Tag: Politics

“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 Sunday Talking Heads:

Up with Chris Hayes: Joining Chris will be Joseph Stiglitz (@joestiglitz), author of “The Price of Inequality: How Today’s Divided Society Endangers Our Future” and winner of the Nobel Prize in economics; Julianne Malveaux (@drjlastword), president emeritus of Bennett College for Women, contributing writer at Essence magazine; Michelle Goldberg (@michelleinbklyn), author of “The Means of Reproduction: Sex, Power and the Future of the World;” Kiron Skinner (kironmemo.com), research fellow at the Hoover Institution and director of Carnegie Mellon University’s Center for International Relations and Politics; Michael Hastings (@mmhastings), BuzzFeed Correspondent and Rolling Stone Contributing Editor; Barbara Slavin (@barbaraslavin1), a senior fellow at the Atlantic Council’s South Asia Center and Washington correspondent for Al-Monitor dot com, a new website devoted to news from and about the Middle East; Ali Gharib (@ali_gharib), a Senior Editor for The Daily Beast‘s Middle East blog, Open Zion; Michael Brendan Dougherty (@michaelbd), national correspondent for The American Conservative; Dylan Glenn, former Special Assistant to President George W. Bush and now Managing Director of Guggenheim Partners, a financial services firm; Joe Weisenthal (@thestalwart), deputy editor at BusinessInsider.com; and Edward Conard, author of “Unintended Consequences: Why Everything You’ve Been Told About the Economy is Wrong,” and a former partner at Bain Capital.

This Week with George Stephanopolis: George Stephanopoulos interviews the gatekeeper of the president’s agenda, Senate Majority Leader Harry Reid (D-NV) and controversial education reformer Michelle Rhee.

This weeks panel guests are ABC News political analyst Matthew Dowd; Univision anchor Jorge Ramos; Nobel Prize-winning economist and New York Times columnist Paul Krugman; former Hewlett-Packard CEO Carly Fiorina; and Republican Rep. Lou Barletta of Pennsylvania.

Face the Nation with Bob Schieffer: Mr. Schieffer’s guests this week are National Football League faces with NFL Commissioner Roger Goodell. ;CBS Sports’ Jim Nantz, Phil Simms and Shannon Sharpe.

The Chris Matthews Show: this week’s guests are Michael Duffy, TIME Magazine Assistant Managing Editor;

Katty Kay, BBC Washington Correspondent; Howard Fineman The Huffington Post Senior Political Editor; and Annie Lowrey, The New York Times

Economic Policy Reporter.

Meet the Press with David Gregory: Guests on the weeks MTP are Secretary of Defense Leon Panetta and the Chairman of the Joint Chiefs of Staff General Martin Dempsey outline the challenges that lay ahead for the country’s armed forces and for the next Defense secretary. Bob Costas talks NFL ahead of the big game.

The roundtable weighs in on the political battle over the president’s pick to head the Pentagon with former White House Press Secretary Robert Gibbs; Chairman of the Faith and Freedom coalition Ralph Reed; former National Hispanic Co-Chair for John McCain’s 2008 presidential campaign, Ana Navarro; and the New York Times’ David Brooks.

State of the Union with Candy Crowley: Ms. Crowley’s guests are Defense Secretary Leon Panetta and Joint Chiefs Chairman Gen. Martin Dempsey; Obama policy adviser Melody Barnes, former Labor secretary Elaine Chao, Time magazine’s Michael Duffy and The Hill‘s A.B. Stoddard; Super Bowl XL MVP Hines Ward; and former football player and Fmr. Sen. George Allen.

In his “what we now know” segment of Up with Chris, host Chris Hayes talks about Sen. Robert Menendez (D-NJ) who will be investigated by the Senate Ethics Committee for allegations that he took free flights with a political donor and prostitution in the Dominican Republic. Discussing with Chris what they have learned this week are panel guests Hilda Solis, former Secretary of Labor in the Obama administration; Aaron Pena (@AaronPena), founder of The Hispanic Republican Conference of Texas; Jim Antle (@jimantle), senior editor of The American Spectator; and Lorella Praeli (@lorellaluciana), director of advocacy and policy for United We Dream.

