Robert Scheer: Gaza Clouds Obama's Prospects

Robert Scheer: Gaza Clouds Obama's Prospects: "Obama's challenge will be to turn his mantra of change into a practical road map for Mideast peace, a prospect made much more elusive by the Israeli blitzkrieg. But if he fails to do that and simply panders to those who have grown comfortable with this disastrous status quo, he will seriously undermine the prospects for his administration. With our severe economic problems, the last thing we need is increased Mideast instability, driving up U.S. military expenditures and the price of oil."

(Via Huffington Blog.)

No Churchill After All?

No Churchill After All?: "

From the AP ...

Lawrence Wilkerson, top aide and later chief of staff to former Secretary of State Colin Powell, said that as a new president, Bush was like Alaska Gov. Sarah Palin, the 2008 GOP vice presidential nominee whom critics said lacked knowledge about foreign affairs. When Bush first came into office, he was surrounded by experienced advisers like Vice President Dick Cheney and Powell, who Wilkerson said ended up playing damage control for the president.

'It allowed everybody to believe that this Sarah Palin-like president -- because, let's face it, that's what he was -- was going to be protected by this national-security elite, tested in the cauldrons of fire,' Wilkerson said, adding that he considered Cheney probably the 'most astute, bureaucratic entrepreneur' he'd ever met.

'He became vice president well before George Bush picked him,' Wilkerson said of Cheney. 'And he began to manipulate things from that point on, knowing that he was going to be able to convince this guy to pick him, knowing that he was then going to be able to wade into the vacuums that existed around George Bush -- personality vacuum, character vacuum, details vacuum, experience vacuum.'

(Via Talking Points Memo.)

Bernie Madoff's Lesson About a Free Lunch

Bernie Madoff's Lesson About a Free Lunch: "For anyone taking stock of 2008, Barack Obama is the inevitable choice as Person of the Year. But he's not the only American whose story suggests that this thrilling, dramatic, unforgettable year will be seen as a demarcation of grand historical eras, a bright line between yesterday and tomorrow. My choice for runner-up is Bernard Madoff."

(Via Eugene Robinson.)

Quote For The Day

Quote For The Day: "

'Observe good faith and justice towards all nations; cultivate peace and harmony with all. Religion and morality enjoin this conduct; and can it be, that good policy does not equally enjoin it? . . .

In the execution of such a plan, nothing is more essential than that permanent, inveterate antipathies against particular nations, and passionate attachments for others, should be excluded; and that, in place of them, just and amicable feelings towards all should be cultivated. The nation which indulges towards another a habitual hatred or a habitual fondness is in some degree a slave.

It is a slave to its animosity or to its affection, either of which is sufficient to lead it astray from its duty and its interest . . .

So likewise, a passionate attachment of one nation for another produces a variety of evils. Sympathy for the favorite nation, facilitating the illusion of an imaginary common interest in cases where no real common interest exists, and infusing into one the enmities of the other, betrays the former into a participation in the quarrels and wars of the latter without adequate inducement or justification,' - George Washington, cited by Glenn Greenwald.

"

(Via The Daily Dish | By Andrew Sullivan.)

Op-Ed Columnist - Add Up the Damage - NYTimes.com

Op-Ed Columnist - Add Up the Damage - NYTimes.com: "When Mr. Bush officially takes his leave in three weeks (in reality, he checked out long ago), most Americans will be content to sigh good riddance. I disagree. I don’t think he should be allowed to slip quietly out of town. There should be a great hue and cry — a loud, collective angry howl, demonstrations with signs and bullhorns and fiery speeches — over the damage he’s done to this country."

(Via .)

Peggy Drexler: The Mystery of the Masters -- How Could So Many be So Dumb?

Peggy Drexler: The Mystery of the Masters -- How Could So Many be So Dumb?: "We've seen the flaming spiral of the wizards before. It is always followed by day-late regulatory reaction and determined assurances that this will never, ever happen again. And yet it does. Maybe not in quite the same way, but it does.

