High Noon: Geithner v. The American Oligarchs

Bill Moyers interviews former chief economist of the International Monetary Fund (IMF), MIT Sloan School of Management professor and senior fellow at the Peterson Institute for International Economics, Simon Johnson examines President Obama's plan for economic recovery.

Broadcast February 13, 2009







For further information, see Simon Johnson's website: The Baseline Scenario

SOURCE: Information Clearing House - ICH

Putting Torture Behind Us

"Rather than lose forever the chance to grow from our missteps," Nicholas Kristof (NYT) has a interesting "proposal for confronting Guantánamo without distracting from the work on the economic crisis."

Photo Credit: Nicholas D. Kristof. (Fred R. Conrad/The New York Times)

Two Cheers for Rod Blagojevich

Frank Rich | NYTimes.com:

"ROD BLAGOJEVICH is the perfect holiday treat for a country fighting off depression. He gift-wraps the ugliness of corruption in the mirthful garb of farce. From a safe distance outside Illinois, it’s hard not to laugh at the “culture of Chicago,” where even the president-elect’s Senate seat is just another commodity to be bought and sold.

But the entertainment is escapist only up to a point. What went down in the Land of Lincoln is just the reductio ad absurdum of an American era where both entitlement and corruption have been the calling cards of power. Blagojevich’s alleged crimes pale next to the larger scandals of Washington and Wall Street. Yet those who promoted and condoned the twin national catastrophes of reckless war in Iraq and reckless gambling in our markets have largely escaped the accountability that now seems to await the Chicago punk nabbed by the United States attorney, Patrick Fitzgerald...." Continue Reading.

Photo Credit: Frank Rich. (Fred R. Conrad/The New York Times)

Technorati tags: Rod Blagojevich, Frank Rich, New York Times, Frauds, Corruption, Subprime Mortgage Crisis, Politics, Government, United States, op ed

A Quiet Windfall For U.S. Banks

Amit R. Paley, Washington Post, reports:

With Attention on Bailout Debate, Treasury Made Change to Tax Policy

"The financial world was fixated on Capitol Hill as Congress battled over the Bush administration's request for a $700 billion bailout of the banking industry. In the midst of this late-September drama, the Treasury Department issued a five-sentence notice that attracted almost no public attention.

But corporate tax lawyers quickly realized the enormous implications of the document: Administration officials had just given American banks a windfall of as much as $140 billion.

The sweeping change to two decades of tax policy escaped the notice of lawmakers for several days, as they remained consumed with the controversial bailout bill. When they found out, some legislators were furious. Some congressional staff members have privately concluded that the notice was illegal. But they have worried that saying so publicly could unravel several recent bank mergers made possible by the change and send the economy into an even deeper tailspin...."

Technorati tags: Washington Post, Amit R. Paley, Corporate Taxes, Congress, Bailout, U.S. Economy, Banks, Windfall, Treasury Dept., news

Reversal of Fortune

Joseph E. Stiglitz explains how John McCain's policies would be disastrous for the country:

Joseph E. Stiglitz, Vanity Fair (via Truthout):

"Describing how ideology, special-interest pressure, populist politics, and sheer incompetence have left the US economy on life support, the author puts forth a clear, commonsense plan to reverse the Bush-era follies and regain America's economic sanity...."

Why Vote For Obama?

1. Spread the Wealth? Soak the Rich?:

   "�For those who voice doubts about Barack Obama and some of his less progressive policy advisers, please take heart from the way he has defended his plan to cut taxes for the vast majority while raising them for families making over $250,000. Who should pay what for the costs of government raises the most basic issues of fairness. But who pays also determines whether we rebuild our economy from the bottom up, as Obama promises, or continue to wait in vain for good jobs and decent wages to trickle down from John McCain's friends at the top...."

2. The 10 Biggest Differences Between Obama and McCain That Will Affect Your Daily Life | AlterNet:

   "The next president will influence everything from your Internet access to your ability to pay medical bills...."

3. Obama Tax Calculator:

   Calculate how Obama's Tax Policies will impact YOU

4. Guest column: Record belies rhetoric for 'fiscal conservatives' | The Des Moines Register:

   "The Bush administration's deficits have undermined confidence in the financial markets, contributing somewhat to the present crisis. To put this into perspective:
   
   Quiz:
   
   1. Which recent president generated the highest budget deficits as a portion of gross domestic product?
   
   2. Who was the only recent president to decrease government expenditure as a portion of GDP?
   
   Choices:
   
   a. Ronald Reagan
   
   b. George H.W. Bush
   
   c. Bill Clinton
   
   d. George W. Bush"

5. Truthdig | Communication Scholars Call McCain Campaign Unethical: "

   A group of top American communication professors have crafted and signed a statement calling on the McCain campaign, primarily, to stop its negative campaigning. “The purposeful dissemination of messages that a communicator knows to be false and inflammatory is unethical. It is that simple,” the statement says."

