Tag: Politics

Jun 10 2012

Punting the Pundits: Sunday Preview Edition

“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: Guests and topic information not listed.

The Melissa Harris-Perry Show: Guests and topic information not listed.

This Week with George Stephanopolis: Guests and topic information not listed.

 

Face the Nation with Bob Schieffer: On the 40th Anniversary of Watergate, the reporters who broke the story for the Washington Post, Carl Bernstein and Bob Woodward are guests; Gov. Martin O’Malley, D-Md., the head of the Democratic Governor’s Association; AFL-CIO President Richard Trumka: the chair of the Senate Select Committee on Intelligence, Dianne Feinstein (D-CA) and from House Intelligence Committee Chairman Mike Rogers (R-MI).

The Chris Matthews Show: This week Mr. Matthews is joined by Katty Kay, BBC Washington Correspondent; Andrew Sullivan, The Daily Beast Editor, The Dish; Andrea Mitchell, NBC News Chief Foreign Affairs Correspondent; and John Heilemann, New York Magazine, National Political Correspondent

Meet the Press with David Gregory: MTP will not air Sunday due to NBC Sports coverage of the French Open.

State of the Union with Candy Crowley: Ms. Crowely talks to President Obama’s Senior Campaign Adviser, David Axelrod about the race; Senator John McCain (R-AZ) on national security leaks and the latest on the ongoing crisis in Syria; the debate over the use of drones with Rep. Lynn Woolsey (D-CA,) and Rep. Peter King (R-NY.); and finally, a reporter roundtable (no names announced) on the political news of the week.

Jun 09 2012

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

Joseph Stiglitz: The Price of Inequality and the Myth of Opportunity

America likes to think of itself as a land of opportunity, and others view it in much the same light. But, while we can all think of examples of Americans who rose to the top on their own, what really matters are the statistics: to what extent do an individual’s life chances depend on the income and education of his or her parents?

Nowadays, these numbers show that the American dream is a myth. There is less equality of opportunity in the United States today than there is in Europe – or, indeed, in any advanced industrial country for which there are data.

This is one of the reasons that America has the highest level of inequality of any of the advanced countries – and its gap with the rest has been widening. In the “recovery” of 2009-2010, the top 1% of US income earners captured 93% of the income growth. Other inequality indicators – like wealth, health, and life expectancy – are as bad or even worse. The clear trend is one of concentration of income and wealth at the top, the hollowing out of the middle, and increasing poverty at the bottom.

Paul Krugman: Reagan Was a Keynesian

There’s no question that America’s recovery from the financial crisis has been disappointing. In fact, I’ve been arguing that the era since 2007 is best viewed as a “depression,” an extended period of economic weakness and high unemployment that, like the Great Depression of the 1930s, persists despite episodes during which the economy grows. And Republicans are, of course, trying – with considerable success – to turn this dismal state of affairs to their political advantage.

They love, in particular, to contrast President Obama’s record with that of Ronald Reagan, who, by this point in his presidency, was indeed presiding over a strong economic recovery. You might think that the more relevant comparison is with George W. Bush, who, at this stage of his administration, was – unlike Mr. Obama – still presiding over a large loss in private-sector jobs. And, as I’ll explain shortly, the economic slump Reagan faced was very different from our current depression, and much easier to deal with. Still, the Reagan-Obama comparison is revealing in some ways. So let’s look at that comparison, shall we?

Alan Grsyson: How You Can Tell When the Deficit Is a Problem

A few days ago, I was stuck in the car for a long drive. Because of the complete absence of progressive talk from Orlando’s airwaves, I had no real choice but to listen to the nasal maundering of Mark Levin on the radio. Levin was very upset about the federal deficit.

Interestingly, Levin was a high-level appointee in the Reagan Administration. Dick Cheney, who was Reagan’s Defense Secretary and later the Vice President, said 10 years ago that “Reagan proved deficits don’t matter.”

I must concede that it is rather difficult to reconcile the conflicting statements of these two gentlemen, Messrs. Evidently, they believe deficits are a terrible tragedy when a Democrat is President, and a wonderful gift when a Republican is President.

There has got to be a more objective standard than that.

Ted Rall: Recovery? What Recovery?

Behind the New Jobs Numbers, Dull Statistics Tell a Terrifying Story

“Worst U.S. Jobs Data in a Year Signals Stalling Recovery,” The New York Times ran as its lead headline on June 2. The Labor Department reported that the U.S. economy created 69,000 jobs during May. The three-month job-creation average was 96,000. Unemployment ticked up a tenth of a point, from 8.1 to 8.2 percent.

