November 2011 archive

Occupy Wall St. Livestream: Day 53

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OccupyWallStreet

The resistance continues at Liberty Square, with free pizza 😉

“I don’t know how to fix this but I know it’s wrong.” ~ Unknown Author

Occupy Wall Street NYC now has a web site for its General Assembly  with up dates and information. Very informative and user friendly. It has information about events, a bulletin board, groups and minutes of the GA meetings.

NYC General Assembly #OccupyWallStreet

Occupy Oakland: Scott Campbell describes being shot with a rubber bullet by Oakland police in an unprovoked attack

Scott Campbell, a participant in the Occupy Oakland movement, describes the unprovoked police attack that left him severely wounded. “There was absolutely no warning whatsoever,” says Campbell.

Occupy The Highway: The 99% March to Washington

On November 23rd, the Congressional Deficit Reduction Super-Committee will meet to decide on whether or not to keep Obama’s extension to the Bush tax-cuts – which only benefit the richest 1% of Americans in any kind of significant way. Luckily, a group of OWS’ers are embarking on a two-week march from Liberty Plaza to the Whitehouse to let the committee know what the 99% think about these cuts. Join the march to make sure these tax cuts for the richest 1% of Americans are allowed to die!

More information:

The 20 mile a day/2 week march from Liberty Square to DC is set to leave this Wednesday, November 9 at noon. On Wednesday we’ll be leaving Liberty Square and marching to the New York Waterway/Hudson River Ferry and onward to Elizabeth, NJ. This is our first stop. Everyone is welcome to join this two week march. If you’d like to participate, but can’t commit for two weeks you’re welcome to join us for the day or help send us off!

On this Day In History November 8

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

Find the past “On This Day in History” here.

November 8 is the 312th day of the year (313th in leap years) in the Gregorian calendar. There are 53 days remaining until the end of the year.

On this day in 1793 the Louvre opens as a public museum. After more than two centuries as a royal palace, the Louvre is opened as a public museum in Paris by the French revolutionary government. Today, the Louvre’s collection is one of the richest in the world, with artwork and artifacts representative of 11,000 years of human civilization and culture.

The Musée du Louvre or officially Grand Louvre – in English the Louvre Museum or simply the Louvre – is one of the world’s largest museums, the most visited art museum in the world and a historic monument. It is a central landmark of Paris and located on the Right Bank of the Seine in the 1st arrondissement (district). Nearly 35,000 objects from prehistory to the 19th century are exhibited over an area of 60,600 square metres (652,300 square feet).

The museum is housed in the Louvre Palace (Palais du Louvre) which began as a fortress built in the late 12th century under Philip II. Remnants of the fortress are still visible. The building was extended many times to form the present Louvre Palace. In 1682, Louis XIV chose the Palace of Versailles for his household, leaving the Louvre primarily as a place to display the royal collection, including, from 1692, a collection of antique sculpture. In 1692, the building was occupied by the Académie des Inscriptions et Belles Lettres and the Académie Royale de Peinture et de Sculpture, which in 1699 held the first of a series of salons. The Académie

remained at the Louvre for 100 years. During the French Revolution, the National Assembly decreed that the Louvre should be used as a museum, to display the nation’s masterpieces.

The museum opened on 10 August 1793 with an exhibition of 537 paintings, the majority of the works being confiscated church and royal property. Because of structural problems with the building, the museum was closed in 1796 until 1801. The size of the collection increased under Napoleon when the museum was renamed the Musée Napoleon. After his defeat at Waterloo, many works seized by Napoleon’s armies were returned to their original owners. The collection was further increased during the reigns of Louis XVIII and Charles X, and during the Second French Empire the museum gained 20,000 pieces. Holdings have grown steadily through donations and gifts since the Third Republic, except during the two World Wars. As of 2008, the collection is divided among eight curatorial departments: Egyptian Antiquities; Near Eastern Antiquities; Greek, Etruscan, and Roman Antiquities; Islamic Art; Sculpture; Decorative Arts; Paintings; Prints and Drawings.

Rearranging the deck chairs

Key Obama Aide Relinquishes Some Duties

By CAROL E. LEE, The Wall Street Journal

NOVEMBER 8, 2011

On Monday, Mr. Daley turned over day-to-day management of the West Wing to Pete Rouse, a veteran aide to President Obama, according to several people familiar with the matter. It is unusual for a White House chief of staff to relinquish part of the job.

A senior White House official who attended Monday’s staff meeting where Mr. Daley made the announcement said that his new role has not yet been fully defined. But in recent weeks, Mr. Daley has focused more on managing relations with influential outsiders.



A former executive at J.P. Morgan Chase & Co. and a Commerce secretary in the Clinton administration, Mr. Daley was widely hailed as a breath of fresh air for a White House seeking to cut deals with emboldened Republicans and repair the administration’s soured relations with business.

Mr. Daley made strides in his outreach to business, including leading a White House effort to ease government regulations and shepherding three free-trade deals through a divided Congress. But the relationship has fallen short of expectations. White House officials acknowledge even an emissary of Mr. Daley’s caliber could go only so far. Mr. Obama’s recent push to boost taxes on wealthy Americans has complicated that effort.

On the congressional front, one big problem has been a tense relationship between Mr. Daley and Senate Majority Leader Harry Reid (D., Nev.), which soured during the budget negotiations this year, people familiar with the matter said. Mr. Daley angered Democrats by trying to cut side budget deals with Republicans. He stoked the tension recently by telling a columnist for the website Politico that “both Democrats and Republicans” have made it difficult for Mr. Obama to govern.

Obama’s Chief of Staff Steps Down Amid Behind-the-Scenes Shitstorm

By Seth Abramovitch, Gawker

Nov 8, 2011 2:49 AM

The “recalibration of Mr. Daley’s portfolio” (the WSJ euphemisms are like poetry!) is designed to “smooth any kinks in the president’s team as it braces for the overlapping demands of governing while campaigning for re-election.”

