If you do not get Current TV you can watch Keith here:

This is dedicated to my friend the Ben Masel.

The polls opened this morning in Wisconsin to determine the recall of six of eight Republicans in the state Senate who voted to end union bargaining rights that sparked mass protests earlier this year. The Democrats need to win at least 3 seats to take back the Senate from the grips of the tea party Republicans. the other two races will be held on August 16th. These are the races that will be determined tonight:

• District 2:

  Robert Cowles R (incumbent) *
  
  Nancy Nusbaum D

• District 8:

  Alberta Darling R (incumbent) *
  
  Sandra Pasch D

• District 10:

  Sheila Harsdorf R (incumbent) *
  
  Shelly Moore D

• District 14:

  Luther Olson R (incumbent) *
  
  Fred Clark D

• District 18:

  Randy Hopper R (incumbent)
  
  Jessica King D *

• District 32:

  Dan Kapanke R (incumbent)
  
  Jennifer Shilling D *

There has been an influx of outside money in these races much of it from two groups with direct ties to the Koch brothers have financed many tea party organizations like Americans for Prosperity and Citizens for a Stronger America.

Amount spent on all state races in 2010: $3.75 million. Amount spent on recall elections targeting eight state senators: $31 million.

It has been nearly impossible to poll these races, as even the polling has been so skewed one way then another. We will just have to wait until the “fat lady” stops singing at 8 PM CDT (9 PM EDT).

Up dates will be posted as the returns are reported.

Up Date 20:17 PM EDT: Reports are coming in that voters turn out reached presidential election proportions of up to 70% in some districts. John Nichols on Countdown with Keith Olbermann believes that they could take back ore that three seats.

Up Date 21:00 EDT: In New Hampshire in a unnoticed special election for a seat in the Republican held Senate, Democrat Bob Perry wins the election

The polls in Wisconsin are now closed.

Up Date 09:30 EDT: Early this morning the race in the 18th District was called for the incumbent, Alberta Darling, leaving the Democrats one member short of taking back control of the WI State Senate. It did create a senate with a narrow margin of one. Democrats, although disappointed, were encouraged and will move on with the effort to recall Gov. Scott Walker in January.

Coming to a country near you:

Frustration in this impoverished neighborhood, as in many others in Britain, has mounted as the government’s austerity budget has forced deep cuts in social services. At the same time, a widely held disdain for law enforcement here, where a large Afro-Caribbean population has felt singled out by the police for abuse, has only intensified through the drumbeat of scandal that has racked Scotland Yard in recent weeks and led to the resignation of the force’s two top commanders.

The riot was the latest in what has turned out to be a season of unrest in Britain, with multiple demonstrations escalating into violence in recent months. And there was not long to wait until a new one erupted: across London, skirmishes broke out on Sunday between groups of young people and large numbers of riot police officers, which one officer said were drawn from forces around London.  

snip

Economic malaise and cuts in spending and services instituted by the Conservative-led government have been recurring flashpoints for months.

Late last year, students demonstrating against a rise in tuition fees occupied a building near Parliament and clashed repeatedly with the police. Prince Charles and his wife, Camilla, the Duchess of Cornwall, were attacked in their Rolls-Royce as protesters – some of whom were subsequently jailed – shouted “Tory scum,” a reference to the Conservative Party’s traditional links with the aristocracy, and “off with their heads!” In March, a reported 500,000 people marched against the cuts, with some protesters occupying the exclusive food store Fortnum & Mason – Prince Charles’s grocer.

On Saturday night, as rioters in Tottenham threw fireworks and bottles at police officers, one man shouted, “This is our battle!” When asked what he meant, the man, Paul Rook, 47, explained that he felt the rioters were taking on “the ruling class.”

Rioting and looting that started in the London suburb of Tottenham on Saturday evening was sparked by the shooting of a 29 year old black man during a car stop by police earlier that day. There is a lot of conflicting reports about what sparked the incident in the first place but what is known is the young man, a father of four and alleged cocaine dealer was armed, was shot once on the chest by a police officer and died. A peaceful protest march of about 200 degenerated into gangs attacking police cars, shops, banks and other buildings with widespread looting around Tottenham. The unrest in and around London has now spread across England to Bristol, Birmingham, Liverpool and Nottingham.

