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Tag: Politics
May 20 2012
LiveStream: #OWS Protest Chicago NATO Summit
May 20 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: Sunday morning’s guests are Ezra Klein (@ezraklein), MSNBC policy analyst and columnist at the Washington Post; Betsey Stevenson (@betseystevenson), former chief economist at the U.S. Department of Labor (2010-2011); William Black (@williamkblack), author of The Best Way to Rob a Bank is to Own One; and Karl Smith (@ModeledBehavior), assistant professor of economics and government at the University of North Carolina at Chapel Hill.
The Melissa Harris-Perry Show: There was no guest list at the time this diary was published.
This Week with George Stephanopolis: This week’s guests will include House Speaker John Boehner and House Democratic Leader Nancy Pelosi. The roundtable debates all the week’s politics, with ABC News’ George Will, political strategist and ABC News contributor Donna Brazile, political strategist and ABC News political analyst Matthew Dowd, radio host Laura Ingraham, and California Lieutenant Governor and Current TV host Gavin Newsom.
Face the Nation with Bob Schieffer: Guests are Sen. Lindsey Graham (R-SC), Sen. Mark Warner (D-VA), The New York Times‘ columnist Tom Friedman.
The Chris Matthews Show: This week’s guests Clarence Page, Chicago Tribune Columnist; Kathleen Parker, The Washington Post Columnist; Liz Marlantes, The Christian Science Monitor and John Heilemann, New York Magazine National Political Correspondent
Meet the Press with David Gregory: Gregory’s gusts are Assistant Majority Leader, Sen. Dick Durbin (D-IL); House Budget Chair Rep. Paul Ryan (R-WI); and former US Secretary of State Madeleine Albright. The political roundtable weighs in: Mayor of Newark, NJ, Cory Booker (D), Republican strategist Mike Murphy, CNBC’s Jim Cramer, and the Wall Street Journal’s Kim Strassel.
State of the Union with Candy Crowley: This Sunday’s State of the Union’s guests are Obama Campaign Senior Adviser David Axelrod and Republican National Committee Chairman Reince Priebus; Senators Barbara Boxer and Kay Bailey Hutchison; Jeff Zeleny of the New York Times and CNN Senior Congressional Correspondent Dana Bash.
May 20 2012
The NDAA Passes the House with Indefinite Detention Intact
The National Defense Authorization Act passed the House a vote of 299 – 110. It passed without the bipartisan amendment that was proposed by Reps. Adam Smith (D-Wash.) and Justin Amash (R-Mich.) which would have prohibited indefinite detention without due process . It failed by a vote of 243 – 173. House Republicans piled on the fear factor with accusations that the amendment and its supporters were “soft on terrorist”. Adam Serwer recounts in his article in Mother Jones how Smith and Amash were accused of having “[collaborated on a nefarious plot to undermine national security”:
“Rep. Tom Rooney (R-Fla.) accused the lawmakers of wanting to “coddle terrorists,” while Rep. Mac Thornberry (R-Tex.) warned that under an amendment they’d introduced, “as soon as a member of Al Qaeda sets foot on US soil, they hear you have the right to remain silent.” National Review’s Andrew C. McCarthy, a former federal prosecutor who has never heard of a same-sex marriage supporting, pro-financial regulation liberal who wasn’t secretly a member of the Muslim Brotherhood, wrote that their proposal was the result of “libertarian extremists” teaming up with liberals with an “obsession” with giving “more rights” to “mass murderers.” ”
We now know that there are 231 paranoid delusion Republicans in the House that no longer believe in the rule of law or the Constitution of the United States:
“As Smith pointed out during yesterday’s floor debate, the Fifth Amendment says no “person” shall be deprived of liberty without due process of law. It doesn’t say “citizen,” and the text of the Constitution uses both words enough that it’s clear the framers understood the difference. “Your beef is with James Madison,” Smith told Thornberry on Thursday. So keep in mind, when Republicans like Rooney say that Smith and Amash want to “coddle terrorists,” they’re not necessarily talking about some heavily armed Al Qaeda fighter in Kandahar. They’re potentially talking about you.”
