Bill Clinton Stumps for Tom Barrett in Wisconsin

Posted: June 1, 2012 | Author: | Filed under: open thread, U.S. Economy, U.S. Politics | Tags: , , , | 23 Comments

Greg Sargent says Bill Clinton “hit a home run” this afternoon when he appeared with Milwaukee Mayor Tom Barrett at a rally earlier this afternoon. Sargent:

Bill Clinton, in his speech in Wisconsin…framed the recall election as a stark choice between unity and division, between cooperation and conflict, and between shared prosperity and right wing winner-take-all economics. Democrats on the ground in the state are very satisfied with Clinton’s speech, and think he hit the right note to amplify their closing message

Clinton barely mentioned Barrett’s opponent Governor Scott Walker.

But the most important part of Bill’s speech was the call for voters to come out to the polls on Tuesday, in order to rebuke the national conservative movement’s huge financial investment in this race, and to make a larger statement about the type of leadership they want for the state and the country in the future:

If you believe in an economy of shared prosperity when times are good, and shared sacrifice when they’re not, then you don’t want to break the unions. You want them at the negotiating table. And you trust them to know that arithmetic rules. Show up for Tom Barrett on Tuesday! If you want Wisconsin once again to be seen by all of America as a place of diversity, of difference of opinion, of vigorous debate, where in the end people’s objectives are to come to an agreement that will take us all forward together, you have to show up for Tom Barrett on Tuesday!…

I can just hear it now, on Wednesday. All those people that poured all this money into Wisconsin, if you don’t show up and vote, will say, `see, we got them now. We’re finally going to break every union in America. We’re gonna break every government in America. We’re gonna stop worrying about the middle class. We don’t give a riff whether poor people get to work their way into it. We got our way now. We got it all. Divide and conquer works.’

You tell them no. You tell them, Wisconsin has never been about that, never will be about that — by electing Tom Barrett governor!

Third Coast Digest has much more on the rally, including photos.

Here is Clinton’s full 18 minute speech.

The recall election will be held on Tuesday, June 5. How it turns out will be extremely important for the entire country. If Walker wins, the Republican will likely double down in their wars on unions, voting rights, and women’s health.

Please discuss, or use this as an open thread.

Thursday Reads

Posted: May 24, 2012 | Author: | Filed under: Catfood Commission, Democratic Politics, morning reads, U.S. Economy, U.S. Military, U.S. Politics | Tags: , , , , , , , , , , , , , , , , , , , , , , | 55 Comments

Good Morning!! I’ve got a potpourri of interesting links for you today, so I’ll get right to it.

Yesterday Mitt Romney gave an interview to Mark {Gag!} Halperin of Time. Halperin asked the putative Republican nominee to say specifically what the unemployment rate would be after his first year as POTUS. You may recall that not long ago, Romney stated that unemployment should be below 4 percent and that anything higher than that is unacceptable. But now he’s singing a different tune.

Romney: I can’t possibly predict precisely what the unemployment rate will be at the end of one year. I can tell you that over a period of four years, by virtue of the policies that we’d put in place, we’d get the unemployment rate down to 6%, and perhaps a little lower. It depends in part upon the rate of growth of the globe, as well as what we’re seeing here in the United States, but we’d get the rate down quite substantially, and frankly, the key is we’re going to show such job growth that there will be competition for employees again. And wages – we’ll see the end of this decline we’re having. The median income in America is down 10% in just the last four years. That’s got to stop. We’ve got to start seeing rising wages and job growth.

Romney gave no specifics about how he would achieve this with the policies he has been promoting–cutting taxes on the rich, raising them on people with lower incomes, and cutting everything except defense spending, which he would increase substantially. Halperin did ask for more specifics, but Romney just babbled a bunch of nonsense:

Halperin: One more question generally about jobs. For people out there, for voters who want to know what you’re about in terms of job creation, is there some new idea, some original idea, that hasn’t been part of the debate in American politics before, that you have that you think would lead to a lot of new jobs?

