Punting the Pundits

If a recent report is true the Justice Department will need a new name — and some of us will have to step up and admit we were wrong.

It was clear that the foreclosure fraud settlement which the Administration and most states reached with major US banks was a great deal for the big banks — and a lousy deal for the public. But some of us found reason to hope against hope that the settlement would be accompanied by real investigation of crooked bankers, after years of flim-flammery and disgraceful inaction by the Justice Department.

Not that we were entirely naïve. The Administration’s track record was poor. and even had a slight resonance of bad faith. when it came to prosecuting Wall Street criminality. So, speaking only for myself, that cautious support came with renewed pressure on the Administration to back its words with action.

Some of us knew that, pace Pete Townshend, we very well might get fooled again.

Margaret Kimberly: Freedom Rider: Black America Stands Down for the Obamas

The Democrats definitely won the propaganda war between the two conventions but that doesn’t mean that black people won anything.” How could they, since African Americans have asked for nothing but that a Black family get to live in the White House? “For the first time in their history, black Americans have consciously and directly advocated being ignored.”

The recent Democratic National Convention was a demonstration of marketing at its worst, that is to say, at its greatest level of effectiveness. It was also an awful celebration of white washed history, dubious assertions and Orwellian levels of propaganda.

The best example of foolishness masquerading as substance was the overwrought reaction to first lady Michelle Obama’s speech. She gave what has become a traditional address asking voters to support the candidate because his wife tells funny stories about him which will make voters determined to vote for the good husband/dad/one time poor student who loves his country. The only difference between Michelle Obama and Ann Romney’s speeches was in the quality of delivery and fashion sense. Apparently there is still nothing like a beautiful woman in the right dress to make otherwise intelligent people lose their common sense.

Robert Reich: Moody’s in a Mood

The rating agencies are at it again. Moody’s Investors Services says it’s likely to downgrade U.S. government bonds if Congress and the White House don’t reach a budget deal before we go over the so-called “fiscal cliff” on January 2, when $1.2 trillion in spending cuts and tax increases automatically go into effect.

Apparently the credit rating agencies can’t decide which is more dangerous to the U.S. economy — cutting the U.S. budget deficit too quickly, or not having a plan to cut it at all. [..]

The fiscal cliff is a real worry. And it’s a worry precisely because the budget deficit isn’t — at least not now. When unemployment is high and growth is anemic, we need as much fiscal stimulus as we can manage.

As long as the rest of the world is willing to lend us their savings so cheaply, we’d be wise to use it to rebuild our crumbling infrastructure and our schools and parks — and thereby put more Americans back to work — rather try to cut the deficit too much and too soon.

John Nichols: Priebus Posturing: RNC Chair Crosses the Last Line of Political Propriety

Mitt Romney’s response to the attacks on US diplomatic sites in Egypt and Libya-which left a US ambassador and other diplomats dead-was one of the more ignorant and irresponsible statements ever issued by a major party presidential nominee in such a circumstance. Early Wednesday, the Romney camp released a statement that read: “It’s disgraceful that the Obama Administration’s first response was not to condemn attacks on our diplomatic missions, but to sympathize with those who waged the attacks.” [..]

Yet, even after the administration response in general and Obama’s own response had been made clear to all, Republican National Committee chairman Reince Priebus continued to feature a Tweet on his official Twitter account that read: “Obama sympathizes with attackers in Egypt. Sad and pathetic.”

Priebus made no effort to apologize, no effort to clarify, no show of even the most minimal sense of duty or responsibility. Political campaigns frequently go to extremes. People say and do things that are inappropriate. But what Priebus has done crosses whatever line of political propriety still exists. He is intentionally creating a false impression with regard to the response of the president of the United States to a violent international incident that could have long-term repercussions.