Back in February of this year when we were battling ACTA, SOPA, and PIPA to protect the internet, I wrote about the Trans Pacific Partnership which would have impose even stricter provisions on copyright law and the internet than ACTA. Well, TPP hasn’t gne away and the secret negotiations by the Obama administration has raised serious questions from both sides of the Congressional aisle. The trade document (pdf), which has been a more closely guarded secret than Dick Cheney’s location, was leaked by Public Citizen a long-time critic of the administration’s trade objectives. Their analysis of the stealth policy that is being advocated by the super corporations and the Obama administration is, in a word, frightening.

A leak today of one of the most controversial chapters of the Trans-Pacific Partnership (TPP) reveals that extreme provisions have been agreed to by U.S. officials, providing a stark warning about the dangers of “trade” negotiations occurring under conditions of extreme secrecy without press, public or policymaker oversight, Public Citizen said.

“The outrageous stuff in this leaked text may well be why U.S. trade officials have been so extremely secretive about these past two years of TPP negotiations,” said Lori Wallach, director of Public Citizen’s Global Trade Watch. “Via closed-door negotiations, U.S. officials are rewriting swaths of U.S. law that have nothing to do with trade and in a move that will infuriate left and right alike have agreed to submit the U.S. government to the jurisdiction of foreign tribunals that can order unlimited payments of our tax dollars to foreign corporations that don’t want to comply with the same laws our domestic firms do.”  [..]

The TPP may well be the last trade agreement that the U.S. negotiates. This is because TPP, if completed, would have a new feature relative to past U.S. trade pacts: It would remain open for any other country to join later. Last month, USTR Kirk said that he “would love nothing more” than to have China join TPP.

In one move without congressional ratification, the agreement could:

offshore millions of American jobs,

free the banksters from oversight,

ban Buy America policies needed to create green jobs and rebuild our economy,

decrease access to medicine,

flood the U.S. with unsafe food and products,

and empower corporations to attack our environmental and health safeguards.

Zach Carter of Huffington Post reveals that the agreement confers on multinational corporations the ability to circumvent US laws and regulation:

Under the agreement currently being advocated by the Obama administration, American corporations would continue to be subject to domestic laws and regulations on the environment, banking and other issues. But foreign corporations operating within the U.S. would be permitted to appeal key American legal or regulatory rulings to an international tribunal. That international tribunal would be granted the power to overrule American law and impose trade sanctions on the United States for failing to abide by its rulings. [..]

While the current trade deal could pose a challenge to American sovereignty, large corporations headquartered in the U.S. could potentially benefit from it by using the same terms to oppose the laws of foreign governments. If one of the eight Pacific nations involved in the talks passes a new rule to which an American firm objects, that U.S. company could take the country to court directly in international tribunals.

Public Citizen challenged the independence of these international tribunals, noting that “The tribunals would be staffed by private sector lawyers that rotate between acting as ‘judges’ and as advocates for the investors suing the governments,” according to the text of the agreement.

Some of the other parts of the agreement would raise the cost of medications, while it would make life saving drugs inaccessible, it might as well have if they’re too expensive. Some of the other provisions would also:

Expand pharmaceutical patenting and create new drug monopolies, by lowering patentability standards and requiring patentability of minor variations of older, known medicines.

Lengthen drug monopolies by requiring countries to extend patent terms.

Eliminate safeguards against patent abuse, including among others the right of third parties to challenge patent applications (pre-grant opposition).

Risk facilitating patent abuse by requiring countries to condition marketing approval on patent status (patent linkage). Under patent linkage, even spurious patents may function as barriers to generic drug registration.

Expand exclusive control over clinical trial data including through an extra three years of data exclusivity for new uses of known products (in addition to five years exclusivity for first uses) and a new provision on biotech medicines.

Judit Rius, U.S. manager of Doctors Without Borders Access to Medicines Campaign, referring to the medication rules said, “Bush was better than Obama on this. It’s pathetic, but it is what it is. The world’s upside-down.”

On the impact on US environmental laws, Margrete Strand Rangnes, Labor and Trade Director for the Sierra Club, an environmental group said, “Our worst fears about the investment chapter have been confirmed by this leaked text … This investment chapter would severely undermine attempts to strengthen environmental law and policy.”

These negotiations have been going on since Obama took office. They are backed by the US Chamber of Commerce and by the Republican presidential nominee, Mitt Romney, who urged the US to finalize the deal.

