Senator Bernie Sanders gave a phenomenal speech on Wednesday about his vision for the country and his “New Deal Socialism,” and it didn’t take long for the corporate critics to emerge, including JP Morgan CEO Jamie Dimon. Dimon forgot, as Bernie pointed out, that his bank was the beneficiary of billions of dollars in socialistic programs to help save them, as many other industries have been. We already have socialism in this country, it’s just that it only benefits corporations. Ring of Fire’s Farron Cousins discusses this.


*This transcript was generated by a third-party transcription software company, so please excuse any typos.

Yesterday. Senator Bernie Sanders gave a rousing speech about democratic socialism, his plan for the United States. What socialism actually means in the context that he uses the word basically an extension, a completion, if you will, of the new deal. It was a phenomenal speech. Have you haven’t had a chance to either read the transcript or actually watched the speech? Please take the time to do that. Absolutely amazing. But nonetheless, here’s the thing, and here’s the reason he did it. Obviously, just like you did back in 2016 there’s a stigma to the word socialism. You know, people want to think about all the bad things socialism has done over the years, but that’s not the kind of socialism that Bernie Sanders is talking about. He is not talking about the government stepping in and buying up industry and owning the means of production. But Jamie diamond, the CEO of JP Morgan Chase actually thinks that that’s what he means.

So even before Bernie gave his speech yesterday, Jamie diamond was giving a speech to the business round table, a huge business lobbying group that fights against any and all regulations. And Jamie diamond said that, you know, we can’t do this. It’s bad for the country. It’s going to cause deterioration of the entire financial sector, the manufacturing sector. Socialism is evil and horrible and bad. Jamie diamond tells us, so again, this was before Bernie speech and Bernie got on Twitter and he said the following, he said, I didn’t hear Jamie diamond criticizing socialism when Wall Street begged for the largest federal bailout in American history, some 700 billion from the treasury and even more from the Fed and that was absolutely one of Bernie Sanders best drop the mic moments because Jamie diamond, no matter what he says to the business round table, he loves socialism because the only socialism we’ve ever really had here in the United States is the kind of socialism that only benefits corporations and it wasn’t just the bailout of the banks.

We had the auto industry bailout how right now we’re bailing out the farming industry and most of that money is actually going to the big factory farms, not the local mom and pop farmers. Again, baling out corporations, subsidies, we’re subsidizing multibillion dollar corporations every year. Just for the hell of it. There is no reason for us as a nation to be sending four to $7 billion per year to already profitable fossil fuel companies, the most profitable companies on the planet, and we’re just giving them extra money every year for existing. That’s socialism. The tax breaks, the tax write offs that these companies use to end up paying $0 million in taxes. People like Amazon and Netflix and we have all the little subsidies that we hand out in order to entice them to move their business to a new location. The tax cuts there, that’s government run socialism to attract new businesses and then of course we also can’t forget the socialism.

That is whenever they get busted doing something wrong, they end up not paying. Most of they’re fine because they can write it off on their taxes were again subsidizing their own criminal activity because that’s the only socialism we have here in the United States and Bernie Sanders was very clear about that. He pointed this out. Donald Trump benefits from it. The wealthy elite benefit from it. Corporations benefit from socialism. They just don’t want us to have it, because that would mean medicare for all that would mean debt free college. That would mean a $15 living wage. That’s what socialism needs to happen in America. We need to end abolish this corporate socialism that we have because it’s absolutely destroying this country by giving billions upon billions of dollars every single year. Two already profitable corporations who continue to break the law versus spending that money to make sure that nobody dies because they can’t afford their medication. I think that is a switch that needs to happen immediately, and it certainly appears to be a switch that Bernie Sanders would make as soon as he wins the election.

Farron Cousins is the executive editor of The Trial Lawyer magazine and a contributing writer at He is the co-host / guest host for Ring of Fire Radio. His writings have appeared on Alternet, Truthout, and The Huffington Post. Farron received his bachelor's degree in Political Science from the University of West Florida in 2005 and became a member of American MENSA in 2009. Follow him on Twitter @farronbalanced