Tag: TMC Politics

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 thea Pundits”.

Follow us on Twitter @StarsHollowGzt

Dean Baker: Alan Greenspan owes America an apology

The former Fed chair is promoting his new book. He should admit his role in the housing crisis, not insult our intelligence

Alan Greenspan will go down in history as the person most responsible for the enormous economic damage caused by the housing bubble and the subsequent collapse of the market. The United States is still down almost 9m jobs from its trend path. We are losing close to $1tn a year in potential output, with cumulative losses to date approaching $5tn. [..]

The horror story could have easily been prevented had there been intelligent life at the Federal Reserve Board in the years when the housing bubble was growing to ever more dangerous proportions (2002-2006). But the Fed did nothing to curb the bubble. Arguably, it even acted to foster its growth with Greenspan cheering the development of exotic mortgages and completely ignoring its regulatory responsibilities.

Most people who had this incredible infamy attached to their name would have the decency to find a large rock to hide behind; but not Alan Greenspan. He apparently believes that he has not punished us enough. Greenspan has a new book which he is now hawking on radio and television shows everywhere.

Jeremy Scahill: Will the Global War on Terror Ever End?

Policies initiated under President Bush and continued and expanded under Obama have brought the world to the dawn of a new age, the era of the Dirty War on Terror.

On January 21, 2013, Barack Obama was inaugurated for his second term as president of the United States. Just as he had promised when he began his first campaign for president six years earlier, he pledged again to turn the page on history and take U.S. foreign policy in a different direction. “A decade of war is now ending,” Obama declared. “We, the people, still believe that enduring security and lasting peace do not require perpetual war.”  [..]

Yet, as Obama embarked on his second term in office, the United States was once again at odds with the rest of the world on one of the central components of its foreign policy. The drone strike in Yemen the day Obama was sworn in served as a potent symbol of a reality that had been clearly established during his first four years in office: U.S. unilateralism and exceptionalism were not only bipartisan principles in Washington, but a permanent American institution. As large-scale military deployments wound down, the United States had simultaneously escalated its use of drones, cruise missiles, and Special Ops raids in an unprecedented number of countries. The war on terror had become a self-fulfilling prophecy.

The question all Americans must ask themselves lingers painfully: How does a war like this ever end?

Robert Sheer: Obama, Congress Owe Snowden Thanks, and a Pardon

Now we know that even the president needs leaks from Edward Snowden to be fully informed about the dastardly acts of his own top spy agency. It was Snowden’s recent revelations that led Obama to order an investigation into spying on private communications of 35 world leaders, including our closest allies, a clear betrayal of the trust needed to establish a more peaceful world.

According to a Wall Street Journal account from senior U.S. officials, the president had been kept in the dark as to the extent of the NSA spy program: “President Barack Obama went nearly five years without knowing his own spies were bugging the phones of world leaders. Officials said the NSA has so many eavesdropping operations under way that it wouldn’t have been practical to brief him on all of them. They added that the president was briefed on and approved of broader intelligence-collection ‘priorities,’ but that those below him make decisions about specific intelligence targets.” Huh?  

Ana Marie Cox: Dick Cheney, one-man zombie apocalypse

The former VP has returned from the shadows – weirdly, to court the Tea Party for daughter Liz’s Senate run. Happy Halloween!

Rationally, I realize that the reappearance of Dick Cheney in the media landscape is tied to his promoting his new book, Heart: An American Medical Odyssey. And, with equal clear-mindedness, I know that his publisher no doubt timed the book’s debut to capitalize on the roll-out of the Affordable Care Act – Cheney has gravely insisted in interviews that the ACA would limit the technological innovations that allow his own survival.

A more primal part of me simply sees “Cheney”, “heart” and “Halloween” and I clutch my own chest in fear. [..]

‘m as eager a student of horror novels as politics, but I don’t usually get a chance to bring the wisdom of one field into the other. By way of wishing you a happy Halloween, let me also issue a reminder: the risk of bringing someone back from the dead is that they turn on you. When people play God, they only create monsters … boo!

Eugene Robinson: The Out-of-Control NSA

Let’s get this straight: The National Security Agency snooped on the cellphone conversations of German Chancellor Angela Merkel? Perhaps for as long as a decade? And President Obama didn’t know a thing about it?

Either somebody’s lying or Obama needs to acknowledge that the NSA, in its quest for omniscience beyond anything Orwell could have imagined, is simply out of control.

The White House has not denied news reports-courtesy of disclosures by whistleblower Edward Snowden-that the spy agency eavesdropped on Merkel’s phone calls. Press secretary Jay Carney said that “the United States is not monitoring and will not monitor the communications of the chancellor,” which sure sounds like an admission that such “monitoring” took place in the past.

Karen Higgins: Targeting Wall Street, Robin Hood Tax Comes to Washington

With Congress about to begin the next cycle of budget battles – mostly focused on how much more pain to inflict on Main Street communities across America – a far different message is bubbling up across the land.

Activists from across the land gathered in Washington October 29 to step up what has become an increasingly vocal demand for a change of priorities and tone – with a call to expand the revenue pie with a tax on Wall Street speculation, the Robin Hood tax.