Once again, the media is downplaying a blockbuster story-recovery? what recovery?-by dulling it down with a pile of dry, impenetrable statistics.

Wonder why you can’t find a job or get a raise, and your house has been sitting on the market for years? The new jobs numbers are the key to understanding how bad the economy is-and why it’s not likely to get better any time soon.

Joan Donovan: Translating the Quebec Student Protests

Compared to its current clamor, the Quebec student protests began last year with a whimper. In March of 2011, Finance Minister Raymond Bachand announced that Quebec student tuition would increase by $325 every year for five years. By August, student organizations were debating the possibility of an unlimited student strike. In February 2012, student organizations from several colleges and universities endorsed the action and blockaded Montreal’s Jacques Cartier Bridge, a major artery in the city. Over the next few months, numerous violent clashes with Montreal police led to mass arrests. But on May 18, 2012, Quebec’s Premier Charest raised the stakes by instituting “special” Bill 78. This law prohibited protests within 50 meters of any university, effectively making all of downtown Montreal a protest-free zone. May 22 marked the 100th day of the strike, and nearly 400,000 people marched through downtown joyously defying the law.

John Nichols: Bernie Sanders Sees Threatening ‘Aggressiveness Among the Ruling Class’

Governor Scott Walker says that, with his victory in Tuesday’s recall election, he will “tell Wisconsin, tell our country, and we tell people all across the globe that voters really do want leaders who stand up and make the tough decisions…”

Actually, cutting taxes for CEOs and corporations and then balancing budgets on the backs of teachers, nurses and snowplow drivers isn’t exactly tough work. Redistribution of the wealth upward is common practice these days.

That said: Walker’s right about the fact that his victory speaks to the state, the nation and the world.

But what does it say?

David Sirota: The War on Whistle-Blowers

When a democracy functions properly, media revelations of executive branch misconduct typically result in an investigation by the legislative branch. Watergate epitomized this healthy dynamic-illegal acts exposed by the Washington Post prompted congressional hearings and ultimately prosecutions. In other words, checks and balances functioned properly, and the system both cleansed itself of wrongdoers and rejected the Nixonian notion that no matter what a president does, it is inherently legal.

So when The New York Times this week ran the headline “Senate Will Investigate National Security Leaks About Terrorism ‘Kill List,'” it was a frightening sign that something has gone horribly wrong since the Woodward-and-Bernstein days.

Bill Boyarsky: The Invisible Man

With the Republican presidential nomination sewed up, Mitt Romney is now pretending to be acceptable to the moderate voters he will need to win in November.

Gone are the conservative promises of the primary: “I know conservatism because I have lived conservatism. … I was a severely Republican governor.” Note that his so-called severity didn’t prevent him from creating Romneycare, the model for the Affordable Health Care Act.

He fakes to the center, although his ultimate policy goal is on the right, dismantling the safety net, wiping out the health care law and assuring the wealthy of continued low taxes. Or is it? What does he really believe?

In Romney’s present incarnation, he is fixated on joblessness-blaming President Barack Obama without offering any solutions of his own. This is a path designed to appeal to moderates as well as conservatives.

Jun 07 2012

Punting the Pundits

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.

Follow us on Twitter @StarsHollowGzt

New York Times Editorial: The Message From Wisconsin

When Gov. Scott Walker moved to strip Wisconsin public employees of their collective-bargaining rights last year, a few weeks after taking office, it was clear that he wasn’t doing it to save the state money. If that had been the case, he would have accepted the unions’ agreement to pay far more in health care and pension costs. His real goal was political: to break the unions by demonizing their “bosses,” ending their ability even to collect dues and removing them as a source of money and energy for Democrats.

On Tuesday, as Mr. Walker easily fought off a recall by a 7-point margin over his challenger, it became clear just how effective that strategy has been.

To start, labor failed to nominate its preferred candidate last month to run against Mr. Walker. Instead, Democrats chose Mayor Tom Barrett of Milwaukee, who then barely talked about collective-bargaining rights, sensing it would not help him. Nearly a third of union voters (presumably from private-sector unions) voted for Mr. Walker, exit polls showed, as did nearly half of voters from union households who were not union members.

Randall Fuller: Paralysis in Athens

“WHAT are we waiting for, assembled in the forum?” asked the Greek poet Constantine Cavafy in 1904. “Why do the Senators sit and pass no laws?”

