Tag: Opinion

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: Bank Scandal Deepens

The settlement between government authorities and Barclays over the bank’s attempts to rig benchmark interest rates drew a picture of a bank that was negligent and corrupt at various times and to varying degrees. Unfortunately, as big banks go, that comes as no shock.

It would be a shock if regulators and prosecutors found the resources and willingness to go wherever the rate-rigging scandal leads, even to the upper echelons of the world’s biggest banks and powerful central banks, including the Bank of England and the Federal Reserve.

Paul Krugman: Off and Out With Mitt Romney

In a better America, Mitt Romney would be running for president on the strength of his major achievement as governor of Massachusetts: a health reform that was identical in all important respects to the health reform enacted by President Obama. By the way, the Massachusetts reform is working pretty well and has overwhelming popular support.

In reality, however, Mr. Romney is doing no such thing, bitterly denouncing the Supreme Court for upholding the constitutionality of his own health care plan. His case for becoming president relies, instead, on his claim that, having been a successful businessman, he knows how to create jobs.

This, in turn, means that however much the Romney campaign may wish otherwise, the nature of that business career is fair game. How did Mr. Romney make all that money? Was it in ways suggesting that what was good for Bain Capital, the private equity firm that made him rich, would also be good for America?

And the answer is no.

Robert Sheer: Crime of the Century

Forget Bernie Madoff and Enron’s Ken Lay-they were mere amateurs in financial crime. The current Libor interest rate scandal, involving hundreds of trillions in international derivatives trade, shows how the really big boys play. And these guys will most likely not do the time because their kind rewrites the law before committing the crime.

Modern international bankers form a class of thieves the likes of which the world has never before seen. Or, indeed, imagined. The scandal over Libor-short for London interbank offered rate-has resulted in a huge fine for Barclays Bank and threatens to ensnare some of the world’s top financers. It reveals that behind the world’s financial edifice lies a reeking cesspool of unprecedented corruption. The modern-day robber barons pillage with a destructive abandon totally unfettered by law or conscience and on a scale that is almost impossible to comprehend.

Mark Weisbrot: Mexico’s Election: It’s the Economy Stupid

If ever there were an election pre-ordained as a result of a country’s economic performance, it would be that of Mexico.  The ruling PAN party was destined to lose because it presided over a profound economic failure for more than 11 years.  Almost any government in the world would have lost under such circumstances. [..]

More than half of all Mexicans are living below the official poverty line, but the new government has little to offer the poor majority or even to produce the long-term growth that Mexico once had.  Sadly, Mexico’s economic progress will probably be quite limited until there is a more level playing field for elections.

Bryce Covert: GOP’s Rejection of Medicaid Funds Is One More Ideologically Driven Bad Idea

My emotions after the Supreme Court’s ruling on the Affordable Care Act last week went through various stages: confusion (thanks, CNN), shock and finally sheer joy. It was a complete surprise to have the highest court uphold the entire law, including the individual mandate. Liberals rightly celebrated the ruling as a historic step toward ensuring a better quality of life for all Americans. [..]

It seems foolhardy for governors to reject what is basically free money to help more people in their own states gain health insurance. Josh Barro wrote just after the ruling that while the White House’s stick was taken away, its carrot-the federal government’s picking up 100 percent of the states’ Medicaid expansion tab for the early years, gradually declining to 90 percent after that-would be enough to incite states to participate. And they stand to see other economic benefits. States that already provide coverage and care to people living at 133 percent of the poverty line would no longer shoulder those costs, saving them millions. Even for those that don’t offer such coverage, the bill stands to save all states money by getting rid of the “hidden tax” they pay in higher insurance premiums that account for the cost of covering the uninsured, also potentially saving millions.

Eugene Robinson: The Money Manager

You can conduct byzantine transactions through opaque investment accounts and private corporations in offshore tax havens such as Bermuda and the Cayman Islands. Or you can credibly run for president at a time of great economic distress.

I don’t think you can do both.

Let me be clear that I have nothing against wealth. In fact, I have nothing against great wealth, which is how I would classify Mitt Romney’s estimated $250 million fortune. We can argue about the social utility of private equity firms such as Bain Capital, but Romney isn’t responsible for distorting the system so that financiers are grossly overpaid. He just took advantage of the situation.

Increasingly, however, I have to wonder whether the achievement Romney touts as his biggest asset in running for president-his business success-might be seen by many voters as a liability.

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: A Gap in Health Coverage

The Supreme Court decision upholding the constitutionality of health care reform inadvertently opened a hole in health insurance coverage that could harm some of the nation’s poorest citizens. The problem arises from a mismatch between how the law was framed and how the court’s ruling will affect Medicaid, the joint state-federal health program for the poor. [..]

In states that choose not to expand Medicaid, substantial numbers of the very poor could be left out of coverage. The reform law provides tax credits to help people with incomes between 100 percent and 400 percent of the federal poverty level (about $23,000 to $92,000 for a family of four) buy private insurance. But the bill’s drafters made no provision to provide subsidies for anyone below the poverty line because they assumed that those people would be covered by expanded Medicaid.

Tina Rosenberg: In Rwanda, Health Care Coverage That Eludes the U.S.

Last week’s Supreme Court decision upholding of the constitutionality of President Obama’s health care law moves the United States closer to the goal of health coverage for all. All other developed countries have it. But so do some developing nations – Brazil, Thailand, Chile. These countries are mostly middle income. But one country on the list is among the poorest of the poor: Rwanda.

The point is not that Americans should envy Rwanda’s health system – far from it. But Rwanda’s experience illustrates the value of universal health insurance.  “Its health gains in the last decade are among the most dramatic the world has seen in the last 50 years,” said Peter Drobac, the director in Rwanda for the Boston-based Partners in Health, which works extensively with the Rwandan health system.

It couldn’t have happened without health insurance.

Dean Baker: Why Americans Should Work Less – The Way Germans Do

There is a solution to unemployment: if we worked the same shorter hours as Germany, we’d eliminate joblessness overnight

Nobel Laureate Paul Krugman and Richard Layard, a distinguished British economist, took the lead last week in drafting a sign-on “Manifesto for Economic Common Sense“, condemning the turn toward austerity in many countries. This manifesto seems destined to garner tens or even hundreds of thousands of signatures, including mine.

