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Bruce Dowbiggin

How Retirement Money Now Funds The Radical Movement

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8 minute read

The middle class has reportedly never been so educated, so informed. At the same time, the same middle class has never been so blissfully ignorant. Case in point: Much of this adult cohort have their retirement savings invested in IRAs, Registered Retirement Savings Plans, mutual funds and other institutional vehicles.

Where, as shareholders, they earn a consistent return from, among other things, dividends, stock increases and share splits. The Rule of 70 says that a few decades of growth will double your money and will render enough money upon which to retire.

This process is all overseen by benevolent CEOs, boards of directors and investment experts boosting shareholder value. So why should anyone lose sleep or attend shareholder meetings? After all, Bank of Montreal has only missed issuing a dividend twice since its founding in 1817.

Actually there is real cause for urgency. Shareholder value, the bedrock of these investments, is now a piggy bank being robbed by outside players who use ESG, DEI and other nefarious acronyms to intimidate said CEOs, boards of directors and investment experts into doing their bidding.

That bidding is portraying the traditional shareholder model as evil capitalism despoiling society. So now we see corporations such as Disney, Amazon, Coca-Cola, Starbucks and Alphabet (among many) diverting funds from shareholders to causes obsessed by racism, sexism, climate change and a host of other grievance issues.

For many in the middle-class this all seems like a corporate bun fight, a diversion for the Scrooge McDucks of Wall Street and Bay Streets. Even as the Left bleed shareholder value from the RRSPs and IRAs of citizens, deluded citizens cheer on the progressives who are impoverishing them— as if this were an episode of The West Wing instead of The Big Short burning through their savings.

They see hedge fund BlackRock as Robin Hood, redistributing the unseemly wealth of elites to the poor and downtrodden. Little understanding that they are funding this klepto-progressivism. If it wasn’t so sad it might be funny. But the wine moms and the Boy Scout liberals seem clued out on the real agenda.

What’s ironic is that corporate wealth has long resisted the impatient demands of bad actors. It was their resistance in the 1960s that ultimately stopped the revolutionary fervour of the Left from toppling the system. Well, those fanatical forces are back again, but this time they’ve found the keys to the vault.

Here’s how: Liberals and their far-left allies have always been thwarted in their glorious dreams of class revolution by the inconvenience of the electorate. Voters consistently have denied radicals such as AOC or Bernie Sanders the levers of power to activate their pet grievance issues. So they aligned with media and culture industries who portrayed the cruelty of them being denied ultimate power. Class warfare became a Hollywood staple— even as Tinseltown became a blank cheque for radicals.

In Canada and the U.S. the social-credit gambit also meant working the game through sympathetic Supreme Courts who’ve sought to make whole what the citizens want no part of. But the transformation of SCOTUS under Donald Trump scuttled this game. Suddenly the door to legitimizing unlimited abortion, admission quotas, election changes and student-loan forgiveness was slammed shut.

What to do? The solution for the politicians on the Left was to employ large money fund managers such as BlackRock, Vanguard and others to do what the electorate refuses to allow them. Going around the democratic process, these companies created social-credit scores such as ESG and DEI, ranking corporations on their wokeness. The rankings are used to judge their response on every progressive grievance aired by NPR, MSNBC, the Washington Post, CBC and the Toronto Star.

A bad social-credit score from Larry Fink at BlackRock has become a death sentence for executives or boards who balked. Employing their trillions in investments to buy up shares, the hedge funds then used shareholder meetings to whip boards and CEOs into line on the proper mix of social-media expenditures and political propriety. Next thing we saw CEOs saying that maybe shareholder value wasn’t the prime purpose of corporations.

Thus, Disney Corporation, once a bedrock of capitalist certainty under its founder and his family, transformed into trashing its history and brands to satisfy far-left agitators. See: the current iteration of Snow White in which the heroine is brown, the dwarfs look like car jackers and the prince is a ponce.

There is hope that some of these middle-class people have awoken from their coma and are using the market to slow this trend. Anheuser Busch’s disastrous foray into trans politics, celebrating a flamboyant influencer on 365 days as a trans woman, collapsed the mighty Bud Light brand and sunk the stock price. Target, too, blundered in its cloying response to pressure for progressives. Its brand and share price are in free-fall.