Romney: Well the wonderful thing about the economy is that there’s not just one element that somehow makes the whole economy turn around, or everybody in the world would have figured that out and said there’s just one little thing we have to do – you know, Greece is settled, and France and Italy are all back and well again. No, it’s a whole series of things. It’s a system of factors that come together to make an economy work. What is it that makes America’s economy the strongest in the world, the most robust, over a century? It’s a whole series of things – everything from our financial service sector, to the cost of our inputs, our natural resources, to the productivity of our workforce, to our labor and management rules and how they work together, to our appreciation for fair trade and free trade around the world, and negotiating trade arrangements that are favorable to us. It is a whole passel of elements that come together to create a strong economy, and for someone who spent their life in the economy, they understand how that works. And it’s very clear, by virtue of the President’s record, that he does not, and he is struggling. Look at him right now. He just doesn’t have a clue what to do to get this economy going. I do. I laid out a 59-step plan that encompasses a whole series of efforts that will together get this economy going and put people back to work.

But from what I could make out in wading through all the blather, it really comes down to the confidence that will wash through all of us once we know that Mr. Fixit, Willard Mitt Romney is going to save us.

Romney: Well actually if I’m lucky enough to be elected the consumers and the small-business people in this country will realize that they have a friend in the White House, who is actively going to encourage economic growth, and there will be a resurgence in confidence in this country and a willingness to take risks, to invest, to add employees. I think it will be very positive news to the American economy. Will I be able to get done between January 1 and January 20 the things that I’d like to do? Of course not, I’m not in office. But I believe that we will be able to have a grace period, which allows us to tackle these issues one by one and put in place a structure, which is very much designed to get America working again.

Romney also gave a speech about education policy in which he proposed to further privatize America’s education system:

Mitt Romney proposed a series of steps to overhaul the public education system, reigniting the debate over school choice as his campaign intensifies its effort to introduce the presumptive Republican presidential nominee to a general-election audience.

The education plan, detailed in a speech today in Washington, would create a voucher-like system to give low- income and disabled students federal funds to attend charter schools, private institutions and public schools outside their district.

“I don’t like the direction of American education, and as president, I will do everything in my power to get education on track for the kids of this great land,” Romney told a gathering of Latino business owners at the U.S. Chamber of Commerce.

No new ideas there. To be perfectly honest, I strongly doubt that Romney knows the first thing about American public schools. But let me refer you to an expert on Willard’s past history in dealing with public education, the one and only Charles P. Pierce. Pierce writes about what Romney did to the public education system of Massachusetts during his one term as Governor:
Read the rest of this entry »

Thursday Reads: Romney’s Lies, Debt Ceiling Showdown, and Dimonfreude

Posted: May 17, 2012 | Author: | Filed under: Barack Obama, Corporate Crime, corporate greed, Economy, House of Representatives, Mitt Romney, morning reads, Surreality, The Media SUCKS, U.S. Economy, U.S. Politics, unemployment, voodoo economics, Voter Ignorance | Tags: , , , , , , , , , | 22 Comments

Good Morning!

On Tuesday night I wrote a brief post about the bizarre speech Mitt Romney gave in Des Moines, Iowa earlier that day. I was struck by Romney’s childish effort to get at President Obama by talking about Bill Clinton’s economic policies and claiming that Obama must have ignored those policies because he has some kind of grudge against both Clintons. It was so strange and off key that I thought Romney sounded like a crotchety old busybody gossiping over the backyard fence.

I didn’t really even go into the many baldfaced lies Romney told in the speech–I guess I’ve become so accustomed to his total refusal to confine himself to reality as it is that I almost don’t notice it anymore. Basically, Romney attacked Obama the deficit that was primarily created by Bush, and made his usual claims that he (Romney) will be able to cut taxes by 20 percent, increase defense spending, and at the same time magically balance the budget and dramatically reduce unemployment. Only a moron would buy what he’s selling.

Yesterday, a number of bloggers commented on that speech, so I thought I’d share some of those reactions in this morning’s reads.

Steve Benen at Maddowblog: A peek into an alternate reality.

