Tag: TMC Politics

Humans at Fault for Climate Change

Climate deniers should apologize and weep while we all keep our fingers crossed for the future of the planet with humans still existing on it.

IPCC climate report: human impact is ‘unequivocal’

by Fiona Harvey, The Guardian

UN secretary-general urges global response to clear message from scientists that climate change is human-induced

World leaders must now respond to an “unequivocal” message from climate scientists and act with policies to cut greenhouse gas emissions, the United Nations secretary-general urged on Friday.

Introducing a major report from a high level UN panel of climate scientists, Ban Ki-moon said, “The heat is on. We must act.”

The world’s leading climate scientists, who have been meeting in all-night sessions this week in the Swedish capital, said there was no longer room for doubt that climate change was occurring, and the dominant cause has been human actions in pouring greenhouse gases into the atmosphere.

In their starkest warning yet, following nearly seven years of new research on the climate, the Intergovernmental Panel on Climate Change (IPCC) said it was “unequivocal” and that even if the world begins to moderate greenhouse gas emissions, warming is likely to cross the critical threshold of 2C by the end of this century. That would have serious consequences, including sea level rises, heatwaves and changes to rainfall meaning dry regions get less and already wet areas receive more.

In response to the report, the US secretary of state, John Kerry, said in a statement: “This is yet another wakeup call: those who deny the science or choose excuses over action are playing with fire.”

“Once again, the science grows clearer, the case grows more compelling, and the costs of inaction grow beyond anything that anyone with conscience or commonsense should be willing to even contemplate,” he said.

The new IPCC climate change report makes deniers overheat

by Michael Mann, The Guardian

As their erroneous efforts to discredit the ‘Hockey Stick’ curve reveal, sceptics are tying themselves in knots to maintain denial

The original 1999 Hockey Stick study (and the 2001 Third IPCC Assessment report) concluded that recent northern hemisphere average warmth was likely unprecedented for only the past 1,000 years. The 2007 IPCC Fourth Assessment extended that conclusion back further, over the past 1,300 years (and it raised the confidence to “very likely” for the past 400 years). The new, Fifth IPCC Assessment has now extended the conclusion back over the past 1,400 years. By any honest reading, the IPCC has thus now substantially strengthened and extended the original 1999 Hockey Stick conclusions. [..]

The stronger conclusions in the new IPCC report result from the fact that there is now a veritable hockey league of reconstructions that not only confirm, but extend, the original Hockey Stick conclusions. This recent RealClimate piece summarizes some of the relevant recent work in this area, including a study published by the international PAGES 2k team in the journal Nature Geoscience just months ago. This team of 78 regional experts from more than 60 institutions representing 24 countries, working with the most extensive paleoclimate data set yet, produced the most comprehensive northern hemisphere temperature reconstruction to date. One would be hard-pressed, however, to distinguish their new series from the decade-and-a-half-old Hockey Stick reconstruction of Mann, Bradley and Hughes. [..]

The lesson here, perhaps, is that no misrepresentation or smear is too egregious for professional climate change deniers. No doubt, we will continue to see misdirection, cherry-picking, half-truths and outright falsehoods from them in the months ahead as the various IPCC working groups report their conclusions.

Don’t be fooled by the smoke and mirrors and the Rube Goldberg contraptions. The true take-home message of the latest IPCC report is crystal clear: climate change is real and caused by humans, and it continues unabated. We will see far more dangerous and potentially irreversible impacts in the decades ahead if we do not choose to reduce global carbon emissions. There has never been a greater urgency to act than there is now.

As IPCC Warns of Climate Disaster, Will Scientific Consensus Spark Action on Global Warming?

The Intergovernmental Panel on Climate Change is set to issue its strongest warning yet that climate change is caused by humans, and that the world will see more heat waves, droughts and floods unless governments take action to drastically reduce emissions of greenhouse gases. The IPCC report, released every six years, incorporates the key findings from thousands of articles published in scientific journals, concluding with at least 95 percent certainty that human activities have caused most of Earth’s temperature rise since 1950, and will continue to do so in the future. “Drought is the number one threat we face from climate change because it affects the two things we need to live: food and water,” says Jeff Masters, director of meteorology at the Weather Underground. We also speak to Greenpeace International Executive Director Kumi Naidoo.

