Somber Obama meets the Press: Live Blog
Posted: August 8, 2011 | Author: dakinikat | Filed under: Barack Obama, Live | Tags: Market crash, Presidential Speech | 57 CommentsWithout taking any questions, President Obama addressed the state of the U.S. economy and the deaths of US troops this weekend. The DJ dipped below 11,000 briefly while the President was speaking. Obama said the country will always be a AAA country and quoted Warren Buffet who has said the country is AAAA. However, this is a serious sell off and there’s a realization that there’s something wrong with the US economy. The bond market is holding up better than the stock market which indicates that there is more concern about the economy than the US ability to pay debt. This was clearly an attempt to send a message to global markets and to US citizens that are panicked about a possible second recession during a period when we have clearly not recovered from the last one.
Obama asked for extensions for unemployment insurance and the payroll tax holiday. He additionally said that his administration would be making recommendations to the super congress. He called for expenditures on infrastructure. He also wants to see ‘modest adjustments’ to Medicare.
The president says Washington didn’t need a downgrade to realize that it has a problem. “Our challenge is the need to tackle our deficits over the long term,” he says. (1:56 p.m.)
Obama says the debt agreement reached was “historic,” but that there isn’t much more that can be done to reduce defense or discretionary domestic spending.
He suggests “tax reform that would ask those who can afford it to pay their fair share,” and “modest” adjustments to health care programs like Medicare should be the next step. (1:57 p.m.)
Next, Obama calls on Congress to “put what’s best for the country ahead of self interest, ideology or party.”
He says he will present his own recommendations on how to proceed. “That committee will have this administration’s full cooperation.” (1:58 p.m.)
Continuing to discuss the economy, Obama says the country’s “most immediate concern” is jobs. If the government can deal with the deficit, there would be “more room” to pursue proposals that can get the economy growing faster, he explains. (1:59 p.m.)
Obama calls on Congress to extend the payroll tax cut “as soon as possible,” saying Republicans have agreed to do so countless times in the past.
The president then recalls the earthquake in Japan and unrest in the Middle East that have resulted in higher gas prices. “How we respond to those tests, that’s entirely up to us,” he says. (1:59 p.m.)
Obama recalls the earthquake in Japan and unrest in the Middle East that have resulted in higher gas prices. “How
we respond to those tests, that’s entirely up to us.”
“Markets will rise and fall, but this is the United States of America,” he says. “No matter what some agency may say, we’ve always been and always will be a triple-A country.”
The market plunge stabilized during the speech, but appears to be back on its downward spiral. It’s back below 11,000 again. There was little was no new information so that would be expected.
The President also mentioned the deaths of 30 US troops and 7 Afghani in that Chinook helicopter. A Pentagon statement today mentioned that the catastrophic nature of the disaster means that the remains are not identifiable.
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Making Bad
Posted: August 7, 2011 | Author: dakinikat | Filed under: Barack Obama, the villagers, U.S. Economy, U.S. Politics, We are so F'd, WE TOLD THEM SO | Tags: Barack Obama, Bob Schieffer, buyer's remorse, Jimmy Carter, Peter Osborne, The Village | 21 CommentsExperiencing a little buyer’s remorse villagers?
“Barack Obama feels more and more like a president from the Jimmy Carter tradition: well meaning but ineffectual”.
Peter Oborne from ‘In this grave crisis, the world’s
leaders are terrifyingly out of their depth’.
“IN contrast, when faced with the greatest economic crisis, the greatest levels of economic inequality, and the greatest levels of corporate influence on politics since the Depression, Barack Obama stared into the eyes of history and chose to avert his gaze.”
Drew Westen from “What Happened to Obama?”
“Obama has suffered, in part, from a clarity gap. Even his own supporters aren’t always sure what he’s willing to fight for.“He needs to plant a flag somewhere,” complained William A. Galston, a former top aide to then-President Clinton. “I don’t care what color it is. But periodically planting a flag and then lowering it is no way to inspire confidence.”
The president took a clear position on only one issue in the debt ceiling negotiations: He said any deal had to be “balanced,” meaning it had to include new tax revenue as well as spending cuts. But in the face of Republican opposition, he backed off even that one demand.