Will the depth and breadth of the pain this time create a better generation of financial leaders; not just smarter, but essentially different from those who, blindfolds tied firmly in place, have driven us off a cliff?"

(Via Huffington Blog.)

Lee Camp: Obama Going Easy on Bush? Say It Ain't So

Lee Camp: Obama Going Easy on Bush? Say It Ain't So: "Bill Clinton lies about having an affair. Result: he's brought to trial and nearly kicked out of office.
Richard Nixon conspires to cover up a break-in at the Democratic National Headquarters. Result: he's forced to resign just before he would have been booted from the presidency.
George W. Bush invades a sovereign country while lying to the American people and the United Nations. He breaks the Geneva Conventions, illegally wiretaps American citizens, and commits treason by allowing or encouraging the outing of a CIA agent (among other extra curricular activities). Result: nothing more than shitty approval ratings."

(Via Huffington Blog.)

Still more reasons to boot Rick Warren from the inauguration.

Still more reasons to boot Rick Warren from the inauguration.: "It seems to have been agreed by every single media outlet that only one group has the right to challenge Obama's promotion of 'Pastor' Rick Warren, and that group is the constituency of politically organized homosexuals. But why should that be? Last week, I pointed out that Warren maintains that heaven is closed to Jews and that his main theological mentor was a crackpot 'end-of-days' ranter. Why is this not to count against him as well? Do we need our presidential invocation to be given by a bigmouth clerical businessman who is, furthermore, a religious sectarian? Let me add a little more to the mix. In November 2006, Warren made a trip to Syria and was granted an audience with the human toothbrush who has inherited control of that country and all its citizens. Bashar Assad, the dictator of Syria, is also a religious sectarian—his power base is confined to the Alawite sect—and in the intervals of murdering his critics in Lebanon, he does not expect to receive very many distinguished American or European guests. Of late, the most eminent I can think of have been David Duke, former grand wizard of the Ku Klux Klan, and George Galloway of Britain's so-called Respect Party, and I believe only Galloway—an old fan of Baathism in all its forms—got an audience with the Grand Toothbrush himself.

[more ...

(Via Fighting Words.)

Putting Israel’s “Perspective” in Perspective

Putting Israel’s “Perspective” in Perspective: "Since the Second Intifada broke out in 2000, Israelis have killed nearly 5000 Palestinians, nearly a thousand of them minors. Since fall of 2007, Israel has kept the 1.5 million Gazans under a blockade, interdicting food, fuel and medical supplies to one degree or another. Wreaking collective punishment on civilian populations such as hospital patients denied needed electricity is a crime of war."

(Via Firedoglake.)

America can’t wait for Bush to leave.

America can’t wait for Bush to leave.: "

A new CNN/Opinion Research Corp. poll finds that 75 percent of Americans are glad President Bush is leaving office; just 23 percent indicated that they will miss him. CNN notes that when Clinton left office, more Americans — 45 percent — said they would miss him. Twenty-eight percent also believe that Bush is the worst president ever.

(Via Think Progress.)

Andy Borowitz: Bin Laden Latest Madoff Casualty

Andy Borowitz: Bin Laden Latest Madoff Casualty: "

The alleged Ponzi scheme of New York investment manager Bernie Madoff has claimed yet another victim, as al-Qaeda kingpin Osama bin Laden today revealed that he lost over $1 billion in the fraud.

While the roster of Madoff victims have included many prominent names from the world of entertainment and the media, such as Steven Spielberg and Mortimer Zuckerman, Mr. bin Laden is believed to be the first acknowledged casualty from the world of terror.

Mr. bin Laden made the rueful announcement in the form of a video, broadcast on the Arabic-language al-Jazeera network and around the world.

Speaking from what appears to be a cave, he said that he had invested with Mr. Madoff because the investment wiz had promised an annual return of ten percent, adding, 'Now I don't know who to trust.'

The al-Qaeda leader remained vague about how he had first made contact with Mr. Madoff, saying only that they had a mutual friend at a Palm Beach country club.