Besides passing without the Smith/Amash amendment, the $642 billion bill breaks a deficit-cutting deal with President Barack Obama and restricts his authority in an election-year challenge to the Democratic commander in chief. The bill also calls for construction of a missile defense site on the East Coast that the military opposes, and bars reductions in the nation’s nuclear arsenal. Against the request of the Chamber of Commerce and business community, strong GOP allies, the Republicans passed an amendment limiting funds for institutions or organizations established by the U.N. Convention on the Law of the Sea:
“The chamber supports Senate ratification of the Law of the Sea Treaty “because it would provide clear legal rights and protections to American businesses to transit, lay undersea cables, and take advantage of the vast natural resources in and under the oceans off the U.S. coasts and around the world,” executive vice president R. Bruce Josten said in a statement. He noted that the Defense Department supports the treaty.
Tea party Republicans and other conservatives have expressed concerns about the treaty impinging on U.S. sovereignty.”
President Obama has threatened to veto this bill, not for the lack of the restriction on indefinite detention but mainly because of restrictions on the implementation of the New START treaty; limits on reductions for the U.S.’s nuclear arsenal; and new restrictions on the transfer of Guantanamo detainees. Moreover, the White House objected to the overall size of the bill, which surpasses President Obama’s request by $3.7 billion and exceeds the Budget Control Act spending caps by $8 billion. I’ll believe that when it happens.
May 19 2012
What We Now Know
Up host Chris Hayes outlines the prominent news stories of the week after Americans Elect’s third-party presidential candidate nomination process fell through despite the group’s $35 million budget.
Chris and his guests discussed a proposal created by Republican strategists, and commissioned by TD Ameritrade founder Joe Ricketts, which calls for revived attacks on President Obama’s relationship with Rev. Jeremiah Wright.
Also, Steve Coll, author of Private Empire: Exxon Mobil and American Power talked about corporate power, and Wisconsin State Senator Lena Taylor (@sentaylor) discussed the Wisconsin recall vote of Gov. Scott Walker. Plus, Chris’s Story of the Week focused on JP Morgan Chase’s reported $3 billion loss this quarter and the single “London Whale” trade that caused it.
Chris was also joined by Chrystia Freeland (@cafreeland), editor of Thomson Reuters Digital; Alexis Goldstein (@alexisgoldstein), Occupy Wall Street activist and former Wall Street information technologist; and Bhaskar Sunkara (@el_bhask), editor of Jacobin Magazine (@jacobinmag)
This is an Open Thread. Let us know what you now know.
May 19 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: A New Attack on the Constitution
On Wednesday, a federal judge struck down a law allowing the indefinite detention of anyone suspected of terrorism on American soil as a violation of free speech and due process. Two days later, the House made it clear it considered those to be petty concerns, voting to keep the repellent practice of indefinite detention on the books.
On a 238-to-182 vote, it rejected a proposal for something so basic that it is hard to believe there was an argument about it: a formal charge and trial for anyone arrested in the United States. You might have thought that was guaranteed in the Constitution, but that right was stripped away in last year’s military policy bill, signed by President Obama, which made an exception for terror suspects. By giving the military the power to deal with domestic terrorists, the bill essentially allowed presidents to brand anyone a terrorist and lock them up for life without a trial.
Robert Reich: The Commencement Address That Won’t Be Given
Members of the Class of 2012,
As a former secretary of labor and current professor, I feel I owe it to you to tell you the truth about the pieces of parchment you’re picking up today.
You’re f*cked.
Well, not exactly. But you won’t have it easy. [..]
You see, a college education isn’t just a private investment. It’s also a public good. This nation can’t be competitive globally, nor can we have a vibrant and responsible democracy, without a large number of well-educated people.
