The House on Thursday passed compromise legislation to finance the federal government through the end of the fiscal year in September. The vote brought one budget clash to a close even as the Democrats and Republicans prepared for another.
Friday Reads
Posted: March 9, 2012 Filed under: Economy, Global Financial Crisis, House of Representatives, investment banking, Mitt Romney, morning reads, Regulation, religious extremists, Rush Limbaugh | Tags: Dennis Kucinich, Dump Rush, FED, SEC 36 Comments
Good Morning!
Well, we’ve always known Pat Robertson was a little off. Reconcile all his throw back ideas about women and the GLBT community with his views on decriminalizing marijuana, I dare you!!
“I really believe we should treat marijuana the way we treat beverage alcohol,” Mr. Robertson said in an interview on Wednesday. “I’ve never used marijuana and I don’t intend to, but it’s just one of those things that I think: this war on drugs just hasn’t succeeded.”
Mr. Robertson’s remarks echoed statements he made last week on “The 700 Club,” the signature program of his Christian Broadcasting Network, and other comments he made in 2010. While those earlier remarks were largely dismissed by his followers, Mr. Robertson has now apparently fully embraced the idea of legalizing marijuana, arguing that it is a way to bring down soaring rates of incarceration and reduce the social and financial costs.
“I believe in working with the hearts of people, and not locking them up,” he said.
Rush has lost at least 50 advertisers after his horrendous, personal attacks on a university student exercising her first amendment rights. Just what kind of advertisers does the big blowhard have left? Well, he’s picked up an online dating service for married people interested in extramarital relations. There’s your family values for you!!!
Advertisers learned something about Rush Limbaugh’s demographic this week.
“Here we thought lots of pleasant, upstanding people were listening to and enjoying the rational things Rush had to say,” dozens of companies said. “Apparently not.”
It turns out that people who really, truly still enjoy Rush Limbaugh’s show are — how do I put this? — jerks.
At least that’s what the new advertisements moving into the vast empty lot of Rush Limbaugh, Inc., implies. “Ah,” you say, as a rat runs over your foot and several people offer payday loans and try to sell you watches from their trench coats. “This place seems to have gone downhill somewhat.”
So far, he’s picked up AshleyMadison.com, the site where you go to cheat on your wife, and another Web site that is explicitly for sugar-daddy matchmaking.
Republicans in the House have basically gone after finance regulators in a way that would basically change one of the major mandates of the Fed’s economic stabilization mandate and the SEC’s ability to police the markets for fraud. The FED suggestions are outrageous. They would completely stop the FED’s ability to stimulate the economy and would change the composition of the FED board from economists to the Bank’s District Presidents who are answerable to their member banks.
The bill, which will be formally introduced later this week by Congressman Brady, would eliminate the employment leg of the dual mandate, requiring the Federal Reserve to focus only on price stability.
The legislation would also restructure the Federal Open Market Committee (FOMC). The bill would give permanent seats on the committee to the twelve regional Federal Reserve bank presidents, who are chosen by regional Federal Reserve Bank directors. Those boards are composed of private citizens.
Yesterday, SEC chairman Mary Schapiro begged Congress to increase the agency’s funding, arguing that “the rapidly expanding size and complexity of the markets presents enormous oversight challenges.” Representative Barney Frank, ranking member of the House Financial Services Committee, offered a bill to provide that funding—and Republicans voted lockstep to trash it.
Republicans on the committee offered the perverse argument that since the SEC has repeatedly suffered oversight breakdowns in the past, it’s not entitled to additional funding. Representative Jo Ann Emerson, a Missouri Republican and member of the House Appropriations Committee, echoed this argument in the hearing with Schapiro yesterday:
“I think this body is reticent to throw more money at the SEC until ya’ll have proven that you have addressed the structural problems from within…in a comprehensive way,” [Emerson said]. “Since 2001, SEC’s budget has increased over 200 percent. Despite this tremendous growth in resources over the past decade, the SEC failed to detect Ponzi schemes such as Madoff and Stanford, the U.S. financial system nearly collapsed, and judges continue to question SEC settlements and regulations.”
