Author's posts

US Military Expansion: Mali Intervention

Photobucket

The United States may be withdrawing troops from Afghanistan but what is being ignored by the US traditional MSM is increases US military presence in Africa. The latest action involved the use of drone strikes  assistance to the French against Islamist groups in Northern Mali. While the focus in the news are these armed militant groups, they fail to mention that the area is rich oil and uranium. The Guardian has a a guide to the conflict.

U.S. weighs military support for France’s campaign against Mali militants

by  Anne Gearan, Karen DeYoung and Craig Whitlock, The Washington Post

The Obama administration is considering significant military backing for France’s drive against al-Qaeda-linked militants in Mali, but its support for a major ally could test U.S. legal boundaries and stretch counterterrorism resources in a murky new conflict.

The United States is already providing surveillance and other intelligence help to France and may soon offer military support such as transport or refueling planes, according to U.S. officials, who stressed that any assistance would stop short of sending American combat forces to the volatile West African nation.

At the same time, the administration is navigating a thicket of questions about military support and how far it could go in aiding the French without violating U.S. law or undermining policy objectives.

Direct military aid to Mali is forbidden under U.S. law because the weak rump government there seized power in a coup. U.S. moves are further complicated by uncertainty about which militants would be targeted in an assault.

The loosely affiliated web of Malian militants in the country’s north includes members of al-Qaeda in the Islamic Maghreb (AQIM). But other fighters are longtime foes of the Malian government and pose no direct threat to U.S. interests.

From Democracy Now!: Admin Aids French Bombing of Mali After U.S.-Trained Forces Join Rebels in Uranium-Rich Region

France is in its fifth day of an offensive to oust rebels that have held much of Mali’s northern region since March, an area larger than Afghanistan. The strikes have reportedly killed 11 civilians, including three children fleeing the bombardment of a camp near the central town of Konna. The United Nations estimates as many as 30,000 may have been displaced since fighting began last week. The United States has backed the offensive by helping transport French troops and making plans to send drones or other surveillance aircraft. It is aiding a fight against Malian forces that it once helped train, only to see them defect and join the Islamist rebellion. We discuss the latest in Mali with Al Jazeera correspondent May Ying Welsh, who has reported from Mali’s north, and with freelance journalist Hannah Armstrong, a fellow of the Institute of Current World Affairs, who joins us from the Malian capital of Bamako.

Who said Pres. Barack Obama wasn’t a war hawk?

h/t TPM for the map. Click on image ot enlarge

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”.

Wednesday is Ladies’ Day

Follow us on Twitter @StarsHollowGzt

Yves Smith: Surprise! When Banks Oversee Their Own Review ‘No Harm Found’

More whistleblower leaks on Foreclosure Settlement show both suppression of evidence and gross incompetence

No wonder the Fed and the OCC snubbed a request by Darryl Issa and Elijah Cummings to review the foreclosure fraud settlement before it was finalized early last week. What had leaked out while the Potemkin borrower reviews were underway showed them to be a sham, as we detailed at length in an earlier post. But even so, what actually took place was even worse than hardened cynics had imagined.

We are going to be reporting on this story in detail, since we are conducting an in-depth investigation. But this initial report by Huffington Post gives a window on a good deal of the dubious practices that took place during the foreclosure reviews. I strongly suggest you read the piece in full; there is a lot of nasty stuff on view.

There are some issues that are highlighted in the piece, others that are implication that get somewhat lost in the considerable detail. The first, as stressed by Sheila Bair and other observers, is that the reviews were never designed to succeed. This is something we and others pointed out; this was all an exercise in show. The OCC had entered into these consent orders in the first place with the aim of derailing the 50 state attorney general settlement negotiations. [..]

Laura Flanders: How About Gun Control for the Pentagon?

“There has to be a national conversation” about gun control, says Nancy Pelosi. The killing of school children and teachers in Newtown, Connecticut and other shootings since have turned up the heat.

If, after Newtown, it’s all talk and no action, the former House Speaker said this week, “it’ll amount to a dereliction of duty on the part of us in public office.”

Too right. Pelosi wants to see action. The president’s demanding it too. So are state leaders. New York Governor Andrew Cuomo, who has his sights set on the presidency (if you’ll excuse the expression), has proposed not only rewriting the state’s existing assault weapons ban but also more expansive mental health checks and background checks of gun buyers, lower limits on how many bullets a single gun magazine can fire and a new requirement that gun buyers be periodically recertified. [..]

There’s just one piece of the picture missing. Now that lawmakers, DAs, governors and the White House have all agreed that gun violence is wrong, when are we going to start talking about troops and bombs and drones? You think American weapons are a problem in the US? Take a look at what American weapons are dong outside the country.

