October 2013 archive

Talking Jamie Dimon With Sam Seder of ‘The Majority Report’

By Matt Taibbi, Rolling Stone

POSTED: October 1, 11:20 AM ET

Pareene hilariously told the CNBC panel that anybody could do Jamie Dimon’s job as badly as he’s done it, offered himself in half-seriousness as an option and made the absolutely accurate point that any other boss in any other industry who had overseen the regulatory problems that took place at Chase under Dimon would be looking for work.

“If you managed a restaurant, and it got the biggest health department fine in the history of restaurants,” Pareene said sensibly, “no one would say ‘Yeah, but the restaurant’s making a lot of money. There’s only a little bit of poison in the food.'”

I hadn’t seen the exchange until yesterday when Sam played it on his show. It’s an amazing piece of tape that tells you everything about why the financial press constantly misses major scandals – their only sources of information are bank spokestools and they have no clue about even the most obvious things, like the fact that the whole country north of TriBeCa and south of Battery Park cringes at the sound of Dimon’s name.

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.

October 3 is the 276th day of the year (277th in leap years) in the Gregorian calendar. There are 89 days remaining until the end of the year.

On this day in 1967, Woody Guthrie, godfather of the 1950s folk revival movement, dies.

In 1963, Bob Dylan was asked by the authors of a forthcoming book on Woody Guthrie to contribute a 25-word comment summarizing his thoughts on the man who had probably been his greatest formative influence. Dylan responded instead with a 194-line poem called “Thoughts on Woody Guthrie,” which took as its theme the eternal human search for hope. “And where do you look for this hope that yer seekin’?” Dylan asks in the poem, before proceeding to a kind of answer:

You can either go to the church of your choice

Or you can go to Brooklyn State Hospital

You’ll find God in the church of your choice

You’ll find Woody Guthrie in Brooklyn State Hospital

Woodrow Wilson “Woody” Guthrie (July 14, 1912 – October 3, 1967) is best known as an American singer-songwriter and folk musician, whose musical legacy includes hundreds of political, traditional and children’s songs, ballads and improvised works. He frequently performed with the slogan This Machine Kills Fascists displayed on his guitar. His best-known song is “This Land Is Your Land”, which is regularly sung in American schools. Many of his recorded songs are archived in the Library of Congress. Such songwriters as Bob Dylan, Phil Ochs and Tom Paxton have acknowledged their debt to Guthrie as an influence.

Guthrie traveled with migrant workers from Oklahoma to California and learned traditional folk and blues songs. Many of his songs are about his experiences in the Dust Bowl era during the Great Depression, earning him the nickname the “Dust Bowl Troubadour”. Throughout his life Guthrie was associated with United States communist groups, though he was never an actual member of any.

Guthrie was married three times and fathered eight children, including American folk musician Arlo Guthrie. He is the grandfather of musician Sarah Lee Guthrie. Guthrie died from complications of Huntington’s disease, a progressive genetic neurological disorder. During his later years, in spite of his illness, Guthrie served as a figurehead in the folk movement, providing inspiration to a generation of new folk musicians, including mentor relationships with Ramblin’ Jack Elliott and Bob Dylan.

Folk revival and Guthrie’s death

In the late 1950s and early 1960s, a new generation of young people were inspired by folk singers including Guthrie. These “folk revivalists” became more politically aware in their music than those of the previous generation. The American Folk Revival was beginning to take place, focused on the issues of the day, such as the civil rights movement and free speech movement. Pockets of folk singers were forming around the country in places such as Cambridge, Massachusetts and the Greenwich Village neighborhood of New York City. One of Guthrie’s visitors at Greystone Park was the 19-year-old Bob Dylan, who idolized Guthrie. Dylan wrote of Guthrie’s repertoire: “The songs themselves were really beyond category. They had the infinite sweep of humanity in them.” After learning of Guthrie’s whereabouts, Bob Dylan regularly visited him. Guthrie died of complications of Huntington’s disease on October 3, 1967. By the time of his death, his work had been discovered by a new audience, introduced to them in part through Bob Dylan, Pete Seeger, Ramblin’ Jack Elliott, his ex-wife Marjorie and other new members of the folk revival, and his son Arlo.