There are more reasons for this rioting and goes to the heart of the Cameron government’s austerity that has cut the social safety net for the very poor and unemployed who are mostly minorities.

Like many European cities, London is in the midst of serious fiscal inadequacies, and poor neighborhoods such as Tottenham and Hackney have suffered the most. Unemployment is rampant in such areas, especially in North London.

“Tottenham is a deprived area,” recently laid-off Uzodinma Wigwe told Reuters. “UnemploymentMetro police, as well as a private agency, are investigating the riots and the shooting.

The violence has marred otherwise peaceful rallies in London against government austerity measures.

In March, isolated clashes erupted in London between police and protestors marching from Piccadilly Circus to Hyde Park to Parliament. Police fired tear gas on the protestors, who in turn threw rocks, bottles, paint and light bulbs filled with ammonia at the police officers.  That clash injured 31 police officers and led to the arrest of 214 people.

snip

Earlier in the year, student protests against a tuition hike also turned violent, with students and police clashing on London streets. Demonstrators broke out shop windows and attacked Prince Charles’ Rolls Royce as it rolled down Regent Street. is very, very high … they are frustrated.”

“We know we have been victimized by this government, we know we are being neglected by the government,” said a middle-aged man who declined to give his name. “How can you make one million youths unemployed and expect us to sit down?”

Unemployment here in the US hovers around 9.1%, among African Americans it is 15.9%, nearly double that of unemployed whites (8.1%). While not nearly as bad as 1982 when unemployment for Afican Americans soared to 19.2%, the wealth gap has widened dramatically

ndeed, blacks have suffered disproportionately in the ongoing crisis, since they have lost tens of thousands of manufacturing jobs and endured huge cuts in public sector spending. Black teenagers bear the worst of it – their jobless rate is at a staggering 39.2 percent (versus 23 percent for white teenagers).

According to a recent study by the National Urban League (NUL), almost all the financial/economic gains that blacks have accomplished over the past three decades were wiped out by the Great Recession.

The economic collapse is not only thinning the ranks of the black middle class, but has likely condemned millions more to permanent poverty.

The NUL report further indicated that the nation’s housing crisis has disproportionately hurt black home ownership, which “has fallen at three times the rate of white home ownership.”

These are the same factors that have sparked the violent unrest in England. The president and congress would be wise to cease the talk about spending cuts and talks of more austerity and pay more attention to job creation. The US has seen this many times in it’s 235 year history, the most recent during the 80’s and 90’s when the socio-economic disparity was high as it is now. It is has been proved historically that putting people back to work correct the deficit and reverse the spiral towards recession.

“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”.

Yves Smith: Why are the big banks getting off scot-free?

For most citizens, one of the mysteries of life after the crisis is why such a massive act of looting has gone unpunished. We’ve had hearings, investigations, and numerous journalistic and academic post mortems. We’ve also had promises to put people in jail by prosecutors like Iowa’s attorney general Tom Miller walked back virtually as soon as they were made.

Yet there is undeniable evidence of institutionalized fraud, such as widespread document fabrication in foreclosures (mentioned in the motion filed by New York state attorney general Eric Schneiderman opposing the $8.5 billion Bank of America settlement with investors) and the embedding of impermissible charges (known as junk fees and pyramiding fees) in servicing software, so that someone who misses a mortgage payment or two is almost certain to see it escalate into a foreclosure. And these come on top of a long list of runup-to-the-crisis abuses, including mortgage bonds having more dodgy loans in them than they were supposed to, banks selling synthetic or largely synthetic collateralized debt obligations as being just the same as ones made of real bonds when the synthetics were created for the purpose of making bets against the subprime market and selling BBB risk at largely AAA prices, and of course, phony accounting at the banks themselves.

Paul Krugmn: Credibility, Chutzpah and Debt

To understand the furor over the decision by Standard & Poor’s, the rating agency, to downgrade U.S. government debt, you have to hold in your mind two seemingly (but not actually) contradictory ideas. The first is that America is indeed no longer the stable, reliable country it once was. The second is that S.& P. itself has even lower credibility; it’s the last place anyone should turn for judgments about our nation’s prospects.

Let’s start with S.& P.’s lack of credibility. If there’s a single word that best describes the rating agency’s decision to downgrade America, it’s chutzpah – traditionally defined by the example of the young man who kills his parents, then pleads for mercy because he’s an orphan.

