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The Dems wake up and smell the coffee

TPM reports that the Democrats in Congress may be coming to the conclusion that the Republicans have no interest in fixing the economy. Excuse me, but if they’re just beginning to tumble to this now, then we have some seriously dim-witted people in the House and Senate. This has been official Republican policy, announced by party leader Rush Limbaugh himself, since the very first day of the Obama Administration. There is something almost surreal about this, and yet it seems to reflect the reality. On the one side you have a party that is completely dominated by, and populated (at least in Congress) by cynics that are perfectly willing to destroy the country and the economy in order to get and keep power. On the other side you have a party that appears to consist entirely of Charley Browns, who can’t believe, in the face of massive evidence to the contrary, that the next time John Boehner or Mitch McConnell won’t snatch the football. A work of fiction based on that premise would be considered too unrealistic to publish.

Of course, it’s always possible that the Democrats have known what the Republicans were doing all along, and played their roles in order to make it seem like there was an actual competitive political process out there and that it was not preordained that we would be handed over to our Galtian overlords. Some might argue that this account makes more sense. After all, the idea that the entire Democratic caucus is composed of very naïve and very stupid people seems farfetched. It doesn’t seem plausible that people with such characteristics could be successful enough politicians to get to the high offices that these folks occupy. And yet, there they are. We must accept that they are as easily deluded as the Penzance Pirates, or we must believe that they have no interest in stopping the Republicans. And that would be unduly cynical, wouldn’t it?

Another voice crying out in the wilderness

Must reading. A big time bond trader says the emphasis on short term deficit cutting is suidical.

Our learn-nothing leaders, both the Republicans who are trying to destroy the economy (anything to destroy the Kenyan Marxist) and the Democrats, who always seem to accept the Republican frame, have ignored guys like Krugman and Baker, who have been pretty much right about everything. They have preferred to listen to the people who got us into this mess, and who remain clueless about how to get us out. Maybe when a rich guy speaks, they’ll listen.

Somehow, I doubt it.


We saw this coming

Steve Benen points out that the Republican’s obstruction of President Obama is unprecedented, particularly in the area of presidential appointments, as the Republicans have basically announced that in many instances, they will not allow a vote on any of Obama’s nominees, no matter who they might be.

This is truly outrageous. But we must not forget that it was entirely predictable; that the Senate Democrats had the procedural tools to do something about it at the beginning of the session; but that neither they nor Obama made any real push for rule changes, either substantively or rhetorically. The Republicans are fully aware that no matter what they do, the Democrats will not have the spine to oppose them.

Yet…, mark my words, should disaster strike in 2012 or in 2016 and the Republicans take over all three branches, they will effectively end the filibuster in a blink of an eye if it suits their purposes. Bizarrely, this is a party that controls only one house of Congress, yet it smells political blood despite the fact that it is busy openly conspiring to destroy a wildly popular middle class benefit. If they have majorities of one in both houses they will push through whatever they want, and no Democrat will be able to stop them.

Judge Thomas’s generous friends

I’ll have to admit that I didn’t make it all the way through the article in the Times to which this post refers. It’s yet another story about the ethical blindness of Clarence Thomas. The story concerns the largesse shown by right wing millionaire Harlan Crow to Thomas. My overall impression is that his friend is just paying him to be a good little judgie, and that you couldn’t prove a quid pro quo:

The two men met in the mid-1990s, a few years after Justice Thomas joined the court. Since then, Mr. Crow has done many favors for the justice and his wife, Virginia, helping finance a Savannah library project dedicated to Justice Thomas, presenting him with a Bible that belonged to Frederick Douglass and reportedly providing $500,000 for Ms. Thomas to start a Tea Party-related group. They have also spent time together at gatherings of prominent Republicans and businesspeople at Mr. Crow’s Adirondacks estate and his camp in East Texas.

This won’t bring Thomas down, just as his more obvious problem with his financial disclosures will not bring him down. It’s always okay if you’re a Republican. But I do know this: Poor Frederick Douglass must want his bible back. Thomas must be a highly deluded man if he identifies with Douglass.

Street art

This link was passed on to my wife by an old friend. Well worth a few minutes of your time. Makes you realize how much creativity is out there. Maybe there’s hope after all.