Huntington’s Disease Society of America

Well, happy endings like that only happen in Madam Chao’s Massage Parlor and Hollywood, though Cleveland manager Terry Francona is looking forward to a rematch against the Red Sox, at team he only helped break an 86 year World Championship drought.  Can he have a sequel with the Indians?  After all it’s been a mere 65 years for them.

The fact that they’re forced to scramble for a Wild Card Sudden Death win after finishing up with a 10 game win streak (errorless fielding too) and going 15 – 2 down the stretch tells you everything you need to know about how badly they played in the beginning of the season.  They’ll be starting rookie Danny Salazar (2-3, 3.12 ERA R).

Tampa won four of the six games against Cleveland this season, but the teams haven’t met since early June so that tells you not much.

Alex Cobb (11 – 3, 2.76 ERA R) missed 50 games with a concussion, but he’s been a different pitcher since the injury, going 5 – 1 with a 2.41 ERA in nine starts.

The Rays have gone from inoffensive against Team W (for steroids) to obstacles in the way of the sentimental favorites.  Not that I’m ungrateful, just that in playoff Baseball your loyalties change depending on the opponent.

Game start @ 8 pm ET on TBS.

It seems that the Obama administration’s state department does want the Pakistani victims of the US war on terror to speak to Congress

Shahzad Akbar, a legal fellow with the British human rights group Reprieve and the director of the Pakistan-based Foundation for Fundamental Rights, says the state department is preventing him from taking his clients to Capitol Hill next week. The hearing would mark the first time US lawmakers heard directly from drone strike survivors.

Akbar’s clients, Rafiq ur-Rehman, his 13-year-old son, Zubair, and his nine-year-old daughter, Nabila, are from the tribal regions of north Waziristan. The children were injured in the alleged US strike on the village of Tappi last year. Their grandmother – Rehman’s mother, Mamana – was killed.

Rehman and his children have spent months making preparations to visit Washington after being invited by US representatives to testify in the ad hoc hearing on drone strikes.

According to Akbar, his clients’ visas for the trip have been approved, but his has not. He believes the hold-up is political.

House Rep. ALan Grayson (D-FL), who was assisting the Rehman family coming to the US, stated that without their lawyer, said that the family would not be able to come without Mr. Akbar. He also told The Guardian that the State Department had not given a reason

“I don’t know why the State Department has taken this action, but I think it’s extremely important that when it comes to a national security matter like drone attacks, we hear not only from the proponents of these attacks, but also from the victims,” Grayson said.

“We have a chronic problem in Congress that when the administration is involved in one side of the issue, we rarely hear about the other side of the issue.

“This is true with regard to NSA domestic spying. This is true with regard to proposed military intervention in Syria. And it’s also true with regard to the drone attacks in Pakistan and in Yemen.”

He added: “I think Congress and the American people simply need to hear both sides of the story, and that’s why we invited these witnesses to come and testify.”

The Rehman family was devastated by a US drone attack on October 14, 2012 and the American people need to know what is being done in our names. You can sign the petition to issue Shahzad Akbar a travel visa so the Rehman family can be heard.

Over at Esquire’s Politics Blog, resident curmudgeon, Charles Pierce reminds us of his “five minute rule” with this little snippet:

If you listen to Crazy Uncle Liberty (!), Senator Aqua Buddha, or their disciples for five minutes, you find yourself nodding in agreement with almost everything they say. At precisely the 5:01 mark, however, the person to whom you’re listening will say something that detaches the entire conversation from the plane of physical reality and sends it sailing off into the ether.

As an example of the stupid that abounds, he presented a link to this video at a Rand Paul supporter’s web site.

I suppose those who signed the petition didn’t see the tee shirt. Sheesh.

The Affordable Care Act is a very flawed bill that lines the pockets of insurance companies by forcing people to purchase junk insurance that even if the premiums are low, the high out of pocket deductibles and co-pays make care unaffordable. Nor are the insured guaranteed access the treatment and medications they may need, since the bean counters can deny permission and referrals. These are facts that the government and media aren’t telling you

The only reason the right wing is trying to defund/repeal this law, which they can’t, is because they have nothing left to draw attention to themselves and try to scare people into believing that President Barack Obama is a socialist, even though has given the right wing and corporations nearly everything they’ve wanted, including the ACA. The war on the 99% continues from both sides of the aisle.