“The fire in this room will light up the sky for a lot of people,” said Larry Hanley, international president of the Amalgamated Transit Union surveying the room in the closing session of an action conference for the Robin Hood Tax campaign.

For the past two years, a movement has been building in the U.S., now endorsed by more than 160 local and national organizations who are calling for a sharp turn away from policies of austerity and more budget cuts with a financial transaction tax on stocks, bonds, derivatives and other financial instruments, paid by those very same banks, investment houses, hedge fund managers, and Wall Street traders who created the latest financial crisis.

Or as Hanley put it, “There’s been a 40 year crime wave and we’ve been the victims.”

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 thea Pundits”.

Follow us on Twitter @StarsHollowGzt

Katrina vanden Heuvel: JPMorgan settlement is justice, not a shakedown

Is JPMorgan Chase, the imperious mega-bank, a hapless victim of what a Post editorial dubbed “political persecution”? Is it the innocent target of a Justice Department “shakedown,” as the Wall Street Journal‘s editors charged, with Justice “confiscating” JPMorgan’s earnings “for no other reason than because they can and because they want to appease their left-wing populist allies”?

The announcement that JPMorgan’s chief executive, Jamie Dimon, personally negotiated the announced $13 billion settlement with the Justice Department has set off howls in the press. The Post suggested that JPMorgan only made the same errors about housing prices that everyone else made. The government was charged with acting in bad faith, holding JPMorgan accountable for misdeeds committed by Bear Stearns and Washington Mutual before Dimon agreed to acquire them at the behest of the government. All in all, we’re supposed to see this deal as a miscarriage of justice.

Give me a break.

Jessica Valente: How to Write About Rape: Rules for Journalists

Feminists spend a lot of time taking journalists and media institutions to task for the way they cover rape-and for good reason. Victim-blaming runs rampant in headlines and news features, sexual assault is often misnamed or mischaracterized, and women’s behavior is treated with more scrutiny than rapists’ crimes. Media makers are smart, interesting people who-like all people-make mistakes. But even well-meaning missteps cause harm.  [..]

The United States does not have a rape problem-it has a rape epidemic. A woman in this country is raped every two minutes, 42 percent of victims are raped before they are 18 years old (pdf). One in three Native women report being raped, as do almost 19 percent of black women. Ninety-seven percent of rapists will never go to jail.

It’s our responsibility as journalists to ensure that we are covering stories of sexual assault with truthfulness, care, and in a way that does not make the country a safer place for rapists. We are not just media makers-we shape the culture as well. So let’s make it a culture that’s safer and more just for girls, women and all survivors of sexual assault.

Aura Bogado: Halloween Has Already Become a Horror Show

It’s not yet Halloween, and Julianne Hough is already apologizing for her decision to don blackface at Mike Meldman’s annual party. She attended the festivities with a group of friends who dressed up as the cast of Orange Is the New Black-with Hough as the character known as Crazy Eyes. Unfortunately, Hough wasn’t the only adult who made the choice to wear blackface this year.

I was disappointed, though not too surprised, when I saw that Hough wore blackface. Racist costumes are a sad staple of each year’s Halloween. I also wasn’t too surprised that someone reappropriated a character of color from Orange Is the New Black this Halloween. Although some have argued that the show provides its audience with a humanizing view of prison life and reveals the horrors of the prison industrial complex, many of us have also argued otherwise. The characters are often written as caricatures rather than anything else-and are easily digested as such. A Netflix series that leans on racist tropes becomes a problematic inspiration for someone who seems unable to heed numerous advisories against blackface. Let the nightmare begin.

Laura Flanders: Anyone for a Real Inform Act?

It was early and I hadn’t downed my coffee yet, but for a moment I thought I was reading something important in one of those tightly printed full-page ads that appear from time to time in the The New York Times.

Headlined “Enact the Inform Act,” the ad called on Congress and the president to pass a, quote, “bipartisan bill to reveal the full size and inter-generational consequences of our country’s fiscal imbalance.”

As I said, it was early but my mind was off. Finally, I thought to myself, someone is taking seriously our country’s teetering imbalance. [..]

But then, I hold the paper a little closer. The INFORM Act is not about any of those things. It’s about the deficit. The phony fiscal gap, not the flesh-and-blood one of inequality. The ad is signed by the 1 percent who want to do what? Cut taxes and shrink government. Who else can afford one of those one page ads?

Pity. Sometimes it’s good not to look too closely. Anyone interested in a genuine Inform Act?

Zoë Carpenter: Privacy Advocates Turn Up the Heat on the ‘Business-as-Usual Brigade’

On Saturday, thousands of people are expected to rally in Washington, DC, to protest the National Security Agency’s surveillance programs that, according to documents released by Edward Snowden, collect data from American citizens. Saturday’s rally comes at a key moment, as the Senate Intelligence Committee is expected to take up legislation to revise the NSA’s spying authority next week.

