Tag: Open Thread

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

Katrina vanden Heuvel: Building a progressive alternative to ALEC

When it comes to moments in history, 1973 was not exactly a banner year for the Republican Party. The Senate Watergate Committee began its televised hearings in May. Spiro Agnew resigned in October. And President Nixon used a pre-Thanksgiving news conference at Disney World to unconvincingly assure the country that he was not, in fact, a crook. A tough year, indeed, for the grand old party.

But if you were a corporate conglomerate who dreamed of lower taxes and lax regulations and lesser rights for workers, 1973 was, ironically enough, a well-spring of new opportunity. That’s when a group of conservative activists joined together to engineer a different kind of burglary – one that involved forcibly entering cities and states with the intent to loot their working and middle classes.

The mechanism? A new organization dubbed the American Legislative Exchange Council, or ALEC. The idea? Don’t just lobby state and city governments; write the actual laws you want them to pass and then hand it out as model legislation. In the decades since its inception, ALEC has dismantled environmental regulations, pushed for school vouchers, compromised public safety by backing “stand your ground” laws and crippled unions with right-to-work legislation. [..]

Recently, the American Legislative and Issue Campaign Exchange and the Progressive States Network announced a merger to build an organization that will be focused on moving a progressive policy agenda in the states. While the goals of the new undertaking may resemble those of ALEC, their methods are vastly different. They will operate transparently, use no lobbyists, and make their model legislation and resources available to everyone; their database already showcases 1,800 examples of progressive legislation. And they will engage with people, not corporations.

Ana Marie Cox: The problem with the Koch brothers isn’t their politics. It’s their copycats

Billionaire mega-donors care less about funding parties than enacting policies. Others are following suit

Did you see the “Creepy Carnival” from the Koch brothers on the Washington Mall the other day? Sponsored by the youth-outreach tentacle of the brothers’ operation, it featured Pennywise the Clown doppelgangers dunking millennials into “High-Risk Pools” – though, surely, they missed an opportunity to nail some old people to death panels. (There was no word about the presence of funhouse mirrors to artificially shrink the outsize influence of the Kochs on our national agenda.)

These two men have commanded center stage in the dark-money circus since the US supreme court started the political money free-for-all four and a half years ago. The Kochs have become the focus of electoral campaigns themselves.

But however effective they may be as conservative bogeymen, the real problem with the Kochs is not that they are ultra-conservative. The problem is that they are a leading indicator that our political system is morphing from elections based on ideology to elections based on the preferences of individual donors.Did you see the “Creepy Carnival” from the Koch brothers on the Washington Mall the other day? Sponsored by the youth-outreach tentacle of the brothers’ operation, it featured Pennywise the Clown doppelgangers dunking millennials into “High-Risk Pools” – though, surely, they missed an opportunity to nail some old people to death panels. (There was no word about the presence of funhouse mirrors to artificially shrink the outsize influence of the Kochs on our national agenda.)

These two men have commanded center stage in the dark-money circus since the US supreme court started the political money free-for-all four and a half years ago. The Kochs have become the focus of electoral campaigns themselves.

But however effective they may be as conservative bogeymen, the real problem with the Kochs is not that they are ultra-conservative. The problem is that they are a leading indicator that our political system is morphing from elections based on ideology to elections based on the preferences of individual donors.

Raina Lipsitz: Does feminism need men?

There’s no point in relying on men to rescue women

“A woman without a man is like a fish without a bicycle,” a phrase coined by Australian activist Irina Dunn in 1970 and commonly attributed to Gloria Steinem, expressed a primary goal of second-wave feminism: female independence. Liberal feminists of that era, including Betty Friedan and Gloria Steinem, spoke of men as partners and potential allies, not enemies and oppressors. Their kind of feminism wasn’t about rejecting men entirely; it was about freeing women to live without them (or, for those who wanted men in their lives, to enjoy their company on equal terms). Men were nice to have around, if you were straight and found a good one, but come the revolution, no woman would have to stick with a bad one out of economic, social or emotional necessity. [..]

Women who aspire to positions of power are today advised to marry well, not advocate for themselves too forcefully and garner the support of powerful men. This isn’t bad advice: Having a partner does make it easier to devote yourself to work; you are likelier to advance as a woman or minority if you’re not seen as a pushy whiner, and currying favor with men in power probably helps more than it hurts (unless you’re perceived as sleeping your way to the top). 