Jessica Valenti: Asking For It

Americans are very confused about rape. In the last few months-in the midst of high-profile cases and bumbling politicians’ gaffes-the national conversation about sexual assault is front-and-center. But instead of inspiring a proactive discourse on how to stop rape culture, much of the response has been centered around trying to “understand” rapists, or explain away why rape happens with such disconcerting frequency in the United States. We dismiss it as the actions of sociopaths, or insist that it’s just the result of miscommunication in an oversexed world.

Rape is a standard result of a culture mired in misogyny, but for whatever reason-denial, self-preservation, sexism-Americans bend over backwards to make excuses for male violence. This refusal to place responsibility with the perpetrator means we need to place it somewhere else-most often, with the victim. And while victim-blaming is nothing new, its pervasiveness serves as a stark reminder of women’s second class status-where we’re not actual people, just catalysts for men’s actions.

Katrina vanden Heuvel; The NRA and GOP’s Fast and Furious Lies

With days-perhaps hours-to go before President Obama announces recommendations from Vice President Biden’s gun violence task force, battles lines have already been drawn.

Most dramatically, with the heartrending burials of 20 innocent first-graders and six of their heroic educators as a backdrop, NRA top lobbyist Wayne LaPierre issued a belligerent and self-pitying demand for yet more weaponry, and the posting of armed guards at every school in America. But as the nation debates Obama’s proposals-and LaPierre’s-it will be important to reexamine the NRA’s greatest PR victory of the last few years: the greatly overworked, shamefully distorted Fast and Furious scandal. [..]

The Republican-led House, acting in lockstep with the NRA, twisted the facts of the ill-fated gun trafficking investigation in Phoenix to complete almost every item on its political To Do list. It used the scandal to bludgeon and destabilize the ATF, the agency charged with enforcing the nation’s gun laws. It diverted attention from the ineffective gun laws that made the ATF’s job in Fast and Furious nearly impossible. And it emerged with a cherished talking point: that the gun laws on the books right now are more than adequate, and it’s only their enforcement that has flaws.

Eve Ensler: This Global Violence Against Women Will No Longer Be Tolerated

The Delhi Rape, Savile, Ohio – Extreme acts of sexual violence seem to be everywhere. In response, a worldwide day of action has been called

There seems to be two types of risings on the planet right now. One is a sexual violence typhoon that is impacting most countries in the world. It’s been happening forever but, like climate change, it’s suddenly impossible to ignore. I first noticed more ominous waves during the US elections, the extreme and ignorant anti-women policies perpetrated by the Republicans. Then, like climate storms, floods and fires, specific extreme manifestations began to gain attention. A group of boys allegedly raping a girl in Steubenville, Ohio; a 14-year-old girl shot in the head for insisting girls have the right to learn in Pakistan; the gang rape and murder of a girl on a bus in Delhi; and in Britain the revelations that Jimmy Savile was able to abuse hundreds of girls over six decades, while British institutions from the BBC to Broadmoor turned a blind eye.

And, like the response to climate change, first there was an attempt at denial, then there is the blaming of the victim: a woman raped in Dubai fined after telling police she had been drinking; a priest in Italy telling women they are beaten because they don’t clean the house well and wear tight clothes; women in the US military raped by their comrades who then use that as proof that they never belonged there in the first place; raped girls in Rochdale being ignored by police and social workers because they were seen as damaged goods who were “making their own choices”. It goes on and on.

Charlotte Silver: Monsanto vs. The People

Last week Monsanto announced staggering profits from 2012 to celebratory shareholders while American farmers filed into Washington, DC to challenge the Biotech giant’s right to sue farmers whose fields have become contaminated with Monsanto’s seeds. On January 10 oral arguments began before the U.S. Court of Appeals to decide whether to reverse the cases’ dismissal last February.

Monsanto’s earnings nearly doubled analysts’ projections and its total revenue reached $2.94bn at the end of 2012. The increased price of Roundup herbicide, continued market domination in the United States and, perhaps most significant, expanded markets in Latin America are all contributing factors to Monsanto’s booming business.

Exploiting their patent on transgenic corn, soybean and cotton, Monsanto asserts an insidious control of those agricultural industries in the US, effectively squeezing out conventional farmers (those using non-transgenic seeds) and eliminating their capacity to viably participate and compete on the market. (Until the end of 2012, Monsanto was under investigation by the Department of Justice for violating anti-trust laws by practicing anticompetitive activities towards other biotech companies, but that investigation was quietly closed before the year’s end.)

On This Day In History January 16

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.

January 16 is the 16th day of the year in the Gregorian calendar. There are 349 days remaining until the end of the year (350 in leap years).

On this day in 1919, the 18th Amendment to the US Constitution, prohibiting the “manufacture, sale, or transportation of intoxicating liquors for beverage purposes,” is ratified.

The movement for the prohibition of alcohol began in the early 19th century, when Americans concerned about the adverse effects of drinking began forming temperance societies. By the late 19th century, these groups had become a powerful political force, campaigning on the state level and calling for total national abstinence. In December 1917, the 18th Amendment, also known as the Prohibition Amendment, was passed by Congress and sent to the states for ratification.

