In 2017, mere months after Donald Trump settled into the White House, Joshua Green of Bloomberg News delivered Devil’s Bargain, a mordantly amusing but deadly serious take on the 45th president and his relationship with Steve Bannon, the far-right ideologue who became Trump’s chief strategist. With wit, insight and access, Green informed, entertained and horrified. More than six years later, both Trump and Bannon face criminal trials. Then again, the band may soon be back together – in the West Wing.
Green is acutely aware of the economic and social cleavages that roil the US and divide Democrats ranged against the Republicans’ rightward turn. With his new book, The Rebels, he shifts his gaze to three notables of the Democratic left: two senators, Elizabeth Warren of Massachusetts and Bernie Sanders of Vermont, and Alexandria Ocasio-Cortez, a congresswoman from New York. Once again, Green’s work is smart, sharp and smoothly written.
Warren and Sanders failed in bids to become president. In 2020, his second such primary campaign, Sanders won early contests but saw his ambitions crash in South Carolina. That heavily African American primary electorate wasn’t all that keen on Brooklyn-bred progressivism, as Sanders offered.
As for Warren, she failed to win a single contest and finished third in her home state, behind Sanders and Joe Biden. What worked for her in debates, congressional hearings and the faculty lounge did not resonate with voters. A highly contentious claim to be Native American raised damning questions too.
Still, Warren’s critiques of the mortgage meltdown and resulting displacements provided intellectual heft for the populist left. Furthermore, unlike Biden she was intellectually brilliant and not beholden to Delaware and its credit card giants. Warren was a harsh critic of Wall Street too. The two billionaires in the 2020 race, Michael Bloomberg and Tom Steyer, regularly felt her sting. Ditto Tim Geithner, first treasury secretary to Barack Obama and another key character in Green’s book.
Warren made an impact. Green writes: “Knowing [Trump’s] commitment to economic populism was merely rhetorical, Bannon fretted that Warren would lure away blue-collar voters with a program he described as ‘populist Democratic nationalism’.”
In the House, Ocasio-Cortez, who at 34 is decades younger than Warren, Biden and Sanders, is the one member of the “Squad” of progressives who possesses the tools and dexterity to play politics nationally. She is emotionally grounded.
At one 2019 hearing, the congresswoman widely known as AOC filleted Mark Zuckerberg over Facebook’s ties to Cambridge Analytica, the now-defunct data-harvesting and research firm owned by Bannon and the rightwing Mercer family. She also put the wood to Exxon over its early but non-disclosed knowledge about global heating and its effects.
All three of Green’s subjects convey seriousness. Humor, less so. Nonetheless, the book offers a valuable recapitulation of the crack-up of the New Deal coalition, the impact of Ronald Reagan’s victories and the continued reverberations of the Great Recession of 2008.
The Democrats hold the White House and the Senate but their future is unclear. Non-college graduates, regardless of race, find less to love in the historic home of working America. Green seizes on the havoc wrought by economic liberalization, financialism and expanded trade with China – factors that have driven a wedge between the Democrats and what was once their base.
Convincingly, Green argues that neo-liberalism is in retrograde and that Biden is more a transitional figure than a harbinger of what comes next. Even so, Biden tacked left – instead of pivoting toward the center – as he faced Trump in 2020.
In 2021, on inauguration day, Biden issued the Executive Order on Advancing Racial Equity and Support for Underserved Communities Through the Federal Government. His White House intoned: “Advancing equity is not a one-year project – it is a generational commitment that will require sustained leadership and partnership with all communities.”
Good luck with that. The controversial fall of Claudine Gay, the first Black president of Harvard, who came under sustained conservative fire over the Israel-Hamas war, student protest and allegations of plagiarism in her work, is just one recent illustration of how tough such terrain will remain.
Green traces many Democratic dilemmas to 1980, when Reagan handily defeated an incumbent president, Jimmy Carter. Afterwards, Democratic mandarins concluded that the old-time religion of lunch-bucket liberalism needed to make room for market-based economics. Reagan’s embrace of tax cuts and reduced government resonated with the public. Bill Clinton and Barack Obama came to stand as heirs of that strategic decision. But it was about more than “it’s the economy, stupid”, as Clinton would learn on the job.
“You mean to tell me that the success of the program and my re-election hinges on the Federal Reserve and a bunch of fucking bond traders?” Clinton told Robert Rubin, his treasury secretary, a former head of Goldman Sachs.
James Carville, the guru of Clinton’s first victory, later said that were he to be born again, he wanted to be reincarnated as the most powerful thing in the world: the bond market.
Green homes in on the close relationships that existed between the Obama administration and Wall Street. In 2008, for all the then Illinois senator’s talk of hope and change, he was the financial sector’s choice for president over John McCain. Green quotes Geithner’s pitch to Obama for the treasury slot, and describes how Geithner beat out Larry Summers, Rubin’s successor, to secure the job.
Green also examines how in saving the financial system despite its players’ unadulterated greed and stupidity, Geithner helped incubate resentments that haunt the US today.
“In a crisis, you have to choose,” Geithner said. “Are you going to solve the problem, or are you going to teach people a lesson?”
In 2016, when Trump beat Hillary Clinton, voters did the latter. Ten months from now, they may do so again.
The Rebels: Elizabeth Warren, Bernie Sanders, Alexandria Ocasio-Cortez, and the Struggle for a New American Politics is published in the US by Penguin Random House