While the basic logic of the manifesto is solid, there is an important aspect to the argument that is overlooked. We can deal with unemployment every bit as effectively by having people work fewer hours, as we can by increasing demand.

The most important point to realize is that the problem facing wealthy countries at the moment is not that we are poor, as the stern proponents of austerity insist. The problem is that we are wealthy. We have tens of millions of people unemployed precisely because we can meet current demand without needing their labor.

Jim Hightower: Supreme Court’s Plutocratic Political Hacks Rule Against the People in Montana

“Two wrongs don’t make a right,” as my old Texas momma used to instruct my brothers and me. But apparently, five of the justices on our Supreme Court didn’t have mommas with such ethical sensibilities – or perhaps they’re just ignoring their mommas’ wisdom now in order to impose their extremist political agenda on you and me.

That agenda became startlingly clear in 2010, when the black-robed cabal of Clarence Thomas, Anthony Kennedy, John Roberts, Antonin Scalia and Sam Alito hung their infamous Citizens United edict around America’s neck. It allowed unlimited sums of corporate cash to spew into our elections, effectively legalizing the wholesale purchase of America’s elected officials. In his majority decision, Supreme joker Kennedy drew from his deep well of political ignorance and judicial arrogance to declare that these gushers of special interest money “do not give rise to corruption or the appearance of corruption.”

Is he on the court – or in a comedy club? Not only were Kennedy and his fellow corporatists wrong on the substance of their decree, but also ridiculously wrong on the politics. You don’t need a law degree to see that CEOs are presently flooding this year’s presidential and congressional races with hundreds of millions of corporate campaign dollars, gleefully perverting the political process to buy government policy for their own gain. That not only gives the appearance of corruption, it is corrupt.

Laura Flanders: Workers vs. Investors: Famous Windows Factory in Danger of Liquidation

A workers’ cooperative in the Goose Island area of Chicago is desperately trying to stop the liquidation of a windows and doors factory the sale of which will scuttle their plans but benefit some well-connected investors.

Union members who put their bodies on the line not once but twice to save their windows and doors factory in Chicago found out Sunday that their former employer has broken a pledge to give workers a fair chance to buy factory equipment and plans instead to sell off machines as soon as Friday rather than let a Black and Latino-led workers’ cooperative buy and keep the plant in operation.

The workers, members of the United Electrical and Machine Workers of America Local 1110, sat in and briefly occupied their plant this February after owner, Serious Energy of California, announced a shut-down and a plan to move jobs out of state. Many of the same workers occupied the same factory in December 2008, becoming a cause-celebre at the height of the unemployment crisis.

Jules Boykoff and Alan Tomlinson: Olympian Arrogance

While Europe roils in economic turmoil, London is preparing for a lavish jamboree of international good will: in a few weeks, the city will host the 2012 Summer Olympics.

But behind the spectacle of athletic prowess and global harmony, brass-knuckle politics and brute economics reign. At this nexus sits the International Olympic Committee, which promotes the games and decides where they will be held. Though the I.O.C. has been periodically tarnished by scandal – usually involving the bribing and illegitimate wooing of delegates – those embarrassments divert us from a deeper problem: the organization is elitist, domineering and crassly commercial at its core.

The I.O.C., which champions itself as a democratic “catalyst for collaboration between all parties of the Olympic family,” is nonetheless run by a privileged sliver of the global 1 percent. This has always been the case: when Baron Pierre de Coubertin revived the Olympics in the 1890s, he assembled a hodgepodge of princes, barons, counts and lords to coordinate the games. Eventually the I.O.C. opened its hallowed halls to wealthy business leaders and former Olympians. Not until 1981 were women allowed in.

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.

Follow us on Twitter @StarsHollowGzt

Katrina vanden Heuvel: A court of, by and for the 1%

The highest court in the land has spoken. That’s how President Obama characterized the Supreme Court’s surprising – and welcome – decision to uphold the Affordable Care Act, the signature domestic achievement of Obama’s first term. With its divided and bitterly contested 5 to 4 ruling, the arch-conservative Roberts Court spared a major piece of progressive legislation and, in the process, rescued the 35 million uninsured Americans who would have suffered, had the law been struck down. [..]

Right after the highest court in the land spoke, however, one of the lowest forces in the land spoke, too.

Americans for Prosperity, the shadowy conservative super PAC, announced that it would run $8.2 million worth of attack ads to slam health-care reform in nearly a dozen key swing states. No doubt many more of the GOP’s secretive sugar daddies will soon follow suit.

Lori Wallach: NAFTA on Steroids

While the Occupy movement has forced a public discussion of extreme corporate influence on every aspect of our lives, behind closed doors corporate America is implementing a stealth strategy to formalize its rule in a truly horrifying manner. The mechanism is the Trans-Pacific Partnership. Negotiations have been conducted in extreme secrecy, so you are in good company if you have never heard of it. But the thirteenth round of negotiations between the United States and eight Pacific Rim nations will be held in San Diego in early July. [..]

Think of the TPP as a stealthy delivery mechanism for policies that could not survive public scrutiny. Indeed, only two of the twenty-six chapters of this corporate Trojan horse cover traditional trade matters. The rest embody the most florid dreams of the 1 percent-grandiose new rights and privileges for corporations and permanent constraints on government regulation. They include new investor safeguards to ease job offshoring and assert control over natural resources, and severely limit the regulation of financial services, land use, food safety, natural resources, energy, tobacco, healthcare and more.

Amy Goodman: Climate Change: ‘This Is Just the Beginning’

Evidence supporting the existence of climate change is pummeling the United States this summer, from the mountain wildfires of Colorado to the recent “derecho” storm that left at least 23 dead and 1.4 million people without power from Illinois to Virginia. The phrase “extreme weather” flashes across television screens from coast to coast, but its connection to climate change is consistently ignored, if not outright mocked. If our news media, including-or especially-the meteorologists, continue to ignore the essential link between extreme weather and climate change, then we as a nation, the greatest per capita polluters on the planet, may not act in time to avert even greater catastrophe. [..]