[

Transcript can be read here

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 Economics and Politics of Chaos

The best commentary I’ve seen on what just happened is visual, and can be seen here. Unfortunately, I don’t think I should put that image on a Times web site. [..]

It’s very important, I think, to realize that while right now the GOP seems to have been taken hostage by its radical wing, the general strategy of responding to a lost election by trying to gain through blackmail what the party couldn’t gain at the polls was a consensus decision, arrived at way back in January. If the leadership is now dismayed by where it finds itself – leading a party of “lemmings with suicide vests” – it has only itself to blame. [..]

And nobody knows how it ends.

New York Times Editorial Board: The Cost of the Shutdown

Many Republicans seem to be celebrating the government shutdown as an opportunity to show that less spending isn’t really so bad. “People are probably going to realize they can live with a lot less government than what they thought they needed,” said Representative Marsha Blackburn of Tennessee on Fox News. Her upbeat attitude helps explain why so many in her party thought nothing of shutting down a government they distrust, all to dismantle a health care law they oppose.

What these lawmakers aren’t telling Americans is that the shutdown will actually be very expensive and will wind up costing the taxpayers and the economy far more than the regular operations of government. The same people who have built their careers on railing about the deficit are actually increasing it.

Gail Collins: Congress Breaks Bad

As the government shutdown dragged on, gloom mounted. James Clapper, the director of national intelligence, warned that foreign intelligence services might swoop in and recruit furloughed C.I.A. workers. That seemed a little paranoid, but then we’re talking about spies.

The C.I.A.-doom scenario sounded a bit like the problems facing the cast of “Homeland” this season, except for the part where a member of Congress is a terrorist mole who falls in love with an intelligence agent who frequently fails to take her bipolar disorder medication. Reality in Washington has gotten so muddled that the land in “Homeland” is looking sort of attractive.

Eugene Robinson: Warm Enough for You

Skeptics and deniers can make all the noise they want, but a landmark new report is unequivocal: There is a 95 percent chance that human-generated emissions of carbon dioxide and other greenhouse gases are changing the climate in ways that court disaster.

That’s the bottom line from the Intergovernmental Panel on Climate Change, which Monday released the latest of its comprehensive, every-six-years assessments of the scientific consensus about climate change. According to the IPCC, there is only a 1-in-20 chance that human activity is not causing dangerous warming.

You may like those betting odds. If so, let’s get together for a friendly game of poker, and please don’t forget to bring cash.

Robert Sheer: The Government Leakers Who Truly Endanger America Will Never Face Prosecution

Secrecy is for the convenience of the state. To support military adventures and budgets, vast troves of U.S. government secrets are routinely released not by lone dissident whistle-blowers but rather skilled teams of government officials. They engage in coordinated propaganda campaigns designed to influence public opinion. They leak secrets compulsively to advance careers or justify wars and weapons programs, even when the material is far more threatening to national security than any revealed by Edward Snowden.

Remember the hoary accounts in the first week of August trumpeting a great intelligence coup warranting the closing of nearly two dozen U.S. embassies in anticipation of an al-Qaida attack? Advocates for the surveillance state jumped all over that one to support claims that NSA electronic interceptions revealed by Snowden were necessary, and that his whistle-blowing had weakened the nation’s security. Actually, the opposite is true.

Michael Lerner: Democrats: Stop Being Wimpy in Implementing the Governmental Shut Down

Spiritual progressives are not wimps. While we bend over backwards to avoid violence and to affirm the humanity in everyone, including those who are doing evil deeds, we do not back away from opportunities to powerfully challenge those deeds. Unfortunately, President Obama and the Congressional Dems don’t seem to have that kind of chutzpah.

Instead, they appear to be wimps, and that doesn’t encourage much trust. So even though temporarily they are slightly winning the battle about who is to blame for the government shut down, they keep missing opportunities to challenge the Tea Party and their supporters.

Let the Victims Speak

It seems that the Obama administration’s state department does want the Pakistani victims of the US war on terror to speak to Congress

Shahzad Akbar, a legal fellow with the British human rights group Reprieve and the director of the Pakistan-based Foundation for Fundamental Rights, says the state department is preventing him from taking his clients to Capitol Hill next week. The hearing would mark the first time US lawmakers heard directly from drone strike survivors.