The amendment and its enabling legislation did not ban the consumption of alcohol, but made it difficult to obtain it legally.

Following significant pressure on lawmakers from the temperance movement, the House of Representatives passed the amendment on December 18, 1917. It was certified as ratified on January 16, 1919, having been approved by 36 states. It went into effect one year after ratification, on January 17, 1920. Many state legislatures had already enacted statewide prohibition prior to the ratification of the Eighteenth Amendment.

When Congress submitted this amendment to the states for ratification, it was the first time a proposed amendment contained a provision setting a deadline for its ratification. The validity of that clause of the amendment was challenged and reached the Supreme Court, which upheld the constitutionality of such a deadline in Dillon v. Gloss (1921).

Because many Americans attempted to evade the restrictions of Prohibition, there was a considerable growth in violent and organized crime in the United States in response to public demand for illegal alcohol. The amendment was repealed by the Twenty-First Amendment on December 5, 1933. It remains the only constitutional amendment to be repealed in its entirety.

To define the language used in the Amendment, Congress enacted enabling legislation called the National Prohibition Act, better known as the Volstead Act, on October 28, 1919. President Woodrow Wilson vetoed that bill, but the House of Representatives immediately voted to override the veto and the Senate voted similarly the next day. The Volstead Act set the starting date for nationwide prohibition for January 17, 1920, which was the earliest date allowed by the 18th Amendment.Volstead Act, on October 28, 1919. President Woodrow Wilson vetoed that bill, but the House of Representatives immediately voted to override the veto and the Senate voted similarly the next day. The Volstead Act set the starting date for nationwide prohibition for January 17, 1920, which was the earliest date allowed by the 18th Amendment.

Treasury’s #2 Worse Than Lew

After Pres. Barack Obama’s pick for Treasury Secretary confessed to a lack of financial expertise, you would have thought that the president’s choice for the number two spot would have been someone to fill that gap. Silly you. President Obama’s choice for Deputy Treasury Secretary is rumored to be Ruth Porat, who lobbied for Wall St. against regulation. This is her profile from Business Week:

Ms. Ruth Porat has been Chief Financial Officer and Executive Vice President of Morgan Stanley since January 2010. Ms. Porat served as the Global Head of the Financial Institutions Group at Morgan Stanley from September 2006 to December 2009 and also served as its Vice Chairman of Investment Banking from September 2003 to December 2009 and Chairman of the Financial Sponsors Group from July 2004 to September 2006. Throughout the recent financial crisis, she has been responsible for the Financial Sponsors Group ‘s coverage of financial institutions and governments globally, and she led the team advising the U.S. Treasury with respect to Fannie Mae and Freddie Mac. Ms. Porat began her career with Morgan Stanley in 1987 in the Mergers and Acquisition Department.

According to Forbes, Ms Porat is the most influential woman on Wall St.

The Sunlight Foundation reports that Ms Porat lobbied on behalf of Wall St., meeting with regulators about Dodd-Frank rules nine times:

* 2012-03-27: Met with the Federal Reserve to express concerns on bank capital rules

* 2012-04-30: Met with the Federal Reserve to claim surcharges for Too Big To Fail banks were not necessary. Later also said regulating derivatives would hurt liquidity.

* 2011-12-14: Met with the Federal Reserve to ask for more lenient disclosure requirements for Morgan Stanley

* 2010-10-28: Met with the Federal Reserve to push back on Volker Rule and for more flexibility on Proprietary Trading

* 2010-11-02: Met with Treasury on the CFPB (no disclosures on meeting’s purpose)

*  2011-02-01: Met with Treasury on Capital and Liquidity (no disclosures on meeting’s purpose)

* 2011-05-03: Met with Treasury on the Volker Rule (no disclosures on meeting’s purpose)

* 2011-07-07: Met with Treasury on Derivatives (no disclosures on meeting’s purpose)

* 2011-01-05: Met with FDIC on Volker Rule (no disclosures on meeting’s purpose)

h/t DSWright at FDL News Desk

Ms Porat is not what Obama’s critics meant when they complained about a lack of woman in influential positions in the cabinet. Really, Mr. President, a Wall St. lobbyist? Jamie Dimon must be so pleased.

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

Josh Barrow: Will Obama Ruin the Economy to Ruin the Republicans?

With both the 14th Amendment and platinum coin options to defuse a debt-limit crisis (apparently) off the table, only two possible outcomes are left: a debt- ceiling increase or the government’s missing required payments and economic chaos ensuing (pdf). This is exactly the choice President Barack Obama laid out in his news conference this morning.

Politico reported today that top Republican staff members believe “more than half” their conference is prepared to push the government into default on some payments rather than cave on their demands for further spending cuts. [..]

By creating an object lesson of how unfit the Republican Party has become to govern, Obama can ensure himself a political “win.” But with a new recession sparked by a government payments crisis, the country would lose — and Obama, whose second-term plans would be hampered by the need to manage yet another recovery, would lose, too.

