Tag Archive: crisis

Feb 27 2013

The Sequester: Bipartisan Craponomics at Its Worst

Yes, because no one listened to those that warned(including myself) this would happen in 2010 with the Bush tax cut sellout leading to the debt ceiling debacle in 2011 to now, it looks like the sequester created by this White House and Congress is going to happen. Back then, there was leverage with the Bush tax cuts expiring for using the High Value Platinum Coin, invoking the 14th amendment, or legislating the debt ceiling away entirely. None of this was considered even as a temporary measure to avoid this epic failure fixing to hit our shores.

It’s insulting to the public that none of this was even tried, because this sequester will be painful and more painful in the future. The political damage as we create more miniature crisis will be even costlier than what is projected as more bills have to be passed every few months which always get worse the more they are revisited, all needlessly created all in the name what I call deficit terrorism. Through each bipartisan crisis more austerity is brought out in these miniature Shock Doctrine scenarios especially on the debt ceiling. This austerity will eventually terrorize the public because a failure to govern or understand our economy.

Sure, it will take awhile to be phased in and each federal agency will implement its cuts differently, on its own timeline, but by April 4th, 2013 some real pain is likely to be felt by the public.

Jan 20 2013

Austerity, Triple Dip Recessions and Economic Crisis by NY Brit Expat

Sitting there looking vainly at the growth, or lack of it to be more precise, of the British economy quarter by quarter following the introduction of austerity measures is a dubious use of time. So rather than sit there each quarter and discuss a dismal economy, I think the first step is to understand that we are in a world-wide economic crisis of the capitalist system. We also need to understand that the policies being introduced are actually not only extending the current crisis, but given that they are leading to increased income and wealth inequality, they will have a devastating impact upon the working classes in the countries introducing these measures. Moreover, the impact of austerity is not accident, it is being introduced specifically to create the economic contraction and  the increased wealth and income inequality in the hope that private sector will take over the state sector services being undermined.

Capitalismo-1_zpsf6382764_edit photo Capitalismo-1_zpsf6382764_edit_zpsa1dcc66c.jpg

Triple-dip recession?

We need to understand that the introduction of austerity in an economic crisis does not lead to economic growth contrary to the absurd pronouncements of Prime Minister, David Cameron.  Essentially, following a slight blip caused by the Olympics, I suspect we will be witnessing rather bad news. The combination of “beggar thy neighbour” low corporate taxation (to supposedly encourage investment in Britain) and cuts to public spending, services and benefits is not leading to a reinvigoration of the economy; rather the opposite is occurring.

Quite simply, the fall in service sector activity (which accounts for 75% of British economic activity) for the first time in two years (note that it was not in great shape beforehand) means that the economy is contracting.

Nov 01 2012

Peter Coyote’s Failed Status Quo Exercise in Condescension

Cross posted at Voices on the Square

To start things off, I recommend first reading Cassiodorus's piece The case against the case for Obama even though I started mine about the same time he did. It's definitely quite worthy of checking out before mine because it has many apt points to it. My views are slightly in a different vein as I’m more of a mix of Jim Hightower and L. Randall Wray as one of my friends used to say so read his piece before reading my take.

Well I guess we knew it was coming. Matt Stoller's superb piece The progressive case against Obama was bound to exercise a reaction from the veal pen or hacktivist pen appealing to their own authority first hand to make sure you all know how serious their decisions to sell out are. The end justifies the means and in Peter Coyote’s case it is a failed exercise in condescension right off the bat. He claims he is making…

"The Progressive case for Obama"

So right off the bat we get an exercise in condescension—Peter Coyote is older than Matt Stoller so therefore his time working for CA Governor Jerry Brown must be more relevant than Matt Stoller’s past work including his tenure working for Congressman Alan Grayson. Psychologically one might think, as I do reading this piece, that Peter Coyote's arguments do not come from a position of strength behind them. Whether he realizes it or not, it lets you know how unserious Peter Coyote perhaps thinks of his own arguments right off the bat. After all, he must provide authority for them but not from historical facts of course, from his own resume.

Aug 30 2012

People That Excuse Wasting the Crisis in 2008 Don’t Get to Lecture Anyone

Cross posted at out new beta site Voices on the Square and in Orange

In lieu of meaningless political convention coverage, my title is absolutely still true. Decades and decades of history refutes any excuses about the so called political expediency of wasting any crisis economic or otherwise. That is one of the only things I agree with Rahm Emanuel on when he said it at the beginning of this administration. Sadly, the White House only listened to his hippy punching BS. The prospect that this economic disaster wouldn’t go to waste or enrich bankers was where the hope used to reside when there was any at all to confide in as far as any real economic recovery is concerned.

But when we mention these real world problems still abound from these failures we hear the same old tired excuses trotted out to excuse this administration from loyal partisans who are proud of what they never learn. This involves excusing the the bailout, housing, and foreclosure crisis. Ironically, this is why there is any chance at all for insane Republicans to make hay in this election at all so it might be smart to pay attention to it at some point even if the media won’t cover it. The bottom line is that coddling too big to fail banks with trillions in bailouts and more bailout guarantees on top of that (29 trillion globally when counted all up) to make Capital whole at the expense of laborers didn’t help and many of us knew it wouldn’t from the get go.

During an election it is treated like a crime to say so. You know, other countries have actually learned this lesson as we have forgotten from the past. Alas Iceland handled their crisis well, like Sweden, and like we did during the S&L crisis but not in 2008 where our fate is now a lost decade or two. With too many loyal “Democrats” looking the other way, this administration and their point man in the Treasury let Wall St have the most say even though public anger at Wall St was and is still at an all time high. This explains why the public was against the bailout, and how it failed in the House at first.