Akbar’s clients, Rafiq ur-Rehman, his 13-year-old son, Zubair, and his nine-year-old daughter, Nabila, are from the tribal regions of north Waziristan. The children were injured in the alleged US strike on the village of Tappi last year. Their grandmother – Rehman’s mother, Mamana – was killed.

Rehman and his children have spent months making preparations to visit Washington after being invited by US representatives to testify in the ad hoc hearing on drone strikes.

According to Akbar, his clients’ visas for the trip have been approved, but his has not. He believes the hold-up is political.

House Rep. ALan Grayson (D-FL), who was assisting the Rehman family coming to the US, stated that without their lawyer, said that the family would not be able to come without Mr. Akbar. He also told The Guardian that the State Department had not given a reason

“I don’t know why the State Department has taken this action, but I think it’s extremely important that when it comes to a national security matter like drone attacks, we hear not only from the proponents of these attacks, but also from the victims,” Grayson said.

“We have a chronic problem in Congress that when the administration is involved in one side of the issue, we rarely hear about the other side of the issue.

“This is true with regard to NSA domestic spying. This is true with regard to proposed military intervention in Syria. And it’s also true with regard to the drone attacks in Pakistan and in Yemen.”

He added: “I think Congress and the American people simply need to hear both sides of the story, and that’s why we invited these witnesses to come and testify.”

The Rehman family was devastated by a US drone attack on October 14, 2012 and the American people need to know what is being done in our names. You can sign the petition to issue Shahzad Akbar a travel visa so the Rehman family can be heard.

The Five Minute Rule

Over at Esquire’s Politics Blog, resident curmudgeon, Charles Pierce reminds us of his “five minute rule” with this little snippet:

If you listen to Crazy Uncle Liberty (!), Senator Aqua Buddha, or their disciples for five minutes, you find yourself nodding in agreement with almost everything they say. At precisely the 5:01 mark, however, the person to whom you’re listening will say something that detaches the entire conversation from the plane of physical reality and sends it sailing off into the ether.

As an example of the stupid that abounds, he presented a link to this video at a Rand Paul supporter’s web site.

I suppose those who signed the petition didn’t see the tee shirt. Sheesh.

The Affordable Care Act is a very flawed bill that lines the pockets of insurance companies by forcing people to purchase junk insurance that even if the premiums are low, the high out of pocket deductibles and co-pays make care unaffordable. Nor are the insured guaranteed access the treatment and medications they may need, since the bean counters can deny permission and referrals. These are facts that the government and media aren’t telling you

The only reason the right wing is trying to defund/repeal this law, which they can’t, is because they have nothing left to draw attention to themselves and try to scare people into believing that President Barack Obama is a socialist, even though has given the right wing and corporations nearly everything they’ve wanted, including the ACA. The war on the 99% continues from both sides of the aisle.

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”.

Wednesday is Ladies’ Day.

Follow us on Twitter @StarsHollowGzt

Ana Marie Cox: GOP DWI? Otherwise I can’t account for Republicans forcing a shutdown

With the ‘no compromise’ fringe at the wheel, this government shutdown can only be a political car crash for Republicans

It is difficult to write rationally about the shutdown of the US government, because it is not a rational act. [..]

The GOP’s intransigence over these political stands, whatever you think of them as ideological positions, stems from simple political debts and selfish political goals. Conversely, policy positions that stem mostly from ideology or even practical knowledge of the problem at hand have some inherent flexibility; you can reason with people who have arrived at their position through reason. If your main goal is to solve a real-world problem, you can make concessions based on new real-world data. When policy goals are held largely for political reasons, only political arguments can move you.

Zoë Carpenter : Government Shutdown Will Hit Federal Workers, Poor Americans

The economic impact of a shutdown depends on how long it lasts, but workers and the poor are likely to be hit the hardest. About 800,000 of 2.1 million federal employees will be furloughed, with no guarantee of retroactive pay. “Essential” employees like active-duty service members, scientists posted to the International Space Station, mine inspectors for the Department of Labor, and Secret Service agents will continue to work, many without pay. The members of Congress creating the mess are considered essential, and will receive their paychecks.

Low-income women and children, on the other hand, may not be able to access food and health care. That’s because federal funds will not be available for the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC), which provides food benefits and clinical services. States may have enough cash to continue operations for a few days, but even federal contingency funds “would not fully mitigate a shortfall for the entire month of October,” according to the US Department of Agriculture, which administers the program. Food stamp recipients would still receive their benefits through the SNAP program, but other nutritional programs would shut down.