He added that the losses due to the Madoff fraud would have an immediate impact on al-Qaeda's financial health, forcing the terror network to shutter several regional offices and to cut back on the production values of Mr. bin Laden's videos.

While some expressed shock that a terrorist like Mr. bin Laden could become ensnared in a financial fraud like Mr. Madoff's, 'It's not surprising at all,' said North Korean president Kim Jong-Il.

'I'm offered shady investment schemes every day of the week,' said Mr. Kim from his office in Pyongyang. 'This is why I keep all my money in Treasuries.'



Andy Borowitz is a comedian and writer whose work appears in The New Yorker and The New York Times, and at his award-winning humor site, BorowitzReport.com(Via Huffington Blog.)

Biden Another Cheney?

Biden Another Cheney?: "Vice President Cheney's clout within the Bush administration is heavily tied to the fact that the he early -- and quite credibly because of his medical history -- disavowed any plans to seek the presidency in his own right. We're in the midst of a four decade trend toward more and more powerful and influential vice-presidents (in the sense of clout not constitutional prerogative). But the big brake on the veep's role in decision-making has always been the fact that everyone else who wants to be president someday has a strong interest in keeping his power in check. Since Jimmy Carter picked Walter Mondale in 1976 you can see these two dimensions of the veep's modern role in constant tension -- whether with Mondale or Bush or Gore. And the Cheney model, to a significant degree, resolved that tension."

(Via Talking Points Memo.)

Robert Kuttner: Will Barack Obama Commit Industrial Policy?

Robert Kuttner: Will Barack Obama Commit Industrial Policy?: "Barack Obama may soon find that he is committing a big sin against one of the major premises of the reigning ideology. As part of his plan to restructure the auto industry, rebuild infrastructure, and create new green industries and jobs, he will be committing industrial policy. And this will create a head-on collision with one of the cherished dogmas of market fundamentalism -- 'free trade.'

This clash is long overdue. For several decades, American elites of both parties have been preaching the same gospel of free trade. Supposedly, if we just leave markets alone, different countries will produce and export what they naturally do best, and import products at which their partners excel. In the tidy and oversimplified textbook world, there is no room for questions about pollution, labor standards, product safety, financial engineering, or industrial policy."

(Via Huffington Blog.)

Neil McCarthy: Blago and Me

Neil McCarthy: Blago and Me: "We live in a country where it costs, at a minimum, $500,000 to run for a seat in the House of Representatives. If the district is anywhere near a major media market, the cost rises into the multi-millions of dollars. If one wants to run for statewide office in a place like Illinois (or a dozen other big states like New York or California), the cost is in the tens of millions of dollars. If you win, more than half your time while in office must be spent raising money for the reelection.

Over time, this lunacy has produced three sorts of candidates and public servants.

The really rich.

The really famous.

And the really stretched."

The chances of any ordinary upstanding Joe -- even a very talented ordinary upstanding Joe who becomes, say, a Rhodes Scholar -- climbing this greasy pole have become exceedingly slim. For every Obama who works a miracle, there are dozens stymied in a lost Congressional district or a City Council seat from which they will never rise. And even the City Councilmen (and women) are spending all their time raising money in the hopes that lightning may strike.

(Via Huffington Blog.)

David Sirota: We Were Punked

David Sirota: We Were Punked: "So we were punked not by those who said there was a real credit problem - there certainly was and is a credit problem, though it's only one of many problems, and it certainly isn't a problem that justified spending a trillion dollars of no-strings-attached money in less than two weeks of deliberation. We were punked by those politicians and pundits who said what we had to do to fix the problem was not to both inject capital into the real economy (spending on infrastructure, health care, unemployment benefits, mortgage relief, etc.) and target reasonable amounts of well-overseen taxpayer cash to the specific banking sectors that required immediate aid, but instead to exclusively throw an ungodly amount of unregulated money at Wall Street while completely ignoring the real economy, and more specifically, to throw that ungodly amount of money at Wall Street with absolutely no strings attached."

(Via Huffington Blog.)

