Today’s Deadline Passes With No Progress: Now What?

Posted: July 24, 2011 | Author: | Filed under: Democratic Politics, Economy, legislation, Medicare, Republican politics, Social Security, Surreality, the villagers, U.S. Economy, U.S. Politics, voodoo economics, We are so F'd | Tags: , , , , , , , , , , , , , | 19 Comments

Late last night I wrote a post summarizing what happened yesterday in seemingly endless debt ceiling kabuki dance that is being staged for our benefit by people who are supposed to be serving us but instead answer to Wall Street, Big Oil, Big Pharma, and the rest of the filthy rich.

Last night John Boehner told House Republicans that they needed to show some progress today in order to calm the Asian markets. After weeks of assuming the politicians in Washington would work something out in order to keep the US from defaulting on its debts, the banksters were suddenly realizing there is a good chance the feckless “leaders” will just go ahead and let it happen.

Apparently both Democrats and Republicans see this debt ceiling debacle as a golden opportunity to strip Americans of what is left of their social safety net. The only disagreement seems to be that Democrats want to include a pretense of raising some revenue along with all the cuts to social programs and Republicans want no new revenue sources, apparently because they see an opportunity to bring Grover Norquist’s dream to fruition:

Norquist favors dramatically reducing the size of the government. He has been noted for his widely quoted quip: “I don’t want to abolish government. I simply want to reduce it to the size where I can drag it into the bathroom and drown it in the bathtub.”

He has also stated, “Cutting the government in half in one generation is both an ambitious and reasonable goal. If we work hard we will accomplish this and more by 2025. Then the conservative movement can set a new goal. I have a recommendation: To cut government in half again by 2050”. The Americans for Tax Reform mission statement is “The government’s power to control one’s life derives from its power to tax. We believe that power should be minimized.”

So what was accomplished in today’s kabuki performance? Did the Republicans meet Boehner’s goal of sending a calming signal to Asian markets before their Monday opening. No, of course not.

From The New York Times: Deadline Passes as Debt Ceiling Talks Languish

House Speaker John A. Boehner and the Senate majority leader, Harry Reid, were preparing separate backup plans to raise the nation’s debt ceiling on Sunday, after the leaders were unable to end an increasingly grim standoff over the federal budget.

The dueling plans emerged as lawmakers appeared to miss a self-imposed deadline of 4 p.m. Eastern time to cut a deal before markets open in Asia. And at about 6 p.m., President Obama began meeting with Mr. Reid and the House Democratic leader, Nancy Pelosi, in the Oval Office to discuss the Reid proposal.

Not surprisingly, nothing new seems to have emerged from the talks at the White House. But here’s Harry Reid’s supposed “plan.”

Mr. Reid, the Senate’s top Democrat, was trying Sunday to cobble together a plan to raise the government’s debt limit by $2.4 trillion through the 2012 election, with spending cuts of about $2.5 trillion. He would seek to avoid cuts to entitlement programs, but it was unclear how those savings would be achieved.

Notably, the plan does not currently contain any new or increased taxes, an approach that many in his caucus would probably balk at.

For his part, John Boehner is still blabbing on about the Republicans ridiculous “cut, cap, and balance” plan.

Speaker John Boehner (R-Ohio) told his colleagues in a Sunday afternoon conference call that a debt deal with Obama is not the way forward. He said on the call that a plan that “reflects the principles” of the conservative “Cut, Cap and Balance” proposal that the Senate rejected will serve as the model for any legislation coming out of the House. The speaker, though, did acknowledge that the plan itself is a non-starter.

“So the question becomes – if it’s not the Cut, Cap and Balance Act itself – what can we pass that will protect our country from what the president is trying to orchestrate,” Boehner said, according to a source familiar with the call.

Boehner and Majority Leader Eric Cantor (R-Va.), according to several sources on the call, implored his colleagues to “stick together” to enact a budget deal that they can support. Boehner said an agreement “will require some of you to make sacrifices.” He told his colleagues that they shouldn’t worry about winning the battles, but rather the war, according to a source on the call.

I found this piece at Huffpo helpful, although I’ve never heard of the author, Mohamed el-Erian. CEO and co-CIO, Pacific Investment Management Company. Perhaps Daknikat has? Here’s what he had to say after the supposed deadline passed without any progress.

