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Archive for February, 2009

Won’t Get Fooled Again

Posted in Main Blog (All Posts) on February 24th, 2009 5:38 am by HL

Won’t Get Fooled Again
WASHINGTON — It’s reaching the point where desperate measures — brutal honesty and complete transparency — may be the only way to bring the economy out of its kamikaze dive. If so, this won’t be pretty. A certain amount of legerdemain is designed into the financial system and makes everyone richer. But those we trusted with the world’s money are being shown to have acted with such cupidity, irresponsibility and incompetence that a consensus seems to be forming around the cautionary words of George W. Bush, our greatest unintentional aphorist: “Fool me once, shame on — shame on you. Fool me — you can’t get fooled again.”


Quelle Surprise: Rove A No-Show, Again, For US Attorneys Testimony

Posted in Main Blog (All Posts) on February 24th, 2009 5:37 am by HL

Quelle Surprise: Rove A No-Show, Again, For US Attorneys Testimony
So today was the day that Karl Rove was supposed to appear before the House Judiciary committee to testify about the US Attorney firings. And of course, Rove didn’t show. That wasn’t a surprise. After getting the deadline pushed back,…

Five-Star Dining, Stanford Style!
“It’s not often that an owner sets an unlimited budget for creating a tabletop. The Pavilion in Antigua is that rare situation.” That’s from a 2004 “Tabletop Performance Special Mention” — which seems to be some kind award for setting…

Stanford: How I Avoided Sub-Prime Debacle
You’ve probably seen or read about the interview from last year in which Allen Stanford tells a sycophantic CNBC talking head that “it is fun being a billionaire”. But that same interview also features Stanford boasting — with the interviewer’s…


House Will Vote on Earmark Probe

Posted in Main Blog (All Posts) on February 24th, 2009 5:35 am by HL

House Will Vote on Earmark Probe
“As lawmakers prepare to consider a $410 billion spending bill carrying pet projects for clients of a lobbying firm under FBI investigation, the House will vote as early as Tuesday on whether to start an ethics investigation into the relationship between earmarks and campaign contributions,” CQ Politico reports.

“The vote could put majority Democrats and at least a few Republicans in an uncomfortable spot. They will have to choose between authorizing the House ethics committee to investigate the most delicate of political relationships or publicly voting against such a probe.”


Wall Street Sharks Have Lost Everything, and Now They’re Coming After Us

Posted in Main Blog (All Posts) on February 24th, 2009 5:34 am by HL

Wall Street Sharks Have Lost Everything, and Now They’re Coming After Us
Gutting Social Security and Medicare to pay for the sins of Wall Street is a perverse idea.

The Spectacular, Sudden Crash of the Global Economy
In a short period of months, the entire system of global capitalism has screeched to a halt. No one knows what happens next.

The Most Influential (and Self-Promotional) Christian Zionist You’ve Never Heard Of
Jimmy Carter-hating Mike Evans claims: "You can save American lives by helping me get on the major networks."


Dennis Ross A Fair Trade for Chas Freeman

Posted in Main Blog (All Posts) on February 24th, 2009 5:33 am by HL

Dennis Ross A Fair Trade for Chas Freeman
Tonight, State Department Acting Spokesman Robert Wood issued a statement that Dennis Ross was now officially “Special Advisor for The Gulf and Southwest Asia.” This is amazing news given early world and rumor from quite solid sources that Ambassador Ross,…





Fiscal Responsibility: The Peter G. Peterson Intergenerational Fairness Tax Credit
Peter Peterson is out to get your Social Security and Medicare. For those who don’t know him, Peterson has long been in the public limelight. He was the Commerce Secretary in the Nixon administration. He then went on to make…

Has The Jewish Community Finally Woken Up?
The other day I was asked if the existence of Israel Policy Forum “really make a difference.” My interlocutor went on: “I would not expect you to have ended the Israeli-Palestinian conflict. That is not something Americans can do. But…


Sanford Offers Unemployed South Carolina Resident ?Prayers? Instead Of Stimulus Funds

Posted in Main Blog (All Posts) on February 24th, 2009 5:32 am by HL

Sanford Offers Unemployed South Carolina Resident ?Prayers? Instead Of Stimulus Funds
Following the lead of a number of his fellow Republican governors, Gov. Mark Sanford (R-SC) has given some indication that he will not accept some of the money slated for South Carolina in the $787 billion economic recovery bill President Obama signed into law last week. “At times it sounds like the Soviet grain quotas […]

Following the lead of a number of his fellow Republican governors, Gov. Mark Sanford (R-SC) has given some indication that he will not accept some of the money slated for South Carolina in the $787 billion economic recovery bill President Obama signed into law last week. “At times it sounds like the Soviet grain quotas of Stalin’s time,” Sanford said yesterday on Fox News.

On C-SPAN’s Washington Journal this morning, Sanford received a call from a Charleston resident who said he lost his job because he has been taking care of mother and sister, both of whom have serious illnesses. The caller told Sanford he is “wrong” to decline the money. “A lot of people in South Carolina are hurting. And if this money can come and help us out we need it.” In response, Sanford could offer him only his prayers:

CALLER: I hope you all are not playing politics with this. People in South Carolina are hurting. You know how unemployment rates are high right now and going up higher. We are running out of money in the unemployment bank — we need money for that, the people that need help. And I’m one of them, I can’t get no help. […]

SANFORD: Well I’d say hello to Charleston because its home and I’d say hello to this fellow this morning and say that my prayers are going to be with him and his family because it sounds like he is in an awfully tough spot.

