The Financial Crisis Explained

Who says Elizabeth Warren doesn’t have fire in her belly?

We already knew Robert Reich does.

Why do we buy lies based on unsubstantiated wishful thinking over what we know from theory based on on empirical data.

This is all just common sense and it’s backed by data.

These are people that know the facts over the ideology.  This is real economics over voodoo economics.

34 Comments on “The Financial Crisis Explained”

  1. bostonboomer says:

    This is all sooooo depressing. I have to keep giving myself pep talks several times a day to keep going.

    • bostonboomer says:

      I can’t believe we’re going to have another week of fighting over shutting down the government.

      • dakinikat says:

        This will happen twice a year until Republicans tell their elected officials to quite grandstanding and negotiate something with a president that will give them what they want anyway.

      • Owen says:

        “This will happen twice a year until Republicans tell their elected officials to quite grandstanding and negotiate something with a president that will give them what they want anyway.”

        LOL Like THAT is every going to happen…..

    • joanelle says:

      yes, but Elizabeth is young enough to be out there for a good long time and shake things up! 🙂

  2. The Heretik says:

    Oy. If it were just a week

  3. joanelle says:

    I emailed a colleague what I thought was Reich talking absolute sense (video) and got back an email telling me that he wouldn’t even look at it because Reich always “sings the same song”

    • dakinikat says:

      Reich teaches economics. Economic theory is supposed to be the same song backed up by data and not just wishful thinking.

      The problem I see with the Republican party of this day and age is the out and out hatred of knowledge that contradicts their world view. Since Facts are stubborn things, they want to call them out ‘opinions’ that have equal validity to fairy tales. They’ve done it so long that a lot of people believe them.

      Have you ever noticed that all fascists basically lock up their intellectuals in the gulags first thing?

  4. northwestrain says:

    Elizabeth Warren explained so much in that short rant and I love the way she took down the Libertarians. Somehow most of the top 1% don’t seem to understand — or most just don’t care.

    Somalia is probably a Libertarian playground — only the strongest males are well fed and able to travel anywhere (with their bands of bodyguards). Why don’t the Libertarians take their vacations in Somalia?

    • dakinikat says:

      Wow, which SCOTUS member had a moment of moral clarity?

      • dakinikat says:

        @PrisonReformMvt: Justice Clarence Thomas is presiding over the #TroyDavis case

        well this should be interesting.

      • northwestrain says:

        Yes — since it was tag team of Thomas and Scalia who passed on this case before.

        “Justice Antonin Scalia, joined by Justice Clarence Thomas, dissented, calling the hearing a “fool’s errand” because Davis’ innocence claim is “a sure loser.”

        This tag team isn’t concerned about state murdering innocent people.

    • I am glad that they have delayed it…

      • jillforhill says:

        With all the media coverage surrounding Davis, the media has forgotten that it was Officer Mark MacPhail who went to the rescue of a man being beaten and in so doing paid for it with his life. Where is the justice for him and his family,you know the victims.

        • dakinikat says:

          The grievous errors in the Davis case were numerous, and many arose out of eyewitness identification. The Savannah police contaminated the memories of four witnesses by re-enacting the crime with them present so that their individual perceptions were turned into a group one. The police showed some of the witnesses Mr. Davis’s photograph even before the lineup. His lineup picture was set apart by a different background. The lineup was also administered by a police officer involved in the investigation, increasing the potential for influencing the witnesses.

          In the decades since the Davis trial, science-based research has shown how unreliable and easily manipulated witness identification can be. Studies of the hundreds of felony cases overturned because of DNA evidence have found that misidentifications accounted for between 75 percent and 85 percent of the wrongful convictions. The Davis case offers egregious examples of this kind of error.

          Under proper practices, no one should know who the suspect is, including the officer administering a lineup. Each witness should view the lineup separately, and the witnesses should not confer about the crime. A new study has found that even presenting photos sequentially (one by one) to witnesses reduced misidentifications — from 18 percent to 12 percent of the time — compared with lineups where photos were presented all at once, as in this case.

          Seven of nine witnesses against Mr. Davis recanted after trial. Six said the police threatened them if they did not identify Mr. Davis. The man who first told the police that Mr. Davis was the shooter later confessed to the crime.

          Checking the facts of the case is frequently a useful exercise.

      • dakinikat says:

        jill: justice would be found ensuring the right killer is in jail. this doesn’t appear to be the right killer … plus, I don’t really find state murder to be “justice” for anything period. How is justice achieved by murdering another human being if murdering a human being is wrong in the first place?

        The Davis case shows that the state is likely murdering some one who didn’t commit the crime. That’s your idea of justice? Texas has murdered several people that were likely innocent. How is that justice?

        If a family needs another murder to find justice and peace, there’s something really wrong. Look at which countries US state executions and which do not.

      • jillforhill says:

        Mark MacPhail’s mom said she gets no joy out of this,she justs wants it over. My heart broke listening to Mark MacPhail’s mom. She was on Anderson Cooper and you can see she was in pain.

      • dakinikat says:

        thenation The Nation
        Supreme Court has refused to stay Davis execution
        thenation The Nation
        Democracy Now! reports that execution of Troy Davis will happen in 30 minutes according to prison officials.

      • northwestrain says:

        Seems like the supreme court gets off on psychological torture.

