“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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Richard (RJ) Eskow; It’s a “Big Deal” When Red-state Senators Defy Obama on Social Security Cuts
At least three senators up for reelection in Republican-leaning states next year are defying President Obama by indicating they’ll refuse to support the White House’s Social Security cuts in any “Grand Bargain” on the budget. There are a number of reasons why this is important, including the fact that it may scuttle the chance (if there ever was one) for any deal. [..]
But these Red State senators understand that their political survival depends on rejecting this repellent, ill-advised, and mean-spirited benefit cut and tax hike. They, not the cynical hacks in the cut-promoting “Gang of Six,” represent the true center. As the “Gang” members leave office and begin their well-paid corporate afterlives, the real center is taking shape before our very eyes.
Robert Sheer: Obama Did It For the Money
The love fest between Barack Obama and his top fundraiser Penny Pritzker that has led to her being nominated as Commerce secretary would not be so unseemly if they both just confessed that they did it for the money. Her money, not his, financed his rise to the White House from less promising days back in Chicago. [..]
But don’t sell the lady short; she wasn’t swept along on some kind of celebrity joyride. Pritzker, the billionaire heir to part of the Hyatt Hotels fortune, has long been first off an avaricious capitalist, and if she backed Obama, it wasn’t for his looks. Never one to rest on the laurels of her immense inherited wealth, Pritzker has always wanted more. That’s what drove her to run Superior Bank into the subprime housing swamp that drowned the institution’s homeowners and depositors alike before she emerged richer than before.
The bond-rating agency Moody’s made itself famous for giving subprime mortgage backed securities triple-A ratings at the peak of the housing bubble. This made it easy for investment banks like Goldman Sachs and Morgan Stanley to sell these securities all around the world. And it allowed the housing bubble to grow ever bigger and more dangerous. And we know where that has left us.
Well, Moody’s is back. They announced plans to change the way they treat pension obligations in assessing state and local government debt.
Instead of accepting projections of pension fund returns based on the assets they hold, Moody’s wants to use a risk-free discount rate to assess pension fund liabilities. This will make public pensions seem much worse funded than the current method.
Jim Hightower: Corporate Cowards Divert Shareholder Funds into “Dark Money”
If corporations are people, as the Supreme Court pretends, they certainly are loudmouths, constantly telling us how great they are and spreading their names everywhere.
Amazingly, though, these corporate creatures have suddenly turned demure, insisting that they don’t want to draw any attention to themselves. That’s because, in this case, corporations are not selling, they’re buying – specifically, trying to buy public office for their pet political candidates by funneling millions of corporate dollars through such front groups as the U.S. Chamber of Commerce. In turn, the fronts use the money to air nasty attack ads that smear the opponents of the pro-corporate candidates.
Mike Lux: Federal Government Nation’s Biggest Creator of Low-Wage Jobs: Time for Obama to Act
There was a moving and powerful event this morning at Union Station in D.C. where low-wage workers for federal contractors, leaders of the faith community, and members of Congress all did a little preaching to President Obama. Their message could not have been clearer: It is time to finally to do something real to help low wage workers step out of poverty and into the middle class. [..]
Fast-food workers in New York City, Chicago, and other cities; Wal-Mart workers all over the country have as well; truck drivers that take goods in and out of our nation’s ports; and workers at companies who contract with the federal government: They are all organizing. To hear these workers’ stories about the terrible pay, lack of benefits, and the way they are treated by abusive employers inspires me to keep fighting on their behalf every day, but it also makes me wonder: Where is Barack Obama? Didn’t he get his start in politics fighting for these kinds of workers? Hasn’t he talked repeatedly about how he is going to fight for them? Hasn’t he quoted the scripture of his faith about looking out for the least of these and being our brothers and sisters’ keeper?
Ray Barrett; The War on Terror Is Over…But Osama Bin Laden Won.
High in the mountains of Afghanistan many moons before 9/11, Osama Bin Laden told the British journalist Robert Fisk exactly what he sought to achieve through his murderous crusade against Uncle Sam.
“I pray to God that he will permit us to turn the United States into a shadow of itself,” he said. [..]
With the al-Qaeda leader dead, the “War on Terror” morphed into a global “drone war”, and home-grown terrorism now the dominant US national security threat, history can begin to evaluate Bin Laden and his more esoteric aims. Thus, when it comes to the United States, were his prayers answered? Did he enjoy a measure of success in his quest to debase the nation?
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