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May 26 2012
Montreal Student Protests Over 80% Tuition Hike
“À qui la rue? À nous la rue!”
For 15 weeks the students in Montreal, Quebec have been boycotting classes and protesting in the streets over the provincial government’s plan to hike university tuition fees by 82 percent over the next seven years. The students have been joined by other Montreal residents, young and old, who are now taking to the streets to protest Bill 78 which imposed draconian fines and measures to end the protests. Every night st 8 PM they take to the streets with pots and spoons, banging and marching in what has now been labeled the “Saucepan Revolution” and not just in Montreal:
People took up the percussive protest Thursday night in several towns and cities including Sorel, Longueuil, Chambly, Repentigny, Trois-Rivieres and even in Abitibi — several hundred kilometres away from the hot spot of Montreal.
They were still loudest in Montreal, where a chorus of metallic clanks rang out in neighbourhoods around the city, spilling into the main demonstrations and sounding like aluminum symphonies.
The pots-and-pans protest has its roots in Chile, where people have used it for years as an effective, peaceful tool to express civil disobedience. The noisy cacerolazo tradition actually predates the Pinochet regime in Chile, but has endured there and spread to other countries as a method of showing popular defiance.
Thursday’s protest in Montreal was immediately declared illegal by police, who said it violated a municipal bylaw because they hadn’t been informed of the route. They allowed it to continue as long as it remained peaceful.
Usually the nightly street demonstrations, which have gone on for a month, have a couple of vigorous drummers to speed them along their route. At the very least, someone clangs a cow bell.
But in the last few days, the pots and pans protest — dubbed the casseroles by observers — have acted like an alarm clock for the regular evening march, sounding at 8 p.m. on the nose in advance of the march’s start.
Occupy Wall Steet has joined in solidarity with the protests and Occupy livestreamer Tim Pool is now in Montreal and covering the protests every night starting about 8 p.m. when the pots and pan bashing begins.
Arrest have exceeded 2500 surpassing the October 1970 crisis when martial law was declared in the city in response to actions by Quebec nationalists. Friday night the student protesters and their allies surpassed them selves marching through the streets in downpours, with high winds and tornado warnings. The event was caught on video and an enterprising videographer set it to the music of local band named Arcade Fire that has now gone viral:
May 26 2012
Health and Fitness News
Welcome to the Stars Hollow Health and Fitness News weekly diary. It will publish on Saturday afternoon and be open for discussion about health related issues including diet, exercise, health and health care issues, as well as, tips on what you can do when there is a medical emergency. Also an opportunity to share and exchange your favorite healthy recipes.
Questions are encouraged and I will answer to the best of my ability. If I can’t, I will try to steer you in the right direction. Naturally, I cannot give individual medical advice for personal health issues. I can give you information about medical conditions and the current treatments available.
You can now find past Health and Fitness News diaries here and on the right hand side of the Front Page.
Follow us on Twitter @StarsHollowGzt
If you’re looking for a vegetable that’s a great source of calcium, collard greens are a find. According to the Harvard School of Public Health, a cup of cooked collard greens has more calcium than a glass of skim milk. This is great news for those who don’t eat dairy, and it’s just one of the many health benefits collards have to offer. They’re high in the carotenoids lutein and zeaxanthin, which are important for eye health; they’re very high in vitamins A and C, manganese, folate and dietary fiber; and they’re a good source of potassium and vitamins B2 and B6.
~Martha Rose Schulman
Cabbage adds additional color and sweetness to this dish.
Breakfast Tacos With Eggs, Onions and Collard Greens
These comforting, easy tacos don’t have to be relegated to the breakfast table.
Pasta With Collard Greens and Onions
Slow cooking sweetens the collards in this satisfying pasta dish.
The greens partner with the noodles to give structure to this hearty baked pasta dish.
With herbs, tender rice and a lemony sauce, these rolls will have you thinking of the Mediterranean.
May 26 2012
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”.
Follow us on Twitter @StarsHollowGzt
Bill Moyers and Michael Winship: On Memorial Day Weekend, America Reckons with Torture
Facing the truth is hard to do, especially the truth about ourselves. So Americans have been sorely pressed to come to terms with the fact that after 9/11 our government began to torture people, and did so in defiance of domestic and international law. Most of us haven’t come to terms with what that meant, or means today, but we must reckon with torture, the torture done in our name, allegedly for our safety.
