Tag: Open Thread

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.

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May 26 is the 146th day of the year (147th in leap years) in the Gregorian calendar. There are 219 days remaining until the end of the year.

On this day in 1637, an allied Puritan and Mohegan force under English Captain John Mason attacks a Pequot village in Connecticut, burning or massacring some 500 Indian women, men, and children.

The Pequot War was an armed conflict in 1634-1638 between the Pequot tribe against an alliance of the Massachusetts Bay, Plymouth, and Saybrook colonies with American Indian allies (the Narragansett and Mohegan tribes). Hundreds were killed; hundreds more were captured and sold into slavery to the West Indies. Other survivors were dispersed. At the end of the war, about seven hundred Pequots had been killed or taken into captivity. The result was the elimination of the Pequot as a viable polity in what is present-day Southern New England. It would take the Pequot more than three and a half centuries to regain political and economic power in their traditional homeland region along the Pequot (present-day Thames) and Mystic rivers in what is now southeastern Connecticut.

The Mystic massacre

Believing that the English had returned to Boston, the Pequot sachem Sassacus took several hundred of his warriors to make another raid on Hartford. Mason had visited and recruited the Narragansett, who joined him with several hundred warriors. Several allied Niantic warriors also joined Mason’s group. On May 26, 1637, with a force up to about 400 fighting men, Mason attacked Misistuck by surprise. He estimated that “six or seven Hundred” Pequot were there when his forces assaulted the palisade. As some 150 warriors had accompanied Sassacus to Hartford, so the inhabitants remaining were largely Pequot women and children, and older men. Mason ordered that the enclosure be set on fire. Justifying his conduct later, Mason declared that the attack against the Pequot was the act of a God who “laughed his Enemies and the Enemies of his People to scorn making [the Pequot] as a fiery Oven . . . Thus did the Lord judge among the Heathen, filling [Mystic] with dead Bodies.”  Mason insisted that any Pequot attempting to escape the flames should be killed. Of the estimated 600 to 700 Pequot resident at Mystic that day, only seven survived to be taken prisoner, while another seven escaped to the woods.

The Narragansett and Mohegan warriors with Mason and Underhill’s colonial militia were horrified by the actions and “manner of the Englishmen’s fight . . . because it is too furious, and slays too many men.” The Narragansett left the warfare and returned home.

Believing the mission accomplished, Mason set out for home. Becoming temporarily lost, his militia narrowly missed returning Pequot warriors. After seeing the destruction of Mystic, they gave chase to the English forces, but to little avail.

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

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

Follow us on Twitter @StarsHollowGzt

Paul Krugman: Egos and Immorality

In the wake of a devastating financial crisis, President Obama has enacted some modest and obviously needed regulation; he has proposed closing a few outrageous tax loopholes; and he has suggested that Mitt Romney’s history of buying and selling companies, often firing workers and gutting their pensions along the way, doesn’t make him the right man to run America’s economy.

Wall Street has responded – predictably, I suppose – by whining and throwing temper tantrums. And it has, in a way, been funny to see how childish and thin-skinned the Masters of the Universe turn out to be. Remember when Stephen Schwarzman of the Blackstone Group compared a proposal to limit his tax breaks to Hitler’s invasion of Poland? Remember when Jamie Dimon of JPMorgan Chase characterized any discussion of income inequality as an attack on the very notion of success?

New York Times Editorial: The Crisis This Time

They blew it, again. With Greece in meltdown, raising fears of cascading bank insolvencies and deepening recession, Europe’s leaders failed again this week to agree on the ambitious initiatives needed to quell the crisis.

For a few days before their Wednesday dinner meeting, it sounded as if Chancellor Angela Merkel of Germany might be ready to change her all-austerity-all-the-time tune. France’s new president, François Hollande, had campaigned and won on a pro-growth agenda, and Ms. Merkel was suddenly suggesting that some stimulus for Greece and others to spur growth might be possible.

But, on Wednesday, she was again insisting on the same draconian budget cuts and the same unreachable targets as the price of aid to Greece and other indebted euro-zone nations.

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.

May 25 is the 145th day of the year (146th in leap years) in the Gregorian calendar. There are 220 days remaining until the end of the year.

On this day in 1977, Stars Wars opens with an intergalactic bang as the first of George Lucas’ blockbuster Star Wars movies hits American theaters.

