Tuesday Reads

Posted: August 9, 2011 | Author: | Filed under: 2012 presidential campaign, Global Financial Crisis, Hillary Clinton, Medicaid, Medicare, morning reads, psychology, religious extremists, Republican presidential politics, Social Security, The Great Recession, the villagers, U.S. Economy, U.S. Politics, voodoo economics, WE TOLD THEM SO | Tags: , , , , , , , , , , , , , , , , , , , , , , | 43 Comments

Good Morning!! I’m switching to strong coffee this morning, because I’ve had the sleepies for the past few days. It’s been really damp and humid here, so maybe that’s the reason. All I know is I keep dozing off, and I don’t like it! Anyway, let’s get to the news before I nod out again.

A few days ago, commenter madaha turned me on to an article about a fascinating new book that just came out last week. The book is called A First Rate Madness. The author is Nassir Ghaemi, a professor of psychiatry at Tufts University. From Salon:

Nassir Ghaemi, an author and professor of psychiatry at Tufts University School of Medicine, argues that many of history’s most famous and admired figures, from Churchill to FDR to Gandhi, showed signs of mental illness — and became better leaders because of it. Ghaemi bases his argument on historical records and some of the latest experimental studies on depression and mania, arguing that mild symptoms can actually enhance qualities like creativity or empathy.

After reading the piece in Salon, I immediately ordered the book and I’ve been dipping into it over the past couple of days.

So far, I’ve read the chapter on FDR, and I’m going to read about JFK next. According to Ghaemi, both of these men had hyperthymic personalities: basically, they were upbeat, enthusiastic, energetic, and creative, because they tended to be somewhat hypomanic (a milder, less disabling form of the mania experienced by those with bipolar disorder). In addition, both FDR and JFK suffered from serious physical illnesses–FDR from polio and JFK from Addison’s disease. These illnesses and other adversities these two men faced enabled them to develop empathy for the suffering of ordinary people–even though they were both from privileged backgrounds. Ghaemi argues that people with slightly abnormal personalities are better leaders–particularly in times of crisis when great creativity, empathy, and resilience are needed. According to Ghaemi:

Many people who experience traumas [like terrorism or war] don’t develop PTSD or other illnesses. So the question is, what keeps those people from getting sick? What creates resilience? The psychological research suggests that personality is a major factor. Resilience seems to be associated with mild manic symptoms, but you can’t develop resilience unless you’ve already experienced trauma. Many of these leaders faced adversity in their childhood and adulthood, and that seemed to make them better able to handle crises. It’s like a vaccine. You get exposed to a little bit of a bacteria then you can handle major infections and I think trauma and resilience and hyperthymic personality seem to follow a similar path.

Ghaemi does not discuss Obama’s personality in the book, but Salon interviewer Thomas Rogers asked the author whether Obama may be too “sane” to be a successful President in our current time of crisis.

Obama’s persona is that of a very sane, rational person who is good at compromise — which is definitely how he sold himself during the debt ceiling crisis. Do you think Obama’s sanity is hurting his abilities as a leader?

I didn’t discuss Obama and other current leaders in the book, because there are documentation and confidentiality issues, and a lot of speculation would have to happen. That said, Obama has said himself that he thinks he’s very normal. This no-drama-Obama persona is meant to reassure people about his normality, but I think that when you look at his memoir there’s a sense of a much more complex and profound person who may have experienced a great deal of anxiety and maybe some depression growing up, being half-white half-African-American. The [sane] parts of his psychology may hinder his leadership in terms of not being creative, and that may not be as useful in a crisis. But to whatever extent he’s not fully completely average, he’ll have some psychological reservoir to draw on to think more creatively and realistically about the current situation.

I wish I could agree that Obama might learn to deal with the nation’s difficulties, but so far he doesn’t seem to learn anything from experience. Most of the leaders that Ghaemi discusses suffered from mood disorders–depression or bipolar disorder. Obama, on the other hand, appears to have a different kind of disorder–either Narcissistic Personality Disorder or Antisocial Personality Disorder, or both.

Dakinikat alerted me to an interview with Ghaemi on NPR. I haven’t listened to it yet, but here’s the link.

Getting back to current news, this coming Saturday, Rick Perry plans to announce that he’s running for the Republican presidential nomination.