Further starving a regulatory agency that’s already clearly unable to handle its massive mission is not a terribly convincing argument—one would have to truly believe the SEC is completely capable of policing Wall Street but simply suffering from “structural problems,” as Emerson asserts. (To give a sense of the very real funding problems, JPMorgan Chase—only one of the 35,000 entities the SEC is tasked with regulating—spends four times the entire SEC budget on information technology alone). But it’s the only argument Republicans have—the SEC is funded entirely by fees from the financial industry, so Republicans can’t carp about the deficit.
None of these folks seem to have any idea about what caused the financial crisis nor how much the underfunding and disabling of regulators and regulators have played into all these problems It’s really disheartening.
Meanwhile, Romney has told a university student that students going to cheap schools they could afford would be better than government student loans. BTW, where are there cheap schools now?
Mr. Romney was perfectly polite to the student. He didn’t talk about the dangers of liberal indoctrination on college campuses, as Rick Santorum might have. But his warning was clear: shop around and get a good price, because you’re on your own.
“It would be popular for me to stand up and say I’m going to give you government money to pay for your college, but I’m not going to promise that,” he said, to sustained applause from the crowd at a high-tech metals assembly factory here. “Don’t just go to one that has the highest price. Go to one that has a little lower price where you can get a good education. And hopefully you’ll find that. And don’t expect the government to forgive the debt that you take on.”
There wasn’t a word about the variety of government loan programs, which have made it possible for millions of students to get college degrees. There wasn’t a word urging colleges to hold down tuition increases, as President Obama has been doing, or a suggestion that the student consider a work-study program.
And there wasn’t a word about Pell Grants, in case the student’s family had a low enough income to qualify. That may be because Mr. Romney supports the House Republican budget, which would cut Pell Grants by 25 percent or more at a time when they are needed more than ever.
Instead, the advice was pretty brutal: if you can’t afford college, look around for a scholarship (good luck with that), try to graduate in less than four years, or join the military if you want a free education.
Robert Scheer writes about Dennis Kucinich who will leave Congress after his term finishes. His district was merged with Marcy Kaptur’s and she won on Tuesday. It’s an interest profile for a quirky politician.
Kucinich never competed in that way. He has been a national symbol of resistance to excessive government power and waste. He also has been a champion of social justice. His has been a rare voice, and one way or another it must continue to be heard. Simply put, when it came to the struggle for peace over war, Dennis was the conscience of the Congress. And he was always at the forefront in defending the rights of unionized workers who once formed the backbone of a solid middle class and who are now threatened with extinction.
Kucinich will surely be back for another turn in public life. As he put it in our Playboy interview:
“I appreciate Woody Allen’s humor because one of my safety valves is an appreciation for life’s absurdities. His message is that life isn’t a funeral march to the grave. It’s a polka.”
What’s on your reading and blogging list today?
Friday Reads
Posted: December 30, 2011 Filed under: morning reads | Tags: Dennis Kucinich, Marcy Kaptur, Racism, Ron Paul, Stormfront, TCE, Toxic Bronx school 14 CommentsSo, we’re getting close to yet another election year. Our challenges are fairly clear but our choices are limited. I only wish the opposite were true.
This Bronx factory turned school has evidently been in the news for a few months. It’s just one horrifying story after another. What would possess a school district to use a factory to house kids without testing it for toxic chemicals? A teacher is now suing the district after she had to terminate a pregnancy due to a horrible brain defect.
A TEACHER WHO worked at a toxic Bronx school lost her baby to birth defects linked to the contamination, she charged Wednesday in legal papers.
In October, five months into her pregnancy, Nancy Tomassi, a fifthgrade teacher at the shuttered Public School 51, learned her baby had a malformed brain, a condition called anencephaly, and would not survive.
The tests done in January showed that the sick school was laden with the carcinogen trichloroethylene, a toxin linked to defects, but failed to warn students or teachers until July.
“The whole tragic nature of the situation was made worse by the fact it could have been avoided if the Department of Education had acted properly,” said Tomassi’s lawyer Jeff Schietzelt, with the firm Silverson, Pareres & Lombardi. He notified the city of her intent to sue on Wednesday.
“How could they have known since January and not have told us?” said Mike Tomassi, Nancy’s husband. “You’re heartbroken and at some point you’re angry.”
For Tomassi, the diagnosis meant she had to end the pregnancy.
When researching possible causes, she found information to suggest the toxic chemical found at the sick school was responsible for her tragedy.
“If wed known about this, things could have been different,” said Tomassi, who worked at the school for five years.
A diligent nurse has evidently been documenting and reporting student illnesses since 2005. She even took the steps to write a superior about possible immune deficiencies in students which she thought might be due to a faulty heating/ac system. The reports of sick children number in the hundreds.
Students at a Bronx elementary school that relocated in September due to toxic contamination had for years complained of headaches, dizziness and other illnesses.
Records obtained by the Daily News under the Freedom of Information Law show that since 2005 nurses at the Bronx New School logged cases of kids suffering headaches, vomiting, abnormal gaits or even seizures nearly every month.
In May 2007, 16 students vomited at the Jerome Ave. school, records show. During one spell in November 2010, nurses listed five cases of students with heart “palpitations.” And in the late 1990s, one student suddenly died of kidney failure.
Toxic levels of TCE–in industrial degreaser–were found in the building. The school was closed in the fall but the report came in around January. This is just one of those stories you think would’ve gone away after all of the work done in the 1970s to make buildings and the environment safer. What do you want to bet that the PLUBS are more upset about the abortion of a nonviable fetus than the rest of the living sick children?
I’ve been calling Ron Paul a neoconfederate for years now. It looks like White supremicist group Stormfront–with whom Paul has taken pictures with the leaders–thought he was one of them too. Paul’s been distancing himself from the newsletters since he developed presidential aspirations.
Ron Paul was a hot topic this week on the talk radio show hosted by prominent white supremacist Don Black and his son Derek. Mr. Black said he received Mr. Paul’s controversial newsletters when they were first published about two decades ago and described how the publications were perceived by members of the white supremacist movement. Former KKK Grand Wizard and Louisiana Congressman David Duke also phoned in to explain why he’s voting for Mr. Paul.
“Everybody, all of us back in the 80′s and 90′s, felt Ron Paul was, you know, unusual in that he had actually been a Congressman, that he was one of us and now, of course, that he has this broad demographic–broad base of support,” Mr. Black said on his broadcast yesterday.
Mr. Black is a former Klansman and member of the American Nazi Party who founded the “white nationalist” website Stormfront in 1995. He donated to Mr. Paul in 2007 and has been photographed with the candidate. Mr. Paul has vocal supporters in Stormfront’s online forum. Mr. Black has repeatedly said he doesn’t currently think Mr. Paul is a “white nationalist.”
Mr. Paul’s newsletters contained threats of a “coming race war,” worries about America’s “disappearing white majority and warning against “the federal-homosexual cover-up on AIDS.” He has since denied writing the newsletters, which appeared under his own name.
“I didn’t write them, I disavow them, that’s it,” Mr. Paul said in a tense CNN interview.
On Monday, Mr. Black said he originally believed the newsletters were written by Mr. Paul.
“They went out under his name in the first person and most people receiving these newsletters, including me, thought he really did write them,” Mr. Black said.
Ron Paul on Thursday downplayed the fringe aspects of his old newsletters, saying on an Iowa radio program that the most offensive passages were probably only a small portion of the overall content.
“There were many times I did not edit the entire letter and other things were put in,” he told a caller on the Jan Mickelson radio show. “I was not aware of the details until many years later. These were sentences that were put in, eight or 10 sentences. It wasn’t a reflection of my views at all. It got in the letter and I thought it was terrible.”
He added that the newsletter content in question was “probably ten sentences out of 10,000 pages,” and that he only focused on producing the “economics” part of the publication.
But the promotional materials advertising the newsletter from the time indicate that the most out-there racist and homophobic lines were far from a rare sideshow.
One 1993 direct mail piece aimed at attracting potential subscribers name-checked “the coming race war,” “the federal-homosexual cover up on AIDS,” “the Israeli lobby that plays Congress like a cheap harmonica,” and described an elaborate conspiracy theory in which US officials would use newly introduced currency to impose martial law. All in just eight pages specifically devoted to summarizing the newsletter’s broader themes for new readers. That’s a pretty high density of fringe.
Jamie Kirchick, who compiled the newsletters four years ago, told TPM that the most incendiary parts were hardly stray cases.
“Ron Paul’s characterization of the newsletters as only containing ‘eight to ten sentences’ that can be characterized as ‘offending’ is preposterous,” he said in an e-mail. “As anyone can see from the scans of the newsletters available on the TNR website or posted elsewhere, the documents contain pages upon pages of bigoted statements and outright paranoia.”
Maybe we should send him some white sheets and see if he wants to make a fashion statement out of them.
U.S. Representatives Dennis Kucinich and Marcy Kaptur, both Democrats, will run against each other for their party’s nomination next year to represent a reconfigured Ohio congressional district.
Kaptur’s current district includes Toledo and extends east toward Cleveland. Kucinich represents parts of Cleveland and its suburbs. Both filed papers today with the Cuyahoga County Board of Elections in Cleveland to run in the March 6 primary to be the Democratic nominee in the redrawn district, the election board said.
Ohio’s number of House seats was reduced to 16 from 18 following the 2010 U.S. Census.
Kucinich, 65, said he would try to avoid attacks on his fellow Democrat.
Economist Jared Bernstein has a great set of wonky graphs up that he’s called “Guideposts on the Road back to Factville”. He has a large number of them that demonstrate that the US is a low tax country, has extremely high income inequality, and that Dubya’s policies caused the huge federal deficit. Included is this advice as well as some interesting links. My favorite one is this one that shows how good the one percent have it here compared to the other developed nations. Too bad our middle and working class Americans don’t have similar blessings.
Arm yourselves with the knowledge herein, and you’ll be immune to the fact-free hand-waving that too often passes for debate these daze. Think of them not as wonky graphs, but as guideposts on the road back to the land where facts matter.
So, that’s my contributions this morning to get the conversations started off right. What’s on your reading and blogging list today?
Thursday Late Night Reads
Posted: April 14, 2011 Filed under: just because, open thread | Tags: Anthony Weiner, Budget Bill, classic movies, Dennis Kucinich, Goldman Sachs, Japan's Earthquake, Scott Walker 5 CommentsEvening all, Minx here and I thought I would post some links to get you through the night.
Right now I am enjoying the movie The Glass Key with Alan Ladd, Veronica Lake, and Brian Donlevy. I have never seen this movie, but The Blue Dahlia is one of my favorites. I just love Alan Ladd and Veronica Lake together. Anyway, this past Sunday TCM had a tribute to Elizabeth Taylor…and of course they showed Cat on a Hot Tin Roof. While watching it I realized that Dustin Hoffman had to have used the actress who played Big Mamma, Judith Anderson, as inspiration for his role in Tootsie. Can you see it? Dorothy Michaels is Big Mamma Pollitt…same southern accent, same hairdo, same emotional outburst.
Be sure to check out what TCM has scheduled for this coming Saturday, April 16th at 8pm EST…Ball of Fire . This is another great movie, with Gary Cooper, Barbara Stanwyck and Dana Andrews. Written by Billy Wilder, the dialogue is fabulous and witty.
Okay, enough of that…here are some interesting and newsworthy links for you tonight.
As Dakinikat posted earlier today, before the MSM picked up the story…(Kudos Kat!) Kucinich asks Scott Walker Some Good Questions « Sky Dancing
Walker admits that stripping workers of collective bargaining has nothing to do with saving money but has everything to do with “giving people the right to choose”. Congressman Dennis Kucinich asks a series of questions that puts Walker on the spot. Notice that there’s an irregular move by the committee chair to block evidence placed into the hearing records also. Stripping people’s rights appears to be the Republican way these days.
Not only did Dennis Kucinich get Scott Walker to admit what we all already knew…it seems that Anthony Weiner got a GOP rep to admit that Ryan’s plan makes Medicare a voucher plan.
Anthony Weiner Gets GOP Rep To Admit Ryan Plan Equals Vouchers, End to Medicare | Crooks and Liars
On The Last Word, Anthony Weiner maneuvered Rep Jack Kingston (R-GA) into admitting that the Ryan plan ends Medicare and converts it to a voucher plan.
What’s so funny about this is how hard Boehner has been working to deny it, because of course, vouchers equal privatization. So Boehner’s out there laying it down saying no, it’s not privatization, it’s transformation. We all know it’s bull but then who cares, because he’s doubling down on Ryan’s plan after the President’s speech anyway in order to appease the Tea Party and his insurance company keepers happy.
Isn’t it great to see these GOP politicians admit the truth? Speaking of GOP politicians, and a lack of truth or fact…Jon Kyl’s ‘factual statement’ flap comes full circle – Jennifer Epstein – POLITICO.com
“Not intended to be a factual statement,” the comment made by a spokesperson for Sen. Jon Kyl (R-Ariz.) and transformed by comedian Stephen Colbert into a pop culture meme has come nearly full circle, as Democrats have begun to use the phrase on the Senate floor.
The first quip came Wednesday from Sen. Kirsten Gillibrand (D-N.Y.) in a floor speech defending Planned Parenthood, the program that Kyl attacked last week, claiming that 90 percent of the group’s activities were abortion-related. The actual number is closer to 3 percent. A Kyl staffer defended the comment by explaining it “was not intended to be a factual statement.”
“For my friends and colleagues, this is a factual statement,” Gillibrand said. “Current law already prevents federal money from paying for abortions. This has been the law of the land for over 30 years. Shutting down the government for a political argument is not only outrageous, it is irresponsible. The price for keeping the government open is this assault on women’s rights.”
Read the rest of the article at the link to see who else got some jabs in.
Here are a few other links you may find interesting:
Congress Passes Budget Bill, but Some in G.O.P. Balk – NYTimes.com
The vote was 260 to 167, with 59 Republicans breaking ranks with their party leadership to vote against the deal, which calls for $38 billion in spending cuts this year. The Republican defections, a result of opposition from conservatives who said the bill did not do enough to rein in spending, forced the House speaker, John A. Boehner of Ohio, to turn to Democrats to pass the bill and keep the government from shutting down.
As readers may know, the Senate Permanent Subcommittee on Investigations just issued another report, Wall Street and the Financial Crisis. This is a far more focused and damning document than the Financial Crisis Inquiry Commission report, which was produced at considerably more expense and was undermined by dissent among its commissioners (which in fairness appears to have been by design).
Nobody Wants to Take CFPB Job Over Elizabeth Warren | FDL News Desk
The Wall Street Journal dropped a bit of a bombshell yesterday when it intimated that the reason the Obama Administration hasn’t been able to choose a director of the Consumer Financial Protection Bureau is that their preferred candidates don’t want the job over Elizabeth Warren:
And for the last link, this is sooooo cool!
What The Japan Earthquake Sounded Like… Underwater (AUDIO) | TPM Idea Lab
Scientists at the National Oceanic and Atmospheric Administration Vents Program at Pacific Marine Environmental Laboratory and Oregon State University didn’t feel the massive earthquake that struck off Japan on March 11. But they did hear it.
An underwater microphone located near the Aleutian Islands of Alaska, 900 miles from the quake epicenter, captured the sound of the disaster on tape, and a portion of the recording has now been put up on YouTube.
The recording has been sped up 16 times. First comes the roar of the earthquake sounds “propagating through the earth’s crust,” then you hear a second roar of the sounds “propagating through the ocean.”
Think of this as an open thread, what are you doing tonight?
All Eyes on Ben
Posted: July 27, 2009 Filed under: Bailout Blues, Global Financial Crisis, The Great Recession, U.S. Economy | Tags: Ben Bernanke, Dennis Kucinich, Federal Reserve Bank, Nouriel Roubini, PBS News Hour, Regulating the FED, Ron Paul, ZIRP Comments Off on All Eyes on BenI’ve been Fed watching again. That’s something of both an occupational hazard and a weirdish hobby for me. Usually, Fed chairs stay off the lecture circuit until they retire and write their biographies. Ben Bernanke, however, is not your usual Fed Chair and these are not usual times. I think you may recall that part of his observations with being in charge of monetary policy when there’s no room drop interest rates (ZIRP) has to do with communicating future Fed actions to a nervous public. This continues.
Bernanke was in Kansas City over the weekend speaking to normal people and Jim Lehr of the PBS program News Hour. There were several things from this exchange worth mentioning. The first is a response to the meme circulating around the libertarian circuit that there is no accountability between the FED and any one in Washington. That is untrue for several reasons. First, because the majority of appointments (including the Fed Chair) to the FOMC are made by POTUS and approved by the Senate. Second, the Fed Chair makes biannual trips to the Hill to speak with both houses of Congress and take questions. Third, they publish their internal records as well as their research continually. It’s a matter of public record. The only thing Congress doesn’t get to see is the rationale behind monetary policy which is perfectly in keeping with the idea of independence supported overwhelmingly by evidence and theory. They have to the right to see the Fed balance sheet and items now. What they do not have is the right to ‘audit’ monetary policy. Something that would be a disaster.
“The Federal Reserve, in collaboration with the giant banks, has created the greatest financial crisis the world has ever seen,” Representative Ron Paul, Republican of Texas, said at a House hearing last week in which Mr. Bernanke testified about the state of the economy.
Republican lawmakers portray the Fed as the embodiment of heavy-handed big government, and have called for scaling back the central bank’s regulatory powers. But liberal Democrats, like Representative Dennis J. Kucinich of Ohio, have accused the Federal Reserve of caving in to demands by banks for huge bailouts, for failing to protect consumers against dangerous financial products and for being too secretive about its emergency rescue programs.
More than 250 lawmakers have signed a bill sponsored by Mr. Paul that would allow the Government Accountability Office to “audit” the Fed’s decisions on monetary policy — a move that Fed officials see as a direct threat to their political independence in carrying out their central mission of setting interest rates.
A lot of the complaints at the appearance came from the audience who basically aired Kucinich’s view that the Fed appeared all too willing to bail out the reckless big guys while letting the little guys go belly under. Bernanke did not shy away from the questions at all.
When a small-business owner asked Mr. Bernanke why the Fed helped rescue big banks while “short-changing” small companies, Mr. Bernanke answered that he had decided to “hold my nose” because he was afraid the entire financial system would collapse.
“I’m as disgusted by it as you are,” he told the audience of 190 people. “Nothing made me more angry than having to intervene, particularly in a few cases where companies took wild bets.”
He used a most interesting metaphor when explaining why he had to hold his nose and bail out the gamblers. He basically said, if an elephant falls it crushes the grass beneath it. Wow, a zen moment from a Fed Chair. Who’d have thought that was possible? He also said that the main reason he did it was because he didn’t not want to be the Fed Chair at the time of the second Great Depression. I’d say that was succinct enough.
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