But relying on a man for money and power, whether he’s your husband or a senior executive at your company, is not a bold feminist act. It may or may not leave individual women stronger, but it leaves women as a group weaker.

Kari Lydersen: Is Rahm Emanuel doomed?

The Chicago mayor’s political capital is drying up, thanks to his autocratic style and unpopular education policies

In some ways, Chicago Mayor Rahm Emanuel and Karen Lewis, the fiery president of the Chicago Teachers Union, are very much alike – profane, tough, outspoken, unapologetic. Both are Jewish, and both are ardent fans of ballet.

But a face-off between the two in the city’s 2015 mayoral election – should Lewis decide to run – would be a clear referendum on two wildly different versions of politics and views of the city’s future.

That such a contest might be on the horizon shows how Emanuel’s cavalier, steamroller style of governance has alienated Chicago voters, invoked racial and class tensions and made one of the country’s most feared political operatives potentially vulnerable to an unorthodox challenger out of left field.

A poll released by The Chicago Sun-Times on July 14 showed Lewis – an outspoken former chemistry teacher who has led the teachers’ union for four years – beating Emanuel by 9 percentage points in a one-on-one matchup, with 45 percent of voters choosing Lewis and 36 percent choosing Emanuel.

The result came as a shock to many political observers. Lewis, who is African-American, has no previous experience with electoral politics outside the union. Some are repulsed by her brash demeanor. [..]

That an unconventional contender such as Lewis is winning over people across the demographic spectrum shows just how upset Chicagoans are with Emanuel’s autocratic style, his dedication to Big Business and flashy downtown startups at the expense of regular residents and neighborhoods and – perhaps most significant, given Lewis’ standing in the teaching community – his drastic moves to restructure the public school system.

Donna Smith: Churning for Dollars – There Ought to Be a Law

Remember Liz Fowler? She was the Wellpoint executive who took a brief sabbatical from her direct paychecks from the private health insurance industry to write the Affordable Care Act while working for Senator Max Baucus. Once that project was wrapped up, Liz went to work briefly for the U.S. Department of Health and Human Services as she transitioned her way back to work as a lobbyist for health industry giant Johnson & Johnson. [..]

Now, in Colorado, we’re seeing Patty Fontneau, the CEO of the health insurance exchange, making her departure to return to private industry. Fontneau will take a position as president of health insurance giant CIGNA’s private exchange business. Prior to heading up the exchange, she worked for a law firm and in finance. No doubt her new role at CIGNA will provide her an income that supports the lifestyle to which she became accustomed while earning nearly $200,000 annually (plus bonuses) as the head of the Colorado exchange. It’s a safe bet she never had to apply for or worry about any tax credits or subsidies to cover her own health insurance premiums. [..]

Health care needs to be treated as a public good and a human right. CIGNA certainly is not in the business of providing that. Health insurance is not health care. Health insurance is a financial product sold to us to protect health and wealth which may do neither thing very well at all. So we weren’t duped by Fowler or Fontneau as they worked to help the health industry from the inside or as they left to do similar work more directly from outside the public administration of Obamacare. We patients and private citizens were always the means to an end – higher profits for the health industry and bigger salaries for those who help make it so. As an old adage goes and has ever stayed true, ‘Follow the money.”

Naomi Oreskes: Wishful Thinking About Natural Gas

Why fossil fuels can’t solve the problems created by fossil fuels

Albert Einstein is rumored to have said that one cannot solve a problem with the same thinking that led to it. Yet this is precisely what we are now trying to do with climate change policy.  The Obama administration, the Environmental Protection Agency, many environmental groups, and the oil and gas industry all tell us that the way to solve the problem created by fossil fuels is with more fossils fuels.  We can do this, they claim, by using more natural gas, which is touted as a “clean” fuel — even a “green” fuel.

Like most misleading arguments, this one starts from a kernel of truth.