Obama’s negotiating victories in the final deal weren’t on matters of substance, like tax revenue. They were on matters of process: on making sure another debt-ceiling vote doesn’t happen until 2013 and making sure the mechanism for choosing further spending cuts isn’t tilted in the Republicans‘ favor. Try selling those to voters as a victory for the beleaguered middle class.”
“The one thing I might say is that we shouldn’t really wonder what happened to Obama — he is who he always was. If you paid attention to what he actually said during the primary and the election, he was always a very conventional centrist. Progressives who flocked to his campaign basically deluded themselves, mistaking style for substance. I got huge flack for saying that at the time, but it was true, and events have borne it out.”
“I think that – I don’t – I’m not sure that that’s true. I – I think that it is working. I think that people still, you know, in my interactions with the American people, they liked the guy a lot. They respect him a lot. They don’t feel that he’s in touch with their lives, and his calculation is this, that as this goes on – and – you know, he will be the least damaged of all the various parties.
And that’s what we’ve seen. His standing in – standing in the polls have gone down, but the Republicans’ standing in the polls has plummeted. And so, you know, he’s got to be feeling not terrific at this point, but not too bad politically either, because sooner or later the Republicans have to choose some candidate to oppose him and that candidate is going to have to make a calculation about how close to the Tea Party – which does remain a minority of a minority – how close to the Tea Party does the Republican presidential nominee want to be?
And so, I think the president is bemused by all of this and kind of horrified by the nonsense he’s – you know, that he’s had to deal with. He’s made concessions, unlike – as Arianna was saying – unlike anything we’ve ever seen a Democratic president make before. He proposed raising the age of eligibility for Medicare to 67.
I’m not sure I’m in favor of that.”
Joe Klein on on Global Public Square
The signs were all there in 2008. It’s just so many people chose to ignore them. Now, well, now, we are so f’d. Go ahead and add to the list. The Sunday talk shows are full of pithy quotes.
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Thursday Reads: A Poverty Tour, Confidence Fairies, A-Rod, D.B. Cooper, and Wingnut Censors
Posted: August 4, 2011 | Author: bostonboomer | Filed under: 2012 presidential campaign, Barack Obama, Crime, Democratic Politics, poverty, religion, Republican politics, Surreality, Team Obama, U.S. Economy, U.S. Politics, voodoo economics | Tags: Alex Rodriguez, Barack Obama, bible, censorship, confidence fairy, Cornel West, D.B. Cooper, FBI, Jay Carney, Keith Olbermann, Newt Gingrich, Paul Krugman, Poverty Tour, ratings agencies, Slaughterhouse Five, Tavis Smiley, Tim Geithner, Twenty Boy Summer, U.S. Economy | 27 CommentsGood Morning!! Let me get a sip of my breakfast tea, and then I’ll share what I found in the news today.
After doing his level best to wreck the U.S. economy, President Obama headed to Chicago to celebrate his birthday and rake in some campaign donations.
Taking a brief hometown respite Wednesday night, President Barack Obama used a 50th birthday bash in Uptown to raise re-election money from a friendly crowd as he sought to recharge a presidency showing signs of scars from Washington’s partisan battles.
The president told supporters at the Aragon Entertainment Center that the nation doesn’t have time to “play these partisan games.”
“I hope we can avoid another self-inflicted wound like we saw over the last couple weeks,” Obama said of the recent debt-ceiling gridlock.
Although Obama doesn’t turn 50 until Thursday, his visit symbolized presidentially and politically a need to turn the corner following weeks of bruising debate over raising the nation’s debt ceiling and cutting the country’s deficit.
Awww, poor guy. Screwing the poor, the elderly, baby boomers, and the working- and middle-classes must be really exhausting.
Meanwhile, Tavis Smiley and Cornel West are heading up a “poverty tour”
to highlight what they see as deficiencies in the Obama’s administration and to force the president and Congress to pay more attention to poor people who have been hit hardest by the recession.
Smiley called the legislation, signed by the president, “a declaration of war on the poor.”
“I don’t understand how the president could agree to a deal that does not extend unemployment benefits, does not close a single corporate loophole and doesn’t raise the taxes on the rich,” said Smiley. “The poor are being rendered more and more invisible in this country. Nobody, not the president, not the Republicans in Congress, is speaking to the truth of the suffering of everyday people.”
Paul Krugman was on Keith Olbermann’s show last night. I keep forgetting to watch that! Krugman discussed a number of things related to the debt ceiling bill, including Newt Gingrich’s remark that the Obama’s is “the Krugman Presidency.” It is to laugh!
