02/27/2013 archive

“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”.

Wednesday is Ladies’ Day

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Sheila C. Bair: Grand Old Parity

I am a capitalist and a lifelong Republican. I believe that, in a meritocracy, some level of income inequality is both inevitable and desirable, as encouragement to those who contribute most to our economic prosperity. But I fear that government actions, not merit, have fueled these extremes in income distribution through taxpayer bailouts, central-bank-engineered financial asset bubbles and unjustified tax breaks that favor the rich.

This is not a situation that any freethinking Republican should accept. Skewing income toward the upper, upper class hurts our economy because the rich tend to sit on their money – unlike lower- and middle-income people, who spend a large share of their paychecks, and hence stimulate economic activity.

But more fundamentally, it cuts against everything our country and my party stand for. Government’s role should not be to rig the game in favor of “the haves” but to make sure “the have-nots” are given a fair shot.

Louise Erdrich: Rape on the Reservation

TWO Republicans running for Congressional seats last year offered opinions on “legitimate rape” or God-approved conceptions during rape, tainting their party with misogyny. Their candidacies tanked. Words matter. [..]

Having lost the votes of many women, Republicans now have the chance to recover some trust. The Senate last week voted resoundingly to reauthorize the Violence Against Women Act, the 1994 law that recognized crimes like rape, domestic abuse and stalking as matters of human rights.

But House Republicans, who are scheduled to take up the bill today and vote on it Thursday, have objected to provisions that would enhance protections for American Indians, undocumented immigrants and gay, lesbian, bisexual and transgender youth, among other vulnerable populations.

Yes, because no one listened to those that warned(including myself) this would happen in 2010 with the Bush tax cut sellout leading to the debt ceiling debacle in 2011 to now, it looks like the sequester created by this White House and Congress is going to happen. Back then, there was leverage with the Bush tax cuts expiring for using the High Value Platinum Coin, invoking the 14th amendment, or legislating the debt ceiling away entirely. None of this was considered even as a temporary measure to avoid this epic failure fixing to hit our shores.

It’s insulting to the public that none of this was even tried, because this sequester will be painful and more painful in the future. The political damage as we create more miniature crisis will be even costlier than what is projected as more bills have to be passed every few months which always get worse the more they are revisited, all needlessly created all in the name what I call deficit terrorism. Through each bipartisan crisis more austerity is brought out in these miniature Shock Doctrine scenarios especially on the debt ceiling. This austerity will eventually terrorize the public because a failure to govern or understand our economy.

Sure, it will take awhile to be phased in and each federal agency will implement its cuts differently, on its own timeline, but by April 4th, 2013 some real pain is likely to be felt by the public.

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.

February 27 is the 58th day of the year in the Gregorian calendar. There are 307 days remaining until the end of the year (308 in leap years).

On this day in 1827, New Orleanians take to the streets for Mardi Gras with groups of masked and costumed students dance through the streets of New Orleans, Louisiana, marking the beginning of the city’s famous Mardi Gras celebrations.

The celebration of Carnival–or the weeks between Twelfth Night on January 6 and Ash Wednesday, the beginning of the Christian period of Lent–spread from Rome across Europe and later to the Americas. Nowhere in the United States is Carnival celebrated as grandly as in New Orleans, famous for its over-the-top parades and parties for Mardi Gras (or Fat Tuesday), the last day of the Carnival season.

History

The celebration of Mardi Gras was brought to Louisiana by early French settlers. The first record of the holiday being celebrated in Louisiana was at the mouth of the Mississippi River in what is now lower Plaquemines Parish, Louisiana, on March 3, 1699. Iberville, Bienville, and their men celebrated it as part of an observance of Catholic practice.

The starting date of festivities in New Orleans is unknown. An account from 1743 notes that the custom of Carnival balls was already established. Processions and wearing of masks in the streets on Mardi Gras took place. They were sometimes prohibited by law, and were quickly renewed whenever such restrictions were lifted or enforcement waned. In 1833 Bernard Xavier de Marigny de Mandeville, a rich plantation owner of French descent, raised money to fund an official Mardi Gras celebration.

James R. Creecy in his book Scenes in the South, and Other Miscellaneous Pieces describes New Orleans Mardi Gras in 1835:

   Shrove Tuesday is a day to be remembered by strangers in New Orleans, for that is the day for fun, frolic, and comic masquerading. All of the mischief of the city is alive and wide awake in active operation. Men and boys, women and girls, bond and free, white and black, yellow and brown, exert themselves to invent and appear in grotesque, quizzical, diabolic, horrible, strange masks, and disguises. Human bodies are seen with heads of beasts and birds, beasts and birds with human heads; demi-beasts, demi-fishes, snakes’ heads and bodies with arms of apes; man-bats from the moon; mermaids; satyrs, beggars, monks, and robbers parade and march on foot, on horseback, in wagons, carts, coaches, cars, etc., in rich confusion, up and down the streets, wildly shouting, singing, laughing, drumming, fiddling, fifeing, and all throwing flour broadcast as they wend their reckless way.

On Mardi Gras of 1857, the Mystick Krewe of Comus held its first parade. Comus is the oldest continuously active Mardi Gras organization. It started a number of continuing traditions. It is considered the first Carnival krewe in the modern sense. According to one historian, “Comus was aggressively English in its celebration of what New Orleans had always considered a French festival. It is hard to think of a clearer assertion than this parade that the lead in the holiday had passed from French-speakers to Anglo-Americans. . . .To a certain extent, Americans ‘Americanized’ New Orleans and its Creoles. To a certain extent, New Orleans ‘creolized’ the Americans. Thus the wonder of Anglo-Americans boasting of how their business prowess helped them construct a more elaborate version of the old Creole Carnival. The lead in organized Carnival passed from Creole to American just as political and economic power did over the course of the nineteenth century. The spectacle of Creole-American Carnival, with Americans using Carnival forms to compete with Creoles in the ballrooms and on the streets, represents the creation of a New Orleans culture neither entirely Creole nor entirely American.”

