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Lawrence O’Donnell: Wall Street figured out that income inequality is bad for Wall Street

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Lawrence O'Donnell 080514 [MSNBC]

MSNBC host Lawrence O’Donnell argued on Tuesday that a new report highlighting the damage income inequality does to Wall Street should change the debate around the subject by excluding morality in favor of economic self-interest for the wealthy.

“Worrying about income inequality is now way too important to be left to the liberals, according to this Wall Street report” O’Donnell said.

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As the New York Times reported, the study by Standard & Poor’s Ratings Services found that the rise of income inequality in the U.S. has damaged the growth of the country’s gross domestic product, to the point that Standard & Poor’s downgraded the country’s projected growth rating over the next decade from 2.8 percent to 2.5 percent.

“We see a narrowing of the current income gap as beneficial to the economy,” the report stated. “In addition to strengthening the quality of economic expansions, bringing levels of income inequality under control would improve U.S. economic resilience in the face of potential risks to growth.”

O’Donnell further argued that the massive gap in income distribution hurts those at both the top, since their disposable income is less likely to be put back into the economy.

“If you have all the houses you think you need and all the yachts you think you need and all the private planes you think you need and you still have tens of millions of dollars left over, and tens of millions of dollars of new income coming in next year, then very little of your new income is going to be used for new spending, and the economy always needs new spending,” he said. “And in the lower end of the income scale, where people have no savings and not enough money to make ends meet, they have to cut back on their spending. Long-term, those two conditions can strangle the economy.”

Watch O’Donnell’s commentary, as aired on Tuesday, below.

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2020 Election

WATCH: Texas Trump supporters surround and harass Biden campaign bus headed to Austin rally

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According to KEYE Austin, a planned rally for Joe Biden in Austin, Texas with several local politicians and candidates was canceled after an incident on Interstate 35, where SUVs and pickup trucks flying Trump flags tailed and harassed a Biden-Harris campaign bus near New Braunfels as it approached Austin from San Antonio.

According to the report, Democrats deny that the cancelation was specifically due to the road intimidation incident.

"Texas Democrats were hoping to host speakers like Congressman Lloyd Doggett, Wendy Davis and Austin Mayor Steve Adler but the Texas Democrats told us they canceled the event so not to take away attention from vice presidential candidate Kamala Harris, who made three stops in the Lone Star State on Friday in Forth Worth, McAllen and Houston," said the report.

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2020 Election

‘Donald Trump is going to be crushed on Tuesday’: Republican campaign consultant

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Appearing on MSNBC on Saturday morning, GOP campaign consultant Stuart Stevens said he has no doubt that Donald Trump will lose on Tuesday and that it will be years before the Republican Party recovers from the Trump years -- if the party recovers at all.

Speaking with host Jonathan Capehart, Stevens -- who has advised Republicans Bob Dole, Chuck Grassley, Rob Portman and Mitt Romney -- expressed disgust with where the GOP has gone over the past four years.

"Look, the Republican Party went down a path, it had a choice but it went down a path to embrace white grievance as its core and we are in the last gasp as a national party," Stevens insisted. "I think Donald Trump is going to be crushed on Tuesday -- absolutely crushed."

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CNN

Trump’s 2016 ‘contract’ for America demolished by CNN host as a collection of failed promises

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On CNN Saturday, anchor Victor Blackwell examined President Donald Trump's promises from 2016 — and compared them to his record.

"At campaign rallies across the country, supporters of the president have held these signs: 'Promises Made, Promises Kept," said Blackwell. "So this morning, we're looking at the promises that the president delivered on and the ones that he has not."

"Let's take you back to October 22, 2016," said Blackwell. "Candidate Trump released his Contract with the American Voter, outlined 100-day action plan to, quote, 'restore honesty, accountability and bring change to Washington,' closed quote. 28 promises. Of those 28, nine have been fulfilled. And we're talking renegotiating NAFTA agreement, withdrawing from the Trans-Pacific Partnership, selecting a replacement for Supreme Court Justice Antonin Scalia."

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