Friday’s stunning and very public quarrel between the president and the Speaker of the House of Representatives was the catalyst for a weekend of frantic negotiations on how to increase America’s debt ceiling, maintain the country’s sacred AAA rating, and avoid a near-term default. Meanwhile, administration officials and members of Congress took to the airwaves on Sunday trying, but largely failing, to strike the balance between statesmanship and another round of the Washington blame game.

It was hoped that all this would serve as a prelude to a political compromise announced just before the opening of Asian markets. This did not materialize. But while another self-imposed deadline has been missed, it is likely that the nation’s leadership will stumble into a short-term compromise over the next few days — one that raises the debt ceiling and avoids a debt default but, importantly, leaves the AAA rating extremely vulnerable and does little to lift the damaging clouds hanging over the US economy.

It will come down to the wire; and when the stopgap compromise is reached, many in Washington will declare victory and, in the process, claim credit for averting a national disaster. Yet the resolution will likely be temporary, and the damage will be real and long-lasting — both of which render an already worrisome situation even more difficult going forward. Indeed, by illustrating so vividly to the whole world what is ailing America, the weekend’s political theatrics should make us all worry even more about the world’s largest economy.

It’s an interesting article. Obviously our “leaders” have already done immense damage to our struggling economy, not just with their wrongheaded policies, but also with their childish game-playing.

Boehner’s plan right now seems to be to insist on a short-term temporary increase in the debt limit of about $1 trillion

accompanied by spending cuts of at least as much, tying the remainder of the debt-ceiling increase Obama has requested to further cuts in the future. The White House says Obama would veto such a measure.

The markets responded quickly:

U.S. stock futures fell, indicating the Standard & Poor’s 500 Index will slump after rallying within 1.4 percent of a three-year high, as failure to raise the federal debt limit intensified concern of a default.

The contract on the S&P 500 Index expiring in September declined 1.2 percent to 1,325.50 at 7:01 a.m. in Tokyo. The U.S. dollar fell against the euro, yen and Swiss franc.

[….]

The dollar weakened to $1.4390 per euro as of 6:01 a.m. in Tokyo from $1.4360 in New York at the end of last week. The greenback fell to 78.35 yen, and touched a four-month low of 78.12 yen, from 78.54 on July 22. It fetched 81.17 Swiss centimes from 81.92 last week after reaching a record low 80.33 on July 18. The yen traded at 112.75 per euro from 112.77.

I don’t pretend to understand all that gibberish, but I know it isn’t good.

The Wall Street Journal says the markets are “bracing for volatility as debt ceiling debate drags on.”

What really scares me is what is going on behind all the “partisan” kabuki. Let’s face it, Democrats are no more our friends than Republicans at this point. We simply can’t trust any of them. I wrote a few days ago about the Catfood Commission II clause that is included in the so-called McConnell plan–the fallback plan that Harry Reid is on board with. Apparently Boehner has also latched onto this idea, and the sequel to the Catfood Commission will also be included in whatever legislation the Republicans come up with.

Ryan Grim has a piece in Huffpo today about Catfood Commission II, which he characterizes as a “Super Congress.”

Debt ceiling negotiators think they’ve hit on a solution to address the debt ceiling impasse and the public’s unwillingness to let go of benefits such as Medicare and Social Security that have been earned over a lifetime of work: Create a new Congress.

This “Super Congress,” composed of members of both chambers and both parties, isn’t mentioned anywhere in the Constitution, but would be granted extraordinary new powers. Under a plan put forth by Senate Minority Leader Mitch McConnell (R-Ky.) and his counterpart Majority Leader Harry Reid (D-Nev.), legislation to lift the debt ceiling would be accompanied by the creation of a 12-member panel made up of 12 lawmakers — six from each chamber and six from each party.

Legislation approved by the Super Congress — which some on Capitol Hill are calling the “super committee” — would then be fast-tracked through both chambers, where it couldn’t be amended by simple, regular lawmakers, who’d have the ability only to cast an up or down vote. With the weight of both leaderships behind it, a product originated by the Super Congress would have a strong chance of moving through the little Congress and quickly becoming law. A Super Congress would be less accountable than the system that exists today, and would find it easier to strip the public of popular benefits. Negotiators are currently considering cutting the mortgage deduction and tax credits for retirement savings, for instance, extremely popular policies that would be difficult to slice up using the traditional legislative process.