Less than two weeks before Greece holds another round of national elections, Cavafy’s famous poem “Waiting for the Barbarians,” has renewed force and urgency in Athens. The elections, scheduled for June 17, will decide Greece’s fate in the euro zone and perhaps even its long-term future as a viable state. But with an excruciating choice to be made between draconian austerity measures and a departure from Europe’s shared currency, the birthplace of democracy is paralyzed with indecision and poised to descend into chaos and economic catastrophe.

Evidence of a state tottering on the edge of complete dysfunction is apparent everywhere in Athens. Traffic signals work sporadically; a sign giving the shortened hours of one of the world’s great museums, the National Archaeological Museum, is haphazardly taped to the door; police officers in riot gear patrol the perimeters of the universities, where a growing population of anarchists, disaffected young people and drug addicts congregate in communal hopelessness.

Robert Sheer: Democrats Failed in Wisconsin Because They Failed Wisconsin

On, Wisconsin! Or so it was meant to be with a union-led recall in the home state of Robert “Fighting Bob” La Follette Sr., the populist governor and senator who once shaped the cry for anti-corporate social justice in this nation. After La Follette there was the Wisconsinite William Proxmire, the great conscience of the U.S. Senate, followed by the equally impressive Russ Feingold, who, despite being exactly correct in warning of the consequences of unfettered banking greed, was turned out by Wisconsin voters in 2010. Perhaps if the original McCain-Feingold legislation-gutted by the Supreme Court-was still the law of the land on campaign finance, the Democrats and their union base would have survived Tuesday’s election.

Certainly that is the excuse provided by what remains of the liberal media, which point to the lopsided advantage in funding for Wisconsin Gov. Scott Walker and to the high court’s Citizens United ruling in seeking reasons for this “billionaire’s victory” over “people power.” But the larger truth is that the spirit of populism has been perverted by the Republican tea party right and that Democrats are left defending government bureaucracy while remaining incapable of responding to America’s widespread economic pain.

Amy Goodman: It’s One Person, One Vote, Not 1 Percent, One Vote

The failed effort to recall Wisconsin Gov. Scott Walker is widely seen as a crisis for the labor movement, and a pivotal moment in the 2012 U.S. presidential-election season. Walker launched a controversial effort to roll back the power of Wisconsin’s public employee unions, and the unions pushed back, aided by strong, grass-roots solidarity from many sectors. This week, the unions lost. Central to Walker’s win was a massive infusion of campaign cash, saturating the Badger state with months of political advertising. His win signals less a loss for the unions than a loss for our democracy in this post-Citizens United era, when elections can be bought with the help of a few billionaires.

The voters of Wisconsin did return control of the state Senate to the Democratic Party. The new majority will have the power to block the type of controversial legislation that made Walker famous. Meanwhile, three states over in Montana, the Democratic state attorney general, Steve Bullock, won his party’s nomination for governor to run for the seat held by term-limited Democrat Brian Schweitzer. Bullock, as attorney general, has taken on Citizens United by defending the state’s 100-year-old     corrupt-practices act, which prohibits the type of campaign donations allowed under Citizens United. The case is now before the U.S. Supreme Court.

Wisconsin’s recall is over, but the fight for democracy starts with one person, one vote, not 1 percent, one vote.

Joe Conanson: Silent Running: The Burgeoning Wisconsin Scandal That Major Media Ignored

If the Wisconsin recall is truly second in importance only to the presidential race, as many media outlets have trumpeted lately, then why have those same outlets so badly neglected one of that election’s most salient aspects?

As millions of dollars in dark right-wing money pour into the state to preserve Gov. Scott Walker from his progressive opposition, it seems relevant that he and many top aides are under investigation in a campaign finance and corruption scandal that has been growing for two years.

Yet the national media have largely ignored the fascinating details of that probe-which has already resulted in indictments, convictions and cooperation agreements implicating more than a dozen Walker aides and donors. Only readers of the local newspapers in Madison or Milwaukee would know, for instance, law enforcement documents have emerged in court during the past few days suggesting that Walker stonewalled the investigation in its initial phase.

Richard Reeves: Country For Sale

The word “takeaway” was first used in 1961, according to the Merriam-Webster Dictionary. And then it was about Chinese restaurants. Now it is about everything, including elections.

“Three Takeaways From the Recall Vote” was the headline over the election analysis of Sean Trende, the senior election analyst of Real Clear Politics.

