoftie Oct 2019 #15
Sales taxes are a larger financial burden on the poor kcr Oct 2019 #18
And we'll also never raise the money needed. Focus on only the rich, you fail. oldsoftie Oct 2019 #19
It's not punishment. BlueMTexpat Oct 2019 #22
"Their fair share" doesnt raise enough money. Thats reality. Its fantasy to think otherwise. oldsoftie Oct 2019 #24
Sales taxes are regressive. BlueMTexpat Oct 2019 #21
i covered that. Its easy oldsoftie Oct 2019 #23
We need a truly progressive tax on all income. Blue_true Oct 2019 #26
But done properly, they're exempted. Its simple. Income taxes alone wont do it. oldsoftie Oct 2019 #27
We should close loopholes that allow rich people to avoid paying their fair share of taxes. Blue_true Oct 2019 #28
Its a nice thought, but its never going to happen. We've had several chances to do it. oldsoftie Oct 2019 #29
I don't share your sense of pessimism. Blue_true Oct 2019 #30
I thinks its more realistic, not pessimistic. Your view seems more pessimistic i think. oldsoftie Oct 2019 #31
Before Trump. Blue_true Oct 2019 #32
 

Lucky Luciano

(11,257 posts)
1. I'm one such supporter working at a hedge fund!
Thu Oct 24, 2019, 07:58 AM
Oct 2019

I like Bernie too, but I’m leaning towards Warren at the moment.

If I were to vote in a presidential
primary today, I would vote for:
Undecided
 

BlueMTexpat

(15,370 posts)
3. You would be most
Thu Oct 24, 2019, 08:11 AM
Oct 2019

welcome to join us!

But it is still early days yet.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

Farmer-Rick

(10,192 posts)
2. I have some respect for some Wall Streeters now
Thu Oct 24, 2019, 08:07 AM
Oct 2019

They don't want to tear down the economy and possibly the planet just to make a few bucks.

Too bad all the filthy rich capitalist kings care about the future.

If I were to vote in a presidential
primary today, I would vote for:
Undecided
 

BlueMTexpat

(15,370 posts)
4. There are many who realize that
Thu Oct 24, 2019, 08:14 AM
Oct 2019

they still can make profits - and good ones - by following the rules and where the whole country and its economy can benefit. It galls them that there are too many who refuse to follow those rules.

It is the obscene profits at the expense of others where anyone ethical and sane balks.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

True Blue American

(17,986 posts)
5. I want Elizabeth in office one way or another!
Thu Oct 24, 2019, 08:18 AM
Oct 2019

Democrats need to put another Richard Cordray in charge.

Disappointed that he quit to run for Governor. I think that election was fixed. Puny little DeWine against Richard.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

BlueMTexpat

(15,370 posts)
6. I was sorry to
Thu Oct 24, 2019, 08:19 AM
Oct 2019

see that too!

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

True Blue American

(17,986 posts)
7. Richard was doing a great job
Thu Oct 24, 2019, 08:24 AM
Oct 2019

Running Elizabeth’s Agency.

She got even with Republicans who refused to let her run the agency she created.

Boy, did she fix them. Thorn in their side ever since!

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

BlueMTexpat

(15,370 posts)
10. And that's one of the reason why
Thu Oct 24, 2019, 08:32 AM
Oct 2019

I am supporting her. May she continue being a thorn in their side!

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

Blue_true

(31,261 posts)
25. Like everywhere and everything, Wall Street us a complex ecosystem.
Thu Oct 24, 2019, 10:07 PM
Oct 2019

There are people there that realize that they can't stuff their pockets and let society rot.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

BeyondGeography

(39,376 posts)
8. Better capitalism is achievable
Thu Oct 24, 2019, 08:25 AM
Oct 2019

It’s absurd what has been done in the name of “shareholder values”; 94 cents of every corporate profit dollar getting sucked up by stock buybacks and dividends for the last 17 years. This has killed real income growth for most people. A more equitable distribution of wealth and profits (which all workers help generate) is not only necessary and fair, it will create new and more durable forms of investment opportunities. From the article, a lot of smart people don’t have a problem with that.

If I were to vote in a presidential
primary today, I would vote for:
Undecided
 

BlueMTexpat

(15,370 posts)
9. This I believe!
Thu Oct 24, 2019, 08:31 AM
Oct 2019

Thanks, BG!

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

True Blue American

(17,986 posts)
13. I have read that
Thu Oct 24, 2019, 08:40 AM
Oct 2019

Some companies have decided putting shareholders first was not the right way to run a company.