Example of a “kink”: Remember when Obama announced he’d be unveiling his big jobs plan during a GOP presidential debate, and everyone was thrilled that he was finally showing a spine? And then John Boehner poked his head out of his irradiating clamshell to say, “No fucking way?” And then the president backed down and looked like a total wuss again? Well, Obama read the riot act to his staff, demanding to know how they could have failed to see that conflict coming. All bucks stopped at Daley’s desk – he was the one who said everyone had signed off on that first date.

More “Accountability”

SEC Uses "Because I Said So" Tactic With Judge Rakoff

By Matt Levine, Dealbreaker

07 Nov 2011 at 4:39 PM

The quick background: Citi decided to make a big prop bet against some mortgages, so it structured a synthetic CDO with the exposures it wanted to short and sold it to some dopes, keeping virtually all of the short side of the trade on its books. This was a good idea and Citi made $160mm, but it worked out less well for the dopes. The SEC sued Citi for not telling the dopes certain things, like that it had picked the mortgages involved because of their exceptional badness, and they signed up a $285 million settlement.



(T)hese are very silly words. “Scienter-based violations of the securities laws” just means that GS, unlike Citi, was charged with intentionally stuffing dopes with bad CDOs. True! The SEC charged GS with doing that intentionally, and it only charged Citi with doing the same thing “negligently,” i.e., something a little bit north of “accidentally.” But, like, the SEC just decided to charge it that way – and they don’t explain why. It is sort of unimaginable that anyone could accidentally create a mortgage-backed security filled with loans you know are going to fail so that you can sell it to a client who isn’t aware that you sabotaged it by intentionally picking the misleadingly rated loans most likely to be defaulted upon. Like, you have to pay attention in order to do that. You have to pick the loans, and write stuff down, and tell people about the thing, and convince them to buy the thing. The SEC gamely tries to explain how this could in fact all be due to negligence, but it doesn’t really matter – the point is that GS and Citi did pretty much the same thing, so if it’s negligence for Citi it’s negligence for GS. The only explanation of why Citi gets off easier than GS is “because we chose to let Citi get off easier than GS.”



The real explanation is probably much closer to the one Citi’s lawyers hit upon: that Citi is the all-time league table leader in losing tons of money on CDOs. To a lot of people, Goldman really does look like the evil genius who went heavily net short the housing market and made a ton of money. Citi are just some goofballs who lost a ton of money on a ton of CDOs, and half-accidentally made some money on one CDO. That pattern does sort of make Goldman look like they had a diabolical plan to screw everyone, while Citi’s screwing a few people looks, well, negligent.

It’s just that this is a very bad legal theory. Shorting the housing market to your customers when you have no inside information about particular mortgages, but just did better analysis than them of the macro data, is … it’s kind of unpleasant behavior, maybe, but it’s probably not fraud. Being generally long mortgages but short one particular trade because you’ve secretly cherry-picked it to be the single worst CDO you can conceive of with your somewhat limited imagination, that’s – I mean, that’s stupid, but it’s also a lot closer to actual fraud.

Citigroup, SEC Defend $285 Million CDO Settlement as Fair

By Bob Van Voris and Thom Weidlich, Business Week

November 08, 2011, 12:38 AM EST

Rakoff, who in 2009 rejected a $33 million settlement between the agency and Bank of America Corp., asked Citigroup and the SEC to address nine questions about the proposed settlement. The questions included, “Why should the court impose a judgment in a case in which the SEC alleges a serious securities fraud but the defendant neither admits nor denies wrongdoing?”



The SEC argued that the U.S. Supreme Court has endorsed settlements in which the defendant doesn’t admit liability. If Citigroup had admitted fault in the settlement, that could be used against it by private investors suing the bank, the SEC said.



In its own filing today, Citigroup also said the settlement was fair and asked the judge to consider the impact on its shareholders of “any outcome other than a negotiated ‘no admit, no deny’ settlement.”

Promises Made, and Remade, by Firms in S.E.C. Fraud Cases

By EDWARD WYATT, The New York Times

Published: November 7, 2011

To an outsider, the vow may seem unusual. Citigroup, after all, was merely promising not to do something that the law already forbids. But that is the way the commission usually does business. It also was not the first time the firm was making that promise.

Citigroup’s main brokerage subsidiary, its predecessors or its parent company agreed not to violate the very same antifraud statute in July 2010. And in May 2006. Also as far as back as March 2005 and April 2000.

Citigroup has a lot of company in this regard on Wall Street. According to a New York Times analysis, nearly all of the biggest financial companies – Goldman Sachs, Morgan Stanley, JP Morgan Chase and Bank of America among them – have settled fraud cases by promising that they would never again violate an antifraud law, only to have the S.E.C. conclude they did it again a few years later.

A Times analysis of enforcement actions during the past 15 years found at least 51 cases in which the S.E.C. concluded that Wall Street firms had broken anti-fraud laws they had agreed never to breach. The 51 cases spanned 19 different firms.



Senator Carl Levin, a Michigan Democrat who is chairman of the Senate permanent subcommittee on investigations and has led several inquiries into Wall Street, said the S.E.C.’s method of settling fraud cases, is “a symbol of weak enforcement. It doesn’t do much in the way of deterrence, and it doesn’t do much in the way of punishment, I don’t think.”

Barbara Roper, director of investor protection for the Consumer Federation of America, said, “You can look at the record and see that it clearly suggests this is not deterring repeat offenses. You have to at least raise the question if other alternatives might be more effective.”



But prior violations are plentiful. For example, Bank of America’s securities unit has agreed four times since 2005 not to violate a major antifraud statute, and another four times not to violate a separate law. Merrill Lynch, which Bank of America acquired in 2008, has separately agreed not to violate the same two statutes seven times since 1999.

Of the 19 companies that the Times found by the S.E.C. to be repeat offenders over the last 15 years, 16 declined to comment. They read like a Wall Street who’s who: American International Group, Ameriprise, Bank of America, Bear Stearns, Columbia Management, Deutsche Asset Management, Credit Suisse, Goldman Sachs, JPMorgan Chase, Merrill Lynch, Morgan Stanley, Putnam Investments, Raymond James, RBC Dain Rauscher, UBS and Wells Fargo/Wachovia.