The Atlantic Online | December 2008 | “Be Nice to the Countries That Lend You Money” | James Fallows

The Atlantic Online | December 2008 | “Be Nice to the Countries That Lend You Money” | James Fallows: "It is time for the new government, under Obama or even McCain, to really tell people: ‘Look, this is wartime, this is about the survival of our nation. It’s not about our supremacy in the world. Let’s not even talk about that any more. Let’s get down to the very basics of our livelihood.’

I have great admiration of American people. Creative, hard-working, trusting, and freedom-loving. But you have to have someone to tell you the truth. And then, start realizing it. And if you do it, just like what you did in the Second World War, then you’ll be great again!"

(Via .)

Is the Medicine Worse Than the Illness?

Is the Medicine Worse Than the Illness?: "The world ran out of trust in 2008 -- but there is no shortage of money because the Fed is printing like mad. It's the wrong approach, with potentially dire consequences, says James Grant.

If the Fed is going to create boatloads of depreciating, non-yielding dollar bills, who will absorb them? Who will finance the Obama administration's looming titanic fiscal deficits? Who will finance America's annual surplus of consumption over production (after 25 more or less continuous years, almost a national trait)? Inflation is a kind of governmentally sanctioned white-collar crime. Every crime needs a dupe. Now that the Fed has announced its plan to deceive, where will it find its victims?

(Via WSJ.com: Today's Most Popular.)

Kennedy and Elitism

Kennedy and Elitism: "Just when Democrats have succeeded in decoupling intellectual elitism from social elitism--just when they have succeeded in suggesting that you can be advocates of intelligence and expertise without being advocates of unearned privilege and crude snobbery--along comes the ultimate symbol of social elitism to stake her claim to a powerful place in the Democratic Party. If Kennedy gets the seat, it will be for one reason only: her last name. And the perception that she is close to Obama threatens to meld social elitism and intellectual elitism back together in the minds of voters. That is good news for demagogues like Sarah Palin, and bad news for the country."

(Via The Plank.)

The Madoff Economy

Op-Ed Columnist - The Madoff Economy - NYTimes.com: "The revelation that Bernard Madoff — brilliant investor (or so almost everyone thought), philanthropist, pillar of the community — was a phony has shocked the world, and understandably so. The scale of his alleged $50 billion Ponzi scheme is hard to comprehend.

(Via .)

If we must have an officiating priest at the inauguration, we can do much better than Rick Warren.

If we must have an officiating priest at the inauguration, we can do much better than Rick Warren.: "It is theoretically possible to make an apparently bigoted remark that is also factually true and morally sound. Thus, when the Rev. Bailey Smith, one of the deputies of the late Jerry Falwell, claimed that 'God almighty does not hear the prayer of a Jew,' I was in complete agreement with him. This is because I do not believe that there is any supernatural supervisor who lends an ear to any prayer.

[more ...]

(Via Slate Magazine.)

Robert Kuttner: A Tame Regulator for the SEC

Robert Kuttner: A Tame Regulator for the SEC: "President-elect Obama's appointment of Mary Schapiro to chair the Securities and Exchange Commission does not augur well for Obama's commitment to get at the roots of the financial crisis. Schapiro, who heads one of our broken financial system's main institutions of self-regulation, the Financial Industry Regulatory Authority, is known as a technically competent and politically moderate regulator who does not make waves."

(Via Huffington Blog.)

Why Washington Could Eat Barack Obama Alive

Why Washington Could Eat Barack Obama Alive: "Note to idealists: Don't you dare go lame duck during the Obama presidency."

Party doesn't matter at all; the history of the military industrial complex and the history of how corporate power has come to take over Washington has no party stripe. Republicans and Democrats share equally in that history. Anyone who thinks that Republicans own the copyright on war or on corporate cronyism in America hasn't read a history book.

(Via MotherJones.com.)

Bush: ‘I’ve Abandoned Free Market Principles To Save The Free Market System’

Bush: ‘I’ve Abandoned Free Market Principles To Save The Free Market System’: "

President Bush has repeatedly touted his adherence to free markets throughout his term. ‘Free markets remain the best way to promote growth, create good jobs, and ensure rising living standards. That is why the President has actively sought to open markets,’ Gregory Mankiw of the Council of Economic Advisers explained in 2004.

