Tag: Open Thread

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

September 18 is the 261st day of the year (262nd in leap years) in the Gregorian calendar. There are 104 days remaining until the end of the year.

On this day in 1793, George Washington lays the cornerstone to the United States Capitol building, the home of the legislative branch of American government. The building would take nearly a century to complete, as architects came and went, the British set fire to it and it was called into use during the Civil War. Today, the Capitol building, with its famous cast-iron dome and important collection of American art, is part of the Capitol Complex, which includes six Congressional office buildings and three Library of Congress buildings, all developed in the 19th and 20th centuries.

As a young nation, the United States had no permanent capital, and Congress met in eight different cities, including Baltimore, New York and Philadelphia, before 1791. In 1790, Congress passed the Residence Act, which gave President Washington the power to select a permanent home for the federal government. The following year, he chose what would become the District of Columbia from land provided by Maryland. Washington picked three commissioners to oversee the capital city’s development and they in turn chose French engineer Pierre Charles L’Enfant to come up with the design. However, L’Enfant clashed with the commissioners and was fired in 1792. A design competition was then held, with a Scotsman named William Thornton submitting the winning entry for the Capitol building. In September 1793, Washington laid the Capitol’s cornerstone and the lengthy construction process, which would involve a line of project managers and architects, got under way.

“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.

Eugene Robinson: Note to Democrats: Tea Party’s not over till it’s over

Not to spoil the fun, but Democrats shouldn’t take the Republican Party’s bitter internal warfare — and the inexperienced, flaky candidates who’ve emerged from the fray — as any kind of reassurance about November. Try as it might, the GOP probably can’t defeat itself. Not this year, anyway.

I don’t mean that the battle between the Republican establishment and the take-no-prisoners Tea Party insurgency is inconsequential. When Christine O’Donnell, a Tea Party favorite, won the Senate primary in Delaware on Tuesday, my first reaction was that this one result almost guarantees that the Democratic Party’s majority in the Senate is safe.

On reflection, I think “almost guarantees” should be downgraded to something like “makes it likely.” And in moments of existential despair, I fear that she might actually win.

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

September is the 260th day of the year (261st in leap years) in the Gregorian calendar. There are 105 days remaining until the end of the year.

On September 17, 1787, the Constitution was signed. As dictated by Article VII, the document would not become binding until it was ratified by nine of the 13 states. Beginning on December 7, five states–Delaware, Pennsylvania, New Jersey, Georgia, and Connecticut–ratified it in quick succession. However, other states, especially Massachusetts, opposed the document, as it failed to reserve undelegated powers to the states and lacked constitutional protection of basic political rights, such as freedom of speech, religion, and the press. In February 1788, a compromise was reached under which Massachusetts and other states would agree to ratify the document with the assurance that amendments would be immediately proposed. The Constitution was thus narrowly ratified in Massachusetts, followed by Maryland and South Carolina. On June 21, 1788, New Hampshire became the ninth state to ratify the document, and it was subsequently agreed that government under the U.S. Constitution would begin on March 4, 1789. In June, Virginia ratified the Constitution, followed by New York in July.

On September 25, 1789, the first Congress of the United States adopted 12 amendments to the U.S. Constitution–the Bill of Rights–and sent them to the states for ratification. Ten of these amendments were ratified in 1791. In November 1789, North Carolina became the 12th state to ratify the U.S. Constitution. Rhode Island, which opposed federal control of currency and was critical of compromise on the issue of slavery, resisted ratifying the Constitution until the U.S. government threatened to sever commercial relations with the state. On May 29, 1790, Rhode Island voted by two votes to ratify the document, and the last of the original 13 colonies joined the United States. Today, the U.S. Constitution is the oldest written constitution in operation in the world.

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the t 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.

Joseph E. Stiglitz: Fixing America’s Broken Housing Market

NEW YORK – A sure sign of a dysfunctional market economy is the persistence of unemployment. In the United States today, one out of six workers who would like a full-time job can’t find one. It is an economy with huge unmet needs and yet vast idle resources.

The housing market is another U.S. anomaly: there are hundreds of thousands of homeless people (more than 1.5 million Americans spent at least one night in a shelter in 2009), while hundreds of thousands of houses sit vacant.