Vodpod videos no longer available.Today, Obama’s press secretary Jay Carney said there won’t be a double-dip recession and the economy is going to grow.
He blamed the earthquake and tsunami in Japan, higher energy prices, default worries in Europe and recently resolved uncertainty over raising America’s borrowing limit. Carney said, “We believe the economy will continue to grow.”
Al-righty then! I guess we have nothing to worry about.
At his blog, Krugman responded that “hope is not a plan.”
Of course there’s a threat. Larry Summers puts the odds at one in three; I might be slightly more optimistic, but the risk is very real. Who, exactly, is at the White House who knows better?
And think about the politics here. For two years the White House has been determinedly cheerful, always declaring that the recovery was on track, that its policies were working fine. And all it did was squander its credibility. Maybe admitting the truth, saying that in fact we hadn’t done nearly enough, would not have helped get useful legislation through Congress. But at least it would have conveyed the message that the WH was living in the same reality as ordinary workers.
Now they’re doing it again. To what purpose? Do they think the markets will be reassured? Do they think consumers will be reassured? At this point, after the “summer of recovery” came and went a whole year ago?
Apparently, that is what they think. Via Digby, Tim Geithner, who seems to be the person Obama listens to most on economic issues, strongly believes in the “confidence fairy.” He must also be the source of Jay Carney’s belief that we won’t have another recession, because that’s what Geithner told George Stepanopoulos a couple of days ago.
GEORGE STEPHANOPOULOS: But don’t you think that any deficit reduction now will — will hurt the attempts of the economy to recover?
TIM GEITHNER: You know, I think the — basic reality we live with and, you know, part of governing is recognize we live with — we don’t have unlimited resources, and we inherited and are left with unsustainable deficits long term. And the president understands that for the sake of the economy long-term it’s very important we demonstrate to the American people, to people around the world that we can get our arms around this and start go back to living’ within our means.
Now, we want to do that very carefully so we create room for the economy to grow and we have the resources necessary to invest in things that are going to be very important to the future like education, like infrastructure, like incentives for private investment. And to do that, it is absolutely essential to lock in these long term savings. Now — the president was very strong on this and made sure that we were not going to accept spending cuts that would damage the prospects for near term recovery. Now, with this behind us, and we get this —
GEORGE STEPHANOPOULOS: So this won’t cost us jobs?
TIM GEITHNER: No, it will not. Now … if we put this behind us then we can turn back to the important challenge of trying to find ways to make sure that we do everything we can to get more people back to work, strengthen our growth. And we’ll have more ability to do that now with people more confident and we can start to get our arms around the long-term problems.
WTF?! Is this guy for real? As Krugman said, “hope is not a plan,” but they don’t seem to have anything else.
At The Nation, George Zornick asks a very good question: Is it time to downgrade the ratings agencies?
…by almost all accounts inside the beltway, a downgrade in the federal government’s credit rating would be catastrophic. But a closer look at who issues these ratings, how they do it, and the real-world impact of these ratings tells a different story.
The first clue that these ratings might not be highly calibrated, serious indicators of creditworthiness can be found in the 2008 economic collapse. The financial products created by Wall Street that were full of toxic mortgage securities were all blessed with gold-star ratings as safe investments from the country’s three main credit ratings agencies, Moody’s, Fitch and Standard and Poor’s.
These products were so awful as to destroy Lehman Brothers, threaten many other trading firms, and plunge the economy into recession, but the ratings agencies consistently told investors they were safe. As William Greider has noted here, this essentially made the rating agencies “unindicted co-conspirators” in the collapse.
Were these agencies just bad at their jobs? Maybe, but Greider offers another more sinister theory: since the banks pay the rating agencies to examine their financial products, a harmful rating would persuade the banks to just shop elsewhere for a more favorable outcome. “This is an outrageous conflict of interest at the very heart of the financial system,” Greider writes.
Overpaid New York Yankee Alex Rodriguez is in trouble again, this time for illegal gambling. Baseball officials opened an investigation after
Star Magazine reported that Rodriguez “played in an underground, illegal poker game where cocaine was openly used, and even organized his own high-stakes game, which ended with thugs threatening players.”
Under the rules that govern baseball players, Rodriguez will have to truthfully answer baseball’s questions. If he acknowledges that he played in underground games or if officials uncover evidence that he did so, he could face a suspension.