      • dakinikat says:

        Jill: Read what she was saying when she was begging them to kill Davis. Some one begging a group of people to execute a likely innocent person is just so worth giving her the “peace” she said it would, isn’t it? What kind of sicko gets peace from an execution?

        After Monday’s hearing, the victim’s mother, Anneliese MacPhail, praised the parole board members for listening to what her family had to say.

        “They talked to us. They gave us time that we did not get all of the time,” she said in reference to previous hearings. “Sometimes we were rushed out of there in 30 minutes and we felt really rejected, you know, hurtful. This time, I think, was really, really good. And I feel confident. That sounds awful, but that’s the way I feel.”

        So, now she gets to be guilty of murder. Wow! What peace of mind that must bring!

        “I think I finally will have peace of mind,” said Anneliese MacPhail, who lives in Columbus. “When it is over I can close that book and I know Mark can rest in peace, too.”

      • northwestrain says:

        So now a whole lot of people are guilty of murder — all the cops who tainted the investigation and forced witnesses to lie — they are guilty. The prosecutor is guilty and the Supreme Court is guilty and the mother of the victim will have blood on her hands.

        Sad that this country is so blood thirsty.

      • jillforhill says:

        When the media blogs talk about this case,no one mentions or barely mentions Mark MacPhail. My sympathy is for the victim.

        I cannot believe anyone would call Mark MacPhail’s mom a murderer, that is sick.

      • dakinikat says:

        Jill, I stand by my characterization. Calling for the execution of a likely innocent man when you could stop it, is murder.

      • northwestrain says:

        She is demanding the murder by others — so yes she is guilty of murder.

        She’s probably a really good blood thirsty christian.

        Life imprisonment is cheaper. Execution is another word for murder.

      • northwestrain says:

        He was murdered. Gone. The man that really murdered the victim will get off — but hey the mother is happy.

        The US is not a first world country.

  5. fiscalliberal says:

    I enjoyed these two videos and thought back to the days of the Vietnam War and Eugene McCarthy challenging Lyndon Johnson for the presidency.

    I was in Madison WI then and that was how it was: Academics organizing in homes with meetings. Engineering students were participating. We worked hard. I remember spending a day in Bever Dam WI handing out pamphlets. I had the luck to go through poor, middle class and well to do sections of town. It was a drastic learning time for me as I found the poor could care less, things got better in the middle class and the well to do people invited us in their homes to discuss the issues.

    The primary was comming up in WI in March and it was apparent that Johnson was going to loose. He terminated his campaign two days before the election. We had poll watchers, counters and every potential voter identified, in many parts of the state. Some how we felt robbed of our impending victory by his termination of his campaign.

    So – grab the popcorn. We need to remember Johnson was wrong about the war but a good campaigner. His money dried up. So – the progressives have a chance if they do the shoe leather work. Their problem is Obama is not a competent leader. The delema will come in the General Election. I think Dak framed it properly the other day. She would not vote for Perry, she may not go down to the voting firehouse. We all need to be thinking about that. Is there any Republican better than Perry. In Michigan we can cross over in the primaries and vote for the Republican we like. So – if you can cross over and vote in the Republican primary, you might have a chance to make things better.

    • northwestrain says:

      That’s what I plan to do — cross over and vote for a “reasonable” Republican in the Primary.

      In my state it’s easy to do — mail in ballots and simply vote as a Rep. on that ballot.

      Other states makes crossing over harder.

    • dakinikat says:

      I liked the Minnesota system where if you were registered independent, even if it was independent republican or independent democrat you could choose the primary ballot you wanted to vote

  6. RalphB says:

    Holy smokes, volatility in the polls.

    Obama’s favorability numbers start to drop among African Americans

    New cracks have begun to show in President Obama’s support amongst African Americans, who have been his strongest supporters. Five months ago, 83 percent of African Americans held “strongly favorable” views of Obama, but in a new Washington Post-ABC news poll that number has dropped to 58 percent. That drop is similar to slipping support for Obama among all groups.
    “The president cannot rest on his laurels with respect to black voter representation. Given the fact that people don’t necessarily strongly approve of President Obama, that could translate to less enthusiasm for his candidacy,” she said. “That doesn’t mean they will vote for the Republican candidate. It means they will not turn out.”

    • fiscalliberal says:

      The people to watch here are Tavis Smiley and Cornell West. In my view, Tavis was not that convinced about Obama and has not been invited to the White House. Cornell West (theologian) has a lot of buyers remorse. He is a loose cannon.

      We need to remember that Lewis of Georgia, Sheila Jackson Lee and Maxine Waters were for Hillary untill the black population promised to primary them if they did not switch to Obama. Hillary publicly thanked them and understood where they were, Yet when it was all said and done, these folks were not enamored with Obama.

      I think recently Waters has told the black community that she would go after Obama if the black people told her to do it.

      So – this is Obama’s and the Republicans election to loose.

      • paper doll says:

        What Obama has to worry about is if the AA voter stays home this time. However if they go to the polls, they will vote for Barry. If it’s a Perry and Barry show in 2012, I don’t seeTavis Smiley and Cornell West etc. fighting Obama then …but campaining for him. I believe much of their current protest is to try and pressure him to do the right things ( good luck with that) rather than a total bail on him.