Tag: TMC Politics

Aug 18 2011

Ratings Agency Under Investigation By DOJ

This is a start. But will it even get off the ground considering that it might lead to the prosecution of the banksters that are the root cause of this recession.

U.S. Inquiry Is Said to Focus on S.&P. Ratings

By Louise Story

The Justice Department is investigating whether the nation’s largest credit ratings agency, Standard & Poor’s, improperly rated dozens of mortgage securities in the years leading up to the financial crisis, according to two people interviewed by the government and another briefed on such interviews.

The investigation began before Standard & Poor’s cut the United States’ AAA credit rating this month, but it is likely to add fuel to the political firestorm that has surrounded that action. Lawmakers and some administration officials have since questioned the agency’s secretive process, its credibility and the competence of its analysts, claiming to have found an error in its debt calculations.

In the mortgage inquiry, the Justice Department has been asking about instances in which the company’s analysts wanted to award lower ratings on mortgage bonds but may have been overruled by other S.& P. business managers, according to the people with knowledge of the interviews. If the government finds enough evidence to support such a case, which is likely to be a civil case, it could undercut S.& P.’s longstanding claim that its analysts act independently from business concerns.

At Rolling Stone, Matt Taibbi has a in depth article of how the SEC, itself, ending and covering up investigations into Wall St. and the banking industry, as well as, the destruction of the evidence, over the last to decades that contributed to the financial crisis:

For the past two decades, according to a whistle-blower at the SEC who recently came forward to Congress, the agency has been systematically destroying records of its preliminary investigations once they are closed. By whitewashing the files of some of the nation’s worst financial criminals, the SEC has kept an entire generation of federal investigators in the dark about past inquiries into insider trading, fraud and market manipulation against companies like Goldman Sachs, Deutsche Bank and AIG. With a few strokes of the keyboard, the evidence gathered during thousands of investigations – “18,000 … including Madoff,” as one high-ranking SEC official put it during a panicked meeting about the destruction – has apparently disappeared forever into the wormhole of history.

Under a deal the SEC worked out with the National Archives and Records Administration, all of the agency’s records – “including case files relating to preliminary investigations” – are supposed to be maintained for at least 25 years. But the SEC, using history-altering practices that for once actually deserve the overused and usually hysterical term “Orwellian,” devised an elaborate and possibly illegal system under which staffers were directed to dispose of the documents from any preliminary inquiry that did not receive approval from senior staff to become a full-blown, formal investigation. Amazingly, the wholesale destruction of the cases – known as MUIs, or “Matters Under Inquiry” – was not something done on the sly, in secret. The enforcement division of the SEC even spelled out the procedure in writing, on the commission’s internal website. “After you have closed a MUI that has not become an investigation,” the site advised staffers, “you should dispose of any documents obtained in connection with the MUI.”

Many of the destroyed files involved companies and individuals who would later play prominent roles in the economic meltdown of 2008. Two MUIs involving con artist Bernie Madoff vanished. So did a 2002 inquiry into financial fraud at Lehman Brothers, as well as a 2005 case of insider trading at the same soon-to-be-bankrupt bank. A 2009 preliminary investigation of insider trading by Goldman Sachs was deleted, along with records for at least three cases involving the infamous hedge fund SAC Capital.

The widespread destruction of records was brought to the attention of Congress in July, when an SEC attorney named Darcy Flynn decided to blow the whistle. According to Flynn, who was responsible for helping to manage the commission’s records, the SEC has been destroying records of preliminary investigations since at least 1993. After he alerted NARA to the problem, Flynn reports, senior staff at the SEC scrambled to hide the

The article is five fascinating pages that lays out the the revolving door of the SEC managers from the agency to the banks and Wall St. positions and back to the SEC as investigators. Another case of the felons in charge of the investigation of their own criminal activity.

Aug 18 2011

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”.

Robert Reich: How Austerity Is Ushering in a Global Recession

Not only is the United States slouching toward a double dip, but so is Europe. New data out today show even Europe’s strongest core economies – Germany, France, and the Netherlands – slowing to a crawl.

We’re on the cusp of a global recession.

Policy makers be warned: Austerity is the wrong medicine.

We all know about the weaknesses in Europe’s “periphery” – Greece, Ireland, Spain, Portugal, and Italy. But the drop in Europe’s core is dizzying.

Germany grew at an annualized rate of just half a percent last quarter, down from 5.5 percent in the first quarter of the year. France didn’t grow at all.

What’s going on in Europe’s core? Partly it’s a loss of confidence due to debt crises in the periphery. But that’s hardly all.

Robert Sheer: The Biggest Little Hypocrite in Texas

It is unfathomable that yet another Texas blowhard governor has emerged as a front-runner for the GOP presidential nomination. The persistent appeal of the mythology of Texas as a model for the nation defies the lessons of logic and experience, and yet here we are with Rick Perry, a George W. Bush look-alike, as a prime contender to once again run our nation into the ground.

To begin with, Texas is not and never will be a model for the nation unless the other states discover similarly rich deposits of oil and natural gas that account for one-third of jobs and supply 40 percent of tax revenues within those states. If Texas energy receipts and jobs helped float Gov. Bush’s reputation, they have been nothing short of miraculous for Perry’s tenure. The price of oil rose from $25 a barrel when Lt. Gov. Perry replaced the newly elected President Bush to $147 in 2008 and has stayed at more than $80 a barrel since, to the dismay of anyone who has to buy gasoline.

Frances G. Bienecke: No to Arctic Drilling

ABOUT 55,000 gallons of oil have escaped into the North Sea since last week from a leaky pipeline operated by Royal Dutch Shell, about 100 miles off Scotland.

