11/04/2010 archive

Evening Edition

Evening Edition is an Open Thread

From Yahoo News Top Stories

1 ECB, Britain hold rates steady as Fed pumps up funds

by William Ickes, AFP

Thu Nov 4, 1:15 pm ET

FRANKFURT (AFP) – The European Central Bank parted ways with the US Federal Reserve on Thursday, keeping interest rates unchanged and giving no hint of any easing after the Fed launched a fresh round of costly stimulus measures.

“Separate ways in the central bankers’ brotherhood,” ING senior economist Carsten Brzeski commented.

“Just one day after the Fed launched a new round of quantitative easing (QE), the ECB stressed that it has no intention to follow,” he said.

Austerity & The Coming Lost Decade

Rob Johnson is the Director of the Economic Policy Initiative at the Franklin and Eleanor Roosevelt Institute and is a regular contributor to the Institute’s blog NewDeal2.0. He serves on the UN Commission of Experts on Finance and International Monetary Reform. Previously, Dr. Johnson was a Managing Director at Soros Fund Management where he managed a global currency, bond and equity portfolio specializing in emerging markets. He was also a Managing Director at the Bankers Trust Company. Dr. Johnson has served as Chief Economist of the US Senate Banking Committee under the leadership of Chairman William Proxmire and was Senior Economist of the U.S. Senate Budget Committee under the leadership of Chairman Pete Domenici. Dr. Johnson was an Executive Producer of Taxi to the Dark Side, an Oscar Winning documentary produced and directed by Alex Gibney.

Here, Johnson talks with Paul Jay of The Real News Network about the economic fallout from the past couple of years and the 2010 mid term elections, and concludes that…

…the baseline scenario now is one of prolonged stagnation, gridlock in the government, unless Obama essentially capitulates to the agenda of the right. But will we go into a deep downturn similar to 2007, ’08, early 2009? Not necessarily. We may just remain stagnant. Perhaps the best model is the so-called lost decade in Japan, where you have negligible growth, negligible inflation, or even modest deflation, and you just kind of bump along the bottom. The danger of that, as I alluded to previously, is the long-term, persistent unemployment allows the skills of many people in society to atrophy. And the United States, unlike Europe and Japan, does not have a strong safety net, so it probably foments more social unrest, kind of like what we saw in the formation of the protest movements and Tea Party as we approach this election.

Real News Network – November 04, 2010

Austerity Could Lead to Lost Decade

Rob Johnson: They could accelerate foreign policy conflict to direct attention outwards

..transcript follows..

Throw the Bums Out

Is it time to primary Obama?

Nov. 2: The Death Knell of Corporate Liberalism

Matthew Rothschild, The Progressive

(But) Obama didn’t help himself by trying to placate the Republicans and by muddling his messaging.

He didn’t help himself by lowballing the stimulus and by rejecting a moratorium on foreclosures.

He didn’t help himself by playing a Washington insider game, by trying to buy off a couple of Republicans in Congress and by playing footie with huge industries, like the banks and the pharmaceutical companies. . .

He didn’t call people to march on Washington for universal health care, or at least Medicare for all who want it.

You can’t tell an unemployed person that you’d have been twice as unemployed without my help. You need to give that person a job now.

You can’t tell an elderly person you’re closing the donut hole on prescription drugs-by the year 2020. You need to close it now.

You can’t tell an adult with a pre-existing condition that you’ll force insurance companies to cover you-by the year 2014, when you may be dead. You need to cover people now.

You can’t tell families being foreclosed upon that you’re trying hard to keep them in their homes. You need to keep them in their homes now.

h/t lambert @ Corrente

How’d That Bipartisanship Thing Work Out For You?

Cenk Uygur, The Young Turks

I’d like to ask all of the people who thought trying to reach out to Republicans in a bipartisan manner would be a good idea — Rahm Emanuel and Barack Obama in particular — how’d that work out for you?

h/t Hecate

Punting the Pundits

Punting the Punditsis 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.