Meanwhile, Disney has admitted that tangling with Florida governor Ron DeSantis over Disneyworld was a losing proposition. It has replaced its CEO and fired a number of Woke executives responsible for Snow White. This may also have produced an unintentional outcome. Comedian Dave Chappelle’s prediction last November that Donald Trump was far from dead is suddenly looking prescient, as #orangemanbad leads the GOP polling by 30 points.

For now, however, the middle class snoozes along, content in its self-image as a caring, enabling society. While the investment managers drain their savings to fund windmills in the sky. Politicians are silent, reluctant to challenge the giant. And the media divert attention to shiny objects like Clarence Thomas’ friends. It’s go along to get along. And say bye to your savings.

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Bruce Dowbiggin @dowbboy is the editor of Not The Public Broadcaster  A two-time winner of the Gemini Award as Canada’s top television sports broadcaster, he’s a regular contributor to Sirius XM Canada Talks Ch. 167. Inexact Science: The Six Most Compelling Draft Years In NHL History, his new book with his son Evan, was voted the seventh-best professional hockey book of all time by bookauthority.org . His 2004 book Money Players was voted sixth best on the same list, and is available via http://brucedowbigginbooks.ca/book-personalaccount.aspx

 

BRUCE DOWBIGGIN Award-winning Author and Broadcaster Bruce Dowbiggin's career is unmatched in Canada for its diversity and breadth of experience . He is currently the editor and publisher of Not The Public Broadcaster website and is also a contributor to SiriusXM Canada Talks. His new book Cap In Hand was released in the fall of 2018. Bruce's career has included successful stints in television, radio and print. A two-time winner of the Gemini Award as Canada's top television sports broadcaster for his work with CBC-TV, Mr. Dowbiggin is also the best-selling author of "Money Players" (finalist for the 2004 National Business Book Award) and two new books-- Ice Storm: The Rise and Fall of the Greatest Vancouver Canucks Team Ever for Greystone Press and Grant Fuhr: Portrait of a Champion for Random House. His ground-breaking investigations into the life and times of Alan Eagleson led to his selection as the winner of the Gemini for Canada's top sportscaster in 1993 and again in 1996. This work earned him the reputation as one of Canada's top investigative journalists in any field. He was a featured columnist for the Calgary Herald (1998-2009) and the Globe & Mail (2009-2013) where his incisive style and wit on sports media and business won him many readers.

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Bruce Dowbiggin

Why Are Canadian Mayors So Far Left And Out Of Touch?

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‘The City of Edmonton pays for a 22-person climate team but doesn’t know who on that team is responsible for what, or what that team has accomplished. Meanwhile, Council takes a pay raise and bumps our property taxes by 8.6%”  @michaelistuart

We just returned from a long trip to discover that the City of Calgary wants to potentially re-zone our neighbourhood. Bridle Estates is a collection of 175 bungalow villas for people aged 55-plus. While some people still work most of the inhabitants are retirees. The city’s earnest idea is to create low-cost housing for the tens of thousands arriving here in the city from away.

You can see why a city hall obsessed with white privilege wants to democratize our neck of the south-west corner of the city. Enforced justice has a great tradition. 1970s American cities decided that bussing was the antidote to segregation. After a SCOTUS decision allowing the practice in 1971 (back when liberals owned the court) progressives pushed through an aggressive plan to bus kids from the inner city to the leafy suburbs. And vice versa.

It worked like a charm. For conservatives, that is. It radicalized a generation of voters who soon installed Ronald Reagan as president, and empty buses went back to the depot. The Democrats went from the party of the people to the party people in Hollywood. With time dulling memories, contemporary Woke folk are reviving the integration dream. This time the mostly white suburbs will bear the brunt of the government’s immigration fixation (400K-plus in the third quarter).

There are meetings planned where citizens will be able to address their elected officials— no doubt in a respectful voice. But anyone who’s dealt with Climate Crisis Barbie— Mayor Jyoti Gondek— has much optimism. This is a mayor who exploited a three-way split in centre-right voting here to declare a Climate Emergency on her first day in office.

Then she rolled out hate-speech laws to protect her from being razzed in public. For this and other fabulist blunders— her messing with the new arena project drove a worse deal and a two-year delay in a home for the Calgary Flames— she faced a recall project (which failed to collect over 400K voters’ signatures).