That truth is basic chemistry: when you burn natural gas, the amount of carbon dioxide (CO2) produced is, other things being equal, much less than when you burn an equivalent amount of coal or oil. It can be as much as 50% less compared with coal, and 20% to 30% less compared with diesel fuel, gasoline, or home heating oil. When it comes to a greenhouse gas (GHG) heading for the atmosphere, that’s a substantial difference.  It means that if you replace oil or coal with gas without otherwise increasing your energy usage, you can significantly reduce your short-term carbon footprint.Albert Einstein is rumored to have said that one cannot solve a problem with the same thinking that led to it. Yet this is precisely what we are now trying to do with climate change policy.  The Obama administration, the Environmental Protection Agency, many environmental groups, and the oil and gas industry all tell us that the way to solve the problem created by fossil fuels is with more fossils fuels.  We can do this, they claim, by using more natural gas, which is touted as a “clean” fuel — even a “green” fuel.

Like most misleading arguments, this one starts from a kernel of truth.

That truth is basic chemistry: when you burn natural gas, the amount of carbon dioxide (CO2) produced is, other things being equal, much less than when you burn an equivalent amount of coal or oil. It can be as much as 50% less compared with coal, and 20% to 30% less compared with diesel fuel, gasoline, or home heating oil. When it comes to a greenhouse gas (GHG) heading for the atmosphere, that’s a substantial difference.  It means that if you replace oil or coal with gas without otherwise increasing your energy usage, you can significantly reduce your short-term carbon footprint.[..]

So if someone asks: “Is gas better than oil or coal?” the short answer seems to be yes.  And when it comes to complicated issues that have science at their core, often the short answer is the (basically) correct one. [..]

In the case of gas, however, the short answer may not be the correct one.

On This Day In History July 30

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

Click on images to enlarge

July 30 is the 211th day of the year (212th in leap years) in the Gregorian calendar. There are 154 days remaining until the end of the year.

On this day in 1965, President Lyndon B. Johnson signs Medicare, a health insurance program for elderly Americans, into law. At the bill-signing ceremony, which took place at the Truman Library in Independence, Missouri, former President Harry S. Truman was enrolled as Medicare’s first beneficiary and received the first Medicare card. Johnson wanted to recognize Truman, who, in 1945, had become the first president to propose national health insurance, an initiative that was opposed at the time by Congress.

The Medicare program, providing hospital and medical insurance for Americans age 65 or older, was signed into law as an amendment to the Social Security Act of 1935. Some 19 million people enrolled in Medicare when it went into effect in 1966. In 1972, eligibility for the program was extended to Americans under 65 with certain disabilities and people of all ages with permanent kidney disease requiring dialysis or transplant. In December 2003, President George W. Bush signed into law the Medicare Modernization Act (MMA), which added outpatient prescription drug benefits to Medicare.

Medicaid, a state and federally funded program that offers health coverage to certain low-income people, was also signed into law by President Johnson on July 30, 1965, as an amendment to the Social Security Act.

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

Joshua Sager: GOP’s 30-year spin job is over: Why we are not a center-right nation

From minimum wage to the environment to abortion, America is far more liberal than the media or the right admit

It is a persistent belief among many in the political and media establishments, fed by decades of right-wing propaganda, that the United States is a “center-right nation” that finds progressives to be far too liberal for mainstream positions of power.

If you look purely at electoral outcomes, those who assert this appear to have a fairly strong point. The last several decades of federal politics have been dominated by center-right policies and truly left-wing politicians have been largely marginalized (e.g., Bernie Sanders). Even Clinton and Obama – the last two Democratic presidents who, theoretically, should be leftists – are corporate-friendly moderates who have triangulated during negotiations with Republicans to pass center-right policy compromises (e.g., Obama’s Heritage Foundation-inspired ACA or the Clinton Defense of Marriage Act compromise).

While electoral results may support the idea of a center-right nation, looking beyond electoral politics – which involve a mixture of policy choices, party politics, fundraising and propaganda – and focusing purely upon raw policy preferences leaves us with an entirely different picture.

Here is a compilation of polling data from various reputable American polling organizations, describing the policy preferences of the Americans people over the last year.

Bill Curry: My party has lost its soul: Bill Clinton, Barack Obama and the victory of Wall Street Democrats

In 2006 the Atlantic magazine asked a panel of “eminent historians” to name the 100 most influential people in American history.  Included alongside George Washington, Abe Lincoln, Mark Twain and Elvis Presley was Ralph Nader, one of only three living Americans to make the list. It was airy company for Nader, but if you think about it, an easy call. [..]

