Tag: TMC Politics

Other than the names and faces of the actors, not much is different in either Greece or Egypt after much analyzed and anticipated elections this weekend. In Greece, the center right is still faced with the dilemma of forming and holding together a coalition government to deal with the economic crisis that threatens to take down the Eurozone. While is Egypt, despite the historic election of an Islamic president, the military still maintains a tight control and all the power.

Greek elections: Antonis Samaras faces tough task to forge unity

The fault lines are so deep that even if a government is formed, many believe it will be a miracle if it survives for long

[..]The ambitious politician faces the Herculean labour of forging a government of “national salvation” at a time of unprecedented crisis. Not since the collapse of military rule has the country come so close to resembling a failed state. Following almost three months of political paralysis – before and after an inconclusive poll in May – Greece’s public finances are in tatters, its public administration is in disarray and its austerity-weary people are beaten down. It is now for Samaras to pick up the pieces. [..]

Late on Monday Samaras announced he had agreed with the head of Pasok, Evangelos Venizelos, to build a coalition, with negotiations expected to be concluded by Tuesday. Once bitter political rivals, the socialists, who came in with 12.3% of the vote, say the creation of a government of “national co-responsibility” is vital if Greece is to be steered through the crisis.

Combined, the two parties would control a comfortable majority of 162 seats in the Greek parliament. [..]

But fault lines in Greek society are so deep that even if a government is formed many believe it will be a miracle if it survives for long. To secure further rescue loans Athens has agreed to pass an extra €12bn in budget cuts, measures seen as vital if its economy is to reclaim competitiveness. And on Monday creditors led by Germany appeared in little mood to relent.The fiscal adjustment programme might be relaxed but “only marginally,” several officials said. “Greek society simply cannot endure any more measures,” insisted (New Democracy MP Kyriakos) Mitsotakis. “It’s not a question of what party is in office, it is a fact.”

German Chancellor Andrea Merkel, emboldened by the Greek center right narrow victory, has continued her hard line stand on enforcing the Greek deal

“The Greek government will and must naturally follow through on the commitments that were made,” Ms. Merkel told reporters at the Group of 20 meeting in Los Cabos, Mexico, disappointing those in Athens who hoped for a signal of new flexibility toward Greece in the wake of the vote. “There can be no loosening of the reform steps.”

At least Greece has a Parliament. Egypt on the other hand is once again on the verge of revolution as the Muslim Brotherhood threatens to take to the streets once again in protest over the military usurpation of power:

The ruling generals sought for the first time to sell the public on the decision to dissolve the Brotherhood-led Parliament on the eve of the vote. In a nearly two-hour news conference that was edited before it was televised, two members of the military council insisted that they regretted dissolving Parliament, but that they had been forced by a court ruling from judges appointed by former President Hosni Mubarak.

And although they have now issued an interim Constitution keeping legislative and much of the executive power for themselves – and even said later Monday that they would appoint a general to run the new president’s staff – the generals promised to hold a “grand celebration” when they turned over power as promised at the end of the month. [..]

In their news conference, the generals acknowledged they would have a monopoly on all lawmaking powers as well as control of the national budget. But they said that the new president – they did not name Mr. Morsi – would retain a veto over any new laws and could name the prime minister as well as other cabinet officials.

The generals have not backed away from the initial charter that removed the military and the defense minister from presidential authority and oversight and defended the imposition of martial, arresting and detaining civilians for trials in military courts. They also took it upon themselves to appoint the new president’s chief of staff and revived a special national defense council packed with loyal military officers, charged with overseeing matters of national security. This is not going over very well with the Egyptian people.

The bright spot in all of these travails, the French who gave newly elected president François Hollande a majority in Parliament on Sunday, which is likely only to embolden his drive for more growth-oriented spending and a retreat from German-style austerity. But if everything you hear about Greece and Egypt sound familiar, it is.

“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: Greece as Victim

Ever since Greece hit the skids, we’ve heard a lot about what’s wrong with everything Greek. Some of the accusations are true, some are false – but all of them are beside the point. Yes, there are big failings in Greece’s economy, its politics and no doubt its society. But those failings aren’t what caused the crisis that is tearing Greece apart, and threatens to spread across Europe.