On Politico.com, the headline over Glenn Thrush’s analysis was, “Only One Takeaway From Wisconsin: Money Shouts.”

Trende, a great name for a political writer, began his piece on Wisconsin Gov. Scott Walker’s surviving a recall election by saying that the results don’t tell us much about 2012. He argued that special elections are poor predictors of general elections, particularly presidential elections. This one, he said, was about one governor, one state, one issue-that is, Walker’s attempt to reduce the pay and benefits of unionized state employees. He cited exit polling that indicated most voters believe that recalls should be used only in cases of corruption.

Jun 06 2012

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

Margaret Kimberley: Freedom Rider: Criminal Injustice System

If police states are ranked by the number of persons imprisoned, then the U.S. is the world’s worst and biggest police state. The system runs on greed and racism. “Being ‘tough on crime’ is a metaphor for keeping black people under control.” It is a place where being a “big black guy” means conviction, and where “prosecutors routinely overcharge defendants with long sentences, and force innocent people to plead guilty in order to avoid decades behind bars.”

There are so many things amiss in the United States that one hardly knows where to begin discussing them all. Yet of all the calamitous situations faced by Americans, the cruelest by far is the criminal justice system. America is the world’s prison capital, and just one state, Louisiana, has an incarceration rate 13 times higher than China’s and 5 times higher than Iran’s.

Bryce Covert: How the Paycheck Fairness Act Can Help Democrats Win Elections for Years to Come

The latest shot across the bow in the battle for women’s hearts and votes: a push for the passage of the Paycheck Fairness Act. The Senate will begin debate on the bill later today now that it’s back in session, with a vote lined up for tomorrow. The bill is expected to fail, and it looked even more doomed after the House voted not to consider it on Thursday. Yet this bill doesn’t just make policy sense for all the women earning less than their male counterparts. It makes political sense for Democrats, giving women a reason to head to the polls and, perhaps more important, more financial firepower to spend on political campaigns for years to come.

The act is undoubtedly sound policy. The gender wage gap has barely budged in recent decades, and the bill aims to help reduce it by protecting workers from retaliation if they compare wages. The Institute for Women’s Policy Research has found that nearly half of all workers are either forbidden or strongly discouraged from sharing that information, yet “pay secrecy makes it difficult for women and men to find out whether they are paid fairly, and undermines attempts to reduce the gender wage gap.” As Irin Carmon wrote last week, this secrecy is likely a root cause of the lack of pay discrimination cases brought against employers. It may be illegal to pay women differently for the same work, but they’ll be in the dark about what’s going on unless they can compare their pay to their coworkers’.

Maureen Dowd: Is Pleasure a Sin?

It’s hard to say what is weirder:

A Sister of Mercy writing about the Kama Sutra, sexual desire and “our yearnings for pleasure.”

Or the Vatican getting so hot and bothered about the academic treatise on sexuality that the pope censures it, causing it to shoot from obscurity to the top tier of Amazon.com’s best-seller list six years after it was published.

Just the latest chapter in the Vatican’s thuggish crusade to push American nuns – and all Catholic women – back into moldy subservience.

Even for a church that moves glacially, this was classic. “Just Love: a Framework for Christian Sexual Ethics,” by Sister Margaret Farley – a 77-year-old professor emeritus at Yale’s Divinity School, a past president of the Catholic Theological Society of America and an award-winning scholar – came out in 2006.

Michelle Chen: Unwelcome Guests: Work Visa Programs Cheat Global Labor, Build Global Capital

When immigration comes up in Washington, politicians either politely ignore the issue or engage in lively debate on how best to punish and get rid of undocumented workers. Yet lawmakers give a strikingly warm embrace to certain types of immigrants. Those are the “legal” ones who enter with special visas under the pretext of having special skills or filling certain labor shortages–like Silicon Valley tech jobs or seasonal blueberry harvesting. So what makes one kind of immigrant valuable and another kind criminal?

So-called guestworker programs attest to the arbitrary politics of immigration that has generated a perfectly legal, global traffic in migrant labor. A new report by the advocacy group Global Workers Justice Alliance reveals how various federal visa programs funnel workers into special high-demand sectors, like amusement park staff or computer programmers. Like their “illegal” counterparts, these workers are inherently disempowered: they may be dependent on employers for legal status in the U.S., have their wages regularly stolen, or suffer sexual or physical abuse. Many lack the access to the health care and overtime pay that citizen workers often take for granted. As products of globalization, they’re sometimes compelled to endure virtual indentured servitude to provide critical wage remittances to their families back home.