Populism isn’t just liberalism on steroids; it too demands compromise. After any defeat, a party’s base consoles itself with the notion that if its candidates were pure they’d have won. It’s never true; most voters differ with both parties. Still, liberals dream of retaking Congress as the Tea Party dreams of retaking the White House: by being pure. Democratic elites are always up for compromise, but on the wrong issues. Rather than back GOP culture wars, as some do, or foreign wars, as many do, or big business, as nearly all do, they should back libertarians on privacy, small business on credit and middle-class families on taxes.

If Democrats can’t break up with Obama or make up with Nader, they should do what they do best: take a poll. They would find that beneath all our conflicts lies a hidden consensus. It prizes higher ethics, lower taxes and better governance; community and privacy; family values and the First Amendment; economic as well as cultural diversity. Its potential coalition includes unions, small business, nonprofits, the professions, the economically embattled and all the marginalized and excluded. Such a coalition could reshape our politics, even our nation.

Glen Ford: The Siege of Detroit: A War of Black Urban Removal

The people of Detroit have no rights that corporations and their servants in government are bound to respect. Indeed, the emergency manager laws have been used to disenfranchise the residents of every largely Black city and school district in the state, encompassing more than half the Black population of Michigan. (The people of Michigan rejected the legislation in a referendum, but Republican lawmakers simply passed a near-identical measure, as if nothing had happened.)

The 82 percent Black metropolis is under siege, in the Medieval sense of the term. Just as ancient armies deprived towns under siege of food and water, to starve and thirst them into submission, so Kevin Orr has caused the Detroit Water and Sewage Department to cut off tens of thousands of residents, in an escalating trajectory of systematically inflicted mass punishment and pain designed to make life in the city unbearable for a huge proportion of the population.

This is a war against a Black city, and a blueprint for future aggressions aimed at shrinking “chocolate cities” across the nation. What Katrina accomplished through the sudden advent of flood, the corporate strategists in Michigan intend to achieve by emergency dictatorship, privatization and blatantly racist official barbarism.

Dean Baker: Finance in America: Promoting Inequality and Waste

In the crazy years of the housing boom the financial sector was a gigantic cesspool of excess and corruption. There was big money in pushing and packaging fraudulent mortgages. The country paid a huge price for the financial sector’s sleaze.

Unfortunately, because of the Obama administration’s soft-on-crime approach to the bankers who became rich in the process, the industry is still a cesspool of excess and greed. Just to be clear, knowingly issuing and packaging a fraudulent mortgage is a crime, the sort of thing for which people go to jail. But thanks to the political power of the Wall Street, none of them went to jail, and in fact they got to keep the money.

Since the penalties for ripping off people are trivial to non-existent, the financial sector finds this to be a much more profitable line of business than actually providing financial services. The New York Times recently reported on the boom in the subprime market for auto loans featuring many of the same abusive practices we saw in the subprime mortgage market during the bubble years. Lenders are slapping on extra fees, changing the terms after contracts are signed, and doing all the other fun things we have come to expect from leaders in finance. The used car industry was sufficiently powerful that it was able to gain an exemption from being covered by the Consumer Financial Protection Bureau.

We could look to contain these abuses with better regulation, but there is an easier route: competition. Senator Elizabeth Warren and others have proposed re-establishing a postal banking system. The Postal Service used to provide many basic banking services and postal banks still exist in many European countries. It should be a simple enough matter to re-establish such a system, run on a profit-making basis, that would provide basic services to low and moderate income households.

Eugene Robinson: Republican Lawmakers on Strike

The Republican Party’s paralysis on immigration is so complete-and so utterly irresponsible-that President Obama has no choice but to act on his own.

Just say the word immigration and most GOP members of Congress either change the subject or scurry away. Rather than tackle a suite of genuine issues whose obvious solutions would clearly benefit the nation, House Republicans prefer to pass yet more useless bills that seek-and fail-to take away people’s health insurance. [..]

House Republicans, meanwhile, have been spinning their wheels. Boehner is reportedly seeking agreement on a bill that provides only about $1 billion in emergency funding, far less than Obama says is needed. And it seems likely that the House bill-if there is one-will seek to change a 2008 law that prevents the Central American children from being summarily deported.