So basically, no matter what legislation Congress ends up passing to raise the debt ceiling, this “Super Congress” will be included. We certainly can’t expect any disagreement on this from Obama who, as Grim describes it “has shown himself to be a fan of the commission approach to cutting social programs and entitlements.”

We are so utterly f&cked.

What is John Boehner Up To Now?

Posted: July 23, 2011 | Author: | Filed under: 2012 presidential campaign, Democratic Politics, Republican politics, U.S. Economy, U.S. Politics, voodoo economics, We are so F'd | Tags: , , , , , , , | 20 Comments

Bloomberg reports that John Boehner

told Republican lawmakers they need to provide a positive signal on a plan to avert a U.S. default before Asian financial markets open tomorrow, Republican congressional aides said.

Boehner wants at least $3 trillion in spending cuts in a two-step plan to accompany an increase in the U.S. debt limit, one of the aides said. Treasury Secretary Tim Geithner warned President Barack Obama and congressional leaders during a White House meeting today of a possible reaction by Asian markets, said an official familiar with the meeting.

Did what Geithner said light a fire under Boehner or is he getting pressure from other sources–like Wall Street donors?

The markets could be tumultuous if a plan isn’t negotiated over the weekend, said Christian Cooper, head of U.S. dollar derivatives trading in New York at Jefferies & Co.

“The markets will be under very real pressure at the open because the assumption will be there is really no resolution to this,” Cooper said. “The breakdown in negotiations has crossed the line from the political posturing of the last few weeks to potentially a very real crisis.

“The Tea Party is effectively playing Russian roulette with the bond market and they will, with certainty, lose,” Cooper said. Jefferies is one of 20 primary dealers that trade with the U.S. Federal Reserve.

So suddenly the drop dead day is no longer August 2, but tomorrow?

Derek Thompson of the Atantic wrote today that “Dave Beers, director of the sovereign debt division at S&P” told him that S&P is losing faith in the ability of Washington politicians to agree on anything.

“The debt ceiling is not the central preoccupation that we have,” Beers told me this afternoon. “We put the United States on credit watch because we’re growing less certain that this political debate can be resolved. This was not merely about the debt ceiling.”

What about other AAA-rated sovereigns, like France and Canada, who also have high debt burdens? “They all have a strategy that went through the political process, and we think those strategies are credible,” he said. “The problem with the U.S. is that there is no strategy. There is a debate about what the strategy would be. But there’s nothing close to a consensus. If consensus isn’t possible now, when will that be?”

Basically the kabuki nonsense that has been going on for weeks now between President Obama and House and Senate Republicans has already done serious damage to the U.S. credit rating. These guys look like fools to the rest of the world, and we all know the reason for the continuing game playing is that Obama actually wants massive cuts–especially in social programs. Anyone who is paying attention knows that now, even though Obama is still trying to put the blame on the Republicans, he owns this mess.

There is every sign at this point that Congressional leaders on both sides have decided the President just isn’t going to lead on this, and they have decided to work something out without him.

And, to emphasize responsibility now lies with Congress, Boehner and the congressional held their own meeting at the Capitol Saturday evening.

Pelosi and Reid left the meeting with Boehner and McConnell after less than an hour, retreating to Pelosi’s office across statuary hall in the Capitol. The two Democratic leaders refused to answer repeated questions from reporters. McConnell returned to the Senate side of the Capitol minutes later.

On Friday evening the Speaker announced that he was ending on-again-off-again talks with the White House with only days remaining before the Aug. 2 deadline when the U.S. will exceed its borrowing authority.

After a meeting in the White House with Obama, Harry Reid, and Nancy Pelosi, Boehner

told his colleagues that any deal will be a product of congressional leadership – not a compromise struck with the White House, the Republican source said, noting that “strategically not working with the president, but with the Senate could be better for him.”

Boehner was backed up by Democratic leaders Reid and Pelosi, when he said to Obama, “Mr. President, I need to deal with the House and the Senate because we [the White House and Congress] aren’t getting anywhere,” the source said.

