Late Night: Videos and Valentines
Posted: February 10, 2011 Filed under: just because | Tags: 2011: days of revolt, Armageddon on Women's Civil Rights, Egypt, Fox News vs. Amsterdam, Funny or Die, GetEqual, On the bright side of the dark side 1 CommentSo this was going to be a late night rant and link dump on the armageddon that’s been unleashed on women’s civil rights, but I had to put that on tap for later this week–stay tuned for that. Tonight’s late night open thread is just going to be a place to share some “on the bright side of the dark side” takes on all the current events going on. All you late nighters and early morning peeps and anyone catching up during the day, feel free to add your own stuff in the comments.
I’ll start with the vids and then end with the XOXO.
First up, from Jon Stewart and the funny guys and gals at the Daily Show (h/t Dakinikat):
Kristen Schaal doesn’t think hard-earned tax dollars should go to women who have only been rape-ished.
Vodpod videos no longer available.
Next, Fox News vs. Amsterdam (h/t Sima):
This one is my offering… from Funny or Die and Sendhil Ramamurthy:
The revolution in Egypt has taken to Facebook and there they will find their new leader.
Vodpod videos no longer available.
And, fyi, I think the Egyptian protests are much bigger than just being a social media get-together. I don’t think “We are all Khaled Said” is merely a “facebook page.” The Egyptian protesters have my solidarity all the way–what they are doing is endlessly awe-inspiring. But, I also think the parody above is comedy gold as far as skewering the news and the times we live in goes. I haven’t seen The Social Network (don’t really have any desire to) so I may be off-base, but Sendhil’s spoof seems a cross between that movie and the Egypt developments somehow. There’s another video on FOD of Mubarak apologizing to Chicago’s “It’s Hard to Say I’m Sorry.” You can click on it to watch it. It actually ended up kind of depressing me with the ending, so I didn’t bother snagging the embed to my vodpod account.
Here’s one I saw circulating on twitter — “5 Year Old Child Leads Revolution in Egypt!”:
And, on a hunch, I did a quick youtube search for “girl leads egyptian revolution” and found two hits straight away:
Ok, now for the Valentines…
First, from Mona Eltahawy’s twitter yesterday:
I don’t do Valentine’s Day. Making exception: my heart goes 2 #Egyptian women & men of revolution: u make me more alive than ever! #Jan25
And, from a GetEqual e-mail I got today:
Subject: This is our lunch counter moment
In 1960, four freshmen from the North Carolina Agricultural & Technical College in Greensboro, NC, sat down at a Woolworth lunch counter and created one of the most iconic images of the civil rights movement. It took six months, but these brave young men and the activists who joined them brought to light just one of the clear markers of discrimination that African-American women and men experienced throughout the United States.
And, 51 years later, we respectfully and humbly are trying to follow their lead.
Across this country, LGBT Americans who wish to marry their partners are refused that right. Thankfully, there are heroes among us who have been taking action on marriage equality in creative ways for decades — and, this year, GetEQUAL is partnering with Marriage Equality USA to go directly to just one of the sources of government-sanctioned discrimination to take action at marriage counters across the country on February 14…Valentine’s Day!
Take action with GetEQUAL and Marriage Equality USA on Valentine’s Day: www.requestmarriage.com
What lengths would you go to in order to get married or to fight for the freedom to marry for those you care about? Would you take a few hours of your time to turn out for one of the events being organized next week? Read these amazing and heartbreaking stories of those called to action:
– Ed and Scott: From their home in the inequality state of Missouri, Ed and Scott organize periodic bus trips to Iowa, where marriage equality is currently the law of the land. They’re taking another trip next week for Valentine’s Day, which will bring their marriage total to 100 couples! [1]
– Brian and Anton: Doing all they can to turn a tragic story around, Brian and Anton are fighting for their relationship. Anton is scheduled to be deported to Indonesia on Valentine’s Day — a country that is hostile to LGBT citizens and where Brian cannot follow him. [2]
– Mark and Dante: Mark (a GetEQUAL board member) and his now-husband Dante wanted to get married, but didn’t want to have to leave their home state of Texas to do so. Through the magic of the internet, Mark and Dante celebrated their marriage with friends and family in Dallas, while their officiant had her feet firmly planted in Washington, DC, where marriage equality is alive and well!