With a housing bubble expanding everyday, Her Tone Deafness has decided that owning a home is so passé. ”We are starting to see a segment of the population reject this idea of owning a home and they are moving towards rental, because it gives them more freedom.” She added that people have become “much more liberated around what housing looks like and what the tenure of housing looks like.”

As the Calgary’s schmozzles and Edmonton’s dabble in climate extravagance illustrate the municipal level of government in Canada is a few lobsters shy of a clambake. Across the country major cities are in the hands of radical NDP soldiers or virtue warriors who would rather have symbols than sewers to talk about.

In Toronto, Jack Layton’s widow Olivia Chow is leveraging her 37 percent mandate to make Toronto a kinder, Wok-er city. In Vancouver and Victoria, B.C., the open-air drug agendas of new mayors and city councils have sent capital fleeing elsewhere. Despite crime and construction chaos, Montreal mayor Valerie Plante won a second term, by emphasizing her gender.

In times when the coffers were full, this ESG theatre might have been a simple inconvenience. But since the federal and provincial governments began shoving responsibilities and costs downward to municipalities there is no wiggle room for grandstanding politicians at the city level. Or for hapless amateurs.

With the public incensed over residential property tax increases on one side and the blandishments of aggressive developers on the other, competent governance has never been more needed in the urban areas. While feds can (and have) printed money to escape their headaches and the provinces can offload costs onto the cities, the municipalities have no room for risk.

The time bomb in this equation is the debt load that the three levels can sustain. After this week’s budget, federal spending is up $238B, or 80 percent since 2015.  Coming off this free-spending budget the feds have pushed the federal debt to more than $1.2 trillion this year (in 2015, the debt was $616 billion.) None of the provinces has shown any appetite for the 1990s-style cuts to reduce their indebtedness. Leaving cities to crank the property-tax handle again.

So far, Canada’s cities have been able to use friendly municipal bonds to ease their fiscal problems. But if the Canadian economy continues its tepid performance with no reduction in debt, financial experts tell us that there could be a flight from Canadian municipal bonds— with a consequent spike in interest rates elsewhere.

The backlash on free-spending governments will be severe— and restricted municipalities will be hardest hit. None of this is resonating with Canadians still flush with cash from Covid. The stock markets are still buoyant and those living in cashbox houses are counting their dividends. Willful denial is the Trudeau legacy.

Which is why so many Canadian were shocked last week when American AntiTrump media star Bill Maher did an intervention on Canadian conceits. Using the True North as his warning to America, Maher ripped apart the gauzy leftist dream of Canada as the perfect society, the Sweden north of Estevan. By the time he was done, the single-payer myth was bleeding on the ground.

Maher knows that the bill is coming due for free-spending Canada and its climate charlatans. (The IMF is already warning of a global crisis over debt loads.) The question is: will Canadians come to the same conclusion before it’s too late to save the cities?

Bruce Dowbiggin @dowbboy is the editor of Not The Public Broadcaster  A two-time winner of the Gemini Award as Canada’s top television sports broadcaster, he’s a regular contributor to Sirius XM Canada Talks Ch. 167. His new book Deal With It: The Trades That Stunned The NHL And Changed hockey is now available on Amazon. Inexact Science: The Six Most Compelling Draft Years In NHL History, his previous book with his son Evan, was voted the seventh-best professional hockey book of all time by bookauthority.org . His 2004 book Money Players was voted sixth best on the same list, and is available via brucedowbigginbooks.ca.

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Bruce Dowbiggin

OJ Trial: How It Launched Cable News And Destroyed MLK’s Legacy

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It was the launch pad for CNN. The demise of Martin Luther King’s dream and Ground Zero for racial reparations in America. The O.J. Simpson trial in 1994 is now recognized as the end of civility in the United States. And the beginning of DEI.

Simpson, who died last week of cancer at age 76, was the centre of the story and, as we know now, the least of its elements. Any doubts that festered about his capability to commit a brutal murder of his wife and a friend were quashed when Simpson used his liberty to shake down a memorabilia salesman, using a gun and some muscle to get the job done.

He wandered the world before and after the eight-years-plus prison term, a ghost figure shunned and demonized by almost all. His death brought brief mentions of the spectacular career in sports and media he threw away. But Dave Chapelle sums up this pathetic figure in his stand-up.

