World Politics

[Alpe d'Huez]

This letter is a state issue, but endemic to the country as a whole. A network of 500 business owners in my state of Oregon have written a letter to Bank of America and the Bankers Association, and Chamber of Commerce, demanding they come clean on "dark money" spending. They are part of the Main Street Alliance, say they are the real job creators, and other alliances in 10 other states are stepping up to write similar letters.

PDF document here.

 

[redtreviso]

This letter is a state issue, but endemic to the country as a whole. A network of 500 business owners in my state of Oregon have written a letter to Bank of America and the Bankers Association, and Chamber of Commerce, demanding they come clean on "dark money" spending. They are part of the Main Street Alliance, say they are the real job creators, and other alliances in 10 other states are stepping up to write similar letters.

PDF document here.

Those contributions allow Bank of America to just laugh at such a letter.
500 small business owners PFFFFFFFFFFFFFFFFFFT


BoA Dumps $75 Trillion In Derivatives On Taxpayers

""It's real money, especially since "Bank of America Deathwatch" financial pundits have multiplied on the web and it has become a bit of a geek guessing game. When will BoA finally tank? And when it tanks, the question becomes, who will walk away with all their money, and who will be left holding the bag? The deal just snuck through with the Federal Reserve's, and implicitly, Congress's approval insures Wall Street casino gambler's debts by moving them into accounts meant for penny-pinching grandmas.

Citing Bloomberg, financial commentator Avery Goodman tells us:

"Even if we net out the notional value of the derivatives involved, down to the net potential obligation, the amount is so large that the United States could not hope to pay it off without a major dollar devaluation, if a major contingency actually occurred and a large part of the derivatives were triggered."

A bailout for one company's most irresponsible investors triggering a major dollar devaluation? This is the kind of thing that starts revolutions. ""

http://www.opednews.com/articles/BoA-Dumps-75-Trillion-In-by-Ralph-Lopez-111108-355.html

 

[redtreviso]

Whiskey Tangoland

""The same industry that shunned the Dixie Chicks couldn't wait to kiss Junior's behind:
---
Take it, Brad and Carrie: "People want to know, Hank, why do you drink (before an interview!)/Why do you smoke (before an interview!)/Football ain't the same/Without that song that you wrote/Stop and think it over/Let me help you get the picture/You can drunk and start carrying on/But you can't compare the president to Hitler."

As the crowd cheered, Williams walked out on stage behind the hosts, leading to a standing ovation. They asked him if he wanted to say anything -- he refrained -- and they launched in to a Country Music Awards show-appropriate version of "Are You Ready?"""

 

[Amsterhammer]

Alabama's Jefferson County files biggest US municipal bankruptcy

County commissioners vote four to one to file for bankruptcy after it ran up $3.14bn of debt on a new sewage works

Alabama's Jefferson County has become the biggest municipal bankruptcy in US history after running up $3.14bn in debts on a new sewage works.

County commissioners voted four to one to file for bankruptcy on Tuesday after reaching an impasse over concessions with the owners of the controversial bonds. The move will be a blow for JP Morgan Chase, the Wall Street bank that arranged most of the funding for the county's new sewage system and is now in the midst of a series of court actions and investigations.

The move comes amid growing concerns over defaults in the $2.9tn US municipal bond market. Pennsylvania's capital, Harrisburg, had to file for bankruptcy protection in October after running up £300m in debt on a new incinerator.

Jefferson's decision is the latest in a series from cities that have seen their budgets devastated by the recession.

The crisis in Jefferson came after commissioners rejected a proposal by JP Morgan and others that would have reorganised debt and imposed an 8% increase on sewer rates for the system's 478,000 customers.

Jefferson's bankruptcy would be the 11th this year and the largest since Orange County in California, went bankrupt in 1994.

In 2009 JP Morgan paid $722m to the Securities and Exchange Commission to settle claims that it made payments to friends of Jefferson County commissioners in order top secure financing deals. The bank paid a $25m penalty that the SEC directed to Jefferson County, paid $50m in compensation and scrapped more than $647m in fees. JP Morgan didn't admit wrongdoing in the settlement.

http://www.guardian.co.uk/world/2011/nov/09/alabama-jefferson-county-files-bankruptcy


No, tighter regulation of banks is not needed, that would just be more big government involvement in the free market, which is perfectly able to regulate itself.....

 

[Semper Fidelis]

Uh, doesn't that contradict your previous post, Scott, as to who does or should pay taxes?!

As far as Pelosi, or Boener or whomever, as far as I'm concerned, the more 60 Minutes goes after them, the better. And props to them for their segment on Jack Abramoff. It was once again neither partisan or biased. Just very factual, informative, great journalism, and offered insight and a few possible solutions. A must watch for anyone who wishes to comment on politics in this country. Only a demagogue blinded by dogma would see this as biased or uninformative.


Would love to hear what the mainstream Republicans or "conservatives" comment is on this. Both the bills themselves, and whether they supported them, believe they would better the country, or feel they should be further pursued.

I think one of the issues with the Mississippi law was that it had been brought in from outside the state even most republicans had a problem with it. So they voted against it. The Democrats did not even have to work very hard to defeat it because it was a stupid bill in the first place.

