Who is Harshing our Memorial Day Weekend? Better yet, WHY?
Posted: May 25, 2009 Filed under: Diplomacy Nightmares, Team Obama Comments Off on Who is Harshing our Memorial Day Weekend? Better yet, WHY?
I was going to try to take a breather and stick to spring cleaning and cocktailing this weekend. The rest of the world evidently doesn’t know it’s the official start of the US summer! I suppose one of the things about blogging is its ability to play to the obsessive streak that probably exists in all bloggers. So, let me put this to you, because no one at BJ’s over on Rue Dauphine last night would engage my question. Doesn’t it strike you as being extremely coincidental that the same day North Korea sets off an underground nuke, we also wind up with a fleet of Iranian warships in the Gulf of Aden effectively threatening both Yemen and Saudi Arabia and we get a big no on the nuclear negotiations? I mean, what is up with this? Did the stars align just correctly on a Memorial Day weekend to send all moonbat dictators on world threat alert?
North Korea exploded a nuclear device Monday morning, startling the world with its second underground test in three years and vexing the Obama administration, which has said it wants to solve the nuclear impasse with North Korea.
The test, described as “successful” by the communist state’s official Korean Central News Agency, escalates a pattern of provocation that this spring has included a long-range missile launch, detention of two U.S. journalists, kicking out U.N. nuclear inspectors, restarting a plutonium factory and halting six-nation nuclear negotiations.
So, the Iranian rationale for sending six warships to the Gulf of Aden is piracy. However, theses pirates are from Somalia which is not so close to the Saudis. Some of the problem areas have been near Yemen but more south in the Indian Ocean and out toward the Arabian Sea. Why are these ships so far north?
Navy Commander Rear Admiral Habibollah Sayyari announced on Monday that Iran has sent 6 warships and logistic vessels to the Gulf of Aden and the surrounding international waters.
Sayyari, who made the remarks while visiting the development projects and installations of the Iranian Navy here in Tehran, described the measure as “unprecedented in the history of the Iranian Navy”, and added, “This important move indicates the country’s high military capability in confronting any kind of foreign threat along the coasts of the country.”
He expressed hope that the Iranian Navy experts and specialists would continue daily progress in all fields of surface and sub-surface and arms technology and production.
On May 15, Iran dispatched two warships to the troubled waters off the coast of Somalia and the Gulf of Aden to safeguard Iranian trade cargo ships against piracy.
The move was in line with UN resolutions 1838 and 1846 and a request by the Safety Committee of the International Maritime Organization (IMO).
Perhaps this is just a little bit of pre-election posturing by Iran’s ever colorful Ahmadinejad. Yes, maybe the mullahs have declared jihad on pirates. However, this news was also announced about the same time they rejected the latest Western nuclear deal. The most interesting part of the rejection was the challenge from Ahmadinejad to POTUS to engage in a debate on the floor of the UN. (Guess Ahmadinejad watched the Democractic primary debates and decided it would be an easy take down.)
Iran’s President Mahmoud Ahmadinejad on Monday rejected a Western proposal for it to “freeze” its nuclear work in return for no new sanctions and ruled out any talks with major powers on the issue.
The comments by the conservative president, who is seeking a second term in a June 12 election, are likely to further disappoint the U.S. administration of President Barack Obama, which is seeking to engage Iran diplomatically.
The United States, Russia, China, France, Germany and Britain said in April they would invite Iran to a meeting to try and find a diplomatic solution to the nuclear row.
The West accuses Iran of secretly developing atomic weapons. Iran, the world’s fifth-largest oil exporter, denies the charge and says it only wants nuclear power to generate electricity.
Breaking with past U.S. policy of shunning direct talks with Iran, Obama’s administration last month said it would join nuclear discussions with Tehran from now on.
Ahmadinejad proposed a debate with Obama at the United Nations in New York “regarding the roots of world problems” but he made clear Tehran would not bow to pressure on the nuclear issue.
So, FOX news has trotted out John Bolton who of course sees this as a vindication of his overtly militaristic approach to diplomacy. Thankfully, all he can do is bloviate with the other bloviaters at this point and SOS Clinton is currently on the phone with the other countries involved with the so-called six party talks. Bolton’s analysis seemed to contradict all that Bush insistence on the six party talks.
“This is a moment of truth for this administration,” Bolton told AFP.
“They put all of their faith in the six-party talks. The North Koreans have thumbed their nose at the administration and now we have to see what kind of stuff they (the new administration) are made of,” Bolton said.
He urged Obama’s team to first put North Korea back on the list of state sponsors of terrorism following its removal in the waning months of the Bush administration.
Bolton also urged the UN Security Council to expel Pyongyang from the world body as a “persistent violator” of UN resolutions.
Ultimately, Bolton said, North Korea wants nuclear weapons because it is motivated by the desire to preserve its isolated dictatorship, adding it has no interest in nuclear diplomacy.
Excuse me, but if you’re complaining that we’ve had such bad results from the six party talks over the years, isn’t part of that your faulty strategy? Or are you now saying you were just following orders then? So, why are all these thing escalating right now? AND, why are they harshing a perfectly good three day American Holiday? Inquiring and obsessive bloggers like me, want to know.
