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Mar 09 2013
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
It comes in four different grades – fine (#1), medium (#2), coarse (#3), and very coarse (#4)- and each type lends itself to a particular kind of dish. In the Middle East pilafs are made with medium, coarse, and very coarse bulgur. Tabbouleh and kibbe are made with fine bulgur. In my kitchen I use the medium grind for a delicious breakfast porridge that has the flavor of a hearty cream of wheat, and I add it to breads and other baked goods. Coarse bulgur goes into pilafs and soups, casseroles and stuffed vegetables.
I don’t know if bulgur is going to be the next quinoa – probably not, as these days so many people shun wheat. But if I had to choose one over the other for flavor and versatility, I’d go with bulgur. One thing it has going for it is that it can be reconstituted without cooking, though you can also cook it in boiling water (the grains will be a little fluffier if you do). As for the nutritional profile, whereas quinoa has a little more protein (4 grams per 100 grams of grain compared with bulgur’s 3), bulgur is less caloric (83 calories per 100 grams compared with quinoa’s 120), higher in fiber (4 grams versus 3), slightly lower in carbohydrates (19 grams compared with 21) and sodium (5 mg compared with 7).
~Martha Rose Shulman~
A quick and easy bread with a rich and nutty taste.
Bulgur, Spinach and Tomato Casserole
A simple, satisfying casserole with spinach and Middle Eastern-inflected tomato sauce.
Winter Tomato Soup With Bulgur
A thick, satisfying winter soup.
A delicious and healthy morning meal.
Bulgur Bowl With Spinach, Mushrooms and Middle Eastern Nut and Spice Seasoning
A simple skillet supper with a savory mixture of mushrooms and spinach.
Mar 09 2013
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
Glen Ford: The Sequestration Tango: Obama and GOP Dance Through the Graveyard of the New Deal
The Obama regime has been remarkably successful – in pushing forward a Republican agenda. Obama, especially, has “moved with such elegance and poise, his fans forgot that he was dancing with a partner: the GOP.” Together, they have starved the federal beast and forged a consensus on the inevitability of austerity. Let the gruesome-twosome take a bow.
Barack Obama’s mission has always been to destroy the left wing of the Democrats in order to consummate a grand bargain – a melding – of the corporatists in both major parties. He entered national politics as a newly-minted member of the Democratic Leadership Council, which dispensed corporate campaign money to business-friendly candidates and incumbents. Ten years later, President Obama has succeeded beyond our worst fears. Black politics is in utter ruin, and the collapse of the Democratic Party’s left wing is all but complete. Austerity is the order of the day, and no one is more responsible for that catastrophe than Obama, who has waged war on so-called entitlement programs since the polls closed in 2008.
Richard (RJ) Eskow: A President Who’ll Cut Social Security – And Liberals Who Love Him Too Much
The spectacle of a supposedly liberal President repeatedly and needlessly trying to cut Social Security is enough to bring a reasonable, economically literate person to the point of existential despair. To see leading liberal lights like Rachel Maddow and Ezra Klein chuckle indulgently at those foolish Republicans in Congress over the subject – Don’t they know he’s already giving them what they want? – is to risk plunging into the depths of that despair.
This week the President hosted a dinner for Republicans leaders where he worked to sell his budget proposal, including his harmful plan to cut benefits through the “chained CPI.” National Security was the main course and Social Security was the dessert. And guess who wasn’t coming to dinner: The elderly, the disabled, or any policy experts who understand the disastrous implications of the chained CPI.
The February employment report shows some notable improvements that, if sustained, would herald a real recovery. Partly boosted by increased employment in the construction industry, the number of new jobs jumped to 236,000 last month, continuing a gradual upward trend.
Unfortunately, there are many reasons to believe that the improvements will not be sustained. If Congressional Republicans have their way – insisting that all deficit reduction be achieved by spending less without any tax increases – the automatic cuts that began on March 1 will continue. That will cost the economy an estimated 750,000 jobs by the end of this year and reduce economic growth by about half a percentage point. [..]
Without adequate demand, there will be no upsurge in business investment. The Fed cannot turn things around on its own. And the automatic budget cuts, on top of it all, will only make things worse.
Michael Winship: Jack Lew, Citigroup and the Ugland Truth
Along with its sandy beaches and quality snorkeling, the Cayman Islands’ reputation as an offshore tax haven for corporations, banks and hedge funds has become so well-known its financial institutions now are featured in travel brochures as yet another tourist attraction.
So as we traveled across the Caribbean this week – including a stretch paralleling the south coast of Cuba past Guantanamo Bay and the Sierra Maestra mountains, where Castro and his revolutionaries once hid out – we made a stop in George Town on Grand Cayman Island. A short walk along the shore took us to 335 South Church Street, a location made famous by Barack Obama a few years ago and more recently, Jack Lew, during his confirmation hearings to become Secretary of the Treasury.
Gail Collins: Senators Bearing Arms
Whenever talk turns to gun control in Congress, lawmakers feel compelled to mention their love of weaponry. [..]