In 2005, Bank of America was one of several companies singled out for allowing professional traders to buy or sell a mutual fund at the previous day’s closing price, when it was clear the next day that the overall market or particular stocks were going to move either up or down sharply, guaranteeing a big short-term gain or avoiding a significant loss.

In its settlement, Bank of America neither admitted nor denied the conduct, but agreed to pay a $125 million fine and to put $250 million into a fund to repay investors. The company also agreed never to violate the major antifraud statutes.

Two years later, in 2007, Bank of America was accused by the S.E.C. of fraud by using its supposedly independent research analysts to bolster its investment banking activities from 1999 to 2001. In the settlement, Bank of America without admitting or denying its guilt, paid a $16 million fine and promised, once again, not to violate the law.

But two years later, in 2009, the S.E.C. again accused Bank of America of defrauding investors, saying that in 2007-8, the bank sold $4.5 billion of highly risky auction-rate securities by promising buyers that they were as safe as money market funds. They weren’t, and this time Bank of America agreed to be “permanently enjoined” from violating the same section of the law it had previously agreed not to break.

In fact, the company had already violated that promise, according to the S.E.C when it was accused last year of rigging bids in the municipal securities market from 1998 through 2002. To settle the charges, Bank of America paid no penalty, but refunded investors $25 million in profits plus $11 million in interest. And, the bank promised again never to violate the same law.

More “Acountability”

SEC Uses "Because I Said So" Tactic With Judge Rakoff

By Matt Levine, Dealbreaker

07 Nov 2011 at 4:39 PM

The quick background: Citi decided to make a big prop bet against some mortgages, so it structured a synthetic CDO with the exposures it wanted to short and sold it to some dopes, keeping virtually all of the short side of the trade on its books. This was a good idea and Citi made $160mm, but it worked out less well for the dopes. The SEC sued Citi for not telling the dopes certain things, like that it had picked the mortgages involved because of their exceptional badness, and they signed up a $285 million settlement.



(T)hese are very silly words. “Scienter-based violations of the securities laws” just means that GS, unlike Citi, was charged with intentionally stuffing dopes with bad CDOs. True! The SEC charged GS with doing that intentionally, and it only charged Citi with doing the same thing “negligently,” i.e., something a little bit north of “accidentally.” But, like, the SEC just decided to charge it that way – and they don’t explain why. It is sort of unimaginable that anyone could accidentally create a mortgage-backed security filled with loans you know are going to fail so that you can sell it to a client who isn’t aware that you sabotaged it by intentionally picking the misleadingly rated loans most likely to be defaulted upon. Like, you have to pay attention in order to do that. You have to pick the loans, and write stuff down, and tell people about the thing, and convince them to buy the thing. The SEC gamely tries to explain how this could in fact all be due to negligence, but it doesn’t really matter – the point is that GS and Citi did pretty much the same thing, so if it’s negligence for Citi it’s negligence for GS. The only explanation of why Citi gets off easier than GS is “because we chose to let Citi get off easier than GS.”



The real explanation is probably much closer to the one Citi’s lawyers hit upon: that Citi is the all-time league table leader in losing tons of money on CDOs. To a lot of people, Goldman really does look like the evil genius who went heavily net short the housing market and made a ton of money. Citi are just some goofballs who lost a ton of money on a ton of CDOs, and half-accidentally made some money on one CDO. That pattern does sort of make Goldman look like they had a diabolical plan to screw everyone, while Citi’s screwing a few people looks, well, negligent.

It’s just that this is a very bad legal theory. Shorting the housing market to your customers when you have no inside information about particular mortgages, but just did better analysis than them of the macro data, is … it’s kind of unpleasant behavior, maybe, but it’s probably not fraud. Being generally long mortgages but short one particular trade because you’ve secretly cherry-picked it to be the single worst CDO you can conceive of with your somewhat limited imagination, that’s – I mean, that’s stupid, but it’s also a lot closer to actual fraud.

Citigroup, SEC Defend $285 Million CDO Settlement as Fair

By Bob Van Voris and Thom Weidlich, Business Week

November 08, 2011, 12:38 AM EST

Rakoff, who in 2009 rejected a $33 million settlement between the agency and Bank of America Corp., asked Citigroup and the SEC to address nine questions about the proposed settlement. The questions included, “Why should the court impose a judgment in a case in which the SEC alleges a serious securities fraud but the defendant neither admits nor denies wrongdoing?”



The SEC argued that the U.S. Supreme Court has endorsed settlements in which the defendant doesn’t admit liability. If Citigroup had admitted fault in the settlement, that could be used against it by private investors suing the bank, the SEC said.



In its own filing today, Citigroup also said the settlement was fair and asked the judge to consider the impact on its shareholders of “any outcome other than a negotiated ‘no admit, no deny’ settlement.”

Promises Made, and Remade, by Firms in S.E.C. Fraud Cases

By EDWARD WYATT, The New York Times

Published: November 7, 2011

To an outsider, the vow may seem unusual. Citigroup, after all, was merely promising not to do something that the law already forbids. But that is the way the commission usually does business. It also was not the first time the firm was making that promise.

Citigroup’s main brokerage subsidiary, its predecessors or its parent company agreed not to violate the very same antifraud statute in July 2010. And in May 2006. Also as far as back as March 2005 and April 2000.

Citigroup has a lot of company in this regard on Wall Street. According to a New York Times analysis, nearly all of the biggest financial companies – Goldman Sachs, Morgan Stanley, JP Morgan Chase and Bank of America among them – have settled fraud cases by promising that they would never again violate an antifraud law, only to have the S.E.C. conclude they did it again a few years later.

A Times analysis of enforcement actions during the past 15 years found at least 51 cases in which the S.E.C. concluded that Wall Street firms had broken anti-fraud laws they had agreed never to breach. The 51 cases spanned 19 different firms.