Amanda Marcotte: Guys and guns, boys and toys

With America roamed by angry white dudes for whom firearms are a prop for lost power, what sort of message are kids getting?

America has a free-for-all gun culture, which, unsurprisingly, means that America also has a problem with children getting accidentally killed by guns. Specifically, America has a problem with boys in particular getting into accidents with guns, as reported by the New York Times. In its review of the data, the Times found that male shooters fired nearly all guns that were accidentally fired and killed a child. Boys made up 80% of the victims of accidental gun deaths of children. Reporters Michael Luo and Mike McIntire described boys as having a “magnetic attraction of firearms”, and added this:

   Time and again, boys could not resist handling a gun, disregarding repeated warnings by adults and, sometimes, their own sense that they were doing something wrong.

So, what is it with boys and guns? Presumably, the same thing that defines the relationship of grown men and guns.

Maureen Dowd: That’s Not Amore

John Boehner wakes up in his English basement apartment on Capitol Hill, his head still in a merlot fog.

It’s a glorious autumn morning, but Boehner doesn’t want to open his baby blues. He lies there, in his “Man of the House” T-shirt and Augusta National gym shorts.

He wishes he didn’t have to go to work. He reaches for his Camel Ultra Lights in his supposedly smoke-free apartment.

“Oh, Lord,” he growls. “How did I become that idiot Newt?”

Sarah Jane Stratford: The latest message to women: ‘Lean In’ at work, but ‘get retro’ at home

For all the glass ceilings women are breaking, we can’t get away from antiquated notions of how to be perfect housewives

2013 started out with a lot of “you go, girl” news. The US elections sent a record number of women to Congress, including 20 in the senate – a whole fifth – a harbinger of change not experienced since the 1970s. Then Sheryl Sandberg’s Lean In was published and despite some controversy, it brought modern women’s lives to the forefront of the national – and international – discussion. Women were encouraged to openly discuss their goals and ambitions and network with each other to achieve them.

But for all the “lean in” rallies and glass ceilings women are breaking, we can’t seem to get away from antiquated notions of how women must first and foremost be perfect wives. Women might be told to lean in at work, but the message is still, too often, “get retro” at home.

Robyn Greene: It’s Official: NSA Wants to Suck up All Americans’ Phone Records

The NSA has officially stopped sugar coating the fact that it wants to spy on every American.

At last Thursday’s Senate Intelligence Committee hearing on FISA legislation, Sen. Mark Udall (D-Colo.) asked NSA director, Gen. Keith Alexander, whether his spy agency should be collecting all Americans’ phone records. Gen. Alexander, in a shockingly forthcoming response, admitted that he “believes] it is in the nation’s best interest to [put all the phone records into a lockbox that we can search when the nation needs it.” He also explained that “there is no upper limit” to the number of Americans’ phone records that the NSA can collect.

This admission is particularly unnerving in light of the last few months’ revelations of the NSA’s dragnet surveillance of Americans’ communications under programs authorized by Section 215 of the Patriot Act and Section 702 of the FISA Amendments Act. And Sens. Wyden (D-Ore.) and Udall made it crystal clear that in spite of all that we have learned about these programs since the NSA leaks began, there may still be a lot that we don’t know – and as they’ve been warning since 2011, they think we deserve to find out.

Let the Debate Continue

The Work of a Generation

NSA whistleblower Edward Snowden’s words were entered as testimony at the European Parliament’s Civil Liberties Committee in Brussels on Monday.

Jesselyn Radack of the US Government Accountability Project (GAP) and a former whistleblower and ethics adviser to the US Department of Justice, read Snowden’s statement into the record.



This work is licensed under a Creative Commons Attribution-Share Alike 3.0 License

Transcript can be read here.

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: Thank the GOP for the shutdown and holding the economy hostage

Cutbacks in government spending directly reduce employment and curtail growth. Unfortunately, Republicans don’t get that

Here we go again: the GOP is ready to stall the US economy and shut down the government in a crusade to cut government spending. Proponents of austerity both in the United States and Europe are eager to claim success for their policies. In spite of economies that look awful by normal standards, austerity advocates are able to claim victory for their policies by creating a new meaning for the word.