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.

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August 9 is the 221st day of the year (222nd in leap years) in the Gregorian calendar. There are 144 days remaining until the end of the year.

On this day in 1974, one day after the resignation of President Richard M. Nixon, Gerald R. Ford is sworn in as president, making him the first man to assume the presidency upon his predecessor’s resignation. He was also the first non-elected vice president and non-elected president, which made his ascendance to the presidency all the more unique.

Gerald Rudolph Ford, Jr. (born Leslie Lynch King, Jr.; July 14, 1913 – December 26, 2006) was the 38th President of the United States, serving from 1974 to 1977, and the 40th Vice President of the United States serving from 1973 to 1974. As the first person appointed to the vice-presidency under the terms of the 25th Amendment, when he became President upon Richard Nixon’s  resignation on August 9, 1974, he also became the only President of the United States who was elected neither President nor Vice-President.

Before ascending to the vice-presidency, Ford served nearly 25 years as Representative from Michigan’s 5th congressional district, eight of them as the Republican Minority Leader.

As President, Ford signed the Helsinki Accords, marking a move toward detente in the Cold War. With the conquest of South Vietnam by North Vietnam nine months into his presidency, US involvement in Vietnam essentially ended. Domestically, Ford presided over what was then the worst economy since the Great Depression, with growing inflation and a recession during his tenure. One of his more controversial acts was to grant a presidential pardon to President Richard Nixon for his role in the Watergate scandal. During Ford’s incumbency, foreign policy was characterized in procedural terms by the increased role Congress began to play, and by the corresponding curb on the powers of the President. In 1976, Ford narrowly defeated Ronald Reagan for the Republican nomination, but ultimately lost the presidential election to Democrat Jimmy Carter.

Following his years as president, Ford remained active in the Republican Party. After experiencing health problems and being admitted to the hospital four times in 2006, Ford died in his home on December 26, 2006. He lived longer than any other U.S. president, dying at the age of 93 years and 165 days.

If you do not get Current TV you can watch Keith here:

Yes, it an old video but it deserves resurrection from time to time. This is one of those times. When you’re failing and looking to blame someone blame the left, it’s all our fault. This is the fall back that the White House has consistently used since Barack Obama took office. I chuckled at Jon Walker’s article at FDL Action using the Scoobie Doo analogy of the White house tactic of laying the blame on the left for their failed policies from the pathetic health care bill to the Dodd-Frank reform bill and now the economically disastrous debt ceiling deal.

It would seem the White House is basically taking the perspective of a Scooby Doo villain in concluding why their brilliant plans fail. Hanging upside down in a comically oversize net with their rubber monster mask removed they yell, “we would have gotten away with it, too, if it hadn’t been for you meddling progressive bloggers!”

A meeting that took place recently with White House National Economic Council Director Gene Sperling and progressive advocacy groups was described as “tense” by Politico‘s Ben Smith:

Sperling faced a series of questions about the White House’s concessions on the debt ceiling fight and its inability to move in the direction of new taxes or revenues. Progressive consultant Mike Lux, the sources said, summed up the liberal concern, producing what a participant described as an “extremely defensive” response from Sperling.

Sperling, a person involved said, pointed his finger at liberal groups, which he said hadn’t done enough to highlight what he saw as the positive side of the debt package — a message that didn’t go over well with participants.

(emphasis mine)

If this has a familiar ring of “Groundhog’s Day”,, you’d be very correct. John Aravosis of AMERICAblog recalls attending one of those meetings in 2010 with Jared Bernstein, who was Chief Economist and Economic Policy Adviser to VP Biden:

I guess what struck me as most interesting about the meeting were two things. First, when Bernstein noted that, in trying to solve the country’s economic problems, the administration faces “budget constraints and political constraints.” By that, I took Bernstein to mean that the stimulus could only be so large last time, and we can only spend so much more money this time, because we’re facing a huge deficit, so there’s not much money to spend, and because the Hill and public opinion won’t let us spend more.

That struck me as GOP talking points winning the day, and I said so (Professor Kyle wrote about this very notion the other day on the blog). The only reason we’re facing a budget constraint is because we gave in on the political constraint. We permitted Republicans to spin the first stimulus as an abysmal failure, when in fact it created or saved up to 2m jobs. Since Democrats didn’t adequately defend the stimulus, and didn’t sufficiently paint the deficit as the Republicans’ doing, we now are not “politically” permitted to have a larger stimulus because the fiscal constraint has become more important than economic recovery.

