Tag: TMC Politics

May 15 2012

Greece Edging Towards Euro Exit

Negotiations with party leaders to form a government in Greece fell apart again, as Greece inches closer to new elections in June that could usher in the left wing Socialist government opposed to the draconian austerity agreement with the European Central Bank, the International Monetary Fund and the Eurozone. Talks will resume on Tuesday but the moderate Democratic Left party in Greece says it will not join pro-bailout parties in a coalition without the more radical far-left Syriza. It doesn’t sound promising but technically President Karolos Papoulias has until Thursday when Parliament reconvenes:

Without the support of Democrat Left, a decidedly “pro-European” force which won 19 seats in parliament, the New Democracy party and centre-left Pasok party fall two seats short of being able to achieve a workable majority.

Syriza, an alliance of leftists and ecologists that emerged as the poll’s surprise runner-up – and has since seen its popularity surge on the back of anti-austerity sentiment – rejected the idea of participating in a government that it claimed was bent on “destroying Greece”. Alexis Tsipras, Syriza’s young firebrand leader, refused to even attend the negotiations. [..]

Syriza, whose popularity has risen on a platform of rejecting such measures, is projected to win the election with as much as 27%, according to polls conducted over the past week. Tsipras, an unabashed populist who counts Hugo Chávez among his heroes, has promised to renegotiate the painstakingly acquired bailout agreement Athens has signed with foreign lenders.

With the radical left fast dominating a political landscape whose traditional parties have been decimated for backing policies now blamed for record levels of poverty and unemployment, analysts believe it is only a matter of time before Greece is cut loose from Europe. The result, they say, will be a dramatic decline in living standards as the debt-stricken country, bereft of international rescue funds, slips ever deeper into poverty.

The markets reacted negatively with the prospect of a Greek withdrawal from the euro:

Financial and energy shares fell the most among 10 groups in the Standard & Poor’s 500 Index. JPMorgan Chase & Co. (JPM) and Bank of America Corp. (BAC) sank at least 2.6 percent as European lenders slumped. Alcoa Inc. (AA) and Schlumberger Ltd. (SLB) slid more than 1.5 percent to pace declines in commodity producers. Symantec Corp. (SYMC), the biggest seller of security software, retreated 1.4 percent after Goldman Sachs Group Inc. cut its recommendation.

The S&P 500 slid 1.1 percent to 1,338.35 at 4 p.m. New York time, the lowest since Feb. 2. The Dow fell 125.25 points, or 1 percent, to 12,695.35. The Chicago Board Options Exchange Volatility Index, which measures the cost of using options as insurance against S&P 500 losses, rose 10 percent to an almost four-month high of 21.87. About 6.6 billion shares changed hands on U.S. exchanges, in line with the three-month average.

Meanwhile, German Chancellor Andrea Merkel’s Christian Democratic Union was handed a defeat in Sunday’s election in Germany’s most populous state, North Rhine-Westphalia, receiving only 26% of the vote:

The outcome will be seen as a rejection by voters of the strict austerity policy promoted by Ms Merkel’s party at both local and national level, and a boost for the opposition. It will encourage the SPD and Greens to campaign all out for a “red-green” coalition at national level when Ms Merkel stands for re-election in autumn 2013. [..]

Opinion polls suggested that voters did not regard Ms Merkel’s national and European policies as relevant, and opted instead for the popular “red-green” coalition in the state, headed by Hannelore Kraft of the SPD, which had governed without an absolute majority for the past two years. The surprise election was caused by the defeat of Ms Kraft’s annual budget by the CDU, FDP and the far-left Linke party.

The defeat is the worst suffered by Ms Merkel’s CDU since the party lost control last year of the state of Baden-Württemberg in the wake of the Fukushima nuclear disaster.

Chancellor Merkel has chosen to ignore the defeat at home and stuck to her position on austerity agreement with Greece:

Merkel tells Greece to back cuts or face euro exit

Greece may be forced to leave the euro if the country refuses to implement spending cuts agreed with the European Union, Angela Merkel warned. [..]

Yesterday, Mrs Merkel raised the spectre of Greece leaving the euro. She is under increasing pressure in Germany to force the country out of the single currency to avert several more years of uncertainty. “I believe it’s better for the Greeks to stay in the euro area, but that also requires that we set out a path on which Greece gets back on its feet step by step,” said the chancellor.

“The solidarity for the euro will end only if Greece just says, ‘We’re not keeping to the [austerity] agreement.’ But I don’t expect that to happen. I do think they are making an effort. There are many, many people in Greece who actually want it.”

The worries over will happen to the Greek economy should they exit from the euro are really unknown. From Paul Krugman:

In particular, I keep reading that Argentina’s example is irrelevant, because Greece has hardly any exports.  [..]

What is true is that Greece doesn’t export a lot of goods. But it exports a lot of services – shipping and tourism (pdf). How might these respond to the devaluation of the new drachma? [..]

This isn’t a prediction that everything will be fine, but it is a caution that the pessimism about Greek prospects once the turmoil is past may be overdone.

If the left wing holds out and wins enough of a majority in June to form a new government, we’ll find out sooner than later who’s right about Greek prospects without the euro.

