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”.

Robert Reich: The Real Economic Lesson China Could Teach Us

Highlighting today’s summit between Chinese President Hu Jintao and President Obama is China’s agreement to buy $45 billion of American exports. The president says this will create more American jobs. That’s not exactly right. It will create more profits for American companies but relatively few new jobs. . . . . .

But the prosperity of America’s big businesses has become disconnected from the prosperity of most Americans.

Republicans say the answer is to reduce the size and scope of government. But without a government that’s focused on more and better jobs, we’re left with global corporations that don’t give a damn.

China is eating our lunch. Why? It has a national economic strategy designed to create more and better jobs. We have global corporations designed to make money for shareholders.

William K. Black: ‘An Economic Philosophy That Has Completely Failed’

I get President Obama’s “regulatory review” plan, I really do. His game plan is a straight steal from President Clinton’s strategy after the Republican’s 1994 congressional triumph. Clinton’s strategy was to steal the Republican Party’s play book. I know that Clinton’s strategy was considered brilliant politics (particularly by the Clintonites), but the Republican financial playbook produces recurrent, intensifying fraud epidemics and financial crises. Rubin and Summers were Clinton’s offensive coordinators. They planned and implemented the Republican game plan on finance. Rubin and Summers were good choices for this role because they were, and remain, reflexively anti-regulatory. They led the deregulation and attack on supervision that began to create the criminogenic environment that produced the financial crisis.

The zeal, crude threats, and arrogance they displayed in leading the attacks on SEC Chair Levitt and CFTC Chair Born’s efforts to adopt regulations that would have reduced the risks of fraud and financial crises were exceptional. Just one problem — they were wrong and Levitt and Born were right. Rubin and Summers weren’t slightly wrong; they put us on the path to the Great Recession. Obama knows that Clinton’s brilliant political strategy, stealing the Republican play book, was a disaster for the nation, but he has picked politics over substance.

Dana Milbank: Hu Jintao meets the free press

Something about human rights just doesn’t translate for Chinese President Hu Jintao. . . . . .

After the leaders’ standard opening statements full of the blah-blah about bilateral cooperation, the Associated Press’s Ben Feller rose and asked a gutsy, forceful question. . . .

Hu, however, ignored that question in favor of the gentler one from his employee at Chinese television. As luck would have it, Hu was perfectly prepared for the question, and, in his reply, looked down to read statistics from his notes.

Reporters glanced at each other, puzzled over Hu’s ignoring of Feller’s question. During the interminable translation into Mandarin of Hu’s answer to the Chinese reporter’s question, Obama flashed a grin at Gibbs.

Hu, his forehead shining, had another plant waiting in the crowd, a reporter from the state-run Xinhua news agency. But before Hu could get that lifeline tossed his way, the microphone went to the American side, where Nichols demanded an answer to the human-rights question. This time, Hu couldn’t claim it was lost in translation.

“China is a developing country with a huge population and also a developing country in a crucial stage of reform,” he explained. “In this context, China still faces many challenges in economic and social development, and a lot still needs to be done in China in terms of human rights.”

No wonder Hu doesn’t like questions: He might have to give an honest answer.

Robert Sheer: Obama Pulls a Clinton

Here we go again. When Bill Clinton suffered an electoral reversal after his first two years in office, he abruptly embraced the corporate money guys who had financed his congressional opposition in an effort to purchase a second term. On Tuesday in his Wall Street Journal Op-Ed piece, Barack Obama veered sharply down that same course, trumpeting his executive order: “to remove outdated regulations that stifle job creation and make our economy less competitive. …”

He employed the same “creating a 21st-century regulatory system” rationalization used by Clinton when he signed off on the sweeping deregulation legislation that unleashed the Wall Street greed that ended up being the biggest job-killer since the Great Depression. “Over the (past) seven years, we have tried to modernize the economy,” Clinton enthused as he signed the Financial Services Modernization Act that repealed key New Deal legislation, adding, “And today what we are doing is modernizing the financial services industry, tearing down those antiquated laws and granting banks significant new authority.” Modernizing was the propaganda constant, as in the Commodity Futures Modernization Act that Clinton signed, thus shielding financial derivatives from any government regulation.

Glen Greenwald: Obama Officials Caught Deceiving about WikiLeaks

Whenever the U.S. Government wants to demonize a person or group in order to justify attacks on them, it follows the same playbook:  it manufactures falsehoods about them, baselessly warns that they pose Grave Dangers and are severely harming our National Security, peppers all that with personality smears to render the targeted individuals repellent on a personal level, and feeds it all to the establishment American media, which then dutifully amplifies and mindlessly disseminates it all.  That, of course, was the precise scheme that so easily led the U.S. into attacking Iraq; it’s what continues to ensure support for the whole litany of War on Terror abuses and the bonanza of power and profit which accompanies them; and it’s long been obvious that this is the primary means for generating contempt for WikiLeaks to enable its prosecution and ultimate destruction (an outcome the Pentagon has been plotting since at least 2008).

When WikiLeaks in mid-2010 published documents detailing the brutality and corruption at the heart of the war in Afghanistan, the Chairman of the Joint Chiefs of Staff, Adm. Michael Mullen, held a Press Conference and said of WikiLeaks (and then re-affirmed it on his Twitter account) that they “might already have on their hands the blood of some young soldier or that of an Afghan family.”  This denunciation predictably caused the phrase “blood on their hands” to be attached to WikiLeaks and its founder, Julian Assange, in thousands of media accounts around the world.  But two weeks later, the Pentagon’s spokesman, when pressed, was forced to admit that there was no evidence whatsoever for that accusation:  “we have yet to see any harm come to anyone in Afghanistan that we can directly tie to exposure in the WikiLeaks documents,” he admitted.  Several months later, after more flamboyant government condemnations of WikiLeaks’ release of thousands of Iraq War documents, McClatchy’s Nancy Youssef — in an article headlined:  “Officials may be overstating the danger from WikiLeaks” — reported that “U.S. officials concede that they have no evidence to date” that the disclosures resulted in the deaths of anyone, and she detailed the great care WikiLeaks took in that Iraq War release to protect innocent people.

John Nichols: House Republicans Vote to Restore Insurance-Industry Control of Healthcare

Americans are divided over the question of how best to reform a dysfunctional healthcare system.

But the new Republican majority in the US House of Representatives entertains no doubt about what must be done: the for-profit insurance industry must be restored to its “proper” place as the determiner of who gets care-and how much they will have to pay. . . . . .

House Speaker John Boehner and his fellow Republican caucus leaders claimed that the vote represented the will of the American people.

But did it?

Laura Flanders: Obama’s Deregulation Dance With Wall Street

With a new Republican Congress falling all over itself to hand corporations whatever they want, it was only a matter of time before some politician turned up in the pages of the Wall Street Journal, breathlessly describing the “dazzling” and “path-breaking” nature of the free market, and vowing to get rid of regulations that have placed “unreasonable” burdens on businesses.

We just didn’t think it would be Barack Obama.

But the man who couldn’t give an executive order to halt dismissals of gay and lesbian members of the military has apparently issued an order to review regulations that stifle job creation, or place unreasonable restrictions on business, or-and these are his own words-are “just plain dumb.”