People, do you think Congress is actually going to do anything about gun violence in the wake of the Newtown shootings? Judiciary is going to vote on two big proposals next week: a ban on assault weapons and an expansion of gun purchase background checks. If the Democrats stick together, the bills can pass on a party-line vote. But to go any further, they need Republican support, and there wasn’t a whole lot of it in evidence this week.
Ryan Goodman: The Drone Question Obama Hasn’t Answered
THE Senate confirmed John O. Brennan as director of the Central Intelligence Agency on Thursday after a nearly 13-hour filibuster by the libertarian senator Rand Paul, who before the vote received a somewhat odd letter from the attorney general. [..]
The senator, whose filibuster had become a social-media sensation, elating Tea Party members, human-rights groups and pacifists alike, said he was “quite happy with the answer.” But Mr. Holder’s letter raises more questions than it answers – and, indeed, more important and more serious questions than the senator posed. [..]
But is it well past time for the United States government to specify, precisely, its views on whom it thinks it can kill in the struggle against Al Qaeda and other terrorist forces? The answer is yes.
The Obama administration’s continued refusal to do so should alarm any American concerned about the constitutional right of our citizens – no matter what evil they may or may not be engaged in – to due process under the law. For those Americans, Mr. Holder’s seemingly simple but maddeningly vague letter offers no reassurance.
Mar 09 2013
On This Day In History March 9
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.
March 9 is the 68th day of the year (69th in leap years) in the Gregorian calendar. There are 297 days remaining until the end of the year.
On this day in 1841, the US Supreme Court rules on Amistad mutiny
At the end of a historic case, the U.S. Supreme Court rules, with only one dissent, that the African slaves who seized control of the Amistad slave ship had been illegally forced into slavery, and thus are free under American law.
The Amistad, also known as United States v. Libellants and Claimants of the Schooner Amistad, 40 U.S. (15 Pet.) 518 (1841), was a United States Supreme Court case resulting from the rebellion of slaves on board the Spanish schooner Amistad in 1839. It was an unusual “freedom suit“, as it involved international issues and parties, as well as United States law.
The rebellion broke out when the schooner, traveling along the coast of Cuba, was taken over by a group of captives who had earlier been kidnapped in Africa and sold into slavery. The Africans were later apprehended on the vessel near Long Island, New York, by the United States Revenue Cutter Service and taken into custody. The ensuing, widely publicized court cases in the United States helped the abolitionist movement.
In 1840, a federal trial court found that the initial transport of the Africans across the Atlantic (which did not involve the Amistad) had been illegal, because the international slave trade had been abolished, and the captives were thus not legally slaves but free. Given that they were illegally confined, the Africans were entitled to take whatever legal measures necessary to secure their freedom, including the use of force. After the US Supreme Court affirmed this finding on March 9, 1841, supporters arranged transportation for the Africans back to Africa in 1842. The case influenced numerous succeeding laws in the United States.
Arguments before the Supreme Court
On February 23, 1841, Attorney General Henry D. Gilpin began the oral argument phase before the Supreme Court. Gilpin first entered into evidence the papers of La Amistad which stated that the Africans were Spanish property. The documents being in order, Gilpin argued that the Court had no authority to rule against their validity. Gilpin contended that if the Africans were slaves (as evidenced by the documents), then they must be returned to their rightful owner, in this case, the Spanish government. Gilpin’s argument lasted two hours.
John Quincy Adams, former President of the United States and at that time a U.S. Representative from Massachusetts, had agreed to argue for the Africans, but when it was time for him to argue, felt ill-prepared. Roger Sherman Baldwin, who had already represented the captives in the lower cases, opened in his place.
Baldwin, a prominent attorney (who was no relation to Justice Baldwin, the lone dissenter on the Court) contended that the Spanish government was attempting to manipulate the Court to return “fugitives”. In actuality, Baldwin argued, the Spanish government sought the return of slaves, who had been freed by the District Court, a fact that the Spanish government was not appealing. Covering all the facts of the case, Baldwin spoke for four hours over the course of the 22nd and the 23rd.
John Quincy Adams rose to speak on February 24. First, he reminded the court that it was a part of the judicial branch, and not part of the executive. Adams introduced correspondence between the Spanish government and the Secretary of State, criticizing President Martin van Buren for his assumption of unconstitutional powers in the case.
This review of all the proceedings of the Executive I have made with utmost pain, because it was necessary to bring it fully before your Honors, to show that the course of that department had been dictated, throughout, not by justice but by sympathy – and a sympathy the most partial and injust. And this sympathy prevailed to such a degree, among all the persons concerned in this business, as to have perverted their minds with regard to all the most sacred principles of law and right, on which the liberties of the United States are founded; and a course was pursued, from the beginning to the end, which was not only an outrage upon the persons whose lives and liberties were at stake, but hostile to the power and independence of the judiciary itself.