Star Wars Episode IV: A New Hope, originally released as Star Wars, is a 1977 American epic space opera film, written and directed by George Lucas. It is the first of six films released in the Star Wars saga: two subsequent films complete the original trilogy, while a prequel trilogy completes the six-film saga. It is the fourth film in terms of the series’ internal chronology. Ground-breaking in its use of special effects, unconventional editing, and science fiction/fantasy storytelling, the original Star Wars is one of the most successful and influential films of all time.

Set “a long time ago in a galaxy far, far away”, the film follows a group of freedom fighters known as the Rebel Alliance as they plot to destroy the powerful Death Star space station, a devastating weapon created by the evil Galactic Empire. This conflict disrupts the isolated life of farmboy Luke Skywalker when he inadvertently acquires the droids carrying the stolen plans to the Death Star. After the Empire begins a cruel and destructive search for the droids, Skywalker decides to accompany Jedi Knight Obi-Wan Kenobi on a daring mission to rescue the owner of the droids, rebel leader Princess Leia Organa, and save the galaxy.

Produced with a budget of $11 million and released on May 25, 1977, the film went on to earn $460 million in the United States and $337 million overseas, surpassing Jaws as the highest-grossing film of all time at the time. Among the many awards the film received, it gained ten Academy Award nominations, winning six; the nominations included Best Supporting Actor for Alec Guinness and Best Picture. Lucas has re-released the film on several occasions, sometimes with significant changes; the most notable versions are the 1997 Special Edition and the 2004 DVD release, which have modified computer-generated effects, altered dialogue, and added scenes.

“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

Robert Reich: Why Obama Should Be Attacking Casino Capitalism

I wish President Obama would draw the obvious connection between Bain Capital and JPMorgan Chase.

That way his so-called “attack” on private equity is neither a personal attack on Mitt Romney nor a generalized attack on American business.

It’s an attack on a particular kind of capitalism that Romney and JPMorgan both practice: Using other peoples’ money to make big bets which, if they go wrong, can wreak havoc on the economy.

It’s the substitution of casino capitalism for real capitalism, the dominance of the betting parlor over the real business of America, financial innovation rather than product innovation.

Paul Krugman: Europe’s Leaders Double Down on a Failed Strategy

I guess we knew this was coming, but in the face of the French and Greek election results and the broader evidence that Europe’s economic strategy is an utter failure, the usual suspects are, you guessed it, doubling down.

Simon Wren-Lewis, an economics professor at Oxford, has looked on in horror as the Dutch have agreed on completely unnecessary austerity measures, as a way of showing their commitment to Europe’s totally misguided fiscal pact. “Towards the end of April the Dutch conservative coalition government collapsed when the far-right party refused to discuss further budget cuts,” Mr. Wren-Lewis wrote on his blog on May 7. “The prime minister resigned. And yet a few days later other parties rallied round to give their support to a similar package of austerity measures, which now have majority support in parliament.”

British Prime Minister David Cameron vowed “no going back” on his failed austerity strategy in a speech after the elections.

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.

May 24 is the 144th day of the year (145th in leap years) in the Gregorian calendar. There are 221 days remaining until the end of the year.

On this day in 1775, John Hancock is elected president of the Second Continental Congress.

ohn Hancock is best known for his large signature on the Declaration of Independence, which he jested the British could read without spectacles. He was serving as president of Congress upon the declaration’s adoption on July 4, 1776, and, as such, was the first member of the Congress to sign the historic document.

John Hancock graduated from Harvard University in 1754 at age 17 and, with the help of a large inherited fortune, established himself as Boston’s leading merchant. The British customs raid on one of Hancock’s ships, the sloop Liberty, in 1768 incited riots so severe that the British army fled the city of Boston to its barracks in Boston Harbor. Boston merchants promptly agreed to a non-importation agreement to protest the British action. Two years later, it was a scuffle between Patriot protestors and British soldiers on Hancock’s wharf that set the stage for the Boston Massacre.

Hancock’s involvement with Samuel Adams and his radical group, the Sons of Liberty, won the wealthy merchant the dubious distinction of being one of only two Patriots-the other being Sam Adams-that the Redcoats marching to Lexington in April 1775 to confiscate Patriot arms were ordered to arrest. When British General Thomas Gage offered amnesty to the colonists holding Boston under siege, he excluded the same two men from his offer.