Senator Carl Levin, a Michigan Democrat who is chairman of the Senate permanent subcommittee on investigations and has led several inquiries into Wall Street, said the S.E.C.’s method of settling fraud cases, is “a symbol of weak enforcement. It doesn’t do much in the way of deterrence, and it doesn’t do much in the way of punishment, I don’t think.”

Barbara Roper, director of investor protection for the Consumer Federation of America, said, “You can look at the record and see that it clearly suggests this is not deterring repeat offenses. You have to at least raise the question if other alternatives might be more effective.”



But prior violations are plentiful. For example, Bank of America’s securities unit has agreed four times since 2005 not to violate a major antifraud statute, and another four times not to violate a separate law. Merrill Lynch, which Bank of America acquired in 2008, has separately agreed not to violate the same two statutes seven times since 1999.

Of the 19 companies that the Times found by the S.E.C. to be repeat offenders over the last 15 years, 16 declined to comment. They read like a Wall Street who’s who: American International Group, Ameriprise, Bank of America, Bear Stearns, Columbia Management, Deutsche Asset Management, Credit Suisse, Goldman Sachs, JPMorgan Chase, Merrill Lynch, Morgan Stanley, Putnam Investments, Raymond James, RBC Dain Rauscher, UBS and Wells Fargo/Wachovia.



In 2005, Bank of America was one of several companies singled out for allowing professional traders to buy or sell a mutual fund at the previous day’s closing price, when it was clear the next day that the overall market or particular stocks were going to move either up or down sharply, guaranteeing a big short-term gain or avoiding a significant loss.

In its settlement, Bank of America neither admitted nor denied the conduct, but agreed to pay a $125 million fine and to put $250 million into a fund to repay investors. The company also agreed never to violate the major antifraud statutes.

Two years later, in 2007, Bank of America was accused by the S.E.C. of fraud by using its supposedly independent research analysts to bolster its investment banking activities from 1999 to 2001. In the settlement, Bank of America without admitting or denying its guilt, paid a $16 million fine and promised, once again, not to violate the law.

But two years later, in 2009, the S.E.C. again accused Bank of America of defrauding investors, saying that in 2007-8, the bank sold $4.5 billion of highly risky auction-rate securities by promising buyers that they were as safe as money market funds. They weren’t, and this time Bank of America agreed to be “permanently enjoined” from violating the same section of the law it had previously agreed not to break.

In fact, the company had already violated that promise, according to the S.E.C when it was accused last year of rigging bids in the municipal securities market from 1998 through 2002. To settle the charges, Bank of America paid no penalty, but refunded investors $25 million in profits plus $11 million in interest. And, the bank promised again never to violate the same law.

A Big Fat Lie

I’ve written often about Keystone XL and I’ve talked very little about it’s environmental impact.

Not because I don’t care, but because of the lies and corruption.

Frankly it’s all a big fat lie, the biggest since Iraq had Weapons of Mass Destruction; time and past time to give these liars the boot.

All of them.

Drill baby, drill.

The fact is that Barack Obama and his Third Way Neo-liberal Administration embrace Big Oil/Coal/Gas/Nuclear and the Climate Death Of Our Entire Planet just as deeply as Sarah Palin Republicans.

The Party Line – November 4, 2011: Self-Styled Clean Energy President Embraces Future That’s Dirty, Dangerous, and Expensive

By: Gregg Levine, Firedog Lake

Friday November 4, 2011 10:59 am

Back in 2008, Obama the candidate seemed to understand the threat posed by global warming, and he spoke often of moving away from carbon-heavy fuel sources like tar sands. Now, a good part of what is considered the president’s “base,” it seems, understands that the transcontinental pipeline is not only a danger to farmlands and aquifers, but also a betrayal of a campaign promise.



Moving beyond the observation that this is the same “We suck less” positioning that performed so poorly for Democrats in 2010, there are indeed many questions raised by Obama’s apparent take on our energy future.

LaBolt’s claim, “The president has done more to wean us off of foreign oil and transition the nation to a clean energy economy than any other,” first begs the obvious fact-check: Alberta is not in the US, and tar sands crude is no one’s idea of clean energy. But it is not a big leap to read this statement as something more inclusive, something meant to refer to all of the Obama administration’s moves in the energy sector. Indeed, with references to clean energy, climate change and China, the Obama campaign is probably hoping for some to hear a commitment to solar power, while others might understand it as an embrace of nuclear fission.

Intent notwithstanding, administration moves have underscored the latter-a White House enraptured with nuclear power-just as events continue to lay bare the lie that US nuclear power generation could fit anywhere into a tale of clean, domestic energy advocacy.



(C)ertification with no funding, or funding with no certification-to the US federal government, it doesn’t matter. And it spells out two points in bold type: The Obama administration stands squarely behind nuclear power. . . and the marketplace does not. Without help from what the campaign would have voters believe is the all-time greatest champion of clean, green, domestic energy, new nuclear reactors would not be built in the United States.



Eleven-and-one-half-billion dollars-and that only takes TEPCO through March 2013. Who here thinks the crisis will be over by then? It almost makes Obama’s $8.33 billion loan guarantee to Southern look like a bargain.

Almost.

Except that the loan guarantee is just for construction of a yet unapproved reactor design-should Southern, or whatever entity might eventually operate Plant Vogtle, experience an accident, that would likely be a whole other ball of bailout.

But what could possibly go wrong? Well, as repeatedly documented in this column, a lot. Beyond the level-7 sinkhole that is Fukushima, in the US, 2011 alone has seen manmade accidents and natural disasters that have scrammed and/or damaged more than a half-dozen reactors. And with each event, a process of shutdown, repair, inspection, authorization and startup costs time and money that does nothing to provide America with clean, safe, renewable, affordable energy.



Since the earliest days of nuclear power, that siren song has gone something like this: clean, safe, and too cheap to meter. Obviously, 2011 has proven none of that rings true, but when an administration believes it can greenwash away the political fallout from a tar sands pipeline, is it such a stretch to see them ignoring the financial and radioactive fallout of nuclear power in their attempt to package Obama as the cleanest, greenest energy president ever?

