Tag: TMC Politics

Over the weekend Occupy Oakland attempted to occupy an abandoned building into into a community center to provide education, medical, and housing services for the 99%. Police responded with tear gas, rubber bullets, beanbag rounds and mass arrests. From Occupy Oakland Media

January 29, 2011 – Oakland, CA – Yesterday, the Oakland Police deployed hundreds of officers in riot gear so as to prevent Occupy Oakland from putting a building, vacant for 6 years with no plans for use, from being occupied and “re-purposed” as a community center. The Occupy Oakland GA passed a proposal calling for the space to be turned into a social center, convergence center and headquarters of the Occupy Oakland movement.

The police actions tonight cost the city of Oakland hundreds of thousands of dollars, and they repeatedly violated their own crowd control guidelines and protesters civil rights.

With all the problems in our city, should preventing activists from putting a vacant building to better use be their highest priority? Was it worth the hundreds of thousands of dollars they spent?

The OPD is facing receivership based on actions by police in the past, and they have apparently learned nothing since October. On October 25, Occupiers rushed to the aid of Scott Olsen who was shot in the head by police, and the good Samaritans who rushed to his had had a grenade thrown at them by police. At 3:30pm this afternoon, OO medics yet again ran to the aid of injured protesters lying on the ground. Other occupiers ran forward and used shields to protect the medic and injured man. The police then repeatedly fired less lethal rounds at these people trying to protect and help an injured man.

No one condones throwing objects at police, violence or vandalism but it does not justify the overreaction by the Oakland police department use of military type weapons to stop unarmed protesters.

From Kevin Gosztola who describes the videos below in his reporting on the Occupy movement at FDL:

Recorded video footage from the scene shows officers did not give a dispersal order. They pushed protesters toward the YMCA and would not let them leave the scene as they ordered them to “submit” to the arrest. The protesters then did what anyone would do as a battalion of riot police closed in on them: they found the nearest escape route, which happened to be through an entrance to the building. [*See the 30-min mark of the video below.]

I will not condone the throwing of objects at police, but the video captured by Mills, who was also at the scene when percussion grenades, tear gas and other weapons were being fired by police, calls into question the [statements by the city  that protesters were “charging” police. Yes, they were advancing on the riot police, slowly. A handful, like any protest, were egging on the riot police. But, if you watch the video the moment the riot police move on the protesters they immediately fall back. They do not let the police charge into them, which raises doubts about whether it was ever necessary to fire off any chemical weapons at protesters to force the crowd to disperse.

Sunday night in solidarity with Oakland Occupiers took to the streets in cities across the country:

#SolidaritySunday with Oakland Marches in NYC and Across the US; Bank of Ideas Being Evicted in London

As of 8pm EST, actions are currently happening or planned in response to extreme police violence used against Occupy Oakland yesterday in New York City, Boston, Toronto, Vancouver, Melbourne, Oslo, Philadelphia, DC, Chicago, Los Angeles, Dallas, Portland, Tampa, Indianapolis, New Haven, Orlando, Jackson, Des Moines, Hollywood, Baltimore, Portland ME, Tulsa, Denver, St. Louis, Eugene, Nashville, and Detroit. We have also received word that the Bank of Ideas in London is being raided!

At noon today, Occupy DC faces a ban on camping in the parks but will remain in McPherson Square.

We stand with the Occupy Wall Street movement and the right to peaceful assembly.

“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”.

The opinion by Kuttner is an absolute must read.

Robert Kuttner: Eric Schneiderman: Hero or Goat?

The activation of the administration’s long dormant task force on criminal misconduct in the financial collapse, with New York’s progressive attorney general Eric Schneiderman as co-chair, could be the most fateful political and economic development of the election year. There are still immense pitfalls ahead, as Wall Street allies inside the administration and on Wall Street itself try to reduce Schneiderman’s role to that of symbolic fig leaf.

But President Obama has done something potentially momentous for which he deserves our praise, even if he himself does not fully grasp the implications. The significance of the shift is still in play, of course, and will be made clearer as events unfold over the next several weeks.

Some skeptics in the progressive community have raised questions both about the upside for Schneiderman and his motives. Given the administration’s feeble record on prosecutions to date, the critics are right to flag the likelihood that people like Attorney General Eric Holder and SEC enforcement chief Robert Khazumi will try to sandbag Schneiderman. But my reporting suggests that they underestimate both the man and the dynamics that have been set loose.