But amidst a deep recession characterized by $8.5 trillion in various bailouts, Bush’s laissez-faire ideals are a distant memory. Today on CNN, Bush claimed he has ‘abandoned’ the free market in order to ‘save’ it:

BUSH; Well, I have obviously made a decision to make sure the economy doesn’t collapse. I’ve abandoned free market principles to save the free market system. I think when people review what’s taken place in the last six months, uh, and put it all in one, in one, (sigh), you know, in one package, they’re realize how significantly we have moved.

(Via Think Progress.)

The moral and aesthetic nightmare of Christmas.

The moral and aesthetic nightmare of Christmas.: "I had never before been a special fan of that great comedian Phyllis Diller, but she utterly won my heart this week by sending me an envelope that, when opened, contained a torn-off square of brown-bag paper of the kind suitable for latrine duty in an ill-run correctional facility. Duly unfurled, it carried a handwritten salutation reading as follows:
Money's scarce
Times are hard
Here's your f******
Xmas card


[more ...

(Via Fighting Words.)

Did We All Go Mad?

Did We All Go Mad?: "An explanation (of sorts) for the rush to go broke that engulfed us.
With so much institutional collapse as well as personal delinquency around us it’s unsettling to ponder whether ethical torpor is only a matter of time and degree for everybody. When the numbers rise past a certain point, when the wealth you swim in is so great it loses all its meaning, when the illusion really takes hold that what goes up will go up forever, not only integrity but ordinary common sense flies out the window. The Times tells us that Dreir’s legal offices for God’s sake had $30 to 40 million worth of art hanging on the wall.

(Via The Daily Beast - Blogs and Stories.)

"Bamboozled": Fed refuses to disclose recipients of $2 trillion in loans

"Bamboozled": Fed refuses to disclose recipients of $2 trillion in loans: "

Who could have predicted that the Federal Reserve would abuse its authority by giving away over $2 trillion in 'emergency loans' and then refuse to disclose the recipients of those loans when faced with a FOIA request by Bloomberg?



Bloomberg:

The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral.

Bloomberg filed suit Nov. 7 under the U.S. Freedom of Information Act requesting details about the terms of 11 Fed lending programs, most created during the deepest financial crisis since the Great Depression.

The Fed responded Dec. 8, saying it’s allowed to withhold internal memos as well as information about trade secrets and commercial information. The institution confirmed that a records search found 231 pages of documents pertaining to some of the requests.

‘If they told us what they held, we would know the potential losses that the government may take and that’s what they don’t want us to know,’ said Carlos Mendez, a senior managing director at New York-based ICP Capital LLC, which oversees $22 billion in assets.

Hmmm... I wonder why they would want to hide from the public who is getting all that money? It's sometimes hard to wrap your head around that huge sum of money, but when all is said and done, that is our money. We deserve to know who's getting it.

"

(Via Crooks and Liars.)

Glenn Greenwald Talks To Bill Moyers About The Rule of Law

Glenn Greenwald Talks To Bill Moyers About The Rule of Law: "What you have is a two-tiered system of justice where ordinary Americans are subjected to the most merciless criminal justice system in the world. They break the law. The full weight of the criminal justice system comes crashing down upon them. But our political class, the same elites who have imposed that incredibly harsh framework on ordinary Americans, have essentially exempted themselves and the leaders of that political class from the law."

(Via Crooks and Liars.)

Mark Green: 7 Days: Kuttner on Economic Crisis, with Huffington, Reagan & Green

Mark Green: 7 Days: Kuttner on Economic Crisis, with Huffington, Reagan & Green: "The part of the national debt that's held by the public, as opposed to one government agency borrowing from another, is 40% of GDP. It's about $6.3 trillion dollars. That is not high by historic standards or by international standards. If that has to go to 60% of GDP, because of two years of large deficit spending, we can easily pay that down after the economy gets back on track. The alternative, letting the economy go into a depression is far worse than a temporary increase in the deficit. After the economy is out of recovery, then you gradually reduce the deficit to something normal, which is 2% or 3% of GDP, and you pay for the additional spending by raising taxes on wealthy people and restoring normal tax enforcement, which was completely gutted under the Bush administration. I mean, there have been study, after study, after study which show that about $300 billion collectible revenue is left on the table every year because the Bush administration stopped auditing rich people."

