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”.

Paul Krugman: The Centrist Cop-Out

The facts of the crisis over the debt ceiling aren’t complicated. Republicans have, in effect, taken America hostage, threatening to undermine the economy and disrupt the essential business of government unless they get policy concessions they would never have been able to enact through legislation. And Democrats – who would have been justified in rejecting this extortion altogether – have, in fact, gone a long way toward meeting those Republican demands.

As I said, it’s not complicated. Yet many people in the news media apparently can’t bring themselves to acknowledge this simple reality. News reports portray the parties as equally intransigent; pundits fantasize about some kind of “centrist” uprising, as if the problem was too much partisanship on both sides.

Joe Conason: Why China is Laughing All the Way to the Bank

The global impact of the American debt crisis-and the likelihood of permanent damage to American interests-are already visible to Sen. John Kerry, D-Mass., from his perch as chairman of the Senate Foreign Relations Committee. Indeed, he is not only seeing but hearing those effects.

“The Chinese are laughing all the way to the bank,” said the former Democratic presidential nominee, because a downgrading of U.S. Treasury securities will mean enormous and completely unnecessary increases in our interest payments to the nation’s largest creditor-and our most important competitor in the international arena.

“If we suffer a downgrade of our (U.S. Treasury) debt simply because of the brief time before we have to go through this exercise again,” said Kerry, referring to the House Republican insistence on a debt-limit increase that will expire before next Christmas, “it would mean billions of additional dollars that would have to be paid to the Chinese.”

Moshe Adler: Without a Debt Deal, Obama Can Make the Rich Pay

What we should be talking about when we talk about the debt ceiling is the proper role and size of government. Instead, we are asking whether the government spends too much on programs that alleviate the pain that is the result of government policies in the first place. Social Security, Medicare, Medicaid, unemployment insurance and food stamps are all good programs, but all are meant to deal with the consequences of the income inequality that the government makes possible by the laws it passes. Income security programs make up 65 percent of all government expenses, and from this we are asked to conclude that the government is mainly in the business of serving and taking care of common people. But the most profound actions that the government takes, passing laws that make the rich rich, ostensibly cost no money and, because we play along, enforcing them supposedly has no cost.

Any agreement by Congress to cut the income security programs while leaving the main beneficiaries from our government-the rich-untouched, would be unconscionable. If Congress does not reach an agreement, and the deficit remains unfunded, this will give the president an unprecedented opportunity to expose who the government really serves, because it will be up to him alone; no agreement from Congress would be necessary to decide where to cut. Let him first withhold money from the enforcement and the support of laws that enrich the rich. This would lead to higher wages for workers and lower prices for consumers, and it would therefore be a good quid pro quo for the cuts he wants to make in income security programs.  

Timothy Egan: A Madman and His Manifesto

It passed with only scant notice, as with so many of the rude extremes of American life in a kinetic media age. The bodies of those Norwegian children slaughtered by a terrorist had yet to be fully recovered, let alone buried, when Glenn Beck compared the victims to Nazis.

The summer camp where children of the Norwegian Labor Party went for soccer, swimming, political debates and lectures “sounds a little like, you know, the Hitler Youth,” Beck said in his national radio broadcast.

No, Beck wasn’t justifying the killing of 68 people on Utoya Island. He was merely muddying the humanity of those young people executed by Anders Behring Breivik, the self-professed “Christian Knight” who has confessed to the attacks. But Beck’s Web site, The Blaze, was full of justifications for the mass murder of innocents, and provided a sampling of the troubled audience he caters to in this country.

Eugene Robinson: Why progressives need a Big Idea

Those who would chronicle events in Washington can find no richer source of analogy and metaphor than the Three Stooges. These days, I’m thinking of the times when an exasperated Moe, having suffered the indignity of an accidental spritzing or clobbering, turns to Larry or Curly and demands, “What’s the big idea?”

The premise of the debt-ceiling fight is too far-fetched for a Stooges film, since no audience could imagine leaders of a great nation stumbling into such a mess. Moe’s trademark line is still relevant, however, even if it’s not followed by the two-fingered poke in the eyes that our elected officials richly deserve.

It is clear that unless President Obama ends up taking unilateral action to break a hopeless deadlock, Republicans will win. The House, the Senate and the White House are all working within GOP-defined parameters: New tax revenue is off the table, painful budget cuts are a given, everyone seems to accept the principle that a debt-ceiling increase – which allows the Treasury to pay bills Congress has already incurred – must be tied to reductions in future spending.

Terrence Heath: Why the GOP Aims to Sink the Economy

“Suppose you were an idiot, and suppose you were a member of Congress; but I repeat myself.” ~ Mark Twain ~

If our economy was the RMS Titanic, Republicans would be like an ambitious first mate, so eager to seize power from the captain that he steers the ship of state into an iceberg, thinking he’ll take over when the captain goes down with the ship. Republicans have forgotten – or no longer care – they’re on the boat too, and they’re working very hard to ensure that the country will be nearly ungovernable should they succeed in seizing the reins of government.

If it seems like the White House is arranging deck chairs on the Titanic, the GOP is busy measuring the the captain’s quarters for drapes, even as the ocean pours in. And the tea party orchestra plays on, with just one song on the playlist – “Under the Sea.”

You can take your pick for the moment the GOP noticably went off the rails. I have two favorites: when it fell to Peggy Noonan to be the Republicans’ voice of reason following Sarah Palin’s VP nomination, and when David Brooks warned the GOP that it “may no longer be a normal party”. Together, they’re the political equivalent of Courtney Love showing up at your intervention and Charlie Sheen offering you a ride to rehab. But this Republican party isn’t likely to heed such sane voices as Noonan and Brooks, and would just as soon throw them overboard.

Stephen Rohde: Getting Away With Torture: the Ill Treatment of Detainees

Should the U.S. government officials most responsible for setting interrogation and detention policies following the Sept. 11, 2001 attacks be investigated, and if warranted prosecuted, under United States and international law?

snip

HRW found that “there is enough strong evidence from the information made public over the past five years to not only suggest these officials authorized and oversaw widespread and serious violations of US and international law, but that they failed to act to stop mistreatment, or punish those responsible after they became aware of serious abuses.”

Moreover, although Bush administration officials have claimed that detention and interrogation operations were only authorized after extensive discussion and legal review by Department of Justice attorneys, HRW concludes that “substantial evidence that civilian leaders requested that politically appointed government lawyers create legal justifications to support abusive interrogation techniques, in the face of opposition from career legal officers.”

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 Sheer: Debt Madness Was Always About Killing Social Security

This phony debt crisis has now passed through the looking glass into the realm where madness reigns. What should have been an uneventful moment in which lawmakers make good on the nation’s contractual obligations has instead been seized upon by Republican hypocrites as a moment to settle ideological scores that have nothing to do with the debt.

Hypocrites, because their radical free market ideology, and the resulting total deregulation of the financial markets, is what caused the debt to spiral out of control this last decade. That and the wars George W. Bush launched but didn’t have the integrity to responsibly finance. The consequence was a banking bubble and crash leading to a 50 percent run-up of the debt that has nothing to do with the “entitlements” that those same Republicans have always wanted to destroy.

New York Times Editorial: America’s Credibility Is at Risk

Until this week, Wall Street has shrugged off each new low in the debt-limit debate, confident – in a whistling-past-the-graveyard kind of way – that Washington would raise the debt limit on time.

Many Republican politicians have insisted that the economy and the country could shrug off a default. Up to Wednesday, the most conservative members of the House seemed to be welcoming a default. They refused to support a plan to raise the limit – and impose overly harsh spending cuts – put forward by Speaker John Boehner.