Sen. Robert Menendez under growing scrutiny over ethics questions

by Joseph Tanfani, The Los Angeles Times

Sen. Robert Menendez of New Jersey is under scrutiny over his ties to a Florida doctor under FBI investigation.

WASHINGTON – Sen. Robert Menendez, the powerful New Jersey Democrat who this week was named chairman of the Senate Foreign Relations Committee, is facing a Senate ethics probe into whether he accepted inappropriate gifts from a wealthy Florida eye surgeon who is under FBI investigation.

The Senate Ethics Committee is conducting a preliminary investigation of two trips Menendez took to a luxury beach resort in the Dominican Republic in August and September 2010 as a guest of Dr. Salomon Melgen, a longtime friend and political donor.

The review comes on the heels of an FBI raid on Melgen’s medical offices in West Palm Beach, Fla., on Tuesday night and Wednesday as part of an investigation into what sources called possible Medicaid fraud.

Israel admits Ethiopian Jewish immigrants were given birth control shots

by Katie McDonough, Salon

An Israeli journalist also found that most of the women given the shots say they were coerced

Israel has admitted that it has been giving Ethiopian Jewish immigrants birth control injections, according to a report in Haaretz. An Israeli investigative journalist also found that a majority of the women given these shots say they were administered without their knowledge or consent.

Health Ministry Director General Prof. Ron Gamzu acknowledged the practice – without directly conceding coercion was involved – in a letter to Israeli health maintenance organizations, instructing gynecologists in the HMOs “not to renew prescriptions for Depo-Provera for women of Ethiopian origin if for any reason there is concern that they might not understand the ramifications of the treatment.”

Depo-Provera is a hormonal form of birth control that is injected every three months.

Treasury approved big pay raises at bailed-out AIG, Ally and GM, report says

by Danielle Douglas, The Washington Post

The Treasury Department ignored its own guidelines on executive pay at firms that received taxpayer bailouts and last year approved compensation packages of more than $3 million for the senior ranks at General Motors, Ally Financial and American International Group, according to a watchdog report released Monday.

The report from the special inspector general for the Troubled Assets Relief Program said the government’s pay czar signed off on $6.2 million in raises for 18 employees at the three companies. The chief executive of a division of AIG received a $1 million raise, while an executive at GM’s troubled European unit was given a $100,000 raise. In one instance, an employee of Ally’s Residential Capital was awarded a $200,000 pay increase weeks before the subsidiary filed for bankruptcy.

“30 Rock” finale: Comedy series comes to an end

You wanted resolution on the “30 Rock” finale?

You got it. Sort of. At least, the sort befitting “30 Rock,” with its loopy storytelling mixed with joy in spoofing the culture of TV.

Closure, if that’s what it is, came in a two-minute postscript on this hour episode Thursday on NBC. Which, among other things, included this sly touch: a reference to the snowglobe revelation with which the medical drama “St. Elsewhere” famously concluded a quarter-century ago.

But there was more. Just before the final fade-out, NBC President Kenneth the former Page (Jack McBrayer) was pitched a new comedy series taking place right there at network headquarters, 30 Rock.

Hmmm. This was no ending. It was a Mobius strip.

“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

Robert Reich; The End of the Recovery That Never Really Began

We are in the most anemic recovery in modern history, yet our political leaders in Washington aren’t doing squat about it.

In fact, apart from the Fed — which continues to hold interest rates down in the quixotic hope that banks will begin lending again to average people — the government is heading in exactly the wrong direction: raising taxes on the middle class and cutting spending. [..]

More jobs and faster growth should be the most important objectives now. With them, everything else will be easier to achieve — protection against climate change, immigration reform, long-term budget reform. Without them, everything will be harder.

Yet we’re moving in the opposite direction. Why isn’t Washington listening?