Adams argued that neither Pinckney’s Treaty nor the Adams-Onis Treaty were applicable to the case. Article IX of Pinckney’s Treaty referred only to property, and did not apply to people. As to The Antelope decision (10 Wheat. 124), which recognized “that possession on board of a vessel was evidence of property”, Adams said that did not apply either, since the precedent there was established prior to the prohibition of the foreign slave trade in the United States. Adams concluded after eight and one-half hours of speaking on March 1 (the Court had taken a recess following the death of Associate Justice Barbour).
Attorney General Gilpin concluded oral argument with a three-hour rebuttal on March 2. The Court retired to consider the case.
On March 9, Associate Justice Joseph Story delivered the Court’s decision. Article IX of Pinckney’s Treaty was ruled off topic since the Africans in question were never legal property. They were not criminals, as the U.S. Attorney’s Office argued, but rather “unlawfully kidnapped, and forcibly and wrongfully carried on board a certain vessel”. The documents submitted by Attorney General Gilpin were not evidence of property, but rather of fraud on the part of the Spanish government. Lt. Gedney and the USS Washington were to be awarded salvage from the vessel for having performed “a highly meritorious and useful service to the proprietors of the ship and cargo”.
When La Amistad came into Long Island, however, the Court believed it to be in the possession of the Africans on board, who had no intent to become slaves. Therefore, the Adams-Onis Treaty did not apply, and the President was not required to return the slaves to Africa.
Upon the whole, our opinion is, that the decree of the circuit court, affirming that of the district court, ought to be affirmed, except so far as it directs the negroes to be delivered to the president, to be transported to Africa, in pursuance of the act of the 3rd of March 1819; and as to this, it ought to be reversed: and that the said negroes be declared to be free, and be dismissed from the custody of the court, and go without delay.
Mar 08 2013
Health Care Costs: The Hard To Swallow Pill
Journalist Steve Brill wrote brilliant cover story for Time magazine, Bitter Pill: Why Medical Bills Are Killing Us, which lays out the reason US health care costs are out of control, just follow the money. He explains how the hospitals and their executives are scamming the system through billing to maximize profits. As an examples of the absurd charges, for a 15 cent Tylenol tablet hospitals charge as much as $1.50, $6 for a marker used to mark the body before surgery and as much as $77 for each of four boxes of gauze used. In hospital a patient can be charges as much as $450 for an electrocardiogram that in a doctor’s office would only cost $150.
This doesn’t happen in other countries where costs are controlled by government set rates for what both private and public plans can charge for various procedures. The problem here in the US isn’t that we don’t have single payer, it’s that the government doesn’t regulate the prices that health-care providers can charge. But in an article at the Washington Post by Sarah Kliff for the Wonkblog writes that we don’t need to look to other countries:
Maryland has succeeded in controlling costs for about four decades now. It is the only state that sets rates for hospitals, with the state government deciding what every Maryland hospital can charge for a given procedure..
That system started in 1976, when Maryland had hospital costs 26 percent higher than the rest of the the country. In 2008, the average cost for a hospital admission in Maryland was down to national levels. “From 1997 through 2008, Maryland hospitals experienced the lowest cumulative growth in cost per adjusted admission of any state in the nation,” the state concluded in a 2010 report (pdf).
Here is a brief summery of the article and what you should know about why health care in this country costs so much (and it isn’t malpractice lawsuits, as some would have you believe):
Hospitals arbitrarily set prices based on a mysterious internal list known as the “chargemaster.” These prices vary from hospital to hospital and are often ten times the actual cost of an item. Insurance companies and Medicare pay discounted prices, but don’t have enough leverage to bring fees down anywhere close to actual costs. While other countries restrain drug prices, in the United States federal law actually restricts the single biggest buyer-Medicare-from even trying to negotiate the price of drugs. Tax-exempt “nonprofit” hospitals are the most profitable businesses and largest employers in their regions, often presided over by the most richly compensated executives. Cancer treatment – at some of the most renowned centers such as Sloan-Kettering and M.D. Anderson – has some of the industry’s highest profit margins. Cancer drugs in particular are hugely profitable. For example, Sloan-Kettering charges $4615 for a immune-deficiency drug named Flebogamma. Medicare cuts Sloan-Kettering’s charge to $2123, still way above what the hospital paid for it, an estimated $1400. Patients can hire medical billing advocates who help people read their bills and try to reduce them. “The hospitals all know the bills are fiction, or at least only a place to start the discussion, so you bargain with them,” says Katalin Goencz, a former appeals coordinator in a hospital billing department who now works as an advocate in Stamford, CT.
Recently, Mr Brill sat down with Hardball guest host Michael Smerconish and Neera Tanden from Center for American Progress to discuss how the rising health care costs are killing Americans:
And it actually that bears on the conversation we’re having, because a chunk of that money is paid by Medicare. Medicare is I point out in the article is very efficient at most things. It buys health care really efficiently, which is a great irony, because it’s supposed to be the big government of bureaucracy.
