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    Warren and Dean demand Coke, Pepsi and General Mills stop ‘shrinkflation’

    It’s becoming a common experience for Americans going to the grocery store: your bag of chips seems lighter, your favorite drink comes in a slimmer bottle, and you’re running out of laundry detergent more quickly than usual. And yet things are staying the same price.On Monday two Democratic lawmakers launched an attempt to get to the bottom of the phenomena, accusing three major companies, Coca-Cola, PepsiCo and General Mills, of shrinking the size of products while charging consumers the same price – a price-gouging practice known as “shrinkflation”.Senator Elizabeth Warren and US representative Madeleine Dean allege in letters to the CEOs of the three companies that they have participated in shrinkflation, subtly decreasing the size of cereals and sodas sold in stores.General Mills decreased its box of “family size” Cocoa Puffs from 19.3 ounces to 18.1 ounces over the last few years, the letter alleges. Meanwhile, PepsiCo downgraded the size of Gatorade bottles from 32 ounces to 28 ounces.Companies often say that decreases in size can be attributed to changes in packaging that are unrelated to pricing or the economic environment. PepsiCo told NBC News in July that their 28-ounce bottle has been around for years and that the company had planned to widen its distribution as part of a long-term strategy.But many remain skeptical at the widespread variety of products that seem to be shrinking.“Shrinking the size of a product in order to gouge consumers on the price per ounce is not innovation, it’s exploitation,” Warren and Dean said in a statement. “Unfortunately, this price gouging is a widespread problem, with corporate profits driving over half of inflation.”People on social media have been talking about the slimming down of products for months, with users posting about their shrinkflation experiences with side-by-side pictures of products before and after shrinking.“Major corporations are trying to gaslighting us, trying to make us believe that what we’re seeing is not real,” said TikTok user Melissa Simonson in a video from March, where she points out the sizes of drinks, cereals, chips, orange juice, gum and laundry detergent, among other grocery store items, have gotten smaller.Coca-Cola, PepsiCo and General Mills did not immediately respond to requests for comment on the letters.skip past newsletter promotionafter newsletter promotionThe Bureau of Labor Statistics, which calculates the US inflation rate each month, says its economists try to incorporate any instances of shrinkflation into its inflation calculations. For example, if a tub of 64-ounce vanilla ice cream was priced at $5.99 in January, then the price-per-ounce is $0.093. If in February, the tub remains the same price, but shrinks to 60 ounces, the price-per-ounce has gone up, representing a kind of price increase.Warren and Dean also used the letters as an opportunity to blast the companies for paying less taxes on higher profits after Donald Trump’s corporate tax cuts in 2017. The lawmakers cited a recent report from the Institute on Taxation and Economic Policy that said Coca-Cola, PepsiCo and General Mills all paid taxes at a rate of 15% or under from 2018 to 2022, despite making billions in profit.“We strongly oppose these corporate tax giveaways, and have fought to pass tax increases on big corporations, including the 15 percent minimum tax on billion-dollar corporations,” the lawmakers said in their statement. “No corporation should pay a lower tax rate than working Americans – especially when that same corporation turns around and gouges consumers on the other end through shrinkflation.” More

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    Elizabeth Warren condemns Trump for ‘changing his tune’ on IVF