The report Wednesday came a month after Major League Baseball opened its own investigation into Rodriguez’s ties to gambling. The investigation was prompted by a Star Magazine report in June that said Rodriguez had participated in a high-stakes illegal poker game with the actors Tobey Maguire, Leonardo DiCaprio, Ben Affleck and Matt Damon.
Hmmm…he was playing with Red Sox fans Affleck and Damon. I wonder who talked to Star Mag? I also learned on Google that A-Rod is dating actress Cameron Diaz. Boy is she making a big mistake.
Here’s an update on the D.B Cooper story I wrote about in the Tuesday Reads: My uncle was D.B. Cooper, Oklahoma woman claims It sounds crazy, but apparently the FBI believe this woman’s story.
To Marla Cooper of Oklahoma, her uncle was D.B. Cooper — except she knew him as Uncle L.D. She believes he died in 1999.
“I saw my uncle plotting a scheme,” Cooper told CNN’s Brooke Baldwin of what she said she remembers witnessing as an eight-year-old girl four decades ago.
Cooper said she was with two uncles at her grandma’s house around Thanksgiving time.
“I was with them while they were plotting it. I didn’t really know what was going on,” Cooper said. “Afterwards on Thanksgiving Day, I saw them return and I heard them discussing what they had done with my father. I have very vivid memories of it.”
Her claim might be cause for healthy speculation, especially 40 years after the fact, but two sources close to the investigation have told CNN that Marla Cooper’s tip led to the FBI reviving the case and for the past year the agency has been actively working the lead.
She says her uncle returned home badly injured and was treated at a VA hospital. Then he disappeared and she never saw him again. Her family made her swear she would never talk about what had happened.
Finally, from Think Progress, here’s an update from the annals of wingnut craziness: MO High School Bans ‘SlaughterHouse Five’ From Curriculum, Library Because Its Principles Are Contrary To The Bible
On Monday at the Republic, MO school board meeting, four Republic School Board members reviewed a year-old complaint that three books are inappropriate reading material for high school children. In a 4-0 vote, the members decided to ax two of the three books from the high school curriculum and the library shelves: Twenty Boy Summer by Sarah Ockler and Slaughterhouse-Five by Kurt Vonnegut. Speak by Laurie Halse Anderson was spared. The resident who filed the original complaint targeted these three books because “they teach principles contrary to the Bible”
Wesley Scroggins, a Republic resident, challenged the use of the books and lesson plans in Republic schools, arguing they teach principles contrary to the Bible.
“I congratulate them for doing what’s right and removing the two books,” said Scroggins, who didn’t attend the board meeting. “It’s unfortunate they chose to keep the other book.”
Horrors! Contrary to the Bible? We can’t have that! You know, sometimes I’m very grateful to live in a relatively civilized place like Boston. This is one of those times.
On that note, I’m going to get another cup of tea and then check out what you all are reading and blogging about. Please post your links in the comments.
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Tuesday Reads
Posted: August 2, 2011 | Author: bostonboomer | Filed under: Barack Obama, children, Crime, Federal Budget and Budget deficit, Foreign Affairs, morning reads, Psychopaths in charge, Syria, the villagers, U.S. Economy, U.S. Politics, Violence against women, voodoo economics, We are so F'd | Tags: Amy Ahonen, Barack Obama, Bloomington, Celina Cass, Climate change, D.B. Cooper, FBI, Federal debt ceiling, Indiana, Indiana University, investors, jobs, Lauren Spierer, Leon Trotsky, Louie Gohmert, Mark Warner, Missing people, Social Security, Syria, Travis Forbes, U.S. Stocks, UN Security Council | 33 CommentsGood Morning!! I have a few interesting reads for you today, and they aren’t all about the idiotic debt ceiling debate. I’m going to lead off with a few excellent blog posts about that idiocy, and then I’ll move on to something else.
First up, Scarecrow compares the movie Cowboys and Aliens to the events in DC: In Cowboys and Aliens, Humans Win; In Washington’s Zombies Vs. Pods, They Lose. In the movie, Scarecrow writes:
humans of all types realize they have to join together to defeat the rapacious creatures who are looting the planet and turning humans into zombies and pod people. There’s hope for our species!
Back in Washington, D.C. there are no heroes and no upbeat ending. Instead, the looting, muggings and beatings will continue until morale improves.