So it’s not just you who are burdened by these trends. If they continue, we’re all f*cked.
Where have all the workers gone?” David Wessel of the Wall Street Journal wondered about the labor force this week:
In the past two years, the number of people in the U.S. who are older than 16 (and not in the military or prison) has grown by 5.4 million. The number of people working or looking for work hasn’t grown at all.
So, where have all the workers gone? Have they retired, suspended their labors temporarily or are they languishing on public assistance? asks Wessel.
There are some other possibilities. Since the crash of 2008, there’s no question that millions of Americans have indeed stopped looking for a job. But that doesn’t necessarily mean they’re not working. Look around, it’s much more likely that the officially “unemployed” are busy, doing their best to make ends meet in whatever ways they can. Sex work, drugs and crime spring to mind, but the underground or “shadow” economy includes all sorts of off-the-books toil. From baby-sitting, bartering, mending, kitchen-garden farming and selling goods in a yard sale, all sorts of people-from the tamale seller on your corner, to the dancer who teachers yoga-are all contributing to the underground economy along with the “employed” who pay them for their wares.
John Nichols: A New Politics That Rejects Austerity and Wars of Whim
There’s something sick about a politics that tells children to give up their lunch money so that billionaire speculators can avoid paying taxes. And that sickness will only be cured by a new politics.
That new politics begins this week in Chicago.
When National Nurses United and the union’s allies rally on May 18 in Chicago on behalf of a Robin Hood Tax on Wall Street speculation, the lie of austerity will be exposed.
The proponents of austerity-from Madison to Washington to Berlin to Athens-would have us believe that nations, states and communities must sacrifice public education, public services and healthcare in order to balance budgets. Yet the same politicians who preach that there is no money for vaccinations and school lunches can always find the money for corporate tax breaks, payouts to defense contractors and wars of whim.
Politicians in both parties tell austerity lies.
Michelle Chen: Shame of the Nation: House ‘Violence Against Women Act’ Bill Ratchets Up Attacks on Domestic Violence Survivors
Women have been under economic assault in Washington for months. Deficit hawks have taken aim at social programs and civil rights protections that help keep women safe, healthy and able to participate in work and community life. To some lawmakers, none of that is more important than “saving” taxpayer dollars-which is often shorthand for robbing working women of both their earnings and their safety net.
The hostility toward women crested this week as conservative lawmakers pushed legislation that would gut the Violence Against Women Act (VAWA). House Bill 4970 isn’t just oppressive to survivors; it attacks the civil and social rights of all women. By raising barriers to economic assistance and legal recourse, the legislation sends the message to countless women living in violent households that their place is still in the home.
Ari Berman: Democrats Counter GOP Voting Restrictions
Since the 2010 election, Republicans have approved laws in more than a dozen states to restrict the right to vote. These laws include requiring proof of citizenship to register to vote, restricting voter registration drives, curtailing early voting, disenfranchising ex-felons and mandating government-issued photo identification to cast a ballot. The Brennan Center estimates that “these new laws could make it significantly harder for more than 5 million eligible voters to cast ballots in 2012,” and notes that “these new restrictions fall most heavily on young, minority and low-income voters, as well as on voters with disabilities.” States with restrictive voting laws now comprise 70 percent of the 270 electoral votes needed to win the presidency-including crucial swing states like Florida, Pennsylvania and Wisconsin. The impact of such laws could be one of the sleeper issues that helps decides the 2012 election.
May 19 2012
Austerity?
Which European leader is serious about economic recovery?
Merkel gives self and ministers pay rise
Merkel, her ministers and their parliamentary secretaries of state will see their wages rise in three stages between now and August 2013, until they all get 5.7 percent more. It is the first pay raise that the German cabinet has taken in twelve years. [..]
She has been the chief advocate of austerity in the eurozone during the debt crisis, earning her criticism from some quarters, notably Greece and more recently France, whose new leader Francois Hollande wants to focus on growth.
