Progressive Breakfast for July 2

Morning Message

I’m Endorsing and Volunteering for Bernie!

Three weeks ago, when I ended my third term as president of CWA [Communications Workers of America], I pledged to volunteer to help build what we call the “movement of 50 million for economic justice and democracy.” Today I am announcing that I have endorsed Bernie Sanders for president of the United States and will volunteer to help in his campaign in any way that is useful. Bernie has been there with us every time, fighting for fairness, for environmental justice, for voting rights and getting big money out of politics ... Bernie realizes that workers’ rights in the U.S. remain under attack and near the bottom of the world’s democracies ... This is our chance to build a movement that will not answer to the U.S. Chamber of Commerce.

Bernie Rocks Wisconsin

Bernie Sanders holds biggest rally of the campaign to date. AP: “Sanders packed the Veterans Memorial Coliseum in Madison, filling its 10,000 seats to show his bid to snatch the Democratic nomination from front-runner Hillary Rodham Clinton isn’t a longshot after all.”

Part of his “big crowd strategy.” Politico: “Rather than single-mindedly chasing votes across New Hampshire and the 99 counties of Iowa, Sanders has instead embarked on a swing through the progressive heartland, designed to generate big crowds and a national liberal groundswell behind his candidacy. He’s running to win a movement as much as an election, and there’s no clearer sign of it than the liberal strongholds he’s visiting — Madison, Wisconsin; Minneapolis; Denver; Portland, Maine.”

Hillary Clinton raises most money to date. Bloomberg: “Hillary Clinton’s presidential campaign raised at least $45 million during its first quarter … a record for primary money raised in a candidate’s first quarter … a long way toward the campaign’s public goal of raising $100 million by the end of 2015 … Senator Bernie Sanders said he had attracted 200,000 donors as of mid-June and his campaign had raised $8.3 million online through June 17…”

Greece Vote Tight

Greece referendum may be a close vote. Bloomberg: “A GPO poll cited by euro2day.gr said 47 percent leaned toward a ‘yes’ vote, an endorsement of austerity and the international bailout. The ‘no’ camp, the government’s position rejecting those terms, was 43 percent …”

Finance minister will step down if “yes” wins. Bloomberg: “He said he would ‘rather cut my arm off’ than sign a new accord that doesn’t restructure Greece’s outstanding debt.”

“Worried Greek Retirees Line Up to Claim Just a Part of Pensions” reports NYT: “Protecting pension payments from further cuts has been at the heart of the battle … ‘Pensions are the way to drum up political spirit and get people down on the streets,’ Platon Tinios, an economist … ‘One of the great things about having young pensioners is that they’re in pretty good shape … for demonstrations,’ Mr. Tinios continued.”

Breakfast Sides

Pelosi takes a shot at Warren in CNBC interview: “…don’t expect Nancy Pelosi to line up behind Elizabeth Warren and demand President Barack Obama get tougher on Wall Street. ‘There may have been a couple of people who say that, but that is not the consensus in our party,’ Pelosi said … On the charge that the administration has been ‘too soft’ on Wall Street, she added: ‘The financial industry doesn’t agree with that.'”

Mayor De Blasio lashed out at Gov. Cuomo after months of frustration. NYT: “Having tried diplomacy, flattery and bargaining, Mr. de Blasio concluded that open criticism was his last effective option. ‘We felt we had nothing left to lose,’ said Karen Hinton, Mr. de Blasio’s press secretary…”

Proposed SEC rule would punish execs for manipulating statements. NYT: “The size and payment of bonuses typically depend on whether a company meets or exceeds certain financial metrics … As it stands, an executive may get to keep a bonus even if the company artificially inflated those metrics and then corrected the missteps by issuing new financial statements. The S.E.C.’s new rule would enable a company to ‘claw back’ bonuses when the financial statements have been restated…”

Justice Department launches investigation into airline price-fixing. The Hill: “Consumer groups have complained about the string of mergers that began around 2008, arguing that the consolidation of the airline industry has reduced the amount of competition for passengers that has been credited in past years for lower airfares.”