Sen Ron Wyden (D-OR) has introduced legislation for more transparency and House Oversight Committee Chairman Darrell Issa (R-CA) leaked a document from the talks on his website. (Hmm. Will Issa investigate himself?)

So much for this promise from Obama and the DNC (pdf):

We will not negotiate bilateral trade agreements that stop the government from protecting the environment, food safety, or the health of its citizens; give greater rights to foreign investors than to U.S. investors; require the privatization of our vital public services; or prevent developing country governments from adopting humanitarian licensing policies to improve access to life-saving medications

And Obama supporters tell us that Romney is worse. Really? I see no difference between the them.

JP Morgan Chase CEO Jamie Dimon testified today before the Senate Banking Committee about the $2 billion plus loss from it’s “London Whale” gambling with depositor and tax payer money. He was hardly contrite. Not only did Dimon whine about the complexity of the federal regulatory system but he lied, blatantly, this from Yves Smith at naked capitalism:

In Senate testimony, Dimon revealed his idea of “portfolio hedging” to be even more egregious than the harshest critics thought. Dimon presented the job of the CIO to be to make modest amounts of money in good times and to make a lot of money when there’s a crisis. (That does not appear to be narrowly true, since in the last couple of years, during which there was no crisis, the CIO’s staff were among the best paid in the bank and produced significant profits for the bank. That is a bald faced admission that the CIO’s mandate had nothing to do with hedging. A hedge is a position taken to mitigate losses on an underlying exposure should they occur. Instead, Dimon has admitted that the mission of the CIO is to place bets on tail risks that are unrelated to JP Morgan’s exposures. A massive, systemically destructive strategy like the Magnetar trade would fit perfectly within the CIO’s mandate.

Needless to say, this definition is an inversion of not just what the Volcker rule was meant to stand for (limiting financial firm gambles with taxpayer money), it’s NewSpeak, or in this case, DimonSpeak: “a hedge is whatever I say it is, no more and no less.” Another bit of DimonSpeak was his specious response when he was arguing against the Volcker rule. The JP Morgan chief asserted that a customer loan could be construed to be a prop trade. Um, no, Volcker applies to trading books. The fact that he’d run a line like that shows how little he thinks of the intelligence of the Senate Banking Committee and the public generally. [..]

It was instructive to see how effective confident misrepresentation can be. Most of the Republican senators fawned over Dimon after the ritual scolding at the top of the hearings, and I suspect most of the media will simply replay his lines uncritically. There were a few that will work against him, like his reluctant admission that the Volcker rule might have prevented the failed London trade. But in general, reducing complex situations to soundbites allows for obfuscation and misdirection, which is exactly what Dimon and his ilk are keen to have happen.

During the testimony, Dimon admitted to responsibility for the failed trade that could possibly lead to criminal charges for violation of Sarbanese-Oxley, but even under this Democratic administration, no one believes that, certainly not Yves or David Dayen at FDL:

Dimon also deflected blame for the losses. David Dayen recounts the conference call that took place during the hearing with economists Rob Johnson and Bill Black:

Dimon tried to blame the losses on a lot of factors, and in such a way that doesn’t trip up his priorities later. As economist Rob Johnson mentioned in a conference call, Dimon has been lobbying vociferously against things like the Volcker rule. So he doesn’t want this Fail Whale mix-up to lead to a stronger regulatory environment. He tried to explain the trades as a hedge (never saying that they were one, but that he “believed” they were one, to keep him out of trouble), that would make small amounts of money in good times and more money when things went bad. They were also specifically tied to business in Europe. Bill Black, who was also on the call, targeted this as a non sequitur. “He said that senior management ordered the CIO to get out of the risk out of this underlying supposed hedge,” Black said. “But a hedge is supposed to be reducing risk, and it was protecting you from Europe going bad, when Europe is going bad. So it should have been making more money at this time.”

Black continued. “Instead of reducing the risk, the CIO went into a vastly more complex series of derivatives and went far larger, and they hid the losses. I mean, my God. They violated direct orders, lose a ton of money and lie about it. Dimon described a massive insurrection by the CIO.”

Most of the senators soft peddled their questions and Sen. Jim DeMint (R-SC) actually asked Dimon for advice about banking regulations and Sen. Richard Shelby (R-AL) doesn’t believe in second guessing the banksters. The closest any of the questioners came to holding Dimon accountable for the losses was Sen Jeff Merkley (D-OR). It was during that exchange that Dimon admitted he was responsible for the losses.

