Tag: 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.

Joe Cirincione: British Budget Collapse Foreshadows Cuts to Come in U.S. Defense Budget

Great Britain’s cuts, particularly to its nuclear forces, are the canary in the defense budget mine. Just as massive deficits forced the conservative UK government to cut deep into its military programs, the United States will soon have to choose: update its force structure or cling to obsolete Cold War posture?

The UK may have waited too long to make the cuts. It is now forced to cut military personnel by 10 percent, and scrap an aircraft carrier and the entire fleet of Harrier jump jets (a very versatile, though very dangerous, fighter jet in which I once flew).

Less controversial is the plan to delay a decision on building a new generation of nuclear-armed submarines to replace the four existing Trident subs, each armed with 16 missiles carrying a total of 48 hydrogen bombs per sub.

Johann Hari: The Tea Party’s Wildest Dreams Come True — in Britain. The Result? Disaster

Margaret Thatcher is lying sick in a private hospital bed in Belgravia — but her political children have just pushed her agenda further and harder and deeper than she ever dreamed of. The government of David Cameron just took the Tea Party’s deepest fantasies — of massive budget cuts, introduced immediately — and imposed them on Britain. When was the last time Britain’s public spending was slashed by more than 20 percent? Not in my mother’s lifetime. Not even in my grandmother’s lifetime. No: It was in 1918, when a conservative-liberal coalition said the best response to a global economic crisis was to rapidly pay off this country’s debts. The result? Unemployment soared from six percent to 19 percent, and the country’s economy collapsed so severely that they lost all ability to pay their bills, and the debt actually rose from 114 percent to 180 percent. “History doesn’t repeat itself,” Mark Twain said, “but it does rhyme.”

George Osborne, the finance minister, has just gambled Britain’s future on an extreme economic theory that has failed whenever and wherever it has been tried. In the Great Depression, we learned some basic principles. When an economy falters, ordinary people — perfectly sensibly — cut back their spending and try to pay down their debts. This causes a further fall in demand and makes the economy worse. If the government cuts back at the same time, then there is no demand at all, and the economy goes into freefall. That’s why virtually every country in the world reacted to the Great Crash of 2008 — caused entirely by deregulated bankers — by increasing spending, funded by temporary debt. Better a deficit we repay in the good times than an endless depression. The countries that stimulated hardest, like South Korea, came out of recession first.

Bob Cesca: The Republican Swindle About ‘Obamacare and Stimulus’

If you happen to be a swing voter who’s considering the Republican slate next month, you’re being tricked. That’s not to say you’re an idiot, but the Republicans are doing an excellent job masking over what they really stand for, and millions of Americans seem to be falling for it.

The Republican strategy for this midterm election is simple: Treat voters like easily manipulated hoopleheads. The GOP and its various apparatchiks are spending untold millions of dollars, much of it from anonymous donors and, perhaps, even some illegal foreign donors, in order to play out this nationwide swindle. They’re investing heavily on the wager that Americans are so kerfuffled by the slow-growth (but growth nevertheless) economy that they’re willing to buy any line of nonsense as an alternative solution.

Regarding that nonsense, just about every GOP solution and every GOP idea reveals either a hilariously obvious contradiction or an utterly transparent hypocrisy. Say nothing of unchecked awfulness like Southern Strategy race-baiting or bald-faced lies. But it doesn’t seem to matter much because they’ve buried most of it under heaping piles of inchoate outrage and fear. Just like always. It’s not unlike the 2000s all over again. They’re engaging in the same bumper sticker sloganeering and myopic agitprop, but with updated content for 2010.

“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.

Dean Baker: Timothy Geithner forecloses on the moratorium debate

By refusing to halt foreclosures to sort out the mortgage mess, the treasury secretary again shows his favour to Wall Street

Treasury Secretary Timothy Geithner is good at telling fairy tales. Geithner first became known to the general public in September of 2008. Back then, he was head of the New York Federal Reserve Board. He was part of the triumvirate, along with Federal Reserve Board chairman Ben Bernanke and then Treasury secretary Henry Paulson, who told congress that it had to pass the Tarp or the economy would collapse. . . . .