Paul Krugman: The Austerity Debacle

Last week the National Institute of Economic and Social Research, a British think tank, released a startling chart comparing the current slump with past recessions and recoveries. It turns out that by one important measure – changes in real G.D.P. since the recession began – Britain is doing worse this time than it did during the Great Depression. Four years into the Depression, British G.D.P. had regained its previous peak; four years after the Great Recession began, Britain is nowhere close to regaining its lost ground.

Nor is Britain unique. Italy is also doing worse than it did in the 1930s – and with Spain clearly headed for a double-dip recession, that makes three of Europe’s big five economies members of the worse-than club. Yes, there are some caveats and complications. But this nonetheless represents a stunning failure of policy.

And it’s a failure, in particular, of the austerity doctrine that has dominated elite policy discussion both in Europe and, to a large extent, in the United States for the past two years.

The surprise announcement by President Barack Obama that he was appointing New York State’s Attorney General Eric Schneiderman to head a new group, the Residential Mortgage-Backed Securities Working Group, that would be investigating securities fraud from the housing bubble and financial crisis. The announcement elicited some interesting reactions from the President’s supporters and critics expressing both praise and doubt about the new committee and just how much force it would really have considering the other appointees to the panel. Public opinion seems to be that few if any of the real perpetrators of the housing bubble and financial crisis have been held accountable.

On Friday, the group held its first press conference. US Attorney General Eic Holder, along with Mr. Schneiderman and Housing Secretary Scott Donovan, explained the purpose of the group, on what it would be focusing some of its powers and announced it had already issued 11 subpoenas:

“We are wasting no time in aggressively pursuing any and all leads,” Mr. Holder said. “In sending out those subpoenas, we consulted with the S.E.C. in making a determination as to where they should go.” Officials would not say which companies received the subpoenas.

“We are not going to be looking at the same things they are examining,” he added. “We’re going to be working with them but looking at a separate group of institutions.”

Schneiderman added that by working together with the SEC, IRS and Justice Department state Attorneys Generals would give them more information with which to bring prosecutions and civil suits at the state level:

In addition, the New York State Martin Act, which gives the attorney general broad powers to elicit information during investigations, “is more flexible than federal securities laws,” Mr. Schneiderman said. The New York and Delaware attorneys general also have jurisdiction over the trusts that hold the mortgages that underlie the mortgage-backed securities, making them “the bricks and mortar of this entire structure.”

By coordinating their efforts, group members might be able to share documents and information that usually would be in individual agency silos, Mr. Holder said.

Friday evening, Schneiderman sat down for an interview with MSNB’s Rachel Maddow, where he further discussed the committee’s focus, the agencies that would be involved and the roll of the states. Dayen, who still has strong reservations about the RMBS working group, thinks that the group lacks serious substance mostly because the use of wording like “resolving allegations”, not “crimes” and the lack of supporting staff and the appearance of disinterest by Assistant Attorney General for the Criminal Division Lanny Breuer who was absent at the press conference. However, he does see some promise. In the past, the IRS was reluctant to get involved, but as David Dayen at FDL News Desk indicated there could be huge tax fraud implications:

But I want to pull out the sentence I highlighted previously in Schneiderman’s interview which shows that at least he is thinking creatively about this. He said that “We have the Internal Revenue Service in because there are huge tax fraud implications to some of the stuff that went on.” I suppose he could be talking about a few different things (like the tax evasion from the banks using MERS instead of recording mortgage transfers at public records offices and paying a fee), but my guess is he’s talking about REMIC claims.

REMICs are an acronym for Real Estate Mortgage Investment Conduits. When you’re talking about mortgage pools used in securitization, you’re talking about REMICs. And REMICs have special tax treatment; they are exempt from federal taxes provided they only invest in “qualified mortgages” and other permitted investments. Here’s the important part: under the 1986 Tax Reform Act, the REMIC must receive all of its assets in the trust within 90 days and the assets have to be performing (not in default). Any REMIC violations make the vehicle subject to a penalty tax of 100%, with additional penalties as they apply.

Well, the strong suspicion is that, during the bubble years, the trustees did not properly convey the mortgages to the REMICs. Which makes the whole investment vehicle a massive tax fraud. That’s a huge level of exposure. You’re talking about $3 trillion in REMICs.

This obviously goes much deeper than fraud.