In Europe, we have the bizarre story of both George Osborne, the UK’s chancellor of the exchequer, and Olli Rehn, the European Union’s commissioner for economic and monetary affairs, claiming success for their austerity policies based on one quarter of growth. Apparently, they are arguing that because their policies did not lead to a never-ending recession, they are a success. Remarkably, they seem very proud of this fact.

In the United States, we were treated to the Wall Street Journal (WSJ) boasting of the success of the 2011 debt ceiling agreement on the eve of another standoff on the budget and the debt ceiling. The measure of success in this case appears to be that the sequester budget cuts put in place by the agreement are still in place and that the economy has not collapsed as a result. By this standard the WSJ has a case, but as with the austerity crew in Europe, this is a rather pathetic bar.

New York Times Editorial Board: Containing the Conventional Arms Trade

Efforts to control the $70 billion a year global market in conventional weapons got a big boost when the United States signed the United Nations arms trade treaty, joining more than 100 other countries in affirming the need to keep these weapons out of the hands of unscrupulous regimes, militants and criminals.

But the work is far from done. At least 50 member countries, including the United States, must still carry out the next step and ratify the treaty for it to take effect; only six have done so. Proponents fear final ratification could take years, and it would be a travesty if it does.

Bernie Sanders: A Single-Payer System, Like Medicare, is the Cure for America’s Ailing Healthcare

I start my approach to healthcare from two very basic premises. First, healthcare must be recognized as a right, not a privilege. Every man, woman and child in our country should be able to access the healthcare they need regardless of their income. Second, we must create a national healthcare system that provides quality healthcare for all in the most cost-effective way possible.

Tragically, the United States is failing in both areas.

It is unconscionable that in one of the most advanced nations in the world, there are nearly 50 million people who lack health insurance and millions more who have burdensome co-payments and deductibles. In fact, some 45,000 Americans die each year because they do not get to a doctor when they should. In terms of life expectancy, infant mortality and other health outcomes, the United States lags behind almost every other advanced country.

Robert Kuttner: Beyond the Shutdown

We already know the next two acts of this drama. The Senate will refuse to accept the latest disingenuous House offer of allowing temporary government funding in exchange for a one-year delay in implementation of the Affordable Care Act. Barring a miracle, the government will then be forced to cease all non-emergency operations as of midnight tonight.

We also know that at some point, the government will have to re-open, and that Republicans will have to relent on their fantasy of destroying Obamacare. The Republicans picked the president’s signature achievement, the one issue on which he can’t be rolled. But what will be their price for allowing the government to function?

Norman Solomon: The NSA Deserves a Permanent Shutdown

To the people in control of the executive branch, violating our civil liberties is an essential government service. So — to ensure total fulfillment of Big Brother’s vast responsibilities — the National Security Agency is insulated from any fiscal disruption.

The NSA’s surveillance programs are exempt from a government shutdown. With typical understatement, an unnamed official told The Hill that “a shutdown would be unlikely to affect core NSA operations.”

At the top of the federal government, even a brief shutdown of “core NSA operations” is unthinkable. But at the grassroots, a permanent shutdown of the NSA should be more than thinkable; we should strive to make it achievable.

NSA documents, revealed by intrepid whistleblower Edward Snowden, make clear what’s at stake. In a word: democracy.

Dilip Hiro: [A World in Which No One Is Listening to the Planet’s Sole Superpower ]

The Greater Middle East’s Greatest Rebuff to Uncle Sam

What if the sole superpower on the planet makes its will known — repeatedly — and finds that no one is listening?  Barely a decade ago, that would have seemed like a conundrum from some fantasy Earth in an alternate dimension.  Now, it is increasingly a plain description of political life on our globe, especially in the Greater Middle East.

In the future, the indecent haste with which Barack Obama sought cover under the umbrella unfurled by his Russian counterpart, Vladimir Putin, in the Syrian chemical weapons crisis will be viewed as a watershed moment when it comes to America’s waning power in that region.  In the aptly named “arc of instability,” the lands from the Chinese border to northern Africa that President George W. Bush and his neocon acolytes dreamed of thoroughly pacifying, turmoil is on the rise. Ever fewer countries, allies, or enemies, are paying attention, much less kowtowing, to the once-formidable power of the world’s last superpower.  The list of defiant figures — from Egyptian generals to Saudi princes, Iraqi Shiite leaders to Israeli politicians — is lengthening.