All in all another farce by our politicians who are owned by the man before them.

“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”.

Wednesday is Ladies’ Day

Follow us on Twitter @StarsHollowGzt

Elinor Ostrom: Green from the Grassroots

((Note: Elinor Ostrom, the first and only woman to receive the Nobel Prize in Economics, died today (6/12) at the age of 78. In her final syndicated column, she champions those local communities that have not waited for global agreements or policies from above, but have taken it upon themselves to create ‘organic’ policies to manage shared resources and adapt to current global challenges and the ones ahead.))

Much is riding on the United Nations Rio+20 summit. Many are billing it as Plan A for Planet Earth and want leaders bound to a single international agreement to protect our life-support system and prevent a global humanitarian crisis.

Inaction in Rio would be disastrous, but a single international agreement would be a grave mistake. We cannot rely on singular global policies to solve the problem of managing our common resources: the oceans, atmosphere, forests, waterways, and rich diversity of life that combine to create the right conditions for life, including seven billion humans, to thrive.

We have never had to deal with problems of the scale facing today’s globally interconnected society. No one knows for sure what will work, so it is important to build a system that can evolve and adapt rapidly.

Katrina vanden Heuvel: Obama’s ‘Kill List’ Is Unchecked Presidential Power

A stunning report in the New York Times depicted President Obama poring over the equivalent of terrorist baseball cards, deciding who on a “kill list” would be targeted for elimination by drone attack. The revelations – as well as those in Daniel Klaidman’s recent book – sparked public outrage and calls for congressional inquiry.

Yet bizarrely, the fury is targeted at the messengers, not the message. Sen. John McCain (R-Ariz.) expressed dismay that presidential aides were leaking national security information to bolster the president’s foreign policy credentials. (Shocking? Think gambling, Casablanca). Republican and Democratic senators joined in condemning the leaks. Attorney General Eric H. Holder Jr. – AWOL in the prosecution of rampant bank fraud – roused himself to name two prosecutors to track down the leakers.

Please. Al-Qaeda knows that U.S. drones are hunting them. The Pakistanis, Yemenis, Somalis, Afghanis and others know the U.S. is behind the drones that strike suddenly from above. The only people aided by these revelations are the American people who have an overriding right and need to know.

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.

June 13 is the 164th day of the year (165th in leap years) in the Gregorian calendar. There are 201 days remaining until the end of the year.

On this day in 1966, The Miranda rights are established.

The Supreme Court hands down its decision in Miranda v. Arizona, establishing the principle that all criminal suspects must be advised of their rights before interrogation. Now considered standard police procedure, “You have the right to remain silent. Anything you say can, and will, be used against you in court of law. You have the right to an attorney. If you cannot afford one, one will be appointed to you,” has been heard so many times in television and film dramas that it has become almost cliche.

Miranda v. Arizona 384 U.S. 436 (1966), was a landmark 5-4 decision of the United States Supreme Court. The Court held that both inculpatory and exculpatory statements made in response to interrogation by a defendant in police custody will be admissible at trial only if the prosecution can show that the defendant was informed of the right to consult with an attorney before and during questioning and of the right against self-incrimination prior to questioning by police, and that the defendant not only understood these rights, but voluntarily waived them. This had a significant impact on law enforcement in the United States, by making what became known as the Miranda rights part of routine police procedure to ensure that suspects were informed of their rights. The Supreme Court decided Miranda with three other consolidated cases: Westover v. United States, Vignera v. New York, and California v. Stewart.

The Miranda warning (often abbreviated to “Miranda”) is the name of the formal warning that is required to be given by police in the United States to criminal suspects in police custody (or in a custodial situation) before they are interrogated, in accordance with the Miranda ruling. Its purpose is to ensure the accused is aware of, and reminded of, these rights under the U.S. Constitution, and that they know they can invoke them at any time during the interview.

As of the U.S. Supreme Court decision Berghuis v. Thompkins(June 1, 2010), criminal suspects who are aware of their right to silence and to an attorney, but choose not to “unambiguously” invoke them, may find any subsequent voluntary statements treated as an implied waiver of their rights, and which may be used in evidence.