Add drought to fire and violent thunderstorms. According to Dr. Jeff Masters, one of the few meteorologists who frequently makes the connection between extreme weather and climate change, “across the entire Continental U.S., 72 percent of the land area was classified as being in dry or drought conditions” last week. “We’re going to be seeing a lot more weather like this, a lot more impacts like we’re seeing from this series of heat waves, fires and storms. … This is just the beginning.”

Ellen Brown: Europe’s Shock Doctrine: Government by the Banks, for the Banks

The ESM Coup D’Etat in Europe

On Friday, June 29th, German Chancellor Angela Merkel acquiesced to changes to a permanent Eurozone bailout fund-“before the ink was dry,” as critics complained.  Besides easing the conditions under which bailouts would be given, the concessions included an agreement that funds intended for indebted governments could be funneled  directly to stressed banks.

According to Gavin Hewitt, Europe editor for BBC News, the concessions mean that:

   [T]he eurozone’s bailout fund (backed by taxpayers’ money) will be taking a stake in failed banks.

   Risk has been increased. German taxpayers have increased their liabilities. In future a bank crash will no longer fall on the shoulders of national treasuries but on the European Stability Mechanism (ESM), a fund to which Germany contributes the most.

   In the short term, these measures will ease pressure in the markets. However there is currently only 500bn euros assigned to the ESM. That may get swallowed up quickly and the markets may demand more. It is still unclear just how deep the holes in the eurozone’s banks are.

The ESM is now a permanent bailout fund for private banks, a sort of permanent “welfare for the rich.”  There is no ceiling set on the obligations to be underwritten by the taxpayers, no room to negotiate, and no recourse in court.

Rebekah Wilce: WTO Not So COOL: Rules Against Popular U.S. Meat Labeling Law

The World Trade Organization (WTO) issued a final ruling today against the U.S. country-of-origin labeling (COOL) law. This popular pro-consumer policy, which informs shoppers where meat and other foods were raised or grown, enjoys the support of 93% of Americans, according to a 2010 Consumers Union poll. Now Congress must gut or change the law to avoid the application of punitive trade sanctions.

The original meat labeling law passed as part of the 2002 farm bill and was expanded in the 2008 farm bill to apply to other foods like fresh fruits, nuts, and vegetables. Canada, Mexico, and several other countries filed a complaint regarding the policy with the WTO in December 2008 calling the popular consumer measure a “disguised” barrier to trade. The organization initially ruled in their favor in November 2011, but the U.S. filed an appeal in March 2012. Today, a WTO  tribunal made up of three trade officials ruled that the U.S. law is a violation of the WTO’s legally binding “Technical Barrier to Trade” agreement. The ruling is final. If the United States does not gut or change the law, the WTO can apply punitive sanctions, usually in the form of tariffs on U.S. exports. The ruling also casts into doubt the WT0-legality of other popular labeling laws.

Michelle Chen: New Orleans Teachers Get Justice, but Schools Still Under Attack

After Hurricane Katrina washed over New Orleans, many survivors had virtually nothing left to lose. But the city’s teachers were then hit by the storm’s ripple effect: the loss of thousands of jobs in the tattered school system. Recently, a civil district court ruled that the state had effectively robbed thousands of school employees of funds that were supposed to help tide them over as the city recovered.

After Katrina, the New York Times reports, most New Orleans schools were taken over by the state’s Recovery School District, which absorbed a stream of federal aid while the local school board was left impoverished:

   In December 2005, the local school board, with few schools and little money in its control, passed a resolution firing 7,500 school employees, who at that time had been on “disaster leave without pay,” an employment status that Judge Julien found in her decision to be “fictional.” She concluded that the state was liable for rendering the local board unable to fulfill its contractual obligations to its workers.

The ruling could lead to major payments to teachers whose careers and wages were upended by the purge. But aside from recompense for “disaster leave,” New Orleans public schools will remain adrift in a flood of drastic reforms. After Katrina, the city became an incubator for non-unionized charter schools and “experimental” restructuring plans.

Lisa Savage: At Afghanistan Summit This Week, Will Afghan Women Be at the Table?

When rich countries like the U.S., Japan, and NATO nations get together periodically to discuss the future of development funding for Afghanistan, who represents the interests of women and children who actually live there? Mostly men.

Even though research shows that durable security accords responsive to real conditions for civilians in war zones require women’s participation in the planning stages. Even though United Nations Security Council Resolution 1325 recognized this reality, and called for significant numbers of women to be present in all security talks.

On July 8-9 in Tokyo governments, international organizations, and other major donors will meet to discuss and take on financial commitments for a ten year period after 2014. As global players discuss funding Afghanistan’s future development, will they continue the pattern of devoting 90% of funds to building the Afghan army and police forces? If they really want peace, they will invite Afghan women to the table and listen to their expert testimony on how to make Afghanistan a safe place for them and their families.

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: Rigged Rates, Rigged Markets

Marcus Agius, the chairman of Barclays, resigned on Monday, saying “the buck stops with me.” His was the first departure since the British bank agreed last week to pay $450 million to settle findings that, from 2005 to 2009, it had tried to rig benchmark interest rates to benefit its own bottom line. [..]

The rates in question – the London interbank offered rate, or Libor, and the Euro interbank offered rate, or Euribor – are used to determine the borrowing rates for consumers and companies, including some $10 trillion in mortgages, student loans and credit cards. The rates are also linked to an estimated $700 trillion market in derivatives, which banks buy and sell on a daily basis. If these rates are rigged, markets are rigged – against bank customers, like everyday borrowers, and against parties on the other side of a bank’s derivatives deals, like pension funds.

Robert Kuttner: Mitigating Merkel’s Mischief

If Europe continues its steady march to financial depression and collapse of the Euro, no politician will be more to blame than German Chancellor Angela Merkel. Last week, Merkel repeated the same pattern that has characterized her behavior since the sovereign debt crisis began — resisting sensible reforms until the costs of delay became overwhelming, and then reversing course 180 degrees only after the damage was far greater than necessary. [..]

Merkel, characteristically, still opposes any respite for the suffering Greeks. It is up to the rest of Europe to isolate her again so that she can reverse course citing changed circumstances. Nor is Merkel willing to seriously rein in the financial speculation against government bonds that turns moderate budgetary problems into dire crisis. This, too, will take the resolve of wiser leaders.