The economic logic is simple, according to the report: externalize the costs to those who can’t afford to challenge authority.

Liz Dwyer: American Students Need to Copy Canada’s Tuition Protests

In the past four months, the Canadian province of Quebec has become a hotbed of Occupy Wall Street-style protests-marches with hundreds of thousands of protesters, and battles with tear gas throwing, pepper-spraying police. And it all started over proposed tuition increases at Quebec’s public universities.

Indeed the Quebec Spring first blossomed in February when the government proposed hiking tuition from $2,168 to $3,793 over the next five years. Thousands of students went on strike and the government, led by Premier Jean Charest, decided to play hardball and crack down with the now-infamous Bill 78, a law that limits protest rights.

Since then the protests and student boycotts have only grown. Nearly 200,000 students across the province have gone on strike. And the situation has revealed deeper frustrations with the government’s willingness to bail out businesses but not help the average student-or citizen. On May 22nd nearly 400,000 people-a full quarter of Montreal’s residents-participated in a protest march.

Susan Casey-Lefkowitz: Black Out, Speak Out: Canadians Protest War on Nature and Democracy

After the fall of the Berlin wall, I worked with environmental groups in Eastern Europe. They were looking at good examples of democracy and free speech from around the world to help build their own democratic societies. Canadian freedom of speech, respect for environmental laws, and ability of the public to participate in decision-making was a shining model. Over the last decade that I have worked with partners in Canada how things have changed. I have seen firsthand how the expanding tar sands bubble in Alberta has not only skewed the economy of Canada, but also pushed the government, environmental laws and even free speech and democracy to bow to the oil industry. Today NRDC will black out our webpage – along with hundreds of other groups across North America – to speak out and protest what in Canada has become an all out attack on democracy and nature in order to safeguard the interests of the tar sands oil industry. See, Black Out, Speak Out in Canada for more. Tar sands oil is expensive and puts us all on a path of worsening climate change at a time when people across America are suffering from unusual heat, floods, tornados and other extreme weather. When tar sands starts to take away basic individual rights, it is past time to call a halt and focus on cleaner forms of energy.

Jun 06 2012

Against Their Own Best Interests

Last week the Irish voted against their own (s)elf interest, which according to Yanis Varoufakis, professor of economics at the University of Athens, when they “voted in favour of the EU’s fiscal compact which specifies that which is both impossible to attain and catastrophic if it is attained“:

So, why did the Fine Gael-led Dublin government push so powerfully in favour of this piece of crippling idiocy? And why did the smart, decent Irish voters said Yes, despite their tradition of saying No to euro-silliness? The answer is simple: They were blackmailed. Ireland’s voters were told: Vote No and the flow of money from the troika will cease. And so they voted Yes, even though I suspect that no government minister, no rank and file Fine Gael or Labour Party member, no man or woman on the street believes that the Fiscal Compact they voted for makes sense. [..]

If on 17th June Greeks voted like the Irish did last week (that is, against their reasoning and guided by fear and blackmail), the Eurozone will become history, with terrible consequences for the global economy. This is not the case of the Philosopher Kings blackmailing the plebs to do what is right. This is the case of ‘madmen in authority’, to quote Keynes, who are not only steering the vessel toward the rocks but who are, in the process, punching holes in the life vests that may carry us to safety once the shipwreck is complete. [..]

To conclude, Europe’s peoples are being marched into a catastrophe. They know that this is their predicament. They can see their march is leading them off a mighty cliff. But they are too afraid to veer off, in case there are beaten back into line, in case they get lost in the woods, for reasons that sheep know best. However, the only way this hideous march can end is if someone summons up the courage and does it. And steps out, showing the others that this march can stop and must stop – for everyone’s benefit. Who is that someone? We, Europeans, do not have many options. As I wrote above, the Irish people had a chance but did not take it. In two weeks, the Greeks have their chance. Voting for Syriza would offer us (and by ‘us’ I mean all Europeans) a chance of this circuit-breaker. A chance to say: Enough! Time to change course in order to save the Eurozone, so as to prevent the Great Postmodern Depression which lurks once the euro-system fragments formally.