It’s no secret such cruelty occurred; it’s just the truth we’d rather not think about. But Memorial Day is a good time to make the effort. Because if we really want to honor the Americans in uniform who gave their lives fighting for their country, we’ll redouble our efforts to make sure we’re worthy of their sacrifice; we’ll renew our commitment to the rule of law, for the rule of law is essential to any civilization worth dying for.
After 9/11, our government turned to torture, seeking information about the terrorists who committed the atrocity and others who might follow after them. Senior officials ordered the torture of men at military bases and detention facilities in Afghanistan and Iraq, in secret CIA prisons set up across the globe, and in other countries – including Libya and Egypt – where abusive regimes were asked to do Washington’s dirty work.
William K. Black: Romney Messes Up, Tells the Truth About Austerity
Mitt Romney has periodic breakdowns when asked questions about the economy because he sometimes forgets the need to lie. He forgets that he is supposed to treat austerity as the epitome of economic wisdom. When he responds quickly to questions about austerity he slips into default mode and speaks the truth — adopting austerity during the recovery from a Great Recession would (as in Europe) throw the nation back into recession or depression. The latest example is his May 23, 2012 interview with Mark Halperin in Time magazine. [..]
Romney explains that austerity, during the recovery from a Great Recession, would cause catastrophic damage to our nation. The problem, of course, is that the Republican congressional leadership is committed to imposing austerity on the nation and Speaker Boehner has just threatened that Republicans will block the renewal of the debt ceiling in order to extort Democrats to agree to austerity — severe cuts to social programs. Romney knows this could “throw us into recession or depression” and says he would never follow such a policy.
More and more people are calling for Jamie Dimon, CEO of JPMorgan Chase, to resign from the Board of the New York Federal Reserve.
His latest scandal, combined with Dimon’s hypocrisy and relentless self-promotion, make him an obvious target. But Dimon isn’t alone. Bankers dominate the Fed at the regional and national levels, and most of the other outside seats are held by executives from large corporations. (Remember Herman Cain?)
Should Dimon resign? They all should.
Alan Grayson: Dumb Rich People
In 2008, the New York Times reported that since 1929, $10,000 invested in the stock market under Democratic Presidents (over 40 years) had become $300,671. Meanwhile, $10,000 invested in the stock market under Republican Presidents (over 35 years) had become only $11,733.
Well, at least the affluent caste didn’t lose money during Republican regimes, right? Wrong. The value of the dollar dropped by 92 percent during that period. So in real value, $10,000 invested in the stock market under Republican presidents actually became just $955. And 46 cents. In economic terms, roughly the same effect as some foreign enemy blowing up 90 percent of our factories, warehouses, farms, malls, office buildings, apartment buildings, and every other productive asset.
Poor rich people. All the money gone. Those darned Republicans.
New York Times Editorial: Nuclear Power After Fukushima
The resignation of Gregory Jaczko, the embattled chairman of the Nuclear Regulatory Commission, means the country is losing a strong advocate for public safety who was always willing to challenge the nuclear industry and its political backers in Congress.
The White House’s choice to replace him, Allison Macfarlane, has strong credentials as an expert on nuclear waste and weapons. She will need to be as independent and aggressive as Dr. Jaczko. Both industry and her fellow commissioners will have to be pushed to implement necessary improvements highlighted by the disaster at the Fukushima Daiichi nuclear power plant in Japan.
Jared Bernstein: Private Equity Firms: What Are They Good For?
I’ve very much enjoyed the recent debate over Bain Capital and the role of such private equity firms in the economy, not for partisan reasons, but because it’s far too rare that we step back and ask about the societal costs and benefits of opaque mechanisms like PE.
I mean, if I showed you a barber shop, a school, a car factory, an accounting firm — you’d quickly get what they were doing here. But PE is different, and absent explanation, it’s easy to get stuck on one end of the “vampire/vulture-to-capitalism’s-savior” continuum. In that regard, here’s one of the more nuanced, and thus worth reading, pieces about private equity and its role in the larger economy.