It’s clear that reform is needed-but less so that it will come out of the Intelligence Committee. Instead, committee chairwoman Dianne Feinstein wants to make the NSA’s bulk collection of phone records permanent. In an op-ed published in USA Today on Monday, the California senator called the program “legal,” “effective in helping to prevent terrorist plots,” and claimed it was “not surveillance.” She argued that the metadata program should continue, and said her bill would “codify existing procedures into law.”

Bryce Covert: Don’t Be Fooled: Flexible Scheduling Is No Cure for the Workplace Gender Divide

The city of San Francisco just passed a little-noticed policy in an attempt to address the work and family conflict increasingly experienced by today’s workers: a “right-to-request” law that requires all employers to set up a process so that workers can negotiate flexible schedules. That means that starting January 1, city residents will be able to ask their employers about whether they can change their start and end times, telecommute or go part-time and the boss will have to prove “undue hardship” if he refuses. Vermont passed a similar statewide policy in May. These are the only places in the United States to take up such a law, although the UK, New Zealand and Australia have countrywide ones.

Supporters tout such laws as a way to help resolve the conflict of work and family for all. And for those who feel torn between these two worlds, this streamlined path to changing schedules will likely come as a relief. But if the goal of resolving the work/family conflict with policy is to level the playing field for mothers who work and to allow women to catch up to men, flexible scheduling, at least for now, falls short. It cures a symptom without touching the disease.

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 thea Pundits”.

Follow us on Twitter @StarsHollowGzt

Chris Hedges: Our Invisible Revolution

“Did you ever ask yourself how it happens that government and capitalism continue to exist in spite of all the evil and trouble they are causing in the world?” the anarchist Alexander Berkman wrote in his essay “The Idea Is the Thing.” “If you did, then your answer must have been that it is because the people support those institutions, and that they support them because they believe in them.”

Berkman was right. As long as most citizens believe in the ideas that justify global capitalism, the private and state institutions that serve our corporate masters are unassailable. When these ideas are shattered, the institutions that buttress the ruling class deflate and collapse. The battle of ideas is percolating below the surface. It is a battle the corporate state is steadily losing. An increasing number of Americans are getting it. They know that we have been stripped of political power. They recognize that we have been shorn of our most basic and cherished civil liberties, and live under the gaze of the most intrusive security and surveillance apparatus in human history. Half the country lives in poverty. Many of the rest of us, if the corporate state is not overthrown, will join them. These truths are no longer hidden.

The New York Times Editorial Board: The White House on Spying

The White House response on Monday to the expanding disclosures of American spying on foreign leaders, their governments and millions of their citizens was a pathetic mix of unsatisfying assurances about reviews under way, platitudes about the need for security in an insecure age, and the odd defense that the president didn’t know that American spies had tapped the German chancellor’s cellphone for 10 years.

Is it really better for us to think that things have gone so far with the post-9/11 idea that any spying that can be done should be done and that nobody thought to inform President Obama about tapping the phone of one of the most important American allies?  

Sen. Bernie Sanders: For a Budget That Is Both Morally and Economically Sound

Frankly, it is time that Congress started listening to the ordinary people. Recently, the Republican Party learned a hard lesson when the American people stated loudly and clearly that it was wrong to shut down the government and not pay our bills because some extreme right-wing members of Congress do not like the Affordable Care Act. Well, there’s another lesson that my Republican colleagues are going to have to absorb. Poll after poll make it very clear that the American people overwhelmingly do not want to cut Social Security, Medicare and Medicaid. In fact, according to a recent National Journal poll, 81 percent of the American people do not want to cut Medicare at all; 76 percent of the American people do not want to cut Social Security at all; and 60 percent of the American people do not want to cut Medicaid at all. Meanwhile, other polls have made it very clear that at a time of growing income and wealth inequality, Americans believe that the wealthiest among us and large corporations must pay their fair share in taxes.

It is time to develop a federal budget which is moral and which makes good economic sense. It is time to develop a budget which invests in our future by creating jobs rebuilding our crumbling infrastructure improvement and expanding educational opportunities. It is time for those who have so much to help us with deficit reduction. It is time that we listen to what the American people want, and not just respond to the billionaire class and major campaign contributors.

Richard (RJ) Eskow: A Four-Point “Scorecard” for the Budget Talks

The House-Senate budget negotiations, scheduled to begin on Wednesday, are an opportunity for our leaders to finally have a meaningful discussion about healing our damaged economy. That’s the discussion Washington should have been having all along, but which it hasn’t had yet. How will we know whether that’s finally changed, or which politicians are genuinely looking out for the public’s interests?

This four-point document, “Principles for Debate on the Budget in the Economy,” is an excellent place to start. It provides a baseline for reasonable negotiations, and represents the interests of the millions of Americans who belong to the organizations which signed it. We’ve adapted its four points to serve as a scorecard for grading your representatives during these budget talks.

Juan Cole: America’s Secret 4th Branch of Government: Did the NSA Keep Even Obama in the Dark?

Secrecy is anathema to a democratic republic. If we ever had one, it is long gone. The only real question left is what the unelected fourth branch of government, created inadvertently by Harry Truman, is really up to. It is clearly involved in a great deal of industrial espionage, but how are its discoveries transferred to US corporations? Who do the mostly right wing NSA bureaucrats really report to if not to Obama? And, what are they really doing with our cell phone records, which reveal to whom we speak, how often, and where exactly we are? How are these being data-mined and for what purposes?