Cross posted from The Stars Hollow Gazette

The much anticipated keynote address on the opening night at Netroots Nation 12 in Providence, RI was, I dare say, over two hours of my life I will never get back. While I understand the need for levity, thus the comedic interludes by emcee Baratunde Thurston, the number of speakers was just too many and they were unfortunately long winded, even for politicians. I wasn’t alone in that assessment. After nearly two hours Schneiderman had not reach the stage, so I decided to “stretch my legs” before I embarrassed my self by dozing off and falling out of my seat, although, it might have more entertaining for some than Mr. Thurston. I wasn’t alone. In the lobby outside the ballroom, I ran into an Obama supporter who found that she and I had something in common, this was booooooooring. I missed the New York Attorney General’s address and opted for the hotel restaurant for some food and libation. So here is the entire opening keynote with Schneiderman coming in at the last fifteen minutes.

Here is more agreement about the anesthesia effects of the evening from FDL blogger masachio

Schneiderman chose the pander speech. He started by explaining that real change comes from the grassroots, leaders emerge from struggles over real problems. That’s us, the Netroots! We are the leaders of the future!

He continues: We are in a transitional era now, just like the early 30s. We democrats stand for the rule of law applicable to everyone equally just like President Obama. Someone from the audience suggests loudly that locking up banksters would be a good start, and Schneiderman says he’ll get to that. Which he does a few minutes later saying that he can’t comment on the investigation he is doing. Everyone is really nice about this bit of foolery, and it was at this point I realized I would prefer to be drinking. I mutter at my tablemates that banksters and pot smokers do not face the same application of the rule of law, but no one hears me because they are stunned into dopiness.

The somnolence continues. [..]

After the speech, Schneiderman told a Talking Points Memo reporter that “nothing was off the table.” So if that’s true, when do the prosecutions start? Oh, wait, the “special unit” still has no office or telephone number after six months.

“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

Paul Buchheit: War or Revolution Every 75 Years. It’s Time Again.

When Charles Dickens wrote “It was the best of times, it was the worst of times” to begin “A Tale of Two Cities,” he compared the years of the French Revolution to his own “present period.” Both were wracked with inequality. But he couldn’t have known that 75 years later inequality would cause the Great Depression. Or that 75 years after that, in our own present period, extreme inequality would return for a fourth time, to impact a much greater number of people. He probably didn’t know that the cycles of history seem to drag the developed world into desperate times about every 75 years, and then seek relief through war or revolution.

It’s that time again.

Three cycles (225 years) ago, in the years before the French Revolution, inequality was at one of its highest points ever. While it’s estimated that the top 10% of the population took almost half the income, as they do today, the Gini Coefficient was between .52 and .59, higher than the current U.S. figure of .47. The French Revolution began a surge toward equality that lasted well into the 19th century.

New York Times Editorial: Now, Spain

Two weeks after Prime Minister Mariano Rajoy of Spain vowed “there will be no Spanish banking rescue,” and after days of delay in which Mr. Rajoy pressed European officials for sounder rescue terms, Spain has now joined Greece, Ireland and Portugal as the latest bailout recipient. Catastrophe averted? Hardly.

Bailouts – this one is worth up to $125 billion – are supposed to help restore investor confidence. But investors have clearly figured out what too many European politicians are still denying: serial bailouts, piecemeal plans and one-size-fits-all austerity are not a solution.

On Monday, Spanish and Italian borrowing costs spiked after Mr. Rajoy, the day before, had lamely tried to downplay the new bailout – calling it a line of credit – while Mario Monti, Italy’s prime minister, publicly warned of a “permanent risk of contagion.”

Another right further diminished by the Supreme Court.

Supreme Court Denies 7 Detainee Cases, Leaving Crippling Limits On Detainee Rights In Place

One day before the fourth anniversary of Boumediene v. Bush, which held that detainees being held indefinitely at Guantanamo Bay have the right to challenge their confinement in federal court, the Supreme Court denied review (pdf) of seven detainee cases that were pending before the court. The decision not to review any of the cases essentially makes the U.S. Court of Appeals for the D.C. Circuit the last stop for detainees seeking habeas corpus. While many detainees won their habeas corpus cases at the trial court level, no detainees have been released from Guantanamo due to these decisions because the DC Circuit has a perfect record of reversing these decisions.

Although today’s action does not have any precedential force, it undercuts the extent to which detainees can seriously challenge their detention by leaving the D.C. Circuit’s pro-detention decisions in place [..]

Marcy Wheeler @ emptywheel explains what the Supreme Court has just blessed:

   

Holding a person indefinitely for being in the wrong place at the wrong time-including a school, a road, and a guest house-where suspect people are.