Robert Reich: Mitt Romney and the New Gilded Age

The election of 2012 raises two perplexing questions. The first is how the GOP could put up someone for president who so brazenly epitomizes the excesses of casino capitalism that have nearly destroyed the economy and overwhelmed our democracy. The second is why the Democrats have failed to point this out. [..]

Part of the answer, surely, is that elected Democrats are still almost as beholden to the wealthy for campaign funds as the Republicans, and don’t want to bite the hand that feeds them. Wall Street can give most of its largesse to Romney this year and still have enough left over to tame many influential Democrats (look at the outcry from some of them when the White House took on Bain Capital).

Dean Baker: A Wall Street Gambling Tax: The Remedy to Inequality

As the presidential election builds up steam, the Washington elites in both parties are actively scheming to find ways to cut Social Security and Medicare benefits for retired workers. The media have widely reported on efforts to slip through a version of the deficit reduction plan developed by Morgan Stanley director Erskine Bowles and former Senator Alan Simpson. Since the vast majority of voters across the political spectrum reject cuts to these programs, the Washington insiders hope to spring this one on us after the election, when the public will have no say.

That is the sort of anti-democratic behavior we expect from elites who naturally want to protect their own interests. Of course, the rest of us are more concerned about the well-being of the country as a whole rather than preserving the wealth of the richest 1 percent.

Mark Weisbrot: For Mexicans, It Was the Economy, Stupid

IF ever there were an election preordained as a result of economic performance, it would be Mexico’s election on Sunday. The ruling National Action Party, or PAN, was destined to lose because it had presided over profound economic failure for 11 years. Almost any government in world would have lost under such circumstances.

Commentators, focused on the six-year-old drug war, have largely neglected to note the depth of Mexico’s economic problems. Let’s start with the basics: Since 2000, when the PAN was first elected, income per person in Mexico has grown by just 0.9 percent annually. This is terrible for a developing country, and less than half the rate of growth of the Latin American region during this period – which was itself not stellar. If we just look at per capita growth since the last election, in 2006, Mexico finishes dead last of all the countries in Latin America.

George Zornick: Tea Party Govs Say ‘No’ to Medicaid Expansion

Nearly 1 million Floridians will be denied access to Medicaid they would have otherwise received under the Affordable Care Act if Governor Rick Scott gets his way. The Supreme Court ruling last week on the law made it easier for states to opt out of an expansion, and Sunday night the governor’s office e-mailed a statement from Scott that “since Florida is legally allowed to opt out, that’s the right decision for our citizens.” [..]

But now hospitals in South Carolina and Florida are looking at a rate reduction without the corresponding increase in Medicaid coverage.

Hospital lobbies are always powerful in state politics, and could yet convince state legislators to buck the ideological governors and support an expansion. Combine the big industry money with a powerful narrative about denying coverage to hundreds of thousands of people, plus the diminishing returns of rallying against Obamacare-particularly after the fall elections-and by 2014 it’s possible Florida, South Carolina and other states will end up participating. They’re just going to make a lot of noise first.

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 Radical Supreme Court

The Supreme Court’s landmark decision upholding the Affordable Care Act was a deft turn by Chief Justice John Roberts Jr., who voted with the court’s four moderate liberals for the first time in a 5-to-4 ruling. Yet, while they upheld the law’s mandate for individuals to buy insurance under Congress’s taxing power, the chief justice joined the four other conservatives to reject that provision under the Constitution’s commerce clause.

That rejection underscores the aggressiveness of the majority’s conservatism and marks a stunning departure from the long-established legal consensus that Congress has broad power to regulate the economy.

Paul Krugman: Europe’s Great Illusion

Over the past few months I’ve read a number of optimistic assessments of the prospects for Europe. Oddly, however, none of these assessments argue that Europe’s German-dictated formula of redemption through suffering has any chance of working. Instead, the case for optimism is that failure – in particular, a breakup of the euro – would be a disaster for everyone, including the Germans, and that in the end this prospect will induce European leaders to do whatever it takes to save the situation.

I hope this argument is right. But every time I read an article along these lines, I find myself thinking about Norman Angell.

Who? Back in 1910 Angell published a famous book titled “The Great Illusion,” arguing that war had become obsolete. Trade and industry, he pointed out, not the exploitation of subject peoples, were the keys to national wealth, so there was nothing to be gained from the vast costs of military conquest.

Joseph E. Stiglitz: How policy has contributed to the great economic divide

The United States is in the midst of a vicious cycle of inequality and recession: Inequality prolongs the downturn, and the downturn exacerbates inequality. Unfortunately, the austerity agenda advocated by conservatives will make matters worse on both counts.

The seriousness of America’s growing problem of inequality was highlighted by Federal Reserve data released this month showing the recession’s devastating effect on the wealth and income of those at the bottom and in the middle. The decline in median wealth, down almost 40 percent in just three years, wiped out two decades of wealth accumulation for most Americans. If the average American had actually shared in the country’s seeming prosperity the past two decades, his wealth, instead of stagnating, would have increased by some three-fourths.

In some ways the data confirmed what was already known, but the numbers still shocked. We knew that house prices – the principal source of saving for most Americans – had declined precipitously and that trillions of dollars in home equity had been wiped out. But unless we understand the link between inequality and economic performance, we risk pursuing policies that will worsen both.

Devon G. Peña: Fear & Loathing in Texas: State Republican Party Seeks to Ban Critical Thinking in Public Schools

Platform Prohibits Teach Higher Order Thinking Skills

What is it about the political rightwing in the Lone Star State? It seems like they are now competing with Arizona to take the lead as the nation’s most anti-education and anti-intellectual state.

Here is the actual language from a position statement in the 2012 Texas Republican Party Platform:

   “Knowledge-Based Education – We oppose the teaching of Higher Order Thinking Skills (HOTS) (values clarification), critical thinking skills and similar programs that are simply a relabeling of Outcome-Based Education (OBE) (mastery learning) which focus on behavior modification and have the purpose of challenging the student’s fixed beliefs and undermining parental authority.”