No, the origins of this disaster lie farther north, in Brussels, Frankfurt and Berlin, where officials created a deeply – perhaps fatally – flawed monetary system, then compounded the problems of that system by substituting moralizing for analysis. And the solution to the crisis, if there is one, will have to come from the same places.

New York Times Editorial: Fiscal Cliffs Notes

Word has it that senators from both parties have begun discussing ways to avert the “fiscal cliff” – the tax increases and spending cuts slated to take effect starting in January and totaling some $700 billion next year alone.

More power to them. If Congress does nothing to soften the blow of automatically higher taxes and lower spending, the changes would further devastate the economy and provoke a recession in 2013, according to the Congressional Budget Office and private analyses.

On the other hand, if lawmakers decided to undo or delay all of the scheduled changes – in effect, extending today’s policies indefinitely – there would be no progress toward long-term deficit reduction, and that would raise the risk of fiscal crisis in the future.

The Greeks have decided to stay the course with the center right and have given a victory to the New Democracy Party headed by Antonis Samaras:

New Democracy narrowly beat Syriza, an alliance of radical leftists, winning 29.53% of the vote against 27.12% for the coalition led by Alexis Tsipras. Samaras called the result a victory for Europe.

“The Greek people today voted for the European course of Greece and that we remain in the euro,” Samaras declared in a victory speech. “This is an important moment for Greece and the rest of Europe,” he insisted, saying that Athens would honour the commitments it made in exchange for rescue loans from the EU and IMF. [..]

Across Greece’s divisive political spectrum there was speculation that Samaras would be able to form a viable coalition with the socialist Pasok and the small Democratic left – parties that have also agreed to accept the onerous terms of bailout funds even if they, too, want to renegotiate the package. [..]

Pro-bailout parties now constitute 50% of the electorate. But with the other half also vehemently opposed to the austerity policies dictated by foreign lenders, Greece’s rollercoaster ride is unlikely to end soon. It is now well into its fifth year of recession, with unemployment at a record 22% and worsening levels of poverty leaving thousands of Greeks destitute and homeless. Resistance to further austerity measures is only going to grow.

In France, exit polls indicate that Socialist Party of François Hollande has won a solid majority in both houses of the Parliament, eliminating the need for a coalition government. The conservative National Front has won four seats. The party leader, Marine Le Pen lost her bid for a seat but her 22 year old niece, Marion Marechal-Le Pen is believed to have been elected in the southern region of Carpentras. Former presidential candidate and M. Hollande’s ex-partner, Ségolène Royal has lost her bid for a seat in the National Assembly.

The Socialists and other left-wing parties came out on top in last Sunday’s first round of the vote, winning 46 per cent to 34 per cent for (former president Nicholas) Sarkozy’s UMP party and its allies. [..]

The polls showed France’s Socialists winning between 287 and 330 seats in Sunday’s runoff vote – almost certainly enough to secure a majority in the 577-seat Assembly. [..]

The Greens, who are close allies of the Socialists and already in government, were expected to win up to 20 seats.

The vote was also a key test for Marine Le Pen’s anti-immigrant and anti-EU National Front (FN), which took 13.6 per cent in the first round; far above the four per cent it won in the last parliamentary election in 2007.

There are no results yet for Egypt. But there is news and it is not good for the Egyptian people no matter who wins. This is the report by Leila Fadel and Ernesto Londoño in the Washington Post:

CAIRO – Shortly after polls in Egypt’s landmark presidential vote closed Sunday night, Egypt’s military leaders issued a constitutional decree that gave the armed forces vast powers and appeared to give the presidency a subservient role.

The declaration, published in the official state gazette, establishes that the president will have no control over the military’s budget or leadership and will not be authorized to declare war without the consent of the Supreme Council of the Armed Forces.

The document said the military would soon appoint a body to draft a new constitution, which would be put to a public referendum within three months. Once a new charter is in place, an election will be held to chose a parliament that will replace the Islamist-dominated one dissolved Thursday by the country’s top court.