6. League of Conservation Voters | John McCain Wrong on Clean Energy:

   "John McCain has spent his career voting against clean energy solutions while supporting billions in subsidies for Big Oil...."

7. Incoherence | TIME

   "John McCain had a fabulously loony weekend, flipping out charges and attacks like a mud tornado. The truly remarkable thing about McCain's attacks, especially on Obama's economic policies, is that McCain, in each case, is "guilty" of supporting some version of the policies he's attacking..."

How Did This Happen?

Don't Let Conservatives Rewrite History:

"Conservatives are desperately trying to shift the blame for the financial crisis away from its true cause — a bankrupt governing philosophy. Get the facts, so you can challenge the myths about the core causes of the meltdown and share the truth with others."

Educate Yourself and Take Action Here.

Technorati tags: U.S. Economy, collapse, meltdown, financial crisis, Republicans, Conservatives, Election, 2008

Let’s Get Fiscal

Paul Krugman | NYTimes.com:

"It’s now clear that rescuing the banks is just the beginning: the nonfinancial economy is also in desperate need of help.

And to provide that help, we’re going to have to put some prejudices aside. It’s politically fashionable to rant against government spending and demand fiscal responsibility. But right now, increased government spending is just what the doctor ordered, and concerns about the budget deficit should be put on hold...." Continue Reading.

Technorati tags: Paul Krugman, New York Times, Economy, 2008 Presidential Election, Recession, Depression, United States, Layoffs, Job loss, op ed

Martial Law Imminent: U.S. Army is Deployed in the U.S. to "Keep the Peace"

MUST SEE

Warning: Bush Coup

Bush Declares Military Rule and Can Overthrow U.S. Government

"George W. Bush has the power to suspend the elections and declare nationwide martial law once this economic crisis worsens. Research the federal reserve and the real reasons behind this economic collapse. Research PDD51 and George Bush's new dictatorial powers...."

Part 1 of 2



Part 2 of 2

Links to Martial Law docs:

• http://www.armytimes.com/news/2008/09/army_homeland_090708w/


• http://www.apfn.org/apfn/flag.htm

Early Warnings:

• RBS issues global stock and credit crash alert - Telegraph

  Note the date this warning was issued, the lack of action by our government, and the ensuing crisis.

Also See:

• Is Posse Comitatus Dead? | War on Iraq | AlterNet:

  "Why are there active duty soldiers stationed on U.S. streets?"

• Thousands of Troops Are Deployed on U.S. Streets Ready to Carry Out "Crowd Control"�

Zeitgeist The Movie : Addendum -- NOW RELEASED: CLICK HERE TO WATCH

Technorati tags: Marshall Law, Fall of America, Coup, Zeitgeist, movie, Addendum, Bush, U.S. Army, Bailout, Economy, Collapse, 2008, Election

Job Loss: The Price of More of the Same

Watch the Video

John McCain doesn't have answers to the economic crisis, so instead of offering solutions he plans to focus on deceiving voters and smearing Barack's record and his character.

The American economy had its 9th straight month of job loss in 2008. Can we afford 4 more years of failed Bush economic policies?

ohn McCain's extreme record on the issues is full of alarming facts. Learn more at JohnMcCainRecord.com

BAILOUT: America’s Financial Ruin

Patrick Wood of the August Review has been a critic of our trade and monetary policies for years. This is his compelling take on a "near-dictatorial power over this newly formed socialist financial empire."

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Keating Economics

John McCain and the Making of a Financial Crisis:

FULL DOCUMENTARY AVAILABLE MONDAY, OCTOBER 5TH, AT 12 PM EASTERN

The current economic crisis demands that we understand John McCain's attitudes about economic oversight and corporate influence in federal regulation. Nothing illustrates the danger of his approach more clearly than his central role in the savings and loan scandal of the late '80s and early '90s.

John McCain was accused of improperly aiding his political patron, Charles Keating, chairman of the Lincoln Savings and Loan Association. The bipartisan Senate Ethics Committee launched investigations and formally reprimanded Senator McCain for his role in the scandal -- the first such Senator to receive a major party nomination for president.

At the heart of the scandal was Keating's Lincoln Savings and Loan Association, which took advantage of deregulation in the 1980s to make risky investments with its depositors' money. McCain intervened on behalf of Charles Keating with federal regulators tasked with preventing banking fraud, and championed legislation to delay regulation of the savings and loan industry -- actions that allowed Keating to continue his fraud at an incredible cost to taxpayers.

When the savings and loan industry collapsed, Keating's failed company put taxpayers on the hook for $3.4 billion and more than 20,000 Americans lost their savings. John McCain was reprimanded by the bipartisan Senate Ethics Committee, but the ultimate cost of the crisis to American taxpayers reached more than $120 billion.

The Keating scandal is eerily similar to today's credit crisis, where a lack of regulation and cozy relationships between the financial industry and Congress has allowed banks to make risky loans and profit by bending the rules. And in both cases, John McCain's judgment and values have placed him on the wrong side of history.