Where Medicare is not efficient is where Congress, because of lobbyists have handcuffed Medicare. Medicare can’t negotiate what it pays for any kind of drugs. It can’t negotiate what it pays for wheelchairs, diabetes testing equipment. And if Congress took those handcuffs off of Medicare, you could get about half of the spending cuts that we’re sitting around here talking about.
Raising the eligibility age and/or applying a means test as ways to reduce the cost of Medicare will not fix the rising costs. Only government regulation of the hospitals and the ability of Medicare to negotiate pricing for procedures, equipment and supplies will cut the cost for the patient and the tax payers. Take the profit motive out of saving lives and keeping Americans healthy.
Mar 08 2013
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
New York Times Ediorial: Mr. Brennan’s Excuse
John Brennan, the newly confirmed chief of the Central Intelligence Agency, has been at the agency for most of 25 years. He had two counterterrorism jobs during the administration of George W. Bush. In one, he compiled intelligence reports from 20 agencies (including the C.I.A.) for Mr. Bush’s morning briefing. He was President Obama’s national security adviser in his first term and an architect of the Obama administration’s targeted killings policy.
Yet, at his Senate confirmation hearing in February, he appeared to be one of the few people (apart from maybe Dick Cheney and some other die-hard right-wingers) who thinks there is some doubt still about whether the Bush administration tortured prisoners, hid its actions from Congress and misled everyone about whether coerced testimony provided valuable intelligence.
Paul Krugman: The Market Speaks
Four years ago, as a newly elected president began his efforts to rescue the economy and strengthen the social safety net, conservative economic pundits – people who claimed to understand markets and know how to satisfy them – warned of imminent financial disaster. Stocks, they declared, would plunge, while interest rates would soar. [..]
Sure enough, this week the Dow Jones industrial average has been hitting all-time highs, while the current yield on 10-year U.S. government bonds is roughly half what it was when The Journal published that screed.
O.K., everyone makes a bad prediction now and then. But these predictions have special significance, and not just because the people who made them have had such a remarkable track record of error these past several years.
The applicant, U.S. Pentagon, seeks to purchase a wide variety of firearms in vast quantities. This background check has determined that the applicant has a long history of assisting individuals, organizations and governments prone to gun violence.
Pentagon has often served as an active accomplice or direct perpetrator of killings on a mass scale. During the last 50 years, the applicant has directly inflicted large-scale death and injuries in numerous countries, among them the Dominican Republic, Vietnam, Laos, Cambodia, Grenada, Panama, Kosovo, Serbia, Iraq and Afghanistan (partial list). Resulting fatalities are estimated to have been more than 5 million people.
For purposes of this background check, special attention has been necessarily focused on the scope of firearms currently sought by Pentagon. They include numerous types of semi-automatic and fully automatic rifles as well as many other assault weapons. Continuing purchases by the applicant include drones and cruise missiles along with the latest models of compatible projectiles and matching explosives.
Robert L. Borsage: It’s Official: Too Big to Fail Banks Are Too Big to Jail
For years, the Obama administration has been pummeled for failing to bring criminal charges against a single major Wall Street bank or a single leading Wall Street banker for what the FBI termed an “epidemic of fraud” that blew up the entire economy. Investigations revealed the banks committed routine fraud in peddling mortgage securities they knew were garbage, trampled basic property laws, laundered money from Iran, Libya and Mexican drug lords, conspired to game the basic measure of interest rates and more. Yet, time after time, the Justice Department and regulatory agencies settled for sweetheart deals, with no admission of guilt, no banker held accountable, and institutional fines that were the equivalent in earnings of a speeding ticket to the average family.
Yesterday Attorney General Eric Holder stated openly what was already apparent: The Justice Department believes that Too Big to Fail Banks are Too Big to Jail. Criminal indictments against banks or leading bankers might endanger the economy and thus were too big a risk.
Cenk Uygur: The 3 Real Problems With Drone Strikes
It’s frustrating to see how muddled the debate over drones has become. Some people are wondering why we’re all so concerned over a new vehicle that delivers bombs, as opposed to planes. No, no, that’s not it at all. Drones don’t kill people, the U.S. government kills people. It’s just a tool. The problem isn’t the tool; the problem is how we are using it.
So, in order to clear up the confusion let me just state the three biggest problems with how we are using the drone program. [..]
Of course, there is one other thing, which is that most Democrats cannot get themselves to believe that the beloved Barack Obama would authorize things like this, so they just turn a deaf ear to it or try to make some sort of comical excuse for it. The reality is that he does do these things and that’s why progressives who are paying attention have been so disgruntled with him. It’s not like we didn’t like the guy or vote for the guy; we’re not like the conservatives who have Obama Derangement Syndrome and think he’s a Muslim from another planet and oppose everything he does. No, we oppose him on this because it is clearly and unequivocally wrong.