Currently, exit polls show Muslim Brotherhood candidate Mohamed Morsi, ahead of former prime minister Ahmed Shafiq in the presidential runoff vote.

The Big Three elections that are taking place this weekend in Egypt, France and Greece. The outcome of these elections will not only effect the people of those countries but will have global impact as well.

In Egypt, the second day of voting for president is expected to be heavier than yesterday. Many Egyptians, not trusting the safety of their ballots held overnight, decided to hold off and vote today. Their choices are between between a conservative Islamist, Mohamed Morsi, the candidate of the Muslim Brotherhood and Hosni Mubarak’s former prime minister and long time friend, Ahmed Shafiq.

The prevailing mood among voters was one of deep anxiety over the future, tinged with bitterness that their revolution had stalled. Moreover, there was a sense of voting fatigue, and fears that no matter who won, street protests would erupt again.

Egyptians have gone to the polls multiple times since Mubarak’s fall on 11 February 2011: a referendum early last year, then three months of multi-round parliamentary elections that began in November, and the first round of presidential elections last month. [..]

The election is supposed to be the last stop in a turbulent transition overseen by the military generals. But even if they nominally hand over some powers to the winner, they will still hold the upper hand over the next president.

The generals are likely to issue an interim constitution defining the president’s authority while they retain their hold on legislative powers, and they will probably appoint a panel to write the permanent constitution.

Since the Mubarak packed Egyptian Supreme Court declared the parliamentary elections unconstitutional and dissolved parliament, the military has imposed martial law. Without a parliament, military council and the new president will get to write the constitution. This is not what the Egyptian people took to the streets planned or want. As Egyptian activist Mona Eltahawy said on Twitter: the choice is between the fascists with guns or the fascist with god.

In France, parliamentary elections are today. French citizens living outside France voted yesterday at consulates around the world. These elections will determine how much clout newly elected President François Hollande’s socialist government will have to get France and Europe out of the economic doldrums with a stimulus package from the EU. Much depends on German Chancellor Angela Merkel and just how much she will budge. So far, despite her party’s losses in state elections, it looks like she has dug her heels in forcing unwanted, and admittedly counterproductive, austerity measures on everyone.

The Socialists need 289 MPs in the 577-seat house for an absolute majority, which would allow Hollande to implement his manifesto with relative ease. The broad French left dominated the first-round vote on 10 June, and polls suggest a Socialist absolute majority is possible, though not a certainty.

Even if Hollande’s party does not quite win a majority alone, it looks likely to be able to make up the numbers by forming a partnership with the Greens, with whom it has an electoral accord. This would avoid Hollande having to depend on more hardline leftists who oppose key elements of his programme.

Much will depend on voter turnout. This is the fourth election in France in two months, after the two-round presidential race. Turnout in the first-round parliamentary vote on 10 June was 57%, the lowest since 1958.

One of the key issues is whether the far-right Front National can win seats and sit in parliament for the first time since 1986. The last FN deputy was elected in 1997, but the result was later annulled over funding irregularities.

And probably the most important election is taking place in Greece where a win for the far left Syriza Party may drastically change the austerity policies that have created a humanitarian crisis.

The Guardian has documented the humanitarian catastrophe that followed. Soup kitchens for the middle class, a huge jump in homelessness and mental disease, daily suicides, lack of basic medicines, cancer patients turned away from pharmacies, and hospitals ceasing operation because of a lack of basic supplies. The question on Sunday is not between the euro and the drachma, but between the continuation of these policies or salvation from the greatest destruction a people have experienced in peacetime. If something is leading to the exit from the euro, a probable collapse of the eurozone and a possible world crisis of 1930s magnitude, is not the Syriza policies but extreme austerity and mad economic recipes.

Syriza is totally committed to the eurozone. Its manifesto promises an immediate repeal of all laws enacted by the Greek government after the bailouts. Some of the measures affecting the private sector were never demanded by the troika – the EU, IMF and the European Central Bank – and were introduced by the establishment parties. After that, negotiations will start for a substantial reduction of the debt, which may be followed by a moratorium on servicing the debt until the economy starts growing again.

