After receiving a $10 billion of tax payer money in the financial crisis bailout and making a record $2.7 billion profit in the first quarter of 2011, Goldman Sachs will lay off 1,000 American workers and out source their jobs to Singapore.

The jobs in Singapore are likely to be “high-paying, skilled positions in sales and investment banking,” the same types that are likely to be cut in the firm’s domestic operations, according to one person with knowledge of the matter. This person added that the firm has recently briefed people in Washington about the new overseas jobs because it “is afraid of the fallout” as it plans to slash $1 billion in costs over the next year — a move that will mean a significant, though still undetermined number of layoffs across its operations, though people close to the firm expect the biggest hit to come from the US. Goldman also plans a much smaller expansion in its Brazil unit and in India.

Last year, the Republicans in the Senate, aided by Sen Joe Lieberman and four Democrats, blocked a bill that would have ended tax breaks for companies that shift American jobs overseas. Over the last decade these mega corporations have laid off nearly 3 million American while hiring 2.4 million overseas. These jobs are not low tech jobs as these companies claim but but jobs held by highly educated workers who never expected to find themselves among the unemployed.

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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June 29 is the 180th day of the year (181st in leap years) in the Gregorian calendar. There are 185 days remaining until the end of the year.

On this day in 1928, The Outerbridge Crossing and Goethals Bridge in Staten Island, New York are both opened.

The Outerbridge Crossing is a cantilever bridge which spans the Arthur Kill. The “Outerbridge”, as it is commonly known, connects Perth Amboy, New Jersey, with the New York City borough of Staten Island and carries NY-440 and NJ-440, each road ending at the respective state border.

The bridge was named for Eugenius Harvey Outerbridge (sometimes pronounced “ooterbridge”) the first chairman of the then-Port of New York Authority and a resident of Staten Island. Rather than call it the “Outerbridge Bridge” the span was labeled a “crossing”, but many New Yorkers and others mistakenly assume the name comes from the fact that it is the most remote bridge in New York City and the southernmost crossing in New York state.

It is a steel cantilever construction, designed by John Alexander Low Waddell and built under the auspices of the Port of New York Authority, now the Port Authority of New York and New Jersey, which currently operates it.

It opened simultaneously with the Goethals Bridge on June 29, 1928. Both spans have similar designs. Neither bridge saw high traffic counts until the opening of the Verrazano-Narrows Bridge in 1964. Traffic counts on both bridges were also depressed due to the effects of the Great Depression and World War II.

The Outerbridge Crossing carried 32,438,000 vehicles (both directions) in 2006, or approximately 90,000 each day. Tolls are collected in the eastbound direction only. In early 2009, the cash toll was $8 for passenger vehicles. Users of E-ZPass pay a toll of $6 during off-peak hours (outside of 6-9 am and 4-7 pm).

In 2003, the Port Authority raised the speed limit for the three inner E-ZPass lanes at the toll plaza from 15 mph to 25 mph, separating these lanes from the rest of the eight-lane toll plaza by a barrier. Two years later, the tollbooths adjacent to the 25 mph E-ZPass lanes were removed and overhead gantries were installed with electronic tag readers to permit E-ZPass vehicles to travel at 45 mph in special high-speed lanes.[9] Motorists using the high-speed E-ZPass lanes cannot use the Page Avenue exit, which is located immediately after the toll plaza.

In recent years, the bridge has undergone numerous repair jobs as a result of the high volume of traffic that crosses the bridge each day.

The Goethals Bridge connects Elizabeth, New Jersey to Staten Island (New York City), near the Howland Hook Marine Terminal, Staten Island, New York over the Arthur Kill. Operated by the Port Authority of New York and New Jersey, the span was one of the first structures built by the authority. On the New Jersey side it is located 2 exits south of the terminus for the New Jersey Turnpike-Newark Bay Extension. The primary use for this bridge is a connection for New York City to Newark Airport. The bridge has been grandfathered into Interstate 278, and named for Major General George Washington Goethals, who supervised construction of the Panama Canal and was the first consulting engineer of the Port Authority.

A steel truss cantilever design by John Alexander Low Waddell ], who also designed the [Outerbridge Crossing. The bridge is 672 ft (205 m) long central span, 7,109 feet (2,168 m) long in total, 62 feet (19 m) wide, has a clearance of 135 feet (41.1 m) and has four lanes for traffic. The Port Authority had $3 million of state money and raised $14 million in bonds to build the Goethals Bridge and the Outerbridge Crossing; the Goethals bridge construction began on September 1, 1925 and cost $7.2 million. It and the Outerbridge Crossing opened on June 29, 1928. The Goethals Bridge replaced three ferries and is the immediate neighbor of the Arthur Kill Rail Bridge. Its unusual mid-span height was a requirement of the New Jersey ports.