Now, Geithner has a new fairytale. This time, it is that if the government imposes a foreclosure moratorium, it will lead to chaos in the housing market and jeopardise the health of the recovery.

For the gullible, which includes most of the Washington policy elite, this assertion is probably sufficient to quash any interest in a foreclosure moratorium. But those capable of thinking for themselves may ask how Geithner could have reached this conclusion.

Amy Goodman: When Banks Are the Robbers

The big banks that caused the collapse of the global finance market, and received tens of billions of dollars in taxpayer-funded bailouts, have likely been engaging in wholesale fraud against homeowners and the courts. But in a promising development this week, attorneys general from all 50 states announced a bipartisan joint investigation into foreclosure fraud.

Bank of America, JPMorgan Chase, GMAC and other big mortgage lenders recently suspended most foreclosure proceedings, following revelations that thousands of their foreclosures were being conducted like “foreclosure mills,” with tens of thousands of legal documents signed by low-level staffers with little or no knowledge of what they were signing.

Then the Obama administration signaled that it was not supporting a foreclosure moratorium. Not long after, Bank of America announced it was restarting its foreclosure operations. GMAC followed suit, and others will likely join in. So much for the voluntary moratorium.

Dana Milbank: A Tea Party of populist posers

On the morning of Oct. 14, a cyber-insurgency caused servers to crash at the U.S. Chamber of Commerce.

The culprits, however, weren’t attacking the chamber; they were well-meaning citizens who overwhelmed the big-business lobbying group with a sudden wave of online contributions. It was one of the more extraordinary events in the annals of American populism: the common man voluntarily giving money to make the rich richer. . . .

A movement of the plutocrats, by the political professionals and for the powerful: Now that’s something Tea Partyers should be mad about.

“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.

Robert Reich The Perfect Storm

It’s a perfect storm. And I’m not talking about the impending dangers facing Democrats. I’m talking about the dangers facing our democracy.

First, income in America is now more concentrated in fewer hands than it’s been in 80 years. Almost a quarter of total income generated in the United States is going to the top 1 percent of Americans.

The top one-tenth of one percent of Americans now earn as much as the bottom 120 million of us.

The perfect storm: An unprecedented concentration of income and wealth at the top; a record amount of secret money flooding our democracy; and a public becoming increasingly angry and cynical about a government that’s raising its taxes, reducing its services, and unable to get it back to work.

We’re losing our democracy to a different system. It’s called plutocracy.

Dean Baker: Liar Liens and Wall Street’s Foreclosure Scam

The highest rates of foreclosure are on the quick and dirty loans made at the peak of the bubble.

As we all know there is a major philosophical divide in U.S. politics. One the one hand there are those who think it is the role of government to help ensure that the vast majority of the population can enjoy a decent standard of living. On the other side are those who believe the role of government is to transfer as much money as possible to the rich and powerful. The latter group seems to be calling the shots these days.

This is seen clearly in the ” liar lien” scandal: the flood of short order foreclosures that ignore standard legal procedures. The banks have been overwhelmed by the unprecedented volume of defaulting mortgages in the wake of the housing crash. Even under normal circumstances foreclosure rates that in some areas exceed ten times normal levels would create an administrative nightmare.

But these were not ordinary loans. The highest rates of foreclosure are on the quick and dirty loans made at the peak of the bubble. These loans were issued to be sold. Almost immediately after the ink was dry, the issuers would sell these loans off to Citigroup, Goldman Sachs, or other investment banks to turn them into mortgage backed securities. The investment banks themselves were running short order operations. More rapid securitization meant more profits.

Robert Kuttner: Recovery, Please

Will the recession just go on and on and on? In the absence of far more vigorous government action, it certainly looks that way.

