Tuesday, October 4, 2016

Progressive Breakfast: In a Populist Moment, Hillary Clinton's Left-Leaning Economic Vision

MORNING MESSAGE

Richard Eskow
In a Populist Moment, Hillary Clinton’s Left-Leaning Economic Vision
Hillary Clinton gave a speech on the economy in Toledo, Ohio on Monday ... The speech wasn’t perfect, and some will undoubtedly question her sincerity. But it showed just how far the candidate, and her party’s leadership, have come in a very short time ... by reflecting and channeling the public’s anger, Clinton is acknowledging that the political reality about Wall Street fraud has changed.

Trump TAXES in Spotlight

Clinton rips Trump’s tax returns. NYT: “[She said] he pretended to help working Americans even as he personified ‘the same rigged system he claims he will change.’ … Mrs. Clinton wove her attack on Mr. Trump into an address in which she also criticized other corporate actors, including top executives at Wells Fargo … She also unveiled two new policies to protect workers, including curbing the use of ‘forced arbitration’ clauses in contracts that prohibit workers and consumers from bringing legal action against companies that have harmed them.”
Trump deems his tax avoidance “brilliant.” Reuters: “‘I was able to use the tax laws of this country and my business acumen to dig out of the real estate mess … when few others were able to do what I did,’ Trump told a crowd in Pueblo, Colorado.”
Trump’s tax avoidance is small compared to large corporations, notes NYT’s Andrew Ross Sorkin: “An exhaustive study being released on Tuesday by a group of researchers shows in detail how Fortune 500 companies have managed to shelter trillions of dollars in profits offshore from being taxed. Mr. Trump’s efforts pale by comparison. Worse, the companies have managed to hide many of their tax havens completely, in many cases reporting different numbers to different government agencies to obfuscate exactly how they’ve avoided Uncle Sam. And, yes, it is all legal.”

400 PPM

Atmosphere crosses 400 parts per million of CO2. NYT: “One of the world’s most important sentinel sites for measuring levels of carbon dioxide in the atmosphere, at Mauna Loa, Hawaii, reported that levels had recently risen above the symbolically important figure of 400 parts per million, and were likely to stay that way ‘for the indefinite future.’ … rising above 400 parts per million line makes it even harder to prevent global temperatures from rising beyond the goal of two degrees Celsius agreed to in Paris … Ralph Keeling, a professor at Scripps Institution of Oceanography … stressed that the 400 parts per million is ‘a good yardstick,’ but ‘to call it a tipping point is incorrect.'”
Canada moves on carbon pricing. CBC: “A tough-talking Trudeau told MPs in the House of Commons that provinces can craft a cap-and-trade system or put a direct price on carbon pollution — but it must meet the federal benchmark or ‘floor price.’ ‘If neither price nor cap and trade is in place by 2018, the government of Canada will implement a price in that jurisdiction,’ he said.”
European Parliament backs Paris pact. BBC: “It was approved with 610 votes in favour, 38 against and with 31 abstentions … To become operational, the treaty needs at least 55 countries representing at least 55% of global emissions to complete all the steps. ‘With the action taken by the EU parliament, I am confident that we will be able to cross the 55% threshold very soon, in just a matter of a few days,” UN Secretary General Ban Ki-moon said.”

BREAKFAST SIDES

Supreme Court to hear insider trading case tomorrow. Bloomberg: “…a Chicago grocery wholesaler [is] trying to overturn his conviction for buying stock based on information leaked by a relative … It tests whether someone can be sent to prison for making trades when the insider who provided the tip wasn’t looking to make any money … A victory for the government would be a boost for prosecutors and the Securities and Exchange Commission, restoring some of the legal leverage they lost in 2014 when a federal appeals court in Manhattan set new requirements for insider-trading convictions.”
Battle for key House Democratic leadership slot shaping up along ideological lines. Politico: “Reps. Barbara Lee and Linda Sánchez are squaring off in the race to become vice chairman of the Democratic Caucus … it could help determine who’s next in line to run the caucus … ‘Sánchez is a doer, while Lee is an ideologue,’ said a Democratic aide with knowledge of the race. ‘So even though Lee has progressives … younger members are likely going to be with Sánchez because she’s at least open-minded.’ … But some members say Lee’s ultraliberal bona fides are exactly what make her the best candidate. She would be an appropriate foil to Crowley, the current vice chair who is expected to ascend to Democratic Caucus chairman, and she’s true to the progressive spirit on which Sen. Bernie Sanders (I-Vt.) capitalized…”

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