Last year, Americans watched in mounting fury as the oil industry and the federal government struggled for five disastrous months to contain the much larger BP blowout in the Gulf of Mexico.

Now imagine the increased danger and difficulty of trying to cope with a similar debacle off Alaska’s northern coast, where waters are sealed by pack ice for eight months of each year, gales roil fog-shrouded seas with waves up to 20 feet high and the temperature, combined with the wind chill, feels like 10 degrees below zero by late September.

That’s the nightmare the Obama administration is inviting with its preliminary approval of a plan by Shell to drill four exploratory wells beginning next summer in the harsh and remote frontier of the Beaufort Sea, off the North Slope of Alaska.

New York Times Editorial: Wrong Answers in Britain

Nothing can justify or excuse the terrifying wave of violent lawlessness that swept through London and other British cities earlier this month. Hardworking people in struggling neighborhoods were its principal victims. Public support for racial and ethnic coexistence also suffered a damaging, and we fear lasting, blow.

The perpetrators must be punished, the police must improve their riot control techniques, and Prime Minister David Cameron’s government must do all it can to make such episodes less likely in the future. We are more confident about the first two happening than the third.

Mr. Cameron, a product of Britain’s upper classes and schools, has blamed the looting and burning on a compound of national moral decline, bad parenting and perverse inner-city subcultures.

William Pfaff: Assassination as Foreign Policy

Following the Second World War, people who had been involved with the American, British and other Allies’ “Jedburgh” teams supporting the European Resistance just before the Normandy landings, and the work of the British Special Operations Executive and the American Office of Strategic Services in Asia, were among those planning for the eventuality of a Soviet invasion of Western Europe.

We know now that this invasion never was a serious risk, either while Stalin was alive or after his death in 1953, but it was a threat that preoccupied governments in the West. Before the creation of NATO, a rudimentary “stay-behind” network of Europeans was developed to provide the nucleus for resistance following such an invasion. This was the work of the U.S. State Department-controlled Office of Policy Coordination, predecessor to the CIA, and British Intelligence’s MI9 department, which had run underground networks during the war. The U.S. part of the project was later assigned to the Defense Department. The operation was called “Gladio” (a Roman short sword) and remained secret until 1990. (In Italy and certain other countries, it had been corrupted by acquiring a right-wing conspiratorial political character.)

E. J. Dionne, Jr.: The GOP’s Summer of Discontent http://www.truthdig.com/report…

Mitt Romney’s presidential campaign is a cross between the Little Engine That Could and the big chain store fending off attacks from upstart rivals.

Romney gets little love from his fellow Republicans. He’s always confronting rumors spread by people who ought to support him that the existence of such a “weak field” will soon encourage new and better candidates to get in. The “weak field” line means they think Romney just doesn’t have it.

Yet Romney hangs on, methodically chipping away, avoiding mistakes and using his financial and organizational advantages to muscle his way through one month after another.

Sam Pizzigati: Doing Debt Ceiling Battle the FDR Way

At times of national fiscal crisis, President Franklin Roosevelt ever so firmly believed, you don’t give the awesomely affluent a free pass. You pound them – and then you pound them some more.

Against a Congress where zealously rich people-friendly conservatives hold the upper hand, how much can a President of the United States committed to greater equality realistically hope to accomplish?

The answer from today’s White House: not much. Advocacy for equality has to take a backseat, Obama administration insiders insist, once fanatical friends of the fortunate in Congress recklessly put at risk our nation’s full faith and credit.

But history offers another alternative. Back in 1943, halfway through World War II, a President of the United States confronted a debt ceiling crisis eerily similar to our own. That President, Franklin Roosevelt, faced a congressional opposition to inconveniencing the rich – with higher taxes – every bit

David Bromwich: Symptoms of the Bush-Obama Presidency http://www.tomdispatch.com/pos…

The Saved and the Sacked

Is it too soon to speak of the Bush-Obama presidency?

The record shows impressive continuities between the two administrations, and nowhere more than in the policy of “force projection” in the Arab world. With one war half-ended in Iraq, but another doubled in size and stretching across borders in Afghanistan; with an expanded program of drone killings and black-ops assassinations, the latter glorified in special ceremonies of thanksgiving (as they never were under Bush); with the number of prisoners at Guantanamo having decreased, but some now slated for permanent detention; with the repeated invocation of “state secrets” to protect the government from charges of war crimes; with the Patriot Act renewed and its most dubious provisions left intact — the Bush-Obama presidency has sufficient self-coherence to be considered a historical entity with a life of its own.

The significance of this development has been veiled in recent mainstream coverage of the national security state and our larger and smaller wars. Back in 2005-2006, when the Iraqi insurgency refused to die down and what had been presented as “sectarian feuding” began to look like a war of national liberation against an occupying power, the American press exhibited an uncommon critical acuteness. But Washington’s embrace of “the surge” in Iraq in 2007 took that war off the front page, and it — along with the Afghan War — has returned only occasionally in the four years since.

 

Aug 18 2011

Impact

We were all having a good inter-blog chuckle reading the reactions to an e-mail that was sent to supporters by the the New Mexico Director of OFA telling them to read the poorly written, unsubstantiated, hair-on-fire rantings of an obscure blogger/alleged activist named Spandan Chakrabarti. The article, which was supposedly written to “explain” the debt ceiling, was couched in pejoratives calling Nobel Prize winning economist Dr. Paul Krugman a “political novice” and President Obama’s critics the “Firebagger Lefty blogosphere.” It got a thumbs down reaction from several well known web sites, including this one. Now we here at Stars Hollow make no claim to having any greater on-line impact in the blogosphere than any other site, after all we are still in our “growing” stage, but to our amusement late last night, we discovered that Mr. Chakrabarti’s web site doesn’t compare to the impact of our Chief Editor, ek hornbeck. We googled Mr. Chakrabarti’s name and this is the first page of that search:

Please note, The Stars Hollow Gazette article that mentioned the name, “Spandan Chakrabarti“, is 3rd while the blogger’s own web site is further down the page in 6th.

ek hornbeck‘s reaction was “I told you his on-line impact doesn’t begin to compare with mine.”

