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Archive for October 10th, 2011

How thoroughly unsurprising

Posted in Main Blog (All Posts) on October 10th, 2011 4:46 am by HL

How thoroughly unsurprising
The Occupy movement has spread from Wall Street, to D.C. to other areas throughout the country and even internationally. Who could have anticipated FoxNews saying it is getting too much coverage?

The Occupy movement has spread from Wall Street, to D.C. to other areas throughout the country and even internationally.

Who could have anticipated FoxNews saying it is getting too much coverage?

Yes, but what is really impressive is when a cable news network literally promotes a movement 24/7.

That’s journalism something Chris Wallace can be proud of.


Late, Late Night FDL: Set Fire To The Rain
Adele – Set Fire To The Rain

Adele – Set Fire To The Rain

Get well soon, Adele…!

What’s on your mind tonite…?

Early Morning Swim: Jesse LaGreca Schools Village Talking Heads on “This Week” [VID]
Someone give that guy a radio show. Meanwhile, from Krugman this morning:

Someone give that guy a radio show.

Meanwhile, from Krugman this morning:

What’s going on here? The answer, surely, is that Wall Street’s Masters of the Universe realize, deep down, how morally indefensible their position is. They’re not John Galt; they’re not even Steve Jobs. They’re people who got rich by peddling complex financial schemes that, far from delivering clear benefits to the American people, helped push us into a crisis whose aftereffects continue to blight the lives of tens of millions of their fellow citizens.

Yet they have paid no price. Their institutions were bailed out by taxpayers, with few strings attached. They continue to benefit from explicit and implicit federal guarantees — basically, they’re still in a game of heads they win, tails taxpayers lose. And they benefit from tax loopholes that in many cases have people with multimillion-dollar incomes paying lower rates than middle-class families.

This special treatment can’t bear close scrutiny — and therefore, as they see it, there must be no close scrutiny. Anyone who points out the obvious, no matter how calmly and moderately, must be demonized and driven from the stage.

Yep, hence all the pointing and shrieking.


The Bill O’Reilly of Canada Ambushes Chris Hedges

Posted in Main Blog (All Posts) on October 10th, 2011 4:45 am by HL

The Bill O’Reilly of Canada Ambushes Chris Hedges
The Truthdig columnist defends the Occupy Wall Street movement against an irksome personality on Canadian television who makes friendly with comments like: “Listen, don’t take this the wrong way, but you sound like a left-wing nutbar.”

The Truthdig columnist defends the Occupy Wall Street movement against an irksome personality on Canadian television who makes friendly with comments like: “Listen, don’t take this the wrong way, but you sound like a left-wing nutbar.”

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Linda R. Monk, J.D.: #occupydc: Just Get In the Way

Posted in Main Blog (All Posts) on October 10th, 2011 4:44 am by HL

Linda R. Monk, J.D.: #occupydc: Just Get In the Way
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Fox’s Chris Wallace Pretends Obama’s “Watch” Began In 2007

Posted in Main Blog (All Posts) on October 10th, 2011 4:43 am by HL

Fox’s Chris Wallace Pretends Obama’s “Watch” Began In 2007

Fox’s Chris Wallace falsely claimed that President Obama admitted that the American people are worse off under his administration by saying he doesn’t think “they’re better off than they were four years ago.” But Obama explained in those comments that “four years ago” – 2007 – predates the financial collapse and the recession, both of which began well before Obama took office; independent experts estimate that Obama’s recovery act increased employment by millions of jobs and boosted GDP.

Wallace Claims Obama Admitted Americans Are Worse Off Under His Administration

Wallace: Obama Gave “Startling Admission” That America Had Not “Improved On His Watch.” On Fox News Sunday, host Chris Wallace reacted to a clip of President Obama talking about how Americans are faring compared to four years ago:

PRESIDENT OBAMA [Video Clip]: I don’t think they’re better off than they were four years ago. They’re not better off than they were before Lehman’s collapse, before the financial crisis, before this extraordinary recession that we are going through. 

CHRIS WALLACE: President Obama with a startling admission this week: if he had to answer the famous Ronald Reagan question, whether things had improved on his watch, his answer would be no. [Fox Broadcasting Co., Fox News Sunday, 10/9/11]

But Obama Was Simply Explaining That “Four Years Ago” – October 2007 – Was Before The Financial Crisis And Recession

Obama: Americans Are Not Better Off Than They Were Before The Lehman Bankruptcy, Financial Collapse, And Recession. President Obama noted in an interview that the financial collapse and the recession occurred before his presidency less than four years ago, which is why he doesn’t think Americans are “better off than they were four years ago”:

STEPHANOPOULOS: There’s so many people who simply don’t think they’re better off than they were four years ago. How do you convince them that they are?