Shutdown 2013

The Office of Management and Budget has released a memo telling agencies to “now execute plans for an orderly shutdown due to the absence of appropriations”

   This memorandum follows the September 17, 2013, Memorandum M-13-22, and provides an update on the potential lapse of appropriations.

   Appropriations provided under the Consolidated and Further Continuing Appropriations Act, 2013 (P.L. 113-6) expire at 11:59 pm tonight. Unfortunately, we do not have a clear indication that Congress will act in time for the President to sign a Continuing Resolution before the end of the day tomorrow, October 1, 2013. Therefore, agencies should now execute plans for an orderly shutdown due to the absence of appropriations. We urge Congress to act quickly to pass a Continuing Resolution to provide a short-term bridge that ensures sufficient time to pass a budget for the remainder of the fiscal year, and to restore the operation of critical public services and programs that will be impacted by a lapse in appropriations.

   Agencies should continue to closely monitor developments, and OMB will provide further guidance as appropriate. We greatly appreciate your cooperation and the work you and your agencies do on behalf of the American people.

The Panda Cam is off:

The Looting of American Workers’ Pensions

In his latest expose at Rolling Stone, contributing editor Matt Taibbi reports how Wall Street is making millions in profits looting the pension funds of American workers. He opens the piece with an outline of Rhode Island Treasure Gina Raimondo’s Rhode Island Retirement Security Act of 2011 and how state workers ended up funding their own “disenfranchisement”

What few people knew at the time was that Raimondo’s “tool kit” wasn’t just meant for local consumption. The dynamic young Rhodes scholar was allowing her state to be used as a test case for the rest of the country, at the behest of powerful out-of-state financiers with dreams of pushing pension reform down the throats of taxpayers and public workers from coast to coast. One of her key supporters was billionaire former Enron executive John Arnold – a dickishly ubiquitous young right-wing kingmaker with clear designs on becoming the next generation’s Koch brothers, and who for years had been funding a nationwide campaign to slash benefits for public workers.

Nor did anyone know that part of Raimondo’s strategy for saving money involved handing more than $1 billion – 14 percent of the state fund – to hedge funds, including a trio of well-known New York-based funds: Dan Loeb’s Third Point Capital was given $66 million, Ken Garschina’s Mason Capital got $64 million and $70 million went to Paul Singer’s Elliott Management. The funds now stood collectively to be paid tens of millions in fees every single year by the already overburdened taxpayers of her ostensibly flat-broke state. Felicitously, Loeb, Garschina and Singer serve on the board of the Manhattan Institute, a prominent conservative think tank with a history of supporting benefit-slashing reforms. The institute named Raimondo its 2011 “Urban Innovator” of the year. [..]

Today, the same Wall Street crowd that caused the crash is not merely rolling in money again but aggressively counterattacking on the public-relations front. The battle increasingly centers around public funds like state and municipal pensions. This war isn’t just about money. Crucially, in ways invisible to most Americans, it’s also about blame. In state after state, politicians are following the Rhode Island playbook, using scare tactics and lavishly funded PR campaigns to cast teachers, firefighters and cops – not bankers – as the budget-devouring boogeymen responsible for the mounting fiscal problems of America’s states and cities.

Not only did these middle-class workers already lose huge chunks of retirement money to huckster financiers in the crash, and not only are they now being asked to take the long-term hit for those years of greed and speculative excess, but in many cases they’re also being forced to sit by and watch helplessly as Gordon Gekko wanna-be’s like Loeb or scorched-earth takeover artists like Bain Capital are put in charge of their retirement savings.

In a preview of the article, Matt outlines three reasons to follow this scandal:

1)     Many states and cities have been under-paying or non-paying their required contributions into public pension funds for years, causing massive shortfalls that are seldom reported upon by local outlets.

2)     As a solution to the fiscal crises, unions and voters are being told that a key solution is seeking higher yields or more diversity through “alternative investments,” whose high fees cost nearly as much as the cuts being demanded of workers, making this a pretty straightforward wealth transfer. A series of other middlemen are also in on this game, siphoning off millions in fees from states that are publicly claiming to be broke.

3)     Many of the “alternative investments” these funds end up putting their money in are hedge funds or PE funds run by men and women who have lobbied politically against traditional union pension plans in the past, meaning union members have been giving away millions of their own retirement money essentially to fund political movements against them.