They feel employees should come first. MAry Barro began her term as CEO of GM that way, giving employees a share of the profits. Not sure what happened.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

blm

(113,071 posts)
11. Smart, honest wing of the financial industry will welcome a Warren administration
Thu Oct 24, 2019, 08:37 AM
Oct 2019
If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

BlueMTexpat

(15,370 posts)
12. They won't like everything.
Thu Oct 24, 2019, 08:39 AM
Oct 2019

But they certainly know that she does NOT want the economy to fail ... and that is good for them too.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

True Blue American

(17,986 posts)
14. I heard an expert say this morning that Trump was a Casino operator.
Thu Oct 24, 2019, 08:44 AM
Oct 2019

Been laundering money through them for 30 years and that it would all come out!

Just think, Zelensky was trying to clean up corruption in his Country. Rudy and Trump were trying to corrupt him, even before he took office!

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

oldsoftie

(12,558 posts)
16. And oddly enough her support of it is looked at as a negative by Sanders.
Thu Oct 24, 2019, 08:50 AM
Oct 2019
If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

BeyondGeography

(39,376 posts)
17. And that's the main reason why his ceiling is so much lower than hers
Thu Oct 24, 2019, 09:00 AM
Oct 2019

There’s a much bigger audience for stronger government and better capitalism than there is for socialism. Much bigger.

If I were to vote in a presidential
primary today, I would vote for:
Undecided
 

oldsoftie

(12,558 posts)
15. I would be willing to pay more taxes. If we enacted a Sales Tax.
Thu Oct 24, 2019, 08:46 AM
Oct 2019

I will beat this drum every chance I get.
There are likely TRILLIONS of untaxed dollar out there; most earned by wealthy people. Not to mention the criminal class. The ONLY WAY to tax that money is with a sales tax. "Stated Income" taxpayers easily avoid paying the correct amount, or any at all. Its very easy. Doctors, lawyers, accountants, therapists, electricians, plumbers, etc. The list is LONG. Cant hide from a sales tax, unless you "barter". And that would be a tiny tiny number. Its used in the EU and other countries. Do it.

Every county I've ever lived in has funded large projects with a SPLOST. And they almost always pass. And they generate the cash needed.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

kcr

(15,317 posts)
18. Sales taxes are a larger financial burden on the poor
Thu Oct 24, 2019, 09:17 AM
Oct 2019

It's a shame you make that a condition. Keep beating that drum. You'll never win with anyone fighting for income equality.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

oldsoftie

(12,558 posts)
19. And we'll also never raise the money needed. Focus on only the rich, you fail.
Thu Oct 24, 2019, 02:46 PM
Oct 2019

When punishment becomes the main focus of a tax instead of raising needed revenue, you lose. HALF the workforce pay no income taxes. And the number gets higher every year. So does the dollar amount of whats "skimmed". You obviously dont work in a field where you see it every day, like I do.

Theres a simple way to exempt the poor. Everyone is in the "system". You simply send those on the low end a monthly check equal to a certain level of incomes sales tax expense. Easy.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

BlueMTexpat

(15,370 posts)
22. It's not punishment.
Thu Oct 24, 2019, 04:01 PM
Oct 2019

It's paying their fair share.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

oldsoftie

(12,558 posts)
24. "Their fair share" doesnt raise enough money. Thats reality. Its fantasy to think otherwise.
Thu Oct 24, 2019, 04:31 PM
Oct 2019

There simply arent enough of them. And if you double their rates it STILL wont raise enough to pay for everything. Wealth tax? Fine; watch every billionaire suddenly become far less rich. Its another tax thats easy to avoid.

Why is it that every other industrialized country makes EVERYONE pay into the system but we cant? We always point to these other countries programs & say "Why not us?". Well, why cant we do what they do?

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

BlueMTexpat

(15,370 posts)
21. Sales taxes are regressive.
Thu Oct 24, 2019, 04:00 PM
Oct 2019

They disproportionately harm those with lower incomes.

Wealth taxes and/or transaction taxes hit those who can most afford to pay.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

oldsoftie

(12,558 posts)
23. i covered that. Its easy
Thu Oct 24, 2019, 04:26 PM
Oct 2019
If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

Blue_true

(31,261 posts)
26. We need a truly progressive tax on all income.
Thu Oct 24, 2019, 10:12 PM
Oct 2019

Because the poor spend more of their money on basics, a sales tax disproportionately affects them.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

oldsoftie

(12,558 posts)
27. But done properly, they're exempted. Its simple. Income taxes alone wont do it.
Fri Oct 25, 2019, 06:03 AM
Oct 2019

Again, we have 1/2 who pay NO income taxes. You cannot expand the programs we want without asking EVERYONE to pay into them. No other country does it, yet we think we can. We cant. It doesnt work, as evidenced byt the massive debt.
Regardless, the poor will pay SOMEONE more, because if you raise taxes on rental income, then rents go up & they pay more. Raise corporate taxes, prices go up on products, they pay more. Raise gas taxes, whihc is badly needed, they pay more.
A sales tax could exempt them with a simple rebate tp cover sales tax paid by a certain income level.