May 14 2012

Punting the Pundits

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

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

Follow us on Twitter @StarsHollowGzt

New York Times Editorial: Backward on Domestic Violence

In an all-too-rare show of bipartisanship, 15 Senate Republicans joined with the Democratic majority last month to reauthorize the Violence Against Women Act, the landmark 1994 law that is key to efforts against domestic violence, sexual assault and stalking.

Unfortunately, the lopsided 68-to-31 Senate vote halted G.O.P. opponents only temporarily. The House Judiciary Committee last week approved its version of the reauthorization bill, which not only omits improvements the Senate bill made to the law but also removes existing protections for immigrant women, putting them at greater risk of domestic and sexual abuse.

Paul Krugman: Why We Regulate

One of the characters in the classic 1939 film “Stagecoach” is a banker named Gatewood who lectures his captive audience on the evils of big government, especially bank regulation – “As if we bankers don’t know how to run our own banks!” he exclaims. As the film progresses, we learn that Gatewood is in fact skipping town with a satchel full of embezzled cash.

As far as we know, Jamie Dimon, the chairman and C.E.O. of JPMorgan Chase, isn’t planning anything similar. He has, however, been fond of giving Gatewood-like speeches about how he and his colleagues know what they’re doing, and don’t need the government looking over their shoulders. So there’s a large heap of poetic justice – and a major policy lesson – in JPMorgan’s shock announcement that it somehow managed to lose $2 billion in a failed bit of financial wheeling-dealing.

Yves Smith: Colleges as Merchants of Debt

Student loan debt slavery is even worse than you probably thought. The Grey Lady tonight has a long, informative story, “A Generation Hobbled by the Soaring Cost of College“, that early on presents the stunning tidbit that 94% of the recipients of bachelor’s degrees borrowed in order to pay for it. The Times doesn’t report what average debt levels are in this cohort, but the average across all borrowers, per the New York Fed, is $23,000. Remember, this total includes graduates who have have been paying down debt, meaning they’ve amortized principal and almost certainly had borrowed less on average to complete school.

Contrast this “certain to be higher on average than $23,000″ for new graduates with their earning power, or more accurately, lack thereof. The Times article also mentions a Rutgers survey which seems to have some sample bias or underreporting of borrowing (of 2006-2011 graduates, only 55% of the respondents said they had borrowed to help fund college, and the median reported debt level was $20,000). The 2009-2011 graduates’ income averaged $27,000. In addition, only half said that their job required a college degree.

Robert Kuttner: Fiscal Futility

On Wednesday, the Peter G. Peterson Foundation will hold its third annual fiscal summit. We need this event like we need a mass outbreak of sado-masochism. [..]

At Tuesday’s summit, Bill Clinton will offer his version of a deficit reduction plan. Tim Geithner will offer his. Likewise Rep. Paul Ryan, and Democratic Congressmen Chris van Hollen and even Xavier Becerra of the House progressive caucus, and, inevitably, Alan Simpson of the late Bowles-Simpson Commission. Clinton, who will be interviewed by Tom Brokaw, has partnered with the Peterson Foundation on other initiatives. Another speaker is economist Carmen Reinhart, an expert on debt crises, who works at yet another institute named for Peterson. Also speaking will be Foundation’s president and CEO, Michael Peterson, son of the benefactor. (The entire board of directors is Pete Peterson, his wife, and son.) [..]

Austerity is a false cure for a prolonged recession. The Peterson Foundation is peddling fiscal snake oil. It is using a genuine crisis as an excuse to bash social insurance, at a time when we should be expanding social insurance. It’s appalling that so many people are gulled by this propaganda.

Robert Reich: How J.P. Morgan Chase Has Made the Case for Breaking Up the Big Banks and Resurrecting Glass-Steagall

J.P. Morgan Chase & Co., the nation’s largest bank, whose chief executive, Jamie Dimon, has lead Wall Street’s war against regulation, announced Thursday it had lost $2 billion in trades over the past six weeks and could face an additional $1 billion of losses, due to excessively risky bets.

The bets were “poorly executed” and “poorly monitored,” said Dimon, a result of “many errors, “sloppiness,” and “bad judgment.” But not to worry. “We will admit it, we will fix it and move on.”

Move on? Word on the Street is that J.P. Morgan’s exposure is so large that it can’t dump these bad bets without affecting the market and losing even more money. And given its mammoth size and interlinked connections with every other financial institution, anything that shakes J.P. Morgan is likely to rock the rest of the Street.

Bill McKibben: The Koch-Stone XL Pipeline

Two pieces of crucial evidence emerged in the tar sands fight yesterday. One, happily, got all kinds of notice — Jim Hansen’s op-ed in the New York Times was the “most emailed” item of the day, which is appropriate since he explained new calculations showing that those Canadian deposits contain “twice the amount of carbon dioxide emitted by global oil use in our entire history.” If we burn them on top of all the coal and oil and gas we’re already using, “concentrations of carbon dioxide in the atmosphere eventually would reach levels higher than in the Pliocene era,” the government’s leading climate scientist explained, which you think would be enough to end the debate — even in our weird political culture, there aren’t many leaders clamoring to return us to the Pliocene.

