In Remembrance of an Angel
Posted: June 25, 2009 Filed under: Uncategorized Comments Off on In Remembrance of an AngelFarrah Fawcett (February 2, 1947 – June 25, 2009)
Some how, every generation of woman has their own girl next door with which to compete and identify. Just like the iconic picture of Betty Grable’s legs during World War 2 and Marilyn Monroe’s restless white dress during the 1960s,
those of us who went to university during the 70s most likely dealt with a boy who’s dorm was decked with Farrah. I never tried to get that Farrah do, but I knew many girls that spent hours with perm solutions, dyes, and rollers, trying. If there was ever a living barbie doll, Farrah was it.
Then, as usual, we find out there is more to the pin-up girl than the pin-up alone. As we grew up, we found out she actually could act (The Burning Bed, 1984) and she was a woman of substance. (If not substance abuse, if you remember that David Letterman interview). Some how, Farrah always proved the survivor. The actress recently has received acclaimed from her very public fight with cancer.
Fawcett made a heartfelt documentary in 2008 entitled “A Wing & a Prayer: Farrah’s Fight for Life“, which follows her battle with Cancer and is a must watch, very touching…
Oddly, enough, as the announcement of her death pinged from my blackberry across the room, I was standing at one of those infernal machines that causes my breasts to hurt for days and saves many, many women’s lives. As a cancer survivor myself of 19 years next month, each time some we lose another person, I realize how much farther we need to go in handling this problem. My dad started radiation this week for a lump on his neck. It’s always a reminder of how close I was and we all our to a battle for our life.
Farah was 62. Her long time significant other Ryan O’Neill was with her at the time. They have a son,Redmond, together who like many other things in her life, has proved a challenge. Ryan was on tv as recently as last week insisting that Farrah had decided that she would finally marry him and was hoping to get Redmond released for a short visit. From all accounts, she died peacefully this morning.
Obama and the Enhanced Status Quo
Posted: June 21, 2009 Filed under: Global Financial Crisis, Health care reform, Team Obama, The DNC, Uncategorized, Voter Ignorance | Tags: Financial Reform, Goldman Sachs Record Bonuses, Healthcare Reform, Public Option, status quo, Timothy Geithner, Too big to Fail Comments Off on Obama and the Enhanced Status Quo
We were promised changed. What we are getting is perpetuation of the status quo. Let’s try this headline at the Guardian on for size “Goldman Sachs to make record bonus payout”.
Staff at Goldman Sachs staff can look forward to the biggest bonus payouts in the firm’s 140-year history after a spectacular first half of the year, sparking concern that the big investment banks which survived the credit crunch will derail financial regulation reforms.
A lack of competition and a surge in revenues from trading foreign currency, bonds and fixed-income products has sent profits at Goldman Sachs soaring, according to insiders at the firm.
Staff in London were briefed last week on the banking and securities company’s prospects and told they could look forward to bumper bonuses if, as predicted, it completed its most profitable year ever. Figures next month detailing the firm’s second-quarter earnings are expected to show a further jump in profits. Warren Buffett, who bought $5bn of the company’s shares in January, has already made a $1bn gain on his investment.
The bold part says it all. There continues to be a systematic elimination of competition from merger mania in the financial sector which has created two classes of too-big-to-fail institutions. We now have those that function completely with government funding and those that function by funding candidates for government. Goldman Sachs is benefiting immensely from both.
“The Public Option is not your Enemy”
Posted: June 16, 2009 Filed under: Health care reform, Human Rights, Team Obama, Uncategorized | Tags: Affordable health Choices Act, American Medical Association, Congressional Budget Office, Dodd, Kennedy Comments Off on “The Public Option is not your Enemy”
Finally, if we are to win the battle that is now going on around the world between freedom and tyranny, the dramatic achievements in space which occurred in recent weeks should have made clear to us all, as did the Sputnik in 1957, the impact of this adventure on the minds of men everywhere, who are attempting to make a determination of which road they should take. Since early in my term,our efforts in space have been under review. With the advice of the Vice President, who is Chairman of the National Space Council, we have examined where we are strong and where we are not, where we may succeed and where we may not. Now it is time to take longer strides-time for a great new American enterprise-time for this nation to take a clearly leading role in space achievement, which in many ways may hold the key to our future on earth.