Rick Perry intends to use a speech in South Carolina on Saturday to make clear that he’s running for president, POLITICO has learned.

According to two sources familiar with the plan, the Texas governor will remove any doubt about his White House intentions during his appearance at a RedState conference in Charleston.

It’s uncertain whether Saturday will mark a formal declaration, but Perry’s decision to disclose his intentions the same day as the Ames straw poll — and then hours later make his first trip to New Hampshire — will send shock waves through the race and upend whatever results come out of the straw poll.

Immediately following his speech in South Carolina, Perry will make his New Hampshire debut at a house party at the Portsmouth-area home of a state representative, Pamela Tucker, the Union Leader reported Monday. Tucker was among the Granite Staters who went to Texas last week to encourage Perry to run.

What can I say? This is ghastly news. Think Progress is reporting that besides being a fundamentalist religious fanatic, Perry shares a similar problem to that of fellow wingnut Michele Bachmann–he has taken lots of Federal money in farm subsidies–$80,000, to be exact.

Verizon workers have gone out on strike–45,000 of them.

More than 45,000 workers from New England to Virginia went on strike just after midnight today at Verizon Communications. Since bargaining began July 22, Verizon has refused to move from a long list of concession demands. As the contract expired, Verizon, a $100 billion company, still was looking for $1 billion in concessions from 45,000 workers and families. That’s about $20,000 in givebacks for every family, nearly 100 concessionary proposals remained on the table.

This despite Verizon’s 2011 annualized revenues of $108 billion and net profits of $6 billion. At the same time, Verizon Wireless just paid its parent company, Vodaphone, a $10 billion dividend. Meanwhile, Verizon’s five top executives received $258 million over the past four years.

The workers, members of the Communications Workers of America (CWA) and the Electrical Workers (IBEW), say they are striking until Verizon “stops its Wisconsin-style tactics and starts bargaining seriously.”

According to Reuters, both sides are accusing each other of bad acts:

The second day of a strike by Verizon workers turned ugly after union representatives accused managers of injuring three workers while driving past picket lines, and the phone giant complained of a spike in network sabotage cases.

[….]

Verizon complained of network sabotage cases in the same statement where it said some picketing workers were unlawfully blocking Verizon managers’ access to work centers.

A spokeswoman for the Communications Workers of America, representing 35,000 of the strikers, said the union “does not condone illegal action of any kind.” The International Brotherhood of Electrical Workers, representing 10,000 strikers, also said members “are expected to obey the law.”

However, the CWA said some picketing workers were hurt by Verizon managers’ cars and that one worker was knocked unconscious when he was clipped by the mirror of a manager’s car that was speeding past a picket line.

Dean Baker had a great piece at Truthout yesterday: The Economic Illiterates Step Up the Attack on Social Security and Medicare

The nonsense with the S&P downgrade is yet another distraction – after four months of haggling over the debt ceiling idiocy – from the real problem facing the country: a downturn that has left 25 million people unemployed, underemployed or out of the labor force altogether. Tens of millions of people are seeing their career hopes and family lives wrecked by the prospect of long-term unemployment.

The incredible part of this story is that the people who are responsible are all doing just fine, and most of them are still making policy. Furthermore, they are using their own incompetence as a weapon to argue that we have to take even more money from the poor and middle class, this time in the form of Social Security, Medicare and Medicaid benefits.

The basic story is that the economy needs demand. The housing bubble generated more than $1.4 trillion in annual demand through the construction and consumption that it spurred. Now that this demand is gone, there is nothing to replace it. President Obama’s stimulus was replaced by some of the lost demand, but it was nowhere near large enough. We tried to fill a $1.4 trillion hole in annual demand with around $300 billion in annual stimulus in 2009 and 2010. In 2011, most of this boost has been exhausted and the economy is coming to a near standstill.

If we had serious people in Washington, they would be talking about jobs programs, about rebuilding the infrastructure, about work sharing, and any other measure that could get people back to work quickly. However, instead of talking about ways to re-employ people, the fixation in Washington is reducing the deficit.

We’ve heard these arguments again and again (especially from our own Dakinikat), but they bear repeating until the ignorant Villagers get the message.