How much of our society and politics are shaped by selective leaks about individuals gained from this surveillance? Did the 2008 Wall Street Crash occur in part because the Bush administration had removed pro-regulation New York Governor Elliot Spitzer, using information gathered from his bank accounts, cell phone and personal computer? How many Iraq War critics were, like myself, targeted for surveillance? How many seemingly minor scandals that force decision-makers from office are actually a conspiracy of shadowy intelligence operatives? How many of the vocal defenders of the NSA, or of those politicians too timid to demand reform, fear revelation of personal secrets? Do we have a government or a Mafia extortion racket? These questions may seem outlandish, but they are evidence of the corrosive impact of covert government on a Republic? One can never know what politics is legitimate and what is the result of manipulation. NSA denials that they are using this material gathered on US citizens are not very credible given their officials’ repeated lies and also given their hiding of their activities from the President of the United States.

Joe Conason: Will the Christie Juggernaut Roll Over Ted Cruz and Rand Paul?

With his impending re-election in “Blue Jersey” evidently assured and his national profile rising, Chris Christie is a formidable presidential hopeful. If not always a voice of reason, the blustering governor usually sounds sane in a Republican Party where conspiracy, paranoia and extremism reign. His decision to abandon the state’s legal appeal against gay marriage exemplified the canny pragmatism that worries Democratic strategists looking forward to 2016.

But for those enjoying the current civil war within the GOP as a spectator sport, the prospect of a Christie presidential candidacy is promising indeed. Moving toward the center, he is plainly preparing for combat with the herd of politicians-mostly legislators like Rand Paul, Ted Cruz and Paul Ryan-whose aspirations depend on mobilizing the tea party base. And there will be nothing “moderate” about Christie when he sets to work taking those opponents apart.

US Spying: “An Institutional Obsession”

Former constitutional lawyer and columnist on civil liberties and U.S. national security issues for The Guardian, Glenn Greenwald joined Democracy Now!‘s Amy Goodman to discuss how US spying in out allies has become an institutionalized obsession with surveillance.

The spat over U.S. spying on Germany grew over the weekend following reports the National Security Agency has monitored the phone calls of Chancellor Angela Merkel since as early as 2002, before she even came to office. The NSA also spied on Merkel’s predecessor, Gerhard Schroeder, after he refused to support the Iraq War. NSA staffers working out of the U.S. embassy in Berlin reportedly sent their findings directly to the White House. The German tabloid Bild also reports President Obama was made aware of Merkel’s phone tap in 2010, contradicting his apparent claim to her last week that he would have stopped the spying had he known. In another new disclosure, the Spanish newspaper El Mundo reports today the NSA tracked some 60 million calls in Spain over the course of a month last year. A delegation of German and French lawmakers are now in Washington to press for answers on the allegations of U.S. spying in their home countries.

Jay Ackroyd at Eschaton thought this part of the lengthy interview deserved to be highlighted:

    So, for the top national security official in the United States to go to the Senate and lie to their faces and deny that the NSA is doing exactly that which our reporting proved that the NSA was in fact doing is plainly a crime, and of course he should be prosecuted, and would be prosecuted if we lived under anything resembling the rule of law, where everybody is held and treated equally under the law, regardless of position or prestige. Of course, we don’t have that kind of system, which is why no Wall Street executives have been prosecuted, no top-level Bush officials were prosecuted for torture or warrantless eavesdropping, and why James Clapper hasn’t been prosecuted despite telling an overt lie to Congress. And what’s even more amazing, though, Amy, is that not only has James Clapper not been prosecuted, he hasn’t even lost his job. He’s still the director of national intelligence many months after his lie was revealed, because there is no accountability for the top-level people in Washington.

   And the final thing to say about that is, there’s all kinds of American journalists who love to go on television and accuse Edward Snowden of committing all these grave and horrible crimes. They’re so brave when it comes to declaring Edward Snowden to be a criminal and calling for [inaudible]. Not one of them has ever gone on television and said, “James Clapper committed crimes, and he ought to be prosecuted.” The question that you just asked journalistically is such an important and obvious one, yet not-none of the David Gregorys or Jeffrey Toobins or all these American journalists who fancy themselves as aggressive, tough reporters, would ever dare utter the idea that James Clapper ought to be arrested or prosecuted for the crimes that he committed, because they’re there to serve those interests and not to challenge or be adversarial to them.

Jay also pointed out e-mail exchange between Glenn and Bill Keller, the former executive editor of The New York Times, in an op-ed by Keller.

Is Glenn Greenwald the Future of News?

by Bill Keller

Much of the speculation about the future of news focuses on the business model: How will we generate the revenues to pay the people who gather and disseminate the news? But the disruptive power of the Internet raises other profound questions about what journalism is becoming, about its essential character and values. This week’s column is a conversation – a (mostly) civil argument – between two very different views of how journalism fulfills its mission.