– Gina and Katie: Over the course of the past four years, Gina and Katie have maintained a long-distance relationship between the U.S. and the U.K. because same-sex bi-national couples are not extended the same rights as heterosexual couples. As the daughter of a bi-racial couple, as a child Gina’s family was forced to move across the country when her parents relationship was also not recognized by their government. Now Gina is taking action in an effort to avoid having to leave her job, family, friends, and everything she knows in order to be with the person she loves.
While our lives remain a political football, and the President continues to “struggle” with his views on the validity of our relationships, these equality heroes are doing everything they can to own their equality as they help bring a little more love into the world.
Take action with GetEQUAL and Marriage Equality USA on Valentine’s Day: www.requestmarriage.com
We can’t expect the lunch counters of the past to speak for the marriage counters of the present — it is our responsibility to highlight the urgent injustice of being treated less than equal. Many will tell us that we should just be patient — but we believe that love trumps patience. Will you join us in taking action?
Get Out! Get Active! GetEQUAL!
Robin McGehee, Director
————–
[1] Watch Ed and Scott’s film of their work at www.heartlandtransportthemovie.com/watch, and help fundraise for next week’s Valentine’s Day trip at www.showmenohate.com.
[2] Help Brian and Anton in their last-ditch effort for Anton to stay in the country at http://bit.ly/hBmbob.
Ta-da! What pick-me-ups do you have to share? Leave a comment and spread some cheer.
Yeah, You Right!!
Posted: February 9, 2011 Filed under: House of Representatives, just because, Women's Rights | Tags: Pepsi ad, racist and sexist stereotypes, Rep. Sheila Jackson Lee 14 CommentsTexas Congresswoman Sheila Jackson Lee gave it to Pepsi on the House floor on Tuesday. Her focus was a disturbing commercial run during Sunday’s Superbowl. The commercial basically lit up the scoreboard for gender and race stereotypes.
“In this month of African-American history where we’re trying to celebrate what is good and great, it certainly seems ridiculous that Pepsi would utilize this kind of humor,” she said. “It was not humorous. It was demeaning — an African-American woman throwing something at an African-American male and winding up hitting a Caucasian woman.”
Jackson Lee said she has a sense of humor and believes in the First Amendment. She also said the Super Bowl is a great time for “fellowship” with family members.
“That is why I’m so disappointed with the Pepsi advertisement that showed a demeaning role for African American women, in an ad that showed a can being thrown and being utilized to wound someone else or hit someone else,” she said.
“I think that we can come together in a much better way, sell Pepsi, and as well talk about good nutrition,” she said. “But, frankly, I consider this insulting, and so did many other women of all colors.”
There were a ton of ads on display that were an insult to women including at least one Go Daddy ad. You all know I’m the ultimate football grinch. I think it’s the modern day American Empire equivalent to panem et circenses. One important item mentioned by the Congresswoman was the number of views of the thing by families. Couldn’t advertisers give the traditional bimbo and beer sports ads a rest for a change? This has been a staple of sporting event advertising for years. It still shows no sign of going away. Here’s a sexist blast from the past of 10 years ago. Remember this one?
“It just doesn’t get any better than this,” boasts Old Milwaukee beer’s TV campaign, which features a gyrating “Swedish Bikini Team” descending upon male campers. But Stroh Brewery, the beer’s maker, is discovering that things $ just might get worse. Five women employees have sued the company, charging that the ads foster a work environment that encourages sexual harassment. “These ads tell Stroh’s male employees that women are stupid, panting playthings,” says attorney Lori Peterson. Her clients have been confronted with pornography, taunted with lewd remarks and slapped on the rear, she contends. The company describes the allegation as “a preposterous link” and says Stroh has a strong policy against sexual harassment.
This particular ad just couldn’t resist the entire racial tie-ins either. Since I don’t drink Pepsi or watch football, I’m in no position to boycott either. I’m just glad to see the Congresswoman do what she could do to condemn the ads. Hopefully, we never have to view the silly thing again.
But, wait! There’s more! Here’s another one for you from the same corporate idjits that we will see on a TV near us per CNN and via elephant.
Can a soda can be sassy? Pepsi thinks so.
Diet Pepsi will soon be available in a “taller, sassier new Skinny Can” that the company says is a “celebration of beautiful, confident women.”
Right. Taller, sassier, anorexic-looking cans define beautiful and confident women. Can the Congresswoman please go back to the House Floor and make a statement about this too?