(Via Huffington Blog.)

Riots Spread in Europe

Riots Spread in Europe: "Here's the question. When will Americans decide they've had enough and start rioting? I believe that Obama's got about 6 to 8 months. At that point, if things aren't getting better, I think there'll be violence. The bailout was the key moment with respect to this. Giving away that much money, and getting nothing for it, is going to be the rallying cry for the disaffected. Americans imagine that 'class war' means 'the rich screwing the poor and calling it business as usual' but if Obama doesn't do an FDR and save capitalism from its own excesses, I think Americans are going to learn the old mantra that the 'only war is class war'. Bankers got their bailout, they had best stop self-dealing and make that bailout work for everyone, or one day they may find that the 5% increase on credit card statement is getting stuffed forcibly down their collective throats."

(Via Firedoglake.)

China will not save Western banks - Telegraph

China will not save Western banks - Telegraph: " 'China can only save herself because the scale of China is still rather small,' he said, adding that China's economy is not yet strong enough to have a significant effect on the global economy. 'If China can do a good job domestically, that is the best thing it can do for the world,' he said."

(Via .)

Today in The Nation: The Pragmatist

Today in The Nation: The Pragmatist: "Christopher Hayes We get it: Barack Obama is pragmatic. But what does that really mean--politically and philosophically?

Pragmatism in common usage may mean simply a practical approach to problems and affairs. But it's also the name of the uniquely American school of philosophy whose doctrine is that truth is pre-eminently to be tested by the practical consequences of belief. What unites the two senses of the word is a shared skepticism toward certainties derived from abstractions--one that is welcome and bracing after eight years of a failed, faith-based presidency.

(Via The Nation: Top Stories.)

Dean Baker: If G.M. Was a Canadian Company It Wouldn't Be Asking for Help

Dean Baker: If G.M. Was a Canadian Company It Wouldn't Be Asking for Help: "But the real reason that Big Three are on their deathbeds right now is the economic crisis created by the Wall Street crew and their friends in Washington. It will be tragic if the people of the Michigan, Indiana, and Ohio are made to suffer through a depression because of the failed financial dealings of the Wall Street crew.

This situation is made even worse by virtue of the fact that most of the Wall Street executives who are directly responsible for this disaster are still quite wealthy, in large part because of the generosity of Congress and the Bush administration. While they demanded that the auto manufacturers produce plans for returning to profitability in exchange for providing loans, no similar conditions were imposed on Citigroup and the rest of the Wall Street gang."

(Via Huffington Blog.)

Henry Blodget: Time For A Gas Tax

Henry Blodget: Time For A Gas Tax: "As Washington bickers about whether to save Detroit, the WSJ and Clusterstock's Joe Weisenthal astutely observe that it is also planning to drive the car-makers right out of business -- by forcing them to build fuel-efficient cars that no one wants now that gas is back to $1.70 a gallon."

(Via Huffington Blog.)

Jane Hamsher: Why Detroit -- Like New York -- Shouldn't Be Allowed To Go Bankrupt

Jane Hamsher: Why Detroit -- Like New York -- Shouldn't Be Allowed To Go Bankrupt: "Then as now, an aphorism from Felix Rohatyn would seem to apply. Never place a bet that you can't afford to lose."

(Via Huffington Blog.)

An interactive guide to the bailout trillions.

An interactive guide to the bailout trillions.: "Since the economic-stimulus package in February, the federal government has offered more than a dozen multibillion-dollar rescue packages for a variety of industries and people endangered by the financial chaos and the recession. The magnitude of even one of these mega-bailouts is hard enough to grasp—see the 'Explainer's' take on the meaning of $700 billion—and combined they represent trillions of dollars in federal commitments. The following Slate visualization attempts to put the magnitude of these rescue packages in perspective.

[more ...]

(Via Slate Magazine.)

Stimulus Is for Suckers

Stimulus Is for Suckers: "All those billions don't add up to much. How Obama can get us on track to a real recovery."

(Via MotherJones.com.)

Still Preparing to Attack Iran

Still Preparing to Attack Iran: "A familiar coalition of hawks, hardliners, and neoconservatives expects Barack Obama's proposed talks with Iran to fail -- and they're already proposing an escalating set of measures instead. Some are meant to occur alongside any future talks. These include steps to enhance coordination with Israel, tougher sanctions against Iran, and a region-wide military buildup of U.S. strike forces, including the prepositioning of military supplies within striking distance of that country."

(Via Populist Party .)

Trading Neo-Cons for Neo-Libs

Trading Neo-Cons for Neo-Libs: "Have you noticed that the Emperor-elect is wearing no clothes?  The faithful are in ecstasy that there has been a major change of some kind in America, but to the objective observer it looks like 'Same soup, different bowl'.
 
We will soon have an administration staffed by Neo-Libs instead of Neo-Cons.  Is there a difference?  They all seem  to like making war far from our shores (as long as they and their kin aren't fighting it).  Even the old NeoCons are praising the new administration, which is not a good omen of Change.  "

(Via Populist Party .)

Liberals voice concerns about Obama

Liberals voice concerns about Obama: "Liberals are growing increasingly nervous that Obama seems to be stiffing them on Cabinet jobs and policy choices. See also: Adviser pushes back"

(Via Politico.com: Politics '08.)

The Truth About Bailouts

The Truth About Bailouts: "As the Federal bailout bonanza prepares to spread beyond the mortgage and financial sectors to fill Detroit's depleted coffers, few economic or policy analysts have spared a thought for the destitution of the U.S. government itself. Put simply, our government doesn't have enough spare cash to bailout a lemonade stand let alone a bloated and failing industry that is losing tens of billions of dollars per month. "

(Via Populist Party .)

Depressing thoughts

Depressing thoughts: "

If you really want to get depressed about the state of the U.S. and world economy, I recommend reading the columns in the'Financial Times'today of Martin Wolf and Nouriel Roubini. Roubini warns that ‘traditional monetary policy’ has become ‘ineffective’ in combating the world recession and that ‘the worst is not behind us.’ Wolf sets out the limits of a national focus on a fiscal stimulus in recovering from the recession. Without a change in the global imbalance between surplus countries (like China, Japan, and the oil-producing nations) and the deficit countries (like the US, Spain, and the UK), a fiscal stimulus alone will not be a ‘durable solution to the challenge of sustaining global demand.’ The recession is global and will require global solutions. That was undoubtedly behind Secretary of the Treasury Hank Paulson’s call yesterday for the Chinese to boost the value of their currency against the dollar, which would help American exports at the expense of exports from China to the US and will be on the agenda of his forthcoming trip to China.

--John B. Judis

(Via The Plank.)

Billy Kimball: Barack Obama Insults Dog, Jumps Shark

Billy Kimball: Barack Obama Insults Dog, Jumps Shark: "Reasonable people may differ as to when exactly the bloom came off the rose for Barack Obama. Of course, hopes fulfilled inevitably bring anti-climax, so it's possible that much of the general public is now predisposed to find fault even where none exists. But surely few of his supporters, and I count myself among them, will deny that there has been much to deplore about Mr. Obama's post-election conduct.

For some, the most dispiriting event was the unwelcome reappearance of the Clintonistas, returning through the revolving door that separates the public and private sectors for a last hurrah, a stale Hollywood plot line instead of the 'Change from Beyond-the-Beltway' we were promised.

For others, Obama jumped the shark when he continued to send solicitous e-mail (still signed 'Barack'), raising money almost as if by reflex, weeks after the election. (Allow me a quick 'reply all.' Barack, if I may call you that, people don't really want to be on a first name basis with their president even if they say they do. Being a young president does not mean you have to behave like a childish one.)