Glenn Greenwald broke what is probably the year’s biggest news story, Edward Snowden’s revelations of the vast surveillance apparatus constructed by the National Security Agency. He has also been an outspoken critic of the kind of journalism practiced at places like The New York Times, and an advocate of a more activist, more partisan kind of journalism. Earlier this month he announced he was joining a new journalistic venture, backed by eBay billionaire Pierre Omidyar, who has promised to invest $250 million and to “throw out all the old rules.” I invited Greenwald to join me in an online exchange about what, exactly, that means.

It’s long but worth the read.  

Democrats: Bought & Sold by the Spies

Who Buys the Spies? The Hidden Corporate Cash Behind America’s Out-of-Control National Surveillance State

by Thomas Ferguson, Paul Jorgensen, and Jie Chen

Democratic leaders are full-fledged players in the national surveillance state, right along with Republicans.

Long before President Obama kicked off his 2008 campaign, many Americans took it for granted that George W. Bush’s vast, sprawling national security apparatus needed to be reined in. For Democrats, many independents, and constitutional experts of various persuasions, Vice President Dick Cheney’s notorious doctrine of the “unitary executive” (which holds that the President controls the entire executive branch), was the ultimate statement of the imperial presidency. It was the royal road to easy (or no) warrants for wiretaps, sweeping assertions of the government’s right to classify information secret, and arbitrary presidential power. When Mitt Romney embraced the neoconservatives in the 2012 primaries, supporters of the President often cited the need to avoid a return to the bad old days of the Bush-Cheney-Rumsfeld National Security State as a compelling reason for favoring his reelection. Reelect President Obama, they argued, or Big Brother might be back.

But that’s not how this movie turned out: The 2012 election proved to be a post-modern thriller, in which the main characters everyone thought they knew abruptly turned into their opposites and the plot thickened just when you thought it was over.[..]

As the storm over surveillance broke, we were completing a statistical analysis of campaign contributions in 2012, using an entirely new dataset that we constructed from the raw material provided by the Federal Election Commission and the Internal Revenues Service (which compiles contributions from so-called “527”s).  In light of what has transpired, our quantitative analysis of presidential election funding invites closer scrutiny, particularly of the finding that we had already settled upon as perhaps most important:  In sharp contrast to endlessly repeated claims that big business was deeply suspicious of the President, our statistical results show that a large and powerful bloc of  “industries of the future” – telecommunications, high tech, computers, and software – showed essentially equal or higher percentages of support for the President in 2012 than they did for Romney [..]

But the point that our findings document is perhaps most instructive of all. Many of the firms and industries at the heart of this Orwellian creation have strong ties to the Democrats. Bush and Cheney may have invented it, but national Democratic leaders are full-fledged players in this 21st century National Surveillance State and the interest group pressures that now help to sustain its defenders in Washington work just as powerfully on Democrats as on Republicans.

Party Competition and Industrial Structure in the 2012 Elections

Key Findings:

   

  • Existing data sources used for studies of campaign finance have a variety of serious flaws.
  • As a result, the degree to which major parties’ presidential candidates depend on very large donors has been underestimated and the role small donors play exaggerated.
  • The relation between the money split between the parties and the proportion of votes received by their candidates in House and Senate races appears to be quite straightforward.
  • Firms and executives in industries strongly affected by proposed regulations limiting greenhouse gas emissions heavily backed Mitt Romney. So did much, but not all, of finance.
  • President Obama’s support within big business was broader than hitherto recognized. His level of support from firms in telecommunications and software was very strong indeed, sometimes equaling or exceeding Romney’s. Many firms and sectors most involved in the recent controversies over surveillance were among the President’s strongest supporters.
  • Republican candidates showed sharply different levels of contributions from small donors; President Obama’s campaign, while heavily dependent on large donors, attracted more support from small donors than did his Republican opponent.
  • Big business support for Tea Party candidates for Congress was substantial, but well below levels for more mainstream Republicans. Many of the same sectors that strongly supported Romney also backed Tea Party candidates. Backing for Tea Party candidates by Too Big To Fail banks ran above the average of business as a whole by every measure.

Read “Party Competition and Industrial Structure in the 2012 Elections: Who’s Really Driving the Taxi to the Dark Side?” (pdf), by Thomas Ferguson, Paul Jorgensen, and Jie Chen.

Professor of Political Science at the University of Massachusetts and a Senior Fellow of the Roosevelt Institute, Thomas Ferguson discusses the finding of the study with Real New Networks Jaisal Noor.

As Yves Smith at naked capitalism noted this is a good explanation why “Obama started looking more stressed than usual around the time of the Snowden revelations.”

Don’t Cry for JP Morgan

The recent news of a thirteen billion dollar settlement agreed to by JP Morgan with the Justice Department to resolve an array of crisis-related mortgage cases may seems like a large chunk of change but in the grand scheme of the banks assets and the losses to the global economy its a drop in the bucket. JP Morgan’s current assets are valued at $$2.25 trillion and the losses to Americans alone is estimated at $22 trillion. Meanwhile, papers like The Wall Street Journal and The New York Post, both owned by Rupert Murdock, are calling the settlement “a shakedown” and “robbery.”