Indeed, the foreclosure rate is increasing. Two million Americans lost their homes in 2008, and 2.8 million more in 2009, but the numbers are expected to be even higher in 2010. Our financial markets performed dismally — well-performing, “rational” markets do not lend to people who cannot or will not repay — and yet those running these markets were rewarded as if they were financial geniuses.

None of this is news. What is news is the Obama administration’s reluctant and belated recognition that its efforts to get the housing and mortgage markets working again have largely failed. Curiously, there is a growing consensus on both the left and the right that the government will have to continue propping up the housing market for the foreseeable future. This stance is perplexing and possibly dangerous.

Robert Scheer: After Summers Comes the Fall

When will the president give Lawrence Summers his pink slip? He can thank him for his years of service and use the excuse that his top economic adviser wants to spend more time with his family. I don’t care how he sugarcoats it. But Summers deserves the same fate as the millions of workers laid off because of the banking debacle he helped cause, the dire consequences of which he has done precious little to mitigate.

It was Summers who, as treasury secretary in the Clinton administration, pushed through the Commodity Futures Modernization Act, which opened the floodgates to the toxic mortgage-backed derivatives that still haunt the economy. The Federal Reserve now holds $2 trillion in junk securities it took off the books of banks. But the financiers who packed those devilish derivatives still hold a huge amount, and the houses they unload every time the housing market shows faint signs of stabilizing keep the economy in the doldrums.

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

September 16 is the 259th day of the year (260th in leap years) in the Gregorian calendar. There are 106 days remaining until the end of the year.

On this day in 1932, in his cell at Yerovda Jail near Bombay, Mohandas Karamchand Gandhi begins a hunger strike in protest of the British government’s decision to separate India’s electoral system by caste.A leader in the Indian campaign for home rule, Gandhi worked all his life to spread his own brand of passive resistance across India and the world. By 1920, his concept of Satyagraha (or “insistence upon truth”) had made Gandhi an enormously influential figure for millions of followers. Jailed by the British government from 1922-24, he withdrew from political action for a time during the 1920s but in 1930 returned with a new civil disobedience campaign. This landed Gandhi in prison again, but only briefly, as the British made concessions to his demands and invited him to represent the Indian National Congress Party at a round-table conference in London.

In 1932, through the campaigning of the Dalit leader B. R. Ambedkar, the government granted untouchables separate electorates under the new constitution. In protest, Gandhi embarked on a six-day fast in September 1932. The resulting public outcry successfully forced the government to adopt a more equitable arrangement via negotiations mediated by the Dalit cricketer turned political leader Palwankar Baloo. This was the start of a new campaign by Gandhi to improve the lives of the untouchables, whom he named Harijans, the children of God.

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the t 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.

Katrina vanden Heuvel: Enough with the partisan posturing

Will the 2010 election campaign provide us with a debate worthy of a great nation in trouble? The early harbingers aren’t good. The pundit herd has already declared the election over, with only the scope of the Democratic reverses yet in question. The two parties are gearing up for a fierce debate on whether to extend the Bush tax cuts to everyone including the wealthiest 2 percent or merely to everyone except the very rich.

We can’t afford this partisan posturing. Fifteen million Americans are unemployed. Poverty is up. One in four homes is under water, worth less than what is owed on it. Voters deserve a serious debate about what is to be done. And what are the choices that the two parties present?

Eugene Robinson: Christine O’Donnell’s win is the GOP’s loss

When you ride a tiger, you go wherever the tiger wants to go – even off a cliff.

The Republican Party – viewed less favorably by voters than even the Democrats, according to polls – has been planning to win in November by harnessing the energy and passion of the Tea Party movement. But tonight’s stunning result in Delaware demonstrates that the Tea Party will go wherever it chooses, heedless of Republican strategists’ grand design.

Christine O’Donnell’s victory over Rep. Mike Castle in the Senate primary is a huge political story. How huge? This one race, in one of the nation’s smallest and least populous states, comes pretty close to wiping out the possibility of the Republicans taking control of the Senate in November.

That’s because any reasonable scenario giving the GOP a Senate majority involves capturing the Senate seat that used to belong to Vice President Biden. Castle, a veteran congressman, would have been favored to win – perhaps easily – in the general election. He is Delaware’s kind of Republican: fiscally conservative but moderate on social issues. He’s pro-choice and he favors gun control, in keeping with the attitudes and values of his state.

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

September 15 is the 258th day of the year (259th in leap years) in the Gregorian calendar. There are 107 days remaining until the end of the year.