The cost of this fecklessness should now be clear to everyone. The Dow Jones industrial average dropped nearly 200 points on Wednesday and is down 421 points since Friday when Mr. Boehner left President Obama waiting for a phone call that never came about a deal that never closed.

Cliff Schecter: The Republican Party No Longer Has Its Country’s Best Interests at Heart

Once upon a time, in a land that now seems to have been populated by tooth fairies and unicorns, there was a political party that had a set of core beliefs to which they actually adhered.

Among them was that actually balancing the budget, as opposed to just talking about it, was sacrosanct. Slow change, while necessary, had to be balanced against the traditions of the United States, ones that had mostly served us well over two centuries.

Foreign military adventures should be limited to our national security interests. And one of the single most important components of diplomacy was protecting the economic interests not only of an elite few, but of the great many Americans who toiled in our factories and fields.

Robert Reich: The Biggest Driver in the Deficit Battle: Standard & Poor’s

If you think deficit-reduction is being driven by John Boehner or Harry Reid, think again. The biggest driver right now is Standard & Poor’s.  

All of America’s big credit-rating agencies – Moody’s, Fitch, and Standard & Poor’s – have warned they might cut America’s credit rating if a deal isn’t reached soon to raise the debt ceiling. This isn’t surprising. A borrower that won’t pay its bills is bound to face a lower credit rating.

But Standard & Poor’s has gone a step further: It’s warned it might lower the nation’s credit rating even if Democrats and Republicans make a deal to raise the debt ceiling. Standard & Poor’s insists any deal must also contain a credible, bipartisan plan to reduce the nation’s long-term budget deficit by $4 trillion – something neither Harry Reid’s nor John Boehner’s plans do.

E. J. Dionne, Jr.: Yes to moderation, no to centrism

What the country yearns for is moderation. What we hear about is the political center. But centrism has become the enemy of moderation.

Moderation in politics is about balance. It means believing in a vibrant and innovative private sector and a government substantial enough to do what the private sector doesn’t, and it means enforcing sensible rules for economic competition. It means incentives for success, help for those making their way up, and security for the sick, the aging, the poor, the unlucky. It means balancing our love of individualism and our desire for community. This, in turn, means that reducing the budget deficit can’t rely only on cutting programs. Yes, taxes need to go up.

All the polls I have ever seen peg the vast majority of Americans as moderate by this definition.

Jon Walker: Disaster Legislating; A Dangerous New Process

Some people are worried about the potential Constitutional crisis if President Obama uses the 14th Amendment to declare the debt ceiling voting unconstitutional. The reality though is that we are already in the midst of a full blown Constitutional crisis that is will likely only get worse in the coming years.

Whether or not you think it is a good idea, the Constitution was designed such that any major policy change should take the agreement of the House, the Senate, and the President, unless the President’s veto could be overturned by the House and Senate.

Bill McKibben: Tim DeChristopher Is Going to Jail, Now It’s Our Turn

“The idea of wilderness needs no defense. It only needs more defenders.” –Ed Abbey

“The Eyes of the Future are looking back at us and they are praying for us to see beyond our own time.” –Terry Tempest Williams

There’s something about the redrock canyons that seems to inspire great writing — I was lucky enough to know Ed Abbey and to count Terry Tempest Williams as a great friend. Both wrote — and both fought. They fulfilled the duty they owed that great landscape. They fought to protect great chunks of land.

And they’re joined by Tim DeChristopher, sentenced today to 24 months in prison for a creative act of resistance straight out of the Monkey Wrench Gang. He didn’t damage anything except the pride of the Bureau of Land Management, when he posed as a bidder and won 14 parcels of land at an oil-and-gas lease auction. They were gorgeous pieces of land that he protected — but far more, he was acting on behalf of every landscape left on the planet.

David Sirota: The Long-Term Legacy of 9/11

Nearly 10 years later, new studies point to lasting effects on the nation’s mental, physical and political health

Like most Americans, I can still remember it as if it were yesterday: The images of the burning building on the screen, the murmurings of bewildered morning TV anchors, the burst of “holy shit!” subject lines in my email box and then, shattering the slow-mo dreamlike quality of it all, the bark of a police officer telling me to get out of the Capitol complex as quickly as possible because a plane-turned-missile was headed our way.

This was my particular 9/11 experience — a Washington of complete chaos where chest-thumping tough-on-terror congresspeople were instantly transformed into cowering child-trampling George Costanzas as they fled for the door. I’m sure everyone fortunate enough to survive that day has their own unique flashback — it was, after all, a generation’s “where were you when” moment a la the JFK assassination. Only now, approaching the 10-year anniversary of 9/11, a trio of new studies show the post-traumatic stress of the attacks resulted in deep cultural shifts that go way beyond mere haunting mental images and bouts of insomnia.

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.

Wednesday is Ladies’ day. Scroll down for the Gentlemen.

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

Katrina vanden Heuvel: The GOP’s state-by-state crusade to disenfranchise voters

With only a week left before the United States of America could default on its debt, it’s easy to look at the federal government and wonder how we ever made it this far. Who would have guessed that a committed gang of extremists could bring down the economy? And yet, that’s where we find ourselves today, cornered by a manufactured crisis and running out of time. As Larry Sabato rightly tweeted over the weekend, “For anybody who teaches the American system and believes in it, this has been an extremely discouraging week.”

Unfortunately, the assault on our democracy is not confined to Congress or the standoff over the debt ceiling. It is also seeping into the states, where voting rights – the fundamental underpinning of any democracy – are being curbed and crippled.

In states across the country, Republican legislatures are pushing through laws that make it more difficult for Americans to vote. The most popular include new laws requiring voters to bring official identification to the polls. Estimates suggest that more than 1 in 10 Americans lack an eligible form of ID, and thus would be turned away at their polling location. Most are minorities and young people, the most loyal constituencies of the Democratic Party.

Amy Goodman: War Is a Racket

“War is a racket,” wrote retired U.S. Marine Maj. Gen. Smedley D. Butler, in 1935. That statement, which is also the title of his short book on war profiteering, rings true today. One courageous civil servant just won a battle to hold war profiteers accountable. Her name is Bunnatine “Bunny” Greenhouse. She blew the whistle when her employer, the U.S. Army Corps of Engineers, gave a no-bid $7 billion contract to the Halliburton subsidiary Kellogg, Brown and Root (KBR) as the invasion of Iraq was about to commence. She was doing her job, trying to ensure a competitive bidding process would save the U.S. government money. For that, she was forced out of her senior position, demoted and harassed.

Just this week, after waging a legal battle for more than half a decade, Bunny Greenhouse won. The U.S. Army Corps of Engineers settled with Greenhouse for $970,000, representing full restitution for lost wages, compensatory damages and attorneys’ fees.

Her “offense” was to challenge a no-bid, $7 billion+ contract to KBR. It was weeks before the expected invasion of Iraq, in 2003, and Bush military planners predicted Saddam Hussein would blow up Iraqi oilfields, as happened with the U.S. invasion in 1991. The project, dubbed “Restore Iraqi Oil,” or RIO, was created so that oilfield fires would be extinguished. KBR was owned then by Halliburton, whose CEO until 2000 was none other than then-Vice President Dick Cheney. KBR was the only company invited to bid.

Maureen Dowd: Not O.K. at the O.K. Corral

For half a century, our trust in government has been falling off a cliff. Some presidential elections have been more about voting against somebody rather than for somebody. There were upticks in faith when Ronald Reagan and Bill Clinton delivered prosperity.

But now trust levels are drooping even lower. The public has less faith in Congress than Wall Street, and that’s saying something. Most Americans either feel that government is broken or that the fix is in, so that special interests and a handful of people at the top are the only ones benefiting.