As opposed to this:
France Hollande: Ayrault government takes pay cut
France’s new government has held its first cabinet meeting and announced a 30% pay cut for President François Hollande and all his ministers.
A campaign promise, the cut reduces Mr Hollande’s monthly salary from 21,300 euros to 14,910 (£12,000; $19,000).
The cut contrasts sharply with predecessor Nicolas Sarkozy’s decision to increase his pay on entering office.
Austerity?
H/t Chris in Paris @ AMERICAblog
May 18 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
Paul Krugman: Apocalypse Fairly Soon
Suddenly, it has become easy to see how the euro – that grand, flawed experiment in monetary union without political union – could come apart at the seams. We’re not talking about a distant prospect, either. Things could fall apart with stunning speed, in a matter of months, not years. And the costs – both economic and, arguably even more important, political – could be huge.
This doesn’t have to happen; the euro (or at least most of it) could still be saved. But this will require that European leaders, especially in Germany and at the European Central Bank, start acting very differently from the way they’ve acted these past few years. They need to stop moralizing and deal with reality; they need to stop temporizing and, for once, get ahead of the curve.
I wish I could say that I was optimistic.
Robert Sheer: Obama Can’t Knock the Hustle
How did we end up with such smart scoundrels? Even after it was known that Jamie Dimon’s bank blew more than $2 billion on the same suspect derivatives trading that has bankrupted the world’s economy, Barack Obama still had praise for the intellect of his political backer and the integrity of the bank he heads: “JPMorgan is one of the best-managed banks there is,” the president told the hosts of ABC’s “The View” in an interview televised Tuesday, adding, “Jamie Dimon, the head of it, is one of the smartest bankers we got. And they still lost $2 billion and counting.”
A lesser bank would have gone under and needed to be bailed out, Obama argued: “That’s why Wall Street reform is so important.” But even when fully implemented, Obama’s tepid reforms would not have stopped this scam and will not stop the others that are sure to follow. Being one of the smartest bankers means you are among those who best know how to skirt the law or, if that cannot be done, how to successfully lobby to gut it.
President Obama doled out the most shocking stream of commencement cliches to the graduating class of Barnard College Monday. To offer just a taste:
“The question is not whether things will get better – they always do… The question is whether together, we can muster the will – in our own lives, in our common institutions, in our politics – to bring about the changes we need. I’m convinced your generation possesses that will.”
Whatever else they possess, the class of 2012 possesses an enormous amount of debt. Heavy borrowing’s not only for graduate students or drop outs from for-profit colleges any more. It’s also for Barnard alums. Forty eight per cent of those graduating this year from Barnard (where the price tag of an education stands at $58,078 ) have taken out loans to pay for their bachelor’s degree. As the New York Times recently pointed out, “Nationally, ninety-four percent of students who earn a bachelor’s degree borrow to pay for higher education – up from 45 percent in 1993.” For these students things aren’t getting better, they’re getting worse. Their will has nothing to do with it.
New York Times Editorial: Germany, the Crisis and the G-8
When the leaders of the Group of 8 gather at Camp David on Friday, President Obama and the others must press Chancellor Angela Merkel of Germany to commit to a euro-zone growth package. This is no time to mince words: Her one-size-fits-all austerity program has been a failure, pushing heavily indebted countries deeper into recession, making it even harder for them to pay off their debts. It is putting the already-weak recovery in the United States at risk and is fueling instability and extremism in Europe.
After months of obstinance, Ms. Merkel has softened her stance – saying that Germany is open to stimulus to spur growth, employment and development in Greece and pledging to work with the new French president, François Hollande, on a program to promote growth across recession-racked Europe. It is unclear, however, whether her comments reflect a true and lasting change of heart.
Richard Reeves: The Tea Is Getting Weaker
LOS ANGELES-Uh-oh! Some people are looking over the right shoulders of the Republicans who rode into the House of Representatives on the tea party wave of 2010. And they don’t like what they’re seeing.