Bertha Lewis: Burwell as Obama’s Budget Director: Walmart Wins, Working Families Lose
As head of Walmart Foundation lobbying, Sylvia Mathews Burwell spent millions to open stores that pay poverty wages
f President Barack Obama goes forward with his nomination of Walmart Foundation head Sylvia Mathews Burwell for director of the Office of Management and Budget, it will be a coup for Walmart and its foundation, where Burwell has used its massive budget to expand Walmart’s influence at all levels of government and pave the way for its expansion into towns and cities across America. Unfortunately, it will also be a disaster for America’s working families.
The Walmart Foundation is hardly your traditional charity. It exists to advance the company’s agenda – silencing dissenters in their rapid urban expansion. It has donated to groups that have gone on the record to support Walmart during its most contentious political disputes, including the ongoing effort to open stores in New York City. And it has even donated directly to municipalities and to groups tied to powerful elected officials.
Mar 08 2013
On This Day In History March 8
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.
March 8 is the 67th day of the year (68th in leap years) in the Gregorian calendar. There are 298 days remaining until the end of the year.
On this day in 1911, International Women’s Day is launched in Copenhagen, Denmark, by Clara Zetkin, leader of the Women’s Office for the Social Democratic Party in Germany.
International Women’s Day (IWD), originally called International Working Women’s Day is marked on the 8th of March every year. It is a major day of global celebration of women. In different regions the focus of the celebrations ranges from general celebration of respect, appreciation and love towards women to a celebration for women’s economic, political and social achievements.
Started as a Socialist political event, the holiday blended in the culture of many countries, primarily Eastern Europe, Russia, and the former Soviet bloc. In many regions, the day lost its political flavour, and became simply an occasion for men to express their love for women in a way somewhat similar to a mixture of Mother’s Day and St Valentine’s Day. In other regions, however, the original political and human rights theme designated by the United Nations runs strong, and political and social awareness of the struggles of women worldwide are brought out and examined in a hopeful manner.
The first IWD was observed on 19 March 1911 in Germany following a declaration by the Socialist Party of America. The idea of having an international women’s day was first put forward at the turn of the 20th century amid rapid world industrialization and economic expansion that led to protests over working conditions.
In 1910, Second International held the first international women’s conference in Copenhagen (in the labour-movement building located at Jagtvej 69, which until recently housed Ungdomshuset). An ‘International Women’s Day’ was established. It was suggested by the important German Socialist Clara Zetkin, although no date was specified. The following year, 1911, IWD was marked by over a million people in Austria, Denmark, Germany and Switzerland, on March 19. In the West, International Women’s Day was first observed as a popular event after 1977 when the united Nations General Assembly invited member states to proclaim March 8 as the UN Day for Women’s Rights and International Peace.
Demonstrations marking International Women’s Day in Russia proved to be the first stage of the Russian Revolution of 1917.
Following the October Revolution, the Bolshevik Alexandra Kollontai persuaded Lenin to make it an official holiday in the Soviet Union, and it was established, but was a working day until 1965. On May 8, 1965 by the decree of the USSR Presidium of the Supreme Soviet International Women’s Day was declared a non working day in the USSR “in commemoration of the outstanding merits of Soviet women in communistic construction, in the defense of their Fatherland during the Great Patriotic War, in their heroism and selflessness at the front and in the rear, and also marking the great contribution of women to strengthening friendship between peoples, and the struggle for peace. But still, women’s day must be celebrated as are other holidays.”
2011 International Women’s Day
Events are scheduled to take place in more than 100 countries around the world on March 8, 2011, to commemorate the 100th anniversary of International Women’s Day. In the United States, President Barack Obama proclaimed March 2011 to be “Women’s History Month”, calling Americans to mark IWD by reflecting on “the extraordinary accomplishments of women” in shaping the country’s history. Secretary of State Hillary Clinton launched the “100 Women Initiative: Empowering Women and Girls through International Exchanges”, on the eve of IWD.
Mar 08 2013
The Dow of the Economy
The “sequester that wouldn’t happen” kicked into reality last Friday. So far all the dire warnings of job losses, airport delays and threats to national security haven’t materialized but give it a month for the effects to kick in. Meanwhile the Stock Market seems to have not noticed and is reaching new pinnacles for a third say. If you read the financial pages of the New York Times or the Wall Street Journal, you’d think the economy was on a rapid road to recovery, yet the economy continues to languish, along with the middle class and manufacturing as naked capitalism founder Yves Smith noted:
It’s hard to fathom the celebratory mood in the US markets, save that the moneyed classes are benefitting from a wall of liquidity reminiscent of early 2007, when risk spreads across virtually all types of lending shrank to scarily low levels. Then the culprit was not well understood, although Gillian Tett discerned that CDOs were a huge source of leverage, and in April 2007, an analyst, Henry Maxey at Ruffler, LLC, did an impressive job of piecing together how levered structured credit strategies were driving market liquidity.