There are a lot of questions about the details of the settlement that Dimon personally helped negotiate with Attorney General Eric Holder in private meetings, cutting the deal without admission of any wrong doing. The New York Times‘ assistant business and financial editor, Gretchen Morgenson commented about this unusual special treatment to Bill Moyers in an interview on Moyers & Company



Transcript can be read here

   BILL MOYERS: Do you find it remarkable – Jamie Dimon asking for a personal meeting with the Attorney General, Eric Holder to decide, in private, on a penalty?…

   GRETCHEN MORGENSON: It seems unusual to me and it does smack of favoritism, special treatment. It certainly was unusual I would say for Eric Holder, the Attorney General of the United States of America, to have a personal meeting with someone that his office is negotiating a settlement with. That raised eyebrows with me. I know I would not be able to get that meeting if I asked – and if I implored.

   I think it really sends a signal, also which is disturbing that again – two sets of rules in America. There’s one set for the people who are in positions of power, certainly in the financial world – one set of rules perhaps for them. And one set for the rest of us. I really don’t understand why Eric Holder would not have decided that it was the optics just didn’t look that good for him to meet with Jamie Dimon, but maybe there is something behind it that I don’t know.

At Democracy Now!, Yves Smith, the proprietress at naked capitalism, sat down with Amy Goodman to discuss the deal and how it is being misreported.



Transcript can be read here



Transcipt can be read here

A $13 Billion Reminder of What’s Wrong

by Gretchen Morgansen, The New york Times

t was the deal of the week – a possible $13 billion settlement between JPMorgan Chase and the Justice Department to resolve an array of crisis-related mortgage cases.

While arguments over the deal’s terms and numbers are to be expected, the discussion so far has seemed to miss its significance as a teaching moment. This possible settlement once again depicts the extensive and damaging behavior that led to the 2008 crisis and its aftermath. For those with short memories, the deal is a refresher course in how far-off the rails our largest financial institutions veered in the years leading up to the mess.

It also stands as a reminder that not enough has been done to fix the flawed incentives in our sprawling and powerful financial system. This applies to both the private sector – the mighty banks – and their supposed minders, the regulators.

The Ridiculous “Jamie Dimon as Victim” Meme on the Pending JP Morgan Mortgage Settlement

by Yves Smith, naked capitalism

Nothing like having a credulous, leak-dependent media to carry your messages.

There’s been a remarkable hue and cry about the pending JP Morgan settlement, as if the amount is somehow too high. As we’ve discussed repeatedly, the director of financial stability for the Bank of England, Andrew Haldane, already ascertained that a mere 1/20th of low-end estimate of what the banks ought to pay for all the damage they did would wipe our their market capitalization. So even if you think JP Morgan is only half as culpable as other banks (a point we will debunk in a post tomorrow) it would only be half as dead.

In other words, Dimon and all his crew should thank their lucky stars that they got off so well and didn’t have their banks turned into utilities. But that moment passed, so now we are haggling over price with ingrates.

Nobody Should Shed a Tear for JP Morgan Chase

by Matt Taibbi. Rollingstone

A lot of people all over the world are having opinions now about the ostensibly gigantic $13 billion settlement Jamie Dimon and JP Morgan Chase have entered into with the government.

The general consensus from most observers in the finance sector is that this superficially high-dollar settlement – worth about half a year’s profits for Chase – is an unconscionable Marxist appropriation. It’s been called a “robbery” and a “shakedown,” in which red Obama and his evil henchman Eric Holder confiscated cash from a successful bank, as The Wall Street Journal wrote, “for no other reason than because they can and because they want to appease their left-wing populist allies.”

Look, there’s no denying that this is a lot of money. It’s the biggest settlement in the history of government settlements, and it’s just one company to boot. But this has been in the works for a long time, and it’s been in the works for a reason. This whole thing, lest anyone forget, has its genesis in a couple of state Attorneys General (including New York’s Eric Schneiderman and Delaware’s Beau Biden) not wanting to sign off on any deal with the banks that didn’t also address the root causes of the crisis, in particular the mass fraud surrounding the sale and production of subprime mortgage securities.

The cost of the financial crisis hits Americans harder than banks

by Heidi Moore, The Guardian

As you rise up the financial ladder, the consequences of the financial crisis are increasingly arbitrary

What’s the real cost of a financial crisis? Apparently, it depends on who’s paying.

If you’re Jamie Dimon, the CEO of JP Morgan Chase, or Brian Moynihan, the CEO of Bank of America, it’s a price your $2tn bank can easily afford to make trouble go away.

If you’re a homeowner, it’s a price that has rendered your past five years a struggle of financial anxiety. If you’re an American, it’s a price that has resulted in a recession and recovery characterized by historically high poverty – with 42 million Americans on food stamps – and historically low rates of Americans working, with only 63% of the population gainfully employed.

As you rise up the financial ladder, the consequences of the financial crisis are increasingly arbitrary. The Department of Justice is looking for scalps – finally, after five years of drowsy hibernation – but some banks are whining about merely getting haircuts.

This week, two mortgage-crisis settlements hit the news: one potential and one official. The idea of a $13bn rumored fine to JP Morgan and an $848m fine to Bank of America would indicate two things.