Varoufakis gives his reasons for supporting Sariza: first, that Sariza is the only party that understands that Greece needs to stay in the EuroZone and that the Eurozone won’t survive if it doesn’t give up austerity; second, the economic team that will negotiate on Greece’s behalf are good and persuasive with a clear understanding of the situation; and third, Syriza will not be the sole arbiter of the Greek government. It will be a coalition, so there is no need to fear the party’s extreme leftism.

I hope the Greeks’ come to their senses unlike the Irish and Wisconsins.

Jun 06 2012

What Is Wrong With Wisconsin?

MSNBC and other news outlets are calling the Wisconsin recall of Republican Governor Scott Walker for Gov. Walker.

Walker Survives Recall Vote

Scott Walker, the embattled Republican governor of Wisconsin, narrowly survived a recall vote on Tuesday, defeating a union-led effort to remove him from office for pushing laws to restrict the collective bargaining rights of state workers.

The state’s labor movement had marshaled widespread anger earlier this year to force a recall vote just two years into Mr. Walker’s four-year term. Democrats collected close to one million signatures in the petition drive to oust him.

That effort led to the closely-watched rematch between Mr. Walker and the Democratic opponent he beat in 2010, Tom Barrett, the mayor of Milwaukee. In the voting Tuesday, Mr. Walker once again bested Mr. Barrett for the state’s top job.

The results were a victory for the national Republican Party and conservative groups from around the country, which had rallied behind Mr. Walker with tens of millions of dollars. Mr. Walker will now complete his term.

Unless, he’s indicted.

Jun 05 2012

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

Richard (RJ) Eskow: “Middle-Class Millionaires”? Dissecting a Democrat’s Misguided Move

Once again, a Democrat’s letting the Right set the terms of the debate. This time it’s House Minority Leader Nancy Pelosi, who’s undercutting her party’s tax policy in an odd way: by redefining “middle class” so that it includes people making a million dollars a year.

Pelosi’s proposal would be great for millionaires — and bad for everyone else.

It hurts the nation economically by depriving the government of revenue when it should be providing more stimulus funding. It also muddies her party’s messaging, and reinforces the unpatriotic idea that taxes are punishment rather than a fair exchange. Nancy Pelosi is better than this.

Robert Kuttner: Can Merkel Be Moved?

Berlin — Ever since the march to European union began in the late 1940s, French-German collaboration has been at the heart of the project. Until the recent defeat of French President Nicolas Sarkozy, his close alliance with German Chancellor Angela Merkel continued this tradition, albeit on behalf of policies that have driven Europe deeper into depression and inflicted brutal austerity on smaller nations such as Greece and Portugal.

With the May 6 election of French Socialist Francois Hollande on an anti-austerity program, Paris and Berlin are now at odds. If a Social Democratic-Green coalition wins next year’s German elections, expected in September 2013, that would create a progressive Paris-Berlin axis.

There are, however, two huge problems. September 2013 is an eternity away and the European project could go up in smoke in the meantime. The other problem is German public opinion.

Dean Baker: Simple Arithmetic, Not False Narratives Offer Antidote for US Jobs Crisis

Last week’s May jobs numbers were bad news, regardless of how you look at them. Job growth over the last three months has averaged slightly less 100,000 a month, roughly the pace needed to keep pace with labor force growth. The unemployment rate ticked up to 8.2% and the employment to population ratio is still just 0.4 percentage points above its trough for the downturn. And real wages almost certainly declined in May.

However bad this story is, the usual gang of pundits cited in the media had their usual burst of over-reaction. There were many talking of a worldwide slowdown and a possible recession. This is a serious misreading of the jobs report and other recent economic data.

The main story of the apparent weakness of the last three months is the apparent strength of the prior three months. In other words, the story is still the weather. The relatively strong growth in jobs and other measures that was the result of a relatively mild winter meant that we would see weaker growth than normal in the spring.

Chris Hedges: Northern Light

I gave a talk last week at Canada’s Wilfrid Laurier University to the Congress of the Humanities and Social Sciences. Many in the audience had pinned small red squares of felt to their clothing. The carre rouge, or red square, has become the Canadian symbol of revolt. It comes from the French phrase carrement dans le rouge, or “squarely in the red,” referring to those crushed by debt.