They think they own our Bodies
Posted: February 9, 2011 Filed under: abortion rights, U.S. Politics, Violence against women, Voter Ignorance, We are so F'd, Women's Rights | Tags: birth control redefintion, HR#3, pro choice, rape redefinition, religious extremists 100 CommentsUpdate: Women’s Health Outrage of the moment: BREAKING: Appropriation Committee sticks gov’t-funding law that cuts $372 mil in funding for Planned Parenthood/family planning into HR358
The Republican Party is waging a war against American women and is being joined by a few bad Democratic sell outs. Representatives like Joe Pitts are attacking the rights of women to make personal health-related decisions daily. HR#3 is just the first of a series of bills designed to narrow definitions of rape, prevention, and what constitutes federal support of women’s reproductive health. Any one that voted for any Republican under the guise of being pissed at Democrats should take this as a lesson. Republicans cannot be trusted to do right by women.
This is nothing less than a crusade against the autonomy and adulthood of women. We need to take to the streets again. This is the latest affront: Under Banner of Fiscal Restraint, Republicans Plan New Abortion Bills.
All but invisible during the midterm elections, the abortion debate has returned to Congress.
Invoking the mantra of fiscal restraint that has dominated House action since lawmakers reconvened last month, Republicans began committee work this week on two bills that would greatly expand restrictions on financing for and access to abortions. Another bill, one that would cut off federal dollars to women’s health care clinics that offer abortions, is expected to surface later this year.
“This House is more pro-life than it’s ever been,” said Representative Joe Pitts, Republican of Pennsylvania and the author of one of the bills to limit money for abortions.
Democrats in both the House and Senate immediately fought back Tuesday, working closely with reproductive rights advocates. They have appropriated the Republican charge from last year that Democrats were working on a liberal policy agenda instead of on job creation and the economy, and turned it on its head.
We’re fortunate that some Democratic office holders are fighting against this religious crusade against American Women. Others are not as reported here by StarkReports. Is HR#3 so overreaching that it could end even the watered down abortion rights that we now know in the US? Will Democrats like Harry Reid be complicit? The Youtube above and the quote below cover the recent Democratic Press Conference on Republican attempts to control women. It makes this important point. Dozens of Democrats will probably join their crazed Republican counterparts to pass this abomination. There is one thing in particular that I’d like to point out in bold below that will let you know why no woman that respects her own autonomy can vote Republican period. This should also increase our skepticism of Democrats too.
Since every Representative in the Republican House majority is anti-choice, and since there are probably dozens of anti-choice Democrats that will join them, HR3 will assuredly pass the House.
In the Senate, Harry Reid is anti-choice and has been rolled by Mitch McConnell and the Republicans at every turn. Moreover, procedure in the Senate is much more amenable to minority priorities. Abortion supporters are hopeful, but nobody is saying with any degree of certitude that HR3 will die in the Senate.
With that in mind, I decided to ask the people in the room if they were willing to withhold their support from the President if he signed the bill if it reached his desk. Nadler dodged the question, saying it was premature. I pointed out that there was a reason he called the press conference: that he didn’t wan’t to see this bill become law. He stayed silent on the President.
The Republican party no longer represents a sane alternative to the Democratic Party. Still, the Democratic Party cannot be trusted to do the right thing by women either. Women have no choice but to ensure that any one that is willing to sell us out to religious extremists in the Democratic party does not get our vote. PERIOD.
HR#3 and its counterparts make women second class citizens. There is no other personal health decision that the government feels the need to make for any man. This says that the majority of people in Congress and a good deal of them in the Senate do not think we are adult enough to make a ‘moral choice’. It also continues the special treatment of fetus fetishists to opt out of paying taxes for women’s health while forcing the rest of us to pay for their bridges to no where, their murderous wars, and their religion-based stupidity like ‘abstinence education’. The rape redefinition trick is still in these bills too.
One bill, the “No Taxpayer Funding for Abortion Act,” would eliminate tax breaks for private employers who provide health coverage if their plans offer abortion services, and would forbid women who use a flexible spending plan to use pre-tax dollars for abortions. Those restrictions would go well beyond current law prohibiting the use of federal money for abortion services.