Note, for-the-record, that I’m not talking here about this week’s debating point as to whether PE experience is relevant to the job of president — the main point I and others have tried to bring to that debate is: whatever the merits and demerits of private equity, job creation is not part of the mix. If profitability meant laying off workers, that’s what the PE firm would do, and vice versa.
May 26 2012
On This Day In History May 26
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
May 26 is the 146th day of the year (147th in leap years) in the Gregorian calendar. There are 219 days remaining until the end of the year.
On this day in 1637, an allied Puritan and Mohegan force under English Captain John Mason attacks a Pequot village in Connecticut, burning or massacring some 500 Indian women, men, and children.
The Pequot War was an armed conflict in 1634-1638 between the Pequot tribe against an alliance of the Massachusetts Bay, Plymouth, and Saybrook colonies with American Indian allies (the Narragansett and Mohegan tribes). Hundreds were killed; hundreds more were captured and sold into slavery to the West Indies. Other survivors were dispersed. At the end of the war, about seven hundred Pequots had been killed or taken into captivity. The result was the elimination of the Pequot as a viable polity in what is present-day Southern New England. It would take the Pequot more than three and a half centuries to regain political and economic power in their traditional homeland region along the Pequot (present-day Thames) and Mystic rivers in what is now southeastern Connecticut.
Believing that the English had returned to Boston, the Pequot sachem Sassacus took several hundred of his warriors to make another raid on Hartford. Mason had visited and recruited the Narragansett, who joined him with several hundred warriors. Several allied Niantic warriors also joined Mason’s group. On May 26, 1637, with a force up to about 400 fighting men, Mason attacked Misistuck by surprise. He estimated that “six or seven Hundred” Pequot were there when his forces assaulted the palisade. As some 150 warriors had accompanied Sassacus to Hartford, so the inhabitants remaining were largely Pequot women and children, and older men. Mason ordered that the enclosure be set on fire. Justifying his conduct later, Mason declared that the attack against the Pequot was the act of a God who “laughed his Enemies and the Enemies of his People to scorn making [the Pequot] as a fiery Oven . . . Thus did the Lord judge among the Heathen, filling [Mystic] with dead Bodies.” Mason insisted that any Pequot attempting to escape the flames should be killed. Of the estimated 600 to 700 Pequot resident at Mystic that day, only seven survived to be taken prisoner, while another seven escaped to the woods.
The Narragansett and Mohegan warriors with Mason and Underhill’s colonial militia were horrified by the actions and “manner of the Englishmen’s fight . . . because it is too furious, and slays too many men.” The Narragansett left the warfare and returned home.
Believing the mission accomplished, Mason set out for home. Becoming temporarily lost, his militia narrowly missed returning Pequot warriors. After seeing the destruction of Mystic, they gave chase to the English forces, but to little avail.
May 26 2012
Cholera: Haiti’s Epidemic
After the massive earthquake that struck Haiti on January 2010, the United Nations sent peace keeping troops from around the world to assist with keeping order during the recovery process, Unfortunately, some of those forces introduced a virulent strain of Cholera that was until October 2010 never seen in the Western Hemisphere. The faulty sanitation contaminated the Artibonite River, the longest and most important river in Haiti. The UN has refused to acknowledge its responsibility and has done little to help treat, prevent and control the disease.
The enormity of the epidemic is in the numbers that are increasing as this is written. Since October 2010, over 500,000 cases have been reported, including 7,000 deaths. In a New York Times Editorial on May 12, it was reported that this year’s toll could effect another 200,000 to 250,000 people:
Doctors Without Borders said this month that the country is unprepared for this spring’s expected resurgence of the disease. Nearly half the aid organizations that had been working in the rural Artibonite region, where this epidemic began and 20 percent of cases have been reported, have left, the organization said. “Additionally, health centers are short of drugs and some staff have not been paid since January.”
It gets worse: the Centers for Disease Control and Prevention released a report this month that cholera in Haiti was evolving into two strains, suggesting the disease would become much harder to uproot and that people who had already gotten sick and recovered would be vulnerable again.
