Debt Talks Still At Impasse; Republicans Go For Unilateral, Short Term Gambit
Ready your popcorn, this contrived DC debt ceiling drama is set to go for quite a few rounds.
The latest from the Washington Post:
Read more...Ready your popcorn, this contrived DC debt ceiling drama is set to go for quite a few rounds.
The latest from the Washington Post:
Read more...We commented last night on the parallels between the pressure tactics used to railroad the passage of the TARP and our current contrived debt ceiling crisis. The similarities have increased in a predictably bad way. Even worse than the economic toll radical budget cutting will impose on ordinary Americans is the continued undermining of basic democratic processes.
Read more...Washington DC appears to be readying itself for a repeat of the TARP, namely, the passage of unpopular legislation to appease the Market Gods (and transfer even more income from ordinary Americans to the Masters of the Universe). It isn’t yet clear whether this drama will be played out via generating bona fide financial market upheaval or mere threat-mongering (the Treasury market seems pretty confident that well-trained Congresscritters will fall into line). But unlike the TARP, which was a classic example of well-placed interests finding opportunity in the midst of upheaval, this reprise is a far more calculated affair.
Read more...Via e-mail, a reading of public sentiment in Greece from reader Scott S, who is a TV/movie industry professional and did the trailer for ECONNED. I have gotten similar. albeit more brief accounts from other readers. One reader with contacts in Greece did stress that the protests, at least as of the end of June, were overwhelmingly peaceful and added:
Read more...We argued yesterday that the Senate was not a good vehicle for advancing Elizabeth Warren’s aims of helping middle class families, since she would have no more, and arguably less power than she has now, and would be expected to defend Democrat/Obama policies, many of which are affirmatively destructive to middle class interests (just less so than what the Republicans would put in place).
A poll conducted in late June by Scott Brown and the Republican National Committee raises an even more basic question: whether she even has a shot at winning.
Read more...It’s bad enough that what passes for the left has been kneecapped by the Obama Administration. The ambiguous campaign promise “Change you can believe in” has turned out to be a Nixon-goes-to-China series of moves to the right that would have been well nigh impossible for a Republican to execute without incurring significant costs. Remarkably, Obama has increased both the number and scope of wars, used deficit scaremongering to cut Medicare and Social Security, and passed a health care “reform” bill that made overly expensive American health care even more uneconomical by enriching Big Pharma and health care insurers. And this is only a starter list in his campaign against average Americans.
Those visible moves have been accompanied by a largely stealth operation to neuter what were once called progressive organizations (“progressive” has been rendered meaningless by being adopted by pretty much everyone to the left of Attila the Hun). Groups truly committed to a left-leaning anti-corporate platform quickly learned the cost of crossing Team Obama: in their so-called veal pen, the Administration would get big company backers to yank their funding. This process has now moved up the food chain, but with bigger groups, it is less clear whether the Administration is the driver or whether like minded operatives are acting on their own initiative. Regardless, there is increasingly a vacuum to the left of Obama, which eases his continuing move to the right, as think tanks that are perceived to be reasonably independent, like the Economic Policy Institute, mysteriously lose the backing of significant, established funders.
But what is worse are the self-inflicted wounds. What little remains of the left seems to be rallying around Elizabeth Warren, which given the dearth of prominent figures who are serious about standing up for middle class Americans, as opposed to pandering to them and then selling them out, isn’t a bad impulse per se. But they are deploying their energies in quixotic missions or worse, falling completely in line with the Administration’s plans, which has been to subject Warren to a high end version of the veal pen treatment, to box her in and render her incapable of independent operation. And in case you wonder what I am talking about, I mean the plan, concocted by the Democratic party hackocracy, for her to run for the Senate seat now occupied by Scott Brown.
Read more...By Matt Stoller, a fellow at the Roosevelt Institute. His Twitter feed is @matthewstoller.
Last week, I caught some of the grilling of Elizabeth Warren by GOP Congressmen during the House Oversight Reform Hearing. At one point, a Republican Congressmen asked Warren if she was “running a campaign” to convince people of the validity of the Consumer Financial Protection Bureau she is in the midst of setting up. The two of them went back and forth, because she didn’t really understand the question. He was trying to peg her as overtly political, using government resources to travel the country and do advocacy. Suddenly, she got the nature of the question, and turned to him and said, pointedly, “I always try to convince people that I’m right.”
There was some laughter in the room, but she wasn’t kidding.
Read more...In a segment on the Dylan Ratigan show (hat tip Joe Costello), the normally fire-breathing Mark Ames set forth a policy program that plans to use Grover Norquist tactics to bring back Eisenhower era policies.
Enjoy!
Read more...The widening News International scandal is feeling more and more like Watergate. It’s intriguing to watch witness squirm when they are caught out. The Guardian, and in particular Nick Davies, broke many of the crucial pieces of the sordid tale of News International hacking and coverup payments. This Guardian video is accessible to non-UK viewers. Hat tip Buzz Potamkin:
Read more...An article in the Wall Street Journal discusses a disturbing new trend: that of local police forces starting to use hand held face recognition devices. The implements allow for a picture taken at up to a five foot distance to be compared to images of individuals with a criminal record. They can also take fingerprints.
The story focuses on the civil liberties aspects, which are troubling enough and we’ll turn to them shortly.
Read more...By Douglas K. Smith, author of On Value and Values: Thinking Differently About We In An Age Of Me
We face severe and growing income inequality with negative effects on people and the economy. Yet, no surprise, the ‘can’t do’ right wing continues a scorched earth campaign against the minimum wage. These self-promoting haters actually prefer no wages and indentured servitude – for example using prisoners to replace employees and cheerfully promoting ‘internships’ for the unemployed.
They glory in income inequality and wish it to expand instead of contract. Enough of that. They are destroyers of the American Dream.
But people who seek to shrink income inequality — to insure life, liberty and the pursuit of happiness for all and not just some — must now focus as much on the maximum wage as the minimum wage.
So, be it proposed:
“That any enterprise receiving taxpayer funds shall not compensate that enterprise’s highest paid person in an amount greater than twenty-five times what the lowest compensated person receives.”
Read more...The latest revelations in the widening News International scandal are simply stunning. “Uneasy lies the head that wears the crown” is apparently as true now as it was in Shakespeare’s day. The idea that a news organization would have the audacity to target a head of state, as News International papers the Sun and the Sunday Times did with Gordon Brown, and not with the usual tools of invective and gossip, but via the theft of personal information, raises the scandal to a whole new level.
Read more...Remarks rumored to have been delivered by Justice Antonin Scalia at an Opus Dei gathering on July 4, 2011
Eleven score and fifteen years ago our Incorporators brought forth on this continent, a new nation, conceived in free markets, and dedicated to the proposition that all corporate persons are created equal.
Read more...Reader EmilianoZ pointed to a key section of a review of the documentary, “Page One: Inside the New York Times,” by Chris Hedges, who worked at the Times for 15 years. This is one of the best short summaries I’ve seen of the Faustian pact elite organizations (at least American ones) expect their members to enter into. From TruthDig:
Read more...Gretchen Morgenson and Louise Story have a must-read article in the New York Times on an important aspect of our two-tier justice system, in which only little people seem to be subject to the full force of the law. The article describes how, starting with the Bush Administration and continuing under Obama, the Department of Justice decided to exit the business of prosecuting suspected corporate criminals.
This section is stunning:
Read more...