    The US senator Elizabeth Warren has accused Donald Trump of trying to have it “both ways” with in vitro fertilization (IVF), two days after the former president vowed to force health insurance companies or the federal government to pay for the treatments if he is elected in November.Speaking on MSNBC, Warren said Trump was simply adapting his positions according to what he perceived his audience’s preference to be.“So when he thinks he’s talking to his radical base, he says: how radical do you need for me to be?” Warren, a Massachusetts Democrat, said Saturday.“Donald Trump will go there and go further. But when he’s talking to the overwhelming majority of Americans, who very much oppose that radical approach to abortion and IVF, he tries to change his tune, and then is shocked when each side now is starting to call him out on that.”The Republican nominee for November’s presidential election has recast his position on IVF as a strong supporter of the pricey treatment – a characterization Democrats reject, accusing him of shifting his position only after US voters signaled broad support for reproductive rights.Similarly, Democrats accuse Trump of shifting his position on abortion rights. On Friday, he said he would vote against a ballot measure in his home state of Florida that would protect abortion rights beyond six weeks after facing backlash from conservative supporters.A day earlier, Trump upset anti-abortion activists when he told NBC News that he supported the measure. “You need more time than six weeks,” said Trump, who has repeatedly boasted about how his three appointees on the US supreme court created a conservative supermajority which eliminated federal abortion rights in 2022.“I’ve disagreed with that right from the early primaries when I heard about it.”Kamala Harris issued a statement saying her opponent “just made his position on abortion very clear”.“He will vote to uphold an abortion ban so extreme it applies before many women even know they are pregnant,” Harris said.On Saturday, Warren accused Trump of playing games on IVF.She said: “Are you kidding me? He also supports – and it’s also there in his platform – that IVF will effectively be banned all across the United States. Sorry, Donald, can’t have it both ways.”Warren also accused the former president of lacking principles – which is why, she said, women do not trust him.“There’s no principle here for him other than, ‘Does it help Donald Trump?’” Warren said. “That is his single guiding principle, and American women are just flat calling him out on that and saying we are not going to trust Donald Trump.” More

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    Swifties for Kamala rally raises nearly $140,000 for Harris

    Taylor Swift has yet to publicly endorse a candidate, but some of her fanbase are already mobilizing for Kamala Harris. The Swifties for Kamala Coalition officially launched on Tuesday, raising more than $138,000 for the Democratic candidate in a virtual rally featuring Carole King and the senators Elizabeth Warren and Kirsten Gillibrand.Swift, who has no affiliation with the group, was not present on the Zoom call nor involved in the event. The group has amassed about 250 million followers on social media platforms since Joe Biden dropped out of the race in late July and endorsed the vice-president.More than 26,000 people joined the Zoom call on Tuesday, according to CNN.King was introduced as the self-proclaimed “original cat lady” and began her speech by praising Swift as “my musical and songwriting granddaughter”. Swift inducted King into the Rock and Roll Hall of Fame in 2021 with a performance of Will You Still Love Me Tomorrow, calling her “the greatest songwriter of all time”.“I’m excited about Kamala, because so many people are excited about Kamala,” King said after rapping the chorus to Swift’s 2014 hit Shake It Off. “I have admired her, the idea that this happened, and the stars lined up, and Joe Biden did a really gracious, hard thing to do, and I’m so proud of him … But this is about you. This call is about you.”King provided attendees with advice for volunteering, such as phone banking and door knocking. “I’ve been a political activist for years. I’ve been a volunteer, I’ve been a door knocker, even as a famous person,” she said. “I’m telling you all this because if any of you are thinking of volunteering to be door knockers or phone callers, but you’re a little nervous about what you might say, please believe me: there is nothing to lose and everything to gain.”Each speaker, including the senator Ed Markey of Massachusetts, the congressman Chris Deluzio of Pennsylvania, the congresswoman Becca Balint of Vermont and the chair of the North Carolina Democratic party, Anderson Clayton, named their favorite Swift song before their remarks. Warren picked the 10-minute version of All Too Well and her 2022 hit Karma. Warren also praised Swifties’ battle against Ticketmaster and summoned the “era of the first woman president”.“You are resilient, and you know how to take on bullies and you know how to be your most authentic, most joyful selves,” Warren said. “You come together hand-in-hand, friendship bracelets on your wrist, and you overcome pretty much anything that life throws at you. And that is what the Kamala Harris campaign is all about. It’s about standing up for what is right in the face of bullies, like Donald Trump.”skip past newsletter promotionafter newsletter promotionWhile Swift has yet to comment on the 2024 election, she did ultimately back the Biden-Harris ticket in 2020. But the group is not waiting for her endorsement. “We are not waiting on Taylor to show her support for Kamala Harris,” the group’s social media manager, Rohan Reagan, told Cosmopolitan in August. “We are doing this outside of her, using the platform of Swifties as a way to get people involved in the election. Taylor did throw her support toward Joe Biden during the 2020 election, so it is possible that she’ll show her support again. But Swifties for Kamala aren’t waiting for her to do that.” More