Where does this Republican fear of critical thinking come from? One would have to surmise it may be derived from two sources: Either (1) they learned some nifty reactionary ideas from the Arizona struggle against HB2281, the law banning the teaching of Chicana/o Studies in public schools, or (2) they understand that Texas public schools are now filled with a majority of minority [sic] students, most of them Mexican-origin, and it may not be a good idea to encourage them to become anything other than servants of the 1% by denying them anything but rote learning and vocational educations.

Robert Sheer: Supreme Court Leaves Romney in the Cold

Mitt Romney is an idiot or, even worse, is pretending to be one. His tantrum of a response on Thursday to the Supreme Court’s health care decision was pure playground: As president I will own the ball, and the game will be played by rules that leave me a winner.

That game has already been called in a decision written by the top-ranking conservative jurist, and shorn of the constitutional objection; Barack Obama’s health care plan now will be judged by its practical outcomes. Romney’s promise that “I will act to repeal Obamacare” from “my first day as president of the United States” is a prescription of destructive gridlock for a program already well under way.

By immediately committing to reverse a health care reform based on the very program he implemented as governor of Massachusetts, Romney has gone to war with himself. Obviously, neither he nor his advisers has yet grasped that the decision written by Chief Justice John Roberts has changed the terms of the debate.

Roger Bybee: Dems Paint Romney as “Outsourcer-In-Chief,” But Will Obama’s Trade Deal Blow It?

The Obama administration and Democrats have been busily puncturing Mitt Romney’s record as an experienced “job creator,” with a multi-pronged attack on Romney’s role as a “pioneer” in offshoring jobs while heading up the private-equity fund Bain Capital.

Backed up by an ever-mounting supply of evidence from the New York Times, Boston Globe, and the Washington Post, Obama and the Democrats have shredded Rommey’s arguments that he is the man to restore employment.

Yet recent leaks reveal that the Obama administration has been secretly negotiating with Pacific Rim nations the Trans-Pacific Partnership (TPP) trade deal, based on the job-destroying NAFTA model. Obama-as with his trade deals last year with South Korea, Panama, and human-rights pariah Colombia-is once more falling into line behind CEOs in promoting what he as a candidate fiercely denounced in 2008 as “trade deals like NAFTA and China [that] have been signed with plenty of protections for corporations and their profits, but none for our environment or our workers who’ve seen factories shut their doors and millions of jobs disappear.

Punting the Pundits: Sunday Preview Edition

Punting the Punditsis 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: Joining Chris at 8AM ET will be: Gov. Brian Schweitzer (@brianschweitzer), Democrat of Montana; Rep. Peter Welch, Democrat of Vermont and member of the House Oversight and Government Reform Committee; Kansas Secretary of State Kris Kobach, Republican and co-architect of Arizona’s controversial immigration statute, SB 1070; Heather McGhee (@hmcghee), vice president of policy and research at the progressive think tank Demos; Maria Hinojosa (@Maria_Hinojosa), anchor of NPR’s Latino USA and president of Futuro Media Group; and Glenn Greenwald (@ggreenwald), former Constitutional and civil rights litigator, contributor at Salon.com.

The Melissa Harris-Perry Show: The guest list was not announced.

This Week with George Stephanopolis: This Week’s guests are Vicki Kennedy, the widow of the late Sen. Ted Kennedy; White House chief of staff Jack Lew and House Budget Committee chair Paul Ryan, R-Wis.

The roundtable debates the Supreme Court’s key health care and immigration decisions and all the week’s politics, with Keith Olbermann, ABC News’ George Will, Democratic strategist and ABC News contributor Donna Brazile, former Rep. Artur Davis, and “Nightline” co-anchor Terry Moran, who covers the Supreme Court for ABC News.

Face the Nation with Bob Schieffer: Mr. Schieffer’s guests are Sen. Chuck Schumer, D-N.Y., and Sen. Tom Coburn, R-Okla.; , Gov. Martin O’Malley, D-Md., and Gov. Scott Walker, R-Wisc.

The roundtable breaks down the political and legal implications of this week’s Supreme Court decisions: POLITICO‘s John Harris, National Journal‘s Major Garrett, CBS News’ John Dickerson and Jan Crawford.

The Chris Matthews Show: This Week’s Guests Joan Biskupic, Reuters Supreme Court Correspondent; John Heilemann, New York Magazine National Political Correspondent; Katty Kay, BBC Washington Correspondent; and Pete Williams, NBC News Justice Correspondent.

Meet the Press with David Gregory: MTP’s guests are House Minority Leader Rep. Nancy Pelosi (D-CA); Obama supporter former Gov. Howard Dean (D-VT) and Romney Supporter Gov. Bobby Jindal (R-LA).

The roundtable guests are NBC’s Savannah Guthrie and Chuck Todd; Washington Post columnist Eugene Robinson; and the National Review‘s Rich Lowry.

State of the Union with Candy Crowley: The SoU’s guests this Sunday are Jack Lew, President Obama’s Chief of Staff; Jennifer Granholm, the former Michigan Governor; Carly Fiorina, the former Hewlett Packard CEO; CNN”s White House Correspondent Dan Lothian, and USA Today‘s Washington Bureau Chief Susan Page; and Colorado Gov. John Hickenlooper.

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: The Real Winners

So the Supreme Court – defying many expectations – upheld the Affordable Care Act, a k a Obamacare. There will, no doubt, be many headlines declaring this a big victory for President Obama, which it is. But the real winners are ordinary Americans – people like you.

How many people are we talking about? You might say 30 million, the number of additional people the Congressional Budget Office says will have health insurance thanks to Obamacare. But that vastly understates the true number of winners because millions of other Americans – including many who oppose the act – would have been at risk of being one of those 30 million.

So add in every American who currently works for a company that offers good health insurance but is at risk of losing that job (and who isn’t in this world of outsourcing and private equity buyouts?); every American who would have found health insurance unaffordable but will now receive crucial financial help; every American with a pre-existing condition who would have been flatly denied coverage in many states.

Richard (RJ) Eskow: Don’t Kid Yourself. It’s Still a Corporate Court. Here Are 10 Lessons From CEO Roberts

Was today’s ruling a victory for justice over corporate power? Did Chief Justice John Roberts rise above partisan differences because that’s where an honest reading of the law took him?

