“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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Heidi Mooore: Wall Street and Washington want you to believe the stock market isn’t rigged. Guess what? It still is
Michael Lewis woke up Average Joe investors, but the fat cats are still trying to lull you into financial submission with their intellectual dishonesty
Most Americans don’t think much about the stock market, and that’s just fine with Wall Street. Because once you wake up to how screwed up the stock market really is, the financial industry knows you’re likely to get very nervous and take your money out.
Many are catching on: between 2007 and 2014, investors pulled $345bn from the stock market. E-Trades are down and worries are up, with 73% of Americans still not inclined to buy stocks, five years after the financial crisis. [..]
So last week, Washington featured a lot of handwringing, in two separate Congressional panels, about how to convince Average Joe investors that the stock market is their friend – even when it obviously isn’t. And it’s great that elected officials and Wall Street millionaires are talking about investor confidence. But they’re not talking about what really matters: investor protection. Guaranteeing that everyone gets a fair shake. Un-rigging the stock market.
Yet in Congress, the worry is all about appearances.
Trevor Timm: The Senate is giving more power to the NSA, in secret. Everyone should fight it
Politicians are still trying to hand over your data behind closed doors, under the guise of ‘cybersecurity’ reform. Have we learned nothing?
One of the most underrated benefits of Edward Snowden’s leaks was how they forced the US Congress to shelve the dangerous, privacy-destroying legislation- then known as Cispa – that so many politicians had been so eager to pass under the guise of “cybersecurity”. Now a version of the bill is back, and apparently its authors want to keep you in the dark about it for as long as possible.
Now it’s called the Cybersecurity Information Sharing Act (Cisa), and it is a nightmare for civil liberties. Indeed, it’s unclear how this kind of law would even improve cybersecurity. The bill was marked up and modified by the Senate intelligence committee in complete secrecy this week, and only afterward was the public allowed to see many of the provisions passed under its name. [..]
The best thing the government could probably do for cybersecurity is get its own house in order, starting with upgrading its terribly old computer systems that, in some agencies, are running a version of Windows that’s so old, Microsoft doesn’t even update it for the public anymore. Many agency websites don’t use basic HTTPS encryption, others, like the FBI, don’t use other basic forms of encryption to protect their emails. Why does the NSA continue to stockpile software vulnerabilities that could be disclosed to companies like Microsoft to make all of us safe?
Pop quiz: Which bank is widely considered too big to fail, needed (and got) a $45 billion government loan during the financial crisis, recently failed a stress test performed by the Federal Reserve — and has enjoyed a revolving-door relationship with both the Clinton and Obama administrations?
If you answered Citigroup, congratulations.
Citigroup is back in the headlines as the result of a new settlement with the Justice Department over its mortgage fraud, reportedly for the sum of $7 billion. This deal is being trumpeted as a major win for the American people. It’s not. The money’s not enough (and some of it probably won’t be paid out), the wrong people are paying, and there will be no prosecutions for criminal behavior.
From a moral perspective, the lack of prosecutions is probably the most troubling aspect of this deal, and it keeps happening. Somehow the Justice Department is able to reach one billion-dollar settlement after another to resolve charges of massive criminality without indicting a single criminal.
Anthony Lowenstein: The ultimate goal of the NSA is total population control
At least 80% of all audio calls, not just metadata, are recorded and stored in the US, says whistleblower William Binney – that’s a ‘totalitarian mentality’
William Binney is one of the highest-level whistleblowers to ever emerge from the NSA. He was a leading code-breaker against the Soviet Union during the Cold War but resigned soon after September 11, disgusted by Washington’s move towards mass surveillance.
On 5 July he spoke at a conference in London organised by the Centre for Investigative Journalism and revealed the extent of the surveillance programs unleashed by the Bush and Obama administrations. [..]
The NSA will soon be able to collect 966 exabytes a year, the total of internet traffic annually. Former Google head Eric Schmidt once argued that the entire amount of knowledge from the beginning of humankind until 2003 amount to only five exabytes.
Binney, who featured in a 2012 short film by Oscar-nominated US film-maker Laura Poitras, described a future where surveillance is ubiquitous and government intrusion unlimited.
“The ultimate goal of the NSA is total population control”, Binney said, “but I’m a little optimistic with some recent Supreme Court decisions, such as law enforcement mostly now needing a warrant before searching a smartphone.”
Michelle Chen: Obama’s new plan for detained migrant children militarizes immigration policy
Mass deportation will never address the underlying human rights crisis unfolding south of the US-Mexico border
President Obama vowed to do more for the nation’s children: boosting funding for early education, expanding subsidized childcare programs for working families – and now, asking for billions of dollars to kick tens of thousands of children out of the country. That last bit is reserved for a special group of kids, of course: the ones who came up to the border seeking to escape violence and economic devastation in their hometowns, to find family members, to seek shelter and for a chance at a decent life. And amid their pleas for recognition as refugees, the president is working with lawmakers to make them disappear. [..]
But instead, on Tuesday the White House requested $3.7bn in additional funding to launch a border “surge” to facilitate the legal process for the child migrants – with the ultimate aim of expediting deportations. And Obama has even suggested making these children easier to deport by altering existing laws that provide special protections and legal reprieve for children crossing the border from Central America. This, many politicians argue, will send a message that the United States is a “nation of laws“, in order to somehow deter other families from sending their children here in desperation. And yet in threatening wholesale deportation and eviscerating due process for five-year-olds, this supposed nation of laws opts to “secure the border” in the most brutish way possible: through the collective punishment of children and families.
Diane Ravitch: The Excellent But False Messaging of the Common Core Standards
Have you ever wondered about the amazingly effective campaign to sell the Common Core standards to the media, the business community, and the public? How did it happen that advocates for the standards used the same language, the same talking points, the same claims, no matter where they were located?
The talking points sounded poll-tested because they were. The language was the same because it came from the same source. The campaign to have “rigorous,” “high standards” that would make ALL students “college and career-ready” and “globally competitive” was well planned and coordinated. There was no evidence for these claims but repeated often enough in editorials and news stories and in ads by major corporations, they took on the ring of truth. Even the new stories that reported on controversies between advocates and opponents of the Common Core used the rhetoric of the advocates to describe the standards.
This was no accident.
Lyndsey Layton of the Washington Post reported that the Hunt Institute in North Carolina received more than $5 million from the Gates Foundation to organize support for the brand-new, unknown, untested Common Core standards. Organizing support meant creating the message as well as mobilizing messengers, many of whom were also funded by the Gates Foundation.
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