The streets of Montreal are clogged nightly with as many as 100,000 protesters banging pots and pans and demanding that the old systems of power be replaced. The mass student strike in Quebec, the longest and largest student protest in Canadian history, began over the announcement of tuition hikes and has metamorphosed into what must swiftly build in the United States-a broad popular uprising. The debt obligation of Canadian university students, even with Quebec’s proposed 82 percent tuition hike over several years, is dwarfed by the huge university fees and the $1 trillion of debt faced by U.S. college students. The Canadian students have gathered widespread support because they linked their tuition protests to Quebec’s call for higher fees for health care, the firing of public sector employees, the closure of factories, the corporate exploitation of natural resources, new restrictions on union organizing, and an announced increase in the retirement age. Crowds in Montreal, now counting 110 days of protests, chant “On ne lâche pas“-“We’re not backing down.”

Bill McKibben: The Planet Wreckers

First came the giant billboard with Unabomber Ted Kacynzki’s face plastered across it:  “I Still Believe in Global Warming. Do You?” Sponsored by the Heartland Institute, the nerve-center of climate-change denial, it was supposed to draw attention to the fact that “the most prominent advocates of global warming aren’t scientists. They are murderers, tyrants, and madmen.” Instead it drew attention to the fact that these guys had over-reached, and with predictable consequences.

A hard-hitting campaign from a new group called Forecast the Facts persuaded many of the corporations backing Heartland to withdraw $825,000 in funding; an entire wing of the Institute, devoted to helping the insurance industry, calved off to form its own nonprofit. Normally friendly politicians like Wisconsin Republican Congressman Jim Sensenbrenner announced that they would boycott the group’s annual conference unless the billboard campaign was ended.

Joe Nocera: Turning Our Backs on Unions

“The Great Divergence” by Timothy Noah is a book about income inequality, and if you’re thinking, “Do we really need another book about income inequality?” the answer is yes. We need this one.

It stands out in part because Noah, a columnist for The New Republic, is not content to simply shake his fists at the heavens in anger. He spends exactly one chapter on what he calls the “rise of the stinking rich” – that is, the explosion in executive pay and what he calls “the financialization of the economy,” which has enriched one small segment of society at the expense of everyone else.

Mostly, he grapples with the deep, hard-to-tickle-out reasons that the gap between the rich and the middle class in the United States has widened to such alarming proportions. How much have technological advances contributed to income inequality? Globalization and off-shoring? The necessity of having a college education to land a decent-paying job? The decline of labor unions?

Wendell Potter: Guess Who Would Benefit From Privatizing Medicare?

If you think the idea of privatizing Medicare has gone away, that the health insurance industry has thrown in the towel on one of its biggest goals, there was fresh evidence last week that you would be wrong.

As I wrote more than a year ago — when Rep. Paul Ryan (R.-Wis.) unveiled his plan to replace the Medicare system with one that would essentially be run by private insurers — Democrats would be foolish to think that Ryan couldn’t get the public to support the concept. I noted then that insurers would be investing heavily in efforts to convince people that Ryan’s plan represented the only way to save the Medicare program from insolvency.

One of the tried-and-true tactics insurers have used many times to influence public opinion is the enlistment of “third-party advocates” to disseminate industry talking points. Last week an industry friend in high places — Thomas Scully, who headed the Medicare program during much of the George W. Bush administration — weighed in on the matter. It is only a matter of time, Scully told Kaiser Health News, before politicians on both sides of the aisle endorse Ryan’s proposal of providing Medicare beneficiaries with a set amount of money every year to buy coverage from private insurers.

Jun 05 2012

The Megabank Fantasy By The FDIC

After the latest gambling losses by JP Morgan Chase with its “London Whale” deal, the FDIC is still trying to sell the fantasy that they can resolve the problems created by the megabanks. Yves Smith at naked capitalism takes on that myth that was propagated by acting FDIC Chairman, Martin Gruenberg to continue with business as usual:

The guts of the latest FDIC scheme is to resolve only the holding company and keep the healthy subsidiaries, including all foreign subsidiaries, going on a business-as-usual basis:

   …the most promising resolution strategy from our point view will be to place the parent company into receivership and to pass its assets, principally investments in its subsidiaries, to a newly created bridge holding company. This will allow subsidiaries that are equity solvent and contribute to the franchise value of the firm to remain open and avoid the disruption that would likely accompany their closings. Because these subsidiaries will remain open and operating as going-concern counterparties, we expect that qualified financial contracts will continue to function normally as the termination, netting and liquidation will be minimal.

The subsidiaries would be moved over to a new holding company; the equity in NewCo would become an asset of the holding company now in receivership. The old equityholders would likely be wiped out and the bondholders may wind up taking losses.

This all sounds wonderfully tidy and neat, right? Problem is it won’t work. [..]