In a highly symbolic move, the minimum wage and unemployment benefit will return to their pre-austerity levels. Syriza’s anti-austerity and pro-Europe policies represent the best interests of the Greek people.

Many of the results will be available later today, some later in the week since most of these elections are done with paper ballots which take time to count and confirm. We will bring the results and analysis of their impact as they are posted.

“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: Chris announced that two of his guests would be Rep. Steve Cohen (D-TN) and Rolling Stone contributor Michael Hastings.

The Melissa Harris-Perry Show: The list of guests was not available.

This Week with George Stephanopolis: Sunday’s guests are White House senior adviser David Plouffe.

The roundtable debates all the week’s politics, with Romney national campaign co-chair and former Minnesota Gov. Tim Pawlenty, ABC News’ George Will, political strategist and ABC News political analyst Matthew Dowd, former Obama economic adviser and ABC News consultant Austan Goolsbee, and editor and publisher of The Nation Katrina vanden Heuvel.

Face the Nation with Bob Schieffer: Mr. Schieffer’s guests are former Vermont Governor and 2004 Democratic Presidential Candidate Howard Dean and Senator Lindsey Graham (R-SC),

His roundtable guests are The Wall Street Journal’s Peggy Noonan, National Review & TIME Magazine’s Richard Lowry, CBS News Political Correspondent Jan Crawford and CBS News Political Director John Dickerson

The Chris Matthews Show: This week’s guests Liz Marlantes, The Christian Science Monitor; David Ignatius, The Washington Post Columnist; Howard Fineman, The Huffington Post Senior Political Editor; and Kelly O’Donnell, NBC News Capitol Hill Correspondent.

Meet the Press with David Gregory: Making appearances on MTP are White House senior adviser, David Plouffe, and the man who ran against Obama in 2008, Sen. John McCain (R-AZ).

The roundtable guests are associate editor at The Washington Post and author of the new biography “Barack Obama: The Story,” David Maraniss; presidential historian Doris Kearns Goodwin; TIME‘s Mark Halperin; Fmr. Rep. Harold Ford, Jr. (D-TN); and the Wall Street Journal‘s Kim Strassel.

State of the Union with Candy Crowley: Guests will include White House Senior Adviser, David Plouffe; former presidential candidate Rick Santorum; Senator John Barrasso (R-WY); the Ranking Member of the House Budget Committee, Rep. Chris Van Hollen (D-MD); Matt Bai of the New York Times and Jessica Yellin, CNN’s Chief White House Correspondent.

“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 Step Toward a Dream

The Obama administration’s decision to allow as many as 800,000 young immigrants avoid deportation and apply for work permits makes perfect sense. It wisely rescues blameless young people from legal limbo in an immigration system marked by dysfunction and toxic politics.

Before the fog sets in – with the predictable Republican outrage and the distortions of an election year – it is important to be clear that this move does not offer amnesty and has nothing to do with green cards or a path to citizenship. [..]

If this reminds you of the Dream Act, it should. The Dream Act is a bill in Congress to give legal status to young immigrants who go to college or serve in the military. It has long been stalled by Republicans who oppose relief of any sort for people without papers. Those who were complaining about Mr. Obama’s action on Friday should acknowledge that Congress could have taken on this job, but immigration extremists have not allowed it.

William K. Black: The JOBS Act and Green Slime

We learned recently about the secret adulteration of our hamburgers with “pink slime.” Agribusiness companies created pink slime from ultra-fatty beef tissue that was more likely to harbor salmonella and e coli. They processed it with ammonia (Mr. Clean) in a partially successful effort to reduce the risk of infecting the consumer. Pink slime, unbeknownst to the public, comprised up to 15% of our hamburgers.

The financial sector is far worse. Pink slime represented a relatively small portion of each burger and generally did not make the consumer sick. In the financial sector, “green slime”-slime with the color of money-came to dominate entire sectors, and it always caused severe damage. “Liar’s loans,” made without the lender verifying the borrower’s actual income, were 90% fraudulent. Collateralized debt obligations (CDOs), securities giving their owners claim to a part of debtors’ interest payments, were typically composed overwhelmingly of fraudulent liar’s loans. It was lenders who overwhelmingly put the lies in liar’s loans, issuing loans that were nothing more than “green slime” and then turning around and selling them as Grade A Prime cuts.