The bill, sponsored by Representative Christopher H. Smith, Republican of New Jersey, has drawn fire over language that undercuts a longstanding exemption on the ban on using federal money for abortions in the case of rape or incest; the measure narrows the definition of rape to “forcible rape,” a term that his office has never defined. Democratic lawmakers and others repeatedly hammered on the term, saying it suggested that victims of statutory rape and other crimes could not get abortions paid for with federal money.
While Mr. Smith’s staff said last week that the term “forcible rape” would be removed from the bill, the staff of Representative Jerrold Nadler of New York, the top Democrat on the Judiciary Subcommittee on the Constitution, said that language remained intact as of Tuesday.
Another bill, sponsored by Mr. Pitts, addresses the health care overhaul head-on by prohibiting Americans who receive insurance through state exchanges from purchasing abortion coverage, even with their own money. The bill is essentially a resurrection of a provision in the House version of the health care law but was not in the Senate version.
The bill would also permit hospitals to refuse abortions to women, even in emergency situations, if such care would offend the conscience of the health care providers.
We now have senators whose narrow religious views will be used to define rape and will allow hospitals to let women die. Many of you have heard this story before, but my daughter has already experienced some of this conscious clause bullshit during her forth year in Medical School while doing a rotation in Michigan. A resident left my daughter–not a qualified physician at the time–and a nurse to clean up the remnants of a botched abortion that was rapidly going septic in one woman’s uterus. That’s right. This woman was left by a doctor to a fourth year medical student and a nurse as a result of an abortion-gone-wrong. The doctor basically left her to die. Thankfully, my daughter was a competent and conscientious caregiver and so was the nurse. This last bill allows entire hospitals to walk away from dying women.
These bills would go no where with out the duplicity of Democrats like Nebraska’s wacko Senator Ben Nelson. We need
to make it loud and clear that we will not contribute to any mass campaign fund that includes support for people who believe women are not adult enough to make moral decisions for themselves. You need to make sure that your donations do not go to Democratic Politician’s PACS that can sneak money to these culprits. Lastly, we need a pledge that pro choice Democrats will not sell out women for any reason. There needs to be an absolute understanding that these bills will not reach the President’s desk and if they do, the President will not sign them.
Woman’s should not be hung on a cross of bipartisanship or kumbaya centrist compromises. It’s time to make that very clear. We do not want to return to the days of forced pregnancy or wire hangers. We need to know that we can trust each and every one of them to stand by us before they get any form of support from us. This includes the President.
Rachel Maddow is on the forefront of this fight. You can follow her efforts and get more information here at The Maddow Blog. Send letters to your congressman via NARAL. Support Planned Parenthood here. Read more Feminist bloggers on this. We are not alone in our fear and outrage. Here’s the latest from Shakesville: ‘Take Your Legislation OFF Me‘.
Late Night: Women’s Voices on Egypt
Posted: February 8, 2011 Filed under: Egypt | Tags: 2011: days of revolt, Women 14 Comments
Picture circulating on twitter: Wael Ghonim holds the mother of Khaled Said, the man whose brutal murder in June by Egyptian police inspired the "We are all Khaled Said" facebook page by Ghonim, that in turn served as a catalyst for the current-day protests.
Hello all, Wonk here with some reads I’d like to share with the late night crowd. Tonight’s theme is going to put a spotlight on what women have to say about Egypt. Normally I’d start out with a youtube or quote from a protester or an Arab woman, but commenter Pilgrim e-mailed me a fantastic piece by Canadian columnist Linda McQuaig that I thought spoke volumes. It’s called “Arabs love democracy, but do we?“:
The fact that the Arab world is awash with dictators has long been a key piece of evidence used to whip up anti-Muslim sentiment in the West.
Surely all those dictators are proof that Arabs don’t love democracy the way we Westerners do, that they are culturally, religiously and perhaps congenitally attracted to tyrannical strongmen as leaders.
This widely held view will be difficult to sustain here now that wall-to-wall TV coverage of the Egyptian (and Tunisian) uprisings has exposed the truth: Arabs don’t like tyrants any more than we do.
In fact, they love democracy — so much so that hundreds of thousands of them have risked serious harm by taking to the streets to defy a regime that for decades has been a leading practitioner of repression and torture of dissidents.
That’s just the beginning. Check out the rest of McQuaig’s column for more.
Now, let’s turn to my go-to Egyptian source — Mona Eltahawy. On Tuesday afternoon, Mona put out the following tweets. First this:
As excited as I am at media coverage of #Egypt revolution I am disappointed at overwhelmingly male experts they turn to. Where r women?’