Somethings You Can’t Make Up
Posted: May 15, 2009 Filed under: Human Rights, president teleprompter jesus, Team Obama, U.S. Economy, Voter Ignorance | Tags: Debt, Military Tribunals, Public Health, Single Payer Health Insurance. 5 CommentsGiven the choice between posting my final grades and my morning coffee or perusing some of the latest presidential antics and my morning coffee, I chose the latter. The latest front pager at the Confluence, Steven Mather started a great conversation on Obots and willful blindness. Since I was following a tweetathon last night between Glenn Greenwald and Jack Tapper on the latest about face, it seems appropriate to start there. This just comes under the heading of reality taking on dimensions of science fiction.
Every one is trying to figure out how Military Tribunals under Bush will be different the Military Tribunals continued by Obama. Given I’ve been following the financial bailouts under Bush and the virtual continuation of the same policy under Obama, I’m thinking the progressive blogosphere should be blowing a few gaskets now. After all, they were just told to lay off the torture photos and any hope of prosecution of what can only be labeled the Cheney Torture Policy. What we appear to have is straight forward continuation of nearly all the major Bush policies with major re-framing. It’s not going to be the old Nixon War on Drugs, it’s going to be the Obama “complete public-health model for dealing with addiction”. Somebody seems to think just morphing the lexicon makes it seem less Republican. Some one needs to tell Axelrod it’s the policies, not the labels.
So Greenwald is calling it Obama’s kinder, gentler military commissions .
It now appears definitive that the Obama administration will attempt to preserve a “modified” version of George Bush’s military commissions, rather than try suspected terrorists in our long-standing civilian court system or a court-martial proceeding under the Uniform Code of Military Justice. Obama officials have been dispatched to insist to journalists (anonymously, of course) that Obama’s embrace of “new and improved” military commissions is neither inconsistent with the criticisms that were voiced about Bush’s military commission system nor with Obama’s prior statements on this issue. It is plainly not the case that these “modifications” address the core criticisms directed to what Bush did, nor is it the case that Obama’s campaign position on this issue can be reconciled with what he is now doing. Just read the facts below and decide for yourself if that is even a plausible claim.
Oh, do go read the facts listed in the article. Don’t forget those koolaide goggles, because willful blindness is about the only way you’re going to see much difference.
Meanwhile over on Bloomberg, I read up on the latest Obama-would-rather-not-be-held hostage- by-the-oval-office town hall meeting where Obama Says U.S. Long-Term Debt Load ‘Unsustainable’. I have to join Seth and Amy in a “Oh, really?” moment here. I think you all will remember the graph on the left from earlier pieces that I’ve done on the Obama stimulus package and budget. Let’s just use the Bloomberg piece as a refresher.
President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.
“We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”
Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. “It will have a dampening effect on our economy.”
Earlier this week, the Obama administration revised its own budget estimates and raised the projected deficit for this year to a record $1.84 trillion, up 5 percent from the February estimate. The revision for the 2010 fiscal year estimated the deficit at $1.26 trillion, up 7.4 percent from the February figure. The White House Office of Management and Budget also projected next year’s budget will end up at $3.59 trillion, compared with the $3.55 trillion it estimated previously.
Two weeks ago, the president proposed $17 billion in budget cuts, with plans to eliminate or reduce 121 federal programs. Republicans ridiculed the amount, saying that it represented one-half of 1 percent of the entire budget. They noted that Obama is seeking an $81 billion increase in other spending.
Meanwhile, we’ve seen protests erupt as the Senate started discussing health care reform while leaving single payer solutions off-the-table. No single payer is another Obama missive and another Republican-like policy. On May 5th, those most radical of all elements in this country, doctors and nurses, staged a protest at a senate hearing insisting single payer should be on the table.
I still can’t believe the Republicans are calling Obama a socialist. The only thing we’ve socialized so far are those incredible losses coming out of the finance sector. Everything else is Republican-lite.
All I gotta say is ya got played folks! Maddoff is a small fry scammer by comparison.
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Yesterday, Teabagging, Today Sandbagging
Posted: April 26, 2009 Filed under: Bailout Blues, Global Financial Crisis, Team Obama | Tags: bailout, COP, Elizabeth Warren, financial system meltdown, Nancy Pelosi, TALF, TARP, Yves Smith 3 Comments
I can’t tell you how disappointed I am that America’s first woman Speaker of the House has turned into a player for all seasons. First, we find out exactly how much she knew about the torture methods of the Bush Administration and when she knew about it. Then she tells a big lie about it. Rumors still abound that she was wanted Obama as POTUS because she could be the Queen Bee of Capitol Hill. His lack of knowledge and experience was certain to put her in a position of power. Too bad she is more of a demagogue than a democrat because if there was ever a chance to be the Queen of the Hill, it would’ve been with reform of the financial system.