Mitt Romney delivered a curious speech in Iowa yesterday, presenting his thoughts on the budget deficit, the debt and debt reduction, which is worth reading if you missed it. We often talk about the problem of the left and right working from entirely different sets of facts, and how the discourse breaks down when there’s no shared foundation of reality, and the Republican’s remarks offered a timely peek into an alternate reality where facts have no meaning.

Even the topic itself is a strange choice for Romney. If the former governor is elected, he’ll inherit a $1 trillion deficit and a $15 [trillion] debt, which he’ll respond to by approving massive new tax cuts and increasing Pentagon spending. How will he pay for this? No one has the foggiest idea.

In other words, the guy who intends to add trillions to the debt gave a speech yesterday on the dangers of adding trillions to the debt.

Benen says he doesn’t believe Romney is “stupid,” but he must be “operating from the assumption that voters are stupid.” I’d say that’s true. I think Romney believes that he’s much smarter and more worthy than just about anyone and that poor and middle-class people are beneath contempt.

Jonathan Cohn at The New Republic: Romney’s Make-Believe Story on the Economy. Cohn writes about Romney’s claims that Obama’s failure to reduce the deficit is the cause of the “tepid recovery,” unemployment, and the struggles of seniors to get by on fixed incomes.

Note the way Romney establishes cause and effect here: Obama’s contribution to higher deficits are the reason more people can’t get work and more seniors can’t make ends meet right now. This is an audacious claim and, while I’m no economist, I’m pretty sure it places Romney on the outer edges of the debate among mainstream scholars.

I know of serious conservatives who think the Recovery Act, which has increased deficits temporarily, didn’t ultimately do much to create jobs in the near term. And I know of serious conservatives who think that creating jobs now wasn’t worth the long-term downside of adding to the federal debt, however incrementally. Both viewpoints seem to represent minority views, if a recent University of Chicago survey of leading economists is indicative. But the arguments have at least some logic to them.

But Romney’s suggestion that unemployment today is a consequence of Obama’s contribution to the deficit (real or imagined) requires further leaps of logic. You’d have to argue, for example, that extensions of unemployment benefits have reduced incentives to work (despite research to the contrary) and that such negative effects substantially outweigh the positive effects of traditional stimulus measures. It’s not impossible to make this case. I think Casey Mulligan, also of the University of Chicago, has written things along these lines for the New York Times. But, unless I’m missing something, that argument is even more marginal than suggestions the Recovery Act didn’t help at all.

I suspect that even Cohn’s effort to make sense of Romney’s fantasy economic theory will have Dr. Dakinikat pulling her hair out.

Jonathan Chait at New York Magazine: Romney’s Budget Fairy Tale.

In the real world, the following things are true: The budget deficit was projected to top $1 trillion even before President Obama took office, and that was when forecasters were still radically underestimating the depth of the 2008 crash. Obama did propose temporary deficit-increasing measures, an economic approach endorsed in its general contours, if not its particulars, by Romney’s economists. These measures contributed a relatively small proportion to the deficit, and their effect is short-lived. Obama instead focused on longer-term measures to reduce the deficit, including comprehensive health-care reform projected to reduce deficits by a trillion dollars in its second decade. Obama put forward a budget plan that would stabilize the debt as a percentage of the economy. Obama has hoped to achieve deeper long-term deficit reduction by striking bipartisan deals with Congress, and he has tried to achieve this goal by openly endorsing a bipartisan deficit plan in the Senate and privately agreeing to a more conservative plan with John Boehner, both of which were killed by Republican opposition to any higher revenue.

But Romney doesn’t seem to live in the real world, and Chait suggests that Romney either doesn’t understand how deficits work or doesn’t care if what he says makes any sense at all.

In Romney’s telling, the terms debt and spending are essentially interchangeable. When presented with Obama’s position — that the solution to the debt ought to include both higher taxes and lower spending — he rejects it out of hand. Naturally, Romney has admitted before that his budget plan “can’t be scored.” It’s an expression of conservative moral beliefs about the role of government. While loosely couched in budgetary terms, Romney is expressing an analysis that resides outside of, and completely at odds with, mainstream macroeconomic forecasting and scoring assumptions.