The Club for Growth is fundamentally a conservative lobbying and research group pushing for lower taxes and reduced government spending, which positions itself well to the right of Republican elected officials and even to the right of tea party rhetoric. The club’s basic goal is a flat tax to replace graduated income taxes or a national sales tax. The idea, pardon my liberalism, is to reduce taxation on business and on the rich.
It seems the club has decided that much of the tea party is reneging on its promises of reducing taxes and spending. Last Wednesday it issued a broadside targeting many of the 87 Republican freshmen who roared into the House of Representatives under the rhetorical umbrella of the tea party.
Jenny Dodson: Citizens Fight Back Against Assault on Women’s Health
Not In My Backyard! As Local Government Attacks on Women’s Health Increase, Citizens Are Fighting Back
The vicious attacks on women’s health to which we’ve grown so accustomed on the national and state stages are trickling down to the local level, as municipal and county governments get in on the action. Thankfully, time and again, local citizens have mounted fast and furious responses, resulting in the type of swift and satisfying victories that sometimes feel unimaginable on the national stage.
Local officials around the country have been using the “no taxpayer-funding for abortion” mantra to quietly turn away money for family planning programs that provide vital services for their neediest constituents. These attacks tend to follow a pattern: a program that has been funded without debate for years is suddenly pegged by a politician as “controversial.” Fellow politicians fall in line and vote to defund the program before residents and public health officials have time to react.
But in a few instances, community members are stepping in to stop them once word gets out.
May 17 2012
NDAA Detention Provision Ruled Unconstitutional
In New York City, U.S. District Judge Katherine Forrest ruled that the indefinite detention provision of the National Defense Authorization Act (NDAA) is unconstitutional in violation of the First and Fifth Amendments. The NDAA was signed into law by President Obama in late December after a veto threat over language that was eventually changed at his request.
In a 68-page ruling blocking this statute, U.S. District Judge Katherine Forrest agreed that the statute failed to “pass constitutional muster” because its broad language could be used to quash political dissent.
“There is a strong public interest in protecting rights guaranteed by the First Amendment,” Forrest wrote. “There is also a strong public interest in ensuring that due process rights guaranteed by the Fifth Amendment are protected by ensuring that ordinary citizens are able to understand the scope of conduct that could subject them to indefinite military detention.”
This puts a whole new spin on today’s debate in the House floor Thursday of an amendment to the NDAA proposed by Representatives Adam Smith (D-Wash.) and Justin Amash (R-Mich.), that would undo the detention provisions and bar military detention for any terror suspects captured on U.S. soil. The ruling was made in response to a law suit brought by former New York Times war correspondent and Pulitzer Prize winner, Chris Hedges and others who argued that the law would have a “chilling effect” on their work:
Hedges was joined in the suit by linguist, author and dissident Noam Chomsky, Pentagon whistle-blower Daniel Ellsberg and other high-profile activists, scholars and politicians.
Hedges argued in his testimony that his work as a journalist would bring him into contact with terrorist organizations that would, given the scope of the law, qualify him for indefinite detention. The plaintiffs argued that the threat of detention alone would be an unconstitutional encroachment on their First Amendment rights to free expression and association, as well as a violation of the Fifth Amendment right to due process.
As Glen Greenwald points out in his Salon article, the court rejected the argument by the government that the NDAA did nothing more than the 2001 AUMF already did and thus did not really expand the Government’s power of indefinite detention:
The court cited three reasons why the NDAA clearly expands the Government’s detention power over the 2001 AUMF (all of which I previously cited when denouncing this bill).
First, “by its terms, the AUMF is tied directly and only to those involved in the events of 9/11,” whereas the NDAA “has a non-specific definition of ‘covered person’ that reaches beyond those involved in the 9/11 attacks by its very terms.”