Now it’s a lot easier to see what is afoot. The Fed has been trying to reflate asset values to goose the real economy. What it has done instead is goose the incomes of the top 1% while everyone else is on the whole worse off. But the central bank is suffering from a very bad case of “if the only tool you have is a hammer, every problem looks like a nail” syndrome. It’s unwilling or unable to admit that its program is working only for a very few. It has convinced itself that if it just keeps on the same failed path long enough, things will turn around.
The Guardian‘s US finance and economics editor, Heidi Moore explains why this rally is not an indicator of US economic growth and why we shouldn’t trust the Dow:
The last time the Dow hit a high, in 2007, the Federal Reserve and the European Central Bank were already collaborating on a global economic bailout, and Bear Stearns collapsed six months later. Before that, the high was in January 2000, only about three months before the market started a long, ugly downward slide in the wake of the tech boom. Go back further, in 1987, when the Dow hit a temporary high before the recession of the late 1980s and early 1990s hit. In 1966, the Dow hit 1,000 and by 1967 the economy began a long downward slide into the stagflation of the 1970s and the recession of the early 1980s.
None of that, however, beats the Dow’s high in September 1929, just weeks before the giant crash that ushered in the Great Depression. The Dow cannot defy gravity. The higher it rises, the harder it will fall.
So when the Dow is high, you should smile – briefly. Then duck.
If you’re getting a bad feeling about this, you should.
On MSNBC’s The Rachel Maddow Show Tuesday, Rachel’s guests Joseph Stiglitz, Nobel Prize-winning economist and Frank Rich, New York Magazine writer-at-large discuss the stock market and corporate profits reaching record setting heights while most Americans see their wages stagnant and unemployment rates barely moving.
Transcript can be read here
Mar 08 2013
Eric Holder’s Bad Week
Between having to admit that it was too big to prosecute (TBTP) the Too Big To Fail (TBTF) banks, his testimony on the legality of targeted assassinations and having to clarify lethal drone attacks on Americans in America after Rand Paul’s thirteen hour filibuster, Attorney General Eric Holder has not has a good week.
In his testimony before the Senate Judiciary Committee, AG Holder responded to Iowa Republican Sen. Chuck Grassley’s concern that the “mentality of too-big-to-jail in the financial sector” was leading to the spread of terrorism (re:HSBC) with this:
HOLDER: The concern that you have raised is one that I, frankly, share. And I’m not talking about HSBC now. That (inaudible) be appropriate.
But I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy. And I think that is a function of the fact that some of these institutions have become too large.
Never mind laundering money for terrorist activity and giving it a pass, it’s all about protecting the world’s 1%. The Federal Reserve just keeps handing them $83 billion in handouts every year while Obama negotiates away Social Security and Medicare benefits at fancy dinners in Washington posh hotels with Republicans.
If they’re TBTP, then it time to break them up
Then came Kentucky’s Republican Sen. Rand Paul’s pique over Mr. Holder’s failure to answer three inquiries regarding armed drone attacks on Americans on American soil. Sen Paul’s 13 hour filibuster which at times bizarre (you try talking for that long and not sound a little weird) causing Mr. Holder to back off on his assertion that the president can do just that. In his second letter, Mr. Holder told Sen. Paul that the president would not have the authority to order a drone to kill an American citizen on U.S. soil who was “not engaged in combat.”. How nice, he can’t use drones. But AG holder can take solace, the author of the Bush administration legal memos justifying the use of torture, John Yoo, thinks thinks “President Obama is really getting too much grief over targeted killing“:
“I admire libertarians but I think Rand Paul’s filibuster in many ways is very much what libertarians do, they make these very symbolic gestures, standing for some extreme position,” said Yoo, now a UC Berkeley law professor, who once suggested it was okay for the president to order a child’s testicles be crushed. Referring to Paul’s marathon filibuster, an attempt to force the Obama administration to clarify its views on the use of military force against terror suspects in the United States, Yoo said “It sort of reminds me of young kids when they first read The Fountainhead or Atlas Shrugged and they suddenly think that federal taxation equals slavery and they’re not going to pay any federal taxes anymore.” Yoo’s statements were made on a conference call Thursday held by the Federalist Society, an influential conservative legal organization.
Now that’s an endorsement you can take to a war crimes trial.
It is unconstitutional to target a group or an individual without due process under Article I, Section 10, Clause 1 of the Constitution which bans bills of attainder, and the Fifth Amendment.
So long as this president has a list of people he thinks can be targeted for assassination without due process, by armed drone or any other means, there are should to be questions and not just from a handful of Tea Party Libertarians. As for AG Holder, if he can’t prosecute banks or uphold the Constitution, then he should be fired, resign or impeached.
Mar 07 2013
Punting the Pundits
“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.
Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.
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Duncan Black aka Atrios: Expand Social Security
The three legged stool is down to one leg.
According to the Pew Research Center, the median household wealth for those aged 65+ is about $170,000. While that sounds like a significant amount of money, as Dean Baker of the Center for Economic and Policy Research pointed out, this is actually a trivial amount of wealth for people with little or no income other than Social Security benefits. Remember that this figure includes housing wealth. Even if it was a bunch of cash in a bank account, it wouldn’t actually provide for a significant supplement to other retirement income, but the reality is that many people have a house and not much else.