   

Holding a person indefinitely based on an admittedly error-ridden report the government wrote up itself.

   

Holding a person indefinitely based on pattern analysis.

   

Completely upending the role of District Court judges in the fact-finding process.

The Justices have abdicated their responsibility  to an ever more powerful Executive branch:

Especially deserving of review was a petition by Adnan Latif, a Yemeni who was captured near the border between Afghanistan and Pakistan in December 2001. Latif said he had traveled to Pakistan to seek medical treatment; the U.S. government insisted that he was a fleeing Taliban fighter.

A federal district judge ruled in Latif’s favor, concluding that, because of possible transcription and other errors, a government report of an interview with him was “not sufficiently reliable to support a finding by a preponderance of the evidence that Latif was recruited by an Al Qaeda member or trained and fought with the Taliban.” Overturning that finding, the D.C. Circuit ruled that the government’s evidence was entitled to “a presumption of regularity” and that lower court judges should require that a detainee’s “self-serving account must be credible – not just plausible.” In her opinion, Circuit Judge Janice Rogers Brown (a former California Supreme Court justice) approvingly cited dissents in the Boumediene case and referred snidely to its impracticality and “airy suppositions.” [..]

Dissenting in the Latif case, Judge David Tatel described the decision as an “assault on Boumediene.” At the very least, the ruling called for a full-fledged review by the Supreme Court. Instead, the justices have abdicated their authority and devalued their own achievement.

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 12 is the 163rd day of the year (164th in leap years) in the Gregorian calendar. There are 202 days remaining until the end of the year.

On this day in 1776, Virginia adopts George Mason’s Declaration of Rights

The assembled slaveholders of Virginia promised to “the good people of VIRGINIA and their posterity” the equal right to life, liberty and property, with the critical condition that the “people” were white men. These same white men were guaranteed that “all power” would be “vested in, and consequently derived from” them. Should a government fail to represent their common interest, a majority of the same held the right to “reform, alter or abolish” the government.

Drafting and adoption

The Declaration was adopted unanimously by the Fifth Virginia Convention at Williamsburg, Virginia on June 12, 1776 as a separate document from the Constitution of Virginia which was later adopted on June 29, 1776. In 1830, the Declaration of Rights was incorporated within the Virginia State Constitution as Article I, but even before that Virginia’s Declaration of Rights stated that it was ‘”the basis and foundation of government” in Virginia.  A slightly updated version may still be seen in Virginia’s Constitution, making it legally in effect to this day.

It was initially drafted by George Mason circa May 20, 1776; James Madison assisted him with the section on religious freedom. It was later amended by Thomas Ludwell Lee and the Convention to add a section on the right to uniform government (Section 14). Patrick Henry persuaded the Convention to delete a section that would have prohibited bills of attander, arguing that ordinary laws could be ineffective against some terrifying offenders.

Mason based his initial draft on the rights of citizens described in earlier works such as the English Bill of Rights (1689), and the Declaration can be considered the first modern Constitutional protection of individual rights for citizens of North America. It rejected the notion of privileged political classes or hereditary offices such as the members of Parliament and House of Lords described in the English Bill of Rights.

The Declaration consists of sixteen articles on the subject of which rights “pertain to [the people of Virginia]…as the basis and foundation of Government.” In addition to affirming the inherent nature of natural rights to life, liberty, and property, the Declaration both describes a view of Government as the servant of the people, and enumerates various restrictions on governmental power. Thus, the document is unusual in that it not only prescribes legal rights, but it also describes moral principles upon which a government should be run.

Influence

The Virginia Declaration of Rights heavily influenced later documents. Thomas Jefferson is thought to have drawn on it when he drafted the United States Declaration of Independence one month later (July 1776). James Madison was also influenced by the Declaration while drafting the Bill of Rights (completed September 1787, approved 1789), as was the Marquis de Lafayette in voting the French Revolution’s Declaration of the Rights of Man and of the Citizen (1789).

The importance of the Virginia Declaration of Rights is that it was the first constitutional protection of individual rights, rather than protecting just members of Parliament or consisting of simple laws that can be changed as easily as passed.

Bradbury died in Los Angeles, California, on June 5, 2012, at the age of 91, after a “lengthy illness”, coincidentally during a rare transit of Venus

My earliest memory of Ray Bradbury was my father reading to me from The Martian Chronicles. I was three. Later he would read aloud from Fahrenheit 451 and his short stories while I looked on at the words on the page. I read from those same books that were left to me by “Pop” to my daughter and gave her my first edition copy of “Something Wicked This Way Comes” which “Pop”  gave me for my 15th birthday.