This embarrassing kerfuffle hasn’t ended for OFA or this obscure blogger. This morning Dr. Krugman responded:

Well, at least they’re paying attention.

I would say this: on one side you have the GOP, which responds to completely crazed Tea Party demands by doing all it can to assure the hard right that it’s on its side. On the other, you have the Democratic establishment or at least part thereof, which responds to complaints from its own base that it’s going too easy on the crazies by lashing out at the base, with a bit of bearded-professor bashing on the side.

Way to strengthen your bargaining position, guys.

And the Washington Post‘s Greg Sargent added his opinion:

That said, this story does provide a window into what I think is a real problem – the nature of the Obama team’s frustration with liberal critics. The problem is that some on the Obama team don’t reckon with what it is lefty critics are actually saying. Obama advisers get angry when they think liberal critics are refusing to accept the limits placed on him by current political realities, and when lefties presume at the outset that Obama will inevitably sell out. That’s reflected in Sandoval’s angry email and in other periodic explosions of anger at the “professional left.”

But the lefty critique goes considerably further than this. It’s an argument with Obama’s team about tactics and strategy, about what might be attainable if he handled these negotiations differently. The case from these critics is if Obama approached negotiations with a harder line, it would be better politics because it would juice up the base and show indys he’s a fighter. They also advocate for this course because the current dynamic is hopelessly broken – and they think a more aggressive approach has at least a chance of broadening the field of what’s substantively possible. (There’s a segment on the left that also thinks Obama wants what’s in the deals he keeps securing, but the points above are broadly what many lefties agree on.)

Whether you agree with this critique or not – people make persuasive cases in both directions – Sandoval’s email shows a broader failure to reckon with what it is that has lefty critics so ticked off. That’s the real problem here – and it’s one of the key causes of the tension between the left and the White House.

One good thing about all this is it got the attention of the traditional media and, for what it’s worth, the White House who denounced the e-mail by their own campaign director. And it got us more attention which is always a good thing. 😉

Aug 17 2011

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”.

Wednesday is Ladies’ Day

Naomi Klein: Daylight Robbery, Meet Nighttime Robbery

I keep hearing comparisons between the London riots and riots in other European cities-window smashing in Athens or car bonfires in Paris. And there are parallels, to be sure: a spark set by police violence, a generation that feels forgotten.

But those events were marked by mass destruction; the looting was minor. There have, however, been other mass lootings in recent years, and perhaps we should talk about them too. There was Baghdad in the aftermath of the US invasion-a frenzy of arson and looting that emptied libraries and museums. The factories got hit too. In 2004 I visited one that used to make refrigerators. Its workers had stripped it of everything valuable, then torched it so thoroughly that the warehouse was a sculpture of buckled sheet metal.

Back then the people on cable news thought looting was highly political. They said this is what happens when a regime has no legitimacy in the eyes of the people. After watching for so long as Saddam and his sons helped themselves to whatever and whomever they wanted, many regular Iraqis felt they had earned the right to take a few things for themselves. But London isn’t Baghdad, and British Prime Minister David Cameron is hardly Saddam, so surely there is nothing to learn there.

Ruth Marcus: Rick Perry: Tax the Poor!

“We’re dismayed at the injustice that nearly half of all Americans don’t even pay any income tax.”

-Texas Gov. Rick Perry, presidential announcement speech, Aug. 13, 2011.

Washingotn – Really? Of all the ills in the world, of all the problems with the economy, all the difficulties with the tax code, this is the one that Perry chooses to lament?

Perry’s statement conjures visions of America as Slacker Nation, where the overburdened wagon-pullers drag an increasingly heavy burden of freeloaders. His number is correct but, like other conservatives who have seized on the statistic, Perry draws from it a dangerously misleading lesson.

The nonpartisan Tax Policy Center estimates that 46.4 percent of households will owe no federal income tax in 2011. This is, for the most part, not because people have chosen to loaf. It’s because they are working but simply don’t earn enough to owe income taxes, based on the progressive structure of the tax code and provisions designed to help the working poor and lower-income seniors.

Amy Goodman: San Francisco Bay Area’s BART Pulls a Mubarak

What does the police killing of a homeless man in San Francisco have to do with the Arab Spring uprisings from Tunisia to Syria? The attempt to suppress the protests that followed. In our digitally networked world, the ability to communicate is increasingly viewed as a basic right. Open communication fuels revolutions-it can take down dictators. When governments fear the power of their people, they repress, intimidate and try to silence them, whether in Tahrir Square or downtown San Francisco.

snip

Expect hacktivist groups to support revolutions abroad, but also to assist protest movements here at home. In retaliation for BART’s cellphone shutdown, a decentralized hacker collective called Anonymous shut down BART’s website. In a controversial move, Anonymous also released the information of more than 2,000 BART passengers, to expose the shoddy computer security standards maintained by BART.

The BART police say the FBI is investigating Anonymous’ attack. I interviewed an Anonymous member who calls himself “Commander X” on the “Democracy Now!” news hour. His voice disguised to protect his anonymity, he told me over the phone: “We’re filled with indignation, when a little organization like BART … kills innocent people, two or three of them in the last few years, and then has the nerve to also cut off the cellphone service and act exactly like a dictator in the Mideast. How dare they do this in the United States of America.”

