Friday Reads
Posted: March 9, 2012 Filed under: Economy, Global Financial Crisis, House of Representatives, investment banking, Mitt Romney, morning reads, Regulation, religious extremists, Rush Limbaugh | Tags: Dennis Kucinich, Dump Rush, FED, SEC 36 Comments
Good Morning!
Well, we’ve always known Pat Robertson was a little off. Reconcile all his throw back ideas about women and the GLBT community with his views on decriminalizing marijuana, I dare you!!
“I really believe we should treat marijuana the way we treat beverage alcohol,” Mr. Robertson said in an interview on Wednesday. “I’ve never used marijuana and I don’t intend to, but it’s just one of those things that I think: this war on drugs just hasn’t succeeded.”
Mr. Robertson’s remarks echoed statements he made last week on “The 700 Club,” the signature program of his Christian Broadcasting Network, and other comments he made in 2010. While those earlier remarks were largely dismissed by his followers, Mr. Robertson has now apparently fully embraced the idea of legalizing marijuana, arguing that it is a way to bring down soaring rates of incarceration and reduce the social and financial costs.
“I believe in working with the hearts of people, and not locking them up,” he said.
Rush has lost at least 50 advertisers after his horrendous, personal attacks on a university student exercising her first amendment rights. Just what kind of advertisers does the big blowhard have left? Well, he’s picked up an online dating service for married people interested in extramarital relations. There’s your family values for you!!!
Advertisers learned something about Rush Limbaugh’s demographic this week.
“Here we thought lots of pleasant, upstanding people were listening to and enjoying the rational things Rush had to say,” dozens of companies said. “Apparently not.”
It turns out that people who really, truly still enjoy Rush Limbaugh’s show are — how do I put this? — jerks.
At least that’s what the new advertisements moving into the vast empty lot of Rush Limbaugh, Inc., implies. “Ah,” you say, as a rat runs over your foot and several people offer payday loans and try to sell you watches from their trench coats. “This place seems to have gone downhill somewhat.”
So far, he’s picked up AshleyMadison.com, the site where you go to cheat on your wife, and another Web site that is explicitly for sugar-daddy matchmaking.
Republicans in the House have basically gone after finance regulators in a way that would basically change one of the major mandates of the Fed’s economic stabilization mandate and the SEC’s ability to police the markets for fraud. The FED suggestions are outrageous. They would completely stop the FED’s ability to stimulate the economy and would change the composition of the FED board from economists to the Bank’s District Presidents who are answerable to their member banks.
The bill, which will be formally introduced later this week by Congressman Brady, would eliminate the employment leg of the dual mandate, requiring the Federal Reserve to focus only on price stability.
The legislation would also restructure the Federal Open Market Committee (FOMC). The bill would give permanent seats on the committee to the twelve regional Federal Reserve bank presidents, who are chosen by regional Federal Reserve Bank directors. Those boards are composed of private citizens.
Yesterday, SEC chairman Mary Schapiro begged Congress to increase the agency’s funding, arguing that “the rapidly expanding size and complexity of the markets presents enormous oversight challenges.” Representative Barney Frank, ranking member of the House Financial Services Committee, offered a bill to provide that funding—and Republicans voted lockstep to trash it.
Republicans on the committee offered the perverse argument that since the SEC has repeatedly suffered oversight breakdowns in the past, it’s not entitled to additional funding. Representative Jo Ann Emerson, a Missouri Republican and member of the House Appropriations Committee, echoed this argument in the hearing with Schapiro yesterday:
“I think this body is reticent to throw more money at the SEC until ya’ll have proven that you have addressed the structural problems from within…in a comprehensive way,” [Emerson said]. “Since 2001, SEC’s budget has increased over 200 percent. Despite this tremendous growth in resources over the past decade, the SEC failed to detect Ponzi schemes such as Madoff and Stanford, the U.S. financial system nearly collapsed, and judges continue to question SEC settlements and regulations.”
Further starving a regulatory agency that’s already clearly unable to handle its massive mission is not a terribly convincing argument—one would have to truly believe the SEC is completely capable of policing Wall Street but simply suffering from “structural problems,” as Emerson asserts. (To give a sense of the very real funding problems, JPMorgan Chase—only one of the 35,000 entities the SEC is tasked with regulating—spends four times the entire SEC budget on information technology alone). But it’s the only argument Republicans have—the SEC is funded entirely by fees from the financial industry, so Republicans can’t carp about the deficit.