In our “real” world, there is a radical extremist group driven by zombies and zombie beliefs who successfully blackmail the nation into strangling its own economy. The supposedly “sane” group that is supposed to stop this madness has become cowardly and turned into mindless pod people, who assure the nation that the gutting of American government and essential services and safety nets won’t occur in one step but in several, whose outcome is locked in by an undemocratic Super Congress and the next debt limit blackmail in 2013.
It’s a terrific post.
On a more serious note, Emptywheel asks, Is Mark Warner the Designated Social Security Killer? It’s all about what may happen if the so-called “Super Congress” comes to be. Read it and weep.
At the New Yorker, John Cassidy argues that the debt ceiling bill is all smoke and mirrors.
In removing the immediate threat of a debt default, the agreement…signals that the U.S. government still satisfies the minimum standard of financial functionality: it pays its bills on time. That should be enough to head off an immediate downgrade in the nation’s credit rating, and it explains why Wall Street bounced at Monday’s opening bell.
Beyond that it is hard to see anything very positive about a deal in which President Obama finally persuaded the Republicans to accept a Republican plan. Putting on my ethicist cap, I agree with Bernie Sanders that the deal is wrongheaded and immoral. To be sure, America has a long-term fiscal challenge that needs to be confronted. But at a time when fourteen million Americans are unemployed, and many millions more have been forced to work just part-time, the government should be focussing on job growth rather than cutting the budget….
As I’ve said before, headlines such as “Democrats and Republicans agree on $2.4 trillion in spending cuts over 10 years” are virtually meaningless. The United States, like every other country, budgets on an annual basis. What really matters for the economy, and for the unemployed, is how much cash the federal government will spend in the remaining months of the 2011 fiscal year and in fiscal 2012, which begins October 1st. A pledge to cut spending in 2016, say, is just that: a pledge. Between now and then, we will have another bipartisan spending review (that’s also part of the deal), a Presidential election, and who knows how many budget battles. The actual 2016 spending outcome will almost certainly bear little relation to the figures in this agreement.
Also at the New Yorker, Hendrick Hertzberg has a funny piece about Louie Gohmert, looney Texas Republican Congressman quoting Communist Leon Trotsky. I don’t want to ruin it for you by pulling out a quote. It’s not long, so go read the whole thing.
Susie Madrak has a great post at Crooks and Liars: This Year We’ve Broken Or Tied 2,676 Heat Records – So Far. Think We Could Talk About Climate Change Yet? Be sure to check it out.
Do you realize how many people go missing in the U.S.? A lot. And most of them seem to be women and children. Here is a slide show of 64 people from the FBI’s kidnapped and missing persons list.
The little girl whose photo comes first is 11-year-old Celina Cass, from West Stewartstown, NH. Her body was found today in a river near her family home. Sadly, when a child disappears, a family is often responsible. In this case, I have a feeling her stepfather had something to do with Celina’s death. I hope I’m wrong. At least she was found fairly quickly.
Many missing people aren’t found for years, if at all. Indiana University student Lauren Spierer disappeared from Bloomington, Indiana on June 3. Despite intense searches by hundreds of volunteers and a large reward offered by her parents and IU, she has not been found. It looks like people whom Lauren thought were “friends” may have had something to do with her disappearance, because just about everyone who was with her before she went missing has lawyered up and isn’t talking to police.
A Denver woman, Amy Ahonen, disappeared without a trace a few weeks ago. Her car was found parked unlocked along the highway with her purse, ids, cell phone, and keys inside. What happened to her? No one knows and the police have stopped looking. It so happens that a budding serial killer was on the loose in the area at the time of her disappearance, but the police don’t seem to be making that connection.
There are many more stories like this breaking every day in this country. Why do we accept that women and children will disappear daily and in most cases, they will be found murdered and often raped?
Speaking of missing people, a legendary missing person has resurfaced in the news. From the LA Times: D.B. Cooper hijacking mystery is revived with ‘promising lead’
D.B. Cooper, the infamous airplane hijacker who vaulted into urban mythology by parachuting out of a jetliner over the Pacific Northwest with a $200,000 ransom, is back on the FBI’s radar screen.
