“It will not work,” said Elizabeth Warren (D-Mass.) to The Huffington Post, following news that the big banks were threatening to withhold campaign donations from Senate Democrats.
In a statement to HuffPo:
They want a showy way to tell Democrats across the country to be scared of speaking out, to be timid about standing up, and to stay away from fighting for what’s right,” Warren wrote. “… I’m not going to stop talking about the unprecedented grasp that Citigroup has on our government’s economic policymaking apparatus … And I’m not going to pretend the work of financial reform is done, when the so-called ‘too big to fail’ banks are even bigger now than when they were in 2008”
Warren is one of the few voices on the hill pressing to reign in the corruption and oppression of Wall Street on average Americans. That sort of rationale terrifies the big banks in ways that they haven’t known in decades.
To respond, several of the big banks have been trying to find ways to get the message to Warren that they feel she needs to soften her tone toward the banks. Now, they are threatening to withhold campaign contributions from Senate Democrats unless Warren backs down.
Warren is right. The banks have run amok with our economy and this latest scare tactic is just evidence of the same. They think that they can stop an outspoken voice for the people by threatening to withhold their money.
Thankfully, it looks like Warren won’t be backing down to Wall Street anytime soon.