President of Congress

With the war underway, Hancock made his way to the Continental Congress in Philadelphia with the other Massachusetts delegates. On May 24, 1775, he was unanimously elected President of the Continental Congress, succeeding Peyton Randolph after Henry Middleton declined the nomination. Hancock was a good choice for president for several reasons. He was experienced, having often presided over legislative bodies and town meetings in Massachusetts. His wealth and social standing inspired the confidence of moderate delegates, while his association with Boston radicals made him acceptable to other radicals. His position was somewhat ambiguous, because the role of the president was not fully defined, and it was not clear if Randolph had resigned or was on a leave of absence. Like other presidents of Congress, Hancock’s authority was limited to that of a presiding officer. He also had to handle a great deal of official correspondence, and he found it necessary to hire clerks at his own expense to help with the paperwork.

Signing the Declaration

Hancock was president of Congress when the Declaration of Independence was adopted and signed. He is primarily remembered by Americans for his large, flamboyant signature on the Declaration, so much so that “John Hancock” became, in the United States, an informal synonym for signature. According to legend, Hancock signed his name largely and clearly so that King George could read it without his spectacles, but this fanciful story did not appear until many years later.

“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

Wednesday is Ladies’ Day

Katrina vanden Huevel: The GOP’s fear-mongering on defense

House Republicans voted last week to break last summer’s deal to raise the debt ceiling and avoid default. “We are here to meet our legal and our moral obligations to lead,” Budget Committee Chairman Paul Ryan (R-Wis.) said of the occasion, without a hint of irony.

The original debt deal required a bipartisan “supercommittee” to find $4 trillion in deficit savings, or “sequestration” would automatically be triggered – an across-the-board cut of $1.2 trillion in each party’s priority: domestic programs and defense. Even under that self-imposed sword of Damocles, Congress failed to do its job, setting the cuts in motion. But House Republicans argued that the requisite cuts to defense funding would harm national security. Take the money from food stamps and health care for the poor, they cried, as they cradled the defense industry in their arms.

Never mind that the Republicans are, as Jon Stewart said, turning a “suicide pact” into a “murder pact.” Is this fear-mongering warranted? Will the looming cuts to the Pentagon’s budget really threaten our security?

Yves Smith: Earth to Dimon: Banks Don’t Have a Right to Profit

Preventing blow-ups like the JPMorgan “hedge” that bears no resemblance to any known hedge isn’t difficult. What makes preventing it difficult is that banks that exist only by virtue of state-granted charters – and more recently, huge transfers from the public – have persuaded public officials and regulators that they have a God-granted right not just to high levels of profit but also high levels of employee and executive compensation.

Banks enjoy state support because they provide essential services, like a payments system and a repository for deposits. One proposal to limit them to these vital services is “narrow banking,” or requiring that deposits be invested in only safe and liquid instruments. This idea was put forward by Irving Fisher and Henry Simons in the 1930s, and has been championed by the right (Milton Friedman), the left (James Tobin) and banking experts (Lowell Bryan of McKinsey). [..]

Maybe it’s time to recognize that these firms are too big and in too many complex businesses to be managed. Jamie Dimon was touted as a star who could supervise a sprawling firm running huge risks, and he fell short because no one can do the job adequately. A less disaster-prone financial system requires more simplicity and redundancy. Re-instituting Glass-Steagall or other variants on the narrow banking theme isn’t a full solution, but it would make for a good start.

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.

May 23 is the 143rd day of the year (144th in leap years) in the Gregorian calendar. There are 222 days remaining until the end of the year.

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On this day in 1873, the Canadian Parliament establishes the North West Mounted Police, the forerunner of the Royal Canadian Mounted Police.

North-West Mounted Police

The RCMP has its beginnings in the North-West Mounted Police (NWMP). The police was established by an act of legislation from the Temporary North-West Council the first territorial government of the Northwest Territories. The Act was approved by the Government of Canada and established on May 23, 1873, by Queen Victoria, on the advice of her Canadian Prime Minister, John A. Macdonald, with the intent of bringing law and order to, and asserting sovereignty over, the Northwest Territories. The need was particularly urgent given reports of American whiskey traders, in particular those of Fort Whoop-Up, causing trouble in the region, culminating in the Cypress Hills Massacre. The new force was initially to be called the North West Mounted Rifles, but this proposal was rejected as sounding too militaristic in nature, which Macdonald feared would antagonize both aboriginals and Americans; however, the force was organized along the lines of a cavalry regiment in the British Army, and was to wear red uniforms.