None of these folks seem to have any idea about what caused the financial crisis nor how much the underfunding and disabling of regulators and regulators have played into all these problems It’s really disheartening.
Meanwhile, Romney has told a university student that students going to cheap schools they could afford would be better than government student loans. BTW, where are there cheap schools now?
Mr. Romney was perfectly polite to the student. He didn’t talk about the dangers of liberal indoctrination on college campuses, as Rick Santorum might have. But his warning was clear: shop around and get a good price, because you’re on your own.
“It would be popular for me to stand up and say I’m going to give you government money to pay for your college, but I’m not going to promise that,” he said, to sustained applause from the crowd at a high-tech metals assembly factory here. “Don’t just go to one that has the highest price. Go to one that has a little lower price where you can get a good education. And hopefully you’ll find that. And don’t expect the government to forgive the debt that you take on.”
There wasn’t a word about the variety of government loan programs, which have made it possible for millions of students to get college degrees. There wasn’t a word urging colleges to hold down tuition increases, as President Obama has been doing, or a suggestion that the student consider a work-study program.
And there wasn’t a word about Pell Grants, in case the student’s family had a low enough income to qualify. That may be because Mr. Romney supports the House Republican budget, which would cut Pell Grants by 25 percent or more at a time when they are needed more than ever.
Instead, the advice was pretty brutal: if you can’t afford college, look around for a scholarship (good luck with that), try to graduate in less than four years, or join the military if you want a free education.
Robert Scheer writes about Dennis Kucinich who will leave Congress after his term finishes. His district was merged with Marcy Kaptur’s and she won on Tuesday. It’s an interest profile for a quirky politician.
Kucinich never competed in that way. He has been a national symbol of resistance to excessive government power and waste. He also has been a champion of social justice. His has been a rare voice, and one way or another it must continue to be heard. Simply put, when it came to the struggle for peace over war, Dennis was the conscience of the Congress. And he was always at the forefront in defending the rights of unionized workers who once formed the backbone of a solid middle class and who are now threatened with extinction.
Kucinich will surely be back for another turn in public life. As he put it in our Playboy interview:
“I appreciate Woody Allen’s humor because one of my safety valves is an appreciation for life’s absurdities. His message is that life isn’t a funeral march to the grave. It’s a polka.”
What’s on your reading and blogging list today?
Can We Admit That What We’re Seeing Is More Than . . . ‘Weather?’
Posted: March 5, 2012 Filed under: Capitalism 3.0, Climate Change, Environment, Environmentalists, ethics, globalization, Rick Santorum, Rush Limbaugh | Tags: global warming, tornadoes, weather 16 CommentsThese are some images from my neck of the woods from this past weekend’s round of ‘weather.’
Now granted, I’m not a native of the southeast—South Jersey girl here. But the locals tell me that vertical winds are a hellva lot different than tornado touchdowns, particularly when you’re living in hill country, in the shadow of the Smoky Mountains. Locally, this time we were fortunate—some downed branches and yard mess. The major damage was to the east and south of us. Last year? Not so much. 
In fact, last year’s April storm front in the southeast produced 280+ tornadoes in 3 days. Historic, the headlines screamed.
If this were merely a local event, we could chalk it up to bad luck and Mother Nature in a cranky mood. But consider that earth-orbiting satellites have been gathering scientific data not previously available, giving us the ‘big picture’, data on a global scale. The following evidence has been accumulated:
- Sea levels are, in fact, rising, the rate of the last decade nearly double that of the last century.
- Global temperatures are on the rise, increasing since the 1970s with the 10 hottest recorded temperatures within the last 12 years.
- The oceans have been warming since 1969, measureable temperatures increasing in the top surfaces [2300 ft] and the acidification of the oceans has increased by 30% since the start of the Industrial Revolution.
- Glaciers are retreating, the Arctic sea ice is shrinking and the ice sheets of Greenland [36-60 cubic miles per year between 2002-2006] and the Antarctic [36 cubic miles per year between 2002-2005] have declined.
According to NASA data, there are certain facts beyond dispute:
The heat-trapping nature of carbon dioxide and other gases was demonstrated in the mid-19th century. Their ability to affect the transfer of infrared energy through the atmosphere is the scientific basis of many JPL-designed instruments, such as AIRS. Increased levels of greenhouse gases must cause the Earth to warm in response.
Ice cores drawn from Greenland, Antarctica, and tropical mountain glaciers show that the Earth’s climate responds to changes in solar output, in the Earth’s orbit, and in greenhouse gas levels. They also show that in the past, large changes in climate have happened very quickly, geologically-speaking: in tens of years, not in millions or even thousands.