Remember the “rape cops” in New York–the ones who were found not guilty recently? Well, one of them finally got a tiny bit of justice. A judge sentenced Kenneth Moreno to one year in prison for official misconduct. But then another judge freed him.

Disgraced ex-cop Kenneth Moreno didn’t stay in jail for long.

A couple hours after an angry Manhattan judge flat-out called Moreno a liar Monday and dispatched him to Rikers Island to being a year-long prison sentence, an appeals court judge sprung him.

Moreno, acquitted in May of raping a bombed fashion executive while his partner served as lookout, was released on $125,000 bail by Appeals Court Judge Nelson Roman so he can appeal his conviction on official misconduct charges.

It was a startling turnabout for the 43-year-old Moreno, who Supreme Court Justice Gregory Carro ordered remanded.

I sure hope he ends up serving at least some jail time.

Dakinikat sent me this article on a report (PDF) called How to Liberate American from Wall Street Rule. Here are the report’s basic recommendations:

How to Liberate America from Wall Street Rule spells out details of a six-part policy agenda to rebuild a sensible system of community-based and accountable financial services institutions.

1. Break up the mega-banks and implement tax and regulatory policies that favor community financial institutions, with a preference for those organized as cooperatives or as for-profits owned by nonprofit foundations.

2. Establish state-owned partnership banks in each of the 50 states, patterned after the Bank of North Dakota. These would serve as depositories for state financial assets to use in partnership with community financial institutions to fund local farms and businesses.

3. Restructure the Federal Reserve to function under strict standards of transparency and public scrutiny, with General Accounting Office audits and Congressional oversight.

4. Direct all new money created by the Federal Reserve to a Federal Recovery and Reconstruction Bank rather than the current practice of directing it as a subsidy to Wall Street banks. The FRRB would have a mandate to fund essential green infrastructure projects as designated by Congress.

5. Rewrite international trade and investment rules to support national ownership, economic self-reliance, and economic self-determination.

6. Implement appropriate regulatory and fiscal measures to secure the integrity of financial markets and the money/banking system.

Finally, in case you missed it, I want to call your attention to this article that commenter The Rock linked to last night: Hillary Told You So

At a New York political event last week, Republican and Democratic office-holders were all bemoaning President Obama’s handling of the debt-ceiling crisis when someone said, “Hillary would have been a better president.”

“Every single person nodded, including the Republicans,” reported one observer.

At a luncheon in the members’ dining room at the Metropolitan Museum of Art on Saturday, a 64-year-old African-American from the Bronx was complaining about Obama’s ineffectiveness in dealing with the implacable hostility of congressional Republicans when an 80-year-old lawyer chimed in about the president’s unwillingness to stand up to his opponents. “I want to see blood on the floor,” she said grimly.

A 61-year-old white woman at the table nodded. “He never understood about the ‘vast right-wing conspiracy,’” she said.

Looking as if she were about to cry, an 83-year-old Obama supporter shook her head. “I’m so disappointed in him,” she said. “It’s true: Hillary is tougher.”

Go read the whole thing. That’s all I’ve got for today. What are you reading and blogging about? Please share.

Tuesday Reads: Jobs, Jobs, Jobs, a “Moderate Republican,” Buyer’s Remorse, and Sellouts

Posted: June 21, 2011 | Author: | Filed under: Barack Obama, Democratic Politics, morning reads, Republican politics, Republican presidential politics, U.S. Economy, U.S. Politics | Tags: , , , , , , , , , , , , , , | 44 Comments

Coffee and Morning News, by Tim Nyberg

Good Morning!

Yesterday, Newsweek published a list of job-creating strategies by former President Bill Clinton. The headline is “It’s Still the Economy, Stupid.” I’m not going to excerpt from the article, you can read it at the link above.

But I’ll share part of the bad review Dean Baker gave Clinton’s suggestions, some of which seemed credible to to me. Dean Baker really has a bug up his a$$ about Bill Clinton. He makes a case that we began losing manufacturing jobs under Clinton and Bush simply continued was Clinton’s policies. I’d be interested to hear people’s responses this critique.

I don’t watch the Sunday shows anymore, but I learned from Steve Benen that Senate Majority Leader Mitch McConnell was asked about jobs and unemployment on Face the Nation this week.