Fears of Fission Rise at Stricken Japanese Plant

By HIROKO TABUCHI, The New Yory Times

Published: November 2, 2011

TOKYO – Nuclear workers at the crippled Fukushima power plant raced to inject boric acid into the plant’s No. 2 reactor early Wednesday after telltale radioactive elements were detected there, and the plant’s owner admitted for the first time that fuel deep inside three stricken reactors was probably continuing to experience bursts of fission.



“Re-criticality would produce more harmful radioactive material, and because the reactors are damaged, there would be a danger of a leak,” said Hiroaki Koide, assistant professor at Kyoto University’s Research Reactor Institute, whose prescient warnings about nuclear safety have won him respect in Japan.

Mr. Koide holds that the nuclear fuel at the three reactors probably melted through containments and into the ground, raising the possibility of contaminated groundwater. If much of the fuel was indeed in the ground early in the crisis, the “feed and bleed” strategy initially taken by Tokyo Electric – pumping cooling water into the reactors, producing hundreds of tons of radioactive runoff – would have done little to help.



Some experts had not expected even bursts of re-criticality to occur, because it was unlikely that the fuel would melt in just the right way – and that another ingredient, water, would be present in just the right amounts – to allow for any nuclear reaction. If episodes of fission at Fukushima were confirmed, Mr. Koide said, “our entire understanding of nuclear safety would be turned on its head.”

But ek you say, that only happens in 3rd world countries like Japan.

Faker of nuclear reactor records gets probation

BILL POOVEY, Associated Press

Updated 05:21 a.m., Friday, November 4, 2011

CHATTANOOGA, Tenn. (AP) – An electrician charged with falsifying inspection records at an unfinished nuclear reactor in Tennessee was sentenced Thursday to two years of probation and community service after he apologized for causing any nuclear fears.



U.S. Attorney Bill Killian and Tennessee Valley Authority officials said at a March news conference after Correll’s arrest that the falsified records posed no harm to the public. The news came amid publicity about the nuclear disaster in Japan.



Prosecutors said he lied about measuring the diameter of cables designed to provide electric power to operate equipment, including safety systems, in the reactor containment structure at the plant in Spring City between Knoxville and Chattanooga.

And it’s such an important part of our future energy supply, not controlled by all those angry brown people.

Exclusive: IEA draft: Nuclear to fall as power demand (declines)

By Henning Gloystein, Reuters

Fri Nov 4, 2011 2:58pm EDT

“The share of nuclear power in total generation drops from 13 percent today to just 7 percent in 2035, with implications for energy security, fuel-mix diversity, spending on energy imports and energy-related CO2 emissions.”

The report said “the prospects for nuclear power are now much more uncertain than before the Fukushima nuclear accident” and that it had “greatly increased the uncertainty about the future role of nuclear power in meeting the world’s energy needs.”

The IEA report said the drop in nuclear generation caused a rise in oil- and gas-fired power generation equivalent to about 0.2 percent of global oil supplies and 0.4 percent of natural gas supplies.



“Our natural gas price assumptions have been revised downwards because of improved prospects for the commercial production of unconventional gas resources,” the IEA said.



Financial analysts shared the IEA’s view that new unconventional gas resources would cause gas prices to fall.

“The recent acceleration of discoveries and evaluation of large existing reserves of unconventional gas in countries like China is changing the cost outlook,” said Emmanuel Fages, an analyst at Societe Generale.

But he added, “The real question is at what price this gas will be marketed, as contractual frameworks lead to a high price for producers on international markets.”

Most gas is supplied via oil-indexed, long-term contracts, and the strength of oil prices is preventing gas prices from dropping despite rising resources.

“In this respect coal remains a cheaper alternative and might actually surprise by keeping a much larger share of generation than what was expected some years ago,” Fages said.

T. Boone Pickens and his fracking brigade?  Also a lie.

Here Comes the Sun

By PAUL KRUGMAN, The New York Times

Published: November 6, 2011

Fracking – injecting high-pressure fluid into rocks deep underground, inducing the release of fossil fuels – is an impressive technology. But it’s also a technology that imposes large costs on the public. We know that it produces toxic (and radioactive) wastewater that contaminates drinking water; there is reason to suspect, despite industry denials, that it also contaminates groundwater; and the heavy trucking required for fracking inflicts major damage on roads.

Economics 101 tells us that an industry imposing large costs on third parties should be required to “internalize” those costs – that is, to pay for the damage it inflicts, treating that damage as a cost of production. Fracking might still be worth doing given those costs. But no industry should be held harmless from its impacts on the environment and the nation’s infrastructure.

Yet what the industry and its defenders demand is, of course, precisely that it be let off the hook for the damage it causes. Why? Because we need that energy! For example, the industry-backed organization energyfromshale.org declares that “there are only two sides in the debate: those who want our oil and natural resources developed in a safe and responsible way; and those who don’t want our oil and natural gas resources developed at all.”

So it’s worth pointing out that special treatment for fracking makes a mockery of free-market principles. Pro-fracking politicians claim to be against subsidies, yet letting an industry impose costs without paying compensation is in effect a huge subsidy. They say they oppose having the government “pick winners,” yet they demand special treatment for this industry precisely because they claim it will be a winner.

The good news is that, just like Occupy Wall Street, the message that our Air, Water, and Climate is being sold out by Barack Obama, his corrupt Adminstration, our D.C. “Representatives”, and the Versailles Village of Simpering Sychophantic Beltway Bootlicking Media that enables their Big Lies, is starting to gain some attention.

TransCanada Pipeline’s Opponents Urge Obama to Buck ‘Oil Power’

By Katarzyna Klimasinska, Bloomberg News

November 07, 2011, 10:05 AM EST

Nov. 7 (Bloomberg) — Environmentalists opposed to TransCanada Corp.’s Keystone XL pipeline encircled the White House, urging President Barack Obama to reject the project even if it means overruling his own State Department.