Connecting onto the New Jersey Turnpike, it is one of the main routes for traffic between there and Brooklyn via the Staten Island Expressway and the Verrazano-Narrows Bridge. Until the Verrazano-Narrows Bridge was completed in 1964 the Goethals Bridge never turned a profit. The same happened to the Outerbridge Crossing. The total traffic in 2002 was 15.68 million vehicles.

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

It was announced that the International Monetary Fund has appointed French Finance Minister Christine Lagarde its first female head. With the backing of China, Russia and, today, the United States, Ms. Lagarde has some very tough tasks set out for her the most important being the economic crisis in Greece:

Greek Strike Overshadows Budget Vote

Greek police fired tear gas to disperse protesters in the center of Athens as labor unions shut down government services before a vote on austerity measures that may determine if the nation can avoid a default. . . . .

Papandreou faces his second survival test in a week tomorrow when lawmakers vote on the package that’s needed before the cash-strapped nation can tap a fifth loan payment from last year’s 110 billion-euro ($157 billion) rescue. Failure to pass the government’s 78 billion-euro plan may lead to the euro area’s first sovereign default. . . .

Asset Sales

State-asset sales are the “first pillar” in any new financing package for Greece and an important factor for its European Union and International Monetary Fund partners, who are supplying the aid, Finance Minister Evangelos Venizelos said in parliament today. He spoke as a debate on the second bill, the so-called Implementation Law, began under a fast-track process, to make a June 30 deadline.

The “Shock Doctrine” in full play and the Greek people are not happy

“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”.

New York Times Editorial: The First Amendment, Upside Down

The Supreme Court decision striking down public matching funds in Arizona’s campaign finance system is a serious setback for American democracy. The opinion written by Chief Justice John Roberts Jr. in Monday’s 5-to-4 decision shows again the conservative majority’s contempt for campaign finance laws that aim to provide some balance to the unlimited amounts of money flooding the political system.

In the Citizens United case, the court ruled that the government may not ban corporations, unions and other moneyed institutions from spending in political campaigns. The Arizona decision is a companion to that destructive landmark ruling. It takes away a vital, innovative way of ensuring that candidates who do not have unlimited bank accounts can get enough public dollars to compete effectively.

Eugene Robinson: The Economy Is Bad Enough

   There is no good reason for negotiations on the budget and the debt ceiling to be deadlocked, because the solution is obvious: First, do no harm.

   The Hippocratic injunction should be something befuddled economists and warring politicians can agree on. With the nation struggling to recover from a devastating recession, unemployment stuck at crisis levels, financial markets spooked by the possibility of European defaults and consumers disinclined to consume, it makes no earthly sense to suck money out of the economy.

   Democrats are right that this is a terrible moment for spending cuts. Republicans are right that this is an awful moment for tax increases. The only reasonable thing to do is kick the can down the road-but in a purposeful, intelligent way.

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.

June 28 is the 179th day of the year (180th in leap years) in the Gregorian calendar. There are 186 days remaining until the end of the year.

In common years it is always in ISO week 26.

This date is the only date each year where both the month and day are different perfect numbers, June 6 being the only date where the month and day are the same perfect number.

On this day in 1919, Keynes predicts economic chaos

At the Palace of Versailles outside Paris, Germany signs the Treaty of Versailles with the Allies, officially ending World War I. The English economist John Maynard Keynes, who had attended the peace conference but then left in protest of the treaty, was one of the most outspoken critics of the punitive agreement. In his The Economic Consequences of the Peace, published in December 1919, Keynes predicted that the stiff war reparations and other harsh terms imposed on Germany by the treaty would lead to the financial collapse of the country, which in turn would have serious economic and political repercussions on Europe and the world.

snip

A decade later, Hitler would exploit this continuing bitterness among Germans to seize control of the German state. In the 1930s, the Treaty of Versailles was significantly revised and altered in Germany’s favor, but this belated amendment could not stop the rise of German militarism and the subsequent outbreak of World War II.

In the late 1930s, John Maynard Keynes gained a reputation as the world’s foremost economist by advocating large-scale government economic planning to keep unemployment low and markets healthy. Today, all major capitalist nations adhere to the key principles of Keynesian economics. He died in 1946.