The last century was the American century. But this one will not be, thanks to George W. Bush and Dick Cheney, who used their boots and spurs to ride roughshod over the globe and American economy. They spent eight years and trillions of dollars either barging into stuff they should have left alone or leaving alone stuff they should have intervened on.

Annie Lowrey: The Markets Yawn

Why isn’t Wall Street panicking about the default crisis yet?

Predicting where the market is heading is a daft exercise. But its nonchalance suggests that investors are no more worried about the possibility of a U.S. default today than they were on Friday. The consensus seems to be that the debt-ceiling crisis is an obnoxious piece of political theater that will end as close to the default deadline as possible, and that it is not an actual financial crisis that needs handling now.

Indeed, the current “crisis” is a manufactured one. Of course the United States needs to get its fiscal house in order. Of course the debt has ballooned to threatening levels. But the problem remains long-term and mostly about ensuring job growth and bending down the health care cost curve. Still, it is not clear what the scale of the catastrophe could be should Congress fail to raise the debt ceiling. Some investment banks speculate that the market reaction might not be as bad as people think, with government going into a very short-lived shutdown, voter anger forcing Congress to get its act together, and the market rolling its eyes even if it dumps some bonds.

Anne Applebaum: Anders Behring Breivik and the Crisis of Legitimacy

What the Norwegian murderer and American “birthers” have in common.

In the past 48 hours, Anders Behring Breivik has been described as a racist, a white supremacist, and an anti-Islamic fanatic. News reports of his arrest are now accompanied by analyses of Europe’s failure to absorb its immigrant population, by commentary on the rise of far-right political parties, by discussions of the threats posed to Muslims living in Europe. Having mistakenly assumed that the story of terror in Oslo belonged to the narrative of the war on terrorism, we are now placing it firmly within the equally familiar narrative of white racism and anti-Islamic fanaticism.

Aren’t we missing the point once again? Breivik was not, in fact, a killer of immigrants or Muslims. He was a killer of Norwegians. The particular set of obsessions that led him to madness and then to mass murder were not merely racist. They also sprang from an insane conviction that his own government was illegitimate.

New York Times Editorial: A Denial of Reality

How can so many Republican lawmakers justify pushing their country toward catastrophic default just to score ideological points? The answer can be found in their statements and writings: They are constructing an alternative reality far different from that of most Americans.

A large number of Republican lawmakers, for example, simply don’t accept that the United States is going to be in default as of Tuesday. (Wall Street banks say the nation will run out of money within a few days of that date.)

The Treasury Department, which keeps the government bankbook, set the Aug. 2 deadline, but they say it cannot be trusted because it is an arm of the Obama administration. Representative Joe Walsh, a freshman from Illinois, recorded an instantly notorious video in which he accused President Obama of “lying” about the dangers of default. “There’s plenty of money to pay off our debt and cover all of our Social Security obligations,” he said, without saying where all these billions might be hidden.

Eugene Robinson: Thinking the unthinkable

Just for a moment, let’s think the unthinkable: What if we get to August 2 and there’s still no deal to raise the debt ceiling? How big a disaster would that be?

Somewhere between massive and apocalyptic, if an actual default were to ensue. That’s why I’ve never understood, throughout this whole endless tragicomic melodrama, how President Obama could possibly let that happen. It seems to me that definitive action – unilateral, if necessary – to prevent the nation from suffering obvious, imminent, grievous harm is one of the duties any president must perform. Perhaps the most important duty.

Neither Obama nor anyone else in the White House wants to talk about possible doomsday scenarios, except to warn that Social Security checks might not go out on time. This is understandable. There’s no incentive for Republicans to give an inch – which would anger the Tea Party base – if they believe Obama, in the end, will ensure they never have to face the consequences of their intransigence. In any event, there will probably be some kind of deal. Won’t there?

E. J. Dionne: Democrats winning on the debt ceiling, losing on jobs

The Post’s able blogger Greg Sargent has been pushing the idea of a “Beltway Deficit Feedback Loop.” The idea is that the Washington conversation makes everybody in the nation’s capital believe more fiercely by the day that the deficit is the most important problem facing the country, when out in the real world, Americans are worried primarily about jobs and growth.

There’s a new poll out that lends further support to this view. The latest Pew Research Center poll released on Tuesday – the survey was carried out between July 20 and July 24 – asked respondents which economic issue worried them most. The results: 39 percent said the job situation, 29 percent said the deficit, 15 percent said rising prices and 11 percent said problems in the financial and housing markets. Pew’s report noted that even among Republicans, 34 percent cited jobs while 37 percent cited the deficit.

Dana Milbank: In debt debate, life imitates sport

It’s fourth and long in America’s fight to avoid default, but our leaders still can’t agree on the field conditions.

“The White House moved the goal post,” House Speaker John Boehner protested Friday night.

“There was no change at the goal post,” White House chief of staff Bill Daley responded, via “Meet the Press” Sunday morning.

Yet Harry Reid, the Democratic leader in the Senate, is on record saying the uprights were indeed moved – by the Republicans. “It is like trying to kick a field goal and the goalposts keep moving,” he said earlier in the budget fights.

It’s time to throw a flag and penalize both sides for unnecessary sportsmanship: specifically, turning the debt-limit impasse into an extended athletics metaphor.

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”.

New York Times Editorial: The Republican Wreckage

House Republicans have lost sight of the country’s welfare. It’s hard to conclude anything else from their latest actions, including the House speaker’s dismissal of President Obama’s plea for compromise Monday night. They have largely succeeded in their campaign to ransom America’s economy for the biggest spending cuts in a generation. They have warped an exercise in paying off current debt into an argument about future spending. Yet, when they win another concession, they walk away.

This increasingly reckless game has pushed the nation to the brink of ruinous default. The Republicans have dimmed the futures of millions of jobless Americans, whose hopes for work grow more out of reach as government job programs are cut and interest rates begin to rise. They have made the federal government a laughingstock around the globe.

Ari Melber: In Debt Address, Obama Asks Americans to Raise The Roof

President Obama did not say anything particularly new in his unprecedented deficit address to the Nation on Monday night.  The most significant moment came not in an original announcement or last-minute proposal, but in the President’s request that Americans actually get up, get involved, and ask Congress to lay off the insanity.

“I’m asking you all to make your voice heard,” the President said near the end of the address.

“If you want a balanced approach to reducing the deficit, let your Member of Congress know,” Obama continued, “If you believe we can solve this problem through compromise — send that message.”

Even for a politician who ran on his (brief) history as a grassroots organizer, that is unusual. It may really help – there were reports of Congressional websites crashing from traffic spikes on Monday night, according to Huffington Post’s Howard Fineman.

The potential problem, however, is that while Obama admirably walked through the facts on deficits and default, he did not offer a clear, single, final offer for would-be supporters to rally around.

Robert Reich: Why Washington is About to Make the Jobs Crisis Worse

We now live in parallel universes.

One universe is the one in which most Americans live. In it, almost 15 million people are unemployed, wages are declining (adjusted for inflation), and home values are still falling. The unsurprising result is consumers aren’t buying – which is causing employers to slow down their hiring and in many cases lay off more of their workers. In this universe, we’re locked in a vicious economic cycle that’s getting worse.

The other universe is the one in which Washington politicians live. They are now engaged in a bitter partisan battle over how, and by how much, to reduce the federal budget deficit in order to buy enough votes to lift the debt ceiling.