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    Democrats move to repeal 1873 law they say could pave way for national abortion ban

    Democrats introduced legislation on Thursday to repeal a 19th-century anti-obscenity law that bans mailing abortion-related materials, amid growing worries that anti-abortion activists will use the law to implement a federal abortion ban.The bill to repeal the Comstock Act was introduced by the Minnesota Democratic senator Tina Smith, whose office provided a draft copy of the legislation to the Guardian. The Massachusetts senator Elizabeth Warren and Nevada senator Catherine Cortez Masto also back the bill, according to the Washington Post, which first reported the news of Smith’s plans. Companion legislation was also set to be introduced in the House.“We have to see that these anti-choice extremists are intending to misapply the Comstock Act,” Smith said in an interview. “And so our job is to draw attention to that, and to do everything that we can to stop them.”Passed in 1873, the Comstock Act is named after the anti-vice crusader Anthony Comstock and, in its original iteration, broadly banned people from using the mail to send anything “obscene, lewd or lascivious”, including “any article or thing designed or intended for the prevention of conception or procuring an abortion”. In the 151 years since its enactment, legal rulings and congressional action narrowed the scope of the Comstock Act. For years, legal experts regarded it as a dead letter, especially when Roe v Wade established the constitutional right to an abortion.But after the US supreme court overturned Roe in 2022, some anti-abortion activists started arguing that the Comstock Act’s prohibition against mailing abortion-related materials remained good law. Project 2025, a playbook written by the influential thinktank the Heritage Foundation, recommends that a future conservative presidential administration use the Comstock Act to block the mailing of abortion pills. Other activists have gone even further, arguing that the Comstock Act can outlaw the mailing of all abortion-related materials.Because abortion clinics rely on the mail for the drugs and tools they need to do their work, such an interpretation of the Comstock Act would be a de facto ban on all abortion.The Biden administration has issued guidance arguing that someone only violates the Comstock Act if the sender intends for abortion-related materials “to be used unlawfully”. However, although Joe Biden has focused his re-election campaign on reproductive rights, he has steered clear of addressing the potential return of the Comstock Act.Smith said that it “seems impossible” that her repeal bill will garner the 60 votes necessary to advance legislation in the Senate. Republicans recently stymied Democratic efforts to establish federal rights to contraception and in vitro fertilization.But Smith views her bill as a chance to raise awareness of the nationwide consequences of a Comstock Act revival, particularly among voters living in states where abortion rights are currently protected.“You talk to somebody in Minnesota or Nevada or Pennsylvania, places where people feel secure that they have control over their own decisions and their own potential to decide for themselves about abortion – and then come to find out that Donald Trump has a plan to take away that control that you have, even without a vote or an act of Congress,” Smith said. “It makes it much more real, what the difference is and what the contrast is, what the choices are for you even in those states where state law protects you. That could all change.”skip past newsletter promotionafter newsletter promotionIn a New York Times April op-ed where she first aired her plans to repeal the Comstock Act, Smith suggested that she planned to introduce the legislation once the supreme court ruled on a case involving access to mifepristone, one of the two drugs typically used in US medication abortions and a top target of anti-abortion activists. In a unanimous opinion earlier this month, the supreme court ruled on technical grounds to let access to mifepristone remain unchanged for now. Although rightwing justices Clarence Thomas and Samuel Alito brought up the Comstock Act during oral arguments in the case, neither the majority opinion nor a concurrence by Thomas ultimately mentioned the anti-obscenity law.“The court, in its decision, left the door wide open for future challenges based on Comstock,” Smith said, adding: “There was nothing in the court’s decision that gave me any sense of security.” More

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    The Rebels review: AOC, Bernie, Warren and the fight against Trump