David Sirota: Our Guns and Butter Economy

Obama: Pitchman for Exporting US-Made Weapons

With the economy still struggling and the debates over how to fix the problem more intense than ever, one word still evokes bipartisan consensus: exports. “I want us to sell stuff,” said President Obama, summing up the bipartisan sentiment.

That nebulous word “stuff” is significant. It asks us to see all exports as the same and to refrain from making nuanced value judgments about what exactly we’re shipping overseas. In this cold-blooded view, a job-creating export is a job-creating export, and that’s as far as any conversation should go.

At first glance, such reductionism seems logical, rational, even boringly uncontroversial. But two recent news items highlight how in a globalized economy, there are troubling consequences that come from the particular kind of export economy we’re building.

May 13 2012

Punting the Pundits: Sunday Preview Edition

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

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

Follow us on Twitter @StarsHollowGzt

The Sunday Talking Heads:

Up with Chris Hayes: The guest list had not been announced at the time this diary was published.

The Melissa Harris-Perry Show: The guest list had not been announced at the time this diary was published.

This Week with George Stephanopolis: This Week’s guests Rep. Barney Frank (D-MA) and Rep. Marsha Blackburn (R-TN), debate President Obama’s historic shift in support of same-sex marriage; and the roundtable debates all the week’s politics, with Republican strategist Mary Matalin, former New York governor and host of Current TV’s “Viewpoint” Eliot Spitzer, Faith and Freedom Coalition founder and chairman Ralph Reed, Democratic strategist Hilary Rosen, and Politico senior political reporter Maggie Haberman.

Let’s hope that the George & his panel hold bigoted lying Reed’s feet to the fire like Chris Matthews did.

Face the Nation with Bob Schieffer: Mr. Schieffer’s guests are former Solicitor General and opponent of California’s anti gay marriage Prop 8, Ted Olson; Gov. Deval Patrick (D-MA) will discuss same sex marriage and the President’s announcement. A panel with Tony Perkins, the former head of the Christian Coalition; Clay Aiken, singer and winner of American Idol ; Evan Wolfson, the founder and president of Freedom to Marry; and Mark McKinnon, Newsweek Contributor will debate LGBT issues and marriage equality. Also, House Intelligence Committee Chairman Rep. Mike Rogers (R-MI) on the latest alleged terrorist threat. In honor of mother’s day, four moms talk about the women’s vote and Campaign 2012: Former White House Communications Director for Pres. Obama Anita Dunn; Conservative strategist Bay Buchanan; the Washington Post‘s Melinda Henneberger and CBS News Chief White House Correspondent Norah O’Donnell.

Bay Buchanan wrote a book, prepared for the hype.

The Chris Matthews Show: This week’s guests are Gloria Borger, CNN

Senior Political Analyst; Andrew Sullivan, The Daily Beast Editor, The Dish; Howard Fineman, The Huffington Post Senior Political Editor; and Nia-Malika Henderson, The Washington Post National Political Reporter

Meet the Press with David Gregory: JPMorgan Chase CEO Jamie Dimon joins MTP for an exclusive interview after his company announced a market-shaking $2 billion trading loss; the head of the Republican party, Reince Priebus, joins us for an overview of the campaign and a preview of the battle ahead; Senator Carl Levin (D-MI) joins MTP exclusively to respond to Jamie Dimon and make his case for why more government oversight could have prevented JPMorgan Chase’s loss; the co-anchor of CNBC’s “Squawk Box,” Andrew Ross Sorkin joins us to help to break it all down.

The roundtable weighs in: Lt. Governor of California Gavin Newsom; Chairman of the American Conservative Union Al Cardenas; Washington Post columnists Kathleen Parker and Jonathan Capehart; and MSNBC’s Chris Matthews.

State of the Union with Candy Crowley: Sen. Dick Durban (D- IL) and Sen John Cornyn (R-TX) discuss the Senate elections; Colorado Governor John Hickenlooper weighs in with an up date on his push for  Civil Unions in his state; Tony Perkins and Gary Bauer will judge Mitt Romney’s evangelical tightrope; and more om fear and terror with Homeland Security Chairman Senator Joe Lieberman (I-CT) and Congressman Peter King (R-NY).

Mothers’ Day breakfast order: French Toast, crisp bacon and Mimosas. Happy Mothers’ Day

May 12 2012

Punting the Pundits

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

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

Follow us on Twitter @StarsHollowGzt

Paul Krugman: Obama Campaign Lacks Focus

Edward Luce says what many of us have been thinking: there’s a dangerous lack of focus in the Obama campaign, all too reminiscent of previous episodes.

Mr. Luce, a columnist at the Financial Times, wrote on April 22: “In the absence of a lift-off, Mr. Obama will be vulnerable to the question Reagan posed to voters in 1980 when he turned Jimmy Carter into a one-term president: ‘Are you better off than you were four years ago?’ Mr. Carter had no real comeback. Mr. Obama is still struggling to find his.”

Above all, President Obama isn’t telling a clear story about the economy.

Robert Reich: Of Bedrooms and Boardrooms

The 2012 election should be about what’s going on in America’s boardrooms, but Republicans would rather it be about America’s bedrooms.

