Punting the Pundits

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.

Paul Krugman: Beware of Austerity’s Vicious Circle

One of the key arguments made by the proponents of fiscal austerity, even in a deeply depressed economy, has involved a sort of macroeconomic version of Pascal’s wager. Yes, the more open-minded admit, borrowing costs are very low in the United States and Britain. Yes, the arithmetic suggests that cutting spending now will do very little to improve long-run fiscal prospects. But you never know – maybe the last trillion dollars of spending will be what causes a sudden loss of market confidence, turning you into Greeeeeeece. (Cue scary noises.)

Leave on one side the enormous difference between countries that do and don’t have their own currencies (and debt in their own currencies). Let me instead point out that there are other risks.

Robert Sheer: Obama by Default

The Republicans are a sick joke, and their narrow ideological stupidity has left rational voters no choice in the coming presidential election but Barack Obama. With Ron Paul out of it and warmongering hedge fund hustler Mitt Romney the likely Republican nominee, the GOP has defined itself indelibly as the party of moneyed greed and unfettered imperialism.

It is with chilling certainty that one can predict that a single Romney appointee to the Supreme Court would seal the coup of the 1 percent that already is well on its way toward purchasing the nation’s political soul. Romney is the quintessential Citizens United super PAC candidate, a man who has turned avarice into virtue and comes to us now as a once-moderate politician transformed into the ultimate prophet of imperial hubris, blaming everyone from the Chinese to laid-off American workers for our problems. Everyone, that is, except the Wall Street-dominated GOP, which midwifed the Great Recession under George W. Bush and now seeks to blame Obama for the enormous deficit spawned by the party’s wanton behavior.

Robert Reich: The Fable of the Century

Imagine a country in which the very richest people get all the economic gains. They eventually accumulate so much of the nation’s total income and wealth that the middle class no longer has the purchasing power to keep the economy going full speed. Most of the middle class’s wages keep falling and their major asset — their home — keeps shrinking in value.

Imagine that the richest people in this country use some of their vast wealth to routinely bribe politicians. They get the politicians to cut their taxes so low there’s no money to finance important public investments that the middle class depends on — such as schools and roads, or safety nets such as health care for the elderly and poor.

Richard (RJ) Eskow: While Jamie Dimon Gently Weeps, Another “Big Stick” Bank Attack on Democracy

He’s at again — and we’re glad. A lot of smart people are dedicating their lives to fighting the corrosive effect of Wall Street on our economy and our democracy, but the best spokesman for that cause comes from Wall Street itself.

JPMorgan Chase CEO Jamie Dimon is still the poster child for today’s morally degraded, self-entitled banker mentality. I don’t know why he keeps talking, but he’s the gift that keeps on giving.

At every major junction in the post-crisis debate about banking, Dimon has stepped in with a perfectly tactless remark that illustrates both the vacuity and the moral corruption of his industry. This week was no exception.

Joe Conason: The High Court’s Supremely Unethical Activists

How the Supreme Court majority will rule on President Obama’s Affordable Care Act may well have been foretold months or perhaps years ago-not so much by their questions during argument this week, as by their flagrant displays of bias outside the court, where certain justices regularly behave as dubiously as any sleazy officeholder.

While the public awaits the high court’s judgment on the constitutionality of health care reform, it is worth remembering how cheaply Justices Antonin Scalia and Clarence Thomas in particular have sullied the integrity of their lifetime appointments, and how casually Chief Justice John Roberts and their other colleagues tolerate such outrages.

Glen Ford: Strip-Searches: Obama Wants You to Bend Over (Or Squat) and Spread ‘Em

Humiliation is the law of the land. When you fall into the clutches of the police, for any reason, or no good reason at all, you can be compelled to bare your private parts before being placed in the general jail population. Five of the nine U.S. Supreme Court justices ruled that Constitutional prohibitions against unreasonable searches end at the jailhouse door, even if there is no reason to suspect that the person under arrest is in possession of anything that could be called contraband.

The decision throws out laws against unreasonable strip searches in at least ten states, and overrides federal law enforcement regulations against intrusive searches. The High Court decision also flies in the face of international human rights treaties to which the United States is a signatory. In effect, the Supreme Court majority ruled that the whim of the local jailer trumps any standard of reasonableness. The American Correctional Association, which represents jail guards, is pleased that its members now have the “flexibility” to look into virtually every human orifice that enters their domain, even though the association’s own standards currently discourage blanket policies of strip-searching everyone.

Bl McKibben: Payola for the Most Profitable Corporations in History

And Why Taxpayers Shouldn’t Stand for It Any More

Along with “fivedollaragallongas,” the energy watchword for the next few months is: “subsidies.” Last week, for instance, New Jersey Senator Robert Menendez proposed ending some of the billions of dollars in handouts enjoyed by the fossil-fuel industry with a “Repeal Big Oil Tax Subsidies Act.”  It was, in truth, nothing to write home about — a curiously skimpy bill that only targeted oil companies, and just the five richest of them at that. Left out were coal and natural gas, and you won’t be surprised to learn that even then it didn’t pass.

Still, President Obama is now calling for an end to oil subsidies at every stop on his early presidential-campaign-plus-fundraising blitz — even at those stops where he’s also promising to “drill everywhere.” And later this month Vermont Senator Bernie Sanders will introduce a much more comprehensive bill that tackles all fossil fuels and their purveyors (and has no chance whatsoever of passing this Congress).