At a recent conference sponsored by several think tanks, Paul Krugman declared that the recession could literally continue indefinitely because the economy is stuck in a cycle of depressed wages, reduced consumer purchasing power, damaged banks, and business hesitancy to invest — and no strategy on the political horizon is about to alter this dynamic.

It’s not surprising to hear that from Krugman. The startling thing was that his two co-panelists, former Reagan chief economist Martin Feldstein and the chief economist of Goldman Sachs, Jan Hatzius, agreed that massive stimulus spending was the necessary cure.

“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.

Paul Krugman: Rare and Foolish

Last month a Chinese trawler operating in Japanese-controlled waters collided with two vessels of Japan’s Coast Guard. Japan detained the trawler’s captain; China responded by cutting off Japan’s access to crucial raw materials.

And there was nowhere else to turn: China accounts for 97 percent of the world’s supply of rare earths, minerals that play an essential role in many high-technology products, including military equipment. Sure enough, Japan soon let the captain go.

I don’t know about you, but I find this story deeply disturbing, both for what it says about China and what it says about us. On one side, the affair highlights the fecklessness of U.S. policy makers, who did nothing while an unreliable regime acquired a stranglehold on key materials. On the other side, the incident shows a Chinese government that is dangerously trigger-happy, willing to wage economic warfare on the slightest provocation.

Sherrod Brown: For Our China Trade Emergency, Dial Section 301

TEN years ago this fall the Senate sold out American manufacturing. By a vote of 83 to 15, it established so-called permanent normal trade relations with China, paving the way for that country to join the World Trade Organization. As a result, Chinese imports to the United States fell under the same low tariffs and high quotas as those from countries like Canada and Britain.

Today, though, our trade relations with China are anything but normal. The 2000 agreement’s proponents insisted it would enable a billion Chinese consumers to buy American products. Instead, our bilateral trade deficit has increased 170 percent, largely because China has undermined free-market competition through illegal subsidies and currency manipulation.

Unless the administration takes punitive steps in response to China’s unfair trade practices, the American economy – and the American worker – will continue to suffer.

Sherrod Brown, a Democratic senator from Ohio, is a member of the President’s Export Council and the author of “Myths of Free Trade.”

Glenn Greenwald: How propaganda is disseminated: WikiLeaks Edition

This is how the U.S. government and American media jointly disseminate propaganda: in the immediate wake of some newsworthy War on Terror event, U.S. Government officials (usually anonymous) make wild and reckless — though unverifiable — claims. The U.S. media mindlessly trumpets them around the world without question or challenge. Those claims become consecrated as widely accepted fact. And then weeks, months or years later, those claims get quietly exposed as being utter falsehoods, by which point it does not matter, because the goal is already well-achieved: the falsehoods are ingrained as accepted truth.

I’ve documented how this process works in the context of American air attacks (it’s immediately celebrated that we Killed the Evil Targeted Terrorist Leader who invariably turns out to be alive and then allegedly killed again in the next air strike], while the [dead are always, by definition, “militants”); with covered-up American war crimes, with the Jessica Lynch and Pat Tillman frauds — the same process was also evident with the Israeli attack on the flotilla — and now we find a quite vivid illustration of this deceitful process in the context of WikiLeaks’ release of Afghanistan war documents. . . .

John Nichols: Obama is Wrong, the Republicans are Right

The Obama administration’s Department of Justice is seeking to overturn the world-wide injunction against enforcment of the noxious “Don’t Ask, Don’t Tell” policy. . . .

There have been lots of objections. But the loudest complaints are coming from Republicans. Not, unfortunately, all Republicans. But the Log Cabin Republicans — the gay and lesbian group that secured the injunction from a federal judge — are mounting the defense of the injunction. . . .

The Log Cabin lawyer is right: legally, logically and morally. The Department of Justice does have a responsibility to enforce the law, even when the law is objectionable. But it does not have a responsibility to defend a policy that a federal judge has soundly and unequivocally identified as an assault on the Constitution that violates the basic premises of a free and just society.

