Punting the Pundits

Rumor has it that on Monday, after months of negotiation with big banks, the White House may announce a settlement that would let the banks off the hook for their role in the foreclosure crisis-paying a tiny fraction of what’s needed in exchange for blanket immunity from future lawsuits.

We hope these rumors are untrue.

President Obama has the ability to stop and change the direction of this sweetheart deal. He should reject any deal that benefits the one percent and lets the big banks get away with their crimes. Instead, the president should stand with the 99 percent and push for real accountability and a solution that will help millions of people in this country.

Here are the hard facts about the housing crisis we face:

    3.5 million Americans are homeless.

    18.5 million homes sit vacant.

    Since 2007, more than 7.5 million homes have been foreclosed.

Default and foreclosure rates are now several times higher than at any time since the Great Depression.

Dean Baker: The Surefire Way to End Online Piracy: End Copyright

The popular rebellion against the Stop Online Piracy Act (SOPA) was an impressive display of democracy in action. The opponents of the bill were able to use the web and various social media venues to educate the public about the specifics of the bill. The resulting flood of emails, phone calls and letters caused the bill’s Congressional sponsors to cut and run.

While this revolt against the entertainment industry’s effort to rein in the web was inspiring, there is a real issue at stake. It is getting ever harder for creative workers to get paid for their work.

This is seen most clearly in the music industry. Sales of recorded music in the United States dropped from $14.6 billion in 1999 to $7.7 billion last year. If sales had kept pace with inflation and the growth of the economy they would be over $23 billion today.

Ellen Cantarow: Shale-Shocked: Fracking Gets Its Own Occupy Movement

This is a story about water, the land surrounding it, and the lives it sustains. Clean water should be a right: there is no life without it. New York is what you might call a “water state.” Its rivers and their tributaries only start with the St. Lawrence, the Hudson, the Delaware, and the Susquehanna. The best known of its lakes are Great Lakes Erie and Ontario, Lake George, and the Finger Lakes. Its brooks, creeks, and trout streams are fishermen’s lore.

Far below this rippling wealth there’s a vast, rocky netherworld called the Marcellus Shale. Stretching through southern New York, Pennsylvania, Ohio, and West Virginia, the shale contains bubbles of methane, the remains of life that died 400 million years ago. Gas corporations have lusted for the methane in the Marcellus since at least 1967 when one of them plotted with the Atomic Energy Agency to explode a nuclear bomb to unleash it. That idea died, but it’s been reborn in the form of a technology invented by Halliburton Corporation: high-volume horizontal hydraulic fracturing — “fracking” for short.

Jim Hightower: America’s Class Divide

What planet does presidential wannabe Rick Santorum live on? When it comes to grasping the situation of America’s hard-hit workaday majority, this sweater-vested ultra-right-winger is further out than Pluto.

In a recent debate, Santorum assailed a tax plan proposed by front-runner Mitt Romney. It wasn’t the plan’s details that caused Rick to stamp his tiny feet, but Romney’s expressed intent to help the “middle class.”

Tut-tut, chided the ideologically-pure Santorum, Republicans mustn’t use such language, for it creates an impression of class warfare. After all, he lectured: “There are no classes in America. We don’t put people in classes.”

Sure, Rick — today’s jobless economy, a national epidemic of union busting and wage knockdowns, absurd tax giveaways to the super-rich, the ongoing Wall Street bailout, inexcusable corporate subsides, rising poverty, the slashing of anti-poverty programs and a decade of falling incomes for the vast majority, while the elite 1 percent makes off with triple-digit increases in its wealth — there’s no class war happening. Just close your eyes, hum a happy tune … and live on Pluto.

E. J. Dionne, Jr.: What Newt Learned From Nixon

Conservatives may denounce class warfare, yet by shrewdly combining the politics of class with the politics of culture, Newt Gingrich won his first election in 14 years, humbled Mitt Romney and upended the Republican Party.

He also exposed profound frailties in Romney as a candidate, throwing him badly off-balance on questions related to his personal wealth, business career and income taxes. Unless Romney finds a comfortable and genuine way of talking about his money, he will present President Obama’s team a weakness that they’ll exploit mercilessly. The country is thinking more skeptically about wealth and privilege in the wake of the Occupy Wall Street protests. Romney has not adjusted.

Gingrich skillfully set up his opponent to step on the landmine of class by transforming Romney from his self-cast role as a successful businessman into a heartless financier more interested in profits than in job creation.