New York Times Editorial: Don’t Skimp on Sandy Aid

Gov. Chris Christie of New Jersey made an impassioned pitch on Monday to his fellow Republicans in the House of Representatives to vote on Tuesday for almost $50 billion in Hurricane Sandy disaster relief. “New Jersey does not expect anything more than what was done for Louisiana and Alabama and Mississippi in Katrina, and what was done in Joplin, Mo., what was done in the floods in Iowa. We don’t expect anything more than that, but we will not accept anything less,” Mr. Christie said. [..]

Northeast Republicans were told on Monday that there might be as many as 15 amendments to reach the House floor, which would mean at least 15 chances to cut the financing or make the package unacceptable to the Senate. For Republicans refusing to help Sandy victims, it is worth remembering that disasters are not confined to one region of the country. Those who vote against aid now may well find their constituents desperate for assistance sometime soon.

Robert Kuttner: The Mortgage Mess and Jack Lew

As Treasury Secretary, would Lew take a harder line with banking abuses?

The more information we learn about the mortgage settlement that was announced Monday-official documents are yet to be made public-the more of a smarmy backroom deal it turns out to be.

The deal lets ten major banks and other “loan servicers” off the hook for a corrupted and illegal process of millions of foreclosures, with a paltry one-time settlement of $8.5 billion. The economic damage inflicted on homeowners, and by extension on the economy, was many times that.

The deal was hatched by the weakest of the federal bank regulatory agencies, the Comptroller of the Currency, and signed off on by the Federal Reserve. [..]

The relevance to Jack Lew? The comptroller of the currency is part of the Treasury and reports to him, assuming that Lew is confirmed.

Dean Baker: The 3 Percent Cut to Social Security: aka the Chained CPI

According to inside Washington gossip, Congress and the president are going to do exactly what voters elected them to do; they are going to cut Social Security by 3 percent. You don’t remember anyone running on that platform? Yeah, well, they probably forgot to mention it.

Of course some people may have heard Vice President Joe Biden when he told an audience in Virginia that there would be no cuts to Social Security if President Obama got reelected. Biden said: “I guarantee you, flat guarantee you, there will be no changes in Social Security. I flat guarantee you.”

But that’s the way things work in Washington. You can’t expect the politicians who run for office to share their policy agenda with voters. After all, we might not like it. That’s why they say things like they will fight for the middle class and make the rich pay their fair share. These ideas have lots of appeal among voters. Cutting Social Security doesn’t.

Robert Reich: Obama’s Debt Ceiling Gamble Depends on the GOP Being Sane

A week before his inaugural, President Obama says he won’t negotiate with Republicans over raising the debt limit.

At an unexpected news conference on Monday he said he won’t trade cuts in government spending in exchange for raising the borrowing limit.

“If the goal is to make sure that we are being responsible about our debt and our deficit – if that’s the conversation we’re having, I’m happy to have that conversation,” Obama said. “What I will not do is to have that negotiation with a gun at the head of the American people.”

Well and good. But what, exactly, is the President’s strategy when the debt ceiling has to be raised, if the GOP hasn’t relented?

He’s ruled out an end-run around the GOP. [..]

But Obama’s strategy depends on there being enough sane voices left in the GOP to influence others. That’s far from clear.

Mike Lux: Complicated Politics: Democrats and the Grand Bargain

It is a well-known fact that President Obama wants a “grand bargain” with the Republicans, a deal that would reduce future deficits both by raising tax revenues and cutting spending, including on the so-called “entitlement programs.” He has offered this idea up repeatedly to Speaker Boehner and other Republican leaders in the 2011 debt ceiling talks and in the 2012 fiscal cliff debate, and media reports suggest that he is discussing the idea again with Republicans in the lead-up to the next perils of a budget crisis that is only a few weeks off.

Democrats in the progressive wing of the party (of which, full disclosure, I am a card carrying member) think the idea of cutting Social Security, Medicare and/or Medicaid benefits is terrible public policy because senior citizens who can least afford it will be badly hurt, and we have been working hard to convince the president to back away from this offer. This may be difficult to do, though, as the president has some strong (wrong, in my judgment, but compelling to the president’s political and legislative team) political reasons for wanting to do this grand bargain. But the politics of this deal are very different for the rest of the party, and it may well be that progressives can win over a lot more of those Democrats than conventional wisdom currently expects.

Wendell Potter: Insurers Telling Only Part of the Story in Attempt to Gut Important Consumer Protections

As Ronald Reagan once famously said, “There you go again.”

The culprits in this case are health insurance companies that want to change ObamaCare so they can keep selling highly profitable junk insurance to young people and keep charging older folks so much in premiums they have little money left over for anything else.