While the entire murder/ trial/ incarceration tanked O.J.’s reputation forever it was the making of CNN, which— until the trial— had mostly been a channel you watched while killing time in airports. And, by extension, the shocking not guilty decision was the birth of the cable-news phenomenon.

Instead of investigating plane crashes and propping up bloviating politicians CNN discovered the magic of a live courtroom drama featuring one of the most famous men in America, football great and movie punchline O.J. Blowing out the concept of structured programming, CNN dedicated endless consecutive daytime hours to testimony, linked by a cast of legal figures like Roger Cossack, Jeffrey Toobin and Greta Van Susteren parsing the evidence..

When court broke for the day, CNN went full panel, rounding up ex-cops, ambulance-chasing lawyers, California psychos and political hacks to analyze the day’s events like they were John Madden analyzing Peyton Manning. People tantalized by the Bronco chase and the bloody glove couldn’t get enough of Kato Kaelin.

CNN was aided by Simpson’s defence team which trashed the idea of evidence, turning the trial instead into a referendum on the bumbling L.A. police. Soon everyone knew that detective Mark Fuhrman was a stone-cold racist and Phillip Vanatter couldn’t protect evidence if he tried. And don’t get us started on the quivering figure of Judge Lance Ito, who was bulldozed by Simpson’s crack team of Johnnie Cochrane, Alan Dershowitz, Robert Shapiro and Robert Kardashian.

The apogee of the trial was, of course, coarse actor O.J. not being able to put on the glove (if it don’t fit you must acquit). The stunned look on prosecutor Marcia Clark’s face was mint. For the hyper-liberal, mostly black  L.A. jury that was all they needed to cement the not-guilty verdict. CNN reverberated for weeks on the sugar high from the trial.

White America was largely disgusted with the verdict and said so. Prompting CNN to allege a vast right-wing conspiracy that would end in George W. Bush and Donald Trump. Soon, everyone was in on the game of choosing sides, with MSNBC And FOX News Channel going 24/7 on the racial divide in society. Pretty soon, late-night comics morphed into shills for the Left and against Bush and then Trump. Comedy was deader than O.J.’s victims.

Network profits were lucrative, however, as Roger Ailes (FOX News) and the heads of the Big Three TV news departments whipped the vote for their side. Sadly for CNN, abandoning their role as purveyor of O.J. porn for guileless wind therapist for the Obama Left was not a winner with audiences. The rabid radicals disappeared for MSNBC and the centrists just started watching Netflix. From creators of the TV news cycle on the fly, CNN is now a lame version of its old self, a tepid third in the ratings as it seeks to find a new identity.

The other big loser in the O.J. story was the legacy of Martin Luther King. While gormless lefties still repeat his pleas for a colour-blind society, the reality is that, since the OJ decision, black America has decided it can go its own way, thank you, funded by guilty white liberals and reparations from the Civil War.

In June of 2016— two decades after the Trial of the century— a documentary on the trials stirred the passions again. We observed, “King was predicting a land where colour no longer matters. A land where character and steadfastness and achievement are the highest goals. Today, the proud boast of Obama and the progressives is that everything is about colour, not character. Everyone is about check lists of the aggrieved, talking points of the hard-done-by, education camps for liberal guilt. Growth cannot be made unless it’s as the expense of someone else we hate.

Simpson was a man King might have admired in some ways, even if the ESPN producers dismissed him in their zeal to reinforce the grievance culture. O.J. had no time for those who chose to cut themselves off in their culture, who were marinating in their bitterness over racial bigotry. He chose to be measured by something larger than colour.

That he failed is more of a mark on his character than his colour.” So OJ has that going for him as he checks into his suite in Hades.

Bruce Dowbiggin @dowbboy is the editor of Not The Public Broadcaster  A two-time winner of the Gemini Award as Canada’s top television sports broadcaster, he’s a regular contributor to Sirius XM Canada Talks Ch. 167. His new book Deal With It: The Trades That Stunned The NHL And Changed hockey is now available on Amazon. Inexact Science: The Six Most Compelling Draft Years In NHL History, his previous book with his son Evan, was voted the seventh-best professional hockey book of all time by bookauthority.org . His 2004 book Money Players was voted sixth best on the same list, and is available via brucedowbigginbooks.ca.

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