Also See:

• Politics | Revisiting McCain's Keating 5 history | Seattle Times Newspaper


• Keating 5 ring a bell? - Los Angeles Times


• McCain's recent history | argusleader.com | Argus Leader


• The Keating Five is more relevant now than ever - The Daily Voice


• John McCain & The Ghost of Keating Five | The Nation | Ari Berman


• The Washington Independent |� Did McCain Learn From the S&L Crisis?


• News: McCain's role in S&L collapse rouses bitter memories | OCRegister.com


• M Media Matters: Ignoring Keating


• MotherJones Blog: Remember the S&L Bailout? John McCain Hopes You Don't

Technorati tags: Keating, Five, Economics, John McCain, Financial Crisis, Economy, 2008, Election

Examining The Candidates | The Economist

Examining America's presidential candidates | Examining the candidates | The Economist:

"In our special report on the election we analyse the two candidates’ economic plans. Here, we ask professional economists to give us their views

AS THE financial crisis pushes the economy back to the top of voters’ concerns, Barack Obama is starting to open up a clear lead over John McCain in the opinion polls. But among those who study economics for a living, Mr Obama’s lead is much more commanding. A survey of academic economists by The Economist finds the majority—at times by overwhelming margins—believe Mr Obama has the superior economic plan, a firmer grasp of economics and will appoint better economic advisers...."

John McCain: Economic Disaster

The Real John McCain | Part 3:

"John McCain does not have the ability to fix this economic crisis. After declaring the fundamentals of the economy strong, he created a political circus in Washington last week by mucking up bailout negotiations; a deplorable stunt, considering he and his political cronies helped cause the current meltdown.

It was McCain and his economic adviser Phil Gramm who pushed for the deregulation that helped lead to the banking crisis, and it was McCain's crony Rick Davis who had deep lobbyist ties to Freddie Mac. Don't let others be fooled by McCain's economic grandstanding because the reality is his policies and principles will only exacerbate our financial hardships. That's why you must spread this video."

McCain's Straight Mess Express

The Real News Network:

"Pepe Escobar: From his lobbyists, to the economy and foreign policy, McCain's express off the rails



John McCain has been in Washington for 26 years. In the last 8 years he voted with George W. Bush 90% of the time. He admits he knows nothing about economics. Even some of his advisers admit he cannot run a company. But he knows K street very well – the campaign of the self-styled maverick happens to be swamped by lobbysts working all around here."

Bio

Pepe Escobar, born in Brazil is the roving correspondent for Asia Times and an analyst for The Real News Network. He's been a foreign correspondent since 1985, based in London, Milan, Los Angeles, Paris, Singapore, and Bangkok. Since the late 1990s, he has specialized in covering the arc from the Middle East to Central Asia, including the wars in Afghanistan and Iraq. He has made frequent visits to Iran and is the author of Globalistan and also Red Zone Blues: A Snapshot of Baghdad During the Surge both published by Nimble Books in 2007.

Obama: Blueprint for Change (At a Glance)

Barack's plan to address this crisis offers strong, practical solutions for American families:




Trouble viewing this video? Click Here.

The Five Facts You Should Know About Sarah Palin's Record

Send to a friend: Five Facts You Should Know About Sarah Palin's Record

Make sure your friends know Sarah Palin's right-wing stances on the issues that are top priorities to women voters -- from education to the environment. Her name on the ticket only confirms that John McCain will not offer the progressive change this country needs.

Click Here to send a meesage to your friends encouraging them to get the facts.

Thanks to Emily's List.

Iraq Has $79 Billion Surplus — What's the US Deficit Again?

CitizenSugar reports:

"Thanks to rising oil prices, Iraq will enjoy a $79 billion surplus by the end of the year, according to a report requested by a bipartisan group of senators. While the US has spent $48 billion in American taxpayer money on Iraq's reconstruction since 2005, Iraq has spent only a fraction of its oil revenue on reconstruction projects. And, Iraq spent only 1 percent of its 2005-2007 budget to maintain existing projects already funded by Americans or Iraqis. Thus, preinvasion promises that Iraqi oil money would finance the rebuilding of Iraq have gone unfulfilled...."

Continue Reading.

Technorati tags: Iraq, Iraq War, US Economy, US Deficit, Reconstruction, Oil

In a Perfect Storm of Economic Stagflation,The Yachting Set Says: "Let Them Eat Pizza"

"Officially, 'stagflation' is a thing of the past, but a deeper look reveals a different, very current reality for most Americans."

This is a Josh Holland "Must Read."

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11 Reasons America is the New Top Socialist Economy

How free market ideology backfired, sabotaging capitalistic democracy.

Paul B. Farrell, MarketWatch, reports:

"Welcome to the conservative's worst nightmare: The law of unintended consequences. Why? Nobody wants to admit it, folks, but the conservatives' grand ideology is backfiring, actually turning the world's greatest capitalistic democracy into the world's newest socialist economy...."

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