I was inspired by Michael Collins' wonderful article, Where are the Populists? to make this contribution. I have been spending much time this winter peering through the kaleidoscope of American history at what happened in the early 1900s, when progressives were able to ride a rapidly rising wave of populism to political power, and institute some major reforms that still redound to our advantage today. These progressive populists were able to achieve a number of specific goals, such as direct primaries (to break the rule of state and city political bosses), direct popular election of U.S. Senators (to break the stranglehold large business and financial interests had acquired over the selection process in state legislatures), and some reforms within the U.S. Congress that curtailed the power of entrenched interests by curbing some of the administrative power of House Speaker Joseph Cannon.
It was neo-liberal policies that created this mess and it will take progressive policies to fix it. There are several reasons why we have not seen progressive policies from Democrats: 1) They are owned by Wall Street and 2) Such policies require a shared sacrifice (which has been absent for quite some time) or the financial oligarchy to experience some pain. We have seen nothing but policies that support the financial sector. That will have to change if we are to move forward.
The mortgage crisis that triggered our economic crisis or Great Recession was created by a lack of regulation and increased financialization. But we have failed to address the underlying problems of the mortgage crisis. In fact, most programs intended to address the mortgage crisis have failed miserably.
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
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