..and then this:
We keep hearing “Where are women of #Egypt revolution?” I want to know where are women analysing Egypt revolution? #Jan25
In her follow-up she made it clear that her point wasn’t to ask “where are the women” but to draw out the intellectual and analytical contributions of women:
I know women are taking part in #Egypt revolution. My point is different: where women analysing it, speaking as experts! #Jan25
Mona got quite a few tweets pointing to women’s voices pouring out in response, and I’d like to highlight some of them.
First, an Egyptian woman that Mona Eltahawy highlighted herself — Magda Sharara, who has posted the following entry– “Fearless Egyptians: A message of love and respect” — on almanacmag.com (The Mag of Egypt). An excerpt:
Until January 25th 2011, most Egyptians were their own fiercest critics, seriously or jokingly. They railed against their lack of democracy, between a Sheesha and a coffee, and whined about their repression and the corruption surrounding them. Their glorious past slipping and almost forgotten. Sometimes nostalgia, and other times chaos seemed to guide them.There was anger in the Egyptian streets, frustration, and a feeling of irresolution and drift. No wind of stability was blowing their way, for a very long time.
But today, millions of Egyptians are standing up for their rights, fighting, screaming, chanting with joy and sorrow, and some are bravely dying for an indisputable democratic and free country in the middle of Tahrir square. They have forever changed the way the world perceives them.
They are recharged, and their revitalization is contagious. They are the heroes of a modern revolution, they are the fearless Egyptians that death does not scare.
They deserve to be respected, encouraged, honored, saluted, thanked, loved and remembered.
It is not death that we should fear, but a life not lived in dignity; that is the real tragedy.
Magda’s message really deserves to be read in its entirety.
Next up… Sunita Rappai, a British Indian journalist living in Cairo. She has a wonderfully refreshing take on Egypt, which balances competing perspectives on what’s going on in Egypt. In her blog piece from earlier today, “O Revolution, where art thou?,” Sunita concludes:
From an outside point of view, the ‘revolution’ is in danger of failure – if it hasn’t failed already. Mubarak shows no signs of relinquishing the presidency, the emergency laws are still in place and the constitution remains the same. While the regime has been engaging in (unprecedented) talks with the opposition – including the banned Muslim Brotherhood – its grip on power, and the accompanying state security apparatus, is tighter than ever. Insiders at the talks suggest that the government’s mood is hardline, with few real concessions (I heard from one good source that Suleiman’s contribution at one meeting was to read out a pre-prepared statement – when he was questioned on one point, he read out the statement again).
But inside Egypt, the mood is slightly different, at least for the moment. Many feel that real gains have been made, with Egyptians finally sending a clear message to the government, and the world, that they are ready for democracy and willing to fight for it, if necessary. The idea that they have broken the ‘fear barrier’ and the political apathy that dogged them is a powerful one. They trust that Mubarak will fulfil his promises, which will one day pave the way for real democracy and constitutional reform. It is a process that will take time and they are prepared to wait for it.
The country is moving again, but no one knows where it’s heading. In some ways, everything has changed. In other ways, nothing has. It all depends on who you ask.
Sunita’s piece is another one that I recommend reading in its entirety, to get the full effect of her social observations on what’s going on in and around Tahrir square. I also enjoyed her latest post — “10 reasons why a foreigner like me loves Egypt…”
The twitter handle “Mahagaber” was also tweeted to Mona as “one of the women in Egypt covering the revolution.” Scanning through Maha’s latest tweets, the one that has caught my eye straight away is this:
@JohnKingCNN: Do you realize if Mubarak leaves it will be the first time in our history that Egypt will have a “FORMER” President #jan25
That says so much in so few words.
Another handle tweeted to Mona, sarahshakour, had this to say on Tuesday evening, in response to a tweet from CNN trying to prop up the White House:
More like flip-flopping to me RT @CNN White House getting ‘specific’ on Egypt tone – http://bit.ly/hPjJeJ (via @RT PoliticalTicker)
Thrillingham left this note to Mona, mentioning the wonderful Dima Khatib and another name:
@monaeltahawy honestly, twitter has much better analysts than anything i’ve seen on tv. you @Dima_Khatib @Rouelshimi and others are great
Got to add Rouelshimi to my twitter feed!