A little background about that law is in order. The William Wilberforce Trafficking Victims Protection Reauthorization Act-named after a 19th-century English abolitionist-was signed by George W. Bush late in his presidency. Designed to combat human trafficking, the law provides that any child from a country other than Canada or Mexico who enters the United States illegally must be given a full immigration hearing before being deported. The goal is to determine whether the child has a valid claim for asylum.

E. J. Dionne, Jr.: Paul Ryan’s New Clothes

Paul Ryan is counting on this: Because he says he wants to preserve a safety net, speaks with concern about poor people and put out a 73-page report, many will elide over the details of the proposals he made last week in his major anti-poverty speech.

The Wisconsin Republican congressman is certainly aware that one of the biggest political difficulties he and his conservative colleagues face is that many voters suspect them of having far more compassion for a wealthy person paying taxes than for a poor or middle-income person looking for a job.

So Ryan gave a well-crafted address at the American Enterprise Institute in which the centerpiece sounded brand spanking new: the “Opportunity Grant.” The problem is that this “pilot program” amounts to little more than the stale conservative idea of wrapping federal programs into a block grant and shipping them off to the states. The good news is that Ryan only proposes “experiments” involving “a select number of states,” so he would not begin eliminating programs wholesale. Thank God for small favors.

On This Day In History July 29

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

Click on images to enlarge

July 29 is the 210th day of the year (211th in leap years) in the Gregorian calendar. There are 155 days remaining until the end of the year.

On this day in 1858, the Harris Treaty was signed between the United States and Japan was signed at the Ryosen-ji in Shimoda.  Also known as the Treaty of Amity and Commerce, it opened the ports of  Edo and four other Japanese cities to American trade and granted extraterritoriality to foreigners, among other stipulations.

The treaty followed the 1854 Convention of Kanagawa, which granted coaling rights for U.S. ships and allowed for a U.S. Consul in Shimoda. Although Commodore Matthew Perry secured fuel for U.S. ships and protection, he left the important matter of trading rights to Townsend Harris, another U.S. envoy who negotiated with the Tokugawa Shogunate; the treaty is therefore often referred to as the Harris Treaty. It took two years to break down Japanese resistance, but with the threat of looming British demands for similar privileges, the Tokugawa government eventually capitulated.

Treaties of Amity and Commerce between Japan and Holland, England, France, Russia and the United States, 1858.

The most important points were:

   * exchange of diplomatic agents

   * Edo, Kobe, Nagasaki, Niigata, and Yokohama‘s opening to foreign trade as ports

   * ability of United States citizens to live and trade in those ports

   * a system of phttp://en.wikipedia.org/wiki/Extraterritoriality extraterritoriality] that provided for the subjugation of foreign residents to the laws of their own consular courts instead of the Japanese law system

   * fixed low import-export duties, subject to international control

The agreement served as a model for similar treaties signed by Japan with other foreign countries in the ensuing weeks. These Unequal Treaties curtailed Japanese sovereignty for the first time in its history; more importantly, it revealed Japan’s growing weakness, and was seen by the West as a pretext for possible colonisation of Japan. The recovery of national status and strength became an overarching priority for the Japanese, with the treaty’s domestic consequences being the end of Bakufu (Shogun) control and the establishment of a new imperial government.

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 Krogman: Corporate Artful Dodgers

Tax Avoidance du Jour: Inversion

In recent decisions, the conservative majority on the Supreme Court has made clear its view that corporations are people, with all the attendant rights. They are entitled to free speech, which in their case means spending lots of money to bend the political process to their ends. They are entitled to religious beliefs, including those that mean denying benefits to their workers. Up next, the right to bear arms?

There is, however, one big difference between corporate persons and the likes of you and me: On current trends, we’re heading toward a world in which only the human people pay taxes.

We’re not quite there yet: The federal government still gets a tenth of its revenue from corporate profits taxation. But it used to get a lot more – a third of revenue came from profits taxes in the early 1950s, a quarter or more well into the 1960s. Part of the decline since then reflects a fall in the tax rate, but mainly it reflects ever-more-aggressive corporate tax avoidance – avoidance that politicians have done little to prevent.