“It will be the real test of his character, you know: Is he going to stand with people’s power, or oil power?” Bill McKibben, organizer of the demonstration, said in an interview after the rally in Washington yesterday whose sponsors said it drew as many as 12,000 people.

Activists at W.H. to protest pipeline

By ERICA MARTINSON, Politico

11/6/11 6:48 PM EST

Organizers estimated 12,000 people surrounded 1600 Pennsylvania Ave. in three rings to protest TransCanada’s proposed Keystone XL pipeline. Chants of “Yes we can! Stop the pipeline!” were audible across Lafayette Park.

Obama 2008 T-shirts and buttons were common, worn alongside “No XL” gear, designed to drive home the point that these organizers are the president’s key constituency.

“What I think this is doing is showing Obama that the environment is not the path of least resistance,” Friends of the Earth President Erich Pica said.

How much of the message the president received is unclear: Obama was out golfing most of Sunday, arriving back at the White House at 4:30 p.m.

Decisions over the last six months, including September’s choice to pull back on pending EPA ozone standards, “proved to the environmental community that President Obama really can’t be trusted on environmental issues,” Pica said. “And without active political pressures, his instincts are to make the wrong decision.”

Barack Obama’s re-election may just hinge on your believing his big fat lies again, at least for a while.

Obama Banks on Disappointed Environmentalists

By Kate Andersen Brower, Bloomberg News

Nov 7, 2011 12:00 AM ET

From alternative fuels to clean air, President Barack Obama’s record is a disappointment to environmentalists, who helped get him elected and now are threatening to sit out his re-election bid in 2012.

“He’s been held hostage by Congress, but at some point I feel that the important thing is to stand up for what you believe in, and he’s not doing that,” said Rhoden Streeter, 67, who attended a White House demonstration yesterday against a proposed crude oil pipeline that would cut through six states.

Obama’s re-election campaign’s response: Where can they go?

“When Americans compare the president’s record promoting clean energy and America’s energy security to those of the leading Republican candidates,” Ben LaBolt, a campaign spokesman, said in an e-mail statement, “there will be no question about who will continue our progress.”



A lot of college students view climate change as obviously happening and getting worse, and they see a government that can’t respond to it because of wealthy interests and big corporations and tons of lobbying,” said Stacy VanDeveer, a professor who specializes in environmental politics at the University of New Hampshire, in Durham.

Courtney Hight, 32, was among those young voters when she became one of the first volunteers to join Obama’s campaign in New Hampshire in April 2007.

“I gave my entire life in 2008, so he will not see that energy if he approves the pipeline,” said Hight, who worked at Obama’s White House Council on Environmental Quality.

During the last presidential cycle, she said she spent 19 months knocking on doors and making phone calls in New Hampshire and helped develop ways to get young voters to the polls as the Youth Vote Director for Florida.

In 2008, the San Francisco-based Sierra Club, a non-profit environmental group with 1.4 million members, mobilized 5,599 volunteers to knock on doors and make phone calls for Obama, logging a collective 16,125 campaign shifts.

If Obama approves the pipeline “it will be increasingly difficult for our members to stand behind the president,” said Michael Brune, the club’s executive director.

Wendy Abrams, who raised between $50,000 and $100,000 for Obama in 2008, according to the Center for Responsive Politics, said rallying her friends around the president will be tough.

“I probably won’t raise money like I did before because all my friends are going to bark back at me,” she said. “It’s hard to defend his record.”

So he’s going to keep right on lying until after the election.

Barack Obama’s Keystone pipeline dilemma: Why not punt?

By DARREN GOODE, Politico

11/5/11 10:38 AM EST

The problem: Obama runs the risk of disappointing either labor unions or environmental groups that went to bat for him in 2008, and he can’t really afford to have any of his previous supporters sit on the sidelines next year.

“It’s a hell of a dilemma,” said one environmentalist who believes Obama will delay a decision for a while. “Clearly it would be in his benefit not to have this as a hot potato in his reelect.”

John Hofmeister, former president of Shell Oil Co. and now head of the Texas-based Citizens for Affordable Energy, predicts that Obama will wait until after the election to make a call on the pipeline that would run from Alberta oil sands to Texas refineries.

“It is much easier to avoid a decision than to make a decision,” Hofmeister said. “And as long as he has not made a decision, he can hold out the hope that he will one day make a decision in their favor.”



Obama won 66 percent of the under-30 voter in 2008, the biggest disparity between young voters and other age groups in any presidential election since exit polling began in 1972, according to the Pew Research Center for People & the Press.

“If young people are watching and care deeply about these issues and they’re disappointed, that will affect the campaign’s ability to get those young people as involved and enthused as they were four years ago,” said Gene Karpinski, president of the League of Conservation Voters.

Sierra Club executive director Michael Brune told reporters recently that Obama’s decision on the pipeline would “have a very big impact” on how the nation’s largest environmental group funnels resources toward congressional races rather than the race for the White House.



Meanwhile, TransCanada is warning that failure of the Obama administration to greenlight the project soon might force the company to withdraw the project and look at other alternatives to route it through Canada and send the oil to other places like China.

Hofmeister thinks this is an empty threat because an alternative crossing all the way over to British Columbia, for example, would face the wrath of Canadian environmental and native groups.

“TransCanada, the industry, have zero leverage on this topic,” he said.

Keystone pipeline decision could be delayed until after election

By Neela Banerjee, Washington Bureau, The L.A. Times

November 6, 2011, 8:55 p.m.

The Obama administration is considering a move that could delay a decision on the controversial Keystone XL pipeline by requiring sponsors to reduce the project’s environmental risks before it can be approved, according to people with knowledge of the deliberations.

The step might put off a decision until after the 2012 election and be a way for the White House to at least temporarily avoid antagonizing either the unions that support the pipeline or the environmental activists who oppose it as President Obama gears up for his campaign.



Requiring that a new route be found to avoid the most sensitive areas, or that further steps be taken to limit greenhouse gas emissions, could help the administration out of a jam. Assessing the environmental effects of a new route, for instance, could take months.



