Wall Street's worst day.
Hmmm, so far today we've seen that Third Way op-ed
in the Wall Street Journal
and Sen. Chuck Schumer's comparing us
to the teabaggers.
Then there is DLC dinosaur Al From with a new book and rhetorical embrace of Hillary Clinton, unreconstructed racist Richard Cohen's blasting of Sen. Elizabeth Warren, and Fox News "Democrats" Doug Schoen and Pat Caddell in Politico are back for another stab at that whole "radical center" nonsense.
One or two of these would be random noise. All of this, all at once? It's a coordinated counterattack by Wall Street Democrats spooked by the party's embrace of politicians like Elizabeth Warren, Sherrod Brown, Tammy Baldwin and Jeff Merkley. The future of the Democratic Party is a populist one, all that's left is for time to whittle out the dead weight.
But this counterattack ... it's kinda pathetic. Warren will DOOM Democrats! Except that she is on the right side of American public opinion on issues of Wall Street dominance. That's the whole definition of being "populist" after all. But Warren can only win in a place like Massachusetts! Only if you ignore what Sherrod Brown did in Ohio with virtually identical politics. Or the way Democrats like Jon Tester and Heidi Heitkamp won their solidly red states. Hint: they didn't run Bob Kerrey's playbook of campaigning on Social Security cuts and austerity.
Wall Street can't possibly see a future in the Republican Party. It is increasingly a home for right-wing populists, the teabaggers, pushing for economy-destroying austerity, reactionary social policy, government shutdowns and national defaults. That's not good for business! And neither is blocking immigration reform. So the Democratic Party—the party that has saved capitalism by smoothing its rougher edges (it's no coincidence the stock market does better under Democratic administrations)—is the only choice. Except corporatists want less of that "smoothing the rougher edges" stuff. A lot less.
For now, Wall Street and its allies are simply trying to claim that cutting Social Security and other social programs are a path to electoral relevance—a notion laughable on its face.
But if Wall Street was really smart, they'd start getting the less crazy Republicans, like Mark Kirk and Susan Collins, to switch parties, reinforcing the ranks of Wall Street Dems in Congress and giving the corporatists a functional governing majority. And if that happened, it would be our turn for a good ol' civil war, just like the one the GOP is currently waging.
We're not there yet, but today's coordinate assault, inept as it might be, could be the first skirmish.
11:00 AM PT:
@markos Add @HFord2 to the coordinated attack; he just told @alexwagner et al the way to salvation is cutting SS & Medicare
Even Harold Ford is coming out of the woodwork. It's a corporatist Reunion Day!