John Nichols: ‘Right-Wing Nutters’ Threaten Global Economy, as IMF Warns of “Disastrous Consequences”

Global markets are slumping, and the dollar is rapidly losing ground in international trading (hitting a record low against the Swiss franc Monday) amid fears that the determination of John Boehner, Paul Ryan and their henchmen to hold the US economy hostage for political purposes could create an international crisis.

Concerns about the Republican refusal to allow the debt ceiling to rise are now being voiced far from Washington. And some of the loudest objections are coming from long-time US allies and governments that led by conservatives.

Britian’s Secretary of State for Business Vince Cable, an economist who serves as a member of Conservative Party Prime Minister David Cameron’s coalition government, has been particularly blunt in his criticism of the economic madness that is being imposed on the United States-and now the world-by a band of career politicians whose only knowledge of how finance works comes from collecting campaign-contribution checks.

Joe Nocera: This Is Considered Punishment?

Last Wednesday, nearly lost in the furor over Rupert-gate and the debt ceiling crisis, came the surprising news that the Federal Reserve has issued a cease-and-desist order against a Too-Big-to-Fail bank. The bank was Wells Fargo, which was also fined $85 million and ordered to compensate customers it had unfairly – indeed, illegally – taken advantage of during the subprime bubble.

What made the news surprising, of course, was that the Federal Reserve has rarely, if ever, taken action against a bank for making predatory loans. Alan Greenspan, the former Fed chairman, didn’t believe in regulation and turned a blind eye to subprime abuses. His successor, Ben Bernanke, is not the ideologue that Greenspan is, but, as an institution, the Fed prefers to coddle banks rather than punish them. That the Fed would crack down on Wells Fargo would seem to suggest a long-overdue awakening.

Eugene Robinson: The Influence Industry of Rage

The monster who slaughtered at least 76 innocent victims in Norway was animated by the same blend of paranoia, xenophobia and alienation that fuels anti-Muslim sentiment in the United States. Yes, it could happen here.

One could argue that it already did, in Oklahoma City. The difference is that Timothy McVeigh’s apocalyptic anger was diffuse and nonspecific. Anders Behring Breivik-who has acknowledged detonating a powerful fertilizer bomb in central Oslo and then killing scores of teenagers and young adults on a nearby resort island-was focused like a laser beam on what he saw as the “threat” posed by Islam.

The judge who presided over Breivik’s arraignment Monday said the accused mass murderer “believes that he needed to carry out these acts to save Norway (from) cultural Marxism and Muslim domination.”

E. J. Dionne: After the Debt Ceiling Fiasco

Hours before the negotiations on the debt limit between President Obama and House Speaker John Boehner collapsed, political reporters received a missive from Mitt Romney’s presidential campaign that served as a reminder of how irrelevant this kerfuffle might feel next year.

The headline read, “Romney for President Launches New Web Video: Obama Isn’t Working: Where are the Jobs?”

The video spoke to the difficulties that new college graduates are having finding work in a brutal job market. This bit of campaign propaganda went straight at the core of Obama’s political base-young Americans who volunteered for him by the tens of thousands in 2008 and powered him to victory in state after state. If joblessness disillusions enough of them, the president will be in trouble.

Romney’s exercise was a passing bit of politics unlikely to make many waves in an environment obsessed with debt and fears of default. But it was hugely instructive.

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 Kuttner: Obama Holds the Cards — If He Will Play Them Well

If President Obama were to invoke that emergency authority to prevent the economy from collapsing as money markets began shunning U.S. government bonds, it is hard to imagine Republican leaders suing the president… to demand what? That he let the economy go off a cliff? And it is even harder to imagine the Supreme Court, even a Court as partisan and corrupted as the Roberts Court, voting to tie Obama’s hands in an economic emergency that — keep in mind — is entirely contrived.

Obama, the Great Conciliator, finally showed a bit of irritation and a bit of spine this past week. It would be perverse of him to reward Republican intransigence by agreeing to an 11th hour deal that, by definition, would have to be on almost entirely Republican terms to be approved by the Tea-Party besotted House of Representatives.

Better to show some leadership in an emergency, invoke the 14th Amendment, calm money markets, and leave the Republicans sputtering mad. Obama might even come to enjoy exercising leadership.

New York Times Editorial: Consumers vs. the Banks

The Consumer Financial Protection Bureau officially opened its doors last week a year after it was established under the financial reform law. Score one for consumers. But the fight to create a bureau strong enough and independent enough to really take on the banks isn’t over.

Federal watchdogs have given the bureau stellar marks for getting up and running in a timely, professional manner. The bureau has already begun to tackle crucial issues, like simplifying mortgage disclosure requirements and handling credit card complaints.

Banks and their Congressional allies are pushing back hard, determined to weaken the bureau. It is not clear how much political capital President Obama is willing to spend to stop that from happening.

Paul Krugman: Messing With Medicare

At the time of writing, President Obama’s hoped-for “Grand Bargain” with Republicans is apparently dead. And I say good riddance. I’m no more eager than other rational people (a category that fails to include many Congressional Republicans) to see what happens if the debt limit isn’t raised. But what the president was offering to the G.O.P., especially on Medicare, was a very bad deal for America.

Specifically, according to many reports, the president offered both means-testing of Medicare benefits and a rise in the age of Medicare eligibility. The first would be bad policy; the second would be terrible policy. And it would almost surely be terrible politics, too

Ari Melber: On the Compromiser-in-Chief and Elizabeth Drew’s Article

“I’ve never won a tough election,” concedes Paul Krugman, “but neither has Obama!”

The Nobel Prize-winning economist is fuming about the White House’s “ludicrous” view of what independents want — a President, apparently, who embraces anti-spending conservatism.

That’s the core thesis in a new article by Elizabeth Drew, which Krugman flagged Sunday and is now roiling the liberal blogosphere. Drew, 76, is one of the good ones – she spent 19 years as the New Yorker’s Washington correspondent, authored 13 books, and has an intimate yet relentlessly independent outlook on Washington. In the New York Review of Books, her political essays are originally reported and exhaustive; this one runs 4,800 words and features some telling anonymous quotes from Democrats in high places.

Richard (RJ) Eskow: Why Are Discredited “Agencies” Like S&P Dictating Our Economic Future?

“Who does Standard & Poor’s think it is?” asks Matt Miller, the reasonable and congenial host who represents the “center” on NPR’s “Left, Right, and Center.” Miller’s understandably outraged that this discredited organization still has so much power and influence. But he’s asking the wrong question.

S&P knows exactly what it is, and so should everyone else. It’s the for-profit company which, while masquerading as a credit rating “agency,” bartered its coveted AAA ratings for increased profits. The real question is why? Why does S&P still have the power to cost the government billions of dollars in added interest payments, which is what would happen if they downgraded our credit rating?

The pronouncements of these for-profit “agencies” have no more credibility than the murmured compliments of an overpriced escort in a candlelit hotel room. So why do they still have the power to endanger the financial security of millions of Americans?

Jeffrey Sachs: Budgetary Deceit and America’s Decline

Every part of the budget debate in the U.S. is built on a tissue of willful deceit. Consider the Republican Party’s double-mantra that the deficit results from “runaway spending” and that more tax cuts are the key to economic growth. Republicans claim that the budget deficit, around 10 percent of GDP, has been caused only by a rise in outlays. This is blatantly untrue. The deficit results roughly equally from a fall of tax revenues as a share of GDP and a rise of spending as a share of GDP.

On both sides of the ledger — spending and taxes — part of the shift results from the weak economy (“cyclical factors”) and part from long-term trends. Spending, for example, is higher in part because of unemployment compensation, food stamps, and other federal spending to help the downtrodden in a weak economy. That’s the “cyclical” component. Part of the higher spending reflects long-term patterns, such as rising health care costs and an aging population, as well as America’s chronic addiction to wrongheaded wars and military occupations in Africa, the Middle East and Central Asia.

