March 2014 archive

You know, the reason I cover Formula One is that it’s a niche sport, a bizarre mix of all the decadent elements of the early 21st Century.

It’s a world wide cancer of carbon fueled excess packaged in funny looking vehicles and celebrity spectators designed to sucker the rubes and provide a platform for the high rollers to fleece each other in air-conditioned tents with Aramark catering (not much to write home about) and top shelf bars.

Perhaps tomorrow I’ll write about this in greater detail, but for right now I’m so burned out you’re lucky I’m awake at all.

Last Night’s Results-

Root much?  Nope.

Tonight’s Games-

Saturday’s and Sunday’s Results below the fold.

“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”.

Follow us on Twitter @StarsHollowGzt

Richard (RJ) Eskow: Bill Clinton and Steny Hoyer: The ‘Wall Street Democrats’ Fight Back

If progressive and populist ideas resonate with most voters, some people have asked, why isn’t the Democratic Party doing better in the polls? Here’s one reason: Some of the party’s most prominent leaders are still pushing Wall Street’s unpopular and discredited economic platform.

Recent speeches by former President Clinton and House Minority Whip Steny Hoyer showed that Wall Street continues to hold considerable sway in their party, despite the fact that its austerity agenda has failed. Its “deficits over growth” ideology has wounded both Europe and the United States. To hear Clinton and Hoyer speak, you’d think we’d learned nothing from the economic experience of the last five years. [..]

There’s a struggle underway over the future of the Democratic Party. The populist movement has scored some significant recent wins, including the electoral victories of Sen. Elizabeth Warren and New York Mayor Bill de Blasio. Its ideas resonate with the public, and are in sync with mainstream economic thought.

But the remarks from Clinton and Hoyer demonstrate that the party’s Wall Street wing is still riding tall in the saddle, despite its discredited ideas and unpopular proposals.

There’s one sure-fire way to give a person, or a country, its “swagger” back: a good job at good wages will do it every time. Too bad these Wall Street Democrats aren’t talking about that.

Paul Krugman: America’s Taxation Tradition

As inequality has become an increasingly prominent issue in American discourse, there has been furious pushback from the right. Some conservatives argue that focusing on inequality is unwise, that taxing high incomes will cripple economic growth. Some argue that it’s unfair, that people should be allowed to keep what they earn. And some argue that it’s un-American – that we’ve always celebrated those who achieve wealth, and that it violates our national tradition to suggest that some people control too large a share of the wealth.

And they’re right. No true American would say this: “The absence of effective State, and, especially, national, restraint upon unfair money-getting has tended to create a small class of enormously wealthy and economically powerful men, whose chief object is to hold and increase their power,” and follow that statement with a call for “a graduated inheritance tax on big fortunes … increasing rapidly in amount with the size of the estate.”

Who was this left-winger? Theodore Roosevelt, in his famous 1910 New Nationalism speech.

NSA ally Mike Rogers to leave House intelligence committee for talk radio

Spencer Ackerman, The Guardian

Friday 28 March 2014 10.25 EDT

Congressman Mike Rogers of Michigan, the powerful chairman of the House intelligence committee and a former FBI agent, announced on Friday morning that he is leaving Congress at the end of his term to start a conservative talk radio show.

…

The surprise move comes four days after Rogers introduced a bill that would significantly constrain the NSA’s bulk collection of US phone data, a policy Rogers said he came to reluctantly after recognizing the lack of public and congressional confidence in the most domestically controversial of surveillance programs exposed by Snowden through the Guardian.

Rogers’s bill, however, provides fewer judicial obstacles to the government’s continued acquisition and search of phone and email data than does a competing proposal from members of the Senate and House judiciary committees and a new offering to end bulk data collection from the Obama administration.

Supporters of the latter proposals believe their efforts have been made tougher after the House parliamentarian, allegedly at the behest of the House speaker, John Boehner, gave the intelligence committee primary jurisdiction of Rogers’ bill on Thursday. Some House aides suspect the move is a prelude to a quick floor vote on the measure. But that was before Rogers announced his retirement, adding an unexpected element to the legislative competition.

…

When asked if the intelligence committee even knew how many more NSA disclosures were yet to come, Rogers’ chief Democratic ally on the committee, Dutch Ruppersberger of Maryland, quipped: “The Guardian will take care of that.”

…

Rogers thanked supporters in a statement announcing his retirement.

“As I close this chapter please know that I am not finished with the effort to bring back American exceptionalism,” Rogers said.

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.

March 28 is the 87th day of the year (88th in leap years) in the Gregorian calendar. There are 278 days remaining until the end of the year.

On this day in 1979, the nuclear reactor at Three Mile Island overheats causing a partial meltdown. At 4 a.m. on March 28, 1979, the worst accident in the history of the U.S. nuclear power industry begins when a pressure valve in the Unit-2 reactor at Three Mile Island fails to close. Cooling water, contaminated with radiation, drained from the open valve into adjoining buildings, and the core began to dangerously overheat.

The Three Mile Island nuclear power plant was built in 1974 on a sandbar on Pennsylvania’s Susquehanna River, just 10 miles downstream from the state capitol in Harrisburg. In 1978, a second state-of-the-art reactor began operating on Three Mile Island, which was lauded for generating affordable and reliable energy in a time of energy crises.

Three Mile Island Nuclear Generating Station

The power plant was owned and operated by General Public Utilities and Metropolitan Edison (Met Ed). It was the most significant accident in the history of the USA commercial nuclear power generating industry, resulting in the release of up to 481 PBq (13 million curies) of radioactive gases, and less than 740 GBq (20 curies) of the particularly dangerous iodine-131.

The accident began at 4 a.m. on Wednesday, March 28, 1979, with failures in the non-nuclear secondary system, followed by a stuck-open pilot-operated relief valve (PORV) in the primary system, which allowed large amounts of nuclear reactor coolant to escape. The mechanical failures were compounded by the initial failure of plant operators to recognize the situation as a loss-of-coolant accident due to inadequate training and human factors, such as human-computer interaction design oversights relating to ambiguous control room indicators in the power plant’s user interface. In particular, a hidden indicator light led to an operator manually overriding the automatic emergency cooling system of the reactor because the operator mistakenly believed that there was too much coolant water present in the reactor and causing the steam pressure release. The scope and complexity of the accident became clear over the course of five days, as employees of Met Ed, Pennsylvania state officials, and members of the U.S. Nuclear Regulatory Commission (NRC) tried to understand the problem, communicate the situation to the press and local community, decide whether the accident required an emergency evacuation, and ultimately end the crisis. The NRC’s authorization of the release of 40,000 gallons of radioactive waste water directly in the Susquehanna River led to a loss of credibility with the press and community.

In the end, the reactor was brought under control, although full details of the accident were not discovered until much later, following extensive investigations by both a presidential commission and the NRC. The Kemeny Commission Report concluded that “there will either be no case of cancer or the number of cases will be so small that it will never be possible to detect them. The same conclusion applies to the other possible health effects”. Several epidemiological studies in the years since the accident have supported the conclusion that radiation releases from the accident had no perceptible effect on cancer incidence in residents near the plant, though these findings are contested by one team of researchers.

Public reaction to the event was probably influenced by The China Syndrome, a movie which had recently been released and which depicts an accident at a nuclear reactor. Communications from officials during the initial phases of the accident were felt to be confusing. The accident crystallized anti-nuclear safety concerns among activists and the general public, resulted in new regulations for the nuclear industry, and has been cited as a contributor to the decline of new reactor construction that was already underway in the 1970s.

The incident was rated a five on the seven-point International Nuclear Event Scale: Accident With Wider Consequences.

Collegiate athletes have won the right to unionize:

A regional director of the National Labor Relations Board ruled Wednesday that a group of Northwestern football players were employees of the university and have the right to form a union and bargain collectively.

For decades, the major college sports have functioned on the bedrock principle of the student-athlete, with players receiving scholarships to pay for their education in exchange for their hours of practicing and competing for their university. But Peter Ohr, the regional N.L.R.B. director, tore down that familiar construct in a 24-page decision.

He ruled that Northwestern’s scholarship football players should be eligible to form a union based on a number of factors, including the time they devote to football (as many as 50 hours some weeks), the control exerted by coaches and their scholarships, which Mr. Ohr deemed a contract for compensation.

“It cannot be said that the employer’s scholarship players are ‘primarily students,’ ” the decision said.

The NCAA’s “Student-Athlete” Charade Is Officially Crumbling

By Jordan Weissmann, Slate

{..} I’d like to draw attention to the refreshingly obvious point that Peter Ohr, director of the NLRB’s Chicago office, makes on page 18 of his opinion. No matter what the NCAA wants you to think, Northwestern’s scholarship football players, he writes, “are not primarily students.” It’s that simple.

Why not? Because math:

 * Players spend 50 to 60 hours a week on football during a training camp before school starts.

 * They also dedicate 40 to 50 hours per week on football during the four-month season. “Not only is this more hours than many undisputed full-time employees work at their jobs, it is also many more hours than the players spend on their studies,” Ohr writes. They spend 20 hours per week in class and more doing homework, sure, but they also work on football outside of official practice time. Ohr’s equation also doesn’t seem to take into account the off season. But, he writes, it “cannot be said” that they “spend only a limited number of hours performing their athletic duties.”

This is not the crux of the case, but it is a direct retort to the mostly fictive concept of the big-time scholar-athlete. Ohr is saying that Northwestern’s players are athletes first, students second. Throughout the decision, he recounts the ways in which team members are expected to prioritize athletics over school-for instance, by avoiding classes that might conflict with practices, even if the courses are necessary for their major. The fact that the university tries to support them with tutors and study hall requirements only underscores “the extraordinary time demands placed on the players by their athletic duties,” he writes. [..]

This distinction matters legally, because Northwestern had argued that the NLRB should apply the test it used when it ruled in 2004 that graduate teaching assistants at Brown could not unionize. Part of the board’s reasoning, at the time, was that while TAs indeed do lots of work as instructors, they are primarily at school to learn, and teaching is one of their degree requirements. Ohr found that the Brown test wasn’t applicable, because nobody is required to play cornerback to earn a bachelor’s degree. But even if the test did apply, it still wouldn’t stop football players from unionizing, because of the sheer amount of time they spend on the field and at the gym rather than in their lecture halls.

The Northwestern University Football Union and the NCAA’s Death Spiral

By Dave Zirin, The Nation

“Pigs get fat, hogs get slaughtered,” – Mark Cuban

[..]

This decision marks the first real crack in the NCAA cartel in any of our lifetimes. It is also far from over. Northwestern University is leading the appeals process for now. They want the NLRB decision squelched for two reasons, both based in fear. They are afraid that if the football players can unionize, then the graduate teachers, the custodial staff, the work-study students and the cafeteria workers will all say, “If they can be a recognized union, then why not us?” That simply cannot happen in today’s neoliberal university system. Northwestern may fear those below them, but they fear those above them even more. That would be the Big 10 conference and the NCAA. If their football players are allowed to collectively bargain, the NCAA could shut them out, turning off the spigots from which the almighty revenue streams of cable television money seem to endlessly flow. Yet whatever response Northwestern is conjuring, it pales in comparison to the scorched earth about to be fired from the NCAA’s legal guns. For Northwestern, this jeopardizes the power arrangements on their campus, but for the NCAA, this decision threatens their very existence.

The NCAA is now in a fight for its life. Their power emanates solely from its position as a cartel. That means they have the controlling authority to hold every school to the same byzantine ground rules or suffer the consequences. This controlling authority is currently being crippled under the weight of its own greed. This controlling authority has created an unsustainable system of free-market, freewheelin’ capitalism for coaches and indentured servitude for players. This controlling authority allows the NCAA to turn its so-called student-athlete players into walking billboards for the pleasure of their corporate sponsors. This controlling authority has taken maximum advantage of the fact that the two revenue producing sports, football and basketball, tend to be populated by impoverished people of color. They have created a system of $11 billion television contracts where coaches make 100 times what they made thirty years ago. They have kept their foot on the gas, making and remaking conferences, destroying traditional rivalries and all with a short-term eye on the bottom line. Through it all they never reassessed the position of the players themselves and now they are paying the price. Pigs get fat, hogs get slaughtered.

The Limits Of Conciliation Revisited

By Charles P. Pierce, Esquire

on March 27, 2014

In merciful brief, the president attempted to explain to the world why the self-destructive and mendacious decision of the United States to engage in aggressive war in Iraq in contravention of god alone knows how many provisions of international law was manifestly different — politically, legally, and morally — from Vladimir Putin’s land grabbing in and around Ukraine. Before anyone gave him a chance to be president, and throughout his unlikely rise to the White House, the president famously called the war in Iraq “the wrong war in the wrong place.” It was the first stark difference between the president and Hillary Clinton in the 2008 Democratic primary campaign and the clearest difference between the president and Senator John McCain in that year’s general election. It represented the cleanest break available to the country from the bloody stupdity of the previous administration. It was the seedbed for all the hope and all the change. The problem arose when the architects of the American fiasco were allowed to escape any real accounting for what they’d done in Iraq and to the United States. There was no public punishment, no public shaming, no indication from the new administration that it was ready to demand penance from the old. And yesterday, the president illustrated quite clearly the size of the corner in which his basic philosophy had painted him.

The case he made was preposterous.

…

He knows so much better than that. The case we made before the U.N. was a insult to the world, built on stovepiped intelligence, wishful thinking, and outright bullshit, and delivered by Colin Powell because, as Dick Cheney put it so eloquently, Powell could lose a couple of points off his poll numbers. He knows that the Bush people were going into Iraq even without the U.N. — which, of course, it eventually did. (Digby handled this with her usual aplomb.) He knows we made Iraq take its oil industry private, and he knows why. He knows who the profiteers are, and he knows into whose pockets the oil revenues descended. They are the people he inexcusably let off the hook by looking forward and not back, and by offering them and the country absolution without first demanding penance. (For all her other faults, Holy Mother Church at least gets the order right.) All of these things make up what he once called “the wrong war.”

…

He also knows very well why the riposte about America in Iraq to any attack on Russia in the Crimea has such a sting. It has a sting because it is almost entirely accurate. The destruction of American credibility in the areas of foreign affairs and international law that was wrought by our criminal occupation of Iraq will cost us decades to repair. The rest of the world, most of which declined to participate in our excellent adventure, doesn’t have to listen to our preaching on those subjects without snickering. The president yesterday sought to rouse the outrage of the world against Russia through what were essentially debating points. If he had demonstrated, early and loudly, that he was going hold the perpetrators accountable for the crimes they committed in the previous administration, that he was going to call them to account for their lies, their greed, and their basic disregard for democratic norms and for the standing of the United States in the world, if he had demanded penance before absolution, then, maybe, he could have given yesterday’s speech and not looked and sounded so damned bizarre. As it was, it was less a speech than it was an elegy, a sad eulogy for missed chances and lost, golden promises.

Tonight’s Games

Saturday’s and Sunday’s Results below the fold.

Another Financial Crisis Is Looming-Here’s Why and How It Will Play Out

By David Dayen, AlterNet

March 26, 2014

So are we on the precipice of another financial crisis, and what will it look like?

To be sure, danger still lurks in the mortgage market. The  latest get-rich-quick scheme, with private equity firms buying up foreclosed properties and renting them out, then selling bonds backed by the rental revenue streams (which look suspiciously like the bonds backed by mortgage payments that were a proximate cause of the last crisis), has the potential to blow up. And continued shenanigans with mortgage documents could lead to major headaches. A new court case against Wells Fargo uncovered a bombshell, a step-by-step  manual telling attorneys how they can fake foreclosure papers on demand; the fallout could throw into question the true ownership of millions of homes. Even subprime mortgages are in the midst of a comeback, because what could go wrong?

…

Recent actions from the Federal Reserve suggest that they are thinking about guarding against financial instability, amid concern that microscopic interest rates and expanded balance sheets have fed speculation. In addition, the Securities and Exchange Commission recently began looking into leveraged loans that have been packaged into bonds known as collateralized loan obligations, or CLOs. These CLOs are traded privately between buyers and sellers, so regulators cannot discern whether they hide risks, or whether the sellers cheat the buyers on prices. And some of them are “synthetic” CLOs – derivatives that are basically bets on whether the underlying loans will go up or down, without any stake in the loans themselves. Recently, commercial banks have attempted to get CLOs exempt from the Volcker rule, the prohibition on trading with depositor funds. CLO issuance has skyrocketed since this lobbying push, and it could be the next vessel Wall Street uses for their gambling activities.

But whether the SEC will actually enforce securities laws on CLOs, and drive them out of the shadows, remains to be seen. And other examinations of shady derivatives deals and price-fixing, if past history is a guide, will end with cost-of-doing-business settlements instead of true accountability. Meanwhile, we are told that the economy has little to fear from big bank failures. The Federal Reserve recently released results of its stress tests on the 30 biggest banks; it claims that 29 of them would hold up in the event of a deep recession. But the stress tests, designed in conjunction with the banks subjected to them, do not realistically measure the reality of a financial crisis, and if they did, the banks would all fail them.

Ultimately, we don’t yet know exactly where the next financial crisis will emerge. But we do know how the conditions for future crises get set. When law enforcement fails to prosecute Wall Street for prior misdeeds, they give no reason for them to curb their behavior.

…

Similarly, the size and power of the largest financial institutions, which has only grown since the crisis, virtually guarantees similar outcomes. Congress and the White House have not yet moved to chop these behemoths down to size; as a result, their sprawling corporate structures and inadequate risk controls make them almost unmanageable.

“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”.

Follow us on Twitter @StarsHollowGzt

New York Times Editorial Board: Giving Up on 4-Year-Olds

A new report released by the Department of Education’s Office for Civil Rights, examining the disciplinary practices of the country’s 97,000 public schools, shows that excessively punitive policies are being used at every level of the public school system – even against 4-year-olds in preschool. This should shame the nation and force it to re-evaluate the destructive measures that schools are using against their most vulnerable children. [..]

The fact that minority children at age 4 are already being disproportionately suspended or expelled is an outrage. The pattern of exclusion suggests that schools are giving up on these children when they are barely out of diapers. It runs counter to the very mission of early education, which is to promote school readiness. It harms children emotionally at an age when they are incapable of absorbing lessons from this form of punishment. And it places those children at greater risk of falling behind, dropping out or becoming permanently involved with the juvenile justice system. Federal civil rights officials do not explain why minority preschool students are being disproportionately singled out for suspension.

Robert Reich: The New Billionaire Political Bosses

Charles and David Koch should not be blamed for having more wealth than the bottom 40 percent of Americans put together. Nor should they be condemned for their petrochemical empire. As far as I know, they’ve played by the rules and obeyed the laws.

They’re also entitled to their own right-wing political views. It’s a free country.

But in using their vast wealth to change those rules and laws in order to fit their political views, the Koch brothers are undermining our democracy. That’s a betrayal of the most precious thing Americans share.