Kristina Kallas and Akila Radhakrishnan: Why Is the U.S. Waging War on Women Raped in War?

Mandatory sonograms, forced lectures by doctors, humiliating permission slips from abusive husbands, paternalistic opinions from Supreme Court Justice Kennedy, uneducated and patently stupid soundbites from Tea Partiers. That’s not the worst. In this newest wave of the war on women, let’s not forget the U.S. government’s abortion policies toward women in war.

Rape is systematically being used as a weapon of war in conflicts worldwide. During the Rwandan genocide it is estimated that between 250,000 and 500,000 women were raped in 100 days and that approximately 20,000 children were born as a result of rape. Recent reports from Burma indicate that Burmese soldiers have orders to rape women. 387 civilians were raped in Walikale, North Kivu in the Democratic Republic of Congo (DRC) in a 4 day period last year. In 2008 alone, the U.N. Population Fund recorded 16,000 cases of rape in DRC, two-thirds of them adolescent girls and other children, in an area where rape is vastly underreported. Imagine what the real numbers are.

Mary Bottari: ALEC: Facilitating Corporate Influence Behind Closed Doors

Through the American Legislative Exchange Council (ALEC), corporations pay to bring state legislators to one place, sit them down for a sales pitch on policies that benefit the corporate bottom line, then push “model bills” for legislators to make law in their states. Corporations also vote behind closed doors alongside politicians on this wishlist legislation through ALEC task forces. Notably absent were the real people who would actually be affected by many of those bills and policies.

With legislators concentrated in one city, lobbyists descend on the conference to wine-and-dine elected officials after-hours, a process simplified by legislators’ schedules being freed from home and family responsibilities. Multiple Wisconsin lobbyists for Koch Industries, the American Bail Coalition, Competitive Wisconsin, State Farm, Pfizer, and Wal Mart were in New Orleans, as were lobbyists for Milwaukee Charter School Advocates, Alliant Energy, and Johnson & Johnson. Corporations also sponsor invite-only events like the Reynolds American tobacco company’s cigar reception, attended by several Wisconsin legislators including Health & Human Services chair Leah Vukmir.

Donna Smith: How Many Dead Children for Profit?

On the right is a photo of a dead child from Pakistan, Syed Wali Shah, 7, that Michael Moore’s site featured when showing the continued prospects of civilian deaths attributable to U.S. drone strikes.  Syed is one of 168 children killed in seven years of CIA drone strikes, said the report cited, and in response to the findings, Unicef, the United Nations children’s agency, said: “Even one child death from drone missiles or suicide bombings is one child death too many.”   The same report said a minimum of 385 civilians  (including the children) were killed over that seven-year period and that makes at least 52 civilians killed by these strikes each year or one each week.

It is a horrific reality that we (and many of our allies in the civilized and militarized world) participate in killing children.  It is right that we must look at their faces and hold our own souls and that of our elected officials and those who order the killings to account.

When I read about another child’s preventable death in Colorado and saw his face (also from a linked article on Michael Moore’s site), I waited a couple days to compose my thoughts rather than diminish either death or the numbers of deaths from decisions and actions by adults in power – whether those deaths are by acts of commission or omission or whether those deaths are in a distant foreign warzone or one in Denver or Dallas or Des Moines.

Aug 17 2011

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”.

Wednesday is Ladies’ Day

Naomi Klein: Daylight Robbery, Meet Nighttime Robbery

I keep hearing comparisons between the London riots and riots in other European cities-window smashing in Athens or car bonfires in Paris. And there are parallels, to be sure: a spark set by police violence, a generation that feels forgotten.

But those events were marked by mass destruction; the looting was minor. There have, however, been other mass lootings in recent years, and perhaps we should talk about them too. There was Baghdad in the aftermath of the US invasion-a frenzy of arson and looting that emptied libraries and museums. The factories got hit too. In 2004 I visited one that used to make refrigerators. Its workers had stripped it of everything valuable, then torched it so thoroughly that the warehouse was a sculpture of buckled sheet metal.

Back then the people on cable news thought looting was highly political. They said this is what happens when a regime has no legitimacy in the eyes of the people. After watching for so long as Saddam and his sons helped themselves to whatever and whomever they wanted, many regular Iraqis felt they had earned the right to take a few things for themselves. But London isn’t Baghdad, and British Prime Minister David Cameron is hardly Saddam, so surely there is nothing to learn there.

Katrina vander Heuvel: The real grand bargain Washington should seek

“Pressure’s on for the deficit panel,” read a headline in The Post. President Obama urges legislators to pit country over party. An establishment chorus calls for courage to take on Socuial Security and Medicare and to find more revenue. The downgrading of U.S. debt by Standard & Poor’s; the stock market’s spasms; polls showing growing disgust of Americans with politicians of all stripes – all are invoked to push the 12 legislators on the “supercommittee” to reach agreement on another $2.2 trillion in deficit reduction by Nov. 23, when they are due to report.

Amid the din, House Minority Leader Nancy Pelosi actually spoke some common sense in public, something that, if not quite extinct in today’s Washington, is certainly endangered. Naming her three picks to the committee last week, Pelosi urged the group to focus on “economic growth and job creation,” suggesting that its members should “make decisions regarding investments, cuts and revenues and their timing to stimulate growth, while reducing the deficit.”

Ruth Marcus: Rick Perry: Tax the Poor!

“We’re dismayed at the injustice that nearly half of all Americans don’t even pay any income tax.”

-Texas Gov. Rick Perry, presidential announcement speech, Aug. 13, 2011.

Washingotn – Really? Of all the ills in the world, of all the problems with the economy, all the difficulties with the tax code, this is the one that Perry chooses to lament?