On CBS’s “Face the Nation” yesterday, host Bob Schieffer asked Senate Minority Leader Mitch McConnell (R-Ky.) yesterday, “Do Republicans have any plans to do anything on the unemployment front or are you just going to let things take their course?” It seemed like a good question.

McConnell replied, “No, I — I think — what — what we’re doing is encouraging the president to — to quit doing what he’s doing.”

Clearly McConnell isn’t even worried enough about the current unemployment crisis to have even thought about a response to what should be an obvious question.

From Jay Bookman, I learned that McConnell’s primary concern is “overregulation.”

McCONNELL: If you talk to business people and Bill Daley, the present chief of staff did recently, you find out their biggest complaint is overregulation. You know, the federal government with that stimulus money hired a quarter of a million new employees. These people are busily at work trying to regulate every aspect of American life in– in health care, financial services, through the Environmental Protection Agency, really sort of bureaucrats on steroids that are freezing up– the private– private sector and making it very difficult, Bob, for them to grow and expand. You know, you’re seen the reports that they’ve two trillion in cash. The reason they’re not investing that in hiring more people is the government has made it very expensive to expand employment.

His recommendations for Obama:

Quit overspending. And we’re hoping with the debt ceiling discussions we can begin to address deficit and debt. And second, they need to quit over-regulating the American economy. This is something they can do on their own. They don’t have to come to us for permission to rein in these regulators who are really at work across the American economy making it very, very difficult for businesses to function.

What about the Democrats? Benen links to this piece at Politico: Democrats eye new jobs agenda.

Senate Democrats are beginning to fear that the country’s increasingly dim economic outlook will cost them their seats in 2012 and are trying to craft a new agenda aimed at spurring job creation.

Wow! The Dems in the Senate have finally figured out that they might be in trouble with the electorate. Someone go find the President on the golf course or the basketball court or whereever he’s hanging out today and tell him the breaking news.

Fearing the economy may be getting worse, Democrats plan to soon unveil what they’ll call a “Jobs First” agenda — and the stakes are high. A bleak economic outlook, like the May jobs report, could cost Democrats their thin Senate majority and even the White House if they can’t make a strong case to an anxious electorate that their policies will create jobs.

“Jobs First?” Isn’t it a little late for that? It has already been “Wall Street First” for three years. Maybe “Jobs Second” would be a little more accurate, although I doubt if this latest project will amount to anything.

Everyone is talking about the NYT Sunday Magazine profile of Jon Huntsman, who is spouting the usual Republican economic insanity: Jon Huntsman Supports Radical Balanced Budget Amendment

In a private conference call with a handful of university students across the country, GOP Presidential hopeful — and President Obama’s former Ambassador to China — Jon Huntsman argued in support of one of the most far-reaching, controversial elements of the conservative political agenda.

As first reported in a broader piece by the Huffington Post, Huntsman argued in favor of a constitutional amendment requiring the federal government to maintain a balanced budget — an innocuous-sounding, but radical plan pushed by Sen. Jim DeMint (R-SC) and numerous other congressional conservatives.

“We’re going to have to fight for a balanced budget amendment,” Huntsman said. “Every governor in this country has a balanced budget amendment. It keeps everybody honest. It’s the best safeguard imaginable.”

At its core, a balanced-budget amendment would make it unconstitutional for the government to spend more than it collects in revenue — a requirement that, without safeguards, would make stimulus and emergency spending impossible.

Ezra Klein adds:

I’ve noted previously that Jon Huntsman’s campaign strategy appears to be to match a moderate, conciliatory tone with an orthodox conservative policy platform. And sure enough, he’s endorsing a balanced-budget amendment. It’s not clear if the specific balanced-budget amendment he’s endorsing is The Worst Idea in Washington — in which case, Huntsman will have to explain how he’ll handle the fact that Paul Ryan’s budget, which he has also endorsed, will be unconstitutional — or just a relative of it. Either way, it’s not moderate in the least. Which isn’t to say it’s not good politics.