I became Attorney General about a year ago and started digging into this, and realized that New York and Delaware, which is why my collaboration with Beau Biden was so important, we had a unique place. Because all of the mortgage-backed securities were actually pools of mortgages deposited into New York trusts or Delaware trusts. We started looking at what she’s talking about, did they actually get all the paperwork done, things like that. And we realized that there’s a lot of work to do but a lot of potential for proving liability. [..]

To get this done Rachel, you need resources, you need jurisdiction, and you need will. And when I stood there today with Eric Holder and my other colleagues in government and other prosecutors, I really felt that we had that level of commitment […] what we realized as we started to go back and forth over the last few months is that we all need to work together. There are situations that, New York’s securities law is a stronger law in some ways than the federal laws. Some of our statutes of limitations, though, are shorter. So we can’t go as far back. The federal statute is longer. We need everyone together. And the folks that we have in on this… the Consumer Financial Protection Bureau, Rich Cordray just, a whole array of new powers just came into existence with his appointment, which the President just got done very recently. That’s a huge addition. We have the Internal Revenue Service in, because there are huge tax fraud implications to some of the stuff that went on. All of the people who are in this, all of the agencies who are designated, working together, can achieve so much more than any one of us on our own.

h/t David Dayen for the transcript.

There is still a lot of doubt about this commission and it’s purpose and goals. Matt Stoller at naked capitalism is curious to know if this panel will indict Vikram Pandit, the CEO of Citibank, for possible violations of Sarbanes-Oxley. He sees two problems with this task force. The first is the Obama administration’s policy “to protect the banking system’s basic architecture, which means the compensation structure and the existing personnel who run these large institutions.” And secondly:

Obama personally believes in the legitimacy of the existing banking institutional framework and he strongly suspects that no crimes were committed.  He has hired a raft of people – including Jack Lew, Tim Geithner, Eric Holder, Larry Summers, and so on and so forth – who agree, and has implemented policies such as Dodd-Frank that assume as much. [..]

These people aren’t stupid, they aren’t without principles, and they aren’t electorally driven.  They are ideologues.  They really believe in a neoliberal political economy, where government throws money at the economy through private channels and private channels do with it whatever they think best.

That’s quite a conflict of ideologies. Stoller concludes with more questions and doubts:

There are many details of the task force that are as of yet not public, so it is not clear to me that doing a case like this is possible.  But it’s quite obvious that mega-bank officials and regulators lying about the perilous state of various financial institutions to the public was a key part of the crisis, and that accountability on this front is probably critical to restoring faith in the system.  It would certainly be a big statement upfront if this is what this task force attempted to take on.  Will it?  That’s a very good question, and one I hope we get answers to, soon.

Here’s hoping that this isn’t just an election year sham and Eric Schneiderman has the will to stand up to the Obama neoliberals.  

“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”.

The Sunday Talking Heads:

Up with Chris Hayes: New York Attorney General Eric Schneiderman will be Chris’ special guest. His other guests are Rep. Steve Cohen (D-TN) (@repcohen), U.S. Representative from Tennessee’s 9th district in the Memphis area; Mike Daisey, monologist, author, and performer of “The Agony & the Ecstasy of Steve Jobs”; Esther Armah (@estherarmah), Host of WBAI radio’s “Wakeup Call” in New York; Elise Jordan (@elise_jordan), former director of communications and speechwriter for Secretary of State Condoleezza Rice under President George W. Bush and Victoria DeFrancesco Soto (@drvmds), Communications director for Latino Decisions and visiting scholar at University of Texas – Austin.

This Week with George Stephanopolis: Republican presidential candidate and former House Speaker Newt Gingrich, House Speaker John Boehner are guests. George Will, Democratic strategist Donna Brazile, former Obama economic adviser Austan Goolsbee, and radio host and Fox News contributor Laura Ingraham debate how long the Republican nomination contest may last, and whether the battle over taxes in President Obama’s State of the Union address will provide a blueprint for the general election.

Face the Nation with Bob Schieffer: Guests are former Republican Presidential candidate Rep. Michele Bachmann (R-MN) and Donald Trump, Rep. Mario Diaz-Balart (R-FL) and Rep. Allen West (R-FL) who will share their thoughts on their home state and humorist and columnist Dave Barry. Joining Bob on a panel are The Miami Herald‘s Marc Caputo, Real Clear Politics’ Scott Conroy and CBS News’ John Dickerson.