The point is that people with this vast wealth of $170,000, mostly tied up in the house in which they live, face bleak retirement years. As politicians in both parties discuss cutting promised Social Security retirement benefits as a misguided tribute to the austerity gods, the reality is that we desperately need to increase these benefits right now.
Mark S. Mellmann: The G. Gordon Liddy Republicans
One of my favorite Washington stories concerns infamous Watergate conspirator G. Gordon Liddy, who used to entertain party guests by holding his hand in a candle flame for some time. “What’s the trick?” shocked onlookers would ask. He would reply stoically “The trick is, I don’t care.”
That explains Republicans’ unwillingness to compromise on an agreement that would reduce the deficit by both cutting spending and closing tax loopholes, despite the damage their refusal has inflicted on the GOP, which I detailed last week. And we know that Republican legislators are out of touch even with their own partisans, a majority of whom prefer a combination of spending cuts and revenue increases.
In the end, though, whether the source of the Liddy Republicans’ recalcitrance is ideological commitment, fear of primaries or insulation from political tides, we can be certain about two things: It’s damaging the GOP brand and it’s hurting our country.
Don’t tell the Tea Party, but the tag team of John Boehner and Mitch McConnell are currently mopping the floor with Barack Obama.
The president convincingly won a second term in November, but since that time, the congressional Republican leadership has outfoxed, outmaneuvered and plain out-strategized him on just about every issue.
Don’t tell the Tea Party, but the tag team of John Boehner and Mitch McConnell are currently mopping the floor with Barack Obama.
The president convincingly won a second term in November, but since that time, the congressional Republican leadership has outfoxed, outmaneuvered and plain out-strategized him on just about every issue.
Robert Reich: Why There’s a Bull Market for Stocks and a Bear Market for Workers
Today the Dow Jones Industrial Average rose above 14,270 — completely erasing its 54 percent loss between 2007 and 2009.
The stock market is basically back to where it was in 2000, while corporate earnings have doubled since then.
Yet the real median wage is now 8 percent below what it was in 2000, and unemployment remains sky-high.
Why is the stock market doing so well, while most Americans are doing so poorly? Four reasons: [..]
Rarely before in American history have public policies so radically helped the most fortunate among us, so cruelly harmed the least fortunate, and exposed so many average working Americans to such widespread insecurity.
Joe Conason: Hungry Children Will Be Among First to Suffer From Sequestration
The difference between a natural disaster and a disaster caused by politicians is that the latter will almost always hit the poor and the obscure most heavily, while a hurricane or a flood will at least sometimes spread the suffering more evenly.
As the “sequester” unfolds in Washington, we see this same old pattern holding firm: Republican leaders, now hustling to shirk responsibility for the catastrophe they predicted, insist those automated budget axes won’t do any damage at all.
Has anyone felt any pain yet?
Not during the first few days, of course, but when the cuts begin to bite a month or so from now, the first to feel it will be the unemployed and the destitute for whom a few dollars of government support mean so much in their daily survival calculation. A decent policy would seek to spare them the brunt of political mistakes made by other, far more comfortable people, but this process permits no such choices-and the most vulnerable will by definition be hurt most.
George Zornick: Beware Obama’s Dealmaking
As sequestration churns on, President Obama is reaching out to moderate Republican members of the Senate to see if he can still put a deal together. He is coming to the Hill next week for a Republican luncheon, and hosting other members for dinner tonight. The president is also picking up the phone. “He just called me,” Senator Lindsey Graham told reporters yesterday. “What I see from the president is probably the most encouraging engagement on a big issue that I’ve seen since the early years of his presidency. He wants to do the big deal.”
This should, and does, worry progressives inside and outside of Congress. The default position among center-left pundits is that if Obama gets Republicans to agree on a grand deficit reduction package that includes new revenue, he’s “won.” But that assumption really needs to be interrogated, and each concession examined.
Mar 07 2013
On This Day In History March 7
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.
March 7 is the 66th day of the year (67th in leap years) in the Gregorian calendar. There are 299 days remaining until the end of the year.
On this day in 1976, a group of 600 civil rights marchers are forcefully broken up in Selma, Alabama. This day would be remembered in the Civil Rights Movement as “Bloody Sunday”
The Selma to Montgomery marches were three marches in 1965 that marked the political and emotional peak of the American civil rights movement. They grew out of the voting rights movement in Selma, Alabama, launched by local African-Americans who formed the Dallas County Voters League (DCVL). In 1963, the DCVL and organizers from the Student Nonviolent Coordinating Committee (SNCC) began voter-registration work. When white resistance to Black voter registration proved intractable, the DCVL requested the assistance of Martin Luther King, Jr. and the Southern Christian Leadership Conference, who brought many prominent civil rights and civic leaders to support voting rights.