Cooper, whose case remains the only unsolved airline hijacking in U.S. history, became the stuff of legend on the night of Nov. 24, 1971, when he jumped from a Boeing 727 into the skies between Portland, Ore., and Seattle. He disappeared with the ransom he extorted — 10,000 $20 bills.
The case has remained open, but the trail has been cold despite hundreds of tips, thousands of theories and dozens of breakthroughs in scientific investigation. Now the FBI, which has previously said that Cooper is likely dead, is looking at fresh evidence, according to weekend reports in the media in Seattle, the epicenter of the story that seemingly can never die.
From the Seattle Post-Intelligencer:
The man investigated as a suspect in the D.B. Cooper case – the nation’s only unsolved commercial airplane hijacking – has been dead for about 10 years, and a forensic check didn’t find fingerprints on an item that belonged him, an FBI spokesman told seattlepi.com Monday.
“There are also other leads we’re pursuing,” agent Fred Gutt said. “Some of the other names have been out in the public, some of the names have not come out.”
The name of a man not previously investigated was given to the FBI nearly a year ago by a law enforcement colleague, and an item that belongs to him was sent for fingerprint work at the agency’s Quantico, Va., forensic lab, agents told seattlepi.com.
“The nature of the material was not good for prints,” Gutt said.
He added agents are obtaining other items that may have the suspect’s fingerprints in hopes of matching them with prints taken from the Northwest Orient plane after Cooper jumped the night of Nov. 24, 1971.
The situation in Syria is escalating. There has been a great deal of violence there for some time, and it is not getting the same attention that Egypt, Iran, and Libya have gotten. But now the UN Security Council plans to take up the issue.
Reacting to new bloodshed in Syria, European powers relaunched a dormant draft U.N. resolution to condemn Damascus for its crackdown on protesters, circulating a revised text to the Security Council at a meeting on Monday.
Following the hour-long closed-door meeting, several diplomats said that after months of deadlock over Syria in the council, the fresh violence appeared to be pushing the divided members towards some form of reaction.
But envoys disagreed over whether the 15-nation body should adopt the Western-backed draft resolution or negotiate a less binding statement.
Germany requested the meeting after human rights groups said Syrian troops killed 80 people on Sunday when they stormed the city of Hama to crush protests amid a five-month-old uprising against President Bashar al-Assad.
More than 1600 people have been killed during the Syrian uprising.
You have to wonder if President Barack Obama ever rereads his speeches.
At the State Department last May, the president spoke at length of democratization in the Middle East. He chose his words carefully, dropping caveats and provisos. But Obama also bluntly declared that, “it will be the policy of the United States to promote reform across the region, and to support transitions to democracy.” He justified the intervention in Libya by recalling that “we saw the prospect of imminent massacre … Had we not acted along with our NATO allies and regional coalition partners, thousands would have been killed.”
Yet precisely such sordid outcomes have come to pass, not in Libya but during the four-month uprising against the regime of President Bashar al-Assad in Syria. Around 1,600 people are believed to have been killed, not mentioning some 3,000 disappeared, many of them presumed dead. Massacres have proliferated, and on Sunday, the eve of the holy month of Ramadan, the Syrian army entered the city of Hama, which had effectively escaped from government writ weeks ago.
Throughout, the White House has painstakingly avoided demanding that Assad step down, saying only that he must lead a transition to democracy or get out of the way. The Syrian dictator has, of course, done neither.
I’ll end with just one more link on the debt deal that Dakinikat sent me.
Reuters analysis – Debt deal unlikely to boost investor confidence
Rather than a relief rally, U.S. stocks ended modestly lower on Monday as ugly economic data and some lingering concerns about whether the deal would get through Congress dominated trading. But even when the House of Representatives voted to pass the plan late in the day there was little reaction from U.S. stock index futures.
The deal agreed to by Republican and Democratic leaders will raise the government’s borrowing ceiling while cutting spending by at least $2.1 trillion over 10 years. All of the burden could fall on spending cuts with no guarantee of steps to lift tax revenues.
Rather than perceiving it as a meaningful effort at tackling the United States’ huge debt problem, investors worried about the impact of austerity on an economy already hit by souring business and consumer confidence.
Plans for such a significant fiscal retrenchment, even though most of the impact will be in the latter years of the program, come at a vulnerable time for the world economy. Recession risks are rising in the United States, the European economy remains entwined in its own debt crisis, and China’s supercharged economy could slow.