Matthew Rothschild: No Wonder Obama Is Losing Support from the Left

CNN has just come out with a poll that shows Obama losing support from his left flank.

“Roughly one in four Americans who disapprove of the president say they feel that way because he’s not been liberal enough,” the poll said. “Obama’s approval rating among liberals has dropped to 71 percent, the lowest point in his presidency.”

Overall, the poll had Obama with an approval-disapproval rating at 45%-54%.

For anyone within shouting distance of most progressive communities, this is not a surprise.

The dissatisfaction with Obama has been building steadily over the past three years, and it has grown more audible by the month.

While he spoke progressive on the campaign trail, Obama has, for the most part, governed from the corporate center right.

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”.

The Sunday Talking Heads:

This Week with Christiane Amanpour: Guests will include Treasury Secretary Timothy Geithner, Former Senate leaders Trent Lott    (R-MI), Tom Daschle (D-SD) and New York City Mayor Michael Bloomberg joined by City Hall aides Jonathan Mintz and John Feinblatt, whose marriage ceremony he will officiate this Sunday.

The roundable guests, ABC News’ George Will, Arianna Huffington of the Huffington Post, Fox Business Network senior correspondent Charlie Gasparino, and economist Alice Rivlin, former member of the National Commission on Fiscal Responsibility and Reform, will discuss the debt ceiling crisis and Rep. Michelle Bachmann‘s migraines heh, hers or ours.

ABC News correspondent Lama Hasan reports on the devastating drought and famine in the Horn of Africa.

Face the Nation with Bob Schieffer: Mr. Schieffer’s guests White House Chief of Staff William Daley and key negotiators Sen. Richard Durbin (D-IL), and Sen. Jon Kyl (R-AZ), plus Gang of Six leaders Sen. Saxby Chambliss (R-GA) and Sen. Mark Warner (D-VA).

Liars one and all

The Chris Matthews Show: This week’s guests, Kelly O’Donnell, NBC News Capitol Hill Correspondent, John Heilemann, New York Magazine National Political Correspondent, Joe Klein, TIME Columnist and Gloria Borger, CNN Senior Political Analyst, will babble about these topics:

The Anatomy Of A 2012 Obama Reelection Plan

Can Obama Run On Hope And Still Look Credible?

Meet the Press with David Gregory: Guests this week are White House Chief of Staff Bill Daley, “Gang of Six” member Sen. Tom Coburn (R-OK).

The roudtable panel, Former Senator Chuck Hagel (R-NE), tea party freshman Rep. Adam Kinzinger (R-IL), Mayor of Newark, Cory Booker (D), Presidential Historian Doris Kearns Goodwin and NBC’s Andrea Mitchell will be asked if Washington is Broken.

answer: YES

State of the Union with Candy Crowley: Treasury Secretary Tim Geithner, Sen. Dianne Feinstein (D-CA), Rep. Tom Price (R-GA) and GOP presidential candidate Tim Pawlenty are guests.

Fareed Zakaris: GPS: Guests are Pulitzer Prize winning author David McCullough, Anne-Marie Slaughter and Gideon Rose.

Nichols D. Kristof: Republicans, Zealots and Our Security

IF China or Iran threatened our national credit rating and tried to drive up our interest rates, or if they sought to damage our education system, we would erupt in outrage.

Well, wake up to the national security threat. Only it’s not coming from abroad, but from our own domestic extremists.

We tend to think of national security narrowly as the risk of a military or terrorist attack. But national security is about protecting our people and our national strength – and the blunt truth is that the biggest threat to America’s national security this summer doesn’t come from China, Iran or any other foreign power. It comes from budget machinations, and budget maniacs, at home.

Dana Milbank: Dangerous dealings with the Default Caucus

Twenty Republican lawmakers crowded the Senate TV studio last week to issue a threat: Meet their demands, or they will force the United States to default.

The only way to prevent the catastrophe, these Tea Party faithful said, was for the Senate to pass, and the president to sign, their plan to permanently cap spending at levels last seen in 1966, before Medicare made the nation soft.

“We want to make very clear: This is not just the best plan on the table for addressing the debt limit – this is the only plan,” first-term Sen. Mike Lee (Utah) said, vowing that “we’re otherwise going to be blowing past the debt-limit deadline.”

“We have a solution,” said Sen. Jim DeMint (S.C.). “It’s the only one that can be passed before the August 2nd deadline.”

This is the language of gangster films: Do as we say – or the girl gets it.

Mark Bittman: Bad Food? Tax It, and Subsidize Vegetables

WHAT will it take to get Americans to change our eating habits? The need is indisputable, since heart disease, diabetes and cancer are all in large part caused by the Standard American Diet. (Yes, it’s SAD.)

Though experts increasingly recommend a diet high in plants and low in animal products and processed foods, ours is quite the opposite, and there’s little disagreement that changing it could improve our health and save tens of millions of lives.

And – not inconsequential during the current struggle over deficits and spending – a sane diet could save tens if not hundreds of billions of dollars in health care costs.

Yet the food industry appears incapable of marketing healthier foods. And whether its leaders are confused or just stalling doesn’t matter, because the fixes are not really their problem. Their mission is not public health but profit, so they’ll continue to sell the health-damaging food that’s most profitable, until the market or another force skews things otherwise. That “other force” should be the federal government, fulfilling its role as an agent of the public good and establishing a bold national fix.

Ross Tucker and Jonathan Dugas: A Doping-Free Tour de France?

SURVIVORS of this year’s Tour de France are to ride into Paris today after racing 2,131 miles over 23 days, including daunting climbs through the Pyrenees and the Alps. For the first time in years, evidence suggests that doping may not be playing the dominant role it once did.

More than any other sport, bicycling has been linked to drugs. Podium finishers in nearly every Tour over at least the last two decades have failed drug tests, admitted to doping or been linked to high-profile investigations.

Viewers have tended to regard the winners with a bit of disbelief.

But the sport appears to have turned the corner and is regaining some credibility, thanks to the antidoping efforts of a new generation of riders, managers and fans. There is, as yet, no conclusive proof of this, as one cannot prove a negative. Still, we now believe that cycling is cleaner than it has been at any time since 1990.

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”.

New York Times: The Party That Can’t Say Yes

For days, the White House has infuriated its Democratic allies in Congress by offering House Republicans more and more in exchange for a deal to raise the debt ceiling and prevent default. But it was never enough, and, on Friday evening, it became clear that it may never be enough. Speaker John Boehner again walked away from the “grand bargain” he had been negotiating with President Obama, leaving the country teetering on the brink of another economic collapse.

At the White House podium a few minutes later, the president radiated a righteous fury he rarely displays in public, finally placing the blame for this wholly unnecessary crisis squarely where it belongs: on Republicans who will do anything to upend his presidency and dismantle every social program they can find. “Can they say yes to anything?” he asked, noting the paradox of Republicans, who claim that financial responsibility and debt reduction are their biggest priorities, rejecting yet another deal that would have cut that debt by at least $3 trillion.

Robert Reich: Why Medicare Is the Solution – Not the Problem

Not only is Social Security on the chopping block in order to respond to Republican extortion. So is Medicare.

But Medicare isn’t the nation’s budgetary problems. It’s the solution. The real problem is the soaring costs of health care that lie beneath Medicare. They’re costs all of us are bearing in the form of soaring premiums, co-payments, and deductibles.

Medicare offers a means of reducing these costs – if Washington would let it.

Let me explain.