The first march took place on March 7, 1965 – “Bloody Sunday” – when 600 civil rights marchers were attacked by state and local police with billy clubs and tear gas. The second march took place on March 9. Only the third march, which began on March 21 and lasted five days, made it to Montgomery, 51 miles away.
The marchers averaged 10 miles a day along U.S. Route 80, known in Alabama as the “Jefferson Davis Highway”. Protected by 2,000 soldiers of the U.S. Army, 1,900 members of the Alabama National Guard under Federal command, and many FBI agents and Federal Marshals, they arrived in Montgomery on March 24, and at the Alabama Capitol building on March 25.
The route is memorialized as the Selma To Montgomery Voting Rights Trail, a U.S. National Historic Trail.
Selma essentially became the focus the right to vote marches because it was the seat of Dallas County, AL that although it has a black population of 57% with 15,000 blacks elegible to vote, there were only 130 registered. Efforts to register voters were blocked by state and local officials, the White Citizens’ Council, and the Ku Klux Klan, using a literacy test, economic pressure, and violence.
On July 2, 1964, President Lyndon B. Johnson signed the Civil Rights Act of 1964 into law, which declared segregation illegal, yet Jim Crow remained in effect. When attempts to integrate Selma’s dining and entertainment venues were resumed, blacks who tried to attend the movie theater and eat at a hamburger stand were beaten and arrested.
On July 6, John Lewis led 50 blacks to the courthouse on registration day, but Sheriff Clark arrested them rather than allow them to apply to vote. On July 9, Judge James Hare issued an injunction forbidding any gathering of three or more people under the sponsorship of civil rights organizations or leaders. This injunction made it illegal to even talk to more than two people at a time about civil rights or voter registration in Selma, suppressing public civil rights activity there for the next six months.
With civil rights activity blocked by Judge Hare’s injunction, the DCVL requested the assistance of King and the Southern Christian Leadership Conference (SCLC). Three of SCLC’s main organizers – Director of Direct Action and Nonviolent Education James Bevel, Diane Nash, and [http://en.wikipedia.org/wiki/James_Orange James Orang, who had been working on Bevel’s Alabama Voting Rights Project since late 1963, a project which King and the executive board of SCLC had not joined. When SCLC officially accepted Amelia Boynton’s invitation to bring their organization to Selma, Bevel, Nash, Orange and others in SCLC began working in Selma in December 1964. They also worked in the surrounding counties along with the SNCC staff who had been active there since early 1963.
The Selma Voting Rights Movement officially started on January 2, 1965, when King addressed a mass meeting in Brown Chapel in defiance of the anti-meeting injunction.
Over the following weeks, SCLC and SNCC activists expanded voter registration drives and protests in Selma and the adjacent Black Belt counties. In addition to Selma, marches and other protests in support of voting rights were held in Perry, Wilcox, Marengo, Greene, and Hale counties.
On February 18, 1965, an Alabama State Trooper, corporal James Bonard Fowler, shot Jimmie Lee Jackson as he tried to protect his mother and grandfather in a café to which they had fled while being attacked by troopers during a nighttime civil rights demonstration in Marion, the county seat of Perry County. Jackson died eight days later, of an infection resulting from the gunshot wound, at Selma’s Good Samaritan Hospital.
In response, James Bevel called for a march from Selma to Montgomery.
Bevel’s initial plan was to march to Montgomery to ask Governor George Wallace if he had anything to do with ordering the lights out and the state troopers to shoot during the march in which Jackson was killed. Bevel called the march in order to focus the anger and pain of the people of Selma, some of whom wanted to address Jackson’s death with violence, towards a nonviolent goal. The marchers also hoped to bring attention to the violations of their rights by marching to Montgomery. Dr. King agreed with Bevel’s plan, and asked for a march from Selma to Montgomery to ask Governor Wallace to protect black registrants.
Wallace denounced the march as a threat to public safety and declared he would take all measures necessary to prevent this from happening.
The First March: “Bloody Sunday”
On March 7, 1965, 525 to 600 civil rights marchers headed east out of Selma on U.S. Highway 80. The march was led by John Lewis of SNCC and the Reverend Hosea Williams of SCLC, followed by Bob Mants of SNCC and Albert Turner of SCLC. The protest went smoothly until the marchers crossed the Edmund Pettus Bridge and found a wall of state troopers waiting for them on the other side. Their commanding officer told the demonstrators to disband at once and go home. Williams tried to speak to the officer, but the man curtly informed him there was nothing to discuss. Seconds later, the troopers began shoving the demonstrators. Many were knocked to the ground and beaten with nightsticks. Another detachment of troopers fired tear gas. Mounted troopers charged the crowd on horseback.
Brutal televised images of the attack, which presented people with horrifying images of marchers left bloodied and severely injured, roused support for the U.S. civil rights movement. Amelia Boynton was beaten and gassed nearly to death; her photo appeared on the front page of newspapers and news magazines around the world Seventeen marchers were hospitalized, leading to the naming of the day “Bloody Sunday”.
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