The NWMP was modelled directly on the Royal Irish Constabulary, a civilian paramilitary armed police force with both mounted and foot elements under the authority of what was then the United Kingdom of Great Britain and Ireland. First NWMP commissioner, Colonel George Arthur French visited Ireland to learn its methods.

The initial force, commanded by Commissioner French, was assembled at Fort Dufferin, Manitoba. They departed on July 8, 1874, on a march to what is now Alberta.

The group comprised 22 officers, 287 men – called constables and sub-constables – 310 horses, 67 wagons, 114 ox-carts, 18 yoke of oxen, 50 cows and 40 calves. A pictorial account of the journey was recorded in the diary of Henri Julien, an artist from the Canadian Illustrated News, who accompanied the expedition.

Their destination was Fort Whoop-Up, a notorious whiskey trading post located at the junction of the Belly and Oldman Rivers. Upon arrival at Whoop-Up and finding it abandoned the troop continued a few miles west and established headquarters on an island in the Oldman, naming it Fort MacLeod.

Historians have theorized that failure of the 1874 March West would not have completely ended the Canadian federal government’s vision of settling the country’s western plains, but could have delayed it for many years. It could also have encouraged the Canadian Pacific Railway to seek a more northerly route for its transcontinental railway that went through the well-mapped and partially settled valley of the North Saskatchewan River, touching on Prince Albert, Battleford and Edmonton, and through the Yellowhead Pass, as originally proposed by Sandford Fleming. This would have offered no economic justification for the existence of cities like Brandon, Regina, Moose Jaw, Swift Current, Medicine Hat, and Calgary, which could, in turn, have tempted American expansionists to make a play for the flat, empty southern regions of the Canadian prairies.

The NWMP’s early activities included containing the whiskey trade and enforcing agreements with the First Nations peoples; to that end, the commanding officer of the force arranged to be sworn in as a justice of the peace, which allowed for magisterial authority within the Mounties’ jurisdiction. In the early years, the force’s dedication to enforcing the law on behalf of the First Nations peoples impressed the latter enough to encourage good relations between them and the Crown. In the summer of 1876, Sitting Bull and thousands of Sioux fled from the US Army towards what is now southern Saskatchewan, and James Morrow Walsh of the NWMP was charged with maintaining control in the large Sioux settlement at Wood Mountain. Walsh and Sitting Bull became good friends, and the peace at Wood Mountain was maintained. In 1885, the NWMP helped to quell the North-West Rebellion led by Louis Riel. They suffered particularly heavy losses during the Battle of Duck Lake, but saw little other active combat.

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

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

Follow us on Twitter @StarsHollowGzt

New York Times Editorial: Their Learnable Moment

On Tuesday, the Senate Banking Committee is holding a hearing on reforming derivatives – not a topic one would expect to draw a lot of energy or attention. But in the wake of JPMorgan Chase’s stunning trading loss, now reportedly at $3 billion and counting, committee members need to push the regulators testifying – and each other – to explain why, four years after the financial meltdown, speculative trading in these risky instruments has not been reined in. [..]

The committee’s ranking Republican, Senator Richard Shelby of Alabama, has vowed to repeal Dodd-Frank altogether. The panel’s chairman, Senator Tim Johnson of South Dakota, and Senator Charles Schumer, a Democrat of New York, have called for looser rules on banks’ international derivatives trades.

After JPMorgan’s losses came to light, Mr. Johnson issued a statement saying that it shows “why opponents of Wall Street reform must not be allowed to gut important protections for the financial system and taxpayers.” He is right. Now and he other committee members, and the regulators, need to show what they have learned.

Richard (RJ) Eskow: JPMorgan Chase: Break Up the Big Banks Now. Here’s How.

When Jamie Dimon revealed that JPMorgan Chase had lost billions through risky and legally questionable trading, he said the losses would be about $2 billion and maybe more. Apparently it is more — a lot more. People in a position to know are saying the real figure is probably in the $5-7 billion range.