We can take the facts and data of NASA, their orbiting satellites and sensors or we can fall back on the word of say . . . a Rick Santorum, who has proven himself such an expert on other subjects. According to Santorum in a speech in Colorado:
[Climate change is] an absolute travesty of scientific research that was motivated by those who, in my opinion, saw this as an opportunity to create a panic and a crisis for government to be able to step in and even more greatly control your life. … I for one never bought the hoax. I for one understand just from science that there are one hundred factors that influence the climate. To suggest that one minor factor of which man’s contribution is a minor factor in the minor factor is the determining ingredient in the sauce that affects the entire global warming and cooling is just absurd on its face. And yet we have politicians running to the ramparts — unfortunately politicians who happen to be running for the Republican nomination for president — who bought into man-made global warming and bought into cap-and-trade.
We can argue the merits of cap and trade but I find it comical that Santorum is running around talking about Satan on one hand—a Santorum absolute–while denying climate change on the other. This is a ‘don’t trust your lying eyes’ moment. And certainly don’t trust science. He continued with:
We were put on this Earth as creatures of God to have dominion over the Earth, to use it wisely and steward it wisely, but for our benefit not for the Earth’s benefit … We are the intelligent beings that know how to manage things and through that course of science and discovery if we can be better stewards of this environment, then we should not let the vagaries of nature destroy what we have helped create.
Huh? I’m not sure what this rambling statement is intended to mean, other than we shouldn’t let nature clue us in that we’re skating on the edge, pushing the health of the planet and its inhabitants to the max. Full steam ahead with those extractions, boys!
Of course, Santorum is not alone in this type of denial. Rush Limbaugh, who has had his fair share of attention in the last few days [not of the good kind], had this to say after declaring climate change a ‘hoax’:
I happen to believe in God. I believe in a loving, brilliant – I know that this – there is no way, I don’t want to sound simpleton here, but there is not – it is not possible that we would be created by a creator in such a way that we would destroy by virtue of our created existence our own planet and environment. It just doesn’t compute and yet that’s what these people are trying to tell us. [Premiere Radio Networks, The Rush Limbaugh Show, 2/2/11
All righty then! God, a loving brilliant God, would not allow us to destroy ourselves. Scrap all that science and data, the fat man speaketh.
Beginning to see a pattern here? We can believe in myth—Satan’s going to getcha and/or a benevolent, personal God-creator, who would never allow Man to be stupid enough to destroy His/Her creation. No problem then. Keep spewing those toxins into the air, don’t worry about contaminating our water supply and . . . heat? What heat?
Despite the relentless war on climate data in particular and science in general, it turns out the public is beginning to catch on to all the corporate-friendly tap dancing. After a dip in public sentiment about Climate Change and the mass investment in misinformation, Americans are using their powers of observation and taking heed to the mounting evidence. According to the Brookings Institute National Survey, Fall 2011, a strong majority [62%] of the American public now believes that global warming is real and poses a threat to global security. Observation to local effects of warming temperatures and world-wide reports of floods, droughts, freakishly warm temperatures, melting ice sheets, ocean acidification and the effects on wildlife and fauna are slowly turning opinion.
We cannot wait for a benevolent God-spirit to save us. We’ll need to do that for ourselves, sooner rather than later. Because we won’t get a second chance. As Naomi Klien recently stated any real shift towards climate sustainability means a shift in the entire free-market ethos that depends on continual growth, massive extraction and profit-making over people.
. . . you can’t do it all with carbon markets and offsetting. You have to really seriously regulate corporations and invest in the public sector. And we need to build public transport systems and light rail and affordable housing along transit lines to lower emissions. The market is not going to step up to this challenge. We must do more: rebuild levees and bridges and the public sphere, because we saw in Katrina what happens when weak infrastructure clashes with heavy weather—it’s catastrophe. These climate deniers aren’t crazy—their worldview is under threat. If you take climate change seriously, you do have to throw out the free-market playbook.
In the end, so many of these pressing issues are related to a flawed economic and political model—the current corporate state. It will be up to us to reimagine a new system or as Peter Barnes suggested in ‘Capitalism 3.0,’ it’s time to upgrade.
Because there’s no place to run or hide. Earth is the only home we have. Reclaiming the commons isn’t optional; it’s a must. And personally? I’m just not into wicked tornadoes.
UPDATE: The Red Cross is now asking for donations for storm ravaged areas in the Southeast. Contact your local offices for information. Or go here.








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