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President Joe Biden and the capitalist narrative | Ticker VIEWS

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US President Joe Biden is redefining American capitalism with sweeping new legislation. Opinion piece by Bruce Wolpe

The big news last week was the near-completion of the US withdrawal from Afghanistan. The response to Russia-based cyber attacks on American infrastructure and businesses also made headlines.

THE LATEST ON WHAT’S HAPPENING WITH THE U.S PRESIDENT

President Biden met with civil rights leaders to discuss advancing the prospects of legislation to protect the most fundamental right in a democracy: the right to vote.

But in an 18-minute event in the White House on Friday, with leaders from his Cabinet and top regulatory agencies present, President Biden laid out what are perhaps the most sweeping initiatives in a century.

The changes aimed redefine the rules of the road for America’s economy by promoting competition across American business, enterprise and services.

Lower prices, and increased wages

Biden signed an Executive order outlining 72 initiatives that would, in his words, “Lower prices, to increase wages, and to take another critical step toward an economy that works for everybody.”

Biden gave marching orders to all the affected agencies of government to examine the state of commerce and consumer protection in their jurisdiction. The orders will also promote competition and benefits for working people and consumers.

Biden invoked both Roosevelt Presidents, who both established the framework of the antitrust laws in the United State and reformed American capitalism to save the country during the Great Depression.

“Without healthy competition, big players can change and charge whatever they want and treat you however they want.  And for too many Americans, that means accepting a bad deal for things that you can’t go without,” said the president.

“Let me be very clear: Capitalism without competition isn’t capitalism; it’s exploitation.”

Us president joe biden

The Biden initiative addresses health care such as prescription drug prices and internet access 

It will also address pricing, interstate labor mobility, transport prices and fees, bank mergers and more opportunities for small farmers.

On Big Tech, Biden gave explicit direction to the Federal Trade Commission to address competition issues in the sector.

This program breaks with past practice. Under President Obama, far-reaching economic sand policy reform was central. Especially the passage of Obamacare, Wall Street reform, and trying to enact sweeping energy and climate legislation. 

This is broader and deeper: a mandate to all the arms of the government to act now – early in this presidency – to implement policy reforms that will drive more competitiveness. 

“Fair competition is was what made America the wealthiest, most innovative nation in history.  That’s why people come here to invent things and start new businesses.”

President joe Biden

“In the competition against China and other nations of the 21st century, let’s show that American democracy and the American people can truly out-compete anyone. Because I know that just given half a chance, the American people will never, ever, ever let their country down. Imagine if we give everyone a full and fair chance. That’s what this is all about.”

Biden’s presidency is already marked by success on the pandemic and economic recovery. His programs for infrastructure, education, health care, child support are all in the balance in Congress right now. 

But these reforms to American capitalism will also define Biden’s legacy as president.

Read more by Bruce Wolpe on Ticker NEWS here.

Bruce Wolpe is a Ticker News US political contributor. He’s a Senior Fellow at the US Studies Centre and has worked with Democrats in Congress during President Barack Obama's first term, and on the staff of Prime Minister Julia Gillard. He has also served as the former PM's chief of staff.

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Latest Sydney church horror: Stabbing rocks Wakeley community

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A man has been arrested after a bishop was stabbed at Christ the Good Shepherd Church in Wakeley.

Bishop Mar Mari Emmanuel was preaching at Christ The Good Shepherd Church in Wakeley in Sydney’s west on Monday just after 7pm when a man dressed in black walked up to the altar and allegedly stabbed him multiple times.

Eyewitnesses described scenes of chaos and terror as an assailant approached the altar where Bishop Emmanuel was delivering a sermon.

Chstbrl Saliba, the Deputy Mayor of Fairfield, told Sky News that after the attack, the Bishop got to his feet, and placed his hand on the head of the assailant and began praying for him.

NSW Police said in a statement:

“A police operation is underway in Wakeley, following reports of a stabbing. Officers attached to Fairfield City Police Area Command attended a location on Welcome Street, Wakeley following reports a number of people were stabbed. Officers arrested a male and he is assisting police with inquiries.”

2GB Radio host Ben Fordham says the situation is so chaotic outside the church that police have had to use capsicum spray outside of the church. One woman has been treated.

 

Fordham says police are concerned about the volatile situation outside the church.

Without warning, the attacker unleashed a flurry of stabs, targeting the bishop and several worshippers in a frenzied assault.

Horrifying footage captured the moment of the attack, as the live broadcast on the church’s social media pages captured the unfolding tragedy.

Bishop Emmanuel’s expression of astonishment turned to one of sheer horror as he became the primary target of the assailant’s vicious blows.

NSW ambulance has confirmed at least one person has been taken to hospital.

The assault at Christ the Good Shepherd Church echoes previous instances of mass violence that have rocked Sydney in recent years, after six people were killed by a man at Bondi.

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Eisman identifies infrastructure as key investment opportunity

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Famed investor Steve Eisman, has shifted his focus to infrastructure, citing three main reasons.

 

The pandemic-induced shift towards onshore investment, the rise of AI necessitating data centre expansion, and the global push towards greener energy.

Eisman believes these trends offer a decade-long opportunity for investors, with Australia presenting ample opportunities for market participation.

Notable companies to consider for exposure include BlueScope and James Hardie Industries for building materials, Macquarie Technology and Goodman Group for data centres, and Worley, AGL Energy, and Origin Energy for electricity grid upgrades and green infrastructure.

However, Eisman cautions investors to approach utility investments carefully, considering their capital expenditure budgets in renewable energy and grid upgrades.

 

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Civil War cinema brings in the box office dollars

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Alex Garland’s film “Civil War” has made a significant impact at the box office, surpassing expectations with a $25.7 million opening weekend in North America.

Starring Kirsten Dunst, Wagner Moura, and Cailee Spaeny, the film explores a near-future scenario where California and Texas unite against a president’s authoritarian regime. Despite fictional elements, “Civil War” has sparked widespread discussion, with its themes resonating in today’s political climate. The film’s performance, coupled with positive reviews, suggests a promising trajectory in the coming weeks, bolstered by a relatively quiet release schedule.

You can catch the trailer here

 

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