    In 2017, mere months after Donald Trump settled into the White House, Joshua Green of Bloomberg News delivered Devil’s Bargain, a mordantly amusing but deadly serious take on the 45th president and his relationship with Steve Bannon, the far-right ideologue who became Trump’s chief strategist. With wit, insight and access, Green informed, entertained and horrified. More than six years later, both Trump and Bannon face criminal trials. Then again, the band may soon be back together – in the West Wing.Green is acutely aware of the economic and social cleavages that roil the US and divide Democrats ranged against the Republicans’ rightward turn. With his new book, The Rebels, he shifts his gaze to three notables of the Democratic left: two senators, Elizabeth Warren of Massachusetts and Bernie Sanders of Vermont, and Alexandria Ocasio-Cortez, a congresswoman from New York. Once again, Green’s work is smart, sharp and smoothly written.Warren and Sanders failed in bids to become president. In 2020, his second such primary campaign, Sanders won early contests but saw his ambitions crash in South Carolina. That heavily African American primary electorate wasn’t all that keen on Brooklyn-bred progressivism, as Sanders offered.As for Warren, she failed to win a single contest and finished third in her home state, behind Sanders and Joe Biden. What worked for her in debates, congressional hearings and the faculty lounge did not resonate with voters. A highly contentious claim to be Native American raised damning questions too.Still, Warren’s critiques of the mortgage meltdown and resulting displacements provided intellectual heft for the populist left. Furthermore, unlike Biden she was intellectually brilliant and not beholden to Delaware and its credit card giants. Warren was a harsh critic of Wall Street too. The two billionaires in the 2020 race, Michael Bloomberg and Tom Steyer, regularly felt her sting. Ditto Tim Geithner, first treasury secretary to Barack Obama and another key character in Green’s book.Warren made an impact. Green writes: “Knowing [Trump’s] commitment to economic populism was merely rhetorical, Bannon fretted that Warren would lure away blue-collar voters with a program he described as ‘populist Democratic nationalism’.”In the House, Ocasio-Cortez, who at 34 is decades younger than Warren, Biden and Sanders, is the one member of the “Squad” of progressives who possesses the tools and dexterity to play politics nationally. She is emotionally grounded.At one 2019 hearing, the congresswoman widely known as AOC filleted Mark Zuckerberg over Facebook’s ties to Cambridge Analytica, the now-defunct data-harvesting and research firm owned by Bannon and the rightwing Mercer family. She also put the wood to Exxon over its early but non-disclosed knowledge about global heating and its effects.All three of Green’s subjects convey seriousness. Humor, less so. Nonetheless, the book offers a valuable recapitulation of the crack-up of the New Deal coalition, the impact of Ronald Reagan’s victories and the continued reverberations of the Great Recession of 2008.The Democrats hold the White House and the Senate but their future is unclear. Non-college graduates, regardless of race, find less to love in the historic home of working America. Green seizes on the havoc wrought by economic liberalization, financialism and expanded trade with China – factors that have driven a wedge between the Democrats and what was once their base.Convincingly, Green argues that neo-liberalism is in retrograde and that Biden is more a transitional figure than a harbinger of what comes next. Even so, Biden tacked left – instead of pivoting toward the center – as he faced Trump in 2020.In 2021, on inauguration day, Biden issued the Executive Order on Advancing Racial Equity and Support for Underserved Communities Through the Federal Government. His White House intoned: “Advancing equity is not a one-year project – it is a generational commitment that will require sustained leadership and partnership with all communities.”Good luck with that. The controversial fall of Claudine Gay, the first Black president of Harvard, who came under sustained conservative fire over the Israel-Hamas war, student protest and allegations of plagiarism in her work, is just one recent illustration of how tough such terrain will remain.Green traces many Democratic dilemmas to 1980, when Reagan handily defeated an incumbent president, Jimmy Carter. Afterwards, Democratic mandarins concluded that the old-time religion of lunch-bucket liberalism needed to make room for market-based economics. Reagan’s embrace of tax cuts and reduced government resonated with the public. Bill Clinton and Barack Obama came to stand as heirs of that strategic decision. But it was about more than “it’s the economy, stupid”, as Clinton would learn on the job.skip past newsletter promotionafter newsletter promotion“You mean to tell me that the success of the program and my re-election hinges on the Federal Reserve and a bunch of fucking bond traders?” Clinton told Robert Rubin, his treasury secretary, a former head of Goldman Sachs.James Carville, the guru of Clinton’s first victory, later said that were he to be born again, he wanted to be reincarnated as the most powerful thing in the world: the bond market.Green homes in on the close relationships that existed between the Obama administration and Wall Street. In 2008, for all the then Illinois senator’s talk of hope and change, he was the financial sector’s choice for president over John McCain. Green quotes Geithner’s pitch to Obama for the treasury slot, and describes how Geithner beat out Larry Summers, Rubin’s successor, to secure the job.Green also examines how in saving the financial system despite its players’ unadulterated greed and stupidity, Geithner helped incubate resentments that haunt the US today.“In a crisis, you have to choose,” Geithner said. “Are you going to solve the problem, or are you going to teach people a lesson?”In 2016, when Trump beat Hillary Clinton, voters did the latter. Ten months from now, they may do so again.
    The Rebels: Elizabeth Warren, Bernie Sanders, Alexandria Ocasio-Cortez, and the Struggle for a New American Politics is published in the US by Penguin Random House More