Bill Black: Why do Conservatives Oppose Prosecuting Elite Corporate Frauds?

William K Black, Naked Capitalism

Tuesday, October 1, 2013

There are at least four principles that virtually all conservatives purport to support – except when the potential defendant is socially elite. I have written previously about two of these principles on several occasions – the need for accountability and “broken windows” theory that calls for the prosecutors to make the prosecution of even minor street crimes a high priority if they have, even indirectly, a material effect on the community.

The third principle is that it is vital to punish in order to deter crime. Gary Becker, the very conservative Nobel laureate in economics, emphasized this point (again, in the context of street crime). Under Becker’s theory of crime our current practices of allowing elite banksters to become wealthy through leading the “sure thing” of accounting control fraud with immunity from the criminal laws will predictably lead to new, larger epidemics of fraud that will continue to cause our recurrent, intensifying financial crises. It is rare, however, to find a prominent conservative who is demanding a priority effort to prosecute the elite bank officers who ran those frauds. I know of no conservative member of Congress publicly making that demand today. Senator Chuck Grassley has previously criticized the Obama administration’s failure to prosecute elite bankers.

The fourth principle, the one this column addresses, is the conservative love of “creative destruction” – a concept made famous by the economist Joseph Schumpeter. I have a simple proposition – there is no more creative destruction than putting a control fraud out of business through a prosecution, receivership, or enforcement action. I have never met personally a conservative, however, who agrees with that proposition in the context of a large, elite corporation. When blue collar workers complain that their clothing manufacturing firm was put out of business by a rival firm that locates its plants in Bangladesh and is able to charge less for their goods because they pay their workers a pittance and “save” money by building factories that are death traps the conservative answer is to tell the U.S. workers to stop whining and light a candle on the altar devoted to the worship of capitalism celebrating the “creative destruction” of their jobs.

Conservatives should view control frauds as the supreme evil that they will devote their lives to eradicating. Control frauds are the ultimate betrayal of capitalism. First, they are the elite face of capitalism that gives capitalism a terrible name. They become wealthy not because they are skilled, innovative, or willing to take risk but because they cheat.

…

Second, control fraud harms not only the primary intended victim, e.g., the bank’s creditors and shareholders, but also honest firms by creating a “Gresham’s” dynamic in which bad ethics can drive good ethics out of the markets. George Akerlof was the first modern economist to explain this point in his famous 1970 article on anti-purchaser control frauds (“lemons”) that led to him becoming a Nobel laureate.

…

Third, control frauds are the agents of crony capitalism. Their CEOs may spout Randian sayings, but they are ultimate moochers who delight in translating their immense economic power into dominant political power that they use to defraud with impunity. Control frauds betray and destroy capitalism. If they are not stopped by the regulators and prosecutors (the “cops on the beat”) they destroy capitalism and democracy.

…

I urge conservatives to lead the charge for the creative destruction of the elite control frauds. This is one of the many critical areas in which people of different political views should be able to find common cause.

“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 thea Pundits”.

Wednesday is Ladies’ Day.

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Ana Marie Cox: GOP DWI? Otherwise I can’t account for Republicans forcing a shutdown

With the ‘no compromise’ fringe at the wheel, this government shutdown can only be a political car crash for Republicans

It is difficult to write rationally about the shutdown of the US government, because it is not a rational act. [..]

The GOP’s intransigence over these political stands, whatever you think of them as ideological positions, stems from simple political debts and selfish political goals. Conversely, policy positions that stem mostly from ideology or even practical knowledge of the problem at hand have some inherent flexibility; you can reason with people who have arrived at their position through reason. If your main goal is to solve a real-world problem, you can make concessions based on new real-world data. When policy goals are held largely for political reasons, only political arguments can move you.