Here’s one from Dima in the afternoon:
PEOPLE’s POWER in action: http://t.co/Mv7OapQ Watch & remember: When a nation walks the streets, it heads towards history #jan25#egypt
“When a nation walks the streets, it heads towards history.” I like that a lot.
…and the latest from Rouelshimi:
@CarlosLatuff The govrmt started a rumor that protesters in Tahrir were getting bribed with free KFC meals to be there. It’s a popular joke.
So funny I forgot to laugh. Mubarak should really quit his day job and become a stand up comedian already.
Another person reports to Mona from Holland and says that there have been “three women (Stienem, van Boon, and Samuel) each discussing Egypt with great knowledge” on a talkshow. A similar comment from Finland, that a woman named Sanna Negus has been doing the Finnish national coverage on Egypt.
Last week Leah McElrath Renna posted an article called “Obama’s Egypt #FAIL?” on Huffington Post. A brief teaser:
President Obama and his Administration appear to have made a familiar deal with the devil in response to the popular pro-democracy uprising in Egypt.
Here’s a tidbit from young college graduate Rana Salem (scroll down under the New Castle section):
Rana Salem, a young graduate of Alexandria University, explained the emergence of the remarkable popular movement in recent weeks. She spoke of both the authoritarianism of Mubrak’s regime and the economic problems – unemployment, insecurity, poverty – driving the revolt. She said of the Egyptian people, “they really are making history – it’s not just a saying”.
Interview with political science professor Mona El-Ghobashy, on the Rachel Maddow Show, Feb 7 (starts around the 1:37 mark):
Slate’s Double X blog already highlighted human rights and democracy activist Ghada Shahbandar and Dakinikat frontpaged that story last week, but a very informative link in reference to Ghada popped up in response to Mona’s query — “Egypt: We Are Watching You, Three Egyptian Women Use the Internet to Promote Democracy“:
Meet the trio: Engi Haddad, a chain-smoking, husky-voiced marketing manager; Bosayna Kamel, a well-known TV news reporter; and Ghada Shahbandar, a university professor. Against the backdrop and momentum of the Kifaya (Enough!) protest movement, these powerful women came together to found Shayfeen.com, a Web site and on-the-ground effort to witness and record the reality of the Egyptian first multi-party election. As journalist Boysana says, their goal was to bring the “real” news to the people, not “their” news.
There are some documentary clips there, too. Give it a look if you have the time.
Over at The Berkeley Blog, anthropology professor Rosemary Joyce has an interesting read up called “Of people and things: Egyptian protest and cultural properties” in response to the idea that we need to protect artifacts in Egypt because they are a “shared global heritage”:
Cairo isn’t Baghdad: the people of Egypt are seeking rights we all cherish, and even as they do, they are trying to protect those things that the rest of the world is too easily elevating over the safety and rights of people.
As an archaeologist, I will regret any losses. But as a human being, I will not agree that we should make the mistake of treating people as less valuable than things.
An interview last week with another anthro professor, Farha Ghannam, called “The rich symbolism of the square in Cairo.” The article opens with the following:
When she first traveled to Cairo for fieldwork in 1993, Farha Ghannam recalled, Tahrir Square was mostly used as a bus depot.
Today, it’s the battleground on which the future of Egypt is being fought – a space rich with symbolism and meaning, held and defended by protesters at the cost of some lives.
“There’s this feeling [among demonstrators] that ‘if we lose at Tahrir Square, we’re going to lose the fight,’ ” said Ghannam, an anthropology professor at Swarthmore College who studies the use of public space in Egypt.
A few more meaty and intriguing reads real quickly (see excerpts in the comments):
“The dignity of Egyptian youth” by Azza Karam
“Myths of Mubarak” by Elizabeth Shakman Hurd
“Egypt: Days of Anger in the Age of Terror” by Sarah Ghabrial
Many more names showed up on Mona Eltahawy’s twitter. I tried to gather as many as I could together in one place to give you a sampling of other women’s voices on Egypt you might want to check out:
Blogdiva
MCTSamuel
Dinamotion
Jilliancyork
Techsoc
BBClysedoucet
Amanisol
Naglarzk (economics)
ShahinazAhmed (development)
Maha Azzam via ChathamHouse
Nadiaglory
Adhaf Soueif (reporting from Tahrir square)
Mona Zulficar (legal)
Nahlahayed
NancyMousa
Felmansy (13 year Egyptian girl living in the US and aspiring to be a reporter)
Missroory (16 years old “Masriya in SF” who wants to follow in Mona’s footsteps)
Sarah Carr
Well, that’s it for me right now. What are you late-nighters and early morning people reading?