In 1875 Louisiana declared Mardi Gras a legal state holiday. War, economic, political, and weather conditions sometimes led to cancellation of some or all major parades, especially during the American Civil War, World War I and World War II, but the city has always celebrated Carnival.

In an a cover story  for Time magazine, journalist Steven Brill spent seven months examining how medical bills are what is really killing us: the extraordinary costs of health care is a “bitter pill”  that nickels and dimes even the insured patient for every pill, band-aid and blanket:

Simple lab work done during a few days in the hospital can cost more than a car. A trip to the emergency room for chest pains that turn out to be indigestion brings a bill that can exceed the price of a semester at college. When we debate health care policy in America, we seem to jump right to the issue of who should pay the bills, blowing past what should be the first question: Why exactly are the bills so high? [..]

· Hospitals arbitrarily set prices based on a mysterious internal list known as the “chargemaster.” These prices vary from hospital to hospital and are often ten times the actual cost of an item. Insurance companies and Medicare pay discounted prices, but don’t have enough leverage to bring fees down anywhere close to actual costs. While other countries restrain drug prices, in the United States federal law actually restricts the single biggest buyer-Medicare-from even trying to negotiate the price of drugs.

· Tax-exempt “nonprofit” hospitals are the most profitable businesses and largest employers in their regions, often presided over by the most richly compensated executives.

· Cancer treatment-at some of the most renowned centers such as Sloan-Kettering and M.D. Anderson-has some of the industry’s highest profit margins. Cancer drugs in particular are hugely profitable. For example, Sloan-Kettering charges $4615 for a immune-deficiency drug named Flebogamma. Medicare cuts Sloan-Kettering’s charge to $2123, still way above what the hospital paid for it, an estimated $1400.

· Patients can hire medical billing advocates who help people read their bills and try to reduce them. “The hospitals all know the bills are fiction, or at least only a place to start the discussion, so you bargain with them,” says Katalin Goencz, a former appeals coordinator in a hospital billing department who now works as an advocate in Stamford, CT.

Mr. Brill was a guest on MSNBC’s “The Last Word“, he discussed with guest host Ezra Klein the costs of health care, who’s to blame and how we can fix the US broken health care system:

MSNBC’s “The Last Word” guest host Ezra Klein translates Federal Reserve Chairman Ben Bernanke’s testimony before the Senate Banking Committee lecturing Congress that the austerity of sequestration is a really bad idea for the economy:

“Given the still-moderate underlying pace of economic growth, this additional near-term burden on the recovery is significant,” Bernanke told his students, who included a number of right-wing Republican diehards, such as Senator Bob Corker, of Tennessee, and Patrick Toomey, of Pennsylvania. “Moreover, besides having adverse effects on jobs and incomes, a slower recovery would lead to less actual deficit reduction in the short run.”

Translated from Fed-speak, that meant that congressional Republicans have got things upside down. Bernanke has warned before about the dangers of excessive short-term spending cuts. But this was his most blunt assertion yet that Mitch McConnell, John Boehner, et al. should change course. “To address both the near- and longer-term issues, the Congress and the Administration should consider replacing the sharp, frontloaded spending cuts required by the sequestration with policies that reduce the federal deficit more gradually in the near term but more substantially in the longer run,” Bernanke said. “Such an approach could lessen the near-term fiscal headwinds facing the recovery while more effectively addressing the longer-term imbalances in the federal budget.”

Here is Ezra’s translation of Chairman Bernanke’s “Yoda Speak”:

Greetings fellow inhabitants of Earth.  We, the Committee to End the Future, a purposely shadowy global organization of extremely wealthy and powerful people wish to thank you for your cooperation in completing the final round of our “Great Game.”

For centuries we have played a series of rounds of the “Great Game,” accumulating resources by dominating governmental and economic structures, subjecting citizens of the various countries of Earth to a variety of schemes to divert the products and value of their labors to our use and to pauperize those not of our sort.

To cut to the chase, though, the reason for this communication is to warn our fellow inhabitants away from a very dangerous movement that could potentially disrupt our game and cause something of an annoying reset just as we are getting close to declaring a winner.  We have discovered to our dismay that a small but noisy group of citizen activists wish to rein in the emission of carbon and methane which are essential to both our economy and completion of the Game.

If these noisy, misguided activists are successful, we shall have to write off many Trillions of dollars worth of energy assets that are important as game pieces as well as means of game completion.

We hope that we can count on you, our fellow inhabitants to continue your demand for carbon and methane emitting energy sources which are essential, let us not forget, to your personal comfort and ease of living.  No matter what these activists say or do, please continue to ignore them.  Continue to listen to the politicians that we support and their long-term, incremental plans that will bring down carbon emissions so gradually that you will never notice it.

We are now very close to the end of the Game.  No game is complete without an end state.  In short, we need to know who the winners are.  At the end of this round of the Great Game we shall finally know, and in the tradition of the Egyptian Pharoahs that buried their fellow players alive at the end of their games, so shall we.  We believe that our fellow inhabitants will enjoy a final rest from the great toils required of all those who play the Game.

Thank you for your cooperation!