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 thea Pundits”.

Follow us on Twitter @StarsHollowGzt

Paul Krugman: The Big Kludge

The good news about HealthCare.gov, the portal to Obamacare’s health exchange, is that the administration is no longer minimizing its problems. That’s the first step toward fixing the mess – and it will get fixed, although it’s anyone’s guess whether the new promise of a smoothly functioning system by the end of November will be met. We know, after all, that Obamacare is workable, since many states that chose to run their own exchanges are doing quite well.

But while we wait for the geeks to do their stuff, let’s ask a related question: Why did this thing have to be so complicated in the first place?

It’s true that the Affordable Care Act isn’t as complex as opponents make it out to be. Basically, it requires that insurance companies offer the same policies to everyone; it requires that each individual then buy one of these policies (the individual mandate); and it offers subsidies, depending on income, to keep insurance affordable.

E. J. Dionne, Jr.: First, Admit the Problem

Here’s the mistake made by President Obama and the Democrats that nobody is talking about: They have been too fearful of confronting our country’s three-year obsession with the wrong problem.

And here is the tea party’s greatest victory: It has made the wrong problem the center of policymaking.

The wrong problem is the deficit. The right problem is sluggish growth and persistent unemployment.

The New York Times Editorial Board: ‘Not One More’

President Obama urged Congress on Thursday to revive immigration reform, which is not dead but not moving, either. He was talking mostly to House Republicans, though he also urged business, labor and religious groups to “keep putting the pressure on all of us to get this done.”

It’s good that Mr. Obama said “us.” It acknowledges his own role in this continuing disaster.

Much of the responsibility to fix what Mr. Obama calls the “broken immigration system” lies within his own administration. He can’t rewrite immigration laws, but he can control how well – or disastrously – they are enforced. He can begin by undoing the damage done by his Homeland Security Department. Mr. Obama has just nominated Jeh Johnson, a former Defense Department general counsel, to replace homeland security secretary Janet Napolitano, who resigned in July. It’s the perfect opportunity for a fresh start.

Cliff Shecter; Senator Durbin: Don’t sell us short on Social Security

Visiting the issue of Social Security is fraught with misadventure, especially as Midterm elections approach.

To: Majority Whip, Dick Durbin, US Senate

From: Your pal, Cliff

Dear Dick,

I must have been a bit hard of hearing while watching you this past week on FoxNews Sunday-the hard of hearing being the key Fox demographic, after all-but I think I heard you say that Social Security in the United States “is going to run out of money in 20 years,” so you want to “fix it now.” I couldn’t have heard that right, could I have? Let me try “The Google,” as wily former President W. Bush once counseled.

Ok, Dick, I just consulted the transcript, and, sadly, I didn’t hear it wrong. So it seems we need to have a bit of an awkward conversation.

First, my friend (I still like to think of you this way, as you’re usually such a staunch supporter of common-sense positions on key issues), surely you must be aware that you misspoke?

Robert Reich: Obamacare is a Republican Construct (So Why Are They So Upset?)

The Democrat’s version of health insurance would have been cheaper, simpler, and more popular

House Majority Leader Eric Cantor says Republicans will seek to delay a requirement of the 2010 Affordable Care Act that all Americans obtain health insurance or face a tax penalty. “With so many unanswered questions and the problems arising around this rollout, it doesn’t make any sense to impose this one percent mandate tax on the American people.”

While Republicans plot new ways to sabotage the Affordable Care Act, it’s easy to forget that for years they’ve been arguing that any comprehensive health insurance system be designed exactly like the one that officially began October 1st, glitches and all.

For as many years Democrats tried to graft healthcare onto Social Security and Medicare, and pay for it through the payroll tax. But Republicans countered that any system must be based on private insurance and paid for with a combination of subsidies for low-income purchasers and a requirement that the younger and healthier sign up.

Kevin Gosztola: The Banal Justification for Directing the US Surveillance State at World Leaders

All countries spy on each other. Countries like Brazil, France, Germany and Mexico would not be so upset that they had been spied on by the United States if it had not been made public by former National Security Agency contractor Edward Snowden. In fact, countries have learned to look the other way and accept that they are being spied on regularly by American intelligence agencies so there really is no reasonable justification for all this outrage from world leaders.

As The Washington Post‘s David Ignatius declared on CNN, “Everybody does do this kind of thing. The US, through the NSA, does it more aggressively because it’s just better at it. It’s got more capabilities.”

The above has been the typical reaction in the US. It aims to suppress debate or conversation about the operations, which US intelligence is engaged in around the world. It seeks to paint outraged officials as simply jealous. If they could spy on all the world’s people at all levels of society, wouldn’t they be doing it, too?

The nature of this response from officials and commentators, from within a country that has built a massive surveillance state for spying on the entire world of which no other country has matched, is truly imperial.

Seven Seconds to Save the Social Safety Net

7 Reasons to Take 7 Seconds to Save Social Security and Medicare

by Richard (RJ) Eskow, The Huffington Post

A broad coalition of organizations, including the Campaign for America’s Future and Social Security Works, is joining Sen. Bernie Sanders in a petition drive to resist cuts to Social Security, Medicaid and Medicare. It only takes a few moments to sign; it’s that easy. [..]