Here comes Simpson-Bowles to spare the bloated Pentagon budget and avoid letting the Bush/Obama Tax Cuts expire:

U.S. Treasury Secretary Timothy Geithner recently suggested the Simpson-Bowles deficit reduction framework is the way forward in terms of balancing the federal budget. [..]

“We need to take advantage of the incentive created by the sequester and these expiring tax cuts to force this town to confront and take on the things that divide us now in these long-term fiscal reforms so we can go ahead and govern,” he said. “This is a place where people spend a lot of time worrying whether Washington can work again and for Washington to say, ‘We’re going to defer,’ I don’t see how that would be helpful to confidence.” [..]

David Dayen at FDL News Desk adds his take on Geithner’s appearance before the Council on Foreign Relation:

The lame duck session has so many fiscal issues expiring at the same time that many view it as an opportunity to put together the long-sought “grand bargain” on deficit reduction. Erskine Bowles and Alan Simpson have recently come out of their shells and resumed a high-profile media tour in an effort to get their framework into the discussion for the lame duck session. The Bowles-Simpson plan does include tax increases of hundreds of billions above the Bush tax cut rates, albeit lower than what would occur if the Bush tax cuts were allowed to completely expire.

Because of this, Democrats like Nancy Pelosi have embraced Bowles-Simpson to tease Republicans for their opposition to higher tax rates. But that also puts Democrats on the hook for embracing cuts to the social safety net, including Medicare and Social Security. And on Wednesday, Geithner said that Bowles-Simpson is “the only path to resolution politically [and] growing essentially economically, and I think that’s where it’s going to end up.” He didn’t make the caveats on Social Security or other entitlements.

David also noted that Sen. Max Baucus (D-MT), chairperson of the tax writing Senate Finance Committee, would hold hearing in the next few weeks on Bowles-Simpson and Domenici-Rivlin, which combine revenue-raising tax reforms with restraint on entitlement spending. Baucus told The Hill:

“My view is everything’s on the table,” Baucus said. “That’s a psychology which I think is very important to keep people talking, keep people working.”

In his comprehensive article on Geithner’s alliance with JP Morgan CEO Jamie Dimon and Cat Food Commission co-chair former Sen. Alan Simpson (R-UT), Richard (RJ) Eskow had this to say about the coming of Simpson-Bowles:

Geithner said Simpson-Bowles was the perfect recipe: “tax reforms that raise a modest amount of revenue tied to spending savings across the government that’s still preserving some room to invest in things that matter to how we grow moving forward.” He added, “There’s no plausible way to get there economically or politically without that kind of balanced framework again that marries tax reform with broader spending reforms,”

Geithner is joining leading Democrats on the Hill like Sen. Max Baucus and Rep. Nancy Pelosi in backing the plan. And take careful note of the fact that they’re all using the phrase “tax reform” instead of “tax increases.” They don’t just plan to pay for the wealth and misdeeds of the Dimon crowd with your Social Security and Medicare benefits. They also plan to raise your taxes, not theirs. The Simpson Bowles plan would actually lower the top tax rate for people like Jamie Dimon, while “tax reform” would tax away tax deductions for the middle class’s health insurance, mortgages, and other expenses.

All our elected officials are completely out of touch with what Americans want and need. Yes, indeed, something wicked this way comes.

Well, almost. President Barack Obama, who has deported more undocumented immigrants than any president since 1892, will stop deporting Hundreds of thousands of illegal immigrants who came to the United States as children:

The policy, effective immediately, will apply to people who are currently under 30 years old, who arrived in the country before they turned 16 and have lived in the United States for five years. They must also have no criminal record, and have earned a high school diploma, remained in school or served in the military.

These qualifications resemble in some ways those of the so-called Dream Act, a measure blocked by Congress in 2010 that was geared to establish a path toward citizenship for certain young illegal immigrants. The administration’s action on Friday, which stops deportations but does not offer citizenship, is being undertaken by executive order and does not require legislation. It was announced by the Department of Homeland Security.

