06/05/2015 archive

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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Edward Snowden: The World Says No to Surveillance

TWO years ago today, three journalists and I worked nervously in a Hong Kong hotel room, waiting to see how the world would react to the revelation that the National Security Agency had been making records of nearly every phone call in the United States. In the days that followed, those journalists and others published documents revealing that democratic governments had been monitoring the private activities of ordinary citizens who had done nothing wrong.

Within days, the United States government responded by bringing charges against me under World War I-era espionage laws. The journalists were advised by lawyers that they risked arrest or subpoena if they returned to the United States. Politicians raced to condemn our efforts as un-American, even treasonous.

Privately, there were moments when I worried that we might have put our privileged lives at risk for nothing – that the public would react with indifference, or practiced cynicism, to the revelations.

Never have I been so grateful to have been so wrong.

Bill Moyers and Michael Winship: Turn Left on Main Street

Congressman John K. Delaney, what the hell are you talking about?

In a recent Washington Post op-ed piece, headlined, “The last thing America needs? A left-wing version of the Tea Party,” the Democratic congressman from Maryland scolds progressives and expresses his worry “about where some of the loudest voices in the room could take the Democratic Party.”

He writes, “Rejecting a trade agreement with Asia, expanding entitlement programs that crowd out other priorities and a desire to relitigate the financial crisis are becoming dominant positions among Democrats. Although these subjects may make for good partisan talking points, they do not provide the building blocks for a positive and bold agenda to create jobs and improve the lives of Americans.”

Rep. Delaney even implies that a freewheeling, open discussion of “these subjects” could lead to the election of a Republican president.

Richard (RJ) Eskow: The GOP’s Anti-Elderly, Pro-Billionaire Agenda

Few political advisors would suggest running on a platform of open hostility toward the elderly. Most families include an older person, after all, and everyone who lives long enough will become older themselves someday.

Seniors vote in greater numbers, too.

That may be why the GOP isn’t openly presenting itself as the “anti-elderly party.” But how else are we to interpret its deeds and actions? Its leading presidential candidates are pushing cuts to Social Security, while its congressional budgets would end Medicare as we know it.

Most older Americans would lose out under these proposals. But billionaires would make out very well indeed.

Robert Reich: Making the Economy Work for the Many, Not the Few: #8 Raise the Estate Tax on the Very Rich

At a time of historic economic inequality, it should be a no-brainer to raise a tax on inherited wealth for the very rich. Yet there’s a move among some members of Congress to abolish it altogether.

If you’re as horrified at the prospect of abolishing the estate tax as I am, I hope you’ll watch and share the accompanying video.

Today the estate tax reaches only the richest two-tenths of one percent, and applies only to dollars in excess of $10.86 million for married couples or $5.43 million for individuals.

That means if a couple leaves to their heirs $10,860,001, they now pay the estate tax on $1. The current estate tax rate is 40%, so that would be 40 cents.

Yet according to these members of Congress, that’s still too much.

Robert Parry: NYT’s New Propaganda on Syria

As the New York Times continues its descent into becoming an outright neocon propaganda sheet, it offered its readers a front-page story on Wednesday alleging – based on no evidence – that the Syrian government is collaborating militarily with the Islamic State as the brutal terror group advances on the city of Aleppo.

Yet, while the Times played up those unverified allegations from regime opponents, the newspaper has either ignored or downplayed much more significant evidence that Israel, Turkey, Saudi Arabia and other Gulf states have been providing real assistance to Sunni jihadists who dominate the Syrian rebel movement, especially Al-Qaeda’s Nusra Front.

The Breakfast Club (Traveling)

Welcome to The Breakfast Club! We’re a disorganized group of rebel lefties who hang out and chat if and when we’re not too hungover  we’ve been bailed out we’re not too exhausted from last night’s (CENSORED) the caffeine kicks in. Join us every weekday morning at 9am (ET) and weekend morning at 10:30am (ET) to talk about current news and our boring lives and to make fun of LaEscapee! If we are ever running late, it’s PhilJD’s fault.

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This Day in History

Sen. Robert F. Kennedy assassinated in Los Angeles; The Six-Day War erupts in the Mideast; Birth of the Marshall Plan; First reported AIDS cases in the U.S.; Former President Ronald Reagan dies.

Breakfast Tunes

Something to Think about over Coffee Prozac

Wherever you go, go with all your heart.

Confucius

National Donut Day

Your Complete Guide to Free Doughnuts for National Doughnut Day This Friday

They say there’s no such thing as a free lunch. But what about dessert – or, let’s be honest, breakfast?

The first Friday of June has come to be celebrated as National Doughnut Day, and to commemorate it, fried dough purveyors nationwide will hand out free sugary rings of goodness.

Donut varieties are many, from powdered and frosted to embellished and plain, and then there are their extensions – cinnamon twists, crullers, honey buns and cinnamon rolls.

But one donut has been crowned America’s favorite, beating out the ever-popular glazed. One recent Ipsos poll, ahead of this year’s holiday, found the cream-filled doughnuts were cream of the crop.

