Obama tries to confirm we're an oligarchy with "summit" with billionaires kids

[yurbud]

This was probably in the works before that oligarchy study came out, but it's difficult to think of a more in your face confirmation.

The base of the Democratic Party is ignored, but the college age CHILDREN of billionaires are begged for their input before they bother to buy access and make demands like their parents.

My favorite line is highlighted below, a definition of "impact investing" that generates a social benefit AND returns a "meaningful" profit.

I wonder if they were talking about the success of privatized prisons and the effort to privatize public education, the latter being pushed by "philanthropists" hoping to set up a cash cow of taxpayer dollars akin to the Department of Defense (with equally lax oversight).

If you needed more confirmation that we live in a country of, by, and for the rich, this is it.

Can't we just have ONE party for the very wealthy and one for the rest of us?

On a crisp morning in late March, an elite group of 100 young philanthropists and heirs to billionaire family fortunes filed into a cozy auditorium at the White House.

Their name tags read like a catalog of the country’s wealthiest and most influential clans: Rockefeller, Pritzker, Marriott. They were there for a discreet, invitation-only summit hosted by the Obama administration to find common ground between the public sector and the so-called next-generation philanthropists, many of whom stand to inherit billions in private wealth.

***

One topic that seemed to generate intense interest among the wealthy heirs was impact investing, which refers to a socially conscious form of investing that seeks to generate both a social benefit and a meaningful financial return.

http://mobile.nytimes.com/2014/04/20/fashion/white-house-hosts-next-generation-young-and-rich.html

[msongs]

1. ya gotta dance with the ones that brung ya nt

[yurbud]

2. and their spawn

[MannyGoldstein]

4. But I thought most of Obama's contributions were from small donors

I don't think he's dancing with us...

[BrotherIvan]

6. You really thought that?

Man are you a maroon!

[joshcryer]

16. They use waffle language. 98% of Obama's donors were like $50.

It's the other 2% (that before Oligarchy United) would donate on average $2,600.

Think about it this way. 2 million or there abouts donated about $50.

$50 x 2,000,000 = $100,000,000.

2 million minus 98% = 40,000 top donors.

$2,600 x 40,000 = $104,000,000.

Pretty crazy, huh?

Interestingly, while 98% of Obama's contributions were from small donors, only some 57% were from small donors for Elizabeth Warren.

[montanacowboy]

3. So the teenagers of Affluenza

meeting to feed on the public teat to funnel even more billions into their coffers such as charter schools and private for profit prisons, medicare savings accounts and on and on so that every fucking nickel is somehow forwarded into their vast inheritances, those who have never labored a day in their life nor wanted for any luxury in life, learning about impact investing which means stealing from the poor and giving to the rich. And under a Democratic Administration. We are so fucked.

[think]

5. Working towards a kinder, gentler, and more caring oligarchal structure

Is not necessarily a bad thing.

As long as that's the true goal and it isn't just pandering & panhandling.....

[Dragonfli]

7. And people think he doesn't listen to his base

when he obviously goes out of his way to do so, even listening to their children.

Those poor discriminated against children will leave the experience with the knowledge that that government will truly work for them!
His dedication has to bring a tear to even the driest of eyes.

[yurbud]

8. my favorite line: "empower young philanthropists" like their billions aren't going to buy them

enough fucking power.

[yurbud]

9. Obama needs a summit to hear which policies shouldn't be for fucking sale to the rich

[grahamhgreen]

10. Gosh who would make a better decision, children, or the American people. Tax em.

[Doctor_J]

25. RICH children

the silver spoon renders them wiser than the working class.

[fleabiscuit]

11. Hmm, probably needs a k&r just to see where this goes. n/t

[mattclearing]

12. And yet, this is still an improvement.

You didn't see Bush or Clinton trying to turn the next generation of billionaires into socially-conscious global citizens, and look where it got us.

[MADem]

21. Shhhhh--the idea is to DISPARAGE, not to point out realities!!!!!

Deep and intense BTW....

[JDPriestly]

13. The impact investing is a good idea, but . . . that Obama singles out young people for such

recognition based on their wealth as opposed to singling out young people based on other very important qualities is just disgusting.

Being a trust fund bum is no basis for praise or recognition. Just having rich parents is not an achievement.

Disgusting!

Why didn't Obama invite the best students in all the state universities? That would have been a a meritorious group.

[adirondacker]

14. Maybe he suffers from a case of ODS...

Oligarchy Derangement Syndrome.

[JDPriestly]

23. Looks like it.

[xocet]

15. Hear, Hear! n/t

[yurbud]

18. impact investing sounds good in theory but the "philanthropy" of the rich

looks more like the pursuit of profits and looting of the commons by stealth and with the bonus of a tax write off.

[JDPriestly]

22. A lot of the philanthropy that goes on doesn't really serve a public purpose.

This is true of certain think tanks for instance.

And in inviting these wealthy kids for that meeting, Obama was reinforcing the idea that the children of the oligarchs will, with their fortunes, inherit the right to dictate and determine social policy. In a democracy that right is supposed to belong to all citizens, rich and poor, equally.

Obama was being cliqueish and snobbish by inviting that group which is selected not based on merit but on money to some presidentially blessed meetings. Uggh.

[HooptieWagon]

17. ahhh, bonding with future Wall St donors to the Third Way.

The future Democratic Party Platform should be apparrent.

[yurbud]

19. The Third Way should change their name to The Third Input

since they are assholes

[MADem]

20. What did OBAMA say to these young philanthropists?

Oh wait....he wasn't there. So he didn't say a single thing to them.

And this wasn't "quite" in the White House, it was over at the EEOB...but hey, close enough. Because, ya know...Obama!!! He can't do anything right, can he?

And gee...isn't it a better idea for someone on the "D" team to reach out to these people before the C-for-CATO people do? It's not like they're going to fling away their fortunes because some scold at DU huffs and puffs about it, after all. They are "in it" to keep and grow their fortunes--if they do that in a way that also helps people, it beats a "plunder and pillage" mentality any day of the week.

JMO, YMMV.

[JoePhilly]

26. And another manufactured outrage widget hits the shop room floor ... THUD.

This particular outrage widget isn't up to their usual standards ... slow outrage week I guess.

[MADem]

27. Yep...that was a real hard swing and a miss. nt

[Doctor_J]

24. rallying the base for the midterms!

He's not a very good politician is he?