Very interesting. It’s also interesting to note that Eric Cantor was not at that meeting this morning. Has Boehner decided to clip Cantor’s wings? We haven’t seen or hear much from him for the past few days.

Sam Stein at Huffpo is reporting that

House Speaker John Boehner (R-Ohio) is set to call the Democratic Party’s bluff on the debt ceiling. The Ohio Republican, in a briefing with his conference on Saturday, announced that he would press for a short-term deal, with major spending cuts paired with longer-term deficit-reduction strategies, as a way around the current impasse.

That strategy puts the speaker directly at odds with the White House and allied Democrats, who have insisted for weeks that they would not support a short-term extension of the debt ceiling.

Actually, Obama already waffled on that, but other Democratic leaders seem determined that whatever deal they reach will carry through the 2012 election. So how serious can Boehner be if he still plans to play chicken on the short-term/longer-term-deal issue?

There are lots more stories out there tonight speculating about what will happen tomorrow. What kind of “positive sign” does Boehner plan to send to Asian markets? Will it convince the ratings agencies not to downgrade U.S. Credit. Will there be a massive sell-off of U.S. Treasury bonds (Our resident expert, Dakinikat, already dumped hers).

I know it’s late, but I thought I’d put all this out there, since tomorrow could be a big day for news on the debt ceiling kabuki fight. Dakinikat told me that Tim Geithner will be making the rounds of the Sunday shows tomorrow. Maybe we’ll learn something from those shows for a change. Stay tuned….

Thursday Reads

Posted: July 21, 2011 | Author: | Filed under: Barack Obama, Democratic Politics, Federal Budget and Budget deficit, morning reads, Republican politics, Republican presidential politics, Social Security, the internet, U.S. Economy, U.S. Politics, unemployment, voodoo economics, We are so F'd | Tags: , , , , , , , , , , , , , , , , , , , | 41 Comments

Good Morning!! I’m going to start out with some interesting poll results that came out yesterday.

According to the latest Washington Post-ABC News poll, a lot of ordinary Republicans are unhappy with their GOP representatives in Washington, DC. From the WaPo:

While Republicans in Congress have remained united in their opposition to any tax increases, the poll finds GOP majorities favoring some of the specific changes advocated by the president, including higher income tax rates for the wealthiest Americans.

There is also broad dissatisfaction with Obama’s unwillingness to reach across the aisle: Nearly six in 10 of those polled say the president has not been open enough to compromise. Among independents, 79 percent say Republicans aren’t willing enough to make a deal, while 62 percent say the same of Obama.

Republicans may also be losing the war of perception about who stands with whom in the debates over the deficit and the economy. A majority view the president as more committed to protecting the interests of the middle class and small businesses, while large majorities see Republicans as defending the economic interests of big corporations and Wall Street financial institutions.

ABC’s The Note reports that based on the same poll,

Against a backdrop of broad concern about the impact of default, 80 percent of Americans in a new ABC News/Washington Post poll say they’re dissatisfied or even angry with the way the federal government is working, up 11 points in a single month. It last was this high in 1992, during the economic downturn that cost the first President Bush a second term.

The times today are nearly as tough: The ABC News Frustration Index has risen to 72 on its scale of 0 to 100, its highest since just before the 2010 midterm elections and well into the political danger zone. The index combines dissatisfaction with the government, anti-incumbent sentiment and ratings of the president and the economy alike.

But unlike 1992 – or 2010 – the opposition party’s taking even more heat than the president. While President Obama for the first time has fallen under 40 percent approval for handling the economy, the Republicans in Congress do even worse, 28 percent approval. On handling the deficit, it’s a weak 38 percent approval for Obama, but a weaker 27 percent for the GOP. And on handling taxes, Obama has 45 percent approval, the GOP, 31 percent.

It’s good to know that some Americans are getting angry. I wish they’d get out the pitchforks and make some noise about it in the streets.

A couple of GOP governors are dropping in the polls too. Media star Chris Christie is turning off his NJ constituents.

Gov. Chris Christie’s popularity has declined significantly over the first half of 2011 and he would have a very difficult time winning reelection if voters in New Jersey went to the polls today, according to a survey by Public Policy Polling.

