“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.
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Glen Ford: Obama and Co. Make Up the Law as They Kill
“The white paper empowers Obama to delegate the kill-at-will authority.”
Unlike the bombast that characterized the Bush administration’s assaults on U.S. and international law, the Obama regime tends to dribble out its rationales for gutting the Bill of Rights and every notion of global legality. This president prefers to create a fog – let’s call it the fog of his war against human rights – as he arrogates to himself the power to perpetually imprison or to summarily execute anyone, at any time, anywhere in the world. Obama assures us such authority is constitutionally rooted – it’s in there, believe me, he tells us – but he never produces legal chapter and verse to prove that presidential dictatorship is lawful. Instead, we get dribs and drabs of the administration’s position from lawyers defending Obama’s preventive detention law in the courts, or from informal statements by the attorney general, or even little tidbits gleaned from an Obama conversation with comedian Jon Stewart. [..]
Dr. Martin Luther King Jr. was fond of saying that the arc of history bends towards justice. In the long term, that may be true. But Martin’s arc is not bending towards justice under this administration. It bends towards fascism, with a Black presidential face.
Paul Krugman: Kick That Can
John Boehner, the speaker of the House, claims to be exasperated. “At some point, Washington has to deal with its spending problem,” he said Wednesday. “I’ve watched them kick this can down the road for 22 years since I’ve been here. I’ve had enough of it. It’s time to act.”
Actually, Mr. Boehner needs to refresh his memory. During the first decade of his time in Congress, the U.S. government was doing just fine on the fiscal front. In particular, the ratio of federal debt to G.D.P. was a third lower when Bill Clinton left office than it was when he came in. It was only when George W. Bush arrived and squandered the Clinton surplus on tax cuts and unfunded wars that the budget outlook began deteriorating again.
No, I am not kidding. Steven Davidoff has a DealBook column touting the fact that Hostess Twinkies are likely to survive as a product, even though the company that makes them has gone bankrupt. The Twinkie brand, along with other iconic brands owned by the company, will be sold off in bankruptcy to other companies who expect to be able to profitably market them. Of course there is no guarantee that they will restart the old factories and rehire the Hostess workers, likely leaving them out in the cold.
There are two major issues here. First, in the United States firms can in general fire workers at will. This means that if they can find workers elsewhere in or outside the country who will work for less, then they can dump their current workforce and higher lower cost labor. This happens all the time. Most other wealthy countries require some sort of severance payment to longer term workers, but the United States does not.
Robert Reich: The Economic Challenge Ahead: More Jobs and Growth, Not Deficit Reduction
Can we just keep things in perspective? On Tuesday, the President asked Republicans to join him in finding more spending cuts and revenues before the next fiscal cliff whacks the economy at the end of the month.
Yet that same day, the Congressional Budget Office projected that the federal budget deficit will drop to 5.3 percent of the nation’s total output by the end of this year.
This is roughly half what the deficit was relative to the size of the economy in 2009. It’s about the same share of the economy as it was when Bill Clinton became president in 1992. The deficit wasn’t a problem then, and it’s not an immediate problem now.
Yes, the deficit becomes larger later in the decade. But that’s mainly due to the last-ditch fiscal cliff deal in December.
Richard (RJ) Eskow: Sen. Kaufman On JPMorgan Chase: Private Lawsuit Found Evidence the Feds Didn’t
Think of it as the story of two antagonists. One of them was an honest Senator who came to Washington to fight corruption. The other is an arrogant banker who’s so sure of his untouchability that he wore “FBI” cufflinks when he made a public appearance last month.
Former Sen. Ted Kaufman, whose epic struggle to bring Wall Street to justice was depicted in PBS Frontline‘s recent episode The Untouchables, made a striking observation on a press call today. “In a private case,” Sen. Kaufman said, the Dexia bank’s lawsuit “… uncovered reams of emails directly related to the fact that fraud was (allegedly) being committed by JPMorgan Chase.”
He was referring to headlines like “E-Mails Imply JPMorgan Knew Some Mortgage Deals Were Bad” in the New York Times and “JPMorgan Hid Reports of Defective Loans Before Sales ” in Bloomberg News. Sen. Kaufman added:
“It is just hard to believe that if the Department of Justice had made Wall St fraud a major priority, with the resources they have, they could not have found these same emails and brought these cases.”
E. J. Dionne, Jr.: Republicans: Rebranding vs. Rethinking
Rebranding is trendy in the Republican Party.
Rep. Eric Cantor gave a major speech on Tuesday to advance the effort. Gov. Bobby Jindal wants the GOP to stop being the “stupid party.” Karl Rove is setting up a PAC (it’s what he does these days) to defeat right-wing crazies who cost the party Senate seats.
But there’s a big difference between rebranding-this implies the product is fine but needs to be sold better-and pursuing a different approach to governing. Here’s an early action report.
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