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    Left revolts over Biden’s staunch support of Israel amid Gaza crisis

    On Wednesday afternoon, hundreds of liberal Jewish American activists staged sit-ins in the Capitol Hill offices of top Democrats, including in the senate office of progressive champion Bernie Sanders, to demand a ceasefire in the escalating war between Israel and Hamas.As they sang in Hebrew and prayed for peace, the House floor resumed legislative activity for the first time in weeks after the election of a new Republican speaker, congressman Mike Johnson.In his first act, Johnson brought to the floor a resolution declaring US solidarity with Israel after Hamas rampaged through Israeli cities, killing 1,400 people and taking more than 200 hostages, Americans among them. Nearly all House Democrats voted to approve the measure, save for a resolute minority who dissented, citing its failure to address the thousands of Palestinians killed in Israel’s retaliatory bombing campaign of Gaza.The discontent on display in Washington was a testament to the rising anger among the party’s left over the response from Biden and Democratic leaders to Israel’s war in Gaza. But as many progressives split from the White House over the US’s staunchly pro-Israel stance, there were also splits within the left itself – a sign of the raw emotions stirred by the conflict.Nor were the scenes in the House the only signs of discontent as US politics – and civil society as a whole – becomes increasingly roiled by Israel’s response to the 7 October Hamas attack.That same afternoon, Joe Biden was asked about the rising Palestinian death toll during a news conference at the White House. Biden replied that he had “no confidence” in the death count provided by the Gaza health ministry, which says nearly 7,000 Palestinians have been killed since the war began.“I’m sure innocents have been killed, and it’s the price of waging a war,” Biden said, in comments the Council on American-Islamic Relations described as “shocking and dehumanizing.”Online, many progressives seethed, accusing Biden of further enabling violence against Palestinians and predicting that he would pay an electoral price next year with Muslim and Arab American voters, who have emerged as an important Democratic constituency in recent elections.“The White House and many in the US government are clear as they should be that 1,000 Israelis killed is too many,” said Eva Borgwardt, the political director of IfNotNow, a progressive Jewish group leading many of the demonstrations in Washington, including the one at the Capitol on Wednesday. “Our question for them is: How many Palestinian deaths are too many?”As Israel intensifies its bombardment of Gaza, Biden is facing extraordinary and growing resistance from his party’s left flank, especially from young voters and voters of color, over his steadfast support for Israel. They have staged demonstrations, penned open letters and even tendered resignations in protest of the Biden administration’s handling of a war they say is threatening the president’s standing at home and possibly his chances of winning re-election next year.A Gallup poll released on Thursday found that Biden’s approval rating among Democrats plummeted 11 percentage points in one month, to a record low of 75%. According to the survey, the drop was fueled by dismay among Democratic voters over Biden’s support for Israel.Meanwhile, a poll released last week by the progressive firm Data for Progress found that 66% of likely US voters strongly or somewhat agree that the US should call for a ceasefire.Still, the White House has firmly rejected calls for a ceasefire, which Karine Jean-Pierre, the White House press secretary, initially described as “repugnant” and “disgraceful” in the immediate aftermath of the Hamas attack. The administration’s rhetoric has since evolved, with White House spokesperson John Kirby arguing this week that a ceasefire at this stage “only benefits Hamas”. Asked earlier this week whether the US would support a ceasefire, Biden said: “We should have those hostages released and then we can talk.”Pressure is building in Congress, where 18 House Democrats – all progressive lawmakers of color – joined a resolution calling for the White House to support “an immediate de-escalation and ceasefire in Israel and occupied Palestine”.On Capitol Hill, a group of Jewish and Muslim staffers wrote an anonymous open letter to their bosses similarly calling for an “immediate ceasefire” between Israel and Hamas. Urging congressional leaders to act swiftly, they cited the rising death toll in Gaza and the rise of antisemitism, anti-Muslim and anti-Palestinian sentiments in the United States.Meanwhile, hundreds of former campaign and congressional staffers to progressive senators, including Elizabeth Warren of Massachusetts, John Fetterman of Pennsylvania and Bernie Sanders of Vermont, have penned open letters urging them to call for a ceasefire.So far no senator has backed a ceasefire. Warren, Sanders and several other Democratic senators have urged a “humanitarian pause” to allow aid, food and medical supplies to flow into Gaza after Israel ordered a “complete siege” of the territory. It echoes the position of the US secretary of state, Antony Blinken, who said earlier this week that it “must be considered” to protect civilian life.Sanders’ resistance to