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Still worth signing, but where’s their priorities?

Saturday, July 28, 2012

Okay, I signed the Daily Kos open letter to the people of Britain, which you can read and sign here. I mean, why not? Anything that might conceivably hurt Romney is worