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Sep 30 2014

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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Dean Baker: Eric Holder: The Reason Robert Rubin Isn’t Behind Bars

The big news item in Washington last week was Attorney General Eric Holder’s decision to resign. Undoubtedly there are positives to Holder’s tenure as attorney general, but one really big minus is his decision not to prosecute any of the Wall Street crew whose actions helped to prop up the housing bubble. As a result of this failure, the main culprits walked away incredibly wealthy even as most of the country has yet to recover from the damage they caused.

Just to be clear, it is not against the law to be foolish and undoubtedly many of the Wall Streeters were foolish. They likely believed that house prices would just keep rising forever. But the fact that they were foolish doesn’t mean that they didn’t also break the law. It’s likely that most of the Enron felons believed in Enron’s business model. After all, they held millions of dollars of Enron stock. But they still did break the law to make the company appear profitable when it wasn’t.

In the case of the banks, there are specific actions that were committed that violated the law.

John Nichols: A Supreme Court for Billionaires, Not Voters

n case there was any remaining confusion with regard to the precise political intentions of the US Supreme Court’s activist majority, things were clarified Monday. The same majority that has made it easier for corporations to buy elections (with the Citizens United v. FEC decision) and for billionaires to become the dominant players in elections across the country (with the McCutcheon v. FEC decision) decided to make it harder for people in Ohio to vote.

Yes, this Court has messed with voting rights before, frequently and in damaging ways. It has barely been a year since the majority struck down key elements of the Voting Rights Act.

But Monday’s decision by the majority was especially blatant-and immediate. One day before early voting was set to begin in Ohio on Tuesday, the Supreme Court delayed the start of the process with a decision that will reduce the early voting period from thirty-five days to twenty-eight days.

William K. Black: Financial frauds had a friend in Holder

Eric Holder was U.S. attorney general at a time when the world desperately needed the nation’s chief law enforcement officer to hold accountable the elite bankers who oversaw the epidemic of fraud that drove the 2008 global financial crisis and triggered the Great Recession. After nearly six years in office, Holder announced on Sept. 25 that he plans to step down, without having brought to justice even one of the executives responsible for the crisis. His tenure represents the worst strategic failure against elite white-collar crime in the history of the Department of Justice (DOJ).  [..]

In addition to the failure to prosecute the leaders of those massive frauds, Holder’s dismal record includes 1) failing to prosecute the elite bankers who led the largest (by several orders of magnitude) price-rigging cartel in history – the LIBOR scandal, in which the world’s largest banks conspired to rig the reported interest rates at which the banks were willing to lend to one another, which affected prices on over $300 trillion in transactions; 2) failing to prosecute the massive foreclosure frauds (robo-signing), in which bank employees perjured themselves by signing more than 100,000 false affidavits in order to deceive the authorities that they had a right to foreclose on homes; 3) failing to prosecute the bid-rigging cartels of bond issuances in order to raise the costs to U.S. cities, counties and states of borrowing money in order to increase banks’ illegal profits; 4) failing to prosecute money laundering by HSBC for the murderous Sinaloa and Norte del Valle drug cartels; 5)  failing to prosecute the senior bank officers of Standard Chartered who helped fund of terrorists and nations that support terrorism; and 6) failing to prosecute the controlling officers of Credit Suisse who for decades helped wealthy Americans unlawfully evade U.S. taxes and then obstructed investigations by the DOJ and Internal Revenue Service for many years.  

Eugene Robinson: Get the Authorization

President Obama should call Congress back to Washington for a special session to vote on authorizing war against the Islamic State. If he does not, Congress should return on its own to conduct this vital debate.

Do your jobs, everybody.

As legal justification for the war, Obama relies on two measures, passed more than a decade ago, that authorized U.S. military action against al-Qaeda and the Iraqi regime of Saddam Hussein. To state the blindingly obvious, things have changed.

The Islamic State is not al-Qaeda. While the 2001 authorization for war against Osama bin Laden’s terrorist group encompasses “associated forces,” al-Qaeda refuses to have anything to do with the Islamic State. And the 2002 authorization for war in Iraq-targeting a government that no longer exists-says not a solitary word about airstrikes in Syria.

Peter Rugh: After the People’s Climate March, It Is Time to Demand More

The 400,000 people who packed Manhattan’s Central Park West for the People’s Climate March on September 21 have all gone home to their apartments, farms, cabins and lobster boats. They’ve returned to Pine Ridge Indian Reservation and the Wet’suwet’en territory in British Columbia, to the Philippines and the Pacific Islands. The “U.N. Climate Summit” banner that, last week, formed the backdrop for the impassioned speeches of 120 heads of state – and Leonardo DiCaprio – has been taken down. Debate in the newly renovated General Assembly Hall has turned to terrorism – a different kind of security threat than that posed by drought and rising sea levels. The metal barricades erected against protesters who flooded the heart of global capitalism at last Monday’s Flood Wall Street demonstration have been cautiously removed by the New York Police Department. Frostpaw the polar bear has gone to jail.

The summit convened by U.N. Secretary-General Ban Ki-moon, which served as the inspiration for the People’s Climate March and Flood Wall Street, occurred ahead of conferences scheduled for Lima in December and Paris in 2015, where new long-term agreements for reducing greenhouse gas emissions will be hammered out. If we are to believe 98 percent of the world’s scientists, the future of human subsistence on this planet hinges on the strength of the pacts world governments will forge. Precious time will tell what the lasting impacts of the demonstrations will be, but already the protests that shook New York and much of the world (there were over 2,000 People’s Climate Marches globally) appear to have left their mark upon upper echelon spheres of powe

Wendall Potter: Improving the ‘Patient Experience’ By Eliminating the Big Insurance Company

Health care provider organizations that are working directly with employers like Boeing — and cutting out the insurance company middlemen — believe they can do more than save money for those employers. They’re confident they can also improve both health care quality and service for workers and their families in ways that insurance companies cannot.

Employers are starting to realize that insurers might not be, as they have claimed, “part of the solution” to achieving a more patient-centered health care system. In fact, in some ways they have been part of the problem.

Providence-Swedish Health Alliance, a not-for-profit, hospital-based accountable care organization (ACO), will soon be providing both coverage and care to many Boeing employees, along with UW (University of Washington) Medicine — without an insurance firm. Officials at Providence-Swedish told me Boeing chose to work with them directly in part because of the firm’s desire to ensure their employees had a “better patient experience.” While cutting costs and improving quality of care were priorities, improving service and reducing hassles that have become synonymous with insurance company interactions was equally important to Boeing.

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