08/06/2011 archive

The insider/outsider Response to the Debt Ceiling Cave-In

Burning the Midnight Oil for Progressive Populism

The Story So Far (imagine a Star Wars Scroll):

Under normal conditions, the primary political parties are representatives of distinct interest groups within the status quo. Democracy, after all, is allowing the citizens of the country to choose winners and losers among the elite, rather than having that choice performed by military might, accident of birth, or etc.

For most of its political history to the late 1800’s, the US was either dominated by one or two political parties. The (extra-constitutional) winner take all electoral college system and the winner take all nature of a state legislature selecting the state’s Senator strongly pushed in that direction.

And with business interests always falling on distinct sides of important issues of the day, that meant that political interests have long been distributed among the rival claimants for power or the natural party of government and natural party of (regional) opposition.

But alongside this was a political institution that allowed third parties to emerge and compete for influence ~ and indeed, the Great Re-Alignment from the Democrats and the Whigs to the Republicans and the Democrats occured in part thanks to the existence of third parties that were available to merge with the Anti-Slavery Whigs once they had been purged from the Whig Party. So in the late 1800’s …

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Evening Edition

Evening Edition is an Open Thread

From Yahoo News Top Stories

1 Eurozone asks markets for ‘weeks’ of breathing space

By Claire Rosemberg, AFP

7 hrs ago

The EU executive on Friday begged markets for a breathing-space of just “weeks” as it works to put into place measures to stem contagion of a debt crisis across the 17 nations that share the euro.

Rushing back to Brussels from vacation as European economic giants Italy and Spain came under intense market pressure, Economic Affairs Commissioner Olli Rehn said a wide-ranging contingency plan to defend the euro, agreed at a special summit July 21, will be ready “in weeks, not months.”

Officials “are working night and day to put flesh on the bones” of the agreement struck at a summit called over fears the Greek debt crisis could spill over to the eurozone’s third- and fourth-largest economies.

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