Nah. The majority on this Supreme Court is a wholly-owned subsidiary of Corporate America. Call it SCOTUS™ Inc., and it’s brought to you by the same fine folks that gave you Citizens United and Bush v. Gore. John Roberts is its CEO, not its chief justice.

The point isn’t to reinforce anybody’s cynicism. The point is to act more effectively on behalf of our ideals, by seeing things as they really are.

Robert Reich: Roberts’ Switch

Today a majority of the Court upheld the constitutionality of the Affordable Care Act, otherwise known as Obamacare in recognition of its importance as a key initiative of the Obama administration. The big surprise, for many, was the vote by the Chief Justice of the Court, John Roberts, to join with the Court’s four liberals. [..]

Unfortunately for President Obama – and for Chief Justice Roberts, to the extent his aim in joining with the Court’s four liberals was to reduce the public appearance of the Court’s political partisanship – the four conservatives on the Court, all appointed by Republican presidents, were fiercely united in their view that the entire Act is unconstitutional. Their view will surely become part of the Romney campaign.

George Zornick: Ruling Could Allow Republicans to Deny Medicaid to Millions of Poor Americans

The Affordable Care Act didn’t survive entirely as passed-somewhat lost amidst the intense focus on the individual mandate was a ruling that part of the law’s Medicaid expansion was unconstitutional. The Supreme Court’s modification of the law probably won’t have a fundamental, long-term impact, but does make it easier for rogue Republican governors to exempt their states from participating in the expansion-and could cost millions of low-income, uninsured Americans a chance at government health care. [..]

The decision is only hours old, and as yet, no Republican governor has announced that he or she will reject the Medicaid expansion. But if anyone does it will have real impacts on many uninsured in that state-in Texas, for example, Rick Perry could yank Medicaid away from 1.8 million people who would get it under an expansion. The biggest question for healthcare reformers and the uninsured going forward is whether Perry and his cohorts will actually pull the trigger.

John Nichols: Bernie Sanders, Nurses: We Still Need ‘Medicare for All’

There has been few steadier Congressional hands throughout he debate over healthcare reform than that of Vermont Senator Bernie Sanders. Principled in his support for the real reform of “Medicare for All,” yet pragmatic in his advocacy for Affordable Care Act provisions that expand public health programs and allow states to experiment with single-payer options, Sanders has been in the thick of every fight over President Obama’s signature reform. And the ensuing legislative and legal battles over its implementation.

What Sanders says about Thursday’s Supreme Court decision upholding the ACA provides important insights for progressives as they respond to a complex decision that, in the words of the National Nurses United union, “should not be seen as the end of the efforts by health care activists for a permanent fix of our broken health-care system.”

Robert Sheer: Supreme Court Leaves Romney in the Cold

Mitt Romney is an idiot or, even worse, is pretending to be one. His tantrum of a response on Thursday to the Supreme Court’s health care decision was pure playground: As president I will own the ball, and the game will be played by rules that leave me a winner.

That game has already been called in a decision written by the top-ranking conservative jurist, and shorn of the constitutional objection; Barack Obama’s health care plan now will be judged by its practical outcomes. Romney’s promise that “I will act to repeal Obamacare” from “my first day as president of the United States” is a prescription of destructive gridlock for a program already well under way.  

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

E. J. Dionne: Scalia Should Resign from the Supreme Court

Justice Antonin Scalia needs to resign from the Supreme Court.

He’d have a lot of things to do. He’s a fine public speaker and teacher. He’d be a heck of a columnist and blogger. But he really seems to aspire to being a politician – and that’s the problem.

So often, Scalia has chosen to ignore the obligation of a Supreme Court justice to be, and appear to be, impartial. He’s turned “judicial restraint” into an oxymoronic phrase. But what he did this week, when the court announced its decision on the Arizona immigration law, should be the end of the line.

Katrina vanden Heuvel: Women Who Don’t Have Anything Close to ‘Having It All’

Anne-Marie Slaughter, the first women to head policy planning in the State Department, has set the punditry buzzing with her Atlantic cover story, ” Why Women Still Can’t Have it All,” on the pressures felt by successful professional women.

Women with high-powered careers competing for leadership roles while raising a family face harsh and conflicting pressures, as Slaughter details. But the stark reality is that most working mothers face far more daunting obstacles simply trying to keep their families afloat. And with advertisers geared to young affluents, celebrating a lifestyle that few can afford, the reality of most working mothers is too seldom discussed in the media.

Jonathan Turley: A Bigger, Better Supreme Court: The Case for Reform

A string of key decisions decided by 5-4 split effectively makes it a ‘court of one’. It’s time to debate a less dysfunctional future

This week, the country awaits the blockbuster ruling of the supreme court on the future of national healthcare in the United States. Citizens have waited anxiously every Monday morning for weeks for the next pronouncement – whether on immigration, free speech or, now, healthcare – to be handed down from the highest court. It has left many uneasy about the hold that such a small number of unelected jurists have on the nation.

Once again, many important decisions were the result of a court of one – 5-4 decisions, with “swing Justice” Anthony Kennedy deciding the issue for the nation. Healthcare is just one of a litany of cases that are reshaping the country in an image dictated often by just five members of the court. This has included sweeping changes in the political process from the Bush v Gore decision in 2000 (where the supreme court effectively chose the next president), to the Citizen’s United case (where the court struck down campaign finance limits for corporations).

Amy Goodman: Big Money Wins in the Big Skies of Montana

“I never bought a man who wasn’t for sale,” William A. Clark reportedly said. He was one of Montana’s “Copper Kings,” a man who used his vast wealth to manipulate the state government and literally buy votes to make himself a U.S. senator. That was more than 100 years ago, and the blatant corruption of Clark and the other Copper Kings created a furor that led to the passage, by citizen initiative, of Montana’s Corrupt Practices Act in 1912. The century of transparent campaign-finance restrictions that followed, preventing corporate money from influencing elections, came to an end this week, as the U.S. Supreme Court summarily reversed the Montana law.  Five justices of the U.S Supreme Court reiterated: Their controversial Citizens United ruling remains the law of the land. Clark’s corruption contributed to the passage of the 17th Amendment to the U.S. Constitution. Now, close to 100 years later, it may take a popular movement to amend the Constitution again, this time to overturn Citizens United and confirm, finally and legally, that corporations are not people.