Americans spend more on health care per person than any other advanced nation and get less for our money. Yearly public and private healthcare spending is $7,538 per person. That’s almost two and a half times the average of other advanced nations.

Margaret Kimberley: Prison Slave Labor

Michelle Alexander’s ground breaking book, The New Jim Crow, is an outstanding expose of the horrors of America’s criminal justice system that are perpetrated against black people. It is well documented proof of what many have long observed, that get tough policies on drug enforcement and “three strikes” laws are targeted towards the masses of often non-violent black Americans and are used to make money for private entities and for all levels of government.

The penitentiary manufactured license plate was long ago joined by more sophisticated methods of exploitation. Prisoners not only work in a variety of jobs without compensation, but are often fined and forced to pay for their incarceration. Obviously they end their sentences owing money and are permanent debtors, susceptible to be consumed by the system again and again.

Jim Hightower: Massey Energy’s Man-Made Hell Hole

Republicans and a few coal-state Democrats have cynically blocked passage of tougher mine safety laws that would stop the murderous greed of coal profiteers.

West Virginia’s Upper Big Branch coal mine was a disaster even before it exploded into an underground inferno last year, killing 29 miners

A new investigative report by federal safety inspectors found that this mine – owned by the enormously profitable Massey Energy Corporation – was essentially a man-made hellhole. Top executives intentionally hid dangerous safety problems from regulators, failed to maintain (and sometimes actually disabled) safety systems, and aggressively pushed a mining ethic of profit over safety, intimidating and firing those who complained about hazards.

Mark Weisbrot: Despite Rightwing Myths, US Health Care Problems Rooted in Private Sector

A recent report by McKinsey and Company was seized upon by opponents of health care reform to create a new myth: that President Obama’s health insurance reform (the 2010 Patient Protection and Affordable Care Act — PPACA) will cause huge numbers of employers to drop health insurance coverage that they currently provide for employees.

The McKinsey study was soon shown to be worthless, and McKinsey itself acknowledged that it “was not intended as predictive economic analysis.” But the myth seems to not be completely dead yet. For a more reasonable estimate of the impact of the health insurance reform, we can look to the non-partisan Congressional Budget Office. They estimated that the number of people (including family members) covered by employment-based insurance would be about 1.8 percent fewer in 2019, as a result of the PPACA legislation. Of course, this is more than counter-balanced by the fact that the percentage of the (non-elderly) population with insurance would increase from 82 to 92 percent – the main purpose of the reform.

John Nichols: Unions, MoveOn Warn Obama Not to ‘Cave’ in Secret Negotiations With House GOP

The Obama White House is reportedly in the process of negotiating a secret debt deal with House Republican leaders that could include deep cuts to Medicare, Medicaid and Social Security. The deal would not, according to media reports, significantly or immediately address the need for new revenues that can be derived from fair taxation of the wealthiest Americans.

That’s a bad deal.

Bad for American seniors and Americans who anticipate that one day they will be seniors.

Bad for the American economy.

And bad for Barack Obama politically.

So unions and progressive groups have moved to prevent any deal from moving forward.

MoveOn.org, AFL-CIO, CREDO Action, Democracy for America, PCCC, AFT, Campaign for America’s Future and Change Nation organized an Emergency Call-In Day “to demand Democrats in the House and Senate stand strong and keep their promises to reject any debt deal that slashes programs for seniors and working families while doing little or nothing to make the rich and corporations pay their share.”

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: The Lesser Depression

These are interesting times – and I mean that in the worst way. Right now we’re looking at not one but two looming crises, either of which could produce a global disaster. In the United States, right-wing fanatics in Congress may block a necessary rise in the debt ceiling, potentially wreaking havoc in world financial markets. Meanwhile, if the plan just agreed to by European heads of state fails to calm markets, we could see falling dominoes all across southern Europe – which would also wreak havoc in world financial markets.

We can only hope that the politicians huddled in Washington and Brussels succeed in averting these threats. But here’s the thing: Even if we manage to avoid immediate catastrophe, the deals being struck on both sides of the Atlantic are almost guaranteed to make the broader economic slump worse.

Glenn Greenwald: Barack Obama is Gutting the Core Principles of the Democratic Party

The president’s attacks on America’s social safety net are destroying the soul of the Democratic party’s platform

In 2005, American liberals achieved one of their most significant political victories of the last decade. It occurred with the resounding rejection of George W Bush’s campaign to privatise social security. . . . . .

But in 2009, clear signs emerged that President Obama was eager to achieve what his right-predecessor could not: cut social security. Before he was even inaugurated, Obama echoed the right’s manipulative rhetorical tactic: that (along with Medicare) the programme was in crisis and producing “red ink as far as the eye can see.” President-elect Obama thus vowed that these crown jewels of his party since the New Deal would be, as Politico reported, a “central part” of his efforts to reduce the deficit.

The next month, his top economic adviser, the Wall Street-friendly Larry Summers, also vowed specific benefit cuts to Time magazine. He then stacked his “deficit commission” with long-time advocates of social security cuts.

Many progressives, ebullient over the election of a Democratic president, chose to ignore these preliminary signs, unwilling to believe that their own party’s leader was as devoted as he claimed to attacking the social safety net. But some were more realistic. The popular liberal blogger and economist Duncan “Atrios” Black, who was one of the leaders of the campaign against Bush’s privatisation scheme, vowed in response to these early reports:

   The left … will create an epic 360-degree shitstorm if Obama and the Dems decide that cutting social security benefits is a good idea.

Fast forward to 2011: it is now beyond dispute that President Obama not only favours, but is the leading force in Washington pushing for, serious benefit cuts to both social security and Medicare.

Amanda Marcotte and Jesse Taylor: How States Could Ban Abortion With ‘Roe’ Still Standing

For decades, the debate over abortion rights has centered on a single court decision, Roe v. Wade, and the possibility of its overturn. Overturning Roe has become the holy grail of the antichoice movement, and many states have “trigger laws” on the books that would ban abortion immediately should the Supreme Court overturn Roe. Unfortunately for antichoicers, the justices resist overturning precedent; more importantly, Justice Anthony Kennedy, the likely swing vote on any abortion case before the court, upheld Roe on the basis of precedent in 1992. However, the recent surge in state legislation against abortion demonstrates that antichoice activists have figured out a new strategy: eliminating legal abortion without directly overturning Roe.

The Supreme Court granting states the power to ban abortion with Roe still standing seemed outlandish even just a few years ago, but the appointment of John Roberts as chief justice shifted the equation. Roberts specializes in decisions that reverse the spirit of precedent while leaving intact the letter of it, like when he squashed large chunks of Brown v. the Board of Education while claiming to uphold it. To make it legal to ban abortion in the states, all the Court needs is a law that eliminates legal abortion while dodging the logic of Roe v. Wade.

George Zornick: [Gang of Pain: Who Suffers Under the Bipartisan Deficit Reduction Scheme]

President Obama endorsed the Senate’s Gang of Six deficit reduction plan Tuesday, saying that the proposal “is broadly consistent with the approach that I’ve urged” and “makes sure that nobody is disproportionately hurt from us making progress on the debt and deficits.”

However, an examination of the plan’s specifics reveals that corporations and wealthy Americans won’t feel much pain at all-in many cases, just the opposite. The plan slashes taxes and could bring the top personal income rate down as low as 23 percent-meaning CEOs like Jamie Dimon and Lloyd Blankfein could see their after-tax income increase by as much as $3 million, according to Dean Baker, co-director of the Center for Economic and Policy Research. The corporate tax rate would be reduced from 35 percent to between 23 and 29 percent under the proposal. (Supposedly enough loopholes would be closed to keep total revenue from corporate taxes the same. Even in that scenario, corporations won’t pay an extra penny). Military spending also remains virtually untouched.