From Andrew Leonard at Salon: The imaginary GOP “moderate” candidate

Reporter Matt Bai manages to deliver more than 6000 words on Huntsman without providing a single practical reason why anyone, Republican, Democrat, or Independent, might possibly consider voting for him. Whether this is because Bai simply isn’t interested in actual positions on the issues or because Huntsman just doesn’t have a platform to campaign on — or some evil toxic combination of both — is hard to say. But the result is just plain baffling. Bai quotes Huntsman as saying “I think what’s going to drive this election, really, are two things — authenticity and the economy” — and then proceeds to write a profile that doesn’t contain a single iota of insight into Huntsman’s views on any economic policy issue.

6000 words — and not a single one of them is “jobs” or “taxes” or “budget” or “deficit” or “Wall Street.” This amounts to political reporting malpractice. If Huntsman isn’t interested in delineating a stance on these issues, then why is Bai bothering to cover him? And if Bai isn’t interested in trying to discern what Huntsman’s stance is, why is the New York Times publishing him?

LOL! That’s pretty funny. Have I ever told you how much I hate Matt Bai?

It’s hard to believe it at this point, but some bloggers are just now figuring out that Obama isn’t “The One.” At Shakesville, Melissa McEwan reacts to a quote from Russ Feingold in which he says Jeffrey Immelt is “not the right guy…”

“It’s not just campaigns and contributions,” Feingold noted. “We have to say to the president, ‘Mr. President, Jeff Immelt is not the right guy – the CEO of GE is not the right guy to be running your Jobs & Competitiveness Council, not when your company doubled its profits, increased his compensation, and asked its workers to take huge pay and benefits cuts.'”

McEwan writes:

But as I read Feingold’s words—not the right guy—a not fully formed thought that has been hanging around the edges of my consciousness suddenly came sharply into focus: Obama is not the right guy.

It’s not (just) that his policies are insufficiently progressive, or even insufficiently Democratic, and it’s not (just) the arrogance, the hippie-punching, the bipartisan blah blah, the 12-dimensional chess, and it’s not (just) his tepid, half-assed, pusillanimous governance and his catastrophic ally fail. All of these things are just symptoms of this basic truth: Obama’s not up to the job.

I don’t mean he’s not up the job of being president; I mean he’s not up to the job of being president right now. I’m sure he’d have made a fine president some other time, some decade of relative peace and prosperity, where the biggest demand on his capacity was “don’t fuck it up.”

Check the date on that post. It’s June 17, 2011. She is just figuring all that out in 2011. How come I could already see it in 2007? And you should see the fawning comments on that post!

Here’s another buyer’s remorse post, and it’s very well thought out and well written. Janet Rhodes has clearly been angry with Obama for quite some time. But she still worked for his Campaign and voted for him. Why? Because he gave inspiring speeches!

Still her rant is worth reading. Fawning comments follow, naturally. Where were all these people back in 2008 when we had a choice? OK, I know I’m beating a dead horse, but still….

Finally, Kathryn Graham’s surviving relatives prove they couldn’t care less about news or the newspaper she valued so highly.

Washington Post Co. Chairman Don Graham sold off about $10 million in company stock days after successfully lobbying to loosen regulations on the for-profit higher education firm that is its most lucrative business.

A spokeswoman for the Washington Post Co. said the sale was on behalf of a trust for one of Graham’s siblings, not for Graham himself, and the company last week amended its filings to the Securities and Exchange Commission to clarify that Graham’s family, rather than he personally, was benefiting from the sale….

The disclosure indicates that the family that owns the paper profited from the bump in its stock price after the regulations became public and drove stock prices up across the for-profit education industry. Washington Post Company stock jumped 9% on reports of the new regulations; it has settled a bit since, but it still trading higher than before the news broke.

Let’s face it, newspapers are dead. Decent reporters should head to the internet.

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

Monday Reads

Posted: November 15, 2010 | Author: | Filed under: morning reads | Tags: , , , , , , | 23 Comments

'Cup and sauce and newspaper'by Anthony Ulinski

Good Morning!

I’ve had to dig around to find some things to read.  It seems most of the MSM has had a post-midterm elections let down or something.  So, it’s Monday and here we go!

Myanmar’s Suu Kyi has given her first speech since her release from house arrest.   She has indicated her willingness to work with whomever she can on bringing democracy and freedom to the region. This is from Bloomberg.