Wendall Potter: Dems Play with Private Insurance Industry, Get Burnt

Et tu, Ron?

As President Obama read former Aetna CEO Ron Williams’ op-ed in The Wall Street Journal renouncing his support for a key provision of the health care reform law, he must have felt like Julius Caesar when Caesar realized, as he drew his last breath, that his close friend Brutus was in cahoots with his assassins.

Williams’ betrayal appeared in last Monday’s edition of the Journal under the headline, “Why I No Longer Support the Health Insurance Mandate.” The fact that it was published just days before the Supreme Court was expected to rule on the constitutionality of the mandate made it clear that Williams was not the trusted advisor the President thought he was, that, like Brutus, Williams had thrown his lot with those plotting against the commander-in-chief.

John Nichols: Labor’s Got to Get Serious About Amending to Overturn ‘Citizens United’

AFL-CIO President Richard Trumka is pulling no punches when it comes to the US Supreme Court’s recent pattern of decisions regarding the way in which corporations can engage in politics versus the way in which unions can engage.

“[This] Supreme Court says you cannot do anything to hamper the First Amendment rights of corporations,” argues Trumka. “But when it comes to workers, they haven’t seen a detriment to the First Amendment that they haven’t liked yet.”

Trumka has been increasingly critical of the Supreme Court’s 2010 Citizens United v. FEC ruling in recent months, arguing: “Citizen United has ushered in a new era of elections and it’s not a pretty picture.”

But now he has even more reason to be concerned. And, hopefully, to swing the labor movement toward even more aggressive support of fundamental reforms in how election campaigns are financed-up to and including a constitutional amendment to overturn Citizens United.

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

Follow us on Twitter @StarsHollowGzt

Kristina vanden Heuvel: The Robin Hood Tax: A Powerful Antidote to Austerity

Last week, nurses rallied, bank staff marched, conservatives coalesced and finance professionals petitioned-all in support of a global tax on Wall Street speculation. You wouldn’t know it from the headlines (Financial Times: “Push for EU-wide ‘Robin Hood Tax’ ends”), but by week’s end, that elusive goal was closer than ever.

“We don’t just advocate for people when they’re ill, and we don’t just advocate for them when they’re in the hospital,” says Jean Ross, a registered nurse and co-president of National Nurses United, the country’s largest nursing union. “We have to have a society where they can get well and stay well.”

As I’ve written before, the financial transaction tax (FTT) is a good idea whose time has come. By assessing a modest fee on transactions, we can raise revenue from those who can afford it while discouraging the unproductive speculation that puts our economy at risk. And frankly, Wall Street owes us. The tax offers an antidote to austerity and a rallying cry that hard-core occupiers, Democratic senators, and reality-based conservatives can all get behind.

Wenonah Hauter: Secrecy + Haste = Farm Bill Status Quo

Late last week, the Senate passed its version of the Farm Bill – the sprawling legislation that dictates what and how we eat. From the perspective of consumer protection and leveling the playing field for small and midsized family farmers, the Senate bill does little to address the problems of consolidation and anti-competitive business practices that plague our food system.

Although the Senate bill made changes to commodity policy that will be touted as reform, the bill reinforced prior farm policies that favor large industrial-scale agriculture and overproduction of commodity crops like corn and soybeans. Only a few companies sell what farmers need (like seeds, fertilizer and tractors) and only a few firms buy what farmers raise, which means they pay more for supplies and get less for their crops and livestock. The four largest companies in each industry slaughter nearly all the beef, process two-thirds of the pork, sell half the groceries and process about half the milk in the United States.

Michelle Chen: Migration as Ecology: How Culture Evolves

The immigration debate in the United States often centers narrowly around people who cross a border, and their social impacts on the “destination” country. But what if we viewed migration as a social phenomenon, or as a natural process? An ecological viewpoint can open a new frame for exploring the immigrant experience as a continual cultural and demographic transformation. This month, advocates at the Rio +20 earth summit took up the issue of migration as a form of ecology.

The environmental lens moves the immigration debate beyond the concept of rich countries “receiving” outsiders, or poor countries “sending” workers across borders. Seeing immigration as a zero-sum game ignores the humanity of the people who are driving, and are driven by, constant movement and resettlement. For the U.S. in particular, the focus on border enforcement-sanctifying artificial boundaries as a delimiter of citizenship-ignores the idea that migration is both an inevitable social process, and intimately connected with all other forms of social change, be they political movements, poverty, war, or, perhaps more acutely, environmental disaster.

Caroline Arnold: Who Will Write the Scripts for Our Future?

A few weeks before the U.S. invaded Iraq, the late Edward Said wrote:

Millions of people will be affected, [by a war with Iraq] yet America contemptuously plans for their future without consulting them. … Will no one come out into the light of day to express a vision for our future that isn’t based on a script written by Donald Rumsfeld and Paul Wolfowitz?

-Guardian/UK, January 25, 2003

Nine years later – with President Obama collaborating with Israel on cyberwarfare against Iran, and protecting his Presidential “kill list” from public scrutiny while asserting that anyone who gets in the way of our drones must deserve to die – we should be asking a similar question: Will no one come into the light of public politics with a vision for our future not based on scripts written for political or economic power?

Or, to put it another way: Is there any way for “We-the-People” to free ourselves from these scripts and take control of our own government?

Allison Kilkenny: The Resistance Continues as Citizens Fight Budget Cuts

Much has been written about the future of Occupy: the movement is dead, it is not dead, it evolved into something else, it will experience a resurgence in the fall, etc. But what has received less air time are all the ways in which citizens, be they part of Occupy or not, continue to battle budget cuts in their own communities and across the country.

The blasé reception of this ongoing resistance might be explained, in part, by the decline of Occupy’s occupations. Revolution is sexy, but the quiet resistance of low-key direct action lacks Liberty Park’s flash.

Yet the resistance continues, in ways large and small.

