April 2013 archive

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”.

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Paul Krugman: Lessons From a Comeback

Modern movement conservatism, which transformed the G.O.P. from the moderate party of Dwight Eisenhower into the radical right-wing organization we see today, was largely born in California. The Golden State, even more than the South, created today’s religious conservatism; it elected Ronald Reagan governor; it’s where the tax revolt of the 1970s began. But that was then. In the decades since, the state has grown ever more liberal, thanks in large part to an ever-growing nonwhite share of the electorate. [..]

A dozen years ago, the state was supposedly doomed by all its environmentalists. You see, the eco-freaks were blocking power plants, and the result was crippling blackouts and soaring power prices. “The country’s showcase state,” gloated The Wall Street Journal, “has come to look like a hapless banana republic.”

But a funny thing happened on the road to collapse: it turned out that the main culprit in the electricity crisis was deregulation, which opened the door for ruthless market manipulation. When the market manipulation went away, so did the blackouts.

Thomas Homer-Dixon: The Tar Sands Disaster

IF President Obama blocks the Keystone XL pipeline once and for all, he’ll do Canada a favor.

Canada’s tar sands formations, landlocked in northern Alberta, are a giant reserve of carbon-saturated energy – a mixture of sand, clay and a viscous low-grade petroleum called bitumen. Pipelines are the best way to get this resource to market, but existing pipelines to the United States are almost full. So tar sands companies, and the Alberta and Canadian governments, are desperately searching for export routes via new pipelines.

Canadians don’t universally support construction of the pipeline. A poll by Nanos Research in February 2012 found that nearly 42 percent of Canadians were opposed. Many of us, in fact, want to see the tar sands industry wound down and eventually stopped, even though it pumps tens of billions of dollars annually into our economy.

Dean Baker: Profit Share Hits Post-War High and the Post Doesn’t Notice

The revised GDP data for the fourth quarter released yesterday showed the profit share of corporate income hitting 25.6 percent. This is the highest since it stood at 25.8 percent in 1951. However if we look at the after-tax share of 19.2 percent, we would have to go back to 20.8 percent share in 1930 to find a higher number, excepting of course the 19.3 percent number hit last year.

To put this in context, the after-tax profit share was just 14.5 percent in Reagan’s Morning in America days. The difference would have come to roughly $330 billion last year. To put this in the 10-year budgetary window that is the standard framework in Washington these days, the rise in after-tax corporate profits since the Reagan era can be seen as equivalent to a $5.0 trillion tax on the nation’s workers.

This surge in profits in a weak economy (profits tend to move with the cycle) is striking but readers of the Washington Post version of AP piece on the data wouldn’t know anything about it. This piece includes no mention of the jump in corporate profits in 2012.

Robert Kuttner: Looking Backwards

Jubilant Republicans took back the Senate in yesterday’s mid-term election, and appeared to have increased their majority in the House by about ten seats.

“Barack Obama is now the lamest of lame ducks,” said Sen. Mitch McConnell of Kentucky, now the Majority Leader, who held on to his own Kentucky seat by about three percentage points, the Senate Republicans only close call of the evening.

“The Senate numbers this year were against the Democrats,” said pollster Stan Greenberg, “but what really killed us with the voters was the economy.” [..]

“This fiasco, once again, is why I don’t call myself a Democrat,” said Vermont independent Senator Bernie Sanders. “Don’t progressives get even one party?”

On This Day In History April 1

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.

April 1 is the 91st day of the year (92nd in leap years) in the Gregorian calendar. There are 274 days remaining until the end of the year. April 1 is most notable in the Western world for being April Fools’ Day.

On this day in 1700, English pranksters begin popularizing the annual tradition of April Fools’ Day by playing practical jokes on each other.

Although the day, also called All Fools’ Day, has been celebrated for several centuries by different cultures, its exact origins remain a mystery. Some historians speculate that April Fools’ Day dates back to 1582, when France switched from the Julian calendar to the Gregorian calendar, as called for by the Council of Trent in 1563. People who were slow to get the news or failed to recognize that the start of the new year had moved to January 1 and continued to celebrate it during the last week of March through April 1 became the butt of jokes and hoaxes. These included having paper fish placed on their backs and being referred to as “poisson d’avril” (April fish), said to symbolize a young, easily caught fish and a gullible person.

Historians have also linked April Fools’ Day to ancient festivals such as Hilaria, which was celebrated in Rome at the end of March and involved people dressing up in disguises. There’s also speculation that April Fools’ Day was tied to the vernal equinox, or first day of spring in the Northern Hemisphere, when Mother Nature fooled people with changing, unpredictable weather.

April Fools’ Day is celebrated all around the world on the April 1 of every year. Sometimes referred to as All Fools’ Day, April 1 is not a national holiday, but is widely recognized and celebrated as a day where everyone plays all kind of joke and foolishness. The day is marked by the commission of good humoured or funny jokes, hoaxes, and other practical jokes of varying sophistication on friends, family members, teachers, neighbors, work associates, etc.

Traditionally, in some countries such as New Zealand, Ireland, the UK, Australia, and South Africa, the jokes only last until noon, and someone who plays a trick after noon is called an “April Fool”.

Elsewhere, such as in France, Italy, South Korea, Japan, Russia, The Netherlands, Germany, Brazil, Canada, and the U.S., the jokes last all day. The earliest recorded association between April 1 and foolishness can be found in Chaucer’s Canterbury Tales (1392). Many writers suggest that the restoration of the January 1 as New Year’s Day in the 16th century was responsible for the creation of the holiday, but this theory does not explain earlier references.

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