If you want a good tax system, you want to tax ALL income. Thats not happening. And an income tax will NEVER tax all income. Thats reality. It wont change. I know a ton of people who pay far lower than they should. Its very easy to avoid paying.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

Blue_true

(31,261 posts)
28. We should close loopholes that allow rich people to avoid paying their fair share of taxes.
Fri Oct 25, 2019, 03:38 PM
Oct 2019

I believe that it is a privilege to be able to make money in a safe environment, that has a price, taxes. Anyone that is rich and making lots of money and can't see the logic of helping to keep their country viable by helping to pay societal costs should get the fuck out and take their money with them, and not be allowed directly or indirectly to do business with any USA entity. Look, if society breaks down around them, the rich are paupers, the truly smart ones realize that and are willing to use their money to produce a fairer, safer, more productive society.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

oldsoftie

(12,558 posts)
29. Its a nice thought, but its never going to happen. We've had several chances to do it.
Fri Oct 25, 2019, 06:04 PM
Oct 2019

Democrats holding all 3 branches could have passed whatever would do it. And MANY loopholes have been closed. But again, you have to KNOW the income is there before you can tax it.
Its just not going to happen because its to easy to hide income & assets. And loopholes have nothing to do with that.
I see it EVERY week with the work I do. I could tell you a list of ways higher & lower income people do it.

A sales tax is the only way to really add a large chunk of income to the treasury; adding to what would come from tax reform.
But we'll never do it. And we'll continue to sink deeper into debt regardless of who gets elected because the focus is always on "the rich". And there just arent enough of them to raise whats needed

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

Blue_true

(31,261 posts)
30. I don't share your sense of pessimism.
Fri Oct 25, 2019, 06:27 PM
Oct 2019

For my entire adult life, when democrats took over all government, they had to fix the stuff that republicans had broken first, to save the country. In doing that, the alienated people that call themselves progressives, but who don't have a fucking clue about what true progress is and how to achieve it.

Trump has basically governed by tweet and executive order and the Courts so far has done nothing about his behavior. When a democrat takes over, he or she should write an executive order closing abusive tax loopholes, taxing high income Americans at higher rates, and imposing a tax on the USA assets of anyone with money in offshore tax havens - if they don't pay in cash immediately, seize their USA assets. The democratic President should do all of that and look at the Courts and say that "you better not fuck with anything that I have done, because for the last four years, you were mute to treason and travesty". Or like Andrew Jackson did to initiate his trail of tears evil, look at a Supreme Court ruling and say "I see what they ruled, now let them try to enforce it".

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

oldsoftie

(12,558 posts)
31. I thinks its more realistic, not pessimistic. Your view seems more pessimistic i think.
Fri Oct 25, 2019, 06:57 PM
Oct 2019

Because you HAVE to know that an executive order cant accomplish any of those things you listed. Taxes are levied by Congress, not the president. So far nearly 70 of trumps EOs have been overturned by federal courts & only one has made it to the SCOTUS. I really do think that when many of the others reach it, they will also rule against them. Maybe i'm being overly optimistic.
Even if you tax the way you wish, you STILL dont get the revenue needed to fund all the desired programs, not to mention reducing the debt.
But you're not alone, many people think it really IS the solution. I just dont understand why people dont look at the other countries that have what we want and see just how THEY fund them. ALL have a VAT.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
 

Blue_true

(31,261 posts)
32. Before Trump.
Fri Oct 25, 2019, 07:43 PM
Oct 2019

An executive order could not redirect money appropriated by Congress for a specific use, or an executive order could not make visas that people that wanted to enter the country had invalid, or an exccutive order could rewrite immigration laws at the stroke of one person's pen. The President can do whatever he or she wants to do and dare the Courts to enforce any ruling against it.

The only thing is that democratic President surround themselves with thinking people that honor the Constitution, so ruling by executive order for a democratic President will be difficult because of the opposition that person would face from staff. Other than that, there is nothing that constrains a President that wants to violate Cobstitution strictures, as Trump is showing.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
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