New York Times Editorial: More Lessons About Charter Schools

The charter school movement gained a foothold in American education two decades ago partly by asserting that independently run, publicly financed schools would outperform traditional public schools if they were exempted from onerous regulations. The charter advocates also promised that unlike traditional schools, which were allowed to fail without consequence, charter schools would be rigorously reviewed and shut down when they failed to perform. [..]

With thousands of charter schools now operating in 40 states, and more coming online every day, neither of these promises has been kept. Despite a growing number of studies showing that charter schools are generally no better – and often are worse – than their traditional counterparts, the state and local agencies and organizations that grant the charters have been increasingly hesitant to shut down schools, even those that continue to perform abysmally for years on end.

“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

Paul Krugman: Looking for Mister Goodpain

Three years ago, a terrible thing happened to economic policy, both here and in Europe. Although the worst of the financial crisis was over, economies on both sides of the Atlantic remained deeply depressed, with very high unemployment. Yet the Western world’s policy elite somehow decided en masse that unemployment was no longer a crucial concern, and that reducing budget deficits should be the overriding priority.

In recent columns, I’ve argued that worries about the deficit are, in fact, greatly exaggerated – and have documented the increasingly desperate efforts of the deficit scolds to keep fear alive. Today, however, I’d like to talk about a different but related kind of desperation: the frantic effort to find some example, somewhere, of austerity policies that succeeded. For the advocates of fiscal austerity – the austerians – made promises as well as threats: austerity, they claimed, would both avert crisis and lead to prosperity.

And let nobody accuse the austerians of lacking a sense of romance; in fact, they’ve spent years looking for Mr. Goodpain.

Robert Creamer: The Verdict Is In: GOP Austerity Proposals Are Toxic for Our Economy

There are two major pillars of Republican economic ideology.

First is “trickle down” economics — the notion that if we allow the wealthiest two percent to accumulate more and more of the fruits of our economy, the benefits will “trickle down” to everyone else.

The second is fiscal austerity — the idea that the best response to an economic downturn is to “tighten our belts” and slash critical government spending that we “no longer can afford.”

Both of these pillars were created to justify the transfer of more and more income to the wealthy few and to provide a rationale for keeping their taxes as low as possible. But even recognizing the GOP’s motivation in proposing them, ordinary voters might be tempted to support them if they actually produced economic growth and good-paying jobs for everyday Americans. They don’t. And anyone who tries to make a case to the contrary must ignore the last century of economic history.

CIA’s Torturers Get Their Scalp

by Marcy Wheeler, emptywheel

With the news that John Kiriakou will head to prison for 30 months, it’s worth remembering how he got sent there.

It started when CIA officers claimed that when Gitmo defense attorneys provided photos of their clients torturers to them-having independently discovered their identity-the torturers were put at risk. DOJ didn’t believe it was a security risk; CIA disagreed and went to John Brennan. And after Patrick Fitzgerald was brought in to mediate between DOJ and CIA, the prosecution of John Kiriakou resulted. [..]

What happened with Kiriakou’s sentencing today is many things. But it started as-and is still fundamentally a result of-an effort on the part of CIA to ensure that none of its torturers ever be held accountable for their acts, to ensure that the subjects of their torture never gain any legal foothold to hold them accountable.

The CIA has succeeded in making an object lesson of a man who betrayed their omerta.

Former CIA agent John Kiriakou speaks out just days after he was sentenced to 30 months in prison, becoming the first CIA official to face jail time for any reason relating to the U.S. torture program. Under a plea deal, Kiriakou admitted to a single count of violating the Intelligence Identities Protection Act by revealing the identity of a covert officer to a freelance reporter, who did not publish it. Supporters say Kiriakou is being unfairly targeted for having been the first CIA official to publicly confirm and detail the Bush administration’s use of waterboarding. Kiriakou joins us to discuss his story from Washington, D.C., along with his attorney, Jesselyn Radack, director of National Security & Human Rights at the Government Accountability Project. “This … was not a case about leaking; this was a case about torture. And I believe I’m going to prison because I blew the whistle on torture,” Kiriakou says. “My oath was to the Constitution. … And to me, torture is unconstitutional.”