But, for me, the honeymoon ended when Barack Obama insulted my dog on national television."

(Via Huffington Blog.)

Texan Of The Year

Texan Of The Year: "

Dreher nominates Ron Paul:

The same GOP establishment that mocked and reviled Dr. Paul now lies shattered. Who believes in this Republican Party anymore? The party destroyed itself with its own unprincipled recklessness, both in foreign and fiscal policy. And it has ruined its reputation among the young - the most ardent of Dr. Paul's supporters, incidentally - who are far more likely to identify with the Democrats.

Out of this destruction, some creative young conservatives may rise up
and decide to take back the Republican Party. Perhaps they'll run
against the overweening power of the federal government and in favor of
decentralizing power (but unlike today's Republicans, they'll actually
mean it). Maybe they'll fight for an America that lives responsibly,
within its natural limits both overseas and at home. And maybe, just
maybe, they might make the Republican Party worth following again.

If that day comes, it will be thanks to the lifelong labors of Ron Paul
and his 2008 campaign based on ideas. If those ideas germinate into
genuine reform and restoration of sanity in our government, America
will look back on Dr. Paul as a gift from Texas and a worthy nominee as
Dallas Morning News Texan of the Year.

(Via The Daily Dish | By Andrew Sullivan.)

How's That Bailout Going?

How's That Bailout Going?: "Henry Paulson's bank-rescue program was always a turkey of a deal."

Perhaps this is stating the obvious, but the big US bailout plan hasn't worked so far. I don't just mean the $700 billion granted by Congress through the Economic Emergency Stabilization Act on October 3. I mean none of the related measures have worked, either.

(Via MotherJones.com.)

O Say Can You Buy?

O Say Can You Buy?: "Who knew that going Made in the USA would leave me hungry, broke, and half-naked"

When I told Scott Paul, executive director of the Alliance for American Manufacturing, that I was going to buy only American for a week, he laughed. "I'm very sorry to hear that.

"It's exceptionally hard, if not impossible, to be 100 percent pure," he explained. "There are just some things you can't buy. It's incredibly difficult and depressing."

(Via MotherJones.com.)

The World's Dump: Ocean Garbage From Hawaii to Japan | Water | AlterNet

The World's Dump: Ocean Garbage From Hawaii to Japan | Water | AlterNet: "The vast expanse of debris -- in effect the world's largest rubbish dump -- is held in place by swirling underwater currents. This drifting 'soup' stretches from about 500 nautical miles off the Californian coast, across the northern Pacific, past Hawaii and almost as far as Japan."

(Via .)

A Reporter at Large: Anatomy of a Meltdown: Reporting & Essays: The New Yorker

A Reporter at Large: Anatomy of a Meltdown: Reporting & Essays: The New Yorker: "‘Bernanke provided the intellectual justification for the Fed’s hands-off approach to asset bubbles,’ Stephen S. Roach, the chairman of Morgan Stanley Asia, who was among the economists urging the Fed to adjust its policy, told me. ‘He also played a key role in the development of the ‘global savings glut’ theory, which the Fed used as a very convenient excuse to say we are doing the world a big favor in maintaining demand. In retrospect, we didn’t have a global savings glut—we had an American consumption glut. In both of those cases, Bernanke was complicit in massive policy blunders on the part of the Fed.’"

(Via .)

Cohen: Olmert to Obama: Think again - International Herald Tribune

Cohen: Olmert to Obama: Think again - International Herald Tribune: "'The United States has been wrong to write Israel a blank check every year; wrong to turn a blind eye to the settlements in the West Bank; wrong not to be more explicit about the need to divide Jerusalem; wrong to equip us with weaponry so sophisticated we now believe military might is the answer to all our problems; and wrong in not helping us reach out to Syria. Your prospective secretary of state, Hillary Clinton, said during the campaign that 'The United States stands with Israel, now and forever.' Well, that's not good enough. You need to stand against us sometimes so we can avoid the curse of eternal militarism.'"

(Via .)