While Republican activists outside New Jersey want Christie to seek the party’s 2012 presidential nomination, only 43 percent of Garden State voters approve of the job the governor is doing to 53 percent who disapprove.

The figures represent a 13 point decline from when Public Policy Polling last surveyed voters in January, when Christie’s standing was 48 percent approval and 45 percent disapproval.

Christie’s numbers are steady with Republicans but independents have really turned on him, going from approving by a 55 percent to 39 percent margin to disapproving by a 54 percent to 40 percent margin. And his crossover popularity with Democrats is on the decline as well. Where 23 percent approved of him in January, now only 16 percent do.

Christie has been making huge cuts in government services. I guess austerity isn’t as popular with the grass roots as it is with the power elites.

Gov. John Kasich of Ohio is even more unpopular than Christie.

The latest poll released Wednesday by Connecticut’s Quinnipiac University showed that only 35 percent of registered voters approve of the job the Republican governor has done in his first six months. Exactly half say they disapprove, up 1 percentage point since May, with the remainder undecided.

“Even after the state budget has been approved as he promised without raising taxes, and even though the Quinnipiac University poll finds that 63 percent say they favor such an approach, Gov. Kasich’s name remains mud in the eyes of the Ohio electorate,” said Peter A. Brown, assistant director of the Quinnipiac University Polling Institute.

The same poll shows that even some of those who approve of the governor’s performance are prepared to reject his signature law restricting the collective bargaining power of government employees at the ballot on Nov. 8. Fifty-six percent of voters say it should be repealed, up 2 percentage points since May.

Republicans always overreach, don’t they? It looks like the 2010 win may have been just a flash in the pan.

Michele Bachmann is surging in the polls against Mitt Romney.

The Minnesota congresswoman returned to Iowa early Wednesday morning as polls show her gaining ground nationally as a top alternative to former Massachusetts Gov. Mitt Romney, the early front-runner for the GOP nomination. Since formally entering the race last month, she has eclipsed other Republicans in the field, including fellow Minnesotan Tim Pawlenty, who has been actively campaigning all year.

The latest Wall Street Journal/NBC News poll offered a statistical glimpse at their diverging fortunes. In the poll, 16% of the registered Republicans picked Ms. Bachmann as their top choice, putting her second behind Mr. Romney, who remains the first choice of 30% of the Republicans polled. In the same survey, 2% of registered Republicans chose the former Minnesota governor as their top pick, down from 6% in April.

Meanwhile, Bachmann is still being hassled about her migraine headaches. Karl Rove is calling for her to release her medical records. Boy those Republican power brokers are really scared of Bachmann, aren’t they?

A doctor who has examined Bachmann says the headaches aren’t a big deal.

A letter dated Wednesday from a congressional doctor whose office has examined Republican Michele Bachmann described the presidential candidate’s migraines as occurring “infrequently” and controlled by prescription medication.

Bachmann’s campaign distributed the letter from Dr. Brian Monahan, the attending physician in Congress. Bachmann has been evaluated by that office during her three terms in Washington.

Former NH Senator Judd Gregg thinks the Republicans in the House will push the debt limit battle to the brink. In fact, he thinks it will take Social Security checks not going out to get them to agree to raising the debt ceiling.

“My gut tells me that we’ll need a weekend of drama — maybe a weekend of the government not paying its bills — politicians need drama to make something happen. As soon as social security checks don’t go out, the politics will change. I suspect it’ll take artificial drama to get closure past the House.”

“Boehner understands that a shutdown is bad for his caucus and that there’s something viable short of a shutdown but right now… it’s a 50-50 chance that we go into a few days of disruption.”

Gregg said lawmakers don’t really care about the nation’s credit rating:

“Policy-makers only worry about a ratings downgrade at the margins. They don’t really care. The ratings agencies put themselves in a corner that’s foolish. I’ve always found them to be incredibly naive about the political process. To be so definitive is foolish.”

“For the ratings agencies to make this drop-dead date, it’s stupid and naive because we’ll straighten it out, but our process doesn’t allow it to do it overnight.”

Gregg says all this will means the Republicans get most of the blame for the mess. They didn’t learn anything from what happened to Gingrich, did they?

Gregg is probably right about the gang of six plan, since that is basically what the Republicans already rejected. And Brian Beutler reports that they are rejecting it again.