By many estimations Mr. Bradbury was the writer most responsible for bringing modern science fiction into the literary mainstream. His name would appear near the top of any list of major science fiction writers of the 20th century, beside those of Isaac Asimov, Arthur C. Clarke, Robert A. Heinlein and the Polish author Stanislaw Lem. His books are still being taught in schools, where many a reader has been introduced to them half a century after they first appeared. Many readers have said Mr. Bradbury’s stories fired their own imaginations.

More than eight million copies of his books have been sold in 36 languages. They include the short-story collections “The Martian Chronicles,” “The Illustrated Man” and “The Golden Apples of the Sun,” and the novels “Fahrenheit 451” and “Something Wicked This Way Comes.”

Though none of his works won a Pulitzer Prize, Mr. Bradbury received a Pulitzer citation in 2007 “for his distinguished, prolific and deeply influential career as an unmatched author of science fiction and fantasy.”

Scarecrow gave this tribute to Bradbury’s memory by reminding us of what could happen in a totalitarian society like the one in Fahrenheit 451:

In Fahrenheit 451, Bradbury describes the horrors of a totalitarian society so repressive and fearful of ideas that it banned books and burned them.  But clever humans figured out they could preserve the literature if each person committed to memorizing a book, reciting and teaching it to others, and passing it on to the next generations.

So I thought we might honor Bradbury’s life and work by passing on a few ideas that are worth preserving as we ponder the meaning of Wisconsin and mourn America’s descent into union bashing and income inequality, enforced by secrecy, propaganda and protected financial looting. [..]

First, as this analysis from the Economic Policy Institute illustrates – and see the video at top – income equality tends to be much higher in America when there are strong unions, while inequality explodes when unions are weak.  It seems like an obvious connection – if lower classes have clout, they can demand more of the benefits of their labor – but it’s not emphasized enough in all the media’s right wing excitement about destroying the power of unions. [..]

Second, as James Kwak has written, the Republican policy of lower taxes does not apply across the board; it applies to the top, mostly.  But they don’t seem to care if taxes are directly or indirectly raised on the poor.  In the Atlantic, Kwak writes about the “GOP’s bizarre, disturbing passion for raising taxes on the poor.” [..]

[One] way to look at Wisconsin is to see it as part of a long term, calculated strategy of weakening unions and destroying their bargaining power.  With that power gone, there is nothing to prevent the top percentages from grabbing almost all the gains from labor productivity increases, thus increasing income and wealth inequality.  The winners then use the political power from that to perpetuate the inequality in their favor.  From there, it is a simple enough leap to use the protected positions of wealth to loot the rest of society and use the power of the state to protect the looting and cover for the looters.

It’s a great strategy if you’re one of the looters, but it’s profoundly criminal.    Remember that.

Ray Bradbury will live forever with his words, hopefully, the future generations will listen, so far we aren’t

May the Goddess guide him on his journey to the Summerlands. May his family, friends and all those who ahve read and will read his works, find Peace.

Blessed Be. The Wheel Turns.

“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

Paul Krugman: Another Bank Bailout

Oh, wow – another bank bailout, this time in Spain. Who could have predicted that?

The answer, of course, is everybody. In fact, the whole story is starting to feel like a comedy routine: yet again the economy slides, unemployment soars, banks get into trouble, governments rush to the rescue – but somehow it’s only the banks that get rescued, not the unemployed.

Just to be clear, Spanish banks did indeed need a bailout. Spain was clearly on the edge of a “doom loop” – a well-understood process in which concern about banks’ solvency forces the banks to sell assets, which drives down the prices of those assets, which makes people even more worried about solvency. Governments can stop such doom loops with an infusion of cash; in this case, however, the Spanish government’s own solvency is in question, so the cash had to come from a broader European fund.

New York Times Editorial Nuclear Time Warp

Did House Republicans somehow miss the end of the cold war? At a time when, for the sake of both security and fiscal responsibility, the country should be reducing its nuclear arsenal, the House has approved a defense authorization bill for 2013 that threatens to freeze the number of weapons at current levels and, over time, waste billions of dollars on unnecessary purchases and programs.

Thankfully, the bill isn’t likely to become law. But it is worth taking a closer look, both for what it says about Republicans’ misplaced strategic priorities – and about how far President Obama has already gone to appease them.