Remember that in the US, banks (ex Morgan Stanley) have their derivatives booked in the depositary, which means any losses to depositors as a result of derivatives positions gone bad would be borne by taxpayers. And as we’ve written at excruciating length with respect to the Lehman bankruptcy, the magnitude of the losses cannot be explained by overvalued assets plus the costs resulting from the disorderly collapse. Derivatives positions blowing out (as well as counterparties taking advantage of options in how contracts can be closed out and valued) were a major contributor to the size of the Lehman black hole. [..]

It would have been much better for the authorities to make a full bore effort to discourage the use of products that have limited social value and contribute to the excessive integration of firms and markets. Credit default swaps and complex over-the-counter derivatives top our list. But despite the severity of the crisis, regulators and politicians were unwilling to challenge the primacy of the bankers, with the result that the FDIC continues to pretend that an inadequate approach like Dodd Frank resolutions will work. With distress in Europe rising and Morgan Stanley looking wobbly, we are likely to see sooner rather than later how much the failure to implement real reforms will cost us all.

If this sounds all too familiar, it’s because this is just a repeat of the old an stale propping up of TBTF that got the economy into this mess in the first place. In other words, the tax payers will foot the bill for the megabanks gambling losses once again. Obama needs a whole new council of economic advisors with people who have better ideas like Paul Krugman and Yves.

Jun 05 2012

Republicans Off The Track, Democrats Enable Them

Have Republicans become political ‘insurgents’?

   Thomas Mann of the Brookings Institution and Norman Ornstein of the American Enterprise Institute make their first appearance on a Sunday news program since the release of their controversial new book, “It’s Even Worse Than It Looks: How the American Constitutional System Collided with the New Politics of Extremism.” Mann and Ornstein talk with Up host Chris Hayes and panelists Michelle Bernard, of the Bernard Center, and MSNBC political analyst Michael Steele talk about what they say is the extreme rightward drift of the Republican Party.

From Raw Story:

Mann explained that the separation of powers provided for by our Constitution deliberately creates a situation in which that Congressional majorities are unable to act without some degree of cooperation with the other party. Now that “one of those political parties has veered off the tracks” and become “aggressively oppositional,” it has many tools available to prevent legislation from being passed or enforced.

Ornstein singled out the filibuster as a large part of the problem, because it is being “used routinely,” even on non-controversial legislation. However, he also pointed to Republicans voting even against their own bills in order to avoid giving President Obama anything that would look like a victory.

The elephant in the room is that ideology and obstruction may now be the norm but the Democrats had the opportunity, and still do, to stop the filibuster in the Senate. Thus, the Democrats become the enablers of bad behavior.  

Jun 04 2012

Wisconsin Recall: Vote Tomorrow

The vote to recall Wisconsin’s Republican Tea Party Governor Scott Walker is tomorrow. The latest Public Policy Polling results has his challenger Milwaukee Mayor Tom Barrett with a slight lead over Walker:

   PPP’s final poll on the Wisconsin recall finds Scott Walker ahead, but also a race that’s tightening. Walker leads Tom Barrett 50-47. That’s down from 50-45 on a PPP poll conducted three weeks ago and it’s also down from a 52-45 lead that Walker posted in a Marquette Law poll released last week.

   Barrett is actually winning independent voters by a 48-46 margin. The reason he continues to trail overall is that Republicans are more excited about voting in Tuesday’s election than Democrats are. Our projected electorate voted for Barack Obama by only 7 points, even though he took the state by 14 in 2008. If the folks who turn out on Tuesday actually matched the 2008 electorate, Barrett would be ahead of Walker by a 50-49 margin. It’s cliche but this is a race that really is going to completely come down to turnout.

This week’s Up with Chris Hayes devoted its first segments to what is at stake for not only Wisconsin but the rest of the country.

The battle for Wisconsin

Up with Chris Hayes panelists Michael Steele, former chairman of the Republican National Committee; Randi Weingarten, president of the American Federation of Teachers; Michelle Bernard, founder, president and CEO of The Bernard Center for Women, Politics and Public Policy; and Bob Herbert, former New York Times columnist and now a distinguished senior fellow at the progressive think tank Demos, discuss the ferocious recall election in Wisconsin, and its implications for national politics.

John Nichols, Washington correspondent for The Nation, joins thepanel to talk about the tidal wave of dark money flowing in from special interests in the Wisconsin recall election.

Load more