Mitt Romney says he’s against same-sex marriage; President Obama just announced his support. North Carolina voters have approved a Republican-proposed amendment to the state constitution banning same-sex marriage. Minnesota voters will be considering a similar amendment in November. Republicans in Maryland and Washington State are seeking to overturn legislative approval of same-sex marriage there.

Meanwhile, Republicans have introduced over four hundred bills in state legislatures aimed at limiting womens’ reproductive rights – banning abortions, requiring women seeking abortions to have invasive ultra-sound tests beforehand, and limiting the use of contraceptives.

The Republican bedroom crowd doesn’t want to talk about the nation’s boardrooms because that’s where most of their campaign money comes from. And their candidate for president has made a fortune playing board rooms like checkers.

Joe Nocera: When Will They Learn?

“It plays right into the hands of a bunch of pundits out there,” sighed Jamie Dimon, the chief executive of JPMorgan Chase, on Thursday. [..]

In his conference call, Dimon claimed that the disastrous hedging strategy had not violated the Volcker Rule. Rather, he said, it violated the “Dimon principle.” By which he meant, I think, that it was an example of the kind of dumb risk-taking that JPMorgan usually avoids.

But that’s just the point, isn’t it? Even at a bank as ostensibly well-run as JPMorgan, the incentives still exist for giant, risky bets to be made that can go very wrong. JPMorgan can withstand a $2 billion hit, but not every bank can – and who’s to say that the next derivatives debacle won’t be $5 billion or $10 billion? Jamie Dimon is undoubtedly a very good bank chieftain, but he’s only one man in a large institution; he can’t oversee every trade. The only way to change incentives industrywide – and get bank risk-taking under better control – is through a combination of tougher rules and more transparency. Which is precisely what Dodd-Frank aims to do.

Owen Jones: Shock Doctrine Opponents Revolt: The Austerity Backlash Across Europe

The truth is that the real world has paid the high priests of austerity an unwelcome visit

When I first read Naomi Klein’s The Shock Doctrine a few years ago, I had no idea how prescient the book was. It was a polemic about “disaster capitalism”, arguing that sudden crises are intentionally manipulated to push through extreme free market policies that were otherwise not politically possible. But early 2008 was a completely different era: although Northern Rock had just suffered the first bank run for 150 years, it seemed like a bizarre blip. The US sub-prime crisis was rumbling away, but it was like sheet lightning from a distant storm. “The deficit” was not an everyday term of political debate. It was not at all clear that the world was about to be utterly transformed.

And yet the past four years have proved a total vindication of Klein’s argument. A crisis of the market was cleverly transformed by free market ideologues into a crisis of public spending. Across Europe, the biggest slump since the 1930s has been used to push through policies straight out of some right-wing wet dream: the slashing of taxes on the rich and major corporations; the selling off of public services; and a bonfire of workers’ rights. It is disaster capitalism on speed.

But, this week, the great revolt against the Shock Doctrine began. That is exactly how we must understand the sudden sea change in European politics: not least, the election of Socialist François Hollande in France, and the stunning breakthrough of anti-austerity leftists in the Greek elections.

Greg Kaufman: Republicans Define ‘Heartlessness’ with Latest Budget Proposals

‘Lower-Priority Spending’ takes on new meaning as Paul Ryan and John Boehner dominate budget debate

When Republican Congressman Paul Ryan released his budget, he charged six House committees with finding $309 billion in spending cuts over ten years in order to avert $55 billion in military cuts scheduled for January 2013 under a bipartisan agreement. He wrote that these cuts would be found in “lower-priority spending.” (pdf)

On Thursday, House Republicans approved the cuts along a party-line vote, revealing exactly what they consider to be “lower-priority spending.” [..]

But for House Republicans, their preferred alternative of cutting lower-priority spending means… a $36 billion cut in food stamps (SNAP), which largely helps the elderly, disabled people, children and the working poor. Two million people would lose their benefits entirely and 44 million would have their benefits reduced-the current average benefit is $4 per person per day. Two hundred and eighty thousand low-income children would also lose automatic access to free school breakfast and lunch. The bill also cuts the SNAP employment and training program by 72 percent, making it more difficult for jobless recipients to find work. It’s important to note that SNAP kept 5 million people from poverty in 2010 and reduced poverty rates by 8 percent in 2009.

James Hansen: Game Over for the Climate

The science of the situation is clear – it’s time for the politics to follow

Global warming isn’t a prediction. It is happening. That is why I was so troubled to read a recent interview with President Obama in Rolling Stone in which he said that Canada would exploit the oil in its vast tar sands reserves “regardless of what we do.”

If Canada proceeds, and we do nothing, it will be game over for the climate.

Canada’s tar sands, deposits of sand saturated with bitumen, contain twice the amount of carbon dioxide emitted by global oil use in our entire history. If we were to fully exploit this new oil source, and continue to burn our conventional oil, gas and coal supplies, concentrations of carbon dioxide in the atmosphere eventually would reach levels higher than in the Pliocene era, more than 2.5 million years ago, when sea level was at least 50 feet higher than it is now. That level of heat-trapping gases would assure that the disintegration of the ice sheets would accelerate out of control. Sea levels would rise and destroy coastal cities. Global temperatures would become intolerable. Twenty to 50 percent of the planet’s species would be driven to extinction. Civilization would be at risk.