Perry’s statement conjures visions of America as Slacker Nation, where the overburdened wagon-pullers drag an increasingly heavy burden of freeloaders. His number is correct but, like other conservatives who have seized on the statistic, Perry draws from it a dangerously misleading lesson.

The nonpartisan Tax Policy Center estimates that 46.4 percent of households will owe no federal income tax in 2011. This is, for the most part, not because people have chosen to loaf. It’s because they are working but simply don’t earn enough to owe income taxes, based on the progressive structure of the tax code and provisions designed to help the working poor and lower-income seniors.

Amy Goodman: San Francisco Bay Area’s BART Pulls a Mubarak

What does the police killing of a homeless man in San Francisco have to do with the Arab Spring uprisings from Tunisia to Syria? The attempt to suppress the protests that followed. In our digitally networked world, the ability to communicate is increasingly viewed as a basic right. Open communication fuels revolutions-it can take down dictators. When governments fear the power of their people, they repress, intimidate and try to silence them, whether in Tahrir Square or downtown San Francisco.

snip

Expect hacktivist groups to support revolutions abroad, but also to assist protest movements here at home. In retaliation for BART’s cellphone shutdown, a decentralized hacker collective called Anonymous shut down BART’s website. In a controversial move, Anonymous also released the information of more than 2,000 BART passengers, to expose the shoddy computer security standards maintained by BART.

The BART police say the FBI is investigating Anonymous’ attack. I interviewed an Anonymous member who calls himself “Commander X” on the “Democracy Now!” news hour. His voice disguised to protect his anonymity, he told me over the phone: “We’re filled with indignation, when a little organization like BART … kills innocent people, two or three of them in the last few years, and then has the nerve to also cut off the cellphone service and act exactly like a dictator in the Mideast. How dare they do this in the United States of America.”

Kristina Kallas and Akila Radhakrishnan: Why Is the U.S. Waging War on Women Raped in War?

Mandatory sonograms, forced lectures by doctors, humiliating permission slips from abusive husbands, paternalistic opinions from Supreme Court Justice Kennedy, uneducated and patently stupid soundbites from Tea Partiers. That’s not the worst. In this newest wave of the war on women, let’s not forget the U.S. government’s abortion policies toward women in war.

Rape is systematically being used as a weapon of war in conflicts worldwide. During the Rwandan genocide it is estimated that between 250,000 and 500,000 women were raped in 100 days and that approximately 20,000 children were born as a result of rape. Recent reports from Burma indicate that Burmese soldiers have orders to rape women. 387 civilians were raped in Walikale, North Kivu in the Democratic Republic of Congo (DRC) in a 4 day period last year. In 2008 alone, the U.N. Population Fund recorded 16,000 cases of rape in DRC, two-thirds of them adolescent girls and other children, in an area where rape is vastly underreported. Imagine what the real numbers are.

Mary Bottari: ALEC: Facilitating Corporate Influence Behind Closed Doors

Through the American Legislative Exchange Council (ALEC), corporations pay to bring state legislators to one place, sit them down for a sales pitch on policies that benefit the corporate bottom line, then push “model bills” for legislators to make law in their states. Corporations also vote behind closed doors alongside politicians on this wishlist legislation through ALEC task forces. Notably absent were the real people who would actually be affected by many of those bills and policies.

With legislators concentrated in one city, lobbyists descend on the conference to wine-and-dine elected officials after-hours, a process simplified by legislators’ schedules being freed from home and family responsibilities. Multiple Wisconsin lobbyists for Koch Industries, the American Bail Coalition, Competitive Wisconsin, State Farm, Pfizer, and Wal Mart were in New Orleans, as were lobbyists for Milwaukee Charter School Advocates, Alliant Energy, and Johnson & Johnson. Corporations also sponsor invite-only events like the Reynolds American tobacco company’s cigar reception, attended by several Wisconsin legislators including Health & Human Services chair Leah Vukmir.

Donna Smith: How Many Dead Children for Profit?

On the right is a photo of a dead child from Pakistan, Syed Wali Shah, 7, that Michael Moore’s site featured when showing the continued prospects of civilian deaths attributable to U.S. drone strikes.  Syed is one of 168 children killed in seven years of CIA drone strikes, said the report cited, and in response to the findings, Unicef, the United Nations children’s agency, said: “Even one child death from drone missiles or suicide bombings is one child death too many.”   The same report said a minimum of 385 civilians  (including the children) were killed over that seven-year period and that makes at least 52 civilians killed by these strikes each year or one each week.

It is a horrific reality that we (and many of our allies in the civilized and militarized world) participate in killing children.  It is right that we must look at their faces and hold our own souls and that of our elected officials and those who order the killings to account.

When I read about another child’s preventable death in Colorado and saw his face (also from a linked article on Michael Moore’s site), I waited a couple days to compose my thoughts rather than diminish either death or the numbers of deaths from decisions and actions by adults in power – whether those deaths are by acts of commission or omission or whether those deaths are in a distant foreign warzone or one in Denver or Dallas or Des Moines.

Aug 16 2011

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”.

Paul Krugman: Downgrade of US Credit Rating Is Baseless – ­and Outrageous

Standard & Poor’s has gone ahead with the threatened downgrade of the United States’ credit rating. It’s a strange situation.

On one hand, there is a case to be made that the madness of the right has made America a fundamentally unsound nation. And yes, it is the madness of the right: If not for the extremism of anti-tax Republicans, we would have no trouble reaching an agreement that would ensure long-run solvency.

On the other hand, it’s hard to think of anyone less qualified to pass judgment on America than the rating agencies.

The people who rated subprime-backed securities are now declaring that they are the judges of fiscal policy? Really?

