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Fighting Wall Street for Racial Justice, with Saqib Bhatti and Maurice Weeks

There have been a lot of debates recently about Wall Street and its role in fights for racial justice. For Saqib Bhatti and Maurice Weeks, co-founders of a new organization, the Action Center for Race and the Economy, understanding and combating the power of finance is an indispensable part of the struggle for both racial and economic justice, fights that cannot be separated out from one another.

MW: To me, the Trump administration is actually a perfect example of the demonstration of our analysis. On the one hand, you have a group of people who are just outright racist, who are just pushing forward the most hateful, xenophobic ideas that you could possible imagine. And on the other side, you have this group of people who are some of the economic justice targets that we have been fighting for the past ten or twenty years. Folks from Goldman Sachs, Steven Mnuchin, and that whole bunch.

In our analysis it makes a lot of sense that those two camps of people came together. There is a wealth extraction plan that they are pushing forward and the tool to do it is the racist hate language. Blaming the problems of the economy onto Black and Latino, brown folks and whoever else they can blame. It makes perfect sense that those two things are together and it is a really important calling for us to focus on race as a central piece of the work that we are doing. Because, if we don’t, it can be used as a tool against us.

SB: I would add that one of the original sins of the Democratic party going into the 2016 election was the failure of the last administration and the supermajorities in Congress to actually offer meaningful relief to struggling families in the aftermath of the financial crisis. The focus was on “How do we make sure that we can keep the financial system afloat?” and they left working families, struggling families behind.

One of the things that really is important about that is that one of the ways in which Wall Street ensured that they were able to push through their agenda was by racializing the issue. It was that the home owners who were facing foreclosure, they are irresponsible Black and Latino families who got into loans they couldn’t afford and so they didn’t deserve help. The reality is, we know, that Black and Latino families were actually targeted with predatory mortgages.

But, the other side of that, though, is that while it is true that Black and Latino families are disproportionately the people who impacted by the foreclosure crisis, in raw numbers it was a lot more poor white folks who were foreclosed on because there are a lot more poor white folks in the country than there are poor Black and Latino families.

The “white working class,” they very much were impacted by the same pro-Wall Street policies that were justified by scapegoating people of color. What is interesting now, of course, you had Donald Trump who really appealed to a lot of folks who felt left behind by the Democratic Party by saying the system is rigged. He wasn’t wrong that “The system is rigged.” It was rigged. Of course, it was rigged by the very people that he has put in his cabinet. So, it is this vicious cycle. As Maurice said, this is the perfect example of how race and class and racial and economic analysis go hand in hand and come together to give us the moment that we are in now.

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Interviews for Resistance is a syndicated series of interviews with organizers, agitators and troublemakers, available twice weekly as text and podcast. You can now subscribe on iTunes! Previous interviews here.

 

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Beating “Government Sachs” and the plutocrats, with Renata Pumarol


As a recent article by David Dayen noted, “President Bannon is dead, long live President Cohn.” In other words, Gary Cohn of Goldman Sachs is now steering the leaky ship that is the Trump administration, and that means one thing: capital is in charge. The folks at New York Communities for Change have been driving home the point for a while, though, that “Government Sachs” has been in charge of both parties for quite some time, and what might seem to be a shift for Trump has always been more or less inevitable. Renata Pumarol of NYCC joined me to talk about their latest action at Goldman’s NY headquarters, its connection to the Tax March last weekend, and looking ahead to May Day.

We haven’t, personally, heard of [more people who voted for Trump and turned on him.]
To me, that is our main goal. I hope that we continue to hear from them as we continue to organize with MH Action, which is an organization doing amazing work organizing mobile home communities that are predominately white working class. I do hope that they continue to see the sham populism that was sold to them by Donald Trump. That really is the main objective of going after Goldman Sachs and going more on the offense, because we do see this as a weak point in the Trump administration. He ran under this fake populism promising to get rid of Goldman and the 1% while doing the complete opposite. Not only do we now have Goldman with tremendous power, but they have more power than ever.
I think this is going to be neoliberalism on steroids. They are starting very quickly to implement this, to run an economy that is going to give massive tax breaks to corporations. Goldman, as you can see, immediately after Trump was inaugurated, their stock doubled. It is doing tremendously well. This is what you are going to see. The top people, the most powerful, the richest people doing very well, while they continue to cut services, slash services to the most vulnerable.

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Interviews for Resistance is a syndicated series of interviews with organizers, agitators and troublemakers, available twice weekly as text and podcast. You can now subscribe on iTunes! Previous interviews here.