Phyllis Bennis: We’re Fighting in a War We Lost Before the War Began

New poll shows support for Afghanistan war lower than ever, and for good reason.

It shouldn’t surprise anyone, but support for the longest U.S. war is dropping further and faster than ever. The latest national U.S. poll, released on May 9, shows 66 percent of Americans are against the war in Afghanistan – with 40 percent “strongly opposed.”

We can expect to hear the usual spin, claims that it’s a hard slog but Afghans are still better off and we have to finish what we started. That only the presence of our brave troops is giving the Afghan government and military the chance to consolidate their rule. That only our troops provide the possibility for stability and security in Afghanistan. That we have to stay to protect Afghan women.

But the reality is people have watched – and paid for – this war for more than eleven years now, and some facts just can’t be spun anymore. Half of the 66 percent who oppose the war say that the presence of U.S. troops is actually hurting the people of Afghanistan more than they are helping. They’re the ones who got it right.

May 12 2012

LGBT: The Times They Are A Changin’

Yes, they are. And the change has finally struck right wing panderer Chris Matthews who finally called out Tony Perkins of the “Family Research Council” for “spreading hateful lies and junk research about the LGBT community.” On this May 10 segment of Hardball, Matthews, with the help of Rep. Barney Frank, challenged Perkins’ anti-gay misinformation, held him accountable for past statements, and demonstrated how out-of-the-mainstream his extreme positions really are:

Thank you, Mr. Matthews, for showing the rest of the media how a bigot should be treated. This is how a responsible journalist responds to hate speech.

h/t Gaius Publius at AMERICAblog

May 11 2012

Punting the Pundits

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

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

Follow us on Twitter @StarsHollowGzt

New York Times Editorial The Human Cost of Ideology

For more than a year, House Republicans have energetically worked to demolish vital social programs that have made this country both stronger and fairer over the last half-century. At the same time, they have insisted on preserving bloated military spending and unjustifiably low tax rates for the rich. That effort reached a nadir on Thursday when the House voted to prevent $55 billion in automatic cuts imposed on the Pentagon as part of last year’s debt-ceiling deal, choosing instead to make all those cuts, and much more, from domestic programs. [..]

House Democrats offered an alternative bill that would replace the $109 billion sequester by raising taxes on the wealthy, ending oil company tax loopholes and cutting farm subsidies, but it was rejected. Republicans are determined to protect millionaires and defense contractors, no matter the costs to the country.

Paul Krugman: Easy Useless Economics

A few days ago, I read an authoritative-sounding paper in The American Economic Review, one of the leading journals in the field, arguing at length that the nation’s high unemployment rate had deep structural roots and wasn’t amenable to any quick solution. The author’s diagnosis was that the U.S. economy just wasn’t flexible enough to cope with rapid technological change. The paper was especially critical of programs like unemployment insurance, which it argued actually hurt workers because they reduced the incentive to adjust.  

O.K., there’s something I didn’t tell you: The paper in question was published in June 1939. Just a few months later, World War II broke out, and the United States – though not yet at war itself – began a large military buildup, finally providing fiscal stimulus on a scale commensurate with the depth of the slump. And, in the two years after that article about the impossibility of rapid job creation was published, U.S. nonfarm employment rose 20 percent – the equivalent of creating 26 million jobs today.

Amy Goodman: Coal, Foreclosures and Bank of America’s ‘Extraordinary Event’

Shareholder meetings can be routine, unless you are Bank of America, in which case it may be declared an “extraordinary event.” That is what the city of Charlotte, N.C., called the bank’s shareholder meeting this week. Bank of America is currently the second-largest bank in the U.S. (after JPMorgan Chase), claiming more than $2 trillion in assets. It also is the “too big to fail” poster child of Occupy Wall Street, a speculative banking monstrosity that profits from, among other things, the ongoing foreclosure crisis and the exploitation of dirty coal.  [..]

Those gathered inside and outside the Bank of America shareholder meeting this week-homeowners fighting foreclosure, environmentalists, Occupy Wall Street activists-will take note of the president’s change. They are sure to continue their struggles, right through the Democratic National Convention, making it truly an “extraordinary event.”

Robert Sheer: Hope and Hesitation in Obama’s Sudden Conversion

Once again President Barack Obama has come tantalizingly close to being terrific. But his failure of courage on the gay marriage issue, in the end, undermined the point he hoped to make Wednesday. As with his prior rhetorical flashes of principle in denouncing torture, commiserating with the victims of Wall Street fraud and resolving to end unjustifiable wars, he quickly waffled and the result was a continuation of that which is fundamentally wrong.

There is only one essential point to be made about gay marriage: To acknowledge one’s own sexual being and to define the relationships that follow is a basic human right. How dare anyone intrude on a life choice that is not his to make for others? Whether the president’s family knows gay couples who are monogamous and nice to their children has no more to do with the issue than the old argument of enlightened racists in the American South that there were many fine Negroes who were not at all uppity.