On this day in 1963, a bomb explodes during Sunday morning services in the 16th Street Baptist Church in Birmingham, Alabama, killing four young girls.

The 16th Street Baptist Church bombing was a racially motivated terrorist attack on September 15, 1963, by members of a Ku Klux Klan group in Birmingham, Alabama in the United States. The bombing of the African-American  church resulted in the deaths of four girls. Although city leaders had reached a settlement in May with demonstrators and started to integrate public places, not everyone agreed with ending segregation. Other acts of violence followed the settlement. The bombing increased support for people working for civil rights. It marked a turning point in the U.S. 1960s Civil Rights Movement and contributed to support for passage of the Civil Rights Act of 1964. The three-story Sixteenth Street Baptist Church in Birmingham, Alabama was a rallying point for civil rights activities through the spring of 1963, and is where the students who marched out of the church to be arrested during the 1963 Birmingham campaign’s Children’s Crusade were trained. The demonstrations led to an agreement in May between the city’s African-American leaders and the Southern Christian Leadership Conference (SCLC) to integrate public facilities in the country.

In the early morning of Sunday, September 15, 1963, Bobby Frank Cherry, Thomas Blanton, Herman Frank Cash, and Robert Chambliss, members of United Klans of America, a Ku Klux Klan group, planted a box of dynamite with a time delay under the steps of the church, near the basement.

At about 10:22 a.m., when twenty-six children were walking into the basement assembly room for closing prayers of a sermon entitled “The Love That Forgives,” the bomb exploded. According to an interview on NPR on September 15, 2008, Denise McNair’s father stated that the sermon never took place because of the bombing. Four girls, Addie Mae Collins (aged 14), Denise McNair (aged 11), Carole Robertson (aged 14), and Cynthia Wesley (aged 14), were killed in the attack, and 22 additional people were injured, one of whom was Addie Mae Collins’ younger sister, Sarah.

The explosion blew a hole in the church’s rear wall, destroyed the back steps, and left intact only the frames of all but one stained-glass window. The lone window that survived the concussion was one in which Jesus Christ was depicted knocking on a door, although Christ’s face was destroyed. In addition, five cars behind the church were damaged, two of which were destroyed, while windows in the laundromat across the street were blown out.

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the t 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.

Dean Baker: The Soft Bigotry of Incredibly Low Expectations: The Case of Economists

In a country with almost 15 million people out of work, it is amazing that any economists still have jobs. This one is their fault first and foremost. Economists are supposed to know about the economy and provide advice on how to avoid disasters before they happen and help us recover from the bad things happen in spite of good advice.

The economics profession has not done well on this simple scorecard. Remarkably, rather than improve their game, economists are now busy dampening down expectations so that the public will not hold them responsible for the state of the economy.

Towards this end, a group of Fed economists recently put out a new studyclaiming that it was impossible for economists to recognize the $8 trillion housing bubble before it wrecked the economy. In effect, they argued that economists should not be blamed for this failure because:

“The state-of-the-art tools of economic science were not capable of predicting with any degree of certainty the collapse of U.S. house prices that started in 2006.”

This raises the obvious question: if economists can’t see an $8 trillion housing bubble, what can they see? This is bit like the firehouse where everyone sits around calmly sipping their coffee as the school across the street burns down. Completely missing the largest financial bubble in the history of the world is pretty inexcusable, even if economists continue to make excuses.

Bob Herbert: A Recovery’s Long Odds

We can keep wishing and hoping for a powerful economic recovery to pull the U.S. out of its doldrums, but I wouldn’t count on it. Ordinary American families no longer have the purchasing power to build a strong recovery and keep it going.

Americans are not being honest with themselves about the structural changes in the economy that have bestowed fabulous wealth on a tiny sliver at the top, while undermining the living standards of the middle class and absolutely crushing the poor. Neither the Democrats nor the Republicans have a viable strategy for reversing this dreadful state of affairs. (There is no evidence the G.O.P. even wants to.)

Robert Reich, in his new book, “Aftershock,” gives us one of the clearest explanations to date of what has happened – how the United States went from what he calls “the Great Prosperity” of 1947 to 1975 to the Great Recession that has hobbled the U.S. economy and darkened the future of younger Americans.

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

September 14 is the 257th day of the year (258th in leap years) in the Gregorian calendar. There are 108 days remaining until the end of the year.