Zoë Carpenter : Government Shutdown Will Hit Federal Workers, Poor Americans

The economic impact of a shutdown depends on how long it lasts, but workers and the poor are likely to be hit the hardest. About 800,000 of 2.1 million federal employees will be furloughed, with no guarantee of retroactive pay. “Essential” employees like active-duty service members, scientists posted to the International Space Station, mine inspectors for the Department of Labor, and Secret Service agents will continue to work, many without pay. The members of Congress creating the mess are considered essential, and will receive their paychecks.

Low-income women and children, on the other hand, may not be able to access food and health care. That’s because federal funds will not be available for the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC), which provides food benefits and clinical services. States may have enough cash to continue operations for a few days, but even federal contingency funds “would not fully mitigate a shortfall for the entire month of October,” according to the US Department of Agriculture, which administers the program. Food stamp recipients would still receive their benefits through the SNAP program, but other nutritional programs would shut down.

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.

October 2 is the 275th day of the year (276th in leap years) in the Gregorian calendar. There are 90 days remaining until the end of the year.

On this day in 1959, “The Twilight Zone” premiered on CBS television.

The Twilight Zone is an American anthology television series created by Rod Serling, which ran for five seasons on CBS from 1959 to 1964. The series consisted of unrelated episodes depicting paranormal, futuristic, dystopian, or simply disturbing events; each show typically featured a surprising plot twist and was usually brought to closure with some sort of message. The series was also notable for featuring both established stars (e.g. Cliff Robertson, Ann Blyth, Jack Klugman) and younger actors who would later became famous (e.g. Robert Redford, William Shatner, Mariette Hartley, Shelley Fabares). Rod Serling served as executive producer and head writer; he wrote or co-wrote 92 of the show’s 156 episodes. He was also the show’s host, delivering on- or off-screen monologues at the beginning and end of each episode. During the first season, except for the season’s final episode, Serling’s narrations were off-camera voiceovers; he only appeared on-camera at the end of each show to promote the next episode (footage that was removed from syndicated versions but restored for DVD release, although some of these promotions exist today only in audio format).

The “twilight zone” itself is not presented as being a tangible plane, but rather a metaphor for the strange circumstances befalling the protagonists. Serling’s opening and closing narrations usually summarized the episode’s events in tones ranging from cryptic to pithy to eloquent to unsympathetic, encapsulating how and why the main character(s) had “entered the Twilight Zone”.

NSA whistleblower Edward Snowden’s words were entered as testimony at the European Parliament’s Civil Liberties Committee in Brussels on Monday.

Jesselyn Radack of the US Government Accountability Project (GAP) and a former whistleblower and ethics adviser to the US Department of Justice, read Snowden’s statement into the record.

This work is licensed under a Creative Commons Attribution-Share Alike 3.0 License

Transcript can be read here.

Argh Mateys.  This be Cap’n Hank Bloodbeard and for the first time in a long, long time the Pirates be ready to pillage and plunder the Senior Circuit.  If’n it helps ye hate on the scurvy Reds remember they be the team o’ Pete Rose, a cut throat player who turned out to be so corrupt a Cap’n he’d bet agin’ his own side.

No Hall for you.  Ever.

The Reds be takin’ the field first behind Johnny Cueto (5 – 2, 2.82 ERA R).  He be better than he look, 8 – 2 at PNC Park, 7 – 2 with a 1.43 ERA in his last 12 starts agin’ the Pirates.

They be puttin’ up Francisco Liriano (16 – 8, 3.02 ERA L) who be vulnerable.  Liriano went 0-3 in four starts against the Reds this season though lack of run support be a significant factor.  But this be his home field, 8 – 1 with a 1.47 ERA in 11 starts at PNC Park. And the Pirates keelhauled Cincinnati on the final weekend of the season.

The Pirates be in the playoffs for the first time in 21 years.  They have 20 straight losing seasons, longest among the four major professional sports.  The Pirates went 50-31 at PNC Park this season 5 – 4 against the Reds.

The Reds be in the playoffs it for the third time in four years and are 13 – 7 against the Pirates in the postseason.  They also took two of three at PNC Park in their last series there Sept. 20 – 22.

And ye think this not be a grudge match between ’em they plunked 28 batsmen this season.

The format o’ the game be rightly called… Sudden Death.