Amanda Marcotte: The Real Reason Romney is Struggling with Women Voters

Back in February, things started to look dire for the Romney campaign’s ability to attract female voters. Every day brought another story about Republican attacks on reproductive rights: attacks on insurance coverage for contraception, transvaginal probes, all-male panels called in Congress to discuss contraception, attacks on Planned Parenthood’s funding, and the candidate himself increasingly afraid to say a positive word about contraception when asked directly in the debates. A gender gap opened up between the candidates in the polls, with Obama outpacing Romney with women by 19 points. The Romney campaign responded by trying to change the subject, to jobs and the economy. But if Romney wants to close the gender gap, he should rethink that strategy. After all, the polling data suggests that his stance on economic issues – specifically the size of the safety net and amount of economic support the government provides to citizens – is what’s really hurting him with female voters.

The real war between the sexes may not be over feminism or sex so much as whether or not our tax dollars should go to social spending. Research conducted by Pew in October 2011 showed women support a strong, activist government in much larger numbers than men. On the question of whether the government should offer more services, women said yes by 9 more percentage points than men. The gender gap on social spending remained when pollsters asked about specific interest groups. Women wanted more spending on the elderly than did men by 11 percentage points, more spending on children by 10 percentage points and more spending on the poor by 9 percentage points.

Michael T. Klare: The Energy Wars Heat Up

Conflict and intrigue over valuable energy supplies have been features of the international landscape for a long time.  Major wars over oil have been fought every decade or so since World War I, and smaller engagements have erupted every few years; a flare-up or two in 2012, then, would be part of the normal scheme of things.  Instead, what we are now seeing is a whole cluster of oil-related clashes stretching across the globe, involving a dozen or so countries, with more popping up all the time.  Consider these flash-points as signals that we are entering an era of intensified conflict over energy.

From the Atlantic to the Pacific, Argentina to the Philippines, here are the six areas of conflict-all tied to energy supplies-that have made news in just the first few months of 2012 [. .    .]

May 11 2012

The President Supports Same Sex Marriage But . . .

Vice President Joe Biden started a storm over marriage equality when he announced on Meet the Press that same sex marriage was OK with him. The press immediately wanted to know if President Obama’s position had “evolved.” The Biden interview was taped on Friday, so the White House was fully aware of what he had said. Finally, after three days of media over kill, the passage of Amendment 1 in North Carolina and the drying up of donations from the LGBT community, Pres. Obama announced that he “personally” supported same sex marriage. But hold your horses, people, this was just his personal opinion, not his political policy. Obama is still refusing to issue an executive order that would ban discrimination of gays, lesbians and transgender workers by federal contractors. From Sam Stein at Huffington Post:

The senior administration officials declined to say whether the president would now push for gay marriage to be part of the Democratic Party’s platform at the convention. They also said they were not changing positions on an Executive Order that would ban discrimination on the basis of sexual orientation against federal contractors. The president has said he would not sign that order. [..]

There were, however, reasons why even party officials were insisting, not all that long ago, that the president needed to put this off until after the election. There is concern that support for gay marriage will drive away voters in some conservative-leaning swing states. There is even more concern that Republican operatives can and will use the issue to go after the president.

Letting each state decide on the equality of individuals is not the best idea either. How would individuals have voted in states like Mississippi if they had been given the choice about civil rights? Marriage equality is a federal matter since states are required under the Constitution to recognize marriage contracts from other states. Therefore, they should not be permitted to restrict marriage to heterosexual couples.

Does anyone at this point seriously believe that any of the people who voted for NC’S Amendment 1 will ever vote for Obama, no matter what his stand is on marriage equality? Only time will tell if the campaign donation faucet suddenly opens since it had dried up because of the work place discrimination issue. While it is certainly admirable and, in the case of Obama being a sitting president, momentous, for him to have made an official statement, the President still needs to “walk the walk”, back up his words and sign the anti-discrimnation executive order.  

May 10 2012

Punting the Pundits

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

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

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Joseph E. Stiglitz: After Austerity

New York – This year’s annual meeting of the International Monetary Fund made clear that Europe and the international community remain rudderless when it comes to economic policy. Financial leaders, from finance ministers to leaders of private financial institutions, reiterated the current mantra: the crisis countries have to get their houses in order, reduce their deficits, bring down their national debts, undertake structural reforms, and promote growth. Confidence, it was repeatedly said, needs to be restored.

It is a little precious to hear such pontifications from those who, at the helm of central banks, finance ministries, and private banks, steered the global financial system to the brink of ruin – and created the ongoing mess. Worse, seldom is it explained how to square the circle. How can confidence be restored as the crisis economies plunge into recession? How can growth be revived when austerity will almost surely mean a further decrease in aggregate demand, sending output and employment even lower?

Paul Krugman: Britain’s Leaders Force Nation Down Wrong Economic Path

When David Cameron became prime minister of Britain and announced his austerity plans – buying completely into both the confidence fairy and the invisible bond vigilantes – many were the hosannas, from both sides of the Atlantic.