And whose fault is that?

Apparently ours.

Bernstein said that the progressive blogs (perhaps he said progressive media in general) haven’t done enough over the past year to tell the positive side of the stimulus.

Jon Walker summed up this blame the left game that the White House is playing as another failure that faults everyone but themselves and their Republican allies:

If people see the the positive tangible effect that a policy has on their lives, they won’t care what anyone has to say about it.  Likewise, if a handful of writers sign on to the White House Happy Talk PR campaign, bad policy will never become broadly popular.  The administration’s failure to convince either bloggers or the public about the benefits of a particular action is most likely a signal that it is insufficient, ineffective, destructive or incompetent.

Personally, I am more that tired of being told by Obama supporters that we on the left are tea partying, Republicans and racist for criticizing President Obama’s right wing appeasement policies and his failure to follow up on his campaign promises. I’m tired of being told that by criticizing Obama I am emboldening the tea party, so I should STFU and go away. The truth be told they are the tea party Republican allies who are promulgating the right wing policies that will be the destruction of everything that has been gained since Franklin Roosevelt, all because of a well spoken bright shiny object has dazzled them and still does.  

“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”.

Richard Wolff: The S&P Downgrade of US Debt: What it Means

Much verbiage is piling up on this issue. Yet, it matters little that the two other giant rating agencies did not downgrade US debt as S&P did. It is likewise unimportant that all those agencies deserve the bad reputations won when their over-rating of securities burst in the collapse of 2007 and took an already unbalanced economy into deep recession. Nor does the downgrade impose major cash costs anytime soon.

The S&P downgrade is important because it clarifies and underscores two key dimensions of today’s economic reality that most commentators have ignored or downplayed. The first dimension concerns exactly why the US national debt is rising fast. There are three major reasons for this: (1) major tax cuts especially on corporations and the rich since the 1970s and especially since 2000 have reduced revenues flowing into Washington, (2) costly global wars especially since 2000 have increased government spending dramatically, and (3) costly bailouts of dysfunctional banks, insurance companies, large corporations and the economic system generally since 2007 have likewise sharply expanded government spending. With less tax revenue coming in from corporations and the rich and more spending on defense/wars and bailouts, the government had to borrow the difference. Duh!

Robert Reich: Why S.& P. Has No Business Downgrading the US

Standard & Poor’s downgrade of America’s debt couldn’t come at a worse time. The result is likely to be higher borrowing costs for the government at all levels, and higher interest on your variable-rate mortgage, your auto loan, your credit card loans, and every other penny you borrow.

Why did S&P do it?

snip

S&P has downgraded the U.S. because it doesn’t think we’re on track to reduce the nation’s debt enough to satisfy S&P – and we’re not doing it in a way S&P prefers.

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 images to enlarge

August 8 is the 220th day of the year (221st in leap years) in the Gregorian calendar. There are 145 days remaining until the end of the year.

On this day in 1974, Richard M. Nixon becomes the first President to resign.

In an evening televised address, President Richard M. Nixon announces his intention to become the first president in American history to resign. With impeachment proceedings underway against him for his involvement in the Watergate affair, Nixon was finally bowing to pressure from the public and Congress to leave the White House. “By taking this action,” he said in a solemn address from the Oval Office, “I hope that I will have hastened the start of the process of healing which is so desperately needed in America.”

Just before noon the next day, Nixon officially ended his term as the 37th president of the United States. Before departing with his family in a helicopter from the White House lawn, he smiled farewell and enigmatically raised his arms in a victory or peace salute. The helicopter door was then closed, and the Nixon family began their journey home to San Clemente, California. Minutes later, Vice President Gerald R. Ford was sworn in as the 38th president of the United States in the East Room of the White House. After taking the oath of office, President Ford spoke to the nation in a television address, declaring, “My fellow Americans, our long national nightmare is over.” He later pardoned Nixon for any crimes he may have committed while in office, explaining that he wanted to end the national divisions created by the Watergate scandal.

Stephen thanks his contributors to his Super PAC with a special call out to Suq Madiq, his dad, Liqa Madiq and his mom, who still uses her maiden name, Munchma Quchi. He did warn his affiliates he was going “low”.