Second, “the individuals or groups at issue in the AUMF are also more specific than those at issue in § 1021″ of the NDAA; that’s because the AUMF covered those “directly involved in the 9/11 attacks while those in § 1021 [of the NDAA] are specific groups and ‘associated forces’.” Moreover, “the Government has not provided a concrete, cognizable set of organizations or individuals that constitute ‘associated forces,’ lending further indefiniteness to § 1021.”
Third, the AUMF is much more specific about how one is guilty of “supporting” the covered Terrorist groups, while the NDAA is incredibly broad and un-specific in that regard, thus leading the court to believe that even legitimate activities could subject a person to indefinite detention.
The court also decisively rejected the argument that President Obama’s signing statement – expressing limits on how he intends to exercise the NDAA’s detention powers – solves any of these problems. That’s because, said the court, the signing statement “does not state that § 1021 of the NDAA will not be applied to otherwise-protected First Amendment speech nor does it give concrete definitions to the vague terms used in the statute.”
(emphasis mine)
A word of caution, we shouldn’t celebrate victory just yet. This is a preliminary injunction issued by one judge and the government will surely appeal it the Circuit Court.
The debate in the House on the amendment to the NDAA introduced by House Armed Services ranking member Adam Smith (D-Wash.) and Rep. Justin Amash (R-Mich.) that would undo the detention provisions and bar military detention for any terror suspects captured on U.S. soil, will go on this afternoon. The amendment has strong bipartisan support in the House. We still need to take action and write our Representatives to vote for this amendment.
May 17 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
Robert Reich: The Dog That Didn’t Bark: Obama on JPMorgan
The dog that didn’t bark this week, let alone bite, was the president’s response to JPMorgan Chase’s bombshell admission of losing more than $2 billion in risky derivative trades that should never have been made.
“JPMorgan is one of the best-managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we got and they still lost $2 billion,” the president said on the television show The View, which aired Tuesday, suggesting that a weaker bank might not have survived.
That was it.
Not a word about Jamie Dimon’s tireless campaign to eviscerate the Dodd-Frank financial reform bill; his loud and repeated charge that the Street’s near meltdown in 2008 didn’t warrant more financial regulation; his leadership of Wall Street’s brazen lobbying campaign to delay the Volcker Rule under Dodd-Frank, which is still delayed; and his efforts to make that rule meaningless by widening a loophole allowing banks to use commercial deposits to “hedge” (that is, make offsetting bets) their derivative trades.
Jeff Madrick: Germany’s Attempt to Beat Greece Into Submission Won’t Work
Treating Greece like an incorrigible child won’t improve its economy or the future of the eurozone.
“German Patience with Greece Wears Thin,” says the New York Times headline. My patience with the mainstream media also wears thin. Like a bad parent, Germany scolds Greece for something its constant beatings basically forced it to do. The media buys into Germany’s logic. Were high-pressure tactics to adopt punishing austerity cutbacks ever going to encourage Greek solidarity and social peace? Is the parent who beats the child ever going to encourage obedience and healthy behavior? Psychology has taken us a long way past the value of spankings to instill constructive attitudes. It seems not so for the Germans, although it should be said that not all of them agree with their prime minister, Angela Merkel, and government officials.
Are the Germans actually trying to get Greece to leave the euro? If so, they are probably underestimating the turmoil that would cause. On the other hand, it may be getting to the point where it is a better option for the Greeks to incur the possible closing of financial markets should they adopt a new drachma, which will quickly fall in value. They will not pay their debts to German banks and others in full-fledged euros. But they can start to determine their own fate and work with what industries they have. Their export sector is not as weak as people seem to think.
This is the week of the third annual Deficit Fest, the event sponsored by Wall Street billionaire Peter G. Peterson. At this event, many of the people most responsible for the current downturn come together to tell us why we should be worried about the deficit at a time when 25 million people are unemployed, underemployed or have given up looking for work altogether and millions face the prospect of losing their homes.