What the younger immigrants will obtain, officials said, is the ability to apply for a two-year “deferred action” that effectively removes the threat of deportation for up to two years, with repeated extensions. “This is not immunity, it is not amnesty,” said Janet Napolitano, the homeland security secretary. “It is an exercise of discretion.”

Why now? Political expediency. Obama needs the Latino vote:

The Obama administration has failed to deliver on its promise to lift the threat of deportation for law-abiding undocumented immigrants, according to an alliance of Hispanic and civil rights leaders who warn that disappointment among Latino voters could damage the president’s chances of being re-elected.

A new report from the Fair Immigration Reform Movement (Firm) (pdf) criticises the department of homeland security for failing to implement its own policy that switched the target of deportations onto serious criminal offenders, or the “worst of the worst”.

Firm concludes that the lack of implementation could “undermine the credibility of President Obama’s standing with Latino and immigrant communities nationwide“.

Obama = Lying Hypocrite:

[C]onsider Obama’s 2008 campaign promise that he would tackle immigration reform his first year in office. He now has to explain why he failed to do this: “The challenge we’ve got on immigration reform,” Obama said in a Univision interview last month, “is very simple. I’ve got a majority of Democrats who are prepared to vote for it. And I’ve got no Republicans who are prepared to vote for it.”

That is a bold faced lie:

The DREAM Act would have passed if Democrats had shown unity on the measure.

But five Democrats voted against the legislation: Kay Hagan of North Carolina, Mark Pryor of Arkansas, Ben Nelson of Nebraska and both Montana Democrats, Jon Tester and Max Baucus. West Virginia Sen. Joe Manchin announced his opposition to the DREAM Act Saturday in a statement Saturday but missed the vote.

Three Republicans crossed party lines to vote for the bill: Indiana Sen. Richard Lugar, Alaska Sen. Lisa Murkowski and Utah Sen. Bob Bennett.

Maybe if Obama had put some pressure on those 5 “Democrats” the bill would have passed.

The Obama administration claims that the number are up because they are focused on deporting criminals is another lie: Most of the immigrants who were deported were Latinos and not criminals:

[L]ess than 50 percent of the people removed have a criminal conviction, according to the Homeland Security Department’s own statistics. For example, 387,000 people were deported in 2010, of which only 169,000 had committed a crime. The statistics also show that the large majority of deportations are Latinos. Roughly 73 percent are from Mexico, 8 percent from Guatemala, 6 percent from Honduras and 5 percent from El Salvador.

Remember, this is a president who talks indignantly about the immigration enforcement laws passed by GOP legislators in Arizona, Alabama, Georgia and South Carolina – calling them “misdirected” and “bad law.” He has even instructed his Justice Department to challenge them in court.

This is good news for those undocumented immigrants who came to this country as children with their families. It is a step forward in solving a problem that Obama could have done three and half years ago without congressional approval but has chosen to do it now just to get the Latino community vote. The one thing it is not, a step towards citizenship. Hypocrite.

“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: We Don’t Need No Education

Hope springs eternal. For a few hours I was ready to applaud Mitt Romney for speaking honestly about what his calls for smaller government actually mean.

Never mind. Soon the candidate was being his normal self, denying having said what he said and serving up a bunch of self-contradictory excuses. But let’s talk about his accidental truth-telling, and what it reveals.

In the remarks Mr. Romney later tried to deny, he derided President Obama: “He says we need more firemen, more policemen, more teachers.” Then he declared, “It’s time for us to cut back on government and help the American people.”

Bill Boyarsky: Who’s Not Putting Americans Back to Work

The Federal Reserve report on Americans’ finances documents the terrible damage the Great Recession has inflicted on the nation, a toll that has been clear to its victims since the collapse began. The report’s dry language doesn’t begin to describe how bad things really are, and it stops short of blaming those who perpetuate the misery.

In pursuing this story since 2007, I and other journalists have seen foreclosed homes and visited unemployment offices, free food distributions, community health centers and mental health counselors. Former donors were now coming to free health clinics and food banks to get help themselves, an experience that will be forever remembered by their families. Lost homes, jobs and hopes are the legacy of this period.