The Chris Matthews Show: This week’s guests are Katty Kay, BBC Washington Correspondent, Michael Duffy, TIME Magazine Assistant Managing Editor, Andrew Sullivan, The Daily Beast Editor, The Dish and Kathleen Parker, The Washington Post Columnist.

Meet the Press with David Gregory: This Sunday, a debate between the two camps: For Romney, Sen. John McCain (R-AZ), and for Gingrich, Fmr. Sen. Fred Thompson. A panel discussion on the 2012 race with guests MSNBC’s Joe Scarborough, presidential historian Doris Kearns Goodwin, & NBC News Political Director Chuck Todd. Obama’s senior campaign strategist David Axelrod and GOP presidential hopeful Rick Santorum are also guests.

State of the Union with Candy Crowley: Candy sits down with Presidential Candidate and Texas Congressman Ron Paul who is bypassing the Florida primary. Other guests are Florida Governor Rick Scott (R), Sen. Mitch McConnell (R-KY), Carlos Gutierrez, a former Bush commerce secretary, and Los Angeles Mayor Antonio Villaraigosa.

“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”.

Matt Taibbi: Is Obama’s ‘Economic Populism’ for Real?

There is a lot to digest in a recent series of events on the Prosecuting Wall Street front – the two biggest being Barack Obama’s decision to make New York Attorney General Eric Schneiderman the co-chair of a committee to investigate mortgage and securitization fraud, and the numerous rumors and leaks about an impending close to the foreclosure settlement saga.

There is already a great debate afoot about the meaning of these two news stories, which surely are related in some form or another. Some observers worry that Schneiderman, who over the summer was building a rep as the Eliot Ness of the Wall Street fraud era, has sold out and is abandoning his hard-line stance on foreclosure in return for a splashy federal posting.

Others looked at his appointment in conjunction with other recent developments – like the news that Tim Geithner won’t be kept on and Obama’s comments about a millionaire’s tax – and concluded that Barack Obama had finally gotten religion and decided to go after our corruption problem in earnest.

Mark Weisbot: Obama’s SOTU Played to Media, Not Human Needs

To understand President Obama’s state of the union speech, you have to understand his political strategy. From the beginning of his 2008 campaign, his main constituency has always been the major media. His calculation has always been that he can win without the energy companies and even some other big campaign donors, but not if the mainstream media doesn’t like him. So, a little bit of populism on the tax issues – for example, the Buffet Rule – is now acceptable, especially in the context of deficit reduction and Republicans’ pro-1% extremism.

The other key constituency is the swing voters – he is taking Democrats for granted – who, for the last four decades, have been composed largely of white working-class voters. According to the leading Democratic pollster Stan Greenberg, the speech was effective with swing voters. So, overall, a success for Obama.

“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”.

Taylor Marsh; Time for a Tea Party of the Left

President Obama takes his base for granted on issues like the Bush tax cuts, Plan B, and the economy

Where’s the Democratic version of the Tea Party? You’d think after Obama’s anti-progressive economics, foreign policy, and adoption of Bush antiterrorism policies (though to a more methodically lethal, anti-progressive effect), the Democratic base would have taken the Tea Party template and run with it by now. [..]

When Obama recently decided not to relax restrictions on the emergency contraceptive Plan B, House Democratic Leader Nancy Pelosi gave him a pass, while the Colorado Democratic Rep. Diana DeGette, a member of the so called “Pro-Choice Caucus,” stated she was “disappointed.” There are never any repercussions for such decisions on the left, while repercussions have defined the Tea Party and its power on the right. [..]

The Democratic base has a passive-aggressive relationship with Obama that resembles a dysfunctional love affair. He has all the power and the base has absolutely none, unless you count the gay and lesbian contingent which was as good a model as the Tea Party on how to get it done. It’s not that progressives couldn’t have power; it’s that they refuse to wield any.

Paul Krugman: Jobs, Jobs and Cars

Mitch Daniels, the former Bush budget director who is now Indiana’s governor, made the Republicans’ reply to President Obama’s State of the Union address. His performance was, well, boring. But he did say something thought-provoking – and I mean that in the worst way.

or Mr. Daniels tried to wrap his party in the mantle of the late Steve Jobs, whom he portrayed as a great job creator – which is one thing that Jobs definitely wasn’t. And if we ask why Apple has created so few American jobs, we get an insight into what is wrong with the ideology dominating much of our politics.

