Goldman Sachs cuts US economic forecast after Joe Manchin rejects Build Back Better
www.cnn.com
Senator Joe Manchin's opposition to the Build Back Better Act prompted Goldman Sachs to swiftly dim its US economic outlook.

Help me understand. Why aren't the bankers using their leverage to make Manchin do it?

Is there disagreement between different factions of the bourgeoisie? Maybe BBB is good for the financial but not the industrial idk

  • CoconutOctopus [it/its]
    ·
    3 years ago

    It could be a conflict between finance capital and extractive industries, since Manchin represents the latter.

    • cawsby [he/him]
      ·
      3 years ago

      Metals, petro, and other extractive industries loathe the climate change provisions in BBB. The bill ends up with less cars and less miles of road built.

      • regul [any]
        ·
        3 years ago

        wasn't all the road milage in the infra bill?

      • zifnab25 [he/him, any]
        ·
        3 years ago

        The Republican strategy is to tell capitalists "Wait till we get in and then we'll pass a bill more your speed". And then they get a guy like Trump alongside a clown-car of Ben Sasse deficit hawks who shit out money without any actual public spending attached.

        Past that, its not like extractive industries aren't getting plenty of what they wanted. Biden's passed the infrastructure bill, he's done a bunch of bailouts and cash give-aways, he's opened up new leases for drilling, and he's given conservative states plenty of leeway to go farther still. There's always next cycle to pass a BBB Act even more stacked towards Capital's demands. And in the meantime, the Fed is getting ready to yank the chain on labor, so nothing but big profits and further consolidation of property on the horizon.

        What's the hurry? The Billionaire Class has all the time in the world.