At the Plum Line, Greg Sargent discusses How Mitt Romney gets away with his lying.

If you scan through all the media attention Romney’s speech received, you are hard-pressed to find any news accounts that tell readers the following rather relevant points:

1) Nonpartisan experts believe Romney’s plans would increase the deficit far more than Obama’s would.

2) George W. Bush’s policies arguably are more responsible for increasing the deficit than Obama’s are.

Oh, sure, many of the news accounts contain the Obama campaign’s response to Romney’s speech; the Obama campaign put out a widely-reprinted statement arguing that Romney’s plans would increase the deficit and that he’d return to policies that created it in the first place.

But this shouldn’t be a matter of partisan opinion. On the first point, independent experts think an actual set of facts exists that can be used to determine what the impact of Romney’s policies on the deficit would be. And according to those experts, based on what we know now, Romney’s policies would explode the deficit far more than Obama’s would.

Obviously, the problem is the obsequious corporate media. But the Romney campaign makes it impossible for even the few remaining serious reporters to question his policies by keeping the candidate completely insulated from the press except for occasional appearances on Fox News and lightweight network morning shows like Good Morning America. Yesterday, Politico reprinted tweets from several reporters who were “physically” blocked from talking to Romney on a rope line.

Speaking of Republican ignorance of basic economics, House Republicans are gearing up for another pitched battle on increasing the debt ceiling. Speaker John Boehner met with President Obama at the White House today and they “clash[ed] over” increasing the debt limit, according to The Hill.

The president convened the meeting of the bipartisan congressional leadership to discuss his “to-do list” for Congress, but an aide to the Speaker said the bulk of the meeting was spent on other issues, including a pile-up of expiring tax provisions and the next increase in the federal debt limit.

Boehner asked Obama if he was proposing that Congress increase the debt limit without corresponding spending cuts, according to a readout of the meeting from the Speaker’s office. The president replied, “Yes.” At that point, Boehner told Obama, “As long as I’m around here, I’m not going to allow a debt-ceiling increase without doing something serious about the debt.”

Shortly after the meeting, White House press secretary Jay Carney told reporters that the president warned the leadership that he would not allow a repeat of last August’s debt-ceiling “debacle,” which led to a downgrade in the U.S. credit rating.

Sigh……

In a related story, there’s this piece at Wonkblog about the Pete Peterson summit and how Democrats talked long-windedly about cutting “entitlements,” and Republican refused to talk about tax increases. Read it and weep. I’m not even going to quote from it, because it’s too damn depressing.

So far Jamie Dimon seems to have survived the $2 billion loss recently suffered by J.P. Morgan.

The CEO of JPMorgan Chase survived a shareholder push Tuesday to strip him of the title of chairman of the board, five days after he disclosed a $2 billion trading loss by the bank.

CEO Jamie Dimon also won a shareholder endorsement of his pay package from last year, which totaled $23 million, according to an Associated Press analysis of regulatory filings.

Dimon, unusually subdued, told shareholders at the JPMorgan annual meeting that the company’s mistakes were “self-inflicted.” Speaking with reporters later, he added: “The buck always stops with me.”

Yeah, right. The buck will stop with the taxpayers if Dimon’s bank ultimately crashes and burns. Bill Moyers asked economist Simon Johnson about that.

Moyers: I was just looking at an interview I did with you in February of 2009, soon after the collapse of 2008 and you said, and I’m quoting, “The signs that I see… the body language, the words, the op-eds, the testimony, the way these bankers are treated by certain congressional committees, it makes me feel very worried. I have a feeling in my stomach that is what I had in other countries, much poorer countries, countries that were headed into really difficult economic situations. When there’s a small group of people who got you into a disaster and who are still powerful, you know you need to come in and break that power and you can’t. You’re stuck.” How do you feel about that insight now?