back a ceasefire has disappointed some of even his most loyal followers, in a sign of how emotionally fraught the debate over Israel has become on the left.Though the 2024 presidential election is a year away, many progressives, and especially younger activists, have threatened to withhold support for Biden, while Arab and Muslim Americans have expressed deep alarm over the president’s actions and rhetoric.Congresswoman Rashida Tlaib of Michigan, the only Palestinian American in Congress, has accused Biden of abetting the deadly war. “We will remember where you stood,” she wrote in a social media post tagging the president.At his press conference on Wednesday, Biden also cautioned Israel to be “incredibly careful to ensure they’re going after the folks propagating this war”. For many on the left, the warning was buried behind his comments casting doubt on the scale of war deaths in Gaza.“Like many progressive Democrats, I have applauded and been pleasantly surprised by President Biden’s actions on climate and the economy,” Waleed Shahid, a progressive strategist tracking the administration’s response to the war, wrote on X, formerly Twitter. “But he’s crossed a moral line with nearly every Muslim, Arab and anti-war young voter I know.”The White House said on Thursday the Biden administration did not dispute that thousands of Palestinians had been killed and emphasized that the health ministry was run by Hamas.skip past newsletter promotionafter newsletter promotionEven a slight erosion in support could spell danger for Biden, who was already struggling with low enthusiasm, particularly among young voters.In polling conducted after the Hamas attack, a Quinnipiac survey found that slightly more than half of voters under 35 say they disapprove of the United States sending weapons and military support to Israel in the wake of the Hamas attack. By contrast, nearly six in 10 voters between the ages of 35 and 49 support sending weapons to Israel, with older age groups offering even stronger approval.Biden’s allies have largely downplayed the disagreements among the party’s grassroots. They note that most Democrats, including the party’s congressional leaders, the senator Chuck Schumer and the congressman Hakeem Jeffries, are strong supporters of Israel and fully back the president’s handling of the conflict. In the coming weeks, their caucuses are expected to overwhelmingly support a White House request to send $14.3bn in security aid to Israel.A letter to Biden, signed by ​a majority of House Democrats, including every Jewish​ member ​of their caucus and several liberal members, praises his ​”strong leadership during a tragic and dangerous moment in the Middle East​.​”It further commends Biden for displaying​ “steadfast support for our ally Israel in a moment of need and horror” while ​also making “clear statements regarding the fundamental importance of ensuring that the humanitarian needs of the civilian population of Gaza are met.”Deep, abiding support for Israel among Democrats on Capitol Hill obscures a shift among the party’s voters, and especially among those who came of age in a post-9/11 US. A Gallup poll conducted in March found for the first time that a greater number of Democrats say they sympathize more with Palestinians than Israelis.Republicans have sought to exploit those divisions in an attempt to cast the Democratic party as anti-Israel, a narrative progressives say media coverage has unfairly promoted.Many liberal Democrats, including the congresswoman Alexandria Ocasio-Cortez of New York, have forcefully denounced pro-Hamas or antisemitic sentiments expressed by the party’s activist fringe. At the same time, they contend that there is a double standard in the way elected officials speak about Palestinians.They point to comments from Republicans like the senator Lindsey Graham of South Carolina, who described the conflict as a “religious war” and said Israelis should “do whatever the hell you have to do to defend yourself. Level the place.”Senator Tom Cotton, a Republican from Arkansas, made a similar remark, saying in an interview: “As far as I’m concerned, Israel can bounce the rubble in Gaza.”“I have long found the ignoring and sidelining of Palestinians in the US House of Representatives, the humanity of Palestinian populations, in the five years I have been in Congress, quite shocking,” Ocasio-Cortez said recently on MSNBC.With expectations that a large-scale Israeli invasion of the besieged territory is imminent, demands for an immediate ceasefire have grown louder and more urgent.In a statement on Friday, amid intensifying bombing and a communications blackout in Gaza, Alexandra Rojas, the executive director of the progressive group Justice Democrats, implored the president to act now to prevent a ground invasion that would “ensure thousands more civilian casualties, bring us closer to an all-out regional conflict in the Middle East, and thrust the United States into another endless war”.Looking to the future, progressives say the administration must be prepared to dramatically reshape Washington’s decades-long approach to Israel and Palestine.“If we want to take a consistent policy towards human rights, we cannot always be focused on supporting the rights and security of one side here,” said Matt Duss, a former foreign policy adviser to Sanders.“The status quo,” he said, “is clearly unsustainable.” More

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    Elizabeth Warren says Fed chair ‘failed’ and calls for inquiry into bank collapse

    Political fall-out in the US from the collapse of Silicon Valley Bank continued on Sunday when leftwing Senator Elizabeth Warren hit the morning talk shows and repeatedly called for an independent investigation into US bank failures and strongly criticised Federal Reserve finance officials.The progressive Democrat from Massachusetts, who has positioned herself as a consumer protection advocate and trenchant critic of the US banking system, told CBS’s Face the Nation that she did not have faith in San Francisco Federal Reserve president Mary Daly or Fed chairman Jerome Powell.“We need accountability for our regulators who clearly fell down on the job,” Warren said, adding that it “starts with” Federal Reserve Chairman Jerome Powell, who she said “was a dangerous man to have in this position”.“Remember the Federal Reserve Bank and Jerome Powell are ultimately responsible for the oversight and supervision of these banks. And they have made clear that they think their job is to lighten regulations on these banks. We’ve now seen the consequences,” Warren added.Asked if she had “faith” in Daly, under whose jurisdiction SVB fell, Warren said flatly: “No, I do not.”In the wake of the collapse of Silicon Valley and Signature banks, the one-time presidential candidate has in recent days launched a broad offensive on politicians on both the left and the right who supported Trump-era deregulation of smaller US banks.Warren sent a letter to the inspectors general of the US treasury department, the Federal Deposit Insurance Corp (FDIC) and the Federal Reserve, urging regulators to examine the recent management and oversight of the banks which collapsed earlier this month.Last week, Warren unveiled legislation that would repeal that law and raise “stress-tests” on “too big to fail” banks from $50bn to $250bn. On Sunday, Warren also argued for raising federal guarantees on consumers deposits above the current $250,000.“Is it $2m? Is it $5m? Is it $10m? Small businesses need to be able to count on getting their money to make payroll, to pay the utility bills,” Warren said. “These are not folks who can investigate the safety and soundness of their individual banks. That’s the job the regulators are supposed to do.”Warren broadened out her criticism on NBC’s Meet the Press, calling for a stop to interest rates rises when central bankers meet next week and claiming that Powell was pushed by Congress to support deregulation in 2018.“Look, my views on Jay Powell are well-known at this point. He has had two jobs. One is to deal with monetary policy. One is to deal with regulation. He has failed at both,”, she said.US prosecutors are investigating the SVB collapse, a source familiar with the matter told Reuters last week, after the $212bn bank collapsed when depositors rushed to withdraw their money.A blame-game erupted, with some arguing that the bank’s apparent lack of adequate risk management, combined with deregulation and a sharp interest rate rises, had created an accident waiting to happen.US banks have since lost around half a trillion dollars in value. On Friday, President Joe Biden promised that bank customers deposits are safe and the crisis had calmed down.In Warren’s letter published Sunday, the senator also called for executives of the failed banks to be held to account.“The bank’s executives, who took unnecessary risks or failed to hedge against entirely foreseeable threats, must be held accountable for these failures,” Warren said. “But this mismanagement was allowed to occur because of a series of failures by lawmakers and regulators.” More

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    Warren pushes bipartisan bill to regulate crypto firms after FTX collapse

    Warren pushes bipartisan bill to regulate crypto firms after FTX collapseMove co-sponsored by Republican Roger Marshall aims to crack down on money laundering after arrest of Sam Bankman-Fried Elizabeth Warren is pressing Congress to adopt new bipartisan legislation which would force crypto firms to abide by the same regulations as banks and corporations in an attempt to crack down on money laundering through digital assets.The Democratic US senator from Massachusetts is pushing for the new controls on the crypto industry in the wake of the spectacular collapse of the cryptocurrency exchange FTX. On Tuesday its founder and former CEO Sam Bankman-Fried was charged with eight criminal counts including conspiracy to commit money laundering.Five things we know about the collapse of FTX and Sam Bankman-FriedRead moreWarren’s bill is being co-sponsored by the Republican senator from Kansas Roger Marshall. The Digital Asset Anti-Money Laundering Act would essentially subject the world of crypto to the same global financial regulations to which more conventional money markets must conform.Under current systems, crypto exchanges are able to skirt around restrictions designed to stop money laundering and impose sanctions. Should the bill be enacted into law it would authorize the Financial Crimes Enforcement Network (FinCen) to reclassify crypto entities as “money service businesses” which would bring them under basic regulations laid out in the Bank Secrecy Act.In a statement to CNN, Warren said that the “commonsense crypto legislation” would protect US national security. “I’ve been ringing the alarm bell in the Senate on the dangers of these digital asset loopholes,” she said, adding that crypto was “under serious scrutiny across the political spectrum”.Bankman-Fried, 30, was indicted by prosecutors at the southern district of New York and is being held in custody in the Bahamas. The US Securities and Exchange commission (SEC) has also brought civil charges against him, accusing him of creating a firm that was a “house of cards”.An ongoing area of interest to investigators was the vast political contributions made by Bankman-Fried to the Democratic party, as well as to Republicans in the form, he has said, of secretive dark money donations. The Wall Street Journal has calculated that he gave more than $95,000 in direct campaign donations to the same members of the US House financial services committee who are now investigating him.Even before the implosion of FTX, the treasury department was focusing on the feared risks to national security posed by relatively unregulated digital currency exchanges. In August it moved against Tornado Cash, a virtual currency mixer which it accused of laundering more than $7bn in virtual currency since 2019.The Treasury said that Tornado Cash was attractive to launderers of the proceeds of cybercrime, including the Lazarus Group, a hacking group sponsored by North Korea. The entity’s appeal to cybercriminals was that it could move digital assets around anonymously, obscuring the origin and destination of transactions and hiding the parties involved.Warren is a former Harvard law professor and expert on consumer protection and economic inequality. She entered the Senate in 2013, where she established herself as a leading progressive critic of corporate largesse and a spirited opponent of Donald Trump.She made an unsuccessful bid for the White House in 2020.TopicsElizabeth WarrenCryptocurrenciesUS politicsFTXSam Bankman-FriednewsReuse this content More