New York Times Editorial Board: A Stronger Bill to Limit Surveillance

The Senate is about to begin debate on a bill that could, at long last, put an end to the indiscriminate bulk collection of Americans’ telephone records and bring needed transparency to the abusive spying programs that have tarnished the nation’s reputation.

The bill, to be introduced on Tuesday by Senator Patrick Leahy of Vermont, chairman of the Judiciary Committee, is a significant improvement over the halfhearted measure passed by the House in May. That legislation was notable for putting even Republicans on the record in opposition to the broad domestic spying efforts of the intelligence agencies, but its final version was watered down at the insistence of the White House.

Mr. Leahy said at the time that he wanted to write a stronger bill, and, after negotiating with the White House, he has. Both bills would stop the flow of telephone data into the computers of the National Security Agency, keeping the information with the phone companies, where it belongs. But the Senate bill takes a major step in limiting how much of that data the N.S.A. can request.

David Cay Johnston: Federal regulators let utilities gouge customers

Despite obscene profits from monopoly power, government officials ignore evidence and squash challenges

The profit margins that federal regulators set for utilities should be decreasing, given the long downward drift of interest rates and the shrinking cost of capital.

Bizarrely, the opposite is happening: Utilities are raking in stunning profits at the expense of consumers.

Now the first in a raft of cases asserting that the Federal Energy Regulatory Commission (FERC) is letting utilities gouge customers by setting egregiously high rates of return may finally get a hearing.

Since utilities are legal monopolies with no market to discipline their pricing, only the vigilance of regulators stops them from causing irreparable economic harm by stifling growth, draining wealth from customers and distorting investment. Court rulings say FERC commissioners must “guard the consumer against excessive rates.”

The legal standard for setting utility rates is known as “just and reasonable.” Profits and prices are supposed to be balanced so both investors and customers get fair treatment.

FERC commissioners, however, disregard the just and reasonable standard, routinely ignore evidence and act more as agents of utilities than fair-minded regulators.

Robert Reich: The Increasing Irrelevance of Corporate Nationality

“You shouldn’t get to call yourself an American company only when you want a handout from the American taxpayers,” President Obama said Thursday.

He was referring to American corporations now busily acquiring foreign companies in order to become non-American, thereby reducing their U.S. tax bill.

But the president might as well have been talking about all large American multinationals.

Only about a fifth of IBM’s worldwide employees are American, for example, and only 40 percent of GE’s. Most of Caterpillar’s recent hires and investments have been made outside the U.S.

In fact, since 2000, almost every big American multinational corporation has created more jobs outside the United States than inside. If you add in their foreign sub-contractors, the foreign total is even higher.

Philip Pilkington: Fed’s targeting of asset bubbles leads to contradictions

Yellen’s comments on overvalued markets welcome, but finding the right solution is tricky

On July 15 the head of the U.S. Federal Reserve, Janet Yellen, announced during a Senate hearing about the current economic outlook that certain asset markets were overvalued. The charges mark a potential revolution in how central banks across the world will conduct their affairs. In her testimony, Yellen noted that valuations for low-rated “junk bonds” or corporate debt “appear stretched,” while “issuance has been brisk.” Similarly, in its full monetary policy report released the same day, the Fed said stocks for some social media and biotech industries appear significantly overvalued.

Much of this was not surprising. For months, commentators had said these trends of high valuation in risky and overvalued markets are unsustainable. But such confirmation from the most powerful banker in the world dramatically alters how central banks see themselves. Following the 2008 financial crisis, many central banks turned their focus to managing the financial market in a far more concerted manner than they did previously. For example, the banks intervened in the market to prop up asset prices by increasing the monetary base in the banking system and thus lowering interest rates, but it seems that they will now try to stop these prices from rising to levels they consider dangerous.

Peter Shrag: Unscrambling the California omelet

Why breaking the state into six is a terrible idea

There are many arguments in support of Silicon Valley venture capitalist Tim Draper’s view that California is too big, too diverse and too unwieldy to work efficiently as a state. With 38 million residents and growing; 13 TV markets; some 7,000 government entities, including cities, counties, water and mosquito abatement districts, school districts; and an ethnically and economically polyglot population, most residents feel closer to their local governments than to the distant politicians in Sacramento.