“Risk markets may rally temporarily, but until economic growth and job creation is addressed, there can be no sustained rally,” Bill Gross, the co-chief investment officer of PIMCO, which manages more than $1.2 trillion, said in an interview.
Will Washington ever wake up to reality? I’m afraid they (and we) will have to hit bottom first. They are like alcoholics, except they are drunk on greed and power. So on that note, what are you reading and blogging about today?
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Late Night: The Perfect Candidate to Challenge Obama
Posted: August 1, 2011 | Author: bostonboomer | Filed under: 2012 presidential campaign, Barack Obama, Democratic Politics, U.S. Economy, U.S. Politics | Tags: 2012 Democratic Primaries, 2012 presidential election, Barack Obama, economy, Elizabeth Warren, middle class, moral values, Tim Geithner | 51 CommentsLots of liberal groups are calling for Elizabeth Warren to run for the Senate in Massachusetts against Senator Scott Brown. But why not challenge Obama instead? Warren has nothing to lose–Obama already hates her guts and has publicly humiliated her multiple times. What more can he do to her? Running against Obama would give Warren a chance to turn the tables and represent the American people against the top enforcer of the oligarchy.
Today Yves Smith at Naked Capitalism presented a thoughtful, well-argued case for why it would be much better for Warren and for liberals who are disgusted with Obama if she ran for President rather than Senator. It’s a fairly lengthy post and very meaty, so you should read the whole thing.
Yves argues that even though Warren wouldn’t win, she could help elevate the national discourse. If she were running against Obama and debating him, the media would have to cover it, and some of her ideas might make it through the media filter.
And just imagine the debates! Warren would wipe the floor with Obama, exposing his lack of moral values and his pitiful ignorance of basic economics. Obama would be horrified to once again have to compete with a brilliant, competent woman. He might even be forced to sneakily use his middle finger again or pull out his tired sexist remarks. This time more people might notice, now that the koolaid has worn off for so many former Obots.
One quibble I have with Yves is her argument that Warren is “a Reagan-level Great Communicator.” Please. Reagan couldn’t speak off-the-cuff much better than Obama. Did you ever watch one of his press conferences? But Yves is young, and probably grew up under Reagan. I guess I can forgive her for that one. She points out that
unlike Obama, a patrician wannabe who sees Reagan as a role model, she taps into deeply rooted traditional American values, that of a just society. Obama, by contrast, exploited the intense frustration with eight years of misrule by Bush the Second, and his liberal posturing was merely a market positioning exercise, to further differentiate him from Brand Republican.
Her position, which sounds dogmatic leftie to those lacking historical perspective, would have been dead center circa the early to mid 1980s, a Javits/Rockefeller Republican or a pretty tame Democrat of that era.
Hmmm…not quite sure I buy that either, but whatever. She’s right that Warren is no lefty. She’s simply an honest person who has studied what is happening to the American middle class and has the decency to prefer trying to change things to trying to cash in on the greed of bankers.
But here’s the best reason for Warren to run:
Warren also stands for a second set of ideas, that of competence and accountability in government. Not only did she build a major organization in an impressively short period of time, but she understands the importance of what we call in the consulting world “deliverables”, that is, providing tangible evidence of progress. She got various government agencies and banks to agree on a simplified mortgage disclosure form, a “to do” on the banking officialdom’s list that had somehow been too complicated to get done until Warren took it on. And this isn’t just good for consumers, it will also lower costs to banks.
By contrast, not only did Obama make a spectacular set of campaign promises that he failed to honor, he is completely unapologetic about those lies. While there is, sadly, a certain amount of misrepresentation that is considered normal among politicians, Obama’s looks to have set a new standard.
Yes, Warren is competent and efficient–she gets things done. She identifies a problem, and she attacks it doggedly–and she’s tough as nails. She has taken more abuse in the past few years and most people face in a lifetime. And she’s come through unbroken and unbowed.
Yves points out that in comparison to what she might accomplish with a failed primary campaign for President, Warren’s chances of effecting real change in the Senate would be slim to none. As we’ve seen recently, the Senate is utterly dysfunctional and filled with people who are completely out of touch with what is really happening in the country. If Warren tried to actually accomplish something as a freshman Senator, she’d be slapped down in no time flat.
I must say I like this idea. Just to get you thinking about it, here are a couple of videos of Warren making Timmy Geither look like a guilty schoolboy.
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