Pundits in the United States urged President Obama to “do a Cameron”; Mr. Cameron and George Osborne, the chancellor of the Exchequer, were the toast of Very Serious People everywhere.

Now Britain is officially in double-dip recession, and has achieved the remarkable feat of doing worse this time around than it did in the 1930s.

Rev. Al Sharpton: War on Students

When most people hear the word ‘war,’ they instinctively think of conflict, the battlefield, mayhem and other adjectives used to describe the concept of fighting over land, resources etc. But there’s another kind of warfare that exists, one that is ideological rather than physical. And perhaps nobody knows the concept of waging these sorts of wars better than Republicans. As a collective, they have waged virtual wars against women, immigrants and progressive groups. Now, in their latest move to reward the rich while punishing hard-working Americans, they have blocked a bill that would have prevented student loan interest rates from doubling. The latest victims in Republican warfare are the most defenseless among us — our children.

Mike Lux: The Only Way to Fix the World Economy

Europe is a mess, and not because voters there are rejecting the austerity policies that are driving the European Union straight into recession. The USA’s economy is picking up in some ways, but is still stalled out in others. And looming over everything are all these toxic assets the world’s biggest banks created for themselves, and the mountains of debt piling up everywhere — not only or even most importantly government debt, but trade deficits, underwater mortgage debt, student debt, consumer debt as well.

As Paul Krugman and so many other economists, and history itself point out, the austerity solution when facing a recessionary economy is a vicious cycle: you make cuts to lower the government’s deficit spending, which puts more people out of work, which erases the savings you make from cut and then some. It’s also not politically sustainable, as elections all over Europe are making clear.

Jim Hightower: Monsanto, Dow and Genetically Modified Trouble

Thanks to the blessings of nature and good farmers, you and I can enjoy such scrumptious delights as fresh corn-on-the-cob, popcorn and many other variations of this truly great grain. And now, thanks to Dow Chemical and federal regulators, we can look forward to “Agent Orange Corn.” The chemical giant is in line to gain approval for putting a genetically altered corn seed on the market that will produce corn plants that won’t die when doused with high levels of 2,4-D.

This potent pesticide was an ingredient in Dow’s notorious Agent Orange defoliant, which did such extensive and horrific damage to soldiers and civilians in the Vietnam War. However, the corporation and the feds claim that 2,4-D was not the deadliest ingredient of the killer defoliant and has not yet been proven to cause cancer in humans, so they’re pressing ahead to let this corporate-constructed seed be planted across America.

Hugh Gustertson: The Drone Summit, the Lunchbox and the Invisibility of Charred Children

I kept finding myself thinking about the lunchbox.

I was at the all-day Drone Summit in Washington DC organized by Codepink, the antiwar group whose mostly female members are famous for putting on theatrical protests while wearing bold pink. I spent the day listening to human rights activists talking about civilians killed by US drone strikes, lawyers who complained that the strikes violated international law, and scientists worried that the United States is on the brink of automating the use of lethal force by drones and killer robots.

And I kept thinking about the lunchbox.

The lunchbox belonged to a schoolgirl in Hiroshima. Her body was never found, but the rice and peas in her lunchbox were carbonized by the atomic bomb. The lunchbox, turned into an exhibition piece, became, in the words of historian Peter Stearns, “an intensely human atomic bomb icon.” The Smithsonian museum’s plans to exhibit the lunchbox as part of its 1995 exhibit for the 50th anniversary of the end of World War II enraged military veterans and conservative pundits, who eventually forced the exhibit’s cancellation.

May 10 2012

Roubini: Eurozone Is a “Slow Motion Train Wreck.”

US stocks continue to dip and oil fell to below the $100 mark as the Europeans are balking at austerity only budgets that have exacerbated the recession. Nobel prize winning economist, Nuriel  Roubini weighed in on the crisis in Spain and Greece.

“Greece is going to be the first country that’s going to restructure and exit,” he said. “Others will leave also.”

“By the end of the year Spain is going to lose market access,” Roubini said in a subsequent CNBC interview. “They’re going to require a bailout. That will keep them out of the markets for a year or two. That’s not going to work out – then maybe two years down the line then you have a restructuring of the debt…And eventually even Spain could exit the euro zone-but it’s not something that’s going to happen in 12 months.”

Roubini also predicted that Spain economic situation was similar to Greece and Portugal and would require a bail out but with caveats:

And yet despite the clear signs of failure in the existing bailout countries, the EU looks set to pursue an unchanged plan in Spain. But the crucial difference between Spain and the bailout countries is size. If things go wrong in Greece, Portugal and Ireland, a second bailout is affordable. But there can only be one roll of the dice for a country as large as Spain.

A bailout package would buy some time for Spain, but time will only help if it is used to generate economic growth. By making private claims on the sovereign junior to the claims of the troika (European Commission, European Central Bank and International Monetary Fund) even a bailout risks reducing the chances of it regaining market access. Moreover, with economic indicators showing Spain sinking further into recession, a turnround in the country’s economic performance would require a significant shift in policy: monetary easing by the ECB, a weaker euro, fiscal stimulus in the core, less front-loaded austerity in the periphery, more international firewalls and debt mutualisation.