What’s happening now is a repeat of the tactics insurers employed during the final weeks of the health care reform debate. Back then, they papered Washington with a flawed “study” warning that premiums would soar if lawmakers ignored their recommendations. And now insurers are once again disseminating a new study with similar predictions. This time they’re trying to convince us that coverage for all young adults will become unaffordable next year if Congress doesn’t gut an important consumer protection in the reform law.

On This Day In History January 15

 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.

January 15 is the 15th day of the year in the Gregorian calendar. There are 350 days remaining until the end of the year (351 in leap years).

On this day in 1559, Elizabeth Tudor is crowned Queen of England.

Two months after the death of her half-sister, Queen Mary I of England, Elizabeth Tudor, the 25-year-old daughter of Henry VIII and Anne Boleyn, is crowned Queen Elizabeth I at Westminster Abbey in London.

Photobucket

Elizabeth I (7 September 1533 – 24 March 1603) was Queen regnant of England and Queen regnant of Ireland from 17 November 1558 until her death. Sometimes called The Virgin Queen, Gloriana, or Good Queen Bess, Elizabeth was the fifth and last monarch of the Tudor dynasty. The daughter of Henry VIII, she was born a princess, but her mother, Anne Boleyn, was executed two and a half years after her birth, and Elizabeth was declared illegitimate. Her brother, Edward VI, bequeathed the crown to Lady Jane Grey, cutting his sisters out of the succession. His will was set aside, Lady Jane Grey was executed, and in 1558 Elizabeth succeeded the Catholic Mary I, during whose reign she had been imprisoned for nearly a year on suspicion of supporting Protestant rebels.

Elizabeth set out to rule by good counsel, and she depended heavily on a group of trusted advisers led by William Cecil, Baron Burghley. One of her first moves as queen was to support the establishment of an English Protestant church, of which she became the Supreme Governor. This Elizabethan Religious Settlement held firm throughout her reign and later evolved into today’s Church of England. It was expected that Elizabeth would marry, but despite several petitions from parliament and numerous courtships, she never did. The reasons for this outcome have been much debated. As she grew older, Elizabeth became famous for her virginity, and a cult grew up around her which was celebrated in the portraits, pageants, and literature of the day.

In government, Elizabeth was more moderate than her father and siblings. One of her mottoes was “video et taceo” (“I see, and say nothing”). This strategy, viewed with impatience by her counsellors, often saved her from political and marital misalliances. Though Elizabeth was cautious in foreign affairs and only half-heartedly supported a number of ineffective, poorly resourced military campaigns in the Netherlands, France and Ireland, the defeat of the Spanish Armada in 1588 associated her name forever with what is popularly viewed as one of the greatest victories in English history. Within 20 years of her death, she was celebrated as the ruler of a golden age, an image that retains its hold on the English people.

Elizabeth’s reign is known as the Elizabethan era, famous above all for the flourishing of English drama, led by playwrights such as William Shakespeare and Christopher Marlowe, and for the seafaring prowess of English adventurers such as Sir Francis Drake. Some historians are more reserved in their assessment. They depict Elizabeth as a short-tempered, sometimes indecisive ruler, who enjoyed more than her share of luck. Towards the end of her reign, a series of economic and military problems weakened her popularity to the point where many of her subjects were relieved at her death. Elizabeth is acknowledged as a charismatic performer and a dogged survivor, in an age when government was ramshackle and limited and when monarchs in neighbouring countries faced internal problems that jeopardised their thrones. Such was the case with Elizabeth’s rival, Mary, Queen of Scots, whom she imprisoned in 1568 and eventually had executed in 1587. After the short reigns of Elizabeth’s brother and sister, her 44 years on the throne provided welcome stability for the kingdom and helped forge a sense of national identity.

Jack Lew: An Epic Failure

Sen. Bernie Sanders has already decided that he will not vote to approve President Barack Obama’s replacement for Timothy Geithner, Jack  Lew, AS Treasury Secretary, with good reason. It seems that Mr. Lew, who currently is the president Chief of Staff, does think that deregulation had a role in the housing crash. This is Sen. Sanders’ statement:

Jack Lew is clearly an extremely intelligent person and I applaud his many years of public service to our country. I believe that he will be confirmed by the Senate. Unfortunately, he will be confirmed without my vote. At a time when the middle class is collapsing and millions of workers are unemployed, I do not believe he is the right person at the right time to serve in this important position.

As a supporter of the president, I remain extremely concerned that virtually all of his key economic advisers have come from Wall Street. In my view, we need a treasury secretary who is prepared to stand up to corporate America and their powerful lobbyists and fight for policies that protect the working families in our country. I do not believe Mr. Lew is that person.

We don’t need a treasury secretary who thinks that Wall Street deregulation was not responsible for the financial crisis. We need a treasury secretary who will work hard to break up too-big-to-fail financial institutions so that Wall Street cannot cause another massive financial crisis.

We don’t need another treasury secretary who believes in ‘deficit neutral’ corporate tax reform. We need a treasury secretary willing to fight to make sure that large, profitable corporations pay their fair share in taxes to reduce the deficit and create jobs.

