“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: Gov. Cuomo Makes Sense on Fracking
Gov. Andrew Cuomo on Wednesday announced a statewide ban on the extraction of natural gas using a controversial drilling process called hydraulic fracturing. This was not an easy decision, but it was the right one. Many geologists and industry leaders believe that the deep shale formations underneath the state’s southern tier, known as the Marcellus Shale, contain bountiful supplies of natural gas. But extracting the gas, the governor concluded, carried – at least for now – unacceptable risks to the environment and human health.
In making what amounted to his first major decision since his re-election last month, Mr. Cuomo embraced the conclusion of state health officials that important health issues remain unresolved and that it was impossible to declare that hydraulic fracturing is safe for the environment or human health.
Robert Kennedy, Jr.: Coal, an Outlaw Enterprise
Last month, the coal industry in Appalachia suffered two legal blows.
On Nov. 13, federal prosecutors in West Virginia announced that Donald L. Blankenship, the notorious former chief executive of the Massey Energy Company, once Appalachia’s biggest coal producer, was charged with widespread safety violations and deceiving federal inspectors. [..]
Then, on Nov. 24, a Kentucky judge issued a scathing judgment against a Frasure Creek Mining settlement involving over a thousand Clean Water Act violations and years of false data on pollution-disclosure reports.
Coal is an outlaw enterprise. In nearly every stage of its production, many companies that profit from it routinely defy safety and environmental laws and standards designed to protect America’s public health, property and prosperity. In fact, Mr. Blankenship once conceded to me in a debate that mountaintop removal mining could probably not be conducted without committing violations. With a business model like that, one that essentially relies on defiance of the law, it is no wonder that some in the industry use their inordinate political and economic power to influence government officials and capture the regulating agencies.
Jeb Bush yesterday strongly suggested he was running for President in 2016. If he wins the GOP nomination, it is highly likely that his opponent for the presidency would be Hillary Clinton.
Having someone who is the brother of one former president and the son of another run against the wife of still another former president would be sweetly illustrative of all sorts of degraded and illusory aspects of American life, from meritocracy to class mobility. That one of those two families exploited its vast wealth to obtain political power, while the other exploited its political power to obtain vast wealth, makes it more illustrative still: of the virtually complete merger between political and economic power, of the fundamentally oligarchical framework that drives American political life. [..]
If this happens, the 2016 election would vividly underscore how the American political class functions: by dynasty, plutocracy, fundamental alignment of interests masquerading as deep ideological divisions, and political power translating into vast private wealth and back again. The educative value would be undeniable: somewhat like how the torture report did, it would rub everyone’s noses in exactly those truths they are most eager to avoid acknowledging.
Dave Johnson: How “Citibank Budget” Push Foreshadows “Fast Track” For Trade Deals
It is worth examining how the process was rigged to push that budget deal through Congress over the weekend that contained Citibank-written derivative deregulation and all kinds of other goodies for the rich and powerful. That’s because the “cromnibus” formula will be formalized in the next big deal, in a process called “fast track.”
Congress passed the “cromnibus” (continuing resolution for omnibus budget) right at the deadline for another government shutdown. (After they extended the deadline, actually.) The budget contained a Citibank-written provision that undoes some Dodd-Frank Wall Street regulations. It authorizes a cut in many people’s pensions by up to 60 percent, severely cuts the IRS budget and its ability to collect taxes, dramatically expanded the ability of big money to influence elections, reduced the EPA’s authority, and included many other provisions that could not have passed in the light of day. This budget “deal” was pushed through Congress using a rigged process that kept representative democracy from stopping it.
What lessons can we learn from the way the “Citibank” provisions in the budget deal were pushed through? How do these lessons apply to the next big fight?
Robert Reich: The Coin of the Realm: How Inside Traders Are Rigging America
A few years ago, hedge fund Level Global Investors made $54 million selling Dell Computer stock based on insider information from a Dell employee. When charged with illegal insider trading, Global Investors’ co-founder Anthony Chiasson claimed he didn’t know where the tip came from.
Chiasson argued that few traders on Wall Street ever know where the inside tips they use come from because confidential information is, in his words, the “coin of the realm in securities markets.”
Last week the United States Court of Appeals for the Second Circuit, which oversees federal prosecutions of Wall Street, agreed. It overturned Chiasson’s conviction, citing lack of evidence Chiasson received the tip directly, or knew insiders were leaking confidential information in exchange for some personal benefit.
The Securities and Exchange Act of 1934 banned insider trading but left it up to the Securities and Exchange Commission and the courts to define it. Which they have – in recent decades so broadly that confidential information is indeed the coin of the realm.
Ralph Nader: Unsafe and Unnecessary Oil Trains Threaten 25 Million Americans
Back in 1991 the National Transportation Safety Board first identified oil trains as unsafe — the tank cars, specifically ones called DOT-111s, were too thin and punctured too easily, making transport of flammable liquids like oil unreasonably dangerous. As bad as this might sound, at the very least there was not a lot of oil being carried on the rails in 1991.
Now, in the midst of a North American oil boom, oil companies are using fracking and tar sands mining to produce crude in remote areas of the U.S. and Canada. To get the crude to refineries on the coasts the oil industry is ramping up transport by oil trains. In 2008, 9,500 crude oil tank cars moved on US rails. In 2013 the number was more than 400,000! With this rapid growth comes a looming threat to public safety and the environment. No one — not federal regulators or local firefighters — are prepared for oil train derailments, spills and explosions.
Unfortunately, the rapid increase in oil trains has already meant many more oil train disasters. Railroads spilled more oil in 2013 than in the previous 40 years combined.
Recent Comments