“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.

Eugene Robinson: Looney, and That’s No Debate

OK, I want to make sure I understand. Two years ago, with the nation facing a host of complex and difficult problems, voters put a bunch of thoughtful, well-educated people in charge of the government. Now many of those same voters, unhappy and impatient, have decided that things will get better if some crazy, ignorant people are running the show? Seriously?

I thought I had come to terms with the whole tea party thing, I really did. I convinced myself that it could be analyzed as a political phenomenon, an expression of disaffection, a reaction to economic, social and demographic change that leaves some Americans anxious and unsettled, blah blah blah. But then came Wednesday’s debate in Delaware-featuring Christine O’Donnell, uncut and uncensored-and all my rationalizations crumbled. This isn’t politics, it’s insanity.

I know that O’Donnell is likely to lose to Democrat Chris Coons. But until Election Day-at least-we’re supposed to take her seriously as the Republican candidate for the United States Senate. Sorry, but I just can’t do it anymore.

Nor can I pretend that Carl Paladino, the raging bull from Buffalo, is qualified by experience or temperament to be governor of New York. Or that Sharron Angle, whose small-government philosophy is so extreme as to be incoherent, could possibly make a worthwhile contribution as a senator. Or that Rich Iott, whose idea of weekend fun is putting on a Nazi SS uniform and gamboling through the woods, is remotely acceptable as a candidate for the House.

Steven G. Bradbury and John P. Elwood: Call the Senate’s bluff on recess appointments

. . . the Senate cannot constitutionally thwart the president’s recess appointment power through pro forma sessions.

The Senate, of course, does not meet as a body during a pro forma session. By the terms of the recess order, no business can be conducted, and the Senate is not capable of acting on the president’s nominations. That means the Senate remains in “recess” for purposes of the recess appointment power, despite the empty formalities of the individual senators who wield the gavel in pro forma sessions.

The president should consider calling the Senate’s bluff by exercising his recess appointment power to challenge the use of pro forma sessions. If the Senate persists, then the federal courts may need to resolve the validity of the Senate’s gambit.

The alternative will likely be greater gridlock in Washington. This practice will inevitably become the standard operating procedure, and the recess appointment power could become a virtual dead letter — undermining what the Founders viewed as an essential tool for the effective functioning of our government.

Come on, President Obama, call them on this Game of Chicken.

Katrina vanden Heuvel: Working Families Party: Still Fighting for Working People

Since its founding in 1998, the Working Families Party (WFP) has emerged as New York State’s liveliest progressive political force. It has helped Democrats take back both the US Congress and the State Senate by bringing disaffected Democrats, union members and independents into a coalition with insurgent Democratic candidates.

In 2009, a WFP-backed slate of unusually good progressive candidates for New York City Council, Comptroller and Public Advocate (Nation contributor Bill De Blasio) all won in a landslide. And this September, the party helped defeat notorious state senator Pedro Espada, who had held Albany hostage by threatening to become a Republican and almost single-handedly blocked tenants’ rights legislation from coming to the floor.

That means New Yorkers voting the WFP line on November 2. If you vote for Cuomo, for example, do so on the WFP line rather than the Democratic line. If you select both bubbles only the majority party will receive your vote, and the WFP needs to reach that 50,000-vote threshold to continue receiving its own line on the state ballot.

The WFP is also on the ballot in five other states-Connecticut, Vermont, Oregon, Delaware and South Carolina. In Connecticut, votes on the WFP line could be the margin in some high-profile races like Attorney General Richard Blumenthal versus Linda McMahon for US Senate, and Democrat Dan Malloy versus Tom Foley for Governor.

So if you can vote for the WFP this election, do it. And all of us can tell our friends and colleagues about this once-ragtag group of unions, community groups and progressives that has grown into a force, electing progressive candidates and advancing progressive causes.