Governments ignore Keynes at their own peril.

Jon Walker at Firedoglake says that the negotiations on the debt ceiling keep moving right:

In the beginning, the idea that any political party would actively hold the debt ceiling hostage to reduce the deficit was considered absurd. Mainly because all the top politicians have admitted they don’t want the country to default and that actually forcing a default would have the exact opposite affect of sending Treasury bond rates up, making the deficit problem dramatically worse. Only a year ago, the idea the debt ceiling must be raised was not just the broad centrist position, and it has been the common sense position for decades.

Instead of holding a firm line and pointing out that Republicans were flirting with incoherent madness related to the debt ceiling, Democrats ,lead by President Obama, choose to feed the Republican deficit hysteria by actively refusing to take a stand. This moved the debate radically to the right. It made it acceptable to hold America credit worthiness hostage to demand deficit reductions despite massive unemployment.

John Amato at Crooks and Liars gives a tutorial in Negotiating for Dummies:

Every “cut” is on the table, but not revenue increasers. This is all kabuki and the debt ceiling isn’t the same type of game they played with as shutting down our own government was. But if Democrats use meaningless military cuts to justify massive cuts in education, food safety, health research and criminal justice as some kumbaya moment, then this will be not a deal, but a ritual sacrifice.

Rachel Maddow and Chris Hayes, Washington Editor of The Nation magazine, discussed the lengths to which the Republicans have gone to undermine President Obama, calling it “craven shameless, unprincipled partisan hackery”

At this point, I call it insanity on the part of the President and the Democratic leadership.

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

This years Netroots Nation in Minneapolis was the largest yet, over 2400 attendees from around the world. I had some reservations about going but from my past experience and being a new blog “owner”, I knew there was a lot I could learn and I did. There is this strange disconnect that we have with anonymous, faceless names on the net. We sometimes misinterpret what they say because we cannot hear their voice, or see their face, or watch their body language. At Netroots, we still may not know each others real names but we do get to put the face and the sound of the voice to what we now reading.

The other reason for my reservations was the current political climate. I knew there were going to be many Democrats there who are avid Obama supporters who would like his critics to sit down and be quiet, let the so-called “adult in the room” handle it. I thought Obama’s campaign machine, especially OFA, would have a huge presence. Was I ever wrong. The lack of support for the President was pretty evident in the booing that his Communications Director Dan Pfeiffer received and the hammering that Deputy Director of Health and Human Service Jay Angoff took when he couldn’t answer questions about the Affordable Health Care Act. I suspect next year in Providence, RI will be even tougher.

One of the best panels was Jane Hamsher, Lt. Dan Choi, John Aravosi and Felipe Matos. Besides Dan ripping up the OFA literature that was handed to the panelists, as I was walking in, Dan was getting “miked up”. I not only had the honor of saluting this brave man and personally thanking him but I got a hug and a kiss. Wow. Absolutely the highlight of the trip.

I got a hug and kiss from Sen Al Frankin at his meet and greet at my hotel and a thank you for phone banking for him from NYC. We are about the same height, too, five foot something.

On my last night, after the Daily Kos party which was very crowded and really loud. A friend and I headed back to the hotel where we were both staying in search of food. The hotel restaurant had already closed but the young lady who was tending the Martini Bar, she made a great martini by the way, directed us to a nearby restaurant that served steaks, ribs and fish. We had a great dinner, the wait staff was friendly and funny and as we were walking back to the hotel, we were stopped by a young couple. They had seen our badges from the convention (yeah, we were still wearing them) and wanted to tell us about the young lady’s immigration dilemma, so we could get the message out that there need to be some real and fair immigration reform. The young lady’s boyfriend explained that she is from a Latin American country studying for her doctorate in a science field. She has a job and applied to stay her after she graduates but has been denied a residence visa. That is insane. Seriously,  here is a young woman, intelligent, educated, contributing to this country’s economy and she is not allowed to stay? This country needs some drastic revision of its immigration policy and President Obama so missed the opportunity to use his popularity in his first two years in office to do that and so much more.

The five days in this lovely city on the upper Mississippi went fast. I was amazed and impressed with the friendly smiles and greeting from the staff at the hotel and convention center where you expect it but from people passing on the street. As a New Yorker, I’m not used to the morning dog walkers to smilingly say hello. Friday night after the New York Gay Marriage Bill passed, one of the pictures that went viral was the the photo of the new I-35W bridge illuminated in the rainbow colors of the GLBT movement. I am not at all surprised.