From Doctors Without Borders press release:
While Haiti’s Ministry of Health and Populations claims to be in control of the situation, health facilities in many regions of the country remain incapable of responding to the seasonal fluctuations of the cholera epidemic. The surveillance system, which is supposed to monitor the situation and raise the alarm, is still dysfunctional, MSF said. The number of people treated by MSF alone in the capital, Port-au-Prince, has quadrupled in less than a month, reaching 1,600 cases in April. The organization has increased treatment capacity in the city and in the town of Léogâne, and is preparing to open additional treatment sites in the country. Nearly 200,000 cholera cases were reported during the rainy season last year, between May and October. [..]
An MSF study in the Artibonite region, where approximately 20 percent of cholera cases have been reported, has revealed a clear reduction of cholera prevention measures since 2011. More than half of the organizations working in the region last year are now gone. Additionally, health centers are short of drugs and some staff have not been paid since January. [..]
The majority of Haitians do not have access to latrines, and obtaining clean water is a daily challenge. Of the half-million survivors of the January, 2010 earthquake who continue to live in camps, less than one third are provided with clean drinking water and only one percent recently received soap, according to a April 2012 investigation by Haiti’s National Directorate of Water Supply and Sanitation.
The Center for Disease Control estimates that the cost of adequate water and sanitation systems will run from $800 million to $1.1 billion. That money is available from funds that were pledged from other nations.
Awareness needs to be raised. The Institute for Justice and Democracy in Haiti, a human rights group, has sued the United Nations on behalf of 5,000 cholera victims and there is a Congressional letter to US Ambassador to the UN Susan Rice urging UN authorities to play a central role in addressing the epidemic.
Just Foreign Policy has set up a petition pressing the UN to take formal responsibility for the epidemic and do more to alleviate the cholera epidemic:
The United Nations bears heavy responsibility for the ongoing cholera epidemic in Haiti-it has become widely accepted that UN troops introduced the disease into the country via the UN’s faulty sanitation system. Even a UN panel has conceded this point. Yet, the UN has done little to treat, prevent, and control the disease. Rep. John Conyers’ office is circulating a letter to Amb. Rice urging UN authorities to play a central role in addressing the ongoing cholera crisis in Haiti.
The effort to contain this epidemic needs support. There are lives to be saved.
Note: The photo by Frederik Matte is from the Doctors Without Borders web site of patients affected by cholera receive treatment at an MSF cholera treatment center in Port-au-Prince.
May 25 2012
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”.
Follow us on Twitter @StarsHollowGzt
Paul Krugman: Egos and Immorality
In the wake of a devastating financial crisis, President Obama has enacted some modest and obviously needed regulation; he has proposed closing a few outrageous tax loopholes; and he has suggested that Mitt Romney’s history of buying and selling companies, often firing workers and gutting their pensions along the way, doesn’t make him the right man to run America’s economy.
Wall Street has responded – predictably, I suppose – by whining and throwing temper tantrums. And it has, in a way, been funny to see how childish and thin-skinned the Masters of the Universe turn out to be. Remember when Stephen Schwarzman of the Blackstone Group compared a proposal to limit his tax breaks to Hitler’s invasion of Poland? Remember when Jamie Dimon of JPMorgan Chase characterized any discussion of income inequality as an attack on the very notion of success?
New York Times Editorial: The Crisis This Time
They blew it, again. With Greece in meltdown, raising fears of cascading bank insolvencies and deepening recession, Europe’s leaders failed again this week to agree on the ambitious initiatives needed to quell the crisis.
For a few days before their Wednesday dinner meeting, it sounded as if Chancellor Angela Merkel of Germany might be ready to change her all-austerity-all-the-time tune. France’s new president, François Hollande, had campaigned and won on a pro-growth agenda, and Ms. Merkel was suddenly suggesting that some stimulus for Greece and others to spur growth might be possible.
But, on Wednesday, she was again insisting on the same draconian budget cuts and the same unreachable targets as the price of aid to Greece and other indebted euro-zone nations.
Austerity protests have become part of the new global landscape, a reality underscored by a wave of recent protests in Philadelphia and Quebec.
More than 1,000 people rallied Wednesday to protest the Philadelphia District’s plans to “transform schools,” a pleasant euphemism generally meaning school closures and mass layoffs. The Philly district plans to possibly lay off 2,700 blue-collar workers, including every member of SEIU B2BJ Local 1201, the city school union representing bus assistants, cleaners, mechanics and other workers. [..]