“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.

Dahlia Lithwick: Privacy Rights Inc.  

Your right to personal privacy is shrinking even as Corporate America’s is growing.

Look. Nation. You can go ahead and anthropomorphize big corporations all you want. Pretend that AT&T has delicate feelings and that Wal-Mart has a just-barely-manageable phobia of spiders. But before we extend each and every protection granted in the Bill of Rights to the good folks at ExxonMobil, I have one small suggestion: Might we contemplate what’s happened to our own individual privacy in this country in recent years? That the government should have more and more access to our personal information, while we have less and less access to corporate information defies all logic. It’s one thing to ask us to give up personal liberty for greater safety or security. It’s another matter entirely to slowly take away privacy and dignity from living, breathing humans, while giving more and more of it to faceless interest groups and corporations.

Paul Krugman: The Mortgage Morass

The story so far: An epic housing bust and sustained high unemployment have led to an epidemic of default, with millions of homeowners falling behind on mortgage payments. So servicers – the companies that collect payments on behalf of mortgage owners – have been foreclosing on many mortgages, seizing many homes.

But do they actually have the right to seize these homes? Horror stories have been proliferating, like the case of the Florida man whose home was taken even though he had no mortgage. More significantly, certain players have been ignoring the law. Courts have been approving foreclosures without requiring that mortgage servicers produce appropriate documentation; instead, they have relied on affidavits asserting that the papers are in order. And these affidavits were often produced by “robo-signers,” or low-level employees who had no idea whether their assertions were true.

David Swanson: Rule of Law Is Alive and Well Outside the United States

The World Justice Project on Thursday published a “Rule of Law Index,” and there’s no easy way to say this. Let me put it this way: as when rankings on education, infant mortality, work hours, lifespan, retirement security, health, environmental impact, incarceration rates, violence, concentration of wealth, and other measures of quality of life come out, it is time once again for we Americans to shout “We’re Number One!” more loudly than ever. Because, of course, we’re not. . . .

“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.

Joe Conanson: “No new taxes” for GOP — except a national sales tax

Republicans swear they won’t raise taxes — but Rand Paul and Paul Ryan want to tax everything you buy

Can you guess which tax is bad, bad, bad when suggested by Democrats but perfectly acceptable when proposed by Republicans? Listening to Rand Paul and Paul Ryan, among others, the answer is a national sales tax or value-added tax, known in Europe as a VAT. While Republicans argue ferociously to preserve the Bush tax cuts for America’s wealthiest families, the notion of a new federal tax on goods and services – which would disproportionately penalize working consumers — is becoming fashionable among their party’s most prominent figures.

The Kentucky Republican Senate candidate made headlines yesterday when he proposed a national sales tax to replace the income tax, but Paul is scarcely alone in preferring a tax that falls most heavily on the middle class, workers and the poor. Rep. Ryan’s budget “roadmap,” released earlier this year to much fanfare in the conservative and mainstream media, relies on an 8.5 percent “business consumption” tax — yet another name for what Europeans call a VAT. From Arizona to  Maine, Republican candidates seem increasingly eager to impose a national sales tax — and although they usually say this new tax would “replace” the income tax and abolish the IRS, such fantasies aren’t contemplated by Ryan, the ranking Republican on the House Budget Committee.

Robert Sheer: Invasion of the Robot Home Snatchers

The Titanic that is the U.S. housing market has just sprung its biggest leak, and even some of the largest banks responsible for this mess, like Bank of America and JPMorgan Chase, are now imposing a temporary moratorium on foreclosures. They have done so very reluctantly and only after courts throughout the nation, and the attorneys general of 40 states, questioned the legality of a securitized system of homeownership that has impoverished tens of millions.