As time goes on, and conservative interest groups and members of Congress rip into it, support among Republicans for the Gang of Six plan to reduce deficits will begin to wane. In fact, that’s already happening.

In a publicly released memo meant to undermine support for the Gang of Six plan in its current form, House Budget Committee chairman Paul Ryan (R-WI) laments, “it increases revenues while failing to seriously address exploding federal spending on health care, which is the primary driver of our debt. There are also serious concerns that the proposal’s substance on spending falls far short of what is needed to achieve the savings it claims.”

And check this out from Politico:

A few wealthy donors have called Cantor to tell him they wouldn’t mind if their taxes are raised. During two closed meetings this week — one with vote-counting lawmakers, and another with the entire conference — Cantor told colleagues that some well-heeled givers have told them they’re willing to pay more taxes. Cantor, according to an aide, has responded that House Republicans aren’t standing up for the wealthy, but rather for the middle class, who want to see their taxes stay low.

Yeah sure, Eric. You’re standing up for the middle class. ROFLOL!

With unemployment so high, all we need is more impediments to getting hired. According to the NYT, even obscure blog comments could come into play as companies evaluate job candidates.

A year-old start-up, Social Intelligence, scrapes the Internet for everything prospective employees may have said or done online in the past seven years.

Then it assembles a dossier with examples of professional honors and charitable work, along with negative information that meets specific criteria: online evidence of racist remarks; references to drugs; sexually explicit photos, text messages or videos; flagrant displays of weapons or bombs and clearly identifiable violent activity.

[….]

Less than a third of the data surfaced by Mr. Drucker’s firm comes from such major social platforms as Facebook, Twitter and MySpace. He said much of the negative information about job candidates comes from deep Web searches that find comments on blogs and posts on smaller social sites, like Tumblr, the blogging site, as well as Yahoo user groups, e-commerce sites, bulletin boards and even Craigslist.

….it is photos and videos that seem to get most people in trouble. “Sexually explicit photos and videos are beyond comprehension,” Mr. Drucker said. “We also see flagrant displays of weapons. And we see a lot of illegal activity. Lots and lots of pictures of drug use.”

I’ll end with this nightmarish story from the LA Times: Witness tells of horror as 3 swept over Vernal Fall in Yosemite

Bibee, a 28-year-old carpenter who grew up in Angels Camp, northwest of the park, had brought Amanda Lee, a visitor from Missouri, to the top of Vernal Fall on Tuesday — her first visit to Yosemite, but the latest of many for him.

They were standing behind a metal barricade, peering at the cascade….Bibee saw a man cross over the barricade. He was leaning over the 317-foot waterfall, holding a young girl, who was screaming in terror. People begged them to get back. “I’m yelling at him, ‘You SOB, get over here!'” Bibee said. Eventually, the two returned to safety.

But then Bibee noticed that three other people had also crossed over, and were “taking pictures and being stupid.”

The three people, members of a church group, fell into the water and went over the falls. All are presumed dead. Why would people go past a barricade and warning signs to stand on the edge of a raging waterfall? But it’s not the first time. The article says twelve people have gone over the falls previously–all were killed.

That’s it for me. What are you reading and blogging about today?

Obama Caves on Vetoing Short-Term Debt Limit Increase

Posted: July 20, 2011 | Author: | Filed under: A My Pet Goat Moment, Barack Obama, U.S. Economy, U.S. Politics, voodoo economics, We are so F'd | Tags: , , , , , | 24 Comments

So what else is new? After all his tough talk and veto threats, President Obama is now willing to do what Eric Cantor proposed last week–sign a short-term increase in the debt limit. From Politico:

President Barack Obama would support a short-term extension of the debt limit if Democrats and Republicans reach agreement on a broader deficit-cutting deal but need more time to move it through Congress, White House Press Secretary Jay Carney said Wednesday.

The White House later clarified that the extension would only be for a few days. Like the Libya effort was only going to last a couple of weeks?

Obama is now pushing the “gang of six” plan which, as David Dayen points out, consists of a bunch of vague recommendations that would need to be fleshed out after the plan passes. Can you say “pig in a poke?”