OBAMA: Well, I don’t think they’re better off than they were four years ago. They’re not better off than they were before Lehman’s collapse, before the financial crisis, before this extraordinary recession that we’re going through. I think that what we’ve seen is that we’ve been able to make steady progress to stabilize the economy, but the unemployment rate is still way too high. And that’s why it’s so critical for us to make sure that we are taking every action we can take to put people back to work. [ABCNews.com, 10/3/11]

Lehman Brothers Collapse Occurred Three Years Ago, Prior To Obama Administration. The investment bank Lehman Brothers filed for bankruptcy on September 15, 2008. [CNN.com, 9/15/08]

Employment Began Falling In 2008, Prior To Obama Administration. From the Bureau of Labor Statistics, presented by the Federal Reserve Bank of St. Louis:

[Bureau of Labor Statistics, Federal Reserve Bank of St. Louis, accessed 10/6/11 (figures from “Download Data in Graph” link)]

Experts Agree The Recovery Act Increased Employment By Millions And Boosted GDP Under Obama’s Watch

CBO: Economic Stimulus Increased Employment By More Than 1 Million Jobs. An August 2011 CBO report estimated that the American Recovery and Reinvestment Act “[l]owered the unemployment rate by between 0.5 percentage points and 1.6 percentage points” and that the law “[i]ncreased the number of people employed by between 1.0 million and 2.9 million” during the second quarter. [Congressional Budget Office, August 2011]

CBO: Economic Stimulus Raised GDP. The same CBO report estimated that the Recovery Act “raised real (inflation-adjusted) gross domestic product (GDP) by between 0.8 percent and 2.5 percent.” [Congressional Budget Office, August 2011]

Private Analysts Estimate Stimulus Increased GDP By 1.8 To 2.7 Percent. In its seventh quarterly report on ARRA, the president’s Council of Economic Advisers (CEA) estimated that the stimulus “has raised the level of GDP as of the first quarter of 2011, relative to what it otherwise would have been, by between 2.3 and 3.2 percent.” CEA also provided a chart showing that private analysts estimate that the stimulus boosted GDP between 1.8 and 2.7 percent:

[Council of Economic Advisers, 7/1/11]

Private Analysts Estimate Stimulus Increased Employment By 2.4 To 2.5 Million. In its report, the CEA provided the following chart showing that private forecasters estimate that as of the first quarter of 2011, the stimulus increased employment between 2.4 and 2.5 million:

[Council of Economic Advisers, 7/1/11]

And Economists Estimate Obama’s Jobs Bill Would Create Millions Of Jobs

To see what economists have said about President Obama’s American Jobs Act, click here


Group Opposing CA’s Gay History Law Accused Of Tricking People With Anti-Sexual Predator Petition

Posted in Main Blog (All Posts) on October 10th, 2011 4:42 am by HL

Group Opposing CA’s Gay History Law Accused Of Tricking People With Anti-Sexual Predator Petition
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Connect the Dots: Here’s How We Became the ’99 Percent’

Posted in Main Blog (All Posts) on October 10th, 2011 4:40 am by HL

Connect the Dots: Here’s How We Became the ’99 Percent’
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Perry Hopes Sleep and Practice Will Help

Posted in Main Blog (All Posts) on October 10th, 2011 4:39 am by HL

Perry Hopes Sleep and Practice Will Help
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How the FBI’s Network of Informants Actually Created Most of the Terrorist Plots "Foiled" in the US Since 9/11

Posted in Main Blog (All Posts) on October 10th, 2011 4:38 am by HL

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Palestinian U.N. bid teaches us about America

Posted in Main Blog (All Posts) on October 10th, 2011 4:37 am by HL

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An Interesting Take On Occupy Wall Street

Posted in Main Blog (All Posts) on October 10th, 2011 4:36 am by HL

An Interesting Take On Occupy Wall Street
Gregory Djerejian probably isn’t a name that rings out to modern-day blog readers, but back when he was updating more regularly he offered one of the most intelligent takes on international affairs and international economics around. So I’m thrilled to see he has a long assessment of the Occupy Wall Street group down in Zuccotti […]

Gregory Djerejian probably isn’t a name that rings out to modern-day blog readers, but back when he was updating more regularly he offered one of the most intelligent takes on international affairs and international economics around. So I’m thrilled to see he has a long assessment of the Occupy Wall Street group down in Zuccotti Park:

However, with Occupy Wall Street I believe some among the status quo oriented elites may be more rattled than with the Tea Party. For one, they may be smarter. Speaking to several of these protestors today, I met MBA students who cannot find jobs (one even told me his GPA at business school, a respectable 3.2), and law students in a similar predicament. As money gets wasted in epic fashion overseas for desperately flawed ‘provincial reconstruction teams’ in Iraq and risible ‘Government-in-a-Box’ initiatives in Afghanistan, these kids are staring at mountains of debt and an equally daunting lack of viable prospects (the MBA student was underemployed working as a barista at Starbucks). So there are intelligent faces and voices in these crowds—not just aimless rabble-rousers out for a rise—and I can sense this movement becoming more contagious (for instance, I saw in some of the more junior police officers today monitoring a march from Washington Square back down to Zuccotti a confused questioning in their faces, indicating perhaps some sympathy for the protestors). They are also smarter than the Tea Party in their choice of targets. Discounting some of the ‘professional’ agitators, or the anarchist fringes, and so on, I sense a reasonably cogent consciousness here, a well-spring reminiscent of Albert Camus’ quote: “(w)hat is a rebel? A man who says no”, here driven by a potent combination of disenchantment that no real change occurred with Obama (unless a poorly organized orgy of stimulus and highly dubious health care reform count) and fury at, not so much the Government writ large as we see with the Tea Party, but more the elites standing behind the Government.

Read the whole thing.