To help you prepare for an epic Homer Simpson-esque escapade of “Mmm, doughnuts” this Friday, here’s a guide to participating vendors and locations nationwide.

Dunkin’ Donuts

Get a free donut with the purchase of a drink at participating stores nationwide.

Krispy Kreme

Pick up one free doughnut of your choice, with no purchase necessary, at participating stores in the U.S. and Canada. The freebie is not available in Connecticut or Puerto Rico.

Especially Sucky Blogging Day(s) Part 2

Well, that’s what Atrios calls it.

I am busy this weekend visiting relatives and TMC will be out of town also.  While we will attempt to keep the content fresh there’s really no way to tell how possible that will be or publication times.

Today is especially bad for me because there is (shudder) THE FAMILY BIRTHDAY PARTY!

Seven and nine year olds at the ball park.  They are fans and all, but attention span?  It better not be a No-No tie going to extra innings because even I will be wanting to run arouund screaming.

I’m planning on being back by Monday to resume regular sucky blogging, but this condition is likely to repeat itself several times this season.  I hope our readers will forgive us and have their own great times this summer.

On This Day In History June 5

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.

Click on image to enlarge

June 5 is the 156th day of the year (157th in leap years) in the Gregorian calendar. There are 209 days remaining until the end of the year

1933, the United States went off the gold standard, a monetary system in which currency is backed by gold, when Congress enacted a joint resolution nullifying the right of creditors to demand payment in gold. The United States had been on a gold standard since 1879, except for an embargo on gold exports during World War I, but bank failures during the Great Depression of the 1930s frightened the public into hoarding gold, making the policy untenable.

Soon after taking office in March 1933, Roosevelt declared a nationwide bank moratorium in order to prevent a run on the banks by consumers lacking confidence in the economy. He also forbade banks to pay out gold or to export it. According to Keynesian economic theory, one of the best ways to fight off an economic downturn is to inflate the money supply. And increasing the amount of gold held by the Federal Reserve would in turn increase its power to inflate the money supply. Facing similar pressures, Britain had dropped the gold standard in 1931, and Roosevelt had taken note.

Prolongation of the Great Depression

Some economic historians, such as American professor Barry Eichengreen, blame the gold standard of the 1920s for prolonging the Great Depression. Others including Federal Reserve Chairman Ben Bernanke and Nobel Prize winning economist Milton Friedman lay the blame at the feet of the Federal Reserve. The gold standard limited the flexibility of central banks’ monetary policy by limiting their ability to expand the money supply, and thus their ability to lower interest rates. In the US, the Federal Reserve was required by law to have 40% gold backing of its Federal Reserve demand notes, and thus, could not expand the money supply beyond what was allowed by the gold reserves held in their vaults.

In the early 1930s, the Federal Reserve defended the fixed price of dollars in respect to the gold standard by raising interest rates, trying to increase the demand for dollars. Its commitment and adherence to the gold standard explain why the U.S. did not engage in expansionary monetary policy. To compete in the international economy, the U.S. maintained high interest rates. This helped attract international investors who bought foreign assets with gold. Higher interest rates intensified the deflationary pressure on the dollar and reduced investment in U.S. banks. Commercial banks also converted Federal Reserve Notes to gold in 1931, reducing the Federal Reserve’s gold reserves, and forcing a corresponding reduction in the amount of Federal Reserve Notes in circulation. This speculative attack on the dollar created a panic in the U.S. banking system. Fearing imminent devaluation of the dollar, many foreign and domestic depositors withdrew funds from U.S. banks to convert them into gold or other assets.

The forced contraction of the money supply caused by people removing funds from the banking system during the bank panics resulted in deflation; and even as nominal interest rates dropped, inflation-adjusted real interest rates remained high, rewarding those that held onto money instead of spending it, causing a further slowdown in the economy. Recovery in the United States was slower than in Britain, in part due to Congressional reluctance to abandon the gold standard and float the U.S. currency as Britain had done.

Congress passed the Gold Reserve Act on 30 January 1934; the measure nationalized all gold by ordering the Federal Reserve banks to turn over their supply to the U.S. Treasury. In return the banks received gold certificates to be used as reserves against deposits and Federal Reserve notes. The act also authorized the president to devalue the gold dollar so that it would have no more than 60 percent of its existing weight. Under this authority the president, on 31 January 1934, fixed the value of the gold dollar at 59.06 cents.

The Daily/Nightly Show (6-5000)

I’d love to show you a Larry Wilmore clip but they’re not posted yet.  The Nightly Show has the suckiest and laziest web directors ever.

Even for Comedy Central.

Thursday Nightly Grab O’ Bag (in other words pretty much what they’ve been doing all week.

Continuity

Minaj on Paranoid Style

Next week’s guests-

Steve Buscemi might be on to talk about Hotel Transylvania 2, but he’s probably just going to pay tribute to Jon and yuck it up.

The real news below.