Back to Politico:

The president has repeatedly told congressional leaders that he would veto any short-term debt extensions, saying once that the country is not a “banana republic” that can live in constant fear of default.

Carney said the president’s position on that point has not changed.

“We are not wavering on the president’s absolute assertion that he won’t sign a … series of provisions that temporarily or in a limited fashion raise the debt limit,” Carney said, because it is bad for the economy and sends the wrong signal to the world.

Obama would not sign an extension “without an agreement on something big, a firm commitment on something big,” Carney said.

Yeah, right. Let’s face it. The President is a wimp, and the Republicans know it.

Tuesday Reads: Debt Ceiling Chicken, Roberts vs. Roe, Rove on Obama, NewsCorp, and Casey Anthony Rumors

Posted: July 19, 2011 | Author: | Filed under: abortion rights, Barack Obama, John Birch Society in Charge, just because, morning reads, Psychopaths in charge, Republican politics, Surreality, The Media SUCKS, U.S. Economy, U.S. Politics, unemployment, voodoo economics, We are so F'd | Tags: , , , , , , , , , , , , , , , , , , | 30 Comments

Good Morning!! I know we’re all sick and tired of the debt limit battle, but there is going to be a vote today in the House–on a stupid bill that includes a balanced budget amendment to the Constitution. What a joke! And with only about two weeks to go until armageddon.

Anyway, let’s get the depressing news out of the way first. From Politico: Debt ceiling debate turns ‘scary’

Washington’s frayed nerves showed through Monday amid tough talk on the right, a White House veto threat, canceled weekend passes and the top Senate Democrat likening default to a “very, very scary” outcome even for those “who believe government should be small enough to drown in a bathtub.”

“What will it take,” asked an agitated Majority Leader Harry Reid (D-Nev.), “for my Republican colleagues to wake up to the fact that they’re playing a game of political chicken with the entire global economy?”

House Speaker John Boehner confirmed a POLITICO report that he had met again privately with President Barack Obama at the White House on Sunday to try to get debt talks back on track. But ignoring Obama’s veto warning, Boehner will press ahead Tuesday with House votes on a revised debt ceiling bill that shows no sign of compromise on the spending and tax policy differences behind the crisis.

Indeed, with the Aug. 2 deadline exactly two weeks away, the House GOP is doubling down its bet with 10-year statutory spending caps intended to wring $5.8 trillion in unspecified savings from the government during the next decade — more than twice the $2.4 trillion debt ceiling increase that is allowed. And in his haste to act, Boehner will bring the so-called Cut, Cap and Balance bill to the floor under exactly the type of procedure he has said he abhors: limited debate and with no real review by any legislative committee.

Yes, the psychopaths and John Birchers are in charge, and there’s nothing we can do but wait and hope.

The Nation has a good article about the ongoing war on women by Amanda Marcotte and Jesse Taylor: How States Could Ban Abortion With Roe Still Standing

The Supreme Court granting states the power to ban abortion with Roe still standing seemed outlandish even just a few years ago, but the appointment of John Roberts to Chief Justice shifted the equation. Roberts specializes in decisions that reverse the spirit of precedent while leaving intact the letter of it, like when he squashed large chunks of Brown v the Board of Education while claiming to uphold it. To make it legal to ban abortion in the states, all the court needs is a law that eliminates legal abortion while dodging the logic of Roe v Wade.

Many state legislatures appear to be doing just that, writing legislation which Nancy Northup, the president of the Center for Reproductive Rights, describes as “part of an ongoing effort around the country to choke off women’s access to abortion by any means necessary – either by forcing doctors out of practice, banning procedures outright or demeaning women.”

How would the Roberts Court invalidate Roe without actually overturning it?

Until recently, Roe has been considered an insurmountable obstacle to states that wish to ban abortion. The conservative side of the Roberts bench, however, will likely view the Roe decision as a seesaw with women’s rights on one side and the state interest in the fetus on the other. Currently, most of the weight is on the woman’s side for three months, some weight moves over to the state’s side for the next three months, and then most of the weight moves to the state’s side for the last trimester.