Marta Sánchez: Losing Strength? An Alternative Vision of Spain’s Indignados Movement

A silent revolution emerges from the underground. Far from losing strength, decentralization has allowed 15-M to become ever more dynamic

Is the 15-M movement going invisible? Or is it rather gaining strength in the ‘underground’? The mainstream media keep claiming that the indignados have lost support since last year, that its only success is its ability to bring people together on special dates. Spanish newspaper El País concluded in May 2012 that, one year after the birth of the movement, popular support and sympathy for the indignados had decreased around 13% among the Spanish population, despite the massive mobilizations that took place from the 12th until the 15th of May, commemorating the anniversary of the movement. ABC opened its edition of May 15 stating that “the indignados movement shows less strength on their anniversary.” But the media misses the point. In reality, rather than losing strength, the movement has become stronger, more organized, better coordinated, and supported by the commitment of hundreds of people.

The decentralization of the movement

When May 2011 came to an end, the recently born 15-M movement had to find out how to survive beyond the camp at Puerta del Sol (acampadasol). Thus arose the idea of decentralizing the movement towards the neighborhoods: the ‘toma los barrios‘, or take the neighborhoods, initiative supported and encouraged the creation of assemblies in every neighborhood of Madrid. In this way, the movement went local: since the creation of the neighborhood assemblies on May 28, 2011, around 120 assemblies have been set up, and they coordinate through the Asamblea Popular de Madrid, the popular assembly of Madrid, also known as Asamblea Interbarrios (the inter-neighborhood assembly). As there were many thematic working groups in the original Sol camp, working groups with similar interests were created in most of the neighborhood assemblies, which since then collaborate and coordinate with the general groups from acampadasol.

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: Citizens United

The Supreme Court examined the Arizona immigration law in minute detail, but when it came to revisiting the damage caused by its own handiwork in the 2010 Citizens United case, it couldn’t be bothered. In a single dismissive paragraph on Monday, the court’s conservative majority refused to allow Montana or any other state to impose limits on corporate election spending and wouldn’t even entertain arguments on the subject. [..]

Congress can – and should – require disclosure of secret donations. The Internal Revenue Service should crack down on political organizations that pose as tax-exempt “social welfare” organizations to avoid current disclosure rules.

But, for now, the nation’s highest court has chosen to turn its back as elections are bought by the biggest check writers.

Simon Johnson: U.S. Banks Aren’t Nearly Ready for Coming European Crisis

The euro area faces a major economic crisis, most likely a series of rolling, country-specific problems involving some combination of failing banks and sovereigns that can’t pay their debts in full.

This will culminate in systemwide stress, emergency liquidity loans from the European Central Bank and politicians from all the countries involved increasingly at one another’s throats.

Even the optimists now say openly that Europe will only solve its problems when the alternatives look sufficiently bleak and time has run out. Less optimistic people increasingly think that the euro area will break up because all the proposed solutions are pie-in-the-sky. If the latter view is right — or even if concern about dissolution grows in coming months — markets, investors, regulators and governments need to worry not just about interest-rate risk and credit risk, but also dissolution risk.

Eugene Robinson: John Roberts’ View From the Liberals’ End of the Bench

By throwing out most of the anti-Latino Arizona immigration law and neutering the rest, the Supreme Court struck a rare blow for fairness and justice. Let’s hope this is the beginning of a streak.

Let’s also hope that Chief Justice John Roberts, who sided with the 5-3 majority in the Arizona case, likes the view from the liberals’ end of the bench. They could use his vote on the health care reform ruling, expected to be announced Thursday.

In a perfect world, the court would have definitively eliminated the most notorious section of the Arizona law: the requirement that police check the immigration status of anyone who is detained. Because of its chilling invocation of police-state tactics, this became known as the “papers, please” provision.

John W. Whitehead: In a Police State, Everyone Loses: The Supreme Court’s Ruling in Arizona v. United States Endangers Us All

If you’re dark-haired, brown-skinned and have the misfortune of living in Arizona in the wake of the U.S. Supreme Court’s ruling in State of Arizona v. United States of America (pdf), get ready to be stopped, searched and questioned. Then again, if you’re a citizen living in the United States, this is merely one more component of the police state that appears to be descending upon us.

Thanks to a muddled decision handed down by the Supreme Court on June 25, Arizona police officers now have broad authority to stop, search and question individuals — citizen and non-citizen alike. While the law prohibits officers from considering race, color, or national origin, it amounts to little more than a perfunctory nod to discrimination laws on the books, while paving the way for outright racial profiling.

Dean Baker: The Regulation Monster

Those familiar with the “confidence fairy” recognize that economic policy debates in Washington are dominated by imaginary creatures. The confidence fairy, which was discovered by Paul Krugman, is the mythical creature that brings investment, jobs and growth as a reward to countries that practice painful austerity.

Economies don’t actually work this way, but important people in policy making positions in Washington and Europe insist that they do. And they hope that they can get the public to believe in the confidence fairy, or at least a large enough segment of the public, to stay in power.

John Kallianniotis: The return of the drachma

The new Greek coalition government will likely try to renegotiate the terms of the second bailout of my economically beleaguered homeland – which would be a welcome development. But it may only prolong the inevitable.

Sooner rather than later, it will finally dawn on leaders in Athens that the idea to include Greece in the single currency plan was never going to work. The Greek people don’t want it, and it is not good economic policy for the nation.

Greece, the cradle of Western civilization, is not like the industrialized nations of northern Europe. It’s more like Denmark and Sweden – members of the European Union that don’t participate in the single currency system.

The experiment that included Greece in the euro-zone has failed from the start. An overvalued euro has destroyed exports, foreign investments, tourism, shipping and many other activities. I have watched my country weaken economically over the past few decades. To continue on this path is madness.

George Zornick: Federal Reserve Presented With Petition, Plea That Jamie Dimon Be Fired

The push to remove JPMorgan Chase CEO Jamie Dimon and other financial-sector executives from the Federal Reserve Boards of Governors came inside the walls of the Fed on Monday, as noted economist Simon Johnson presented officials there with a petition and urged them to change the structure of the important boards.

At the twelve regional Federal Reserve banks, there are nine-member boards of directors. Six of the seats are selected by banks from the region-three directors to represent their interests, and then three directors, picked by the banks, that will allegedly represent “the public’s interest.”

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