May 09 2012

Punting the Pundits

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

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

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Wednesday is Ladies’ Day

Katrina vanden Heuvel: On Saving Good Journalism

New models will allow investigative journalism to thrive

Last week, we awoke to a headline as sensational as anything the now-defunct News of the World might have printed: “Rupert Murdoch not fit to run a major company.” It was quite the fall for someone whose hope, reportedly, was “to conquer the world.” Murdoch’s protracted tumble from the top has exposed the incestuous relationships between the media, political and financial elite of England, and the corruption that imperils the very institution of British journalism. But here in America, where accountability journalism is also under siege, we would be wise to see the crisis across the pond as a cautionary tale. [..]

If we are to successfully combat the corporatization and gutting of media, we must develop new public funding sources for accountability journalism, and train the next generation of reporters to honestly and boldly seek the truth. This is not a radical proposition; other countries, including those at the top of The Economist’s index of free and democratic states – publicly fund independent journalism. But necessary change will not come until an engaged society demands it.

Bryce Covert: The Great Recession Is Pushing Women Out of the Workforce

Friday’s jobs report seemed to grab headlines for one aspect in particular: the labor force participation rate, i.e., the number of people either working or looking for a job, fell to 63.8 percent, the lowest level since 1981. That means more and more people are dropping out-retiring, turning to something else like grad school or just giving up on the prospect of a job altogether. But there was a debate about how much of a bad sign this is. Is it because the recession has made people lose hope of finding gainful employment? Or is it just because baby boomers are hitting prime retirement age and moving to Miami?

It’s likely a combination of factors. But there seems to be a big difference in what’s driving men and women to leave the labor force.

Col. Ann Wright: The Dark Side of the Prestigious Marine Barracks

The Marine Barracks in Washington, D.C., is the official residence of the commandant of the Marine Corps. It is the home of the Marines who are the ceremonial guard for the president during official U.S. government functions and the security force for the White House and Camp David. The Marine Band, also located at the Barracks, is known as “The President’s Own.” The Barracks is the showplace of the Marine Corps with its Silent Drill Platoon giving weekly military precision performances for the public during the busy summer tourist season.

But the Marine Barracks has its dark and ugly side. It is also the home of officers and enlisted men of the Marine Corps who have been accused of sexually harassing, assaulting and raping female Marine officers and enlisted and civilian women who work there.

Linda McQuaig: Quebec Students Send a Message Against Austerity

No wonder those Quebec student protestors have been spooking the English Canadian establishment. If they get their way, the same ideas could catch on here, leaving the best-laid plans for austerity in tatters.

What seems to particularly gall some English Canadian commentators is the fact that the Quebec students – who reached a tentative deal with the province on the weekend after a three-month strike – have been protesting tuition hikes that would still leave them with the lowest tuition in the country. Why can’t these spoiled brats be grateful, and go back to watching video games and keeping up with the Kardashians like normal, well-adjusted North American youth?

It’s that old problem about Quebec. Somehow people there manage to shake a bit loose from the rigid corporate-imposed mindset that has gripped North America in recent decades, convincing us that we as a society must cut back on things – like university education and old age pensions – that were somehow affordable in days when our society was a lot less rich.

The Quebec students, more attuned to the outside world, have figured out that this self-denial has more to do with dogma than with some new reality allegedly necessitated by the global economy.

Allison Kilkenny: Occupy Our Homes Fights On as Media Ignores Foreclosure Plight

Georgia County Sheriff Evicts Four-Generation Family In Raid Resembling ‘Drug Bust’

One of Occupy Wall Street’s enduring legacies is the Occupy Our Homes movement that successfully managed to protect families from evictions at a time when not even the government of the United States seemed overly concerned with an epidemic of foreclosures. [..]

These kinds of Occupy victories used to receive a fair amount of news coverage, though never at the same level as the more dramatic aspects of the movement, such as violent camp evictions and mass arrests. However, as of late, the work done by Occupy Our Homes has almost entirely dropped off the media radar. [..]

Not only have Occupy’s successfully thwarted evictions gone unreported, but the establishment media has more or less completely lost interest in the ongoing epidemic of foreclosures. Just as Occupy is no longer shiny and new and exciting, so too have the images of families being ousted from their homes of decades grown tiresome and repetitive and, like, totally depressing.

Jessica Valenti: MCA’s Feminist Legacy

The news of Adam Yauch’s death felt like a punch to the stomach. It wasn’t just because I was a fan. (Though it should tell you something about the level of my love for this band that on the day of Yauch’s death I got an e-mail from an ex I had parted ways with ten years ago checking in on me.) It wasn’t just because-like a lot of people who grew up during a certain time in New York City-the Beastie Boys felt like a cultural touchstone.

For a female hip hop fan-for this female hip hop fan, at least-the Beastie Boys meant so much more.

Much has been made of Yauch’s Buddhism and dedication to philanthropy. Pieces have even acknowledged the Beastie Boys’ explicit move towards feminism by noting, in passing, MCA’s famous line from “Sure Shot”:

I want to say a little something that’s long overdue / The disrespect to women has to got to be through / To all the mothers and sisters and the wives and friends / I want to offer my love and respect till the end

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