For over 100 days now, protests have raged in response to Quebec Premier Jean Charest and his Liberal Party’s plans to raise tuition fees at universities by a whopping 82 percent, or $1,700, over five years, a move that would price many students out of an education.
The police have responded by making mass arrests. More than 300 protesters were arrested overnight on Sunday following the passage of the draconian law, Bill 78, that places restrictions on demonstrations and suspended classes at strike-bound universities, the AP reports.
Robert Reich: Obama has to Explain Why Fairness is Essential to Growth (and Why Some Democrats Have to Stop Believing Otherwise)
The Cory Booker imbroglio has ignited a silly but potentially pernicious debate in the Democratic Party between so-called “pro-growth centrists” who want the President to focus on how well he’s done getting the economy back on its feet after the Bush administration almost knocked it out, and “pro-fairness populists” who want him to focus on the nation’s widening inequality and Wall Street’s (and Romney’s) continuing role in generating profits for a few at the expense of almost everyone else.
According to the National Journal’s Josh Kraushaar, for example:
Conversations with liberal activists and labor officials reveal an unmistakable hostility toward the pro-business, free-trade, free-market philosophy that was in vogue during the second half of the Clinton administration….. Moderate Democratic groups and officials, meanwhile, privately fret about the party’s leftward drift and the Obama campaign’s embrace of an aggressively populist message… [T]hey wish the administration’s focus was on growth over fairness.
This is pure bunk – or should be.
Fairness isn’t inconsistent with growth; it’s essential to it. The only way the economy can grow and create more jobs is if prosperity is more widely shared.
Robert Sheer: Do the Bain Hustle
Obviously Barack Obama was right in criticizing Mitt Romney’s stewardship of Bain Capital. How else to evaluate the business experience that Romney has made a central tenet of his campaign?
As Obama put it all too accurately: “My opponent, Governor Romney-his main calling card for why he thinks he should be president is his business experience. He’s not going out there touting his experience in Massachusetts. He’s saying: ‘I’m a business guy. I know how to fix it.’ ”
And the fixing of the beleaguered companies acquired under Romney’s leadership at Bain Capital involved the very practices that have led to the loss of good American jobs to ensure the outrageous rewards that made Romney so wealthy.
E. J. Dionne: Conservatives used to care about community. What happened?
To secure his standing as the presumptive Republican presidential nominee, Mitt Romney has disowned every sliver of moderation in his record. He’s moved to the right on tax cuts and twisted himself into a pretzel over the health-care plan he championed in Massachusetts – because conservatives are no longer allowed to acknowledge that government can improve citizens’ lives.
Romney is simply following the lead of Republicans in Congress who have abandoned American conservatism’s most attractive features: prudence, caution and a sense that change should be gradual. But most important of all, conservatism used to care passionately about fostering community, and it no longer does. This commitment now lies buried beneath slogans that lift up the heroic and disconnected individual – or the “job creator” – with little concern for the rest.
Pratap Chatterjee: How Obama Helped Authorize Shell’s Drilling the Arctic
President Barack Obama personally helped Shell obtain authorization to drill for oil in Alaska, according to a 4,678 word front page article in the New York Times. This is a startling break from decades long U.S. policy which regarded the environment in the Arctic region too fragile to tamper with.
“(T)he president concluded that the reward was worth the risk, and created an unusual interagency group, overseen by a midlevel White House aide, to clear Shell’s path through the often fractious federal regulatory bureaucracy,” write John Broder and Clifford Krauss.
In November 2010, almost two years after he was elected, Obama told William K. Reilly and Carol M. Browner, two former heads of the Environmental Protection Agency, what he wanted them to do. “Where are you coming out on the offshore Arctic?” he asked. “What that told me,” Reilly told the New York Times, “was that the president had already gotten deeply into this issue and was prepared to go forward.”
May 25 2012
On This Day In History May 25
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.
May 25 is the 145th day of the year (146th in leap years) in the Gregorian calendar. There are 220 days remaining until the end of the year.
On this day in 1977, Stars Wars opens with an intergalactic bang as the first of George Lucas’ blockbuster Star Wars movies hits American theaters.