President John F. Kennedy, May 25, 1961
Why can’t we put the same determination that put a man on the moon into finding a solution for affordable health care for all? What are the sticking points?
Some of the first efforts toward that goal were put into play yesterday. We had the usual Presidential teleprompter read before the American Medical Association yesterday. It was characterized this way by Sam Stein.
“The public option is not your enemy, it is your friend,” Obama declared at one point.
His prepared remarks were a bit more detailed:
If you don’t like your health coverage or don’t have any insurance, you will have a chance to take part in what we’re calling a Health Insurance Exchange…. You will have your choice of a number of plans that offer a few different packages, but every plan would offer an affordable, basic package. And one of these options needs to be a public option that will give people a broader range of choices and inject competition into the health care market so that force waste out of the system and keep the insurance companies honest.
Back in the world of where the rubber hits the road, the Congressional Budget Office (CBO) returned an estimate of the Affordable Health Choices Act that was proposed by Dodd and Kennedy. Ezra Klein of WaPo used the adjective “devastating”.
According to the agency, the bill would cost a hefty trillion dollars over 10 years and extend insurance to a mere 16 million people. That’s a lot of money to spend if you’re only going to achieve a third of your goal. Frankly, I was pretty surprised by the results.
And so, it turns out, were the people writing the bill.
A couple of months ago, the Health, Education, Labor, and Pensions Committee sent the CBO a sketch of a draft of its legislation. And the CBO sent the members back a stab at an outline of an estimate. It was all very early, and very rough. But CBO’s response was encouraging. The total cost was a bit higher, but the number covered was much higher. More like what you’d expect. More like what health reform is trying to achieve.
The draft the CBO examined last week, however, was in certain respects even less complete than the outline they were given months ago. In an effort to buy some extra time to negotiate with Republicans on the committee, the Democrats on HELP left out some of the more controversial policies in the hopes of reaching a bipartisan agreement sometime this week. The public plan, the employer mandate and the individual mandate were all absent from the proposal the CBO examined. The employer and individual mandates — the first of which pushes employers to offer coverage and the second of which force individuals to purchase coverage — are particularly key to increasing the number of Americans with health insurance.
You might ask what the HELP Committee was thinking, sending Swiss cheese legislation to CBO. Well, the HELP Committee’s expectation was that the CBO, in crafting its preliminary score, would assume something similar to the outline it had seen months before. The CBO didn’t. In fact, it did the opposite. CBO ran its estimates with no employer mandate and an individual mandate with a laughably small penalty.
“Swiss cheese legislation”, is this what the American people deserve?
Dead Bank Walking
Posted: June 9, 2009 Filed under: Uncategorized | Tags: bad bank, joseph stiglitz, Zombie Bank 3 Comments
The Treasury just gave ten big banks the okay to repay their Tarp Funds. The gang of ten includes J.P Morgan, Goldman Sachs, Morgan Stanley, American Express, Bank of New York Mellon, US Bancorp, Capital One Financial Corp, and Northern Trust. This basically gives positive identification to our zombie banks. The three most worrisome are Citibank, Wells Fargo, and Bank of America Corp essentially creating a two-tier banking system. The second tier banks had to give the Treasury their plans to raise capital, while the other banks turn back their funds.
As part of the bank bailout program, known as the Capital Purchase Program, the 10 institutions eligible to repay TARP have the right to repurchase warrants the Treasury holds at fair market value.
The 10 financial institutions already paid $1.8 billion in dividend payments to the Treasury over the last seven months, bringing the total of all dividend payments to $4.5 billion.
Proceeds from the repayments go to the Treasury’s general account, which is used to reduce Treasury’s borrowing and reduce the national debt. The funds could also be used to provide further capital to troubled financial institutions as part of the TARP program.
Other smaller banks have also returned bank bailout funds, bringing the total in returns to $70 billion.
As part of the program, J.P. Morgan is eligible to return $25 billion in TARP funds, Goldman Sachs, $10 billion, and Morgan Stanley, $10 billion.
BB& T plans to repay $3.1 billion in TARP funds it received, according to a statement from the institution Tuesday. U.S. Bancorp announced plans to buy out $6.6 billion in TARP capital, the bank reported Tuesday.