Roberts has two options for reshaping Roe: the first is to claim the state’s interest in fetal life starts even sooner, using bogus science to claim we know more about the fetus than we did 1992, when Planned Parenthood v Casey was decided. The second option is to change the court interpretation of individual state rights and compelling state interest, while leaving Roe’s framework technically in place. The court could, for instance, define the state’s interests more broadly, allowing it to regulate differently within the (technically) still-operative Roe framework. This would allow a state like Kansas to claim to still have legal abortion while burying would-be abortion providers under so much red tape they couldn’t keep a clinic open. It would also allow states like South Dakota to create so many hoops for women to jump through to get abortion that women simply wouldn’t be able to do it. The right to choose would theoretically exist, but only to the extent states deign to recognize it.

Yikes!

This struck me funny–Karl Rove isn’t all that impressed with Obama’s fund-raising.

According to CBS radio’s Mark Knoller, who also serves as the unofficial White House press corps statistics king, the president attended 31 fundraisers in nine states during the last three months. That is more than a fundraising reception or dinner every three days.

Rove doesn’t think Obama can keep up that pace.

Thirty-one fundraisers in a quarter is a big strain on any president’s schedule. Mr. Obama can’t keep that pace up and not just because he’s got a day job. There are also just so many cities capable of producing $1 million and only so many times you can hold a million dollar fundraiser in them.

Here’s the funny part:

Even though at least $35 million (almost half the total Obama/DNC haul) can be credited to just 244 well-connected “bundlers,” Team Obama made a big thing of their 260,000 new small dollar donors. But that means only 292,000 donors from his last campaign have renewed their support for the re-elect so far. That’s just 6.6 percent of the 3.95 million people who donated to the ’08 Obama effort, only a quarter to a third of what most reelect campaigns could expect from renewal efforts at this point.

Perhaps there really is donor fatigue among the legions of stalwarts who put Mr. Obama in the White House the first time.

Yeah, I’d say there’s probably quite a bit of “donor fatigue” among the unemployed and underemployed masses.

British police are still insisting that the death of News of the World whistleblower Sean Hoare is not suspicious; but no one trusts the police because they were apparently taking bribes from Murdoch employees to help in stalking celebrities and other NOTW targets.

We’re being prepared to find out he died of an overdose by being reminded that Hoare had drug and alcohol problems. But so far we don’t have a cause of death. I say he was suicided. Even if he died of natural causes, no one will believe it.

Some people are beginning to question whether Rupert Murdoch can keep control of NewsCorp in the face of this growing scandal.

Independent directors of New York-based News Corp. have begun questioning the company’s response to the crisis and whether a leadership change is needed, said two people with direct knowledge of the situation who wouldn’t speak publicly. Rebekah Brooks, the former News International chief who Murdoch backed until last week, was arrested yesterday in London.

“The shell of invulnerability that Rupert Murdoch had around him has been cracked,” said James Post, a professor at Boston University’s School of Management who has written about governance and business ethics. “His credibility and the company’s credibility are hemorrhaging.”

Murdoch’s son James is also in big trouble and may not survive the investigation.

Finally, despite the threats of the media and the public alike to boycott Casey Anthony and consign her to oblivion, lots of people are still obsession about her. The latest frenzy is the media’s efforts to find out where Anthony has disappeared to. I thought that’s what everyone wanted her to do?

The Orlando Sentinel asks: Where in the World is Casey Anthony? My answer is “who cares?” But it seems lots of people still do. News crews and helicopters attempted to follow the SUV that Anthony got into after she walked out of jail, but

Anthony’s exact location was lost when the SUV stopped at the parking garage of the building where fellow defense team member Cheney Mason works.

Droves of journalists and spectators waited for hours at nearby Orlando Executive Airport, where many guessed Anthony would board a private plane and head out of town.

But there was no clear sign of Anthony boarding a plane and no flight manifests immediately available that would indicate who was on board the handful of flights that departed the airport early Sunday.

The secrecy surrounding Anthony’s whereabouts continued to fuel the rumor mill Monday as the media and public tried to figure out where the 25-year-old is holing up and when she’ll resurface.

The latest rumor is that Anthony is staying at Geraldo Rivera’s residence in Puerto Rico, but Rivera denies it.

Defense attorney Cheney Mason says that Anthony is “safe” and that hundreds of people have offered to help her.

Whatever. I really thought ignoring her was a good idea, but I guess it isn’t going to happen.

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

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