“I have a partner now, Jim Ready. I have an emotional attachment. I’m in love for the first time in my life”

Barney Frank on the announcement of his engagement to Jim Ready

Massachusetts US Rep. Barney Frank has announced his engagement to his partner of five years, Jim Ready of Maine. No date has been announced for the nuptials that will take place in Massachusetts which recognizes marriage between same sex couples. Rep. Frank recently decided to not run for reelection to his House seat that he has held since 1981.

We here at The Stars Hollow Gazette and Docudharma extend our heartfelt best wishes to Barney and Jim. May they have a long, happy, healthy and prosperous life together. Blessed Be.

Democratic challenger for the US Senate seat from Massachusetts and Harvard Law professor, Elizabeth Warren has been a popular guest this week on the cable networks. She appeared on MSNBC Thursday following the Republican debate and assessed Republicans as favoring a policy to “invest in those who already made it”. She specifically addressed wealthy businessman Mitt Romney’s income and his preferred tax rate:

“Mitt Romney pays 14 percent of his income in taxes, and people who get out there and work for a living pay 25, 28, 30, 33 percent. I get it, Mitt Romney gets a better deal than any of the rest of us because he manages to earn his income in a way that has been specially protected for rich folks,” said Ms. Warren.

Her assessment of former House Speaker Newt Gingrich was equally critical on his proposed tax policy of reducing everyone’s tax rate to 15% and expressed her support of “Warren Buffett rule” that would raise taxes on the wealthiest Americans.

Earlier on Tuesday night with Jon Stewart on Comedy Central’s “The Daily Show“, she informed Jon that “The Pats are gonna spank the Giants” and addressed tax policy, lobbying, and investment, her signature issues. She opposes cuts in education research as detrimental and the need to invest in the middle class. In Part 2, she goes on to describe the role that government should play in regulating America’s private sector.  This is the unedited interview that is only available on line

There are those who are concerned that Warren, a political novice, will compromise her principles to the pressure of Wall St. hawks like Sen. Charles Schumer (D-NY). After watching her dress down Treasury Secretary Tim Geithner during hearings as chair of the five-member Congressional Oversight Panel created to oversee the implementation of TARP, I think she’ll be able to stand her ground. I’ll forgive her for her support of the Patriots. Nobody’s perfect.

Jon Stewart gives his critique of President Obama’s State of the Union.

He doesn’t spare the Republican response for Indiana Gov. Mitch Daniels or the GOP candidates.

“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”.

Paul Krugman: Rooted in Politics, Austerity Worsens the Greek Tragedy

The Washington Post recently published a heartrending story on the suffering being imposed on ordinary Greeks. So much for the doctrine of expansionary austerity.

I do have a small bone to pick, however. In the article, published on Jan. 10 and titled “In Greece, Fears That Austerity Is Killing the Economy,” there’s the discussion of why such harsh austerity is being imposed: “European powers, led by fiscally conservative Germany, have been insisting that Greece correct years of mismanagement by enacting swift waves of cuts and other major economic reforms to regain the confidence of investors and ensure the integrity of the euro. Slashing the deficit quickly is essential to ushering in a sustainable future, they have argued, and the resulting social pain is necessary to impress on Greek politicians and society that such excesses should never happen again.”

Most of that is right – but not the bit about regaining the confidence of investors – or at any rate, that’s not what it’s about these days. For it’s quite clear that at this point investor confidence is unregainable. Greek borrowing costs aren’t coming down to affordable levels for a very long time.

Amy Goodman: Obama’s Late Payment to Mortgage-Fraud Victims

In his State of the Union address, many heard echoes of the Barack Obama of old, the presidential aspirant of 2007 and 2008. Among the populist pledges rolled out in the speech was tough talk against the too-big-to-fail banks that have funded his campaigns and for whom many of his key advisers have worked: “The rest of us are not bailing you out ever again,” he promised.[..]

Obama is aware that those at the Occupy Wall Street protests around the country include many who were his most active supporters during the 2008 campaign. Does the formation of the new task force signify a move to more progressive policies, as MoveOn suggests?[..]

This is the Occupy Wall Street conflict distilled. Will Eric Schneiderman’s new job lead to the indictment of fraudulent financiers, or to just another indictment of our corrupt political system?