Days after he was sentenced to 30 months in prison, John Kiriakou – the first CIA official to be jailed for any reason relating to the torture program – denounces President Obama’s appointment of John Brennan to head the CIA. “I’ve known John Brennan since 1990,” Kiriakou says. “I worked directly for John Brennan twice. I think that he is a terrible choice to lead the CIA. I think that it’s time for the CIA to move beyond the ugliness of the post-September 11th regime, and we need someone who is going to respect the Constitution and to not be bogged down by a legacy of torture.”

“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

Robert Reich: Why Consumers are Bummed Out

The Conference Board reported Tuesday that the preliminary January figure for consumer confidence in the United States fell to its lowest level in more than a year.

The last time consumers were this bummed out was October 2011, when there was widespread talk of a double-dip recession.

But this time business news is buoyant. The stock market is bullish. The housing market seems to have rebounded a bit.

So why are consumers so glum?

Because they’re deeply worried about their jobs and their incomes — as they have every right to be.

E. J. Dionne, Jr.: The New Politics of Immigration

Think back to the battle over health care reform. Can you imagine Republicans, upon hearing that President Obama was about to offer his own proposals, would want to rush ahead of him to put their own marker down-and take positions close to his?

That’s the comparison to keep in mind to understand the extraordinary transformation of Beltway politics on immigration reform. Until Obama was re-elected, party competition translated into Republican efforts to block virtually everything the president wanted to accomplish. On immigration, at least, the parties are now competing to share credit for doing something big. It’s wonderful to behold.

The U.S. economy contracted slightly in the fourth quarter of last year, shrinking by 0.1 percent. The main factor that is being blamed is cuts in government spending. The report, as Pat Garofalo at Think Progress notes, might have been worse but if the House Republicans let the sequester kick in, as they seem want to do, the US economy is in for another deeper dip:

According to Macroeconomic Advisers, the sequester will knock 0.7 percent off of GDP growth this year. The Bipartisan Policy Center estimates that the sequester will kill one million jobs. [..]

Of course, scrapping the sequester – which includes equal cuts from defense spending and non-defense discretionary spending – does not mean the government simply has to plow that money back into the Pentagon. Domestic spending is headed toward historic lows. The country has a huge infrastructure gap that needs to be filled. And the American Jobs Act, which Republicans filibustered, would have significantly boosted growth according to several independent analyses.

Journalist and author, David Cay Johnston, a specialist in economics and tax issues, discusses why the Republicans keep pushing spending cuts.

Meanwhile, as Suzie Madrak at Crooks and Liars observed, hell may have just froze over at the conservative think tank, American Enterprise Institute where conservative economist John H. Mankin just told the deficit hawks, in so many words, to “shut up about austerity”.

Japan’s lessons for America’s budget warriors

by  John H. Makin, American Enterprise Institute

Lessons for the United States

Congress, take note. Although American deficits do need to be reduced and debt accumulation does need to be slowed and eventually reversed, cries of imminent disaster from “unsustainable” deficits and a supposed bond market collapse will not accomplish this goal. Persistently rising bond prices in Japan and the United States have undercut the “sky-is-falling” rationale for deficit reduction. [..]

If fiscal austerity is applied too rapidly, US growth will drop and the debt-to-GDP ratio will rise, boosting the nation’s debt burden. If the Fed tries to stem the rise with too much money printing, inflation could rise and drive up interest rates, exacerbating the US debt burden. [..]

Congress and the president need to avoid excessive austerity with respect to changes in fiscal policy this year. Over the past four years, on average, the fiscal boost applied to the American economy has been worth about 3 percent of GDP. This year, with tax increases and sequestration, fiscal drag will be about 1.5 percent of GDP. [..]

The lessons from Europe and Japan are that austerity, per se, is not the way to move to a sustainable fiscal stance. Rather, the US economy needs a combination of tax reform to boost growth and legislation enacted now to stabilize the future growth of outlays on entitlement programs.

Economist Paul Krugman, at his NYT blog, Conscience of a Liberal, talks about “incestuous amplification” which happens when “a closed group of people repeat the same things to each other – and when accepting the group’s preconceptions itself becomes a necessary ticket to being in the in-group“.