Star Wars Episode IV: A New Hope, originally released as Star Wars, is a 1977 American epic space opera film, written and directed by George Lucas. It is the first of six films released in the Star Wars saga: two subsequent films complete the original trilogy, while a prequel trilogy completes the six-film saga. It is the fourth film in terms of the series’ internal chronology. Ground-breaking in its use of special effects, unconventional editing, and science fiction/fantasy storytelling, the original Star Wars is one of the most successful and influential films of all time.
Set “a long time ago in a galaxy far, far away”, the film follows a group of freedom fighters known as the Rebel Alliance as they plot to destroy the powerful Death Star space station, a devastating weapon created by the evil Galactic Empire. This conflict disrupts the isolated life of farmboy Luke Skywalker when he inadvertently acquires the droids carrying the stolen plans to the Death Star. After the Empire begins a cruel and destructive search for the droids, Skywalker decides to accompany Jedi Knight Obi-Wan Kenobi on a daring mission to rescue the owner of the droids, rebel leader Princess Leia Organa, and save the galaxy.
Produced with a budget of $11 million and released on May 25, 1977, the film went on to earn $460 million in the United States and $337 million overseas, surpassing Jaws as the highest-grossing film of all time at the time. Among the many awards the film received, it gained ten Academy Award nominations, winning six; the nominations included Best Supporting Actor for Alec Guinness and Best Picture. Lucas has re-released the film on several occasions, sometimes with significant changes; the most notable versions are the 1997 Special Edition and the 2004 DVD release, which have modified computer-generated effects, altered dialogue, and added scenes.
May 25 2012
EU Split Over Euro Bonds
This was predictable:
Germany and France clash over eurobonds at summit
French president François Hollande marks his Brussels debut by challenging chancellor Angela Merkel over bailout
A special EU summit marking the debut of France’s President François Hollande saw him challenge Germany’s chancellor, Angela Merkel, on the euro, arguing that the pooling of eurozone debt liability – eurobonds – had to be retained as an option for saving the currency. Merkel has ruled out eurobonds as illegal under current EU law.
Hollande told the dinner of 27 leaders that he wanted to see eurobonds established, while conceding that this would take time, witnesses at the talks said.
Merkel responded that this was nigh-on impossible since it would require changes to the German constitution and around 10 separate legal changes, the sources said.
There was no policy breakthrough at the summit, rather a reiteration by leaders of known positions. Any decisions were postponed until the end of next month after French and Greek parliamentary elections on 17 June.
Illegal? Require changes? Well, they created this mess by changing laws and constitutions, now they need to fix it by changing the laws and the EU constitution. Chancellor Merkel sounds more and more like George W. Bush, “it’s hard work” (read: I don’t want to do this). The Euro Zone nations can’t have their cake and eat it, too. They want Greece to to stay in the Euro Zone but they want them to accept the austerity agreement that the Greeks have clearly rejected.
In a New York Times Op-Ed, Amartya Sen, a Nobel laureate and a professor of economics and philosophy at Harvard, points out that the EU economic crisis is a road to hell paved with good intentions:
There are two reasons for this.
First, intentions can be respectable without being clearheaded, and the foundations of the current austerity policy, combined with the rigidities of Europe’s monetary union (in the absence of fiscal union), have hardly been a model of cogency and sagacity. Second, an intention that is fine on its own can conflict with a more urgent priority – in this case, the preservation of a democratic Europe that is concerned about societal well-being. These are values for which Europe has fought, over many decades. [..]
Europe cannot revive itself without addressing two areas of political legitimacy. First, Europe cannot hand itself over to the unilateral views – or good intentions – of experts without public reasoning and informed consent of its citizens. Given the transparent disdain for the public, it is no surprise that in election after election the public has shown its dissatisfaction by voting out incumbents.
Second, both democracy and the chance of creating good policy are undermined when ineffective and blatantly unjust policies are dictated by leaders. The obvious failure of the austerity mandates imposed so far has undermined not only public participation – a value in itself – but also the possibility of arriving at a sensible, and sensibly timed, solution.
This is a surely a far cry from the “united democratic Europe” that the pioneers of European unity sought.