The threat is very real, and these cuts could take place with very little warning. On a personal note: I signed. I did it because a lot of people would suffer needlessly by the kind of deal they’re cooking up. I did it because I think it’s wrong to allow the privileged and powerful to overrule the will of the people. And frankly, I did it because I’m scared. This deal could be done before most Americans even see it coming.

It’s fast and easy to sign this petition. It only took me seven seconds. Here are seven reasons why you should. [..]

1. Republicans are still demanding “entitlement cuts.”

[..]

2. Some of these cuts are in the President’s budget.

[..]

3. The “chained CPI” is a deep cut to Social Security benefits.

[..]

4. The chained CPI isn’t fair, either.

[..]

5. The cuts to Medicaid and Medicare are both inhumane and cumbersome.

[..]

6. Millennials are already getting a raw deal. This would make it worse.

[..]

7. In a democracy, the people — not corporations are billionaires — are supposed to decide.

Take Action: Defend Social Security, Medicare, and Medicaid

Stand with Senator Bernie Sanders and our coalition partners in demanding, “No grand bargain in exchange for cuts to Social Security, Medicare and Medicaid benefits.”

Bernie is serving on the Budget Conference Committee which will be negotiating a new federal budget over the next few months — and where a deal could be struck to slash Social Security, Medicare and Medicaid.

As the founder of the Defending Social Security Caucus, Bernie is fighting every day to protect our earned benefits. Stand with Senator Bernie Sanders and a diverse coalition of thousands of fellow progressives now and demand that Congress and the President oppose any grand bargain which cuts Social Security, Medicare and Medicaid benefits.

Add your name today!

He’s right, depending on how fast you can type and press enter, just seven seconds. So it for yourself and future generations.

Punting the Pundits: Sunday Preview Edition

Punting the Punditsis 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 Steve Kornacki: The guests were not listed for this Sunday.

This Week with George Stephanopolis: Guests on this Sunday’s “This Week” are: former Vice President Dick Cheney; Sen. John Barrasso (R-WY) and Sen. Joe Manchin (D-WV).

The roundtable guests are Democratic strategist and ABC News contributor Donna Brazile; co-host of CNN’s Crossfire S.E. Cupp; former Vermont governor and founder of Democracy for America Howard Dean; and Weekly Standard editor Bill Kristol.

Face the Nation with Bob Schieffer: Mr. Schieffer’s guests are Rep. Darrell Issa (R-Ca); and Sen. Jeanne Shaheen (D-NH).

His panel guests are The Wall Street Journal‘s Peggy Noonan; former Press Secretary to LBJ and former Publisher of the Dallas Times Herald, Tom Johnson; Bob Woodward of the Washington Post; and Phil Shenon, author of “A Cruel and Shocking Act: The Secret History of the Kennedy Assassination.”

Meet the Press with David Gregory: On this Sunday’s MTP the guests are governors John Kasich (R-OH) and Steve Beshear (D-KY);  NBC’s Chief Foreign Affairs correspondent Andrea Mitchell and former chairman of the House Homeland Security Committee Rep. Peter King (R-NY).

At the roundtable the guests are 2012 Republican Presidential Candidate Rick Santorum; former Michigan Democratic Governor Jennifer Granholm; President of the Center for American Progress Neera Tanden; and Republican strategist Alex Castellanos.

State of the Union with Candy Crowley: Ms. Crowley’s guests are House Intelligence Chairman Mike Rogers (R-MI);  Dr. Ezekiel Emanuel, a Health Policy Adviser to the Obama Administration from 2009-2011 and Congressman John Fleming, a Republican and one-time Louisiana Family Doctor of the Year.

Joining her for a panel discussion are CNN Political Commentators Ross Douthat and Cornell Belcher will join A.B. Stoddard from The Hill.

Live Stream: Stop Watching Us Rally

Livestream: Stop Watching Us Rally

Live streaming video by Ustream

On October 26th, the 12th anniversary of the PATRIOT Act,

The full list, in order of appearance, includes:

Daniel Ellsberg, “Pentagon Papers” whistleblower

Phil Donahue, television talk-show pioneer

US Rep. John Conyers Jr. (D-MI), ranking Democrat on the House Judiciary Committee

David Segal, executive director of Demand Progress

Maggie Gyllenhaal, actor and activist

Oliver Stone, director of The Untold History of the United States and Nixon

John Cusack, actor and activist

Wil Wheaton, actor and writer

Molly Crabapple, artist and writer

Jesselyn Radack, U.S. Department of Justice whistleblower and national security and human rights director at the Government Accountability Project

J. Kirk Wiebe, NSA whistleblower

Mark Klein, AT&T whistleblower who revealed the telecommunications company’s collaboration with the NSA in collecting customer data

Thomas Drake, NSA whistleblower

Cindy Cohn, Legal Director at the Electronic Frontier Foundation

Dan Choi, LGBTQ activist and Iraq War veteran

Lawrence Lessig, Roy L. Furman Professor of Law and Leadership at Harvard Law School

Load more