Watch it:

Sanford offered no other alternative solution for his constituent and instead argued that the state could not accept money to extend unemployment benefits because “increasing the tax on unemployment insurance” would negatively “impact the caller’s family” (although he didn’t say how).

Rep. Jim Clyburn (D-SC) — who sponsored an amendment to the stimulus bill that would allow state legislatures to “accept stimulus funding over the objections of conservative governors” — chastised Sanford on MSNBC this morning. “This program is an opportunity for Governor Sanford to target” the “chronically unemployed” and “chronically sick” communities in South Carolina. “I have got to believe that he is willing…to help these communities,” Clyburn said, asking,”Why won’t he?”

Bunning misspells Justice Ginsburg?s name in his apology statement.
Over the weekend, Sen. Jim Bunning (R-KY) predicted that Supreme Court Justice Ruth Bader Ginsburg would be dead within “nine months” from pancreatic cancer. First Read reports that Bunning has now put out a statement apologizing for the remarks, although his office misspells the Justice’s name: “I apologize if my comments offended Justice Ginsberg,” Bunning […]

Over the weekend, Sen. Jim Bunning (R-KY) predicted that Supreme Court Justice Ruth Bader Ginsburg would be dead within “nine months” from pancreatic cancer. First Read reports that Bunning has now put out a statement apologizing for the remarks, although his office misspells the Justice’s name:

I apologize if my comments offended Justice Ginsberg,” Bunning said. “That certainly was not my intent. It is great to see her back at the Supreme Court today and I hope she recovers quickly. My thoughts and prayers are with her and her family.”


Health Care Tops Fiscal Need List

Posted in Main Blog (All Posts) on February 24th, 2009 5:31 am by HL

Health Care Tops Fiscal Need List
President Obama will make reforming the U.S. health-care system his top fiscal priority this year, administration officials said yesterday, contending that reining in skyrocketing medical costs is critical to saving the nation from bankruptcy.

Obama’s Job Approval Ratings High, but Poll Finds Bipartisan Support Eroding
As President Obama prepares to address a joint session of Congress tonight, he is receiving strong reviews for his first full month in office, but deep partisan fault lines are quickly reemerging.

U.S. May Set Greenhouse Gas Standard for Cars
The Obama administration is considering establishing national rules for regulating greenhouse gas emissions for automobiles, according to White House officials, a move backed by both auto manufacturers and some environmentalists.

Louisiana’s Jindal, Set to Give GOP Response to Obama, Took Fast Track to National Prominence
One Rhodes scholarship applicant stood out on the long roster of Louisiana’s high achievers: 20-year-old Bobby Jindal. He so impressed the state’s selection committee with his intelligence and eloquence that the judges hashed over the contenders for just 30 seconds before picking Jindal as a…

Obama Addresses the National Governors Association
PRESIDENT BARACK OBAMA: First of all, thanks for not breaking anything last night. (LAUGHTER)


Obama’s Stimulus: A Colossal Waste?

Posted in Main Blog (All Posts) on February 24th, 2009 5:29 am by HL

Obama’s Stimulus: A Colossal Waste?
Robert Samuelson, Newsweek

Ivy League WH Mimics Finance Masters
Kevin Hassett, Bloomberg

Finally Some Frank Talk About Deficits
Peter Beinart, The Daily Beast

Danger in the Eurozone
Wolfgang Munchau, Financial Times

The War on Drugs Is a Failure
Cardoso, Gaviria & Zedillo, Wall St. Journal


‘Milk’ Wins 2

Posted in Main Blog (All Posts) on February 23rd, 2009 5:43 am by HL

‘Milk’ Wins 2

Dustin Lance Black

The 81st Academy Awards ceremony was a mostly politics-free affair, except for a predictably superficial nod at the economic collapse and two acceptance speeches for ‘Milk’ from screenwriter Dustin Lance Black and Actor (with capital ‘A’) Sean Penn.

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Citigroup Wants a Bigger Bailout

Uncle Sam already gave Citigroup $45 billion and promised to limit the bank’s losses on $300 billion in troubled loans, but executives at the ailing bank are now reportedly asking the federal government to sweeten the deal. One scheme has Washington exchanging preferred stock for common stock. That might help the bank attract more investors and reduce the taxpayers’ chances of ever getting their money back.

Washington Post:

Citigroup executives have approached federal regulators to discuss steps the government could take to strengthen the troubled company, according to two people familiar with the matter.

The giant New York bank is under mounting pressure to convince investors that it can survive its financial problems. The government already has invested $45 billion in Citigroup and promised to limit its losses on a portfolio of more than $300 billion of loans and other troubled assets. But investors remain nonplussed, and the company’s stock price has dropped 71 percent this year.

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GOP Senator Jim Bunning: Justice Ginsburg Will Be Dead In Nine Months

Posted in Main Blog (All Posts) on February 23rd, 2009 5:42 am by HL

GOP Senator Jim Bunning: Justice Ginsburg Will Be Dead In Nine Months
Sen. Jim Bunning (R-Ky.), already in political trouble for 2010, didn’t help matters any over the weekend. At a Lincoln Day Dinner speech over the…

Trita Parsi: Why an Afghanistan-first approach to Iran won’t work
There has been much talk and speculation about bringing in Iran into consultations on Afghanistan. President Obama has appropriately turned focus back to Afghanistan, and…

Luis Carlos Montalván: Book Review: The War Comes Home: Washington’s Battle against America’s Veterans
The effects on America’s sons and daughters, their families and our society at large are meticulously detailed through Aaron Glantz’s powerfully compelling yet simply rendered factual accounting.