As David Dayen said, “we’re are essentially in a holding pattern” until the Greek and French Parliament elections on June 17. Please, do not hold your breath for a good solution, no matter what you may think a good solution is. Not everyone is going to be happy at the end of this. Let’s hope it’s the austerians who are unhappiest.
May 24 2012
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”.
Follow us on Twitter @StarsHollowGzt
Robert Reich: Why Obama Should Be Attacking Casino Capitalism
I wish President Obama would draw the obvious connection between Bain Capital and JPMorgan Chase.
That way his so-called “attack” on private equity is neither a personal attack on Mitt Romney nor a generalized attack on American business.
It’s an attack on a particular kind of capitalism that Romney and JPMorgan both practice: Using other peoples’ money to make big bets which, if they go wrong, can wreak havoc on the economy.
It’s the substitution of casino capitalism for real capitalism, the dominance of the betting parlor over the real business of America, financial innovation rather than product innovation.
Paul Krugman: Europe’s Leaders Double Down on a Failed Strategy
I guess we knew this was coming, but in the face of the French and Greek election results and the broader evidence that Europe’s economic strategy is an utter failure, the usual suspects are, you guessed it, doubling down.
Simon Wren-Lewis, an economics professor at Oxford, has looked on in horror as the Dutch have agreed on completely unnecessary austerity measures, as a way of showing their commitment to Europe’s totally misguided fiscal pact. “Towards the end of April the Dutch conservative coalition government collapsed when the far-right party refused to discuss further budget cuts,” Mr. Wren-Lewis wrote on his blog on May 7. “The prime minister resigned. And yet a few days later other parties rallied round to give their support to a similar package of austerity measures, which now have majority support in parliament.”
British Prime Minister David Cameron vowed “no going back” on his failed austerity strategy in a speech after the elections.
Poised to elect a new director general, the International Labor Organization needs to challenge the pro-austerity consensus
The Troika – the European Central Bank (ECB), the European Commission, and the IMF – is dragging Europe into its second recession in three years. The ECB by itself has the ability to end this crisis, by guaranteeing low interest rates on the sovereign bonds of countries such as Spain and Italy. Member governments would then be able to restore normal economic growth and employment.
But the ECB refuses to do this – partly because the Troika is using the crisis as an opportunity to force changes, especially in the weaker eurozone economies, changes that the people residing there would never vote for. These reforms include shrinking government, privatization, “labor flexibility”, and reduced public pensions.
Since, however, Europe has by far the largest banking system in the world, the eurozone crisis is also a significant drag on growth and employment throughout most of the world. This could easily do more damage if it is not resolved.
Henry A. Giroux: The Occupy Movement and the Politics of Educated Hope
American society has lost its claim on democracy. One indication of such a loss is that the crises produced on a daily basis by crony capitalism operate within a discourse of denial. Rather than address the ever proliferating crises produced by market fundamentalism as an opportunity to understand how the United States has arrived at such a point in order to change direction, the dominating classes now use such crises as an excuse for normalizing a growing punishing and warfare state, while consolidating the power of finance capital and the mega-rich. Uncritically situated in an appeal to common sense, the merging of corporate and political power is now constructed on a discourse of refusal-a denial of historical conditions, existing inequalities and massive human suffering-used to bury alive the conditions of its own making. The notion that neoliberal capitalism has less interest in free markets than an enormous stake in the dominance of public life by corporations no longer warrants recognition and debate in mainstream apparatuses of power. Hence, the issue of what happens to democracy and politics when corporations dominate almost all aspects of American society is no longer viewed as a central question to be addressed in public life.
Chris Hellman and Mattea Kramer: The Nearly $1 Trillion National Security Budget
Recent months have seen a flurry of headlines about cuts (often called “threats”) to the U.S. defense budget. Last week, lawmakers in the House of Representatives even passed a bill that was meant to spare national security spending from future cuts by reducing school-lunch funding and other social programs.
Here, then, is a simple question that, for some curious reason, no one bothers to ask, no less answer: How much are we spending on national security these days? With major wars winding down, has Washington already cut such spending so close to the bone that further reductions would be perilous to our safety?