“I am prepared to talk with anyone,” Suu Kyi said in Yangon, Myanmar’s former capital, according to The Irrawaddy, an online magazine run by Myanmar exiles that’s based in Chiang Mai, Thailand. “I have no personal grudge toward anybody.”

The speech sets the tone for Suu Kyi, 65, to re-engage with her supporters after spending 15 of the past 21 years in detention. She plans to listen to the views of her fellow citizens and push for national reconciliation in the country formerly known as Burma, where 2,200 political prisoners are still behind bars, according to the Irrawaddy.

“I think we will have to sort out our differences across the table, talking to each other, agreeing to disagree, or finding out why we disagree and trying to remove the sources of our disagreement,” Suu Kyi told BBC World Service radio in an yesterday. “There are so many things that we have to talk about.”

I’ve been trying to follow Obama’s upcoming decision on letting 9-11 mastermind Khalid Sheikh Mohammed stay in that perpetual state of jail with no trial.  There’s several good articles that have come up this week.  First, there’s been the Salon piece by Dahlia Lithwick that headlines the idea that the U.S. has gone from decrying torture to celebrating it.

President Barack Obama decided long ago that he would “turn the page” on prisoner abuse and other illegality connected to the Bush administration’s war on terror. What he didn’t seem to understand, what he still seems not to appreciate, is that what was on that page would bleed through onto the next page and the page after that. There’s no getting past torture. There is only getting comfortable with it. The U.S. flirtation with torture is not locked in the past or in the black sites or prisons at which it occurred. Now more than ever, it’s feted on network television and held in reserve for the next president who persuades himself that it’s not illegal after all.

Today, Emptywheel has laid out the U.S. strategy for a never ending war based on never releasing these prisoners-in-limbo.  It’s one of those reads that makes you tingle.

Obviously, it’s a further spineless capitulation on Obama’s part. It’s a concession, too, that all you have to do to eliminate the rule of law in this country is squawk in Congress and on Fox News.

It also serves as a guarantee that the 2001 AUMF declaring war against the now-50 al Qaeda members who had something to do with 9/11 will last forever–or at least for the rest of Khalid Sheikh Mohammed’s life.

Mind you, the government has been planning on making this a forever war since 2001, precisely so it could hold people like KSM forever.

Now, with the decision to just let KSM rot, it seems to me, that plan gains a new anchor (and none too soon! given that only a handful of al Qaeda members remain in Afghanistan, that justification was getting rather dicey). After all, the very decision not to try KSM in a military commission is an admission that it would not work for him–it might rule out the death penalty for him in any case, but a military commission judge actually has leeway to adjust any sentence on account of the extreme torture KSM underwent, meaning our torture of KSM might become a central issue in a military commission.

But any further delay in charging KSM in civilian court make it less likely they’ll be able to charge him in the future, because this current delay almost certainly violates any interpretation of speedy trial rights. You can’t just wait to charge someone until such a time as the political winds make it easier to do.

There’s an astounding article up on UK’s The Independent’s website about the future without birds called ‘None flew over the cuckoo’s nest.”

According to Henk Tennekes, a researcher at the Experimental Toxicology Services in Zutphen, the Netherlands, the threat of DDT has been superseded by a relatively new class of insecticide, known as the neonicotinoids. In his book The Systemic Insecticides: A Disaster in the Making, published this month, Tennekes draws all the evidence together, to make the case that neonicotinoids are causing a catastrophe in the insect world, which is having a knock-on effect for many of our birds.

Already, in many areas, the skies are much quieter than they used to be. All over Europe, many species of bird have suffered a population crash. Spotting a house sparrow, common swift or a flock of starlings used to be unremarkable, but today they are a more of an unusual sight. Since 1977, Britain’s house-sparrow population has shrunk by 68 per cent.

The common swift has suffered a 41 per cent fall in numbers since 1994, and the starling 26 per cent. The story is similar for woodland birds (such as the spotted flycatcher, willow tit and wood warbler), and farmland birds (including the northern lapwing, snipe, curlew, redshank and song thrush

Ornithologists have been trying desperately to work out what is behind these rapid declines. Urban development, hermetically sealed houses and barns, designer gardens and changing farming practices have all been blamed, but exactly why these birds have fallen from the skies is still largely unexplained.

