Corporatist Democrats have been marginalized in recent years. They’ve suffered the near extinction of the Blue Dog Caucus, the departure of Senate allies like Joe Lieberman and Ben Nelson and the rise of economic populists such as Sen. Elizabeth WarrenElizabeth WarrenOvernight Finance: Trump slump: Stocks fall as hopes fade | Trump repeals 'blacklisting rule' | GOP looks to tax bill for lifeline: Senators call for pay equity for US women's hockey team Week ahead: Senate panel to vote on Trump's Labor pick MORE. Last week, they struck back in a seemingly coordinated fashion — but their effort seems more likely to be a last gasp than a resurgence.
Al From, former head of the now-defunct ConservaDem Democratic Leadership Council, released a book no one will read and tried to hitch his wagon to Hillary ClintonHillary Rodham ClintonOvernight Cybersecurity: New questions for House Intel chair over WH visit | Cyber war debate heats up | Firm finds security flaws in 'panic buttons' Cheney: Russian election interference could be ‘act of war’ Conservatism's worst enemy? The Freedom Caucus. MORE. “If Hillary runs, I’ll be there 100 percent,” he said, giving the Democratic left reason to start looking for a Plan B. Washington Post columnist Richard Cohen, fresh off writing about how slavery wasn’t as benign as he once thought, piled on, “[Elizabeth] Warren, like the old saying about second marriages, could well be the triumph of hope over experience.”
The idea that Democrats should ignore 2012 electoral victories built on anti-Wall Street populism because of an off-off-year ballot initiative in Colorado that raised taxes on the rich would be silly enough. The fact that the initiative didn’t just raise taxes on the rich but on everyone renders the assertion ludicrous.
But such dishonesty is unsurprising. Third Way is little more than a Wall Street front group. Of the 29 members on its board of trustees, 20 are investment bankers, and four are senior corporate officials. Their agenda is at odds with that of regular Americans. So, they pretend that a Colorado ballot initiative was something that it wasn’t while screaming about the dangers of following Elizabeth Warren off a cliff, because they can’t truthfully argue that Democrats can win elections by running on a platform cutting Social Security and other safety net programs.
Despite the corporatists’ focus on Warren, today’s populist boom isn’t attributable to just one senator. There’s a growing vocal caucus on the left, including Sens. Jeff MerkleyJeff MerkleyThe Hill’s Whip List: Where Dems stand on Trump’s Supreme Court nominee Dem senator accuses Trump of 'dangerous tilt towards authoritarianism' Overnight Regulation: Dems punch back in fight over CEO pay rule MORE, Tammy BaldwinTammy BaldwinOvernight Finance: Senators spar over Wall Street at SEC pick's hearing | New CBO score for ObamaCare bill | Agency signs off on Trump DC hotel lease The Hill’s Whip List: Where Dems stand on Trump’s Supreme Court nominee Dem senator to reintroduce ‘buy American’ legislation MORE, Sherrod BrownSherrod BrownOvernight Finance: Trump slump: Stocks fall as hopes fade | Trump repeals 'blacklisting rule' | GOP looks to tax bill for lifeline: Dems question potential Kushner real estate deal with Chinese firm The Hill’s Whip List: Where Dems stand on Trump’s Supreme Court nominee MORE, Martin HeinrichMartin HeinrichThe Hill’s Whip List: Where Dems stand on Trump’s Supreme Court nominee Senators demand Pentagon action after nude photo scandal Dem senator wants Manafort to testify before Intelligence Committee MORE and Bernie SandersBernie SandersSanders: Trump budget ‘must be defeated’ The Hill's 12:30 Report Sanders will 'absolutely' work with Trump to lower prescription drug costs MORE. And they draw their strength from the economic reality of our times — we wouldn’t be talking about populism today without the recession created by Wall Street’s rampant greed and destructive tendencies.
Populist Democrats won Senate races in Montana and North Dakota by running on protecting Social Security. Democrat Bob Kerrey ran on cutting it in Nebraska and lost badly.
Ironically, Third Way’s op-ed did have a major impact on the political debate, with Democrats across the party’s spectrum (including organization co-chairwoman Rep. Allyson Schwartz) taking the opportunity to not just affirm support for Social Security but pledging to expand it.
It’s certainly not what those Wall Street hacks intended, but they might as well get used to it. They broke our economy. They don’t get to do the same to the Democratic Party.
Moulitsas is the founder and publisher of Daily Kos.