We don’t need a treasury secretary who will advise the president that he should negotiate with the Republicans to cut Social Security, Medicare, and Medicaid benefits. We need someone who is going to strengthen these programs.

We don’t need another treasury secretary who believes that NAFTA and Permanent Normal Trade Relations with China have been good for the American economy. We need someone in the White House who works to fundamentally re-write our trade policy to make sure that we are exporting American goods, not American jobs.

Matt Taibbi, contributing editor for Rolling Stone magazine, and William Black, associate professor of economics and law at the University of Missouri-Kansas City, a white-collar criminologist and former senior financial regulator, joined Amy Goodman and Juan Gonzalez at Democracy Now! to discuss why Jack Lew is a “failure of epic proportions



Transcript can be read here

At Huffington Post, Prof. Black also described Mr. Lew’s role as OMB Chief during the Clinton administration, that set the stage for our current economic and financial problems, his path to Wall St. and back through the “revolving door” to the Obama administration. He calls Mr. Lew “another brick in the Wall Street on the Potomac,”

From CBS News:

   Obama is clearly comfortable bringing another ex-Wall Streeter into an administration that, beyond a recent ratcheting up of populist rhetoric, has done relatively little to rein in the financial industry.

   That, in turn, reflects the ease with which Washington hands like Lew shuttle between the Street and the Hill. Case in point: Lew’s predecessor as budget chief, Peter Orszag, left the agency and joined Citi as vice chairman of global banking. A job in politics is no longer a back-door to a lucrative job in banking — it’s a red carpet. The revolving door keeps spinning.

   The Citi alternative investments] division ultimately lost billions. As for Lew, he naturally made big bucks during his three-year stint at Citi, including a [roughly $950,000 bonus in 2009 — after the company’s federal bailout.

Lew helped establish finance policy under President Clinton. [..]

Lew’s predecessor as chief of staff was William Daley. Daley is a lawyer. Daley was on the executive board of J.P. Morgan-Chase during the crisis and before that he was on Fannie Mae’s board of directors. Daley is a member of “Third Way’s” controlling board. Third Way is a Pete Peterson ally that lobbies in favor of austerity and cuts to the safety net. It pushes Wall Street’s, and Pete Peterson’s, greatest dream — privatizing Social Security. Privatization would allow Wall Street to increase its profits by hundreds of billions of dollars in fees for managing our retirement savings. [..]

The obvious aspects of this pattern include: (1) Obama prefers to have Wall Street guys run finance (despite coming to power because Wall Street blew up the world), (2) the revolving door under Obama that connects Wall Street and the White House has been super-charged, and (3) even very short stints in Wall Street have made Obama’s finance advisers wealthy. The obvious is vitally important, and it is largely ignored by the most prominent media. The obvious aspects help explain why Obama’s economic policies have been incoherent, ineptly explained, inequitable, and often slavishly pro-Wall Street at the expense of our integrity and citizens. [..]

Prof. Black gives examples of the less obvious aspects of the pattern that compound problem of Pres. Obama appointing people who have failed, not just professionally, but ethically and morally. It is an eye opening, scathing critique of an administration that is trying to force a destructive policy of austerity and why Jack Lew is a terrible choice for Treasury Secretary.  

In Aaron’s Name, Change This Law

SOPA Reddit WarriorComputer programmer, writer, archivist, political organizer, and Internet activist, but most of all son, brother and friend, Aaron Swartz tragically took his own life last week. One of the many achievements of Aaron’s too short life was to win a battle in the war for Internet Freedom, he helped lead the fight to Stop SOPA. SOPA was the Stop Online Piracy Act bill that sought to monitor the Internet for copyright violations and would have made it easier for the U.S. government to shut down websites accused of violating copyright.

This was Aaron’s address at F2C:Freedom to Connect 2012, Washington DC on May 21 2012.

Now we have a battle to fight in Aaron’s name to reform the law that overzealous federal prosecutors used against him, the Computer Fraud and Abuse Act. Marcia Hoffman, senior staff attorney for Electronic Freedom Foundation, lays out the case for fixing this draconian law:

Problem 1: Hacking laws are too broad, and too vague

Among other things, the CFAA makes it illegal to gain access to protected computers “without authorization” or in a manner that “exceeds authorized access.”  Unfortunately, the law doesn’t clearly explain what a lack of “authorization” actually means. Creative prosecutors have taken advantage of this confusion to craft criminal charges that aren’t really about hacking a computer but instead target other behavior the prosecutors don’t like. [..]

Problem 2: Hacking laws have far too heavy-handed penalties

The penalty scheme for CFAA violations is harsh and disproportionate to the magnitude of offenses. Even first-time offenses for accessing a protected computer “without authorization” can be punishable by up to five years in prison each (ten years for repeat offenses) plus fines. It’s worth nothing that five years is a relatively light maximum penalty by CFAA standards; violations of other parts of that law are punishable by up to ten years, 20 years, and even life in prison. [..]