Which brings me to the fiscal debate, characterized by the particular form of incestuous amplification Greg Sargent calls the Beltway Deficit Feedback Loop. I’ve already blogged about my Morning Joe appearance and Scarborough’s reaction, which was to insist that almost no mainstream economists share my view that deficit fear is vastly overblown. As Joe Weisenthal points out, the reality is that among those who have expressed views very similar to mine are the chief economist of Goldman Sachs; the former Treasury secretary and head of the National Economic Council; the former deputy chairman of the Federal Reserve; and the economics editor of the Financial Times. The point isn’t that these people are necessarily right (although they are), it is that Scarborough’s attempt at argument through authority is easily refuted by even a casual stroll through recent economic punditry.

Will AEI’s resident economics scholar, John Mankin’s warnings be heeded? Or will the “incestuous amplification” continue?

“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

Katrina vanden Heuvel: Can the Rising Progressive Tide Lift All Ships?

The growing progressive coalition that helped elect President Obama has emerged at the end of a failed and exhausted conservative era. The media now chronicle the flailings of Republican leaders slowly awakening to the weaknesses of a stale, pale and predominantly male party in today’s America.

But the central challenge to this progressive coalition is not dispatching the old but rather defining what comes next. Will it be able to address the central challenge facing America at this time and reclaim the American Dream from an extreme and corrosive economic inequality?

Renee Parsons: Failed Filibuster Reform Threatens Legislative Agenda

Despite Senate Majority Leader Harry Reid’s (Nev) repeated pronouncements that the Republican stranglehold on the Senate’s filibuster could no longer be tolerated, that is exactly the final outcome of recent reform efforts. With the success of important Obama legislative initiatives like depending on a Democratic Senate for enactment, what was Harry Reid thinking? Reid’s stunning flip in favor of retaining the most egregious elements of the Republican filibuster clearly jeopardizes the President’s legislative agenda. [..]

Even as Republicans remain mired in a disconnect from political reality and despite reports of a bi-partisan agreement on an immigration reform ‘blueprint’, there is little reason to expect that the party of Lincoln will not continue to effectively stonewall every reasonable legislative initiative addressing the country’s most critical problems. And as Senate Democrats continue to stumble into an era of lost principles, there will be no one to blame but themselves.

In his speech to Republican Party official in Charlotte, NC, Gov. Bobby Jindal said that

“the GOP must stop being the party of stupid.” The problem there is that actions, including Gov. Jindal’s, just reinforce how stupid the GOP is, especially when it comes to the economy.

Bad news for Jindal: Florida, Texas rely heavily on property and biz taxes

by Tyler Bridges, The Lens

As he seeks to eliminate the state’s income tax, Gov. Bobby Jindal has cast a covetous eye both west and east. The tax systems in Florida and Texas should serve as a model for Louisiana’s, the governor believes.

Neither state has an income tax, he notes, and both have reputations as hospitable to business investment.

But to make Louisiana look more like Florida and Texas, Jindal’s plan would have to include two significant elements that he dislikes: taxes on business and higher property taxes. [..]

“Most states have a three-legged stool for raising revenue,” said Jim Richardson, a Louisiana State University economist who co-chaired PAR’s tax study. “Texas and Florida have two legs – sales and property – since they don’t have an income tax.” Under the Jindal plan, “Louisiana would have a one-and-a-half-legged stool – sales taxes and some local property taxes.” [..]

In an interview with MSNBC’s Rachel Maddow, Nobel Prize winning economist, Paul Krugman said it would raise the taxes on every tax dollar the poor make going against “the Republican argument that high marginal tax rates discourage work“.

“In our system, the highest marginal tax rates — the biggest disincentives to work in our system — are not for the rich. They are for lower-income workers who are in that range where if you earn a little bit more you start to lose benefits, you start to lose Medicaid, you lose housing subsidies,” the Nobel Prize-winning economist said. “This is going to raise taxes precisely on the people who actually have the biggest disincentives to work. So it’s actually, even from that old supply-side incentive thing, this is going in the wrong direction.”