Eugene Robinson: The Limits of Compromise

Before we make political partisanship a felony, punishable by endless lectures from weather-vane senators and allegedly “wise” commentators, let’s remember that some choices are real, consequential and mutually exclusive.

I’m not talking about the kind of scorched-earth partisanship that Senate Minority Leader Mitch McConnell espouses-the notion that Republicans should favor anything that’s politically harmful to Democrats, never mind what the impact on the country might be. “The single most important thing we want to achieve is for President Obama to be a one-term president,” McConnell said last year, displaying a candor that is all too rare in Washington.

I’m talking about partisanship based on issues, policy options and incompatible philosophies about the nature and purpose of government. Powerful forces are pulling the nation in opposite directions. The danger of too much compromise is that we end up not moving at all.

David Sirota: The Terrorist Threat We’re Ignoring

According to the U.S. government, the list of known bogeymen working to compromise American national security is long, and getting longer by the day. By my back-of-the-envelope count, we have shoe bombers, underwear bombers, dirty bombers and car bombers. Now, we are being told to fear “implant bombers” who will surgically attach explosives to their innards.

All of these threats are, indeed, scary. But the fear of individual attacks has diverted attention from a more systemic threat of terrorists or foreign governments exploiting our economy’s penchant for job-offshoring. How? By using our corresponding reliance on imports to stitch security-compromising technology into our society’s central IT nervous system.

Sounds farfetched, right? That’s what I thought, until I read a recent article in Fast Company. Covering a little-noticed congressional hearing, the magazine reported that a top Department of Homeland Security official “admitted on the record that electronics sold in the U.S. are being preloaded with spyware, malware, and security-compromising components.”

Bernie Sanders: Congrats to the Gang of Six, the Powerful, the Wealthy, and Multinational Corporations

If there was ever a time in the modern history of America that the American people should become engaged in what’s going on here in Washington, now is that time. Decisions are being made that will impact not only our generation but the lives of our children and our grandchildren for decades to come, and I fear very much that the decisions being contemplated are not good decisions, are not fair decisions.

There is increased understanding that that defaulting for the first time in our history on our debts would be a disaster for the American economy and for the world’s economy. We should not do that.

There also is increased discussion about long-term deficit reduction and how we address the crisis which we face today of a record-breaking deficit of $1.4 trillion and a $14 trillion-plus national debt.

One of the long-term deficit reduction plans came from the so-called Gang of Six. We do not know all of the details of that proposal. In fact, we never will know because a lot of the decisions are booted to committees to work out the details.

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; The Shameful Murder of Dodd Frank

Happy Birthday Dodd Frank,

Happy Birthday to you,

You’ve lost all your muscle,

And your teeth are gone, too.

One full year after the financial reform bill spearheaded through Congress by Christopher Dodd and Barney Frank was signed into law, Wall Street looks and acts much the way it did before. That’s because the Street has effectively neutered the law, which is the best argument I know for applying the nation’s antitrust laws to the biggest banks and limiting their size.

Treasury Secretary Tim Geithner says the financial system is “on more solid ground” than prior to the 2008 crisis, but I don’t know what ground he’s looking at.

Much of Dodd-Frank is still on the drawing boards, courtesy of the Street. The law as written included loopholes big enough to drive bankers’ Lamborghini’s through – which they’re now doing.

Glen Ford: Impeachment: If Not Obama, Who?

One thing about of the Bush administration that makes me something very close to nostalgic, is the number of people who, back then, wanted to impeach the president. It was exhilarating to hear Americans full of righteous emotion, willing to use up their last Aladdin’s lamp wish for the pleasure and privilege of seeing George Bush indicted by the House and put on trial before the Senate. For the vast majority of Black folks, the impeachment of George Bush would have been the best thing that’s happened since 1965, a genuine “Free at Last” moment. Hell, nothing could beat that but the election of a Black President to succeed Bush…

Which is what happened, and that’s the problem. We did get a Black successor to George Bush – and what did the new guy do, but move most of Bush’s luggage right back into the White House. Barack Obama then proceeded to out-Bush Bush, especially when it came to wielding imperial power and doing away with what’s left of due process and the rule of law.

Katrina vanden Heuvel: Go Gang of 70

With too much fanfare, the contours of a “grand bargain” on the budget have emerged with a proposal offered by the Senate’s Gang of Six.  It’s a deal that looks a helluva lot more like a Raw Deal than a New Deal or a Fair Deal.

It’s good to get a grip and some perspective at times like these.  That’s why I appreciated Congressman Raúl Grijalva, co-chair of the Congressional Progressive Caucus (CPC), reminding us that a “Gang of 70” Democrats in the House has already vowed to oppose any deal which cuts benefits in Social Security, Medicare or Medicaid.

“Our Gang of 70-plus has the Gang of Six completely outnumbered,” says Grijalva.  “And with Republicans not voting for any package, period, because of their opposition to a functional economy, House Democrats hold the key to whatever plan can pass Congress.”

Robert Scheer: Sorry Elizabeth, Wall Street Said No

So much for the meritocracy. Despite an elite education, effusive charm and brilliant wit, Barack Obama, like Bill Clinton before him, has ended up betraying his humble origins by abjectly serving the most rapacious variant of Wall Street greed. They both talk a good progressive game, but when push comes to shove-meaning when the banking lobby weighs in-big money talks and the best and the brightest fold.

The defining moment of Clinton’s capitulation was his destruction of Brooksley Born, the one member of his administration with the courage and prescience to warn him about the unregulated derivatives trading that ultimately led to the housing collapse. For Obama, it is his decision not to nominate Elizabeth Warren to run the new Consumer Financial Protection Bureau, which she fought so hard to create.

Obama’s refusal to take the fight to Senate Republicans by nominating Warren should be taken as the vital measure of the man. This gutless decision comes after the president populated his administration with the very people who created the financial meltdown.

Richard (RJ) EsKow: Could Wall Street Ever Face a “Murdoch Moment”?

History books record an empire’s fall as a series of dates and events. Battles are fought, people resist, elections are called, arrest warrants are issued. But those are just details. An empire really falls in that moment when people stop believing that it’s invulnerable. Whenever the spell is broken, whether it’s by anger or just by awareness, the end becomes inevitable. It doesn’t matter what happens to Rupert or James Murdoch now. They may return to positions of relative wealth and privilege or their lives may take unpleasant turns. Either way, the Murdoch empire has already fallen.

There’s a lesson here for anyone who thinks the safest and surest path to success is by serving the seemingly invincible. Sure, it may lead to riches and power, at least for a while. But you may also wind up like those powerful people in Great Britain who now find themselves struggling with scandal, hiding in fear, or facing terrible legal consequences – all because they believed in Murdoch’s invincibility and served him accordingly. As Martin Luther King often said (and we’ve often quoted), “The moral arc of the Universe is long, but it bends toward justice.”

John Nichols: Bernie Sanders on’Gang of Six’ Plan: ‘Not So Fast’

With a blessing from President Obama and support even from some deficit-hawk Republicans, momentum is building for the ten-year deficit reduction plan announced Tuesday by the “Gang of Six” Democratic and Republican senators. “Can’t We All Just Get Along” commentators like the proposal, while headlines declare: “Bipartisan Support Builds for Gang of Six $3.7 Trillion Deficit-Reduction Plan.”

House Speaker John Boehner, R-Ohio, is typically grumbly, and Senate Democrats are complaining that they may not have enough time to pull everything together before the August 2 debt ceiling deadline. But the cheerleading for the “Gang of Six” plan is considerable and enthusiastic.

