Trump attacks Biden for being silent on China issues
After the Democratic convention wrapped, Trump claims Joe Biden is avoiding his decades-long record on a major foreign policy challenge; Rich Edson reports.
At the Democratic Party’s convention last week, Joe Biden and Kamala Harris told us they want to “Build Back Better.” But that’s nonsense. All they want to build back are big banks, big tech and Beijing.
Let’s be honest – after four years of President Trump upsetting the status quo on Wall Street, in Silicon Valley and Washington, D.C., in favor of working people, the Biden-Harris ticket is all about the revenge of the elites.
Former Vice President Biden styles himself as a friend of the working class, but he’s really a corporate Democrat. This should surprise nobody. Look at his record.
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It started with giveaways to the big banks. Back in the 1990s, then Sen. Biden voted to deregulate the financial services industry, and giant mergers that made certain banks “too big to fail” followed soon after. It’s not hard to imagine how this turbocharged risky, predatory and speculative activity eventually resulted in the financial crisis of 2008.
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When Vice President Biden had the chance, with President Barack Obama, to make things right, he didn’t. Virtually no senior executives of Wall Street firms were prosecuted for their role in our economy’s collapse, when it’s clear that those who played fast and loose with the securitization of home mortgages were the ones who brought it all crashing down.
It doesn’t end there.
The Obama-Biden administration made only a half-hearted attempt to help the millions of families who faced foreclosure during the crisis. Their relief policies privileged creditors at the expense of borrowers, propping up big banks at the expense of family homes and family farms. When given a choice, the Obama-Biden administration chose wealth hoarders over wage earners. Former Treasury Secretary Timothy Geithner basically admitted as much.
These days Biden and Harris like to talk a lot about injustice. But letting bad actors who destroyed the economy off the hook while ignoring millions of working families who suffered – that’s the real injustice.
With Wall Street and big tech lining up to write checks, it’s clear that this is the ticket for corporate consolidation and corporate power, not workers.
And it’s not just Wall Street that is cheering for this new Democratic ticket. So is Silicon Valley. Big time. Harris in particular has spent years cultivating close ties with Big Tech, and did next to nothing to stand up to these corporate behemoths during her time as attorney general of California. In a Biden-Harris administration, these tech companies will have ever greater power to pry into our phones, into our families, into our lives.
With Wall Street and big tech lining up to write checks, it’s clear that this is the ticket for corporate consolidation and corporate power, not workers.
And there’s another reason big business loves this ticket. It’s because Beijing loves it too.
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President Trump has made cracking down on China a centerpiece of his economic agenda. He’s levied tariffs on Chinese imports, an action the experts said would be cataclysmic. Turns out the experts were wrong. We are finally managing our trade in a way that protects our vital strategic industries and our manufacturing workers.
But Biden is weak on trade, favoring instead ruinous trade agreements that have repeatedly disenfranchised American workers. Biden voted to join the World Trade Organization and also to normalize trade relations with China, disastrous policies that have cost this country at least two million good jobs, thanks to the endless flow of cheap Chinese goods. To this day, Biden claims that China “is not competition for us”1 and has mused about rolling back Trump’s tariffs should he be elected. Beijing could not be happier.
With big banks, big tech and Beijing behind them, the Biden-Harris ticket is deliverance for the corporate class and the Democratic elites who enable them.
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Over the next few months, pay attention to the speeches made by Biden and Harris. You’ll hear lots about various social causes, no doubt, and the sins of America. But what will they do for America, for the working Americans who built this country? What will they do to protect these Americans jobs, their financial security, raise their wages?
The truth is, these issues no longer matter much to today’s Democratic Party. That’s because it’s run by America’s wealthiest and best-connected. And they’re plotting their return to power.
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