Johnson: I’m still nervous, and I think that the losses that JPMorgan reported — that CEO Jamie Dimon reported — and the way in which they’re presented, the fact that they’re surprised by it and the fact that they didn’t know they were taking these kinds of risks, the fact that they lost so much money in a relatively benign moment compared to what we’ve seen in the past and what we’re likely to see in the future — all of this suggests that we are absolutely on the path towards another financial crisis of the same order of magnitude as the last one.

A number of shareholders have sued Dimon over the losses, according to Bloomberg (via the SF Chroncle). And of course lots of people are gloating over Dimon’s getting temporarily knocked off his pedestal. Jena McGregor writes in the WaPo:

It’s being called Dimonfreude.

There are barely disguised smirks emanating from the canyons of Wall Street and the business press over the fact that Jamie Dimon has had to admit a mistake — and a whale of one, for that matter.

For years, the JPMorgan CEO (and America’s least-hated banker, as he was known) has worn a halo over those pinstripes. Dimon has been called President Obama’s “favorite banker”. Institutional Investor magazine has called him the country’s best CEO for two years running. And his actions during the financial crisis have been painted in patriotic terms: Press reports said he “answered the call” from then-FDIC chairman Sheila Bair to buy Washington Mutual, one of two banks he scooped up during the financial meltdown, and he has cited a patriotic duty to a country in crisis as why he took in $25 billion in government aid.

Yet now, Dimon is in the hot seat as JPMorgan confronts a $2 billion trading loss and the early stages of a criminal probe by the Justice Department.

Finally, some sad news: Estranged Wife of Robert F. Kennedy Jr. Is Found Dead at Home in Westchester

Mary R. Kennedy, the estranged wife of Robert F. Kennedy Jr., was found dead on Wednesday at the family’s home in Bedford, N.Y. She was 52.

Ms. Kennedy’s death was confirmed in a statement from her family, who did not comment on the circumstances. The Bedford Police Department said only that it had investigated a “possible unattended death” in an outbuilding at the home.

Her lawyer, Kerry A. Lawrence, would not say whether foul play was suspected. Kieran O’Leary, a spokesman for Westchester County, said an autopsy was scheduled for Thursday morning.

Born Mary Richardson, Ms. Kennedy joined one of America’s foremost political families in 1994, in a marriage ceremony aboard a boat on the Hudson River, near Stony Point, N.Y. At the time, she was an architectural designer at Parish-Hadley Associates in New York.

Those are my suggested reads for today. What are you reading and blogging about?

Open Thread: Mitt Romney, Busybody

Posted: May 15, 2012 | Author: | Filed under: 2012 presidential campaign, 2012 primaries, U.S. Economy, U.S. Politics | Tags: , , , , , , , | 20 Comments

In a speech in Des Moines, Iowa today, Mitt Romney sounded like a fussy old gossip, claiming that President Obama probably has a “beef” with Bill and Hillary Clinton.

Almost a generation ago, Bill Clinton announced that the Era of Big Government was over.

Even a former McGovern campaign worker like President Clinton was signaling to his own Party that Democrats should no longer try to govern by proposing a new program for every problem.

President Obama tucked away the Clinton doctrine in his large drawer of discarded ideas, along with transparency and bipartisanship. It’s enough to make you wonder if maybe it was a personal beef with the Clintons….but really it runs much deeper.

President Obama is an old school liberal whose first instinct is to see free enterprise as the villain and government as the hero. America counted on President Obama to rescue the economy, tame the deficit and help create jobs. Instead, he bailed out the public-sector, gave billions of dollars to the companies of his friends, and added almost as much debt as all the prior presidents combined.

ROFLMAO!! Obama, “an old school liberal?” This guy is a laff riot!

At the Washington Post, Nia-Malika Henderson interpreted Romney’s odd invoking of the good old days of the Clinton administration as another effort to link Obama with Jimmy Carter. Henderson writes:

The strategy, of course, is obvious, if a little heavy handed—paint Obama as more like Jimmy Carter, rather than as a New Democrat in the mold of Clinton.