The JPMorgan Chase scandal — and yes, it is a scandal — shows us why we need to break up the big banks as quickly as possible.

But that won’t happen unless we can get our hands around the real scope of the problem, which is probably far greater than we’re being told. That means cutting through the enveloping shroud of jargon, euphemisms and double talk — “crap,” if you will — that keeps us from seeing the situation as it really is.

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.

On this day in 1843, the Great Emigration departs for Oregon

A massive wagon train, made up of 1,000 settlers and 1,000 head of cattle, sets off down the Oregon Trail from Independence, Missouri. Known as the “Great Emigration,” the expedition came two years after the first modest party of settlers made the long, overland journey to Oregon.

Great Migration of 1843

In what was dubbed “The Great Migration of 1843” or the “Wagon Train of 1843”, an estimated 700 to 1,000 emigrants left for Oregon. They were led initially by John Gantt, a former U.S. Army Captain and fur trader who was contracted to guide the train to Fort Hall for $1 per person. The winter before, Marcus Whitman had made a brutal mid-winter trip from Oregon to St. Louis to appeal a decision by his Mission backers to abandon several of the Oregon missions. He joined the wagon train at the Platte River for the return trip. When the pioneers were told at Fort Hall by agents from the Hudson’s Bay Company that they should abandon their wagons there and use pack animals the rest of the way, Whitman disagreed and volunteered to lead the wagons to Oregon. He believed the wagon trains were large enough that they could build whatever road improvements they needed to make the trip with their wagons. The biggest obstacle they faced was in the Blue Mountains of Oregon where they had to cut and clear a trail through heavy timber. The wagons were stopped at The Dalles, Oregon by the lack of a road around Mount Hood. The wagons had to be disassembled and floated down the treacherous Columbia River and the animals herded over the rough Lolo trail to get by Mt. Hood. Nearly all of the settlers in the 1843 wagon trains arrived in the Willamette Valley by early October. A passable wagon trail now existed from the Missouri River to The Dalles. In 1846, the Barlow Road was completed around Mount Hood, providing a rough but completely passable wagon trail from the Missouri river to the Willamette Valley-about 2,000 miles.

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

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

Follow us on Twitter @StarsHollowGzt

Paul Krugman: Dimon’s Déjà Vu Debacle

Sometimes it’s hard to explain why we need strong financial regulation – especially in an era saturated with pro-business, pro-market propaganda. So we should always be grateful when someone makes the case for regulation more compelling and easier to understand. And this week, that means offering a special shout-out to two men: Jamie Dimon and Mitt Romney.

I’ll come back shortly to the troubles at JPMorgan Chase, the bank Mr. Dimon runs. First, however, let me talk about Mr. Romney, whose remarks about those troubles were so off-point that they constitute a teachable moment.

Here’s what the presumptive Republican presidential nominee said about JPMorgan’s $2 billion loss (which may actually have been $3 billion, or $5 billion, or more, but who’s counting?): “This was a loss to shareholders and owners of JPMorgan and that’s the way America works. Some people experienced a loss in this case because of a bad decision. By the way, there was someone who made a gain.”

Please remember that Jamie and Barry are BFF’s. America is so effing screwed.

Bernard Harcourt: Welcome, Nato, to Chicago’s police state

The Nato summit will come and go, but Mayor Emanuel has authorised a ‘new normal’ of militarised social control in Chicago

With Nato delegates arriving Saturday night, the City of Chicago has been turned into a police state. Courtesy of Mayor Rahm Emanuel, who several months ago began implementing new draconian anti-protest measures, Chicago has gone on security lockdown. Starting early Friday night, 18 May 2012, the Chicago Police Department began shutting down – prohibiting cars, bikes, and pedestrians – miles and miles of highways and roads in the heart of Chicago to create a security perimeter around downtown and McCormick Place (where the Nato summit is being held). [..]

So, welcome, Nato, to the Chicago police state 2012. It may be hard to see or experience the security measures from within the perimeter, but for Chicagoans, the new experience is chilling. As one Chicagoan reportedly told NBC Chicago, the mass of security equipment “made her feel like she was on ‘lockdown’.”

And you thought the Bush/Cheney regime was bad