The Upshot

The CFAA’s vague language, broad reach, and harsh punishments combine to create a powerful weapon for overeager prosecutors to unleash on people they don’t like. Aaron was facing the possibility of decades in prison for accessing the MIT network and downloading academic papers as part of his activism work for open access to knowledge. No prosecutor should have tools to threaten to end someone’s freedom for such actions, but the CFAA helped to make that fate a realistic fear for Aaron.

In Aaron’s name please call on Congress and the White House to change this law.

Click here to send your message to your congressional representatives.

Please sign the Petition to President Barack Obama to Reform the Computer Fraud and Abuse Act to reflect the realities of computing and networks in 2013.

Do this not just in Aaron’s name but mine, yours and everyone who uses the internet.

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

The New York Times Editorial: An Incomplete Fix

Thanks to the fiscal cliff deal, the alternative minimum tax will not ensnare tens of millions of middle-class Americans for whom it was never intended. The deal raised the income thresholds before the A.M.T. kicks in and indexes them for inflation going forward. As a practical matter, this means that 28 million filers who would have had to pay the tax on their 2012 returns have been spared and are much less likely to have to pay the tax in the future.

Yet the fixes are incomplete. The purpose of the A.M.T. is to ensure that wealthy taxpayers cannot make excessive use of deductions, shelters and other tax breaks. It was thus supposed to hit multimillionaires and billionaires whose tax shelters reduce their tax bills to a pittance relative to their incomes. In the absence of comprehensive reform, the A.M.T. will continue, for the most part, to allow the highest-end taxpayers to escape, while still afflicting many taxpayers below those lofty levels.

Paul Krugman: Japan Steps Out

For three years economic policy throughout the advanced world has been paralyzed, despite high unemployment, by a dismal orthodoxy. Every suggestion of action to create jobs has been shot down with warnings of dire consequences. If we spend more, the Very Serious People say, the bond markets will punish us. If we print more money, inflation will soar. Nothing should be done because nothing can be done, except ever harsher austerity, which will someday, somehow, be rewarded.

But now it seems that one major nation is breaking ranks – and that nation is, of all places, Japan.

This isn’t the maverick we were looking for. In Japan governments come and governments go, but nothing ever seems to change – indeed, Shinzo Abe, the new prime minister, has had the job before, and his party’s victory was widely seen as the return of the “dinosaurs” who misruled the country for decades. Furthermore, Japan, with its huge government debt and aging population, was supposed to have even less room for maneuver than other advanced countries.

Glenn Greenwald: The US, Saudi Arabia, Propaganda and Tyranny in the Middle East

The most significant problem in political discourse is not that people embrace destructive beliefs after issues are rationally debated. It’s that the potency of propaganda, by design, often precludes such debates from taking place. Consider how often one hears the claim that the US is committed to spreading democracy and opposing tyranny in the Middle East in light of this fact from a New York Review of Books article by Hugh Eakin reviewing three new books on Saudi Arabia (via As’ad AbuKhalil):

   “The US does more trade – overwhelmingly in oil and weapons – with Saudi Arabia than any other country in the Middle East, including Israel, and depends on close Saudi cooperation in its counterterrorism efforts in Yemen.”

[..]

In other words, the single most repressive regime in that region is also America’s closest ally. Eakin also notes that while Saudi leaders have exploited the rhetoric of the Arab Spring to undermine leaders its dislikes (primarily in Syria and Iran), its only direct action was to send its troops into Bahrain “to stave off a popular revolt and prop up the Bahraini monarchy” and use “its influence in the Gulf Cooperation Council, the alliance of autocratic Persian Gulf states, to pull together support for the beleaguered royal houses of Morocco and Jordan.” About all of this Saudi bolstering of tyranny, Eakin says: “The White House has remained silent.”

Bill Moyers and Michael Winship: Corporate Gold on the Fiscal Cliff

In economist and New York Times columnist Paul Krugman’s book, End This Depression Now!, there’s a chapter titled “The Second Gilded Age” in which he describes the extraordinary rise in wealth and power of the very rich during this era of unregulated greed. Since Ronald Reagan’s election in 1980, the top one percent of Americans have seen their incomes increase by 275 percent. After accounting for inflation, the typical hourly wage for a worker has increased just $1.23.

Big Money, as Krugman writes in his book, buys Big Influence. And that’s why the financiers of Wall Street never truly experience regime change – their cash brings both political parties to heel. So it is that the policies that got us where we are today – in this big ditch of chronic financial depression – have done little for most, but have been very good to a few at the top.

John Nichols: Why Bernie Sanders Objects to Obama’s Treasury Nominee

Bernie Sanders campaigned, hard, for Barack Obama’s re-election.

But the independent senator from Vermont is not going to rubberstamp the president’s selection of Jack Lew, a supporter of banking deregulation who has passed back and forth through the revolving door from Wall Street to Washington, as the nation’s seventy-sixth secretary of the Treasury. [..]