Further delays could make the pipeline financially unfeasible for TransCanada and the companies that plan to ship crude through it. The oil industry has argued that if Keystone XL does not get a permit, TransCanada and its clients would develop the oil sands anyway and ship the crude west in a pipeline to the Pacific Coast. But environmentalists contend that there is far too much local resistance in Canada for that to occur.

“My guess is, if there is a delay, it could very well kill the pipeline of its own weight,” said John H. Adams, founding director of the Natural Resources Defense Council, at Sunday’s rally.

Maybe.

And that is indeed the good news, that delay and prevarication could kill Keystone economically, whether Barack likes it or not.

Keystone Pipeline debate heats up

By Juliet Eilperin and Steven Mufson, The Washington Post

Published: November 5

A delay could increase the costs and uncertainty associated with the $7 billion project.

TransCanada chief executive Russ Girling said Friday that the three-year review process has already imposed costs on his company, including $1.9 billion on pipe and other equipment stored in warehouses.

“The carrying costs on those are material, and we continue to incur those costs,” he said, adding that further delays beyond the end of the year could force U.S. refineries that have signed contracts with TransCanada to look at alternatives, either other sources of supply or other transport means.



A key question for the administration is how many jobs the Keystone XL project would create. TransCanada’s initial estimate of 20,000 – which it said includes 13,000 direct construction jobs and 7,000 jobs among supply manufacturers – has been widely quoted by lawmakers and presidential candidates.

Girling said Friday that the 13,000 figure was “one person, one year,” meaning that if the construction jobs lasted two years, the number of people employed in each of the two years would be 6,500. That brings the company’s number closer to the State Department’s; State says the project would create 5,000 to 6,000 construction jobs, a figure that was calculated by its contractor Cardno Entrix.

As for the 7,000 indirect supply chain jobs, the $1.9 billion already spent by TransCanada would reduce the number of jobs that would be created in the future. The Brixton Group, a firm working with opponents of the project, has argued that many of the indirect supply jobs would be outside the United States because about $1.7 billion worth of steel will be purchased from a Russian-owned mill in Canada.



A TransCanada statement Sept. 30 said the project would be “stimulating over 14,400 person years of employment” in Oklahoma alone. It cited a study by Ray Perryman, a Texas-based consultant to TransCanada, saying the pipeline would create “250,000 permanent jobs for U.S. workers.”

But Perryman was including a vast number of jobs far removed from the industry. Using that technique in a report on the impact of wind farms, Perryman counted jobs for dancers, choreographers and speech therapists.

“Any credible input-output model is going to include all induced effects and … some money will be spent on the arts,” Perryman said in an e-mail. “In the construction phase, this number would be minimal, given the temporary nature of the project. However, the permanent effects from lower oil prices would be somewhat larger.”

Meanwhile, the Cornell Global Labor Institute issued a study suggesting that any jobs stemming from the pipeline’s construction could be outweighed by environmental damage it caused, along with a possible rise in Midwest gasoline prices because a new pipeline would divert that region’s current oversupply of oil to the Gulf Coast.

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”.

Glenn Ford: Occupy All the Harlems, to Save Ourselves from the Dictatorship of Wall Street

Power to the people!

Say it like you mean it, because most of us have not been acting in the spirit of All Power to the People for a very long time.

For decades, we have been acting under the illusion that we could empower Black people by sending Black elected officials to the city council and the state legislature – and finally putting one in the White House – only to find that their philosophy of politics was: All Power To Those Who Already Have Power.

All Power to the Banks, to the Real Estate Developers; All Power to the Plutocrats, and to the Pentagon. That’s what has become of our Black Power, in the hands of our Black elected officials.

All Power to a President who uses his power to send $16 trillion dollars to Wall Street – and not just banks on Wall Street, but to banks in France, and Great Britain, and Belgium and Switzerland.

But not dime to bail out Harlem, and all the Harlems of this country.

There comes a time of awakening. We are now in that time – although some Black folks are not yet awake. Our job is to wake our people up, so that we don’t sleep through this moment.

New York Times Editorial: The Next Fight Over Jobs

Republicans will probably try to block an extension of expiring jobless benefits, which are the first line of defense against further weakening of the economy.

The way the job market is going, it will never be robust enough to bring down the unemployment rate, now at 9 percent, or 13.9 million people. Monthly job growth has slowed to an average of just 90,000 new jobs a month over the past six months, a pace at which growth in the working-age population will always exceed the number of new jobs being created.

High unemployment and low job growth, which have plagued the economy all through the current “recovery,” hurt both consumer spending and economic growth. But don’t count on government to do the obvious and urgent thing – intervene to create jobs.

Robert Kuttner: The Great Deflation

I never liked the term “The Great Recession,” because this is not an ordinary recession, not even a great one. It is a period of protracted deflation, where weak demand, declining incomes, and falling asset prices keep dragging the economy downward into a self-deepening sinkhole.

With the latest unemployment numbers, the evidence keeps accumulating that this will be a prolonged economic stagnation. The unemployment rate — stuck around 9 percent — is not as bad as that of the Great Depression, but in some respects the prognosis is equally grim.

Hadley Freeman: The Republican presidential candidates are farcically unelectable

Obama must have made a pact with the devil – how else to explain his good fortune?

When blues musician Robert Johnson famously if possibly not factually flogged his soul, he got in return superior guitar skills; when aged Joe Boyd did the same in the Faustian musical Damn Yankees, he was reborn as a dashing baseball player. As for Obama, just a few months ago he was being widely dismissed as a “one-term president”; now, while I can’t guarantee Obama will win the election next year (OK, I am partial to a Saturn-splattered turban, but my crystal ball recently cracked), I can say that his Republican rivals are fast becoming farcically unelectable. Some might argue that this is the inevitable result of a Republican party that has painted itself into a corner by focusing so much on social values and twisting its economic ones into such a knot that it claims to be a party for lower earners (it is, but only in the sense that it wants lower earners to pay high taxes so the rich don’t have to). But I say that only something truly satanic could conjure up what the GOP has vomited out this time round and, to prove it, I bring you the York Notes guide to the Republican candidates.

