Bill Black — Wall Street Uses Third Way to Lead Its Assault on Social Security

Let me attempt again to make the basic facts clear. Third Way is not a "liberal think tank." It does not take "a centrist approach." It is not run by "fellow progressives." It is not concerned with "protecting entitlements." It is not even a "think tank." Third Way is a creature of Wall Street. It's version of "protecting" the safety net was made infamous during the Tet offensive in Vietnam when the American officer explained that "it became necessary to destroy the village in order to save it."

Third Way is the Wall Street wing of the Democratic Party, which seeks to defeat Democratic candidates like Elizabeth Warren running against Wall Street sycophants like Senator Scott Brown and seeks to unravel the safety net programs that are the crown jewels of the Democratic Party. Wall Street's "natural" party is certainly the Republican Party, but Wall Street has no permanent party or ideology, only permanent interests. Third Way serves its financial interests and the personal interests of its senior executives. Wall Street has always been the enemy of Social Security and its greatest dream is to privatize Social Security. Wall Street's senior executives live in terror of being held accountable under the criminal laws for their crimes. They became wealthy by leading the "control frauds" that drove the financial crisis and the Great Recession. This is why Wall Street made defeating Warren a top priority.

Third Way is run by a man who Lautner terms an "acolyte" of Pete Peterson. Peterson is a Republican, Wall Street billionaire who has two priorities -- imposing austerity on America and privatizing Social Security. Privatizing Social Security is Wall Street's unholy grail. They would receive hundreds of billions of dollars in fees and ensure that their firms were not only "too big to fail," but "too big to criticize" if they could profit from a privatized retirement system. (We do not know who funds Third Way because it refuses to make its donors public. Given who dominates its Board of Trustees, however, the donors must be overwhelmingly from Wall Street.)

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The Huffington Post
Wall Street Uses Third Way to Lead Its Assault on Social Security
William K. Black | Assoc. Professor, Univ. of Missouri, Kansas City; Sr. regulator during S&L debacle