 

[Cobblestones]

I think one of the issues with the Mississippi law was that it had been brought in from outside the state even most republicans had a problem with it. So they voted against it. The Democrats did not even have to work very hard to defeat it because it was a stupid bill in the first place.

You could say the same about Ohio's senate bill 5. It came straight from the Koch brothers.

The same played out in Wisconsin, except there's no mechanism to repeal a bill. So they tried to recall some senators (and succeeded partly). I believe there'll soon be a gubernatorial recall election as well.

 

[Anonymous]

Wow.

DEATH OF THE EURO

PREPARATIONS were under way last night for the break-up of the euro as Europe’s debt crisis spiralled out of control.

http://www.express.co.uk/posts/view/283060

Not sure how this impacts Greece but I'd expect this to devastate Italy for a decade or more.

 

[ChrisE]

btw from the WP poll I linked to earlier:

18. Do you think the federal government should or should not pursue policies that try to reduce the gap between wealthy and less well-off Americans? Do you feel that way strongly or somewhat?

Should pursue: Net 60 (Strongly 43)
Should not pursue: Net 35 (Strongly 24)

Which of course would mean that most Americans are socialists . But seriously, it's also why OWS seems to be striking a chord with the general populace, and why - imo - they need to stop "occupying" and start organizing, ie to take advantage of the public mood and before the public gets sick and tired of them.

Funny, I was watching TV this morning and Grover Norquist was on. He said polls show Americans do not want what your poll is saying.

I have seen several polls along the line you post above, and even little stupid old me was thinking "why doesn't the liberal media host call him on his lie". Alas, no follow up question was asked.

 

[ChrisE]

Thanks for clearing that up. To be clear, I did not feel personally insulted, but I feel that using that term when describing this president insults every reasonable person's intelligence, as well as being insulting to him.

I did not grasp your intended humor a. because I see you using the term regularly b. because a lot of the stuff you post comes straight out of some weird and largely incomprehensible left field and c. because you are from Texas, so it's perfectly possible for someone looking in from Europe to think, 'well, he could just mean it'.

I'm delighted that you distance yourself from the 'real right wing types' at your office, whose sense of humor is clearly the same as Scott's.

I'll try harder in future to read between your lines. Heaven forbid I should become known as a humorless old fart.

I lol'd. Thanks.

 

[Cobblestones]

Funny, I was watching TV this morning and Grover Norquist was on. He said polls show Americans do not want what your poll is saying.

I have seen several polls along the line you post above, and even little stupid old me was thinking "why doesn't the liberal media host call him on his lie". Alas, no follow up question was asked.

Grover's time at the helm of the GOP's fiscal policy might be coming to an end.

"My driver’s license expires, the milk in my refrigerator expires, the only thing that doesn’t expire is Grover Norquist’s pledge – and that’s nuts."

"I signed the pledge in 1992, and I understood it to mean that for the next term, if I were reelected, I would not vote to raise taxes,” he says. “I honored that pledge.”

“But I never renewed it. I never considered it to be like my marriage vows, I’m married to Camille Andrews not Grover Norquist. I promised her to be faithful until death do us part, and I mean it. I did not promise him to oppose tax increases until death do us part.”

 

[redtreviso]

Funny, I was watching TV this morning and Grover Norquist was on. He said polls show Americans do not want what your poll is saying.

I have seen several polls along the line you post above, and even little stupid old me was thinking "why doesn't the liberal media host call him on his lie". Alas, no follow up question was asked.

Sounds like Grover Norquist wrote that line .....

""18. Do you think the federal government should or should not pursue policies that try to reduce the gap between wealthy and less well-off Americans?""

I guess outlawing wall street from writing 70 trillion dollars worth of credit default swaps would be a policy reducing the gap... Any regulation on wall street for that matter.

 

[ChrisE]

Sounds like Grover Norquist wrote that line .....

""18. Do you think the federal government should or should not pursue policies that try to reduce the gap between wealthy and less well-off Americans?""

I guess outlawing wall street from writing 70 trillion dollars worth of credit default swaps would be a policy reducing the gap... Any regulation on wall street for that matter.

LOL. That would cost jobs.

BTW, is Norquist gay? He talks like he has a roll of quarters stuck in his ***.

 

[rhubroma]

Wow.

DEATH OF THE EURO



http://www.express.co.uk/posts/view/283060

Not sure how this impacts Greece but I'd expect this to devastate Italy for a decade or more.

Goes to show you what staying the course of neoliberalism first under the leadership of Regan and secondly under Thatcher in the 80's has done to the social-democracies of the Continent, which is a crime.

Amazing how those that triumphed and brought us to the disaster are the ones now telling us we have to shape up. In Italy's case the Berlusconi era and his cronies have told Italians for 20 years that neoliberalism was the way to go, that an economy of finance is better than one of work and production. That incompetece is better than competence.

In the meantime the young generation has no future. So basically the conquests achieved by the grandfathers, were sold for a plate of lentles by the fathers, which has made the sons in trouble.