However, Tennekes thinks there may be a simple reason. “The evidence shows that the bird species suffering massive decline since the 1990s rely on insects for their diet,” he says. He believes that the insect world is no longer thriving, and that birds that feed on insects are short on food.

Here’s two interesting ways to get involved with the Federal Debt issue.  The first is to go to the NYT and use their widget to balance the budget yourself.  BTD tired it here and came up with these suggestions to replace the cat food commission.

How I did it – 71% in revenue increases and 29% in spending cuts. What I raised – the estate tax to Clinton era levels (raised $50 billion), added a bank tax (raised $73 billion), added a millionaire’s tax (raised $50 billion), let the Bush tax cuts expire (raised $226 billion), raised the FICA ceiling (raised $50 billion). For spending cuts I adopted these proposals – reduced Social Security benefits for high earners (saved $6 billion), enacted medical malpractice reform (saved $8 billion), reduced the number of troops in Iraq and Afghanistan to 30,000 by 2013 (saved $86 billion), made defense spending cuts (saving $57 billion), eliminated farm subsidies (saved $14 billion) and “earmarks” (saved $14 billion.)

Swiss Economist Hans Gersbach suggests a that governments employ a thing called “vote-share” bonds.  That’s kind of like those revenue bond votes that your school board and municipalities have to get you to vote on.  These things, however, would be be given seniority status by how much buy in they got from voters.  Interesting concept that and it’s explored at VOXEU.

  • Each government bond is tied to the share of the votes that its underlying budget deficit adoption has received in parliament.
  • A government bond that has a higher vote-share than another is senior. This creates a ladder of relative seniority for which the vote-share is the organising principle. At the top of the ladder are the bonds with the highest vote-share.
  • Any government funds available for servicing and repaying government debt will always be turned first to the top of the ladder to satisfy the claims of the bond-holders with the highest seniority. The other bond-holders are served sequentially by moving down the ladder.

U.S. Economist Dean Baker takes the NYT to task for ignorance of unemployment over at FDL.  Like other economists–me included–Baker is appalled that so many are obsessed with a deficit at at time when so many people aren’t working, aren’t paying taxes, and are in need of government services.  That’s a signal that we’re going to continue running a deficit until that’s solved.  Here’s Baker’s call to wake up.

We have more than 25 million people unemployed, underemployed, or who have given up work altogether. This is a real crisis. Furthermore, it is worth noting that these people are largely suffering as a result of the incompetence of the budget balancers. (The budget balancers were the same people who dominated economic debate in the years before the crash and could did not see the $8 trillion housing bubble that wrecked the economy and gave us the huge deficits that now have them so obsessed.)

Obviously it is politically popular in Washington to be obssesed by the deficit, but we are supposed to have an independent press in this country. It is utterly loony to be focused on the projected deficit in 2030, when we have tens of millions of people who are seeing their lives ruined today by the downturn. This is like debating the colors to paint the classrooms when the school is on fire with the students still inside. Given economic reality, it would make far more sense to use the effort devoted to construct an elaborate game like this to designing a route toward restoring full employment.

BostonBoomer pointed me over to this Secret Justice Department Report on the NYT that details how the U.S. State Department help NAZIs after World War 2.  It’s been redacted but it’s still got some gripping narrative.  Sections about Congresswoman Holtzman and stories from the 1970s on the realization that a lot of NAZIs got into the U.S are just amazing reads.

Raw Story describes the report in an equally gripping way.

A report the Justice Department has been trying to hide for the past four years offers the most detailed account yet of the CIA’s efforts to protect known Nazi war criminals in the United States.

The report, obtained by the New York Times, may be the most concrete account yet of the role that prominent members of Germany’s Nazi party played in the early, formative years of the CIA, following World War II. It alleges the CIA created a “safe haven” for Nazis believed to be of use to the US’s Cold War efforts.

One last thing!!!  If you have been the recipient of a cartoon viral video that’s really just gold bug libertarian propaganda, please wait before passing it on!  I’ve had so many people link to this factually-impaired thing that I’m going to spend a post this afternoon debunking it.  Yes, it’s cute and uses cute language, but it has so much misinformation in it that I can’t just let it go viral without point out all the factual errors.   So, that’s on my to do list today.

What’s on your reading and blog list today?
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