(all emphasis is mine)

Last week, Matt joined Amy Goodman and Juan González on Democracy Now! to discuss how hedge funds are looting the pension funds of American workers



Transcript can be read here

“Essentially it is a wealth transfer from teachers, cops and firemen to billionaire hedge funders,” Taibbi says. “Pension funds are one of the last great, unguarded piles of money in this country and there are going to be all sort of operators that are trying to get their hands on that money.”

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

Henry J. Aaron: Our Outlaw President?

Obama Should Ignore the Debt Ceiling

The United States government is likely to shut down nonessential services tomorrow, after House Republicans voted before dawn yesterday to attach a one-year delay of President Obama’s health care law (and a repeal of a tax to pay for it) to legislation to keep the government running. The Democratic-led Senate is expected to refuse.

House Republicans also said last week that they would not agree to lift the debt ceiling unless implementation of the health law was delayed by one year. So the government is also headed toward a mid-October default on its debts – and a full-blown constitutional crisis.

Failure to raise the debt will force the president to break a law – the only question is which one. [..]

The debt ceiling is the fiscal equivalent of the human appendix – a law with no discoverable purpose. It is one law too many. Once Congress has set tax rates and spending levels, it has effectively said what it wants the debt to be. If Congress leaves the debt ceiling at a level inconsistent with duly enacted spending and tax laws, the president has no choice but to ignore it.

Paul Krugman: Rebels Without a Clue

This may be the way the world ends – not with a bang but with a temper tantrum.

O.K., a temporary government shutdown – which became almost inevitable after Sunday’s House vote to provide government funding only on unacceptable conditions – wouldn’t be the end of the world. But a U.S. government default, which will happen unless Congress raises the debt ceiling soon, might cause financial catastrophe. Unfortunately, many Republicans either don’t understand this or don’t care.

Let’s talk first about the economics.

New York Times Editorial Board: Birth Control and a Boss’s Religious Views

The Obama administration’s rule requiring employer health plans to cover birth control without a co-payment has given rise to a slew of lawsuits by private companies claiming the mandate attacks religious freedom. Three federal appeals courts have ruled on the issue, with two correctly rejecting that view as without legal foundation. Given the conflicting rulings, it is a good bet the Supreme Court will agree to address this issue in the next term. [..]

Allowing employees to make independent decisions to obtain contraceptives does not violate anyone’s religious freedom. If the Supreme Court takes up these cases, it should soundly reject the warped view that some employers can get out of complying with the new law, and in effect use their religious beliefs to discriminate against women.

Dean Baker: Social Security Does Not Redistribute From Young to Old, It Is a Public Pension System

One of the most pernicious myths of the Fix the Debt Gang and other Peter Peterson type outfits is that Social Security redistributes money from the young to the old. This is bizarre because people pay for their benefits with the taxes they contribute during their working lifetimes. In fact, the average return current beneficiaries receive is not especially high (less than 2.0 percent real).

If workers contributed the same amount to a privately managed pension fund and then collected an annuity in their retirement no one would call it a redistribution from young to old. It hard to see how it becomes a generational redistribution because Social Security is run by the government. But that is what Robert Samuelson is telling readers in today’s column.

Paul Rosenberg: The US needs to adopt a new mythos that’s not at war with facts

From guns to health care, conservatives push a mythically-driven politics that’s actively hostile to facts.

Antoinette Tuff is the NRA’s worst nightmare.  In the wake of the Sandy Hook massacre, the NRA’s Wayne LaPierre infamously said, “The only way to stop a bad man with a gun is a good man with a gun.” But when Tuff talked Michael Brandon Hill into giving up his gun and surrendering to police on August 21, she showed the whole world just how wrong LaPierre was.  A good woman with no gun did the job perfectly, thank you very much. ]..]

It’s not that Tuff disproved LaPierre. It was something much more basic than that. Disproving LaPierre’s statement would imply it was a factual claim, when actually it was not. It was, instead, a form of mythic utterance, a ritual incantation, a drawing down of higher powers, into the holy vessel of the gun.  In the introduction to The Battle For God, Karen Armstrong distinguishes between two radically different forms of knowledge: logos, which has to do with how things work in the world, and mythos, which has to do with ultimate meanings.

Load more