Clinton has already emerged as one of Obama’s most visible surrogates, appearing in a video marking the death of Osama bin Laden, and will likely be used to gin up support among so-called Reagan Democrats—white, blue collar workers, particularly—and Romney can perhaps mute some of Clinton’s power by suggesting that Clinton isn’t all in with Obama. (It’s a beef, not a bromance, Romney suggests.)

But by invoking Clinton, Romney risks poking the bear in some ways, and perhaps even casting himself as a version of Clinton. Praising Clinton, even in a backhanded way, isn’t exactly a way to solidify support among the religious right.

I don’t know about the reaction from the religious right, but Bill Clinton worked a few digs about Romney into his speech today at the Pete Peterson conference (why Clinton shows up for these things, I’ll never understand, but that’s for another post). According to the National Journal, Clinton said that Romney

shot himself in the foot with the broad tax-cutting budget he suggested during the primary. He said Romney should accept projections that his plan for deep tax cuts would add billions to the deficit while requiring huge cuts to Medicare, Medicaid and non-defense spending.

“If I were in his position I would, I think, use the Congressional Budget Office numbers saying my plan increased the debt and say that no responsible president can pretend an independent analysis of his numbers don’t matter,” Clinton said. “That’s, I think, his his best avenue back to the real world.”

Clinton also offered a few verbal pats on the head to Romney.

“I feel a lot of sympathy for him,” he said. “The whole primary was about finding somebody who was true conservative, but they’re going to vote for him anyway.”

Good one, Bill!

Tuesday Reads

Posted: May 15, 2012 | Author: | Filed under: 2012 presidential campaign, Barack Obama, Mitt Romney, morning reads, Republican presidential politics, U.S. Economy, U.S. Politics | Tags: , , , , , , , , , , , , , , , | 29 Comments

Good Morning!! Let’s get right to the news. Yesterday wasn’t a big political news day here in the U.S. The President appeared on The View and talked about gay marriage and the Kardashians. He also pandered to young women at Barnard.

The Obama campaign released a new ad highlighting Mitt Romney’s career as a corporate “vampire” at Bain Capital.

The Obama campaign ad focuses on Bain Capital’s misadventures with GST steel of Kansas City and features former steelworkers describing what they saw between the time Bain bought the firm in 1993 and filed to put it in bankruptcy in 2001. (Romney left Bain in 1999).

“It was like a vampire. They came in and sucked the life out of us,” says one of the men. “What Bain Capital did was not capitalism, it was bad management,” says David Foster, lead negotiator for workers at GST Steel. Former steelworker Joe Soptic accuses Bain of cutting corners on safety, saying “it was like working in the sweatshops of the ’30s,” and that watching the plant close was “like watching an old friend bleed to death.”

The campaign also set up a new website to provide information about “Romney economics.”

Ron Paul announced that he won’t compete in any of the remaining primaries, but he still plans to compete with Mitt Romney for delegates to the Republican convention.

Ron Paul, the congressman from Texas and a favorite of tea partyers, effectively ended his presidential campaign Monday but urged his fervent supporters to continue working at the state party level to cause havoc for presumptive Republican nominee Mitt Romney.

In an email to supporters, Paul urged his libertarian-leaning backers to remain involved in politics and champion his causes despite the apparent end of his presidential aspirations. Paul has found success in wrecking the selection process for delegates to the party’s late-summer nominating convention in Tampa, Fla., and trumpeted that he has delayed Romney’s expected nomination….

Paul’s supporters have proved successful in winning state GOP conventions in places such as Maine and Nevada. His supporters in Iowa and Nevada were chosen to lead the state central parties.

Over the weekend, Paul’s supporters managed to boo Mitt Romney’s son Josh off the stage at the Arizona state Republican convention.

Hundreds of state GOP members were gathered at Grand Canyon University to elect delegates for the national convention in July in Tampa, Fla., which is expected to select Mitt Romney as the official Republican nominee to challenge President Obama.

“We cannot afford four more years of President Obama,” said Josh Romney, the third of Mitt Romney’s five sons. “We need someone to step in there and turn things around.”

But Josh Romney had to stop repeatedly as people booed and yelled for Paul, who has continued campaigning in the Republican primary.