E. J. Dionne, Jr: The Politics of the Heavenly and Unheavenly

We have embarked on yet another presidential campaign in which religion will play an important role without any agreement over what the ground rules for that engagement should be.

If you think we’re talking past each other on jobs and budgets, consider the religious divide. One side says “separation of church and state” while the other speaks of “religion’s legitimate role in the public square.” Each camp then sees the question as closed and can get quite self-righteous in avoiding the other’s claims.

Anyone who enters this terrain should thus do so with fear and trembling. But a few things ought to be clear, and let’s start with this: The Mormon faith of Mitt Romney or Jon Huntsman should not be an issue in this campaign. Period.

Joe Conason: Bloomberg vs. Occupy Wall Street

Americans listen when Michael Bloomberg speaks, not only because he is the mayor of New York City, but because he is a self-made billionaire and a smart guy. People think Bloomberg knows a lot about business and investment, which he surely does. But he nevertheless sounds terribly misinformed sometimes, as he did the other day-when he complained that Occupy Wall Street is unfairly blaming the nation’s big bankers for the crash and recession, when the real culprits are Congress and the government-sponsored housing lenders, Fannie Mae and Freddie Mac.

“It was not the banks that created the mortgage crisis,” said the mayor. “It was, plain and simple, Congress, who forced everybody to go and give mortgages to people who were on the cusp. … But they were the ones who pushed Fannie and Freddie to make a bunch of loans that were imprudent, if you will. They were the ones that pushed the banks to loan to everybody.”

Occupy Wall St. Livestream: Day 52

Watch live streaming video from globalrevolution at livestream.com

OccupyWallStreet

The resistance continues at Liberty Square, with free pizza 😉

“I don’t know how to fix this but I know it’s wrong.” ~ Unknown Author

Occupy Wall Street NYC now has a web site for its General Assembly  with up dates and information. Very informative and user friendly. It has information about events, a bulletin board, groups and minutes of the GA meetings.

NYC General Assembly #OccupyWallStreet

Washington Heights to Harlem to Wall Street March

The march will assemble at 181 St. and St. Nicholas Av in upper Manhattan at 10:30 AM. Protesters will march down Broadway back to Liberty Park. Organizers say the aim of the 11 mile march is to connect Black and Latino residents of Northern Manhattan who support Occupy Wall Street with residents from Harlem, the West Side and Greenwich Village.

Occupy Wall Street: Public Opinion Of Protesters Higher Than Corporations, Washington

Among 1,005 adults surveyed, 35 percent had a favorable impression of the protest movement that began in New York City and gained support worldwide. Only 16 percent could say the same for Wall Street and large corporations.

Twenty-nine percent had a favorable impression of the tea party movement and 21 percent of government in Washington. [..]

Wall Street and large corporations tied with Washington government in unpopularity, with 71 percent of those polled saying they had an unfavorable impression of big business and Washington. The tea party got a 50 percent unfavorable response and Occupy Wall Street 40 percent.

Deal with the Devil

One of the editorials that was featured today in Punting the Pundits addressed the lack of choices for the office of President of the United States that voters are facing. The author, Hadley Freeman, called the Republican field “farcically unelectable”. Barack Obama may well have made a Faustian pact considering that if faced with a reasonable opponent from the GOP, he most assuredly would be leaving office on January 20, 2013.

But then there is that word: “reasonable”.

Rachel Maddow gave her take on two of more absurd candidates, Rick Perry and Herman Cain:

A new unsettling side of Rick Perry exposed

Jon Stewart’s explanation:

Best case scenario, that dude’s hammered. Worst case scenario, that is Perry sober and every time we’vee seen him previously, he was hammered

Herman Cain, the practical joke no one is getting. It was the Pokemon moment

And then there is Mitt Romney and as Heather at Crooks and Liars points out:

I could not do a better job of summing this speech up if I tried, so I’ll just refer everyone to this post by Stephen D. Foster Jr. at Addicting Info — Mitt Romney Vows To Privatize Medicare, Raise The Retirement Age, And Fire Thousands Of Government Workers

Overall, Romney’s plan is heartless, gutless, unimaginative, and caters to the extreme right wing, the wealthy, and to corporations. It’s a blueprint for making America fail and wiping out the middle class and should automatically disqualify him from holding any office. It kills the voice of the American people and destroys the programs we hold most dear. If a Republican wins the election next year, it will be perilous for the United States and the American people. Their policies have been destructive for thirty years, and now they want apocalypse.

As Ms. Freeman said, “That sound you heard on the breeze? That was the sound of Obama laughing.

On this Day In History November 7

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

Find the past “On This Day in History” here.

November 7 is the 311th day of the year (312th in leap years) in the Gregorian calendar. There are 54 days remaining until the end of the year.

On this dayin 1940, Only four months after its completion, the Tacoma Narrows Bridge in Washington State suffers a spectacular collapse.

When it opened in 1940, the Tacoma Narrows Bridge was the third-longest suspension bridge in the world. Built to replace the ferry system that took commuters from Tacoma across the Tacoma Narrows to the Gig Harbor Peninsula, the bridge spanned 2,800 feet and took three years to build. To save cost, the principle engineer, Leon Moisseiff, designed the bridge with an unusually slender frame that measured 39 feet and accommodated just two vehicular lanes.

The Tacoma Narrows Bridge opened with great fanfare on July 1, 1940. Human traffic across the waters of the Tacoma Narrows increased dramatically, but many drivers were drawn to the toll bridge not by convenience but by an unusual characteristic of the structure. When moderate to high winds blew, as they invariably do in the Tacoma Narrows, the bridge roadway would sway from side to side and sometimes suffer excessive vertical undulations. Some drivers reported that vehicles ahead of them would disappear and reappear several times as they crossed the bridge. On a windy day, tourists treated the bridge toll as the fee paid to ride a roller-coaster ride, and the Tacoma Narrows Bridge earned the nickname “Galloping Gertie.

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