How do you foreclose on a home when you can’t figure out who owns it because the original mortgage is part of a derivatives package that has been sliced and diced so many ways that its legal ownership is often unrecognizable? You cannot get much help from those who signed off on the process because they turn out to be robot signers acting on automatic pilot. Fully 65 million homes in question are tied to a computerized program, the national Mortgage Electronic Registration Systems (MERS), that is often identified in foreclosure proceedings as the owner of record.  

Teddy Partridge: Obama WH Aide Valerie Jarrett: 15-Year Old Justin Aarberg “Made a Lifestyle Choice”

If the closest adviser to the President on LGBT issues – the one he sent to make nice with the Human Rights Campaign’s black-tie supporters last Saturday – describes a 15-year-old suicide as having “made a lifestyle choice” we are absolutely doomed. . . . .

If a presidential adviser had made such a boneheaded remark about any other American minority group – let alone an incredibly loyal group that has provided the Democratic Party its margin of victory in any number of tight races across the nation – would that presidential adviser still have a job?

Does Valerie Jarrett live in the early 1990s? Does she really believe that being LGBT is a ‘choice’ and a ‘lifestyle’ – and will she really get away with insulting the memory of a dead gay teen with this horrifying out-of-touch language?

“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.

Nouriel Roubini & Michael Moran: Avoid the Double Dip

How Obama can save the fragile economy from going back into a tailspin.

Roughly three years since the onset of the financial crisis, the U.S. economy increasingly looks vulnerable to falling back into recession. The United States is flirting with “stall speed,” an anemic rate of growth that, if it persists, can lead to collapses in spending, consumer confidence, credit, and other crucial engines of growth. Call it a “double dip” or the Great Recession, Round II: Whatever the term, we’re talking about a negative feedback loop that would be devilishly hard to break.

If Barack Obama wants a realistic shot at a second term, he’ll need to act quickly and decisively to prevent this scenario.

Near double-digit unemployment is the root of the problem. Without job creation there’s a lack of consumer spending, which represents 40 percent of domestic GDP. To date, the U.S. government has responded creatively and massively to the near collapse of the financial system, using a litany of measures, from the bank bailout to stimulus spending to low interest rates. Together, these policies prevented a reprise of the Great Depression. But they also created fiscal and political dilemmas that limit the usefulness of traditional monetary and fiscal tools that policymakers can turn to in a pinch.

Paul Krugman: Brother, Can You Spare a Dime? I Only Earn Six Figures

I live in a very sheltered world, yet I know young people just out of college who can’t find employment; men in their late 50s who have lost their jobs and think they will never find another; and families barely scraping by, terrified by what might happen if anyone were to get sick. These days, there are terrible stories everywhere you look.

Yet some Americans who have secure jobs and rather high incomes are feeling very sorry for themselves because it’s possible that they might have to pay somewhat higher taxes next year if the temporary reductions made during President George W. Bush’s tenure in office are allowed to expire for the wealthy.

Take, for example, an unnamed person mentioned in a recent online post by economist J. Bradford DeLong. This person supposedly makes $450,000 a year, has a family of five and after paying bills, loans, taxes and everything else (including private school tuition for three children and the costs of a $1 million house), is left with only a few hundred dollars a month of discretionary income. Mr. DeLong says this person strongly feels that he should not have to pay more taxes – “It is unfair: he is not ‘rich.'”

Robert Reich: 8 Ways to Fight the Right-Wingers and Corporations Buying Off Our Government

What the public wants means nothing if our democracy is secretly corrupted by big money.

Not only is income and wealth in America more concentrated in fewer hands than it’s been in 80 years, but those hands are buying our democracy as never before — and they’re doing it behind closed doors.

Hundreds of millions of secret dollars are pouring into congressional and state races in this election cycle. The Koch brothers (whose personal fortunes grew by $5 billion last year) appear to be behind some of it, Karl Rove has rounded up other multimillionaires to fund right-wing candidates, the U.S. Chamber of Commerce is funneling corporate dollars from around the world into congressional races, and Rupert Murdoch is evidently spending heavily.

No one knows for sure where this flood of money is coming from because it’s all secret. . . .

