Steve writes below that “Portlandia” is the city of the petty, bankrupt, vindictive left. That’s true. It is also stupid.
This report comes from the gonzo-left TruthOut: “Under Activist Pressure, Portland Agrees to End All Corporate Investments.”
In a sweeping move that follows a wave of divestment activism in Portland, Oregon, and across the country, the Portland City Council voted last week to pull all of the city’s investments in corporate bonds and securities.
The decision was a major victory for a broad coalition of activists who have pushed for the city to end its investments in corporations that have questionable records on the environment and human rights, including ties to the Dakota Access pipeline, the private prison industry and the Israeli occupation of Palestine.
Portland has had a “do not buy” list for a while, and the City Council had considered adding Caterpillar, Wells Fargo, J.P. Morgan Chase and six other companies to the banned list. But the Council finally decided that didn’t go far enough:
After activists organized rallies and packed council meetings with hours of testimony, the council agreed last week to end corporate investments altogether.
Hyung Nam, a Portland public school teacher and former member of the Socially Responsible Investments Committee (SRIC) behind the proposed “Do Not Buy” list, said the vote was a victory for “human rights and climate justice.”
It isn’t, of course, a victory for Portland’s taxpayers:
Top city officials were resistant to the idea of divestment. Along with City Treasurer Jennifer Cooperman, Wheeler warned that the city could lose around $4.5 million in revenue over the next year by switching from corporate bonds to lower-performing bonds, according to local reports.
I assume those “lower-performing bonds” are municipal and other government securities. It is ironic that Portland thinks all companies are evil, while cities are paragons of virtue.
Still, why worry about losing a few million a year when you are trying to overthrow free enterprise?
However, Shank said Portland’s decision shows the power of coalition building in the Trump era and presents a challenge to the entire system, instead of just one corporation or another.
“I also feel like the way that, as a movement, we’ve come together to target the concept of making profit off of corporations: It challenges capitalism, it challenges the way our economy is working,” Shank said.
So Portland’s City Council wants socialism? It would serve them right if Portland followed in the footsteps of Venezuela.
A postscript: why would Caterpillar be on a “do not buy” list? Here is the answer:
Local inter-faith anti-occupation groups wanted the city to divest from Caterpillar for providing armored bulldozers used by the Israeli military. In its main report to the council, SRIC found that Caterpillar’s bulldozers were used to carry out violations of United Nations agreements “involving attacks on civilians.”
Huh. Why do you suppose Israel would need armored bulldozers?
The Armoured D9R Dozer of the Israel Defence Forces (IDF) is the latest variation in the series of Caterpillar D9 armoured bulldozers. The vehicles are deployed by the Engineer Corps of the IDF.
The D9 Dozer vehicles were first introduced in to the IDF in the 1950s. The vehicle was deployed in the Sinai War (1956), Yom Kippur War (1973), Operation Peace for Galilee (1982), Second Lebanon War (2006) and Operation Cast Lead (2008-2009).
The base vehicle comes with a detachable large blade and a rear ripper attachment. The standard equipment includes weapon mounts, storage compartments, lighting and communication systems.
The base vehicles are armoured by Israel Aerospace Industries, Israel Military Industries and IDF to provide optimum armour protection. The cabin can accommodate two men, including a driver and a commander.
Armoured glass panels on the cabin provide maximum ballistic protection, allowing views of all vehicle components in all directions. The cabin is also fitted with communications, fire-suppression and personal weapon holding systems.
The D9 Dozer is used by the IDF as a front-line vehicle for anti-terrorism operations. The armoured D9R is deployed to support the IDF engineering units performing battlefield demolition /construction, route clearance and explosive ordnance disposal (EOD). The vehicle can also be used to detonate IEDs and explosives, as well as create access and egress routes for combat troops.
The vehicle is used in non-combat military operations such as humanitarian demining, peacekeeping support, engineering tasks and disaster relief operations as well.
The vehicle can protect the crew from bomb explosions, machine-gun fire and sniper fire. The slat armour installed by IDF provides additional protection against rocket-propelled grenade (RPG) rounds.
Thank you, Caterpillar.