One of the Senate’s most vital duties is that of providing “advice and consent” on presidential nominations. A president has broad leeway when it comes to naming members of the cabinet-arguably broader leeway than in the naming of lifetime appointees to the federal judiciary. But that leeway is not such that senators can or should simply approve every nominee. Advice should be given, and at times consent should be denied-not just by partisan foes of the sitting president but, sometimes, by allies of that president.

Dana Milbank: Obama’s Cabinet of yes men

President Obama hasn’t even begun his second term, yet already he has been ensnared by scandal.

Republicans have uncovered a shocking level of wrongdoing in the Oval Office, and I’m afraid what they say is true: The president is brazenly trying to fill his Cabinet with . . . people he likes.

Alas, the perfidy doesn’t end there. Not only is Obama naming agreeable people to his Cabinet, he is also – audaciously, flagrantly – nominating people who . . . agree with his policies. [..]

But that’s Obama’s prerogative. He won the election. The only scandal is denying him the right to choose his own advisers.  

On This Day In History January 14

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.

January 14 is the 14th day of the year in the Gregorian calendar. There are 351 days remaining until the end of the year (352 in leap years).

It is celebrated as New Year’s Day (at least in the 20th & 21st centuries) by countries still following the Julian calendar.

On this day in 1761, the Third Battle of Panipat is fought in India between the Afghans under Ahmad Shah Durrani and the Marhatas. The Afghan victory changes the course of Indian History.

The Third Battle of Panipat took place at Panipat (Haryana State, India), about 60 miles (95.5 km) north of Delhi. The battle pitted the French-supplied artillery and cavalry of the Marathas against the heavy cavalry and mounted artillery(zamburak and jizail) of the Afghans led by Ahmad Shah Durrani, an ethnic Pashtun, also known as Ahmad Shah Abdali. The battle is considered one of the largest battles fought in the 18th century.

The decline of the Mughal Empire had led to territorial gains for the Maratha Confederacy. Ahmad Shah Abdali, amongst others, was unwilling to allow the Marathas’ gains to go unchecked. In 1759, he raised an army from the Pashtun tribes and made several gains against the smaller garrisons. The Marathas, under the command of Sadashivrao Bhau, responded by gathering an army of between 70,000-100,000 people with which they ransacked the Mughal capital of Delhi. There followed a series of skirmishes along the banks of the river Yamuna at Karnal and Kunjpura which eventually turned into a two-month-long siege led by Abdali against the Marathas.

The specific site of the battle itself is disputed by historians but most consider it to have occurred somewhere near modern day Kaalaa Aamb and Sanauli Road. The battle lasted for several days and involved over 125,000 men. Protracted skirmishes occurred, with losses and gains on both sides. The forces led by Ahmad Shah Durrani came out victorious after destroying several Maratha flanks. The extent of the losses on both sides is heavily disputed by historians, but it is believed that between 60,000-70,000 were killed in fighting, while numbers of the injured and prisoners taken vary considerably. The result of the battle was the halting of the Maratha advances in the North.

The Legacy

The Third Battle of Panipat saw an enormous number of casualties and deaths in a single day of battle. It was the last major battle between indigenous South Asian military powers, until the creation of Pakistan in 1947.

To save their kingdom, the Mughals once again changed sides and welcomed the Afghans to Delhi. The Mughals remained in nominal control over small areas of India, but were never a force again. The empire officially ended in 1857 when its last emperor, Bahadur Shah II, was accused of being involved in the Sepoy Mutiny and exiled.

The Marathas’ expansion was stopped in the battle, and soon broke into infighting within their empire. They never regained any unity. They recovered their position under the next Peshwa Madhavrao I and by 1772 were back in control of the north, finally occupying Delhi. However, after the death of Madhavrao, due to infighting and increasing pressure from the British, their claims to empire only officially ended in 1818 after three wars with the British.

Meanwhile the Sikhs, the original reason Ahmad invaded, were left largely untouched by the battle. They soon retook Lahore. When Ahmad Shah returned in March 1764 he was forced to break off his siege after only two weeks due to rebellion in Afghanistan. He returned again in 1767, but was unable to win any decisive battle. With his own troops arguing over a lack of pay, he eventually abandoned the district to the Sikhs, who remained in control until 1849. . . . .

The battle proved the inspiration for Rudyard Kipling‘s poem “With Scindia to Delhi”.

The strength of Afghan military prowess was to both inspire hope in many orthodox Muslims, Mughal royalists and fear in the British. However the real truth of so many battle hardened Afghans killed in the struggle with the Marathas never allowed them to dream of controlling the Mughal Empire realistically again. On the other side, Marathas, possibly one of the only two real Indian military powers left capable of challenging the British were fatally weakened by the defeat and could not mount a serious challenge in the Anglo-Maratha wars 50 years later.

Load more