According to FEC data, only 32 percent of groups paying for election ads are disclosing the names of their donors. By comparison, in the 2006 midterm, 97 percent disclosed; in 2008, almost half disclosed.

Last week, when the Senate considered a bill to force such disclosure, every single Republican voted against it — thereby revealing the GOP’s true colors, and presumed benefactors. (To understand how far the GOP has come, nearly ten years ago campaign disclosure was supported by 48 of 54 Republican senators.)

Maybe the Disclose Bill can get passed in lame-duck session. Maybe the IRS will make sure Karl Rove’s and other supposed nonprofits aren’t sham political units. Maybe pigs will learn to fly.

In the meantime we face an election that marks an even sharper turn toward plutocratic capitalism than before — a government by and for the rich and big corporations — and away from democratic capitalism.

“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.

Rachel Maddow: The GOP’s Disturbing New Norm

“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.

Paul Krugman: Hey, Small Spender

Here’s the narrative you hear everywhere: President Obama has presided over a huge expansion of government, but unemployment has remained high. And this proves that government spending can’t create jobs.

Here’s what you need to know: The whole story is a myth. There never was a big expansion of government spending. In fact, that has been the key problem with economic policy in the Obama years: we never had the kind of fiscal expansion that might have created the millions of jobs we need.

Ask yourself: What major new federal programs have started up since Mr. Obama took office? Health care reform, for the most part, hasn’t kicked in yet, so that can’t be it. So are there giant infrastructure projects under way? No. Are there huge new benefits for low-income workers or the poor? No. Where’s all that spending we keep hearing about? It never happened.

Robert Kuttner: Obama Calls the Question on Geithner

By pocket-vetoing the bill that sailed through Congress to expedite mortgage foreclosures, President Obama may have begun a chain reaction that will blow up Treasury Secretary Tim Geithner’s confidence game with the banks. Let me explain.

In early 2009, Obama and his top economic aides faced a fateful choice: either do an honest accounting of the nation’s big insolvent banks, like Citigroup; or keep propping them up and collude with the banks in camouflaging just how bad things were — and still are.

They opted for camouflage. Geithner and the Federal Reserve devised a “stress test” exercise that avoided an honest accounting of the junk on the banks’ balance sheets; instead they used economic models based on very rosy assumptions about how bad the recession would be. Citi and the others were pronounced basically healthy.

E.J. Dionne Jr.: Shadowy players in a new class war

The 2010 election is turning into a class war. The wealthy and the powerful started it.

This is a strange development. President Obama, after all, has been working overtime to save capitalism. Wall Street is doing just fine, and the rich are getting richer again. The financial reform bill passed by Congress was moderate, not radical.

Nonetheless, corporations and affluent individuals are pouring tens of millions of dollars into attack ads aimed almost exclusively at Democrats. One of the biggest political players, the U.S. Chamber of Commerce, accepts money from foreign sources.

The chamber piously insists that none of the cash from abroad is going into its ad campaigns. But without full disclosure, there’s no way of knowing if that’s true or simply an accounting trick. And the chamber is just one of many groups engaged in an election-year spending spree.

Dean Baker  and Sarita Gupta: Memo to the Tax Cut Party — Painful Double-Digit Unemployment Doesn’t Have to Continue

A modest tax on Wall Street financial speculation could raise more than $150 billion a year — money that would go a long way toward funding a serious jobs agenda.

here is a depressing complicity among much of the political leadership about the recession. Many politicians seem prepared to accept that we will have sky-high rates of unemployment for the indefinite future. Projections from the Congressional Budget Office and other authoritative forecasts show the situation improving little over the next few years.

At the moment, this means 15 million people unemployed, 9 million under-employed and millions of other workers who don’t even get counted because they have given up hope of finding a job and stopped looking. It is outrageous that we have this situation. Allowing high unemployment to continue for years into the future is unacceptable.

We know how to get the unemployment rate down.