On this Day in 1901, U.S. President William McKinley dies after being shot by a deranged anarchist during the Pan-American Exposition in Buffalo, New York.

President and Mrs. McKinley attended the Pan-American Exposition in Buffalo, New York. He delivered a speech about his positions on tariffs and foreign trade on September 5, 1901. The following morning, McKinley visited Niagara Falls before returning to the Exposition. That afternoon McKinley had an engagement to greet the public at the Temple of Music. Standing in line, Leon Frank Czolgosz waited with a pistol in his right hand concealed by a handkerchief. At 4:07 p.m. Czolgosz fired twice at the president. The first bullet grazed the president’s shoulder. The second, however, went through McKinley’s stomach, pancreas, and kidney, and finally lodged in the muscles of his back. The president whispered to his secretary, George Cortelyou  “My wife, Cortelyou, be careful how you tell her, oh be careful.” Czolgosz would have fired again, but he was struck by a bystander and then subdued by an enraged crowd. The wounded McKinley even called out “Boys! Don’t let them hurt him!” because the angry crowd beat Czolgosz so severely it looked as if they might kill him on the spot.

One bullet was easily found and extracted, but doctors were unable to locate the second bullet. It was feared that the search for the bullet might cause more harm than good. In addition, McKinley appeared to be recovering, so doctors decided to leave the bullet where it was.

The newly developed x-ray machine was displayed at the fair, but doctors were reluctant to use it on McKinley to search for the bullet because they did not know what side effects it might have on him. The operating room at the exposition’s emergency hospital did not have any electric lighting, even though the exteriors of many of the buildings at the extravagant exposition were covered with thousands of light bulbs. The surgeons were unable to operate by candlelight because of the danger created by the flammable ether used to keep the president unconscious, so doctors were forced to use pans instead to reflect sunlight onto the operating table while they treated McKinley’s wounds.

McKinley’s doctors believed he would recover, and the President convalesced for more than a week in Buffalo at the home of the exposition’s director. On the morning of September 12, he felt strong enough to receive his first food orally since the shooting-toast and a small cup of coffee. However, by afternoon he began to experience discomfort and his condition rapidly worsened. McKinley began to go into shock. At 2:15 a.m. on September 14, 1901, eight days after he was shot, he died from gangrene surrounding his wounds. He was 58. His last words were “It is God’s way; His will be done, not ours.” He was originally buried in West Lawn Cemetery in Canton, Ohio, in the receiving vault. His remains were later reinterred in the McKinley Memorial, also in Canton.

Czolgosz was tried and found guilty of murder, and was executed by electric chair at Auburn Prison on October 29, 1901.

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the t 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.

Paul Krugman: China, Japan, America

Last week Japan’s minister of finance declared that he and his colleagues wanted a discussion with China about the latter’s purchases of Japanese bonds, to “examine its intention” – diplomat-speak for “Stop it right now.” The news made me want to bang my head against the wall in frustration.

You see, senior American policy figures have repeatedly balked at doing anything about Chinese currency manipulation, at least in part out of fear that the Chinese would stop buying our bonds. Yet in the current environment, Chinese purchases of our bonds don’t help us – they hurt us. The Japanese understand that. Why don’t we?

Some background: If discussion of Chinese currency policy seems confusing, it’s only because many people don’t want to face up to the stark, simple reality – namely, that China is deliberately keeping its currency artificially weak.

Robert Reich: The Two Categories of American Corporation — and Why it Matters

Some giant American corporations depend on a buoyant American economy and a world-class industrial base in the United States. Others are far less dependent. What comes out of Washington in the next few years will reflect which group has most political clout — especially if Republicans take over the House and capture more of the Senate this November.

The first group includes national telecoms like Verizon and AT&T that need a prosperous America because most of their sales are here. Same with finance companies like Bank of America and Travelers Insurance whose business strategy has been built around U.S. consumers. Ditto for certain giant chains like Home Depot. Naturally, all these companies were especially hard hit by the Great Recession and its devastating impact on American consumers.

The second group includes companies like Coca Cola, Exxon-Mobil, Hewlett-Packard, Intel, and McDonald’s, that get substantial revenues from their overseas operations. Increasingly this means China, India, and Brazil. Ford and GM are still largely dependent on US sales but becoming less so. GM sold more cars in China last year than in the US. Not surprisingly, American companies that are less dependent on American consumers have been showing the biggest profits.