What is Ron Paul up to? At HuffPo, Stewart J. Lawrence suggests that Paul may be trying to set up his son Rand Paul to become Romney’s vice presidential choice. Or perhaps he just wants a speaking role at the Convention and input into the party platform. In any case, Romney may have to deal with Ron Paul at some point.

So it was a pretty quiet day in the U.S., but not in Europe, where Greece is teetering on the brink of destruction and threatening to pull all of the Eurozone down with it. From the Washington Post: Greek deadlock heightens fears of full European economic crisis.

Political deadlock in Greece rattled world markets Monday, reviving fears that the fractious Mediterranean country could spurn an international bailout, abandon the common European currency and risk a fresh round of world economic turmoil.

European stock indexes fell, with Greece’s market now at a 20-year low, while the euro currency continued a recent decline against the dollar. U.S. stocks also fell.

Coming only days before the leaders of the world’s Group of Eight industrialized nations meet at Camp David, the standoff in Greece over its political direction has thrust Europe’s troubles to the top of the agenda. A downturn in Europe could stagger a fragile recovery in the United States and undermine growth around the world.

Some headlines from The Independent UK:

World braces itself for Greek euro exit.

Financial markets were plunged into fresh turmoil after Greece’s political parties failed once again to agree to form a unity government, and European policymakers warned that Greece’s aid payments would be cut off unless Athens quickly produced an administration prepared to deliver far-reaching economic reforms and budget cuts.

Without those funds from the European Union and the International Monetary Fund, Greece could run out of cash to meet its national debt interest payments as early as next month. The country would then have no option but to default. Most analysts expect that a default would be a prelude to Greek exit from the single currency altogether.

Panic and violence in the streets as protesters turn against politicians.

Southern Europe is preparing for a summer of discontent as protesters of all ages, and from across the political spectrum, plan demonstrations against greater austerity measures and against those policymakers who say there is no alternative to cuts.

Up to 50,000 “Indignant Ones” gathered in Madrid’s Puerta de Sol area on Saturday, many more than expected, to demonstrate against the Spanish government’s austerity measures. But, as indignant as they might have been, there were fewer on the streets for what was billed as an even bigger rally on Sunday, despite a message of support from the US rocker Bruce Springsteen.

A public holiday in Madrid today is likely to draw another protest, and one group almost certain to be there is the yayoflautas, a collection of people in their sixties and seventies, and who were involved in anti-Franco protests. The group has staged sit-ins in banks, radio stations, hospitals and even the reception area of a ratings agency.


Angela Merkel’s party humiliated by shock election defeat

Angela Merkel’s ruling conservatives suffered a humiliating defeat in key elections in Germany’s most populous state yesterday when voters rejected her party’s austerity policies and handed a resounding victory to her pro-growth Social Democratic Party opponents.

Ms Merkel’s Christian Democrats were shell-shocked by the devastating result they returned in the poll in North Rhine Westphalia, which has a total population of 18 million. Exit polls showed that they secured a mere 25.5 per cent of the vote – their worst performance ever in the state….

By contrast, the pro-growth Social Democrats and their candidate Hannelore Kraft, 50, romped home with 38 per cent of the vote. They were expected to form a so-called Red-Green coalition with the environmentalist Greens who won around 12 per cent of the vote. The two parties secured enough seats to obtain an absolute majority in the state parliament.

U.S. politicians should be paying attention. Austerity is not a long-term winning policy.

In miscellaneous news, Gizmodo reports that the Kodak company had a nuclear reactor in its basement for many years.

Kodak may be going under, but apparently they could have started their own nuclear war if they wanted, just six years ago. Down in a basement in Rochester, NY, they had a nuclear reactor loaded with 3.5 pounds of enriched uranium—the same kind they use in atomic warheads….

Kodak officials now admit that they never made any public announcement about it. In fact, nobody in the city—officials, police or firemen—or in the state of New York or anywhere else knew about it until it was recently leaked by an ex-employee. Its existence and whereabouts were purposely kept vague and only a few engineers and Federal employees really knew about the project.