Gail Collins: The Day After the Day After

O.K., you poor little Democrats. Stop sobbing. Lift up your little liberal heads and shout. There’s gonna be. …


Harry Reid! There’s gonna be more Harry Reid! Nobody thought it could happen, but the charisma-challenged Senate majority leader won another term, decisively defeating Sharron Angle, a Tea Party favorite who had claimed that American cities were run by Sharia law and who had ingratiated herself to a roomful of Hispanic teenagers by telling them that they looked Asian to her.

Yes, the Titanic went down, but Harry Reid got a lifeboat. I know you were hoping for someone more Leonardo DiCaprio, but right now you’d better take what you can get.

Arianna Huffington: In 2009 the White House Underestimated the Economic Devastation, in 2010 Democrats Paid the Price

For all the hours of pre-election predictions and post-vote analysis, the 2010 midterms came down to a very simple truth: If unemployment were near double digits come November, Democrats would take a beating.

It is, and they have.

Exit polls found that nearly nine in ten voters believe the economy is in bad shape. The same percentage said they feel pessimistic about America’s economic future. That’s practically everyone!

And while a large majority of voters still believe that George Bush is to blame for getting us into this mess, they are clearly holding Obama accountable for not fixing it.

Amanda Marcotte: The Real Reason Sharron Angle Lost

It’s the curse of the Mama Grizzly.

Sharron Angle had all the breaks that should have allowed her to take the Senate seat in Nevada. She was running against a wildly unpopular incumbent in a state that leads the nation in unemployment. She raised and spent a record amount of money for a Senate race. She ran a race-baiting campaign in a style that almost always works for Republicans. She had the Mama Grizzly hype behind her. Despite all this, she managed to lose the race for Senate by virtue of her inability to stop saying crazy things, talking about “Second Amendment remedies,” calling the unemployed “spoiled,” and telling a group of Latino students that they look Asian to her.

Still, it all seems a little unfair. Angle, for all her hard-right views, was no worse and often better than some of her more successful male colleagues running in swing states, such as Pat Toomey and Marco Rubio. In the world of gaffes, she fell short of Rand Paul, who called for the repeal of the Civil Rights Act before backing off and who kept having to let go of volunteers and employees for doing things like celebrating lynching and stomping on the head of a MoveOn activist.

Club Rules

My particular family is the Corleones, not as big and powerful as the Barzinis, but respected because we believe and practice the old ways.

Not that we don’t have our problems.  A while back we had 2 consecutive bad leaders.  The first one stopped running the business and played favorites so we threatened them with impeachment and they had the good grace to resign.

The second one ran the business but stole from it, which is not acceptable, so we had Tom Hagen explain to them just what would happen in prison.

After this we took a long hard look at our procedures for changing leadership and decided on some new ones.

The Don can be voted out at any meeting of the capos by a simple majority.  The reasoning behind that is if you’re so unpopular that people want to get rid of you, and you’re too stupid to realize that and make sure you have a majority at the meeting…

Well, then you’re just too stupid to be Don.

Consider this a parable.

(inspired by paradox @ The Left Coaster)

On This Day in History: November 4

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

November 4 is the 308th day of the year (309th in leap years) in the Gregorian calendar. There are 57 days remaining until the end of the year.

On this day in 1922, British archaeologist Howard Carter and his workmen discover a step leading to the tomb of King Tutankhamen in the Valley of the Kings in Egypt.

The British Egyptologist Howard Carter (employed by Lord Carnarvon) discovered Tutankhamun’s tomb (since designated KV62) in the Valley of the Kings on November 4, 1922, near the entrance to the tomb of Ramesses VI, thereby setting off a renewed interest in all things Egyptian in the modern world. Carter contacted his patron, and on November 26 that year, both men became the first people to enter Tutankhamun’s tomb in over 3000 years. After many weeks of careful excavation, on February 16, 1923, Carter opened the inner chamber and first saw the sarcophagus of Tutankhamun. All of this was conveyed to the public by H. V. Morton, the only journalist allowed on the scene.