“This is a serious, bipartisan proposal that will help stop Washington from spending money that we don’t have, and I support it,” Tennessee Republican Lamar Alexander says of the proposal to reduce the deficit by $3.7 trillion over the next ten years with deep spending cuts while increasing revenues by closing tax loopholes.

Greg Sargent: Dear House GOP Member: Raise the Debt Ceiling. Love, Ronald Reagan

Dana Milbank had a provocative column this morning arguing that on the debt ceiling, Dems have become the new party of Ronald Reagan, and that Republicans only honor their alleged hero Reagan in the breach and not the observance. After all, Reagan presided over 18 debt ceiling hikes as President. But for a large swath of today’s House conservatives, the drive to prevent the debt ceiling from being hiked has replaced the now-forgotten push to repeal Obamacare as their number one ideological cause celebre.

Now House liberals have hit on a fun new way of emphasizing this point: They are sending a letter today to every House Republican asking them to raise the debt limit. Only the letter wasn’t written by House liberals. It was written by Reagan himself.

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. Scroll down for the Gentlemen

Katrina vanden Heuvel: Citizen Murdoch-No Longer Untouchable

“We are sorry” read the full-page ads Rupert Murdoch’s News Corp. has taken out in Britain, part of a new atonement campaign clearly orchestrated by the public relations firm brought on to help “manage” the company’s phone-hacking crisis.

Well, they got that right. “Sorry” is as good an adjective as any to describe the Murdoch media empire. It’s a buccaneer enterprise that is scornful of laws and decency and that peddles, as Murdoch’s biographer William Shawcross summarized, “titillation, sensationalism and vulgarity” to gain broad audiences, then uses gossip, tripe, manufactured stories and a distorted lens to further a right-wing ideological agenda. “Sorry’ is also a good description of regulators and politicians on both sides of the aisle and the ocean, who were seduced by Murdoch’s money, feared his power and served as lapdogs rather than watchdogs as he consolidated and expanded his holdings.

Mary Bottari: ALEC Exposed: Milton Friedman’s Little Shop of Horrors

Although he passed away in 2006, states are now grappling with many of the toxic notions left behind by University of Chicago economist Milton Friedman.

In her groundbreaking book, The Shock Doctrine, Naomi Klein coined the term “disaster capitalism” for the rapid-fire corporate re-engineering of societies still reeling from shock. The master of disaster? Privatization and free market guru Milton Friedman. Friedman advised governments in economic crisis to follow strict austerity measures, combining radical cuts in social services with the full-scale privatization of their more lucrative assets. Many countries in Latin America auctioned off everything standing — from energy and water utilities to Social Security — to for profit multinational firms, crushing unions and other dissenters along the way.

Now, U.S. states are in crisis. The 2008 Wall Street financial meltdown, caused by years of deregulation and lack of government oversight, cost Americans $14 trillion in lost wealth and eight million lost jobs. Today some 25 million are unemployed or underemployed. This jobs crisis has tanked federal and state tax receipts, adding billions to state budget shortfalls.

Marjorie Cohn: Prisoners Strike Against Torture in California Prisons

The torture of prisoners in U.S. custody isn’t confined to foreign countries. For more than two weeks, inmates at California’s Pelican Bay State Prison have been on a hunger strike to protest torturous conditions in the Security Housing Unit (SHU) there. Prisoners have been held for years in solitary confinement, which can amount to torture. Thousands of inmates throughout California’s prison system have refused food in solidarity with the Pelican Bay prisoners, bringing the total of hunger strikers to more than 1,700.

Inmates in the SHU are confined to their cells for 22 ½ hours a day, mostly for administrative convenience. They are released for only one hour to walk in a small area with high walls. The cells in the SHU are eight feet by 10 feet with no windows. Flourescent lights are often kept on 24 hours per day.

Solitary confinement can lead to hallucinations, catatonia and even suicide, particularly in mentally ill prisoners. It is considered torture, as journalist Lance Tapley explains in his chapter on American Supermax prisons in The United States and Torture: Interrogation, Incarceration, and Abuse.

Amy Goodman: Rupert Murdoch Doesn’t Eat Humble Pie

“People say that Australia has given two people to the world,” Julian Assange told me in London recently, “Rupert Murdoch and me.” Assange, the founder of the whistle-blowing website WikiLeaks, was humbly dismissing my introduction of him, to a crowd of 1,800 at East London’s Troxy theater, in which I suggested he had published perhaps more than anyone in the world. He said Murdoch took that publishing prize.

Two days later, the Milly Dowler phone hacking story exploded, and Murdoch would close one of the largest newspapers in the world, his News of the World, within a week.

On Tuesday, Murdoch claimed before the British House of Commons Select Committee on Culture, Media and Sport that it was his “most humble day.” But what does it mean for a man with no humility to suffer his most humble day? The principal takeaway from the committee hearing must be, simply, that Rupert Murdoch is not responsible for the criminal activities under investigation, from police bribery to phone hacking. When asked if he was ultimately responsible, his answer was simple: “No.” Who was? “The people I trusted to run it and maybe the people they trusted.”

Dean Baker: President Obama’s Big Deal: Cuts for Social Security, But No Taxes for Wall Street

The ability of Washington to turn everything on its head has no limits. We are in the midst of the worst economic downturn since the Great Depression. Even though the recession officially ended two years ago, there are still more than 25 million people who are unemployed, can only find part-time work or who have given up looking for work altogether. This is an outrage and a tragedy. These people’s lives are being ruined due to the mismanagement of the economy.

And we know the cause of this mismanagement. The folks who get paid to manage and regulate the economy were unable to see an $8 trillion housing bubble. They weren’t bothered by the doubling of house prices in many areas, nor the dodgy mortgages that were sold to finance these purchases. Somehow, people like former Federal Reserve Board Chairman Alan Greenspan and his sidekick and successor Ben Bernanke thought everything was fine as the Wall Street financers made billions selling junk mortgage and derivative instruments around the world.

Jon Walker: Catfood Commission II: A Cowardly Attempt to Dodge Democratic Accountability

It currently appears that the most likely resolution to the debt ceiling situation will be the use of the Mitch McConnell-Harry Reid back up plan. This plan will probably include some form of the Catfood Commission II. A bipartisan commission that would work in secret to come up with package that would be fast tracked through Congress. This means the bill wouldn’t go through the proper committees and couldn’t be amended or filibustered.

Fast tracked bipartisan commissions are very popular with some elected officials because they are purposely designed to destroy basic democratic accountability. They are meant to provide cover for politicians who are too cowardly to admit their desire is to pass legislation the electorate doesn’t want.

Jim Hightower: Prison Labor: A Right-wing Jobs Program for America

Here’s the core economic problem we’re facing today: Unemployment and underemployment are rampant and entrenched throughout America, stifling any hope for real recovery and threatening the very survival of the essential middle class that holds our society together.

The solution? Our ideologically pure, laissez-fairyland leaders in Washington and various state capitals, along with corporate funded think tank geniuses and Wall Street gurus, are pushing a massive jobs program across America. Great, just what we need! Uh … no. Unfortunately, theirs is not a program to create jobs, but a coordinated effort to add to America’s jobless hordes by eliminating hundreds of thousands of public-service jobs. If ignorance is bliss, they must be ecstatic!

They’re wallowing in the ecstatic right-wing mythology that prosperity will magically arise if only government budgets can be gutted, mainly by eliminating public employees. Yet, by going on a firing rampage that is targeting everyone from school librarians to NASA engineers, these political and economic elites are shoving the entire U.S. economy back into the Great Recession, or worse.

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