Instead, we’re seeing her go after yet another woman who has tried to champion the voters/taxpayers over big party money. A head line from Yves Smith at Naked Capitalism says it all for you: “On Pelosi’s Duplicity and Apparent Sandbagging of Elizabeth Warren, watch dog of the TARP”. It’s a typical Capitol Hill soap opera if there ever was
one. As appears customary with everything economic coming out of the democratic wing of our congressional whores, Pelosi is siding with the financial services industry over the voters/taxpayers. Yves first reminds us of the strange dance surrounding the birth of TARP. Remember, life was supposed to be different once the Democrats retook the Congress.
Recall how instrumental Pelosi was in getting the TARP passed. The widely mentioned gambit of Paulson getting on bended knee to plead for her support was a nice bit of theater to cover how readily she fell into line. The other justification for the Democratic leadership support was the claim that Treasury had given a closed door briefing to Senate and House leadership telling them the world would end if the TARP was not passed yesterday.
Some have suggested that Treasury provided data on the potentially disastrous money market fund withdrawals around the time of the Lehman failure (recall the death of Lehman led Reserve to break the buck). but that problem had already been addressed in September in part via the Fed providing non-recourse loans to purchase asset backed commercial paper, and more fully in October via yet another Fed facility. In other words, if the money market fund panic was indeed the scare tactic, the TARP was not the remedy.
But even if we give the devil its due, the performance of the Democratic leadership was pathetic. The most heinous aspect of the bill, putting the Treasury secretary outside the reach of law, was never cut back. The first draft, a doodle on a napkin, was offensive to democratic processes, the second draft added a lot more words but was still way too thin on basics, like objectives, criteria, procedures, and the final draft loaded tons of pork in to assure passage. And the ironies kept multiplying. The bill was wildly unpopular even with the media falling into line (and in the later stages, a clearly orchestrated campaign to have financial services industry employees contact legislators to counter the groundswell of opposition). And it was Senate Republicans who were the last holdouts.
Here’s the soap opera, errr, money line.
So why are we pointing a finger at Pelosi in particular? The next chapter is her appointment of one Richard Nieman to the Congressional Oversight Panel. Under the TARP rules, the House Majority leader selects one of the oversight panel members, so this choice was completely under her control.
PUMA forward
Posted: April 19, 2009 Filed under: Hillary Clinton: Her Campaign for All of Us, Human Rights, No Obama, president teleprompter jesus, PUMA, Team Obama, The DNC, The Media SUCKS, Voter Ignorance, Women's Rights | Tags: PUMA Actions, PUMA Organizing, PUMA PLANNING 5 Comments
You think it’s too late to plan some kind of commemorative/commiserative event for the 5.31 rules committee meeting that led to the birth of PUMA? Maybe make it net/blog based? Any interest?
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Inquiring Minds also Blog
Posted: April 5, 2009 Filed under: Equity Markets, Global Financial Crisis, Team Obama, U.S. Economy | Tags: audit failure, bank bailout, bank failure, Elizabeth Warren, PKMG, regulator failure, Tyler Cowen Comments Off on Inquiring Minds also Blog
The two regulators who don’t appear captured by the regulated are both women. FDIC’s Sheila Bair has been quietly closely down the bankrupt quite efficiently and ensuring every one knows that the FDIC will stand by its insurance commitments. Elizabeth Warren who is the head of the group watching the TARP funds is calling this week for the ousting of derelict bank executives. This includes Citibank and AIG. Is this the beginning of High Noon on Wall Street?
Warren also believes there are “dangers inherent” in the approach taken by treasury secretary Tim Geithner, who she says has offered “open-ended subsidies” to some of the world’s biggest financial institutions without adequately weighing potential pitfalls. “We want to ensure that the treasury gives the public an alternative approach,” she said, adding that she was worried that banks would not recover while they were being fed subsidies. “When are they going to say, enough?” she said.
She said she did not want to be too hard on Geithner but that he must address the issues in the report. “The very notion that anyone would infuse money into a financially troubled entity without demanding changes in management is preposterous.”
Meanwhile, many finance and economics bloggers have looked into legal issues surrounding the Obama/Geithner bailout and believe laws are being broken. Both Boston Boomer and Sam point to this at George Washington’s Blog.
Geithner’s statements that he didn’t have the power to close down the big banks is false. Moreover, Geithner and Paulson actually broke the law which requires the government to close down insolvent banks, no matter how big.
The Prompt Corrective Action Law (PCA) – 12 U.S.C. § 1831o – not only authorizes the government to seize insolvent banks, it mandates it.
An earlier post here contains the interview with William K. Black, a senior regulator during the S&L crisis and Associate Professor of Economics and Law at the University of Missouri and Bill Moyers. Even more interesting news has appeared recently as it looks like regulators aren’t the only ones dropping the ball. Is this a repeat of the Aurthur Anderson/Enron failure of Public Accounting?
New Century, one of the country’s top subprime lenders, went bankrupt shortly after disclosing that its financial statements were misstated. Its creditors are now suing KPMG, New Century’s auditor, for at least $1 billion in damages. In the years leading up to the financial crisis, some of the nation’s largest accounting firms failed to properly examine the reserves that banks and other lenders set aside to cover losses, records from a federal oversight board show.





























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