US Economic Malaise
Posted: February 8, 2011 Filed under: Economic Develpment, Global Financial Crisis, U.S. Economy, We are so F'd | Tags: economic outlook 2011, joseph stiglitz, Nouriel Roubini 15 Comments
I happened across the latest outlook for the global economy by Dr. Doom–Nouriel Roubini–over at Project Syndicate. We must share the same depressed muse. His outlook is very similar to mine although he’s crunching numbers in computer models that I can only dream about. It’s also a similar outlook to what Joseph Stiglitz indicated while in Davos. You will not need sunglasses while facing the future if you’re in Europe or North America. This will most likely be the decade of developing nations. I don’t have the sophisticated programs available to Roubini but his forecasts seem reasonable.
The outlook for the global economy in 2011 is, partly, for a persistence of the trends established in 2010. These are: an anemic, below-trend, U-shaped recovery in advanced economies, as firms and households continue to repair their balance sheets; a stronger, V-shaped recovery in emerging-market countries, owing to stronger macroeconomic, financial, and policy fundamentals. That adds up to close to 4% annual growth for the global economy, with advanced economies growing at around 2% and emerging-market countries growing at about 6%.
The word anemic is never one you want to see when talking economic forecasts. Roubini does identify a few possible black swan events related to things like the deterioration of the Spanish economy that could make anemic sound like a good thing. His comments on the US economy indicate more of the same. None of the same is pleasant.
The United States represents another downside risk for global growth. In 2011, the US faces a likely double dip in the housing market, high unemployment and weak job creation, a persistent credit crunch, gaping budgetary holes at the state and local level, and steeper borrowing costs as a result of the federal government’s lack of fiscal consolidation. Moreover, credit growth on both sides of the Atlantic will be restrained, as many financial institutions in the US and Europe maintain a risk-averse stance toward lending.
There’s some indication of our potential black swans in that paragraph. Every economist is attuned to the solvency problems in states like Illinois, New Jersey, and California. There is also no faith in the federal government’s ability to bail out any one but political donors. The only hope I have for the situation is that it’s an election year and those do tend to be important states electorally for presidential wannabes.
The other trends that worry me are the trends in oil and food prices which could mean that huge countries like China may have to readjust their plans with their sovereign wealth funds. Countries that import a lot of these items are going to be in for hefty bills. China is already experience inflation and has upped its interest rates. Roubini is watching for further signs that they recognize the potential problem. He also believes these tensions will further fuel currency tensions.
Roubini actually sees some upside risks and believes that we will slowly pull out of things. He believes that all sectors are still engaging in balance sheet repair with the exception of the US government. This is especially significant for the potential for jobs creation. If corporations are lean and mean and things do improve, this could create some much needed labor demand.
Joseph Stiglitz wrote a column for the UK Guardian after his Davos trip for the World Economic Forum. He may actually need to take the Dr Doom title from Robini. He focused on some systemic things that you might find interesting. Once again, we see an evaluation of the Efficient Market Hypothesis (EMH). This is something that should’ve happened years ago. He also mentions some skepticism of the monetarist (aka Milton Friedman) positions of central banks on inflation.
But this time, as business leaders shared their experiences, one could almost feel the clouds darkening. The spirit was captured by one speaker who suggested that we had gone from “boom and bust” to “boom and Armageddon”. The emerging consensus was that the International Monetary Fund (IMF) forecast for 2009, issued as the meeting convened, of global stagnation – the lowest growth in the post-war period – was optimistic. The only upbeat note was struck by someone who remarked that Davos consensus forecasts are almost always wrong, so perhaps this time it would prove excessively pessimistic.
Equally striking was the loss of faith in markets. In a widely attended brainstorming session at which participants were asked what single failure accounted for the crisis, there was a resounding answer: the belief that markets were self-correcting.
The so-called “efficient markets” model, which holds that prices fully and efficiently reflect all available information, also came in for a trashing. So did inflation targeting: the excessive focus on inflation had diverted attention from the more fundamental question of financial stability. Central bankers’ belief that controlling inflation was necessary and almost sufficient for growth and prosperity had never been based on sound economic theory; now, the crisis provided further scepticism.







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