Draper’s remedy: an initiative for the 2016 ballot to divide California into six states to bring government closer to the people. One, the proposed new coastal state of Silicon Valley, which would include San Francisco and the high-tech suburbs to the south (where Draper lives), would have the highest per capita income in the nation, above Connecticut. Its neighbor to the east, the state of Central California (a region sometimes called California’s Appalachia), would be the poorest, poorer than Mississippi. That might be welcome to the rich taxpayers along the coast, but it would create monstrous problems for the have-nots. [..]

But this is a nutty idea, nuttier even than Draper’s costly school voucher initiative in 2000, which got trounced by a vote of 70-30. So perhaps this move is a very costly provocation to bring out some great new wave of disaffected rednecks with pitchforks, or to generate yet another great anti-establishment political upheaval like the tax revolt of 1978 or the recall of Gov. Gray Davis in 2003.

On This Day In History July 28

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

July 28 is the 209th day of the year (210th in leap years) in the Gregorian calendar. There are 156 days remaining until the end of the year.

On this day in 1868, following its ratification by the necessary three-quarters of U.S. states, the 14th Amendment, guaranteeing to African Americans citizenship and all its privileges, is officially adopted into the U.S. Constitution.

snip

In the decades after its adoption, the equal protection clause was cited by a number of African American activists who argued that racial segregation denied them the equal protection of law. However, in 1896, the U.S. Supreme Court ruled in Plessy v. Ferguson that states could constitutionally provide segregated facilities for African Americans, so long as they were equal to those afforded white persons. The Plessy v. Ferguson decision, which announced federal toleration of the so-called “separate but equal” doctrine, was eventually used to justify segregating all public facilities, including railroad cars, restaurants, hospitals, and schools. However, “colored” facilities were never equal to their white counterparts, and African Americans suffered through decades of debilitating discrimination in the South and elsewhere. In 1954, Plessy v. Ferguson was finally struck down by the Supreme Court in its ruling in Brown v. Board of Education of Topeka.

The Fourteenth Amendment (Amendment XIV) to the United States Constitution was adopted on July 29, 1868 as one of the Reconstruction Amendments.

Its Citizenship Clause provides a broad definition of citizenship that overruled the decision in Dred Scott v. Sandford (1857), which held that blacks could not be citizens of the United States.

Its Due Process Clause prohibits state and local governments from depriving people (individual and corporate) of life, liberty, or property without certain steps being taken. This clause has been used to make most of the Bill of Rights applicable to the states, as well as to recognize substantive rights and procedural rights.

Its Equal Protection Clause requires each state to provide equal protection under the law to all people within its jurisdiction. This clause later became the basis for Brown v. Board of Education (1954), the Supreme Court decision which precipitated the dismantling of racial segregation in the United States.

The there is that pertinent and pesky Article 4:

Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.

Validity of public debt

Section 4 confirmed the legitimacy of all United States public debt appropriated by the Congress. It also confirmed that neither the United States nor any state would pay for the loss of slaves or debts that had been incurred by the Confederacy. For example, several English and French banks had lent money to the South during the war. In Perry v. United States (1935), the Supreme Court ruled that under Section 4 voiding a United States government bond “went beyond the congressional power.” Section 4 has been cited (during the debate in July of 2011 over whether to raise the U.S. debt ceiling) by some legal experts and Democratic members in the U.S. House Democratic caucus, as giving current President Barack Obama the authority to unilaterally raise the debt ceiling if the Congress does not appear to be able to pass an agreement by Tuesday, August 2, 2011. The White House Press Office and President Obama have said that it will not be resorted to, though Democratic members of the House that support the move are formally petitioning him to do so “for the sake of the country’s fiscal stability.” A final resolution to the crisis has not yet been decided upon.

Rant of the Week: Keith Olberman NFL’s Insufficient Punishment

Keith Olbermann Destroys The NFL Over Its Treatment Of Women

h/t John Amato, Crooks & Liars

On This Day In History July 27

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

July 27 is the 208th day of the year (209th in leap years) in the Gregorian calendar. There are 157 days remaining until the end of the year.

On this day in 1974, the House Judiciary Committee recommended that president Richard Nixon be impeached and removed from office. It was the first such impeachment recommendation in more than a century. The vote was 27 to 11, with 6 of the committee’s 17 Republicans joining all 21 Democrats in voting to send the article to the House. Nixon resigned before he was impeached by the full House.