Dean Baker: President Obama Joins the Cult of Economics Deniers

President Obama has abandoned evidence-based economics to return the US to growth in favor of the politics of deficit-cutting

A front page story in Sunday’s New York Times gave the country the bad news. President Obama is no longer paying attention to economists and economics in designing economic policy. Instead, he will do what his campaign people tell him will get him re-elected, presumably by getting lots of money from Wall Street.

The article said that President Obama intends to focus on reducing government spending and cutting programs like social security and Medicare. This is in spite of the fact that: “A wide range of economists say the administration should call for a new round of stimulus spending, as prescribed by mainstream economic theory, to create jobs and promote growth.”

In other words, President Obama intends to ignore the path for getting the economy back to full employment that most economists advocate. Instead, he is going to cut government spending – because his chief of staff and former JP Morgan vice president Bill Daley and his top campaign adviser David Plouffe both say this is a good idea.

New York Times Editorial:  The Clear Case for the Gas Tax

Unless Congress extends it, the 18.4 cents-a-gallon federal gas tax will expire on Sept. 30. Allowing that to happen would be tremendously destructive. It would bankrupt the already stressed Highway Trust Fund, with devastating effects on the country’s highways, bridges, mass transit systems and the economy as a whole.

Reports suggest that some House Republicans may push to let the tax lapse or use the threat of expiration as leverage in the budget wars. This is a dangerous idea. If anything, the tax should rise to maintain a system that constantly needs upkeep – the backlog of bridges needing repair is estimated at $72 billion – creates jobs and encourages drivers to buy more fuel-efficient cars.

Steven Rattner: Republican Extremism, Bad Economics

IN the middle of all the debt default drama and stock market turbulence, the leading Republican presidential candidates have begun to fill in the shadowy outlines of their positions on major economic issues.

And what a picture it is, a philosophy oriented around shrinking the role of the federal government in every imaginable way, by slashing spending, cutting taxes and halting or rescinding regulations. Their mantra is repeal and retrenchment, devoid of new initiatives or a positive agenda.

Some of these views are to the right even of the Tea Party; they amount to the most radically conservative positions of any set of candidates at least since Barry M. Goldwater in 1964.

John Nichols: FDR Went to Wisconsin to Battle ‘Economic Royalists,’ But Obama Avoids the State and the Fight http://www.thenation.com/blog/…

President Obama is interrupting his long vacation to bus across the battleground states of the Midwest this week, on an officially “non-political” journey that his aides obviously hope will renew a connection with the people who overwhelmingly elected him president in 2008. It is an essential endeavor, as Obama’s uncertain tenure has frustrated voters who once saw him as a transformational leader but now wonder whether there is a point to his presidency.  

The disconnect between Obama and his base has grown more profound this year, as he has focused on the compromises of Washington while working people in Wisconsin, Michigan, Ohio and other states have engaged in “Which side are you on?” fights against a Republican austerity agenda that threatens the very underpinnings of civil society and democratic experiment.

Eugene Robinson: Straw Poll Winner – Obama

Ames, Iowa – Strolling through the pageant of unhealthy food and unsound ideology that is the Iowa Straw Poll, amid the good-natured Republicans who swept Michele Bachmann to an impressive victory, I couldn’t help but reflect that this quadrennial exercise is one crazy way to pick a major-party candidate for president.

You’ll note that I used the words “Michele Bachmann” and “president” in the same sentence. That someone with views as extreme as Bachmann’s could win — and that Ron Paul, who seems to inhabit his own little reality, could finish second — would seem to rob the straw poll of all but comic value, making it analogous to the opening joke a dinner speaker might tell to warm up a stone-faced audience. But the ritual is serious business, as poor Tim Pawlenty found out. Less than 24 hours after he finished a distant third in the straw poll, “former candidate” became his new honorific.

Long before the results were tallied, it seemed clear that Pawlenty was in trouble. Like the other candidates who participated Saturday, he had a big tent on the grounds of the Iowa State University coliseum where voters could enjoy free food and entertainment. People were happy to line up for the Famous Dave’s barbecue that Pawlenty was serving, but they didn’t stay long — and when they walked away, they weren’t wearing the green Pawlenty T-shirts that signaled support. By mid-afternoon, volunteers were glum.

 

Aug 16 2011

The Economic Bad News Just Keeps Coming

The robust economy of Germany is starting to feel the effects of the economic crisis of its partner nations in the Eurozone and is showing signs of drastic slowing

Growth in the German economy slowed sharply between April and June and was weaker at the start of the year than previously thought, figures show.

The (German) economy grew by just 0.1% in the quarter, according to figures from the national statistics office. Growth in the eurozone as a whole also slowed.

Germany had been driving the economic recovery in the eurozone.

The figures come as German Chancellor Angela Merkel and French President Nicolas Sarkozy begin crunch talks.

The two leaders are discussing ways to solve the eurozone debt crisis that has threatened to engulf Italy and Spain and has sparked turmoil on global stock markets.

Figures also released on Tuesday showed that eurozone economic growth slowed to 0.2% in the second quarter, down from 0.8% in the previous three months.

The slow down has had its effect on markets in Europe and early trading in the US:

The news led European indexes lower. Germany’s DAX fell 2.6 percent, the FTSE in Britain was 1.3 percent lower, and in France the CAC 40 was down 1.9 percent.

In early trading, the Dow Jones industrial average was down 80.68 points, or 0.70 percent, at 11,402.22. The Standard & Poor’s 500-stock index was down 11.02 points, or 0.91 percent, at 1,193.47, and the Nasdaq composite index was down 26.38 points, or 1.03 percent, at 2,528.82.

“German G.D.P. data is the catalyst this morning that got us off to a bad start,” said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vt.