Some commenters on the site suspect that some of the pictures were photoshopped. Most of them look genuine to me.

Friday Night Music

This one is the fruits of free association. I suppose this is sort of a 60s cliche, but I still love the song, and these group songfests are always fun. The main players here are Paul McCartney, Joe Cocker, Eric Clapton, Brian Wilson, and Rod Stewart, but if you’re an aficionado, you’ll be able to spot a lot of other stars, both mega and minor.

This video is from 2002, and if you watch carefully I believe you’ll see a short glimpse of Tony Blair, who at or around that time was proving that the song’s premise was, unfortunately, not quite true.


There they go again

From Pro Publica:

There are yet more delays in implementing financial reform. The Commodity Futures Trading Commission has said it needs extra time to write a set of derivatives rules required by Dodd-Frank, and others that were scheduled to go into effect automatically next month may be deferred until the end of the year—leaving the multitrillion-dollar market mostly unregulated for the time being. The agency is meeting today to hammer out the details of the delay.

The commission’s chairman, Gary Gensler, said the extra time could be considered “some interim relief” for Wall Street. He’s also said in recent days that volatile commodities prices and speculation in the commodities market show that new derivatives rules are needed.

The CFTC isn’t the only one falling behind on derivatives rules. Securities and Exchange Commission—which is tasked with writing rules for a category of security-based derivatives—has said that it will also be delaying them and providing some “temporary relief.” The Washington Post noted that the SEC has yet to draft some of its rules.

And there’s also this: Opponents to financial reform are still trying to repeal the bill or roll back key parts of it.

Well, Dodd-Franks wasn’t much, but it was something. Here we have absolute proof, if any were needed, that there is no constant direction in history. During the Great Depression we at least recognized the source of the problem and dealt with it, and until the banksters managed to unravel the regulations in the nineties, the solutions largely worked. This time around we made no serious attempt to do anything, and the fix is clearly in on the one half hearted attempt we did make. The Republicans are, of course, leading the way, but the Democrats are more than happy to follow.

Part of this can be assigned to bad timing. FDR came in several years after the shit hit the fan; nothing had been done and he had no fingerprints on what came before. Obama would have been better off had Bush’s depression been a year old instead of only a few months. He would have had more wind at his back to do something meaningful, though, given Tim Geithner, it’s debatable whether he would have been interested All that being said, there was no enthusiasm anywhere for putting the bankers in their places. We are, therefore, doomed to repeat this little piece of history, if we ever manage to restore the economy to the point where it’s worth destroying again.

Nice to know, too, that the bankers and speculators will be getting some “temporary relief”. How about the unemployed?


Glad I didn’t join

I am, I confess, chronologically eligible to join AARP, though I haven’t done so. I hold grudges, and I haven’t forgiven them for their position on the drug benefit and Medicare Advantage. Plus, I can’t face up to being old.

Anyway, my obstinacy may be vindicated, if it’s true that AARP’s about to announce a receptivity to cutting Social Security benefits.

Never trust a “public interest” group that would hire a Republican to lead it.


The FBI has better things to do than investigate Wall Street

It appears from this article in the Times that the FBI has its sights set on Lance Armstrong, and will not stop until they get him, no matter how much it costs the taxpayers and no matter how trivial the offense. I hold no brief for Armstrong, but there is something unseemly about the top law enforcement agency in the country targeting an individual and, Ken Starr-like, relentlessly investigating until they find something to charge him with. Even Javert confined himself to chasing a guy who had already been convicted.

I’d feel a bit better about this if they were as implacable about going after the criminals that cause real harm. We all know in our guts (the same place the FBI knows about Armstrong, judging by the indication that they’re trying to gin up a witness tampering charge) that the bankers and the hedge fund guys were engaging in criminal acts—hyper-organized crime if you will. Putting Armstrong away won’t accomplish much, but I’m sure that if a couple of the big boys, rather than the peripheral players, went to jail, we might see a bit better behavior from the plutocrats. We might even avoid the next recession. A little implacability in pursuit of those criminals would be appreciated.

Batting .250

I’ve read at least 25 of them. A few I think I read in college, but can’t remember for sure, so I’m not counting them. Of course these lists are pretty subjective.