In fact, with projected cuts added in, the national security budget in fiscal 2013 will be nearly $1 trillion-a staggering enough sum that it’s worth taking a walk through the maze of the national security budget to see just where that money’s lodged.
David Cole: Can Obama Say He’s Sorry for US Role in Torture of Innocent Man?
Can the President say he’s sorry to an innocent man whom the United States delivered to Syria to be tortured? Sixty thousand Americans have done so, signing a petition that begins, “I apologize to Maher Arar for the torture he suffered because of the actions of US officials and I urge you to do the same.” Today, the petition’s organizers-Amnesty International, the Center for Constitutional Rights and the National Religious Coalition Against Torture-delivered the petition to the White House. An apology is the least President Obama can-and should-do.
Maher Arar is the Canadian citizen US officials intercepted in 2002 when he was changing planes at JFK airport on his way home to Canada from a trip to Europe. He was held incommunicado, interrogated by FBI officials and ultimately ordered deported-not to Canada, his home and destination, but to Syria, where he was handed off to Syrian security officials long condemned by the State Department for their use of torture in interrogations. The Syrians did in fact torture Arar, while posing the same questions that the FBI had asked him in New York. After a year in detention-ten months of it spent in an underground cell the size of a grave-the Syrians released Arar, concluding that there was no basis for concern about him.
May 24 2012
JP Morgan: Oops, They Did It Again
Yes they did it again, JP Morgan profited from the Facebook loss by betting against it. Casino Royale:
The concerns center on Morgan Stanley, Goldman Sachs and other banks involved in the I.P.O. that shared a negative outlook about Facebook with a select group of clients, rather than broadly with all investors.
In the days leading up to Facebook’s debut, analysts at several banks ratcheted down their growth estimates for the social network. The move came after the company told them that quarterly and annual revenue would be on the softer side, said people briefed on the matter who spoke on the condition of anonymity because they were not authorized to discuss the issue publicly.
As is typical in the I.P.O. process, research analysts at Morgan Stanley, Goldman Sachs and other firms contacted certain clients to discuss their revised expectations, while other big investors called on the banks to get their new take. But ordinary mom-and-pop investors did not have the same access to the valuable information.
Meanwhile, Massachusetts has issued a subpoena over the discussions that analysts had with certain investors over those “revised expectations”:
The analyst’s revisions came after Facebook revised its prospectus on May 9, which the firm forwarded to all of its retail and institutional clients, according to the statement. [..]
As of Monday afternoon, some customers of Fidelity Investments, Morgan Stanley and Charles Schwab were still waiting to see if their trades for Facebook shares were completed on Friday.
Then Reuters reported late Monday that the consumer Internet analyst at lead underwriter Morgan Stanley cut his revenue forecasts for Facebook in the days before the offering, information that may not have reached many investors before the stock was listed.
Cenk Uygur cuts to the chase:
As Cenk noted and Matt Stoller at naked capital reported, over 99% of these investigations are resolved without an admission of guilt:
In a hearing last week titled “Examining the Settlement Practices of U.S. Financial Regulators”, various regulators tried to justify their practice of settling with financial firms and not requiring them to admit wrongdoing. In that hearing, Federal Reserve General Counsel Scott Alvarez, stated that only seven of the roughly one thousand enforcement actions taken in the last decade were resolved without consent.
The vast majority of the Federa Reserve’s formal enforcement actions are resolved upon consent, which is fully consistent with the goal of resolving supervisory concerns with bank management quickly and firmly. In crafting enforcement actions that are entered by consent, the Federal Reserve typically sets out summary recitations of the relevant facts in “Whereas” clause provisions; however, like our fellow banking regulators, it has not been our practice to require formal admissions to the misconduct addressed in our enforcement orders given the remedial nature of our enforcement program. Requiring admission of fact and legal conclusions as a condition of entering into a consent action is likely to have a deleterious effect on our supervisory efforts by causing more institutions and individuals to challenge the requested relief in contested administrative proceedings, which typically takes years to reach final resolution, and which could delay implemenattion of necessary corrective action.
In other words, the Federal Reserve will only punish banks who break the rules if those banks consent to punishment. This attitude is pervasive among all regulators.
Can you imagine of our criminal court system ran like that? Oh wait, if you have money . .
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