In his Monday New York Times column, Prof. Krugman called the Republicans “Makers, Takers, Fakers”

Like the new acknowledgment that the perception of being the party of the rich is a problem, this represents a departure for the G.O.P. – but in the opposite direction. In the past, Republicans would justify tax cuts for the rich either by claiming that they would pay for themselves or by claiming that they could make up for lost revenue by cutting wasteful spending. But what we’re seeing now is open, explicit reverse Robin Hoodism: taking from ordinary families and giving to the rich. That is, even as Republicans look for a way to sound more sympathetic and less extreme, their actual policies are taking another sharp right turn.

Despite the lessons of the 2012 election, the Republicans, in states that are not checked by Democrats, are pushing tax policies that punish the poor and the middle class and benefit the wealthy.

While Secretary of the Treasury Timothy Geithner was packing up his office making way for the next puppet of the banks and Wall Street, Jack Lew, the top executives of major companies that were bailed out by the tax payers were getting their pay-offs.

The Office of the Special Inspector General for the Trouble Asset Relief Program — which keeps tabs on taxpayer bailouts — singled out for blame “pay czar” Patricia Geoghegan, the Treasury official tasked with reining in excessive pay increases for executives at bailed-out companies. [..]

Executives, the report contends, got pay bumps in 2012 for leading their bailed-out companies in profitable directions. But they also got raises when their units performed poorly: An executive at Ally’s residential mortgage unit saw his paycheck rise in 2012 even though Treasury knew that division of the bank was about to file for bankruptcy. The executive, Treasury said, was deemed “critical to successful restructuring.”

Another executive, at GM, saw a $50,000 pay increase not because of good performance, Geoghegan is quoted in the report as saying, but because “GM wanted to retain the employee and ‘do a little extra for him.'”

At AIG, which had by far the best remunerated executives of the three companies in 2012, the top 25 earners made nearly $108 million combined. CEO Robert Benmosche’s pay was $10.5 million. (AIG repaid its government loans in late 2012 and is no longer under Treasury oversight.)

The SIGTARP, which keeps tabs on taxpayer bailouts, is supposed to keep a lid on excessive pay for the CEO’s.  Ms. Geoghegan relinquished her authority to the companies involved to determine the size of pay increases. The result was that all but one of the 69 companies SIGTARP oversees received an annual payout of at least $1 million, and nearly a quarter received pay packages in excess of $5 million.

And the Treasury Department has sone nothing to fix the economy because under Timothy Geithner it was too busy bailing out Wall Street and the banks:

(T)he economy has already lost more than $7 trillion in output ($20,000 per person) compared with what the Congressional Budget Office projected in January of 2008. We will probably lose at least another $4 trillion before the economy gets back to anything resembling full employment. And millions of people have seen their lives turned upside down by their inability to get jobs, being thrown out of their homes, or their parents’ inability to get a job. And this is all because of the folks in Washington’s inability to manage the economy.

But the Wall Street banks are bigger and fatter than ever. As a result of the crisis, many mergers were rushed through that might have otherwise been subject to serious regulatory scrutiny. For example, J.P. Morgan was allowed to take over Bear Stearns and Washington Mutual, two huge banks that both faced collapse in the crisis. Bank of America took over Merrill Lynch and Countrywide. By contrast, there can be little doubt that without the helping hand of Timothy Geithner, most or all of the Wall Street banks would have been sunk by their own recklessness.

There is one other hoary myth that needs to be put to rest as Timothy Geithner heads off to greener pastures. The claim that we made money on the bailout is one of those lines that should immediately discredit the teller. We made money on the loans in the same way that if the government issued mortgages at 1 percent interest it would make money, since the vast majority of the mortgages would be repaid.

The TARP money and other bailout loans were given to banks at way below market interest rates at a time when liquidity carried an enormous premium. Serious people know this, and the people who don’t are not worth listening to. It was a massive giveaway, as the Congressional Oversight Panel determined at the time.

Meanwhile, states are refusing to raise minimum wages to keep the many workers from falling deeper into poverty.