Other eligible institutions include American Express, $3.4 billion, Bank of New York Mellon, $3 billion, and State Street Bank, $2 billion.
The Zombie three have began some encouraging steps like removing a few board directors. The FDIC (Sheila Bair) is encouraging a shake up of top management. Citi plans to exchange some preferred securities for common stock. But will these steps be enough? Can we really trust so much of our economy’s lending and spending power to zombies?
One Person One Vote Died a Year Ago today
Posted: May 31, 2009 Filed under: Hillary Clinton: Her Campaign for All of Us, PUMA, The DNC, Uncategorized, Voter Ignorance 3 Comments
In an important landmark case Reynolds v. Sims, 377 U.S. 533 (1964), the Supreme Court established one of the most significant voting rights rulings impacting our Republic since the enfranchisement of woman and the election of U.S. senators by popular vote. Both of these occurred earlier in the century. Basically, Reynolds v Sims established the means to ensure that the United States was a truly representative form of government. It provided a legal way to enforce the idea that legislatures are those instruments of government elected directly by and directly as representatives of the people. Because of this, all elected officials should be elected in a free and unimpaired fashion. One Person one vote is a bedrock of our political system.
That was until one year ago today, when the Democratic Rules and Bylaws Committee declared the voters of Michigan and Florida to be one half of a person. This decision, done in a closed room behind close doors, was done in the name of party unity and led to the famous “party unity my ass” uttered at The Confluence that led to the PUMA movement. It led to spontaneous outrage across the country.
What began as a Democratic Party initiative to change the caucus and primary schedule to appease some special interest groups, wound up as a means to disenfranchise two states as Florida and Michigan were selectively punished for their decisions to change the dates of their primary caucuses. While other states similarly changed their dates, these two states were singled out for retribution. This was a stinging indictment of our entire political system for those of us that supported Hillary Clinton and were still stinging from the earlier disenfranchisement of Florida under the Bush v. Gore ruling that essentially gave us a President who mostly likely did not win the election. Every one knows how well that worked out.
Here are some reports from the day. This one is from MSNBC’s Chuck Todd called Nothing is fair about Florida and Michigan. Here was his suggestion for the situation at the time.
Why not consider punishing the party leaders and not the voters? Couldn’t the committee take away the states’ superdelegate votes? After all, it wasn’t the voters who demanded the states break party rules, but rather the leaders of the respective state parties.
Of course, this is too logical. The likely ruling on Saturday will probably highlight the party’s inability or reluctance to punish the superdelegates. There is a challenge from a Florida superdelegate claiming the party violated its own charter by stripping the state of both pledged delegates and superdelegates. Most members of the Rules Committee I’ve talked to indicate that he may be right. Keep in mind members of the Rules committee are all superdelegates themselves.
The Golden Rule could apply: Do unto other superdelegates as you would want done unto you.
The second idea the committee should be considering but isn’t reflects everything we’ve learned throughout this long primary season.
As many have noted, census data for each state have been remarkably determinative of results since Super Tuesday. In fact, the support groups for the two candidates have been incredibly stable. Why not apply what we’ve learned about the support groups of both candidates and split the delegates accordingly?
Of course, we found out soon enough that the party leaders did have their agenda and it was to ensure that we had their Candidate. We’re still unraveling the reasons for this travesty. We endured sexism, misogyny, and race-baiting through out the entire election cycle. We will be paying for this most undemocratic of decisions for years to come. We could have had a President that supports Abortion Rights and Universal Health Care. We could have had a President that refused to vote for FISA. We could have had a President that wasn’t controlled by lobbyists, Wall Street Fat Cats, and was a policy wonk extraordinaire. Instead, as Ted Ralls of Common Dreams, puts it, we got this:
We expected broken promises. But the gap between the soaring expectations that accompanied Barack Obama’s inauguration and his wretched performance is the broadest such chasm in recent historical memory …From healthcare to torture to the economy to war, Obama has reneged on pledges real and implied …Obama is useless. Worse than that, he’s dangerous. Which is why, if he has any patriotism left after the thousands of meetings he has sat through with corporate contributors, blood-sucking lobbyists and corrupt politicians, he ought to step down now–before he drags us further into the abyss.
I don’t know about you, but I WILL NEVER FORGET THIS DAY OF INFAMY.





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