Past deficit fests included exchanges where Peter Peterson and former Treasury Secretary and Citigroup honcho Robert Rubin mused about their comparative net worth. We also got to witness President Clinton bemoan the fact that the Democratic and Republican leadership in Congress teamed up to prevent him from cutting Social Security. Had Clinton gotten his way, millions of seniors would be getting by on Social Security checks that are more than 10 percent smaller than what they now receive.
Peterson is also known for his sponsorship of the “Economic Sleepwalk” tour, which was officially billed as the “Fiscal Wakeup” tour. This involved sending a group of policy wonks around the country to complain about the budget deficit at a time when the housing bubble was growing to ever more dangerous levels. While some of us were doing our best to warn of the imminent disaster, Peterson was using his money and political connections to dominate media space at a time when the country’s debt-to-GDP ratio was actually falling.
New York Times Editorial: JPMorphing
When he disclosed a stunning $2 billion trading loss at JPMorgan Chase last week, Jamie Dimon, the bank’s chief executive, insisted that the trades had not violated the Volcker Rule, a crucial part of the Dodd-Frank reform law that is supposed to bar banks from doing risky trading for their own account.
This week, however, the story changed. On Monday, a JPMorgan official told The Times that the trades – which have since ballooned to at least $3 billion – started out as allowable, but had “morphed into something” that crossed the line. On Tuesday, at the bank’s annual shareholder meeting, Mr. Dimon echoed that statement, calling for rules to ensure that permitted trades don’t “morph into something different.”
Gail Collins: Fun Plans for Summer Vacation
John Boehner wants to restart the debt-limit debate. This is big news. Remember all the fun we had last time: threats, brinkmanship, wobbling financial markets, torpedoed Grand Bargain? You can certainly understand why he misses it.
The weather’s getting nice. Maybe this time we could do it outdoors.
“Let’s start now!” the House speaker said during a “fiscal summit” in Washington on Tuesday. This is an annual event in which honchos from all political persuasions get together and agree that the national debt is too big.
We are getting into election season, people. We are going to be hearing a lot about the national debt. (Which is very big. Really, at that fiscal summit meeting they were totally in agreement on the bigness.)
E. J. Dionne: Romney’s Clintonesque Moment
Mitt Romney was against Bill Clinton before he was for him.
There was Romney, campaigning Tuesday in Iowa, praising the nation’s last Democratic president and casting him as far superior to the current incumbent.
“Almost a generation ago, Bill Clinton announced that the era of big government was over,” Romney declared. “Clinton was signaling to his own party that Democrats should no longer try to govern by proposing a new program for every problem.” President Obama, he said, “tucked away the Clinton doctrine in his large drawer of discarded ideas.”
So you might assume that Romney likes Clinton. But that would be wrong. Scrambling during the GOP primaries this year to explain why he had voted in the 1992 Massachusetts Democratic presidential primary for the late Sen. Paul Tsongas, Romney invoked that old GOP standby: Clinton hatred.
May 17 2012
Liberal Party (Part 3)
Establishment Dems Proving Themselves Clueless in Washington’s 1st District Race
By David Neiwert, Crooks and Liars
May 16, 2012 06:00 PM
If you want a classic example of the way Establishment Democrats are perfectly tone-deaf when it comes to the concerns of the working families they like to flatter themselves as representing, take a look at how the race in Washington’s brand-spanking-new First District is shaping up, particularly on the Democratic side.
Because instead of backing Darcy Burner, the progressive candidate with far and away the greatest name recognition and a record of working for working-class families and their interests — particularly when it comes to things like protecting Medicare and Social Security, and getting their children out of war zones — the state’s establishment Dems seem to be lining up behind Susan DelBene, a pro-business faux-progressive Dem with little popular support but very deep pockets.
Evidently, it’s all about the money. In a year when Democrats should be listening to the anger of their constituents at the failure of Washington politicians to take care of the interests of ordinary people, these dimbulbs are going back to politics as usual and backing the candidate with the deepest pockets, not the deepest support among voters.
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