Category Archives: Politics

Pete Peterson and the Deficit Hawks Teach Lawmakers Deep Fiscal Irresponsibility

Michael Hoexter is a policy analyst and marketing consultant on green issues, climate change, clean and renewable energy, and energy efficiency. Originally published at New Economic Perspectives

We have come to accept in the Orwellian world of mass communication and media spin that pressure groups and political organizations name themselves in ways that contradict their actual mission. We have become cynical about truth and about good intentions, trusting only after long observation certain political actors and then only reservedly. There is now such an alphabet soup of organizations in Washington, a veritable smorgasbord of lobbyists that only political junkies and Washington insiders will know every acronym and player.

However there is a constellation of particularly influential groupings in Washington that should be known by every American for what they are and what they are not. These groups form a powerful hub at the center of the fiscal austerity campaign.

Iran’s Untouchable Energy Exports

Yves here. Media reports in the US stress how tightening sanctions against Iran, particularly on banks, are increasingly isolating Iran, leading its currency to fall sharply. This article describes a key break in the cordon, that of electricity exports. But Iran’s major source of foreign exchange, its official dollar oil-related payments, via Standard Chartered, were roughly $500 million a day. The electricity trade is small relative to this total, but it is also an interesting act of defiance among American “allies”.

The False Dodd Frank Narrative on Bank Profits (No, Honey, Obama Did Not Shrink the Banks)

In the final hours of the 2012 Presidential campaign, Obama backers have been trumpeting the case for their candidate, and like most electioneering, some of the claims don’t stand up well to scrutiny, particularly regarding the impact of regulations on big financial firm profits.

Tom Ferguson: Massive Surge of Republican Money in Last Ditch Effort to Sink Obama

Yves here. This post is important not only for its perspective on the power of big money in current election but also in blowing up the myth of the role of small donors in Obama’s 2008 campaign.

Since October 17, the big GOP Superpacs appear to be outspending Priorities USA on media by at least three to one.

Sandy Aftermath and the Fragility of Complex Systems

Even though the news media are generally focusing on the “progress is being made” aspects of the Hurricane Sandy aftermath (in large measure because that’s what officials are pushing), there is still a great deal of distress, as well as probable long-lingering problems that are not being acknowledged.

Has Chinese Currency Manipulation Succeeded in Breaking Japanese Manufacturers?

Tonight’s Financial Times has a eye-popping story, that the survival of Sharp, one of Japan’s top consumer products manufacturers, is in doubt:

Shock Doctrine, American-Style: Hurricane Sandy Devastation Used to Push for Sale of Public Infrastructure to Investors

As a result of fully warranted bad press for some privatization deals, such as the lease of Chicago’s parking meters, there has been a bit (stress only a bit) more critical scrutiny of the de facto sale of public assets to consortia of private investors. Nevertheless, major banks have been using the financial distress of states and municipalities to push these deals as a solution to budget woes, when it’s a short-term expedient that leaves the public worse off.

Michael Olenick: How Fannie Enriches Private Equity Investors at Taxpayer and Homeowner Expense

By Michael Olenick, creator of NASTIACO, a crowd sourced foreclosure document review system (still in alpha). You can follow him on Twitter at @michael_olenick or read his blog, Seeing Through Data

There’s a strong argument that the competing goals of HERA, minimizing loss while promoting affordable housing, are impossible. But doing the opposite, increasing losses while discouraging affordable housing, is even harder, yet Fannie has done that.

Econ4 Discusses Jobs and Job Creation

Econ4 has released the first video in its series, The Bottom Line. This offering debunks the propaganda that tax cuts for the wealthy create jobs.

More Greek Tragedy

By Delusional Economics, who is determined to cleanse the daily flow of vested interests propaganda to produce a balanced counterpoint. Cross posted from MacroBusiness.

The economic and political troubles of Greece appear to have no end.