The first step to the stairs was found on November 4, 1922. The following day saw the exposure of a complete staircase. The end of November saw access to the Antechamber and the discovery of the Annex, and then the Burial Chamber and Treasury.

On November 29, the tomb was officially opened, and the first announcement and press conference followed the next day. The first item was removed from the tomb on December 27.

February 16, 1923 saw the official opening of the Burial Chamber, and April 5 saw the death of Lord Carnarvon.

On February 12, 1924, the granite lid of the sarcophagus was raised In April, Carter argued with the Antiquities Service, and left the excavation for the United States.

In January 1925, Carter resumed activities in the tomb, and on October 13, he removed the cover of the first sarcophagus; on October 23, he removed the cover of the second sarcophagus; on October 28, the team removed the cover of the final sarcophagus and exposed the mummy; and on November 11, the examination of the remains of Tutankhamun started.

Work started in the Treasury on October 24, 1926, and between October 30 and December 15, 1927, the Annex was emptied and examined.

On November 10, 1930, eight years after the discovery, the last objects were finally removed from the tomb of the long lost Pharaoh.

CBS News Exit Polling

H/T lambert @ Corrente

Why Democrats Lost the House to Republicans

Posted by Samuel J. Best, CBS News

November 3, 2010 2:38 AM

Preliminary CBS News exit polls show that these results were fueled primarily by a depressed turnout among Democratic base groups…

Core Democratic groups stayed away in droves Tuesday, costing Democratic House candidates dearly at the polls.

Hispanics, African Americans, union members and young people were among the many core Democratic groups that turned out in large numbers in the 2008 elections, propelling Mr. Obama and Democratic House candidates to sizable victories. In 2010, turnout among these groups dropped off substantially, even below their previous midterm levels.

Group 2010 2006 2008
Under 30 11% 13% (-2) 18% (-7)
Union Households 17% 23% (-6) 21% (-4)
African Americans 10% 13% (-3)

You should really click on lambert’s link because while some of it is stuff you’ve already seen here, he also links many commentaries I haven’t highlighted.

Morning Shinbun Thursday November 4

Thursday’s Headlines:

Clara Barton’s D.C. home and office may be converted into museum


Richard Wolffe: Democrat doom may turn to delight as Tea Party politics kick in

Republicans Face a Fundamental Choice in How to Oppose


BBC apologises to Bob Geldof over Band Aid claims

Sarkozy had ‘surveillance unit spy on journalists’

Middle East

After Baghdad bombings, Iraqis have harsh words for security forces


Six years later, army to pull out of Timor

The war to come in Myanmar


The ‘Gap kids’ you won’t see in the adverts

Is the Case Against Charles Taylor Falling Apart?

Spending blitz by outside groups helped secure big GOP wins

Hedge fund moguls helped bankroll groups’ attack ads, sources tell NBC News

By Michael Isikoff and Rich Gardella

NBC News

A tightly coordinated effort by outside Republican groups, spearheaded by Karl Rove and fueled by tens of millions of dollars in contributions from Wall Street hedge fund moguls and other wealthy donors, helped secure big GOP midterm victories Tuesday, according to campaign spending figures and Republican fundraising insiders.

Leading the GOP spending pack was a pair of groups – American Crossroads and its affiliate, Crossroads GPS – both of which were co-founded by two former aides in the George W. Bush White House: Rove, and Ed Gillespie.

Prime Time

Premiers (except for Faux).  Looks like I’ll be watching Mythbusters and Man v. Food.  Phineas and Ferb has an air date 3 days from now.  Amazingly enough the NHL LA Kings google higher than their NBA namesakes.

Penny Pingleton, you know you are punished. From now on you’re wearing a giant P on your blouse EVERY DAY to school so that the whole world knows that Penny Pingleton is permanently, positively, punished.


Dave hosts Tina Fey and Brad Paisley.  Jon has Chris Wallace (ugh, his father must be very proud), Stephen Doris Kearns Goodwin (not much of a historian actually, and a plagiarist).

BoondocksTom, Sarah and Usher.

Zap2it TV Listings, Yahoo TV Listings