The company had a legitimate purpose for having the reactor and radioactive material:

Kodak’s purpose for the reactor wasn’t sinister: they used it to check materials for impurities as well as neutron radiography testing. The reactor, a Californium Neutron Flux multiplier (CFX) was acquired in 1974 and loaded with three and a half pounds of enriched uranium plates placed around a californium-252 core.

But still it’s amazing they were able to get away with the reactor and especially the secrecy. The reactor was dismantled in 2006.

Why would a mafia boss be buried in a Roman basilica? Especially when he was suspected of abducting a 15-year-old girl, the daughter of a Vatican employee.

Forensic teams and marble workers have pried open a mobster’s tomb in the basilica Sant’Apollinare in Rome, searching for clues that might help to solve one of Italy’s greatest mysteries.

Fifteen-year-old Emanuela Orlandi, the daughter of a Vatican bank functionary, disappeared in 1983 on her way to a music lesson. Her body has never been found, and the truth about what happened to her has puzzled investigators for nearly 30 years. One of the most prominent conspiracy theories was that Orlandi’s remains would be found in the crypt where the notorious Roman mafioso Enrico “Renatino” De Pedis was eventually laid to rest after he was shot dead in a Rome square in 1990.

On Monday, his tomb was finally opened. His body was there, inside a three-layer sarcophagus, well preserved and wearing a dark blue suit and black tie. Police took fingerprints and confirmed his identity. But also, tucked inside a niche of the ancient crypt – a burial place since before Napoleonic times – were dozens of boxes containing unidentified human bones.

Dozens of boxes of bones?! This should be an interesting story to follow.

Finally, I’d like to call your attention to a profile of Mitt Romney’s top adviser Eric Fernstrom, published in GQ Magazine. It’s long, but well worth reading. Here’s a brief preview:

Fehrnstrom calls himself a “utility player,” and in the press he’s typically identified as a “Romney spokesman” or a “Romney strategist.” But that doesn’t begin to do justice to his place in the high command. Fehrnstrom has been with Romney for a decade, longer than any other political adviser on his 2012 campaign. “Anytime I’ve got questions or I’ve got a doubt, I know I can go to Eric and I’m getting feedback from someone who’s inside Mitt’s brain,” Romney’s senior adviser Kevin Madden told me. Or as Peter Flaherty, another senior Romney adviser, puts it: “Eric has a deeper shelf of institutional knowledge of Mitt Romney than anyone I know whose last name is not Romney.”

Fehrnstrom’s first job for Romney was running the press shop during his successful 2002 run for Massachusetts governor. But his role quickly expanded, and as Romney’s national profile grew, so did his trusted aide’s. (So much so that when Scott Brown was looking for someone to help him win Ted Kennedy’s old Massachusetts Senate seat in 2010, he hired Fehrnstrom, who remains Brown’s top strategist.) Over the course of his decade with Romney, Madden says, Fehrnstrom has become “a Tom Hagen figure. He’s consigliere to the governor.”

But with two slight differences. Whereas Hagen was always trying to cool off the hotheaded Sonny Corleone and keep the peace, Fehrnstrom, 50, is both the wise man and the hothead. He wears the uniform of the modern political consultant—iPad tucked in the crook of his arm, open-collared shirt, rectangular-framed glasses—but his fleshy face and thick New England accent betray a rougher core. And far from reining in Romney, he performs the opposite service for his client: Fehrnstrom toughens him up. “Eric gives Mitt a capability that Mitt doesn’t have,” says Ben Coes, Romney’s campaign manager in 2002. “It’s a streetwise savvy; it’s an on-the-ground Boston-smarts mentality; it’s a back-alley-politics, survival-of-the-fittest point of view. Mitt is not a knife fighter. Eric is a knife fighter.” The best political operatives are the ones who provide their clients with a tangible quality the candidate himself lacks. If Karl Rove was Bush’s brain, then Fehrnstrom is Romney’s balls.

That’s all I’ve got for today. What are you reading and blogging about?

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