Sunday School 1/31/21

Who's making the rounds in the classrooms today?  

Let's start with a couple of Senators - Rob Portman (R-OH) and Elizabeth Warren (D-MA), both of whom were in the CNN State of the Union classroom with Dana Bash. 

Sen. Portman was first up.  He's one of ten senators who sent a two-thirds smaller COVID package to the White House today. He says it's "more targeted and more appropriate for the times we're in," and hopes they can meet with President Biden and hammer out a deal.

He wants more targeted direct payments; I agree. And he's concerned about "unprecedented deficits and debts," and about enhanced unemployment benefits. He says the Biden plan extends protections through September, but that

Most economists believe next year will be significant growth, over 4% growth. So, let's target that a little bit more and make sure that it ties somewhat to the economic conditions.

He also said the Dems using reconciliation to get the COVID bill taken care of is different than the Rs using reconciliation on tax cuts and repealing the Affordable Care Act. The Dems are trying to use it wrong, and without even trying to reach across the aisle to get a deal. Or something. 

Bash asked if he considered Trump's actions before and on January 6th amount to "impeachable conduct, yes or no." Portman's response took more words, but in a nutshell, Trump's behavior can be both inexcusable and not subject to conviction.

I have said with regard to the president's comments that day that they were partly responsible for what happened, for the horrible violence that occurred on Capitol Hill. I have also said that what he did was wrong and inexcusable.

He has concerns about the constitutionality of "convicting a private citizen," though, and how that might impact all former presidents, alive or dead. 

Sen. Warren was up next, talking about Wall Street, GameStop, Reddit, and hedge funds. Bash asked what she meant by saying it was time for regulators to "wake up and do their jobs."  Among the concerns is that "we actually don't know who all the players are in this." And, she hit on her favorite theme - the rigged system, where the stock market is more like a casino now. 

They have been doing all kinds of market manipulation, pump and dump, companies that buy back shares of their own stock, so that they can inflate stock prices. We need a market that is transparent, that's level, and that is open to individual investors. It is time for the SEC to get off their duffs and do their jobs.

Warren says we need more regulation around manipulation. The SEC's got some rules pending, but needs to take a "broader look" at how companies and hedge funds manipulate the market, "grow a backbone," and enforce the rules they put into place. We need more market transparency, a more level playing field that "helps individual investors come into that market and, frankly, helps make that market more efficient," and that big corporations and hedge fund love an inefficient market - they get better returns, she said, and individual investors lose out. 

The decision by Robinhood and others to prevent small investors from trading, while allowing the hedge funds to continue, is a prime example and "that's why we're going to have an investigation. That's why there's going to be a hearing in the Banking Committee. And I'm looking forward to it."

Sen. Bernie Sanders (That Guy from Vermont) was in the This Week classroom, with  Martha Raddatz hosting. She was interested in bipartisanship and COVID, and wondered if there was an over-estimation on the part of the new administration on that.

TGFV's confident we'll see it down the road, but "we have got to act and we have got to act now" to get relief to folks who can't feed their families, who are facing eviction. 

Raddatz asked about the new bill from the ten GOP senators, and whether the Dems made a mistake thinking about "abandoning bipartisan negotiations so soon?" Again, TGFV said the issue is about addressing the crises we face, ticking off the list of issues: producing the vaccines we need, and getting them into arms; children going hungry; evictions; schools not open. Asking about bipartisanship is the wrong question, the right question is how will we go about

addressing the unprecedented crisis that we face right now. If Republicans want to work with us, they have better ideas on how to address those crises, that's great. But, to be honest with you, I have not yet heard that.

He said he's confident the Dems have the votes to pass the package via reconciliation, and that the polling shows overwhelming support by Rs, Ds, and Is. And he doesn't seem concerned about Sen. Joe Manchin (D-WV), who's the most conservative Dem in the Senate and, according to some, the most powerful. Manchin complained that no one reached out to him about the bill, saying "that's not a way of working together."

Democrats have majority because of the fact that we won two seats with great candidates in Georgia. And, obviously, those candidates won the support of the people of Georgia, but that campaign, in many ways, was a national campaign. And what those candidates said is, yes, we are going to provide checks of $2,000, $1,400 on top of the $600. Yes, we're going to extend unemployment benefits. Yes, we are going to address the needs of working families. The entire Democratic Party came together behind the candidates in Georgia. We made promises to the American people. And if politics means anything, if you're going to have any degree of creditability, you know what? You can't campaign on a series of issues, and then, after the election, when you get power, say, oh well, you know what, changing our mind. That's not the way it works. We made promises to the American people. We're going to keep those promises.

See you around campus. Wear a mask or two, please - and thank you.