The German chancellor, Angela Merkel, and President Nicolas Sarkozy of France were to meet later Tuesday to discuss measures to contain Europe’s fiscal crisis. A joint news conference was scheduled at noon E.D.T.

Another component of the down turn is the idea of issuing bonds backed by all Eurozone nations to ease the crisis has been poo-pooed by both German Chancellor Angela Merkel and French President Nicholas Sarkozy but they may have no other choice:

The euro bond concept is gaining traction among economists and other outside experts like George Soros, the billionaire investor, as a way of preventing borrowing costs for Italy and Spain from rising so much that the countries become insolvent, an event that could destroy the common currency.

Debt issued and backed by all 17 members of the euro zone, euro bond proponents say, would be regarded as ultrasafe by investors and could rival the market for United States Treasury securities. The weaker euro members would benefit from the good standing of countries like Germany or Finland and pay lower interest rates to borrow than if left to face investors on their own.

“It may well be in order to calm markets right now,” said Jakob von Weizsäcker, an economist for the German state of Thuringia who has proposed a way to structure euro bonds so that countries would be encouraged to reduce their debt.

On the “bright side”, there is Nouriel Roubini:

.Karl Marx was right that globalization, financial intermediation, and income redistribution could lead capitalism to self-destruct

Now a combination of high oil and commodity prices, turmoil in the Middle East, Japan’s earthquake and tsunami, eurozone debt crises, and America’s fiscal problems (and now its rating downgrade) have led to a massive increase in risk aversion. Economically, the United States, the eurozone, the United Kingdom, and Japan are all idling. Even fast-growing emerging markets (China, emerging Asia, and Latin America), and export-oriented economies that rely on these markets (Germany and resource-rich Australia), are experiencing sharp slowdowns.

Until last year, policymakers could always produce a new rabbit from their hat to reflate asset prices and trigger economic recovery. Fiscal stimulus, near-zero interest rates, two rounds of “quantitative easing,” ring-fencing of bad debt, and trillions of dollars in bailouts and liquidity provision for banks and financial institutions-officials tried them all. Now they have run out of rabbits.

Fiscal policy currently is a drag on economic growth in both the eurozone and the United Kingdom. Even in the United States, state and local governments, and now the federal government, are cutting expenditure and reducing transfer payments. Soon enough, they will be raising taxes.

Aug 16 2011

Countdown with Keith Olbermann

If you do not get Current TV you can watch Keith here:

Watch live video from CURRENT TV LIVE Countdown Olbermann on www.justin.tv

Aug 15 2011

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”.

Warren Buffet: Stop Coddling the Super-Rich

OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.

While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.

New York Times Editorial: A Jobs Agenda, Anyone?

In what can only be described as a triumph of bad policy and craven politics, Congress and the Obama administration have spent the year focused on budget cuts, as the economy has faltered and unemployment has worsened. Official unemployment is 9.1 percent, but it would be 16.1 percent, or 25.1 million people, if it included those who can only find part-time jobs and those who have given up looking for work. For the past two and a half years, there have been more than four unemployed workers for every job opening, a record high, by far. In a healthy market, the ratio would be about one to one.

By a large margin, Americans have told pollsters that job creation is more important than budget cuts. Yet Republican leaders are wedded to austerity and appear to think that high unemployment will hurt President Obama politically more than it will hurt them, so they will likely resist efforts to create jobs, no matter how great the need.

Paul Krugman: The Texas Unmiracle

As expected, Rick Perry, the governor of Texas, has announced that he is running for president. And we already know what his campaign will be about: faith in miracles.

Some of these miracles will involve things that you’re liable to read in the Bible. But if he wins the Republican nomination, his campaign will probably center on a more secular theme: the alleged economic miracle in Texas, which, it’s often asserted, sailed through the Great Recession almost unscathed thanks to conservative economic policies. And Mr. Perry will claim that he can restore prosperity to America by applying the same policies at a national level.

So what you need to know is that the Texas miracle is a myth, and more broadly that Texan experience offers no useful lessons on how to restore national full employment.

Matt Miller: Why the center-left is fed up with Obama

Here’s the thing. I know Tea Party Republicans were behind the debt-ceiling standoff that wreaked needless damage on confidence in the United States. I wrote weeks ago of Standard & Poor’s outrageous nerve in threatening a downgrade when America’s ability to pay its debts can’t possibly be in doubt. In short, I know who the real villains are at this volatile moment.

So why am I so mad at Barack Obama?

I know I’m not alone. In conversations with folks across the center-left in recent days, everyone’s basically had it with the president. I’ve had policy frustrations before: Obama’s never aimed high enough on school reform and he’s failed miserably to advance a real jobs agenda, to name just two. I’ve said repeatedly that we need a third party to shake things up. But at the same time a part of me has always cut the president some slack – after all, look at the mess the man walked into! Yet somehow the debt-ceiling fiasco and the downgrade, punctuated by these horrific jobs numbers and stock market gyrations, has made something in me (and, I suspect, millions of others) snap.

Richard (RJ) Eskow: Shiny Happy Corporate People

Mitt Romney got a lot of press for telling a heckler at the Iowa State Fair that “corporations are people.” He did not go on to sing that Patti Smith song, People Have the Power.

But corporate “people” certainly do. Their power was on display this week, both in Washington and among the Republicans campaigning for the nomination.

John Nichols: Bernie Sanders Talks Up Primary Challenge to Obama as ‘a Good Idea for Our Democracy and for the Democratic Party’

Vermont Senator Bernie Sanders continues to argue that a Democratic primary challenge to President Obama would be “good for democracy and for the Democratic Party.”

Sanders will not be a candidate. The Vermont independent, who caucuses with Senate Democrats, is running for re-election in 2012.