But don't get all excited, the euro is still strong against the dollar and the public deficit is still less than the US's. The major problem is that the economy doesn't grow, but what else was to be expected when the masters of business moved all the production overseas to China?

 

[Semper Fidelis]

I lol'd. Thanks.

What you lol’ing about? Hey why not change your avatar again? BTW you missed your voting day this week, or did you do an absentee vote?

I am thinking to invite all the political thread members to my party next month! What do you think? I am guessing Scott will really enjoy it but redtreviso will probably hate it! Considering it will be at a Craft Brewery.

 

[Semper Fidelis]

LOL. That would cost jobs.

BTW, is Norquist gay? He talks like he has a roll of quarters stuck in his ***.

Yeah you can't do that because then the rich will cut jobs! What are y'all thinking?

BTW no idea about the quarters.

 

[Cobblestones]

Goes to show you what staying the course of neoliberalism first under the leadership of Regan and secondly under Thatcher in the 80's has done to the social-democracies of the Continent, which is a crime.

Amazing how those that triumphed and brought us to the disaster are the ones now telling us we have to shape up. In Italy's case the Berlusconi era and his cronies have told Italians for 20 years that neoliberalism was the way to go, that an economy of finance is better than one of work and production. That incompetece is better than competence.

In the meantime the young generation has no future. So basically the conquests achieved by the grandfathers, were sold for a plate of lentles by the fathers, which has made the sons in trouble.

But don't get all excited, the euro is still strong against the dollar and the public deficit is still less than the US's. The major problem is that the economy doesn't grow, but what else was to be expected when the masters of business moved all the production overseas to China?

That's precisely it. The austerity measures in Greece and other places is shrinking their economies to the brink of collapse.

By the way, the Italian debt crisis is greatly exaggerated. Although the interest rates are high now, there's relatively little debt which needs to be refinanced. Even if the 7% level continues for several years, the average interest rate the Italian government has to pay on all their debt will be below what it was 10 years ago. The total amount of public and private debt in relation to the GDP is also much smaller than in the case of the US, UK, Japan etc.

This whole 'debt crisis' in in fact a joke. Large financial institutions simply don't know what they're doing. Case in point, the S&P oops moment with regard to France.

 

[ChrisE]

What you lol’ing about? Hey why not change your avatar again? BTW you missed your voting day this week, or did you do an absentee vote?

I am thinking to invite all the political thread members to my party next month! What do you think? I am guessing Scott will really enjoy it but redtreviso will probably hate it! Considering it will be at a Craft Brewery.

Don't invite scott. I think he would try to kick my azz.

 

[VeloCity]

Funny, I was watching TV this morning and Grover Norquist was on. He said polls show Americans do not want what your poll is saying.

What was that famous quote from the Bush years? "We create our own reality" or something along those lines? I think it might have been Karl Rove who said that, actually, but could've been someone else. Anyway, Grover is one of those who very much likes to create his own reality, as does Mitch McConnell:

http://www.washingtonmonthly.com/political-animal/2011_11/explaining_to_mitch_mcconnell033431.php

 

[redtreviso]

I am thinking to invite all the political thread members to my party next month! What do you think? I am guessing Scott will really enjoy it but redtreviso will probably hate it! Considering it will be at a Craft Brewery.

The smell of beer nauseates me.. Jax Brewery, rotten garbage, horse manure, vomit, urine, spilled beer, street sweepers.

 

[ChrisE]

What was that famous quote from the Bush years? "We create our own reality" or something along those lines? I think it might have been Karl Rove who said that, actually, but could've been someone else. Anyway, Grover is one of those who very much likes to create his own reality, as does Mitch McConnell:

http://www.washingtonmonthly.com/political-animal/2011_11/explaining_to_mitch_mcconnell033431.php

It's easy to create your own reality when all there is to keep you in check is a corporate owned press full of whoring stenographers and teleprompter readers.

 

[Semper Fidelis]

The smell of beer nauseates me.. Jax Brewery, rotten garbage, horse manure, vomit, urine, spilled beer, street sweepers.

Jax Brewery is the best! To bad it is now a HardRock cafe and other retail shops.

street sweepers and a lucky dog ..come on man ...you can not get with that?

 

[patricknd]

LOL. That would cost jobs.

BTW, is Norquist gay? He talks like he has a roll of quarters stuck in his ***.

maybe he's doing laundry later and his pockets are full

 

[redtreviso]

Does anyone know if scott has friends from Coeur D'Alene that drive a Honda?

 

[Anonymous]

Does anyone know if scott has friends from Coeur D'Alene that drive a Honda?

Nope. I'm actually in SoCal and have no ties to Idaho.

But maybe you have some gun toting friends at OWS in Oakland?

 

[blutto]

...could be a $****/joke?...could be real...either way, reach for some Depends ( or functional equivalent ) because you are going to pi$$ your pants...unless you are one of those guys ( you know, the guys who are ever so slightly right of Atilla the Hun ) and you will be either really embarrassed or you will have a major raging woody and will immediately need some time alone to...errr...contemplate the situation...

http://www.youtube.com/watch?v=W9joQr4Tsk4

Cheers

blutto