The House Judiciary Committee recommends that America’s 37th president, Richard M. Nixon, be impeached and removed from office. The impeachment proceedings resulted from a series of political scandals involving the Nixon administration that came to be collectively known as Watergate.

snip

In May 1974, the House Judiciary Committee began formal impeachment hearings against Nixon. On July 27 of that year, the first article of impeachment against the president was passed. Two more articles, for abuse of power and contempt of Congress, were approved on July 29 and 30. On August 5, Nixon complied with a U.S. Supreme Court ruling requiring that he provide transcripts of the missing tapes, and the new evidence clearly implicated him in a cover up of the Watergate break-in. On August 8, Nixon announced his resignation, becoming the first president in U.S. history to voluntarily leave office. After departing the White House on August 9, Nixon was succeeded by Vice President Gerald Ford, who, in a controversial move, pardoned Nixon on September 8, 1974, making it impossible for the former president to be prosecuted for any crimes he might have committed while in office. Only two other presidents in U.S. history have been impeached: Andrew Johnson in 1868 and Bill Clinton in 1998.

The Breakfast Club (Song of the Sea)

Welcome to The Breakfast Club! We’re a disorganized group of rebel lefties who hang out and chat if and when we’re not too hungover  we’ve been bailed out we’re not too exhausted from last night’s (CENSORED) the caffeine kicks in. Join us every weekday morning at 9am (ET) and weekend morning at 10:30am (ET) to talk about current news and our boring lives and to make fun of LaEscapee! If we are ever running late, it’s PhilJD’s fault.

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This Day in History

Breakfast Tunes

Broken clouds along the blue horizon

The sun is setting and the wind is dying down

Outward bound, there is music all around

Can you hear it, it’s the, the song of the sea?

Soundings taken at the edge of darkness

The widest silences the heart can ever hear

You can steer to the stars along your lee

Set your bearings to the, the song of the sea

Oh, and the song is as ancient as the days

And the winds upon the waves

Let it carry you away, so far away

Trim my sails to greet the breakin’ morning

Past the headlands to the rolling open sea

An’ it comes to me, I have never felt so free

As when I’m listening to the, the song of the sea

Oh and the song is as ancient as the days

And the winds upon the waves

Let it carry me away, so far away

Some were meant to watch the world from windows

And never look beyond the road beneath their feet

But for me, I was always meant to be

One forever chasing the song of the sea

The song of the sea

The song of the sea

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:

This Week with George Stephanopolis: The guests on Sunday’s “This Week” are: Sen. John Cornyn (R-TX); and Rep. Henry Cuellar (D-TX).

The dguests are: Democratic strategist Donna Brazile; Rep. Tom Cole (R-OK); CNN “Crossfire” co-host S.E. Cupp; and UC Berkley professor and former Clinton Labor secretary Robert Reich.

Face the Nation with Bob Schieffer: Mr. Schieffer’s guests are: House Intelligence Committee Chairman Mike Rogers (R-MI): and former Secretary of State Madeleine Albright.

His panel guests are: CBS News Elections Director Anthony Salvanto; David Leonhardt, The New York Times; Amy Walter, the Cook Political Report; and CBS News Political Director John Dickerson.

Meet the Press with David Gregory: The guests on MTP are: Israeli Prime Minister Benjamin Netanyahu; Chris Gunness, the Spokesperson for the United Nations Relief and Works Agency; Rep. Paul Ryan (R-WI); Sen. Charles Schumer (D-NY); and Sen. Ted Cruz (R-TX).

At the roundtable are: Judy Woodruff, Co-Anchor and Managing Editor, PBS NewsHour; David Brooks, New York Times; Nia-Malika Henderson, Washington Post; and Ruth Marcus, Washington Post.

State of the Union with Candy Crowley: Ms. Crowley’s guests are: Israeli Prime Minister Benjamin Netanyahu; Palestinian Minister Mohammad Shtayye; Ukraine’s Foreign Minister Pavlo Klimkin;  Deputy National Security Adviser Ben Rhodes; House Minority Leader Nancy Pelosi and Sen. Lindsey Graham (R-SC).

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