But Sanders, who has been sharply critical of Obama’s compromises with the Republican right on economic and fiscal policy, continues to talk up the idea of a primary challenge as a vehicle to pressure the president from the left. He is not alone. Ralph Nader is actively encouraging a primary race. And one-third of Democrats and Democratic-leaning independents tell pollsters that they favor a primary challenge to the president, while just 59 percent oppose such a run.

Ben Adler: A Handful of Rural Right-Wing Extremists Chase Tim Pawlenty Out of the Race

A day after Saturday’s Iowa Straw Poll results came in-Michele Bachmann edged out Ron Paul, with Tim Pawlenty a distant third, just ahead of Rick Santorum and nobody Herman Cain-Pawlenty pulled the plug on his flagging presidential campaign. What does this tell us? That our system of nominating presidential candidates is badly broken, beholden to a small number of extremist party activists in a couple of arbitrarily chosen small, rural states and an unthinking media echo chamber.

The Iowa Straw Poll is not a nominating contest. No convention delegates are assigned there. It is a fundraiser for the Iowa state Republican Party. It is presumed to be significant because, according to campaign reporters like the New York Times’s Jeff Zeleny, it is “a test of organizing strength.” And organizing strength is considered an important capability in Iowa, where the anti-democratic caucus system depresses turnout relative to a normal primary. Since only hardcore activists will participate in the caucuses and they must be cajoled to the polls, the mind-numbing process of identifying and turning out every last supporter in Ottumwa County is a crucial component of campaigns to lead the free world. What this skill has to do with, say, balancing the federal budget is unclear. The mainstream media, meanwhile, reports on this ludicrous state of affairs as if it were an objective fact rather than a product of their own unhealthy obsession with Iowa. (After all, Iowa still only assigns a small number of delegates. If the media treated it like comparably sized Mississippi, the importance of who wins there would vanish.)

Robert Reich: Why the New Healthcare Law Should Have Been Based on Medicare (And What Democrats Should Have Learned By Now)

Remember the health-care debate? Congressional Republicans refused to consider a single-payer system that would automatically pool risks. They wouldn’t even consider giving people the option of buying into it.

The President and the Democrats caved, as they have on almost everything. They came up with a compromise that kept health care in the hands of private insurance companies. The only way to spread the risk in such a system was to require everyone to buy insurance.

Which is exactly what the two appellate judges in Atlanta objected to. The Constitution, in their view, doesn’t allow the federal government to compel citizens to buy something. “Congress may regulate commercial actors,” they wrote. “But what Congress cannot do under the Commerce Clause is mandate that individuals enter into contracts with private insurance companies for the purchase of an expensive product from the time they are born until the time they die.”

Most Americans seem to agree. According to polls, 60 percent of the public opposes the individual mandate. Many on the right believe it a threat to individual liberty. Many on the left object to being required to buy something from a private company.

Aug 14 2011

More Economic Gloom On The Horizon

With states and cities struggling to balance their budgets with lay offs of workers, cuts to benefits and wages, as well as, reduction of aid to schools, hospitals, clinics, and other agencies, states government desperate for revenue are looking to on-line gambling but may run up against the obstacle of the Justice Department:

It’s an idea gaining currency around the country: virtual gambling as part of the antidote to local budget woes. The District of Columbia is the first to legalize it, while Iowa is studying it, and bills are pending in places like California and Massachusetts.

But the states may run into trouble with the Justice Department, which has been cracking down on all forms of Internet gambling. And their efforts have given rise to critics who say legalized online gambling will promote addictive wagering and lead to personal debt troubles.

The states say they will put safeguards in place to deal with the potential social ills. And they say they need the money from online play, which will supplement the taxes they already receive from gambling at horse tracks, poker houses and brick-and-mortar casinos.

“States had looked at this haphazardly and not very energetically until the Great Recession hit, but now they’re desperate for money,” said I. Nelson Rose, a professor at Whittier Law School, where he specializes in gambling issues.

When it comes to taxing gambling, he said, “the thing they have left is the Internet.”

Meanwhile the Obama administration is mulling over whether to take a tougher approach to economic issues:

Mr. Obama’s senior adviser, David Plouffe, and his chief of staff, William M. Daley, want him to maintain a pragmatic strategy of appealing to independent voters by advocating ideas that can pass Congress, even if they may not have much economic impact. These include free trade agreements and improved patent protections for inventors.

But others, including Gene Sperling, Mr. Obama’s chief economic adviser, say public anger over the debt ceiling debate has weakened Republicans and created an opening for bigger ideas like tax incentives for businesses that hire more workers, according to Congressional Democrats who share that view. Democrats are also pushing the White House to help homeowners facing foreclosure.

Even if the ideas cannot pass Congress, they say, the president would gain a campaign issue by pushing for them.

“The president’s team puts a premium on being above the partisan fray, which is usually the right strategy,” said Senator Charles E. Schumer of New York, the No. 3 Democrat in the Senate. “But on this issue, when he knows what the right thing to do is, and when a rather small group on one side is blocking any progress, you have to be willing to call that group out if you want to get anything done.”

While Obama drags his feet staying with his bipartisan tick that has made matters worse, the housing market continues to sink under the weight of 4.6 million homes with delinquent mortgages and real estate owned sitting empty and the jobs market stagnates with the U3 at 9.1% mostly because 193,000 people dropped out of the labor force and weak jobs growth. There were only 117,000 jobs created in July not nearly enough to even keep up with population growth.

Calculated Risk has two great graphs that illustrate the two problems:

Click in images to enlarge

It well past time for Obama and the Democrats to stop whining about the obstructive Congress. So whatsoever the White House puts forth won’t get passed, at least make it a fight you can take to the street to say you at least tried to do something. Pragmatic won’t get it done, it hasn’t for the last three years.

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