Bernie Sanders' revolution has had a profound effect on the Democratic Party. Once upon a time, that party didn't cower to Wall Street. Linda McQuaig writes:
In the midst of the 1930s Depression, Democratic President Franklin Roosevelt showed backbone, championing unions, bringing in universal pensions, taxing the rich and restraining Wall Street with the Glass-Steagall Act. Addressing a wildly cheering crowd at Madison Square Gardens in 1936, Roosevelt vowed to defy the enraged bankers and financial tycoons lined up against him. “They are unanimous in their hate for me — and I welcome their hatred!”Roosevelt’s New Deal ushered in a postwar era in which workers made impressive economic gains as a rising middle class while the wealthy elite lost ground.
But, beginning in the 1970's, the party lost its nerve:
Indeed, the Democratic Party had soon virtually abandoned working people, realigning itself with Wall Street and voting with Republicans for financial deregulation and dramatically lower taxes on the rich.All this only encouraged the financial elite to become more grasping and assertive. When President Obama took the minimal step of trying to close a notorious tax loophole favouring hedge fund managers, Wall Street billionaire Stephen Schwarzman. “It’s war,” he declared. “It’s like when Hitler invaded Poland in 1939.”Republicans sided with Schwarzman and other angry billionaires. Even though the Democrats initially had control of the White House and both houses of Congress, they capitulated, thereby maintaining a tax loophole that delivers billions of dollars in tax savings to some of the least needy people on the planet.Not content to protect their own tax breaks, the Wall Street barons, including American Express CEO Harvey Golub, went on the offensive, demanding an end to tax breaks that helped low-income Americans — a group dubbed “lucky duckies” by the Wall Street Journal for their low-tax status.
And then came Bernie -- who calls himself a socialist, but who really is a New Dealer. He and his folks are not going away:
The youthful Sanders crowd, which threatened to derail the convention on opening day, isn’t likely to go away. It’s determined to shape the Democratic Party of the future, believing that the only way to respond to the class war being waged by an aggressive billionaire class is with backbone — a body part that’s been noticeably missing from Democrats in recent decades.
Hillary owes Bernie big time. If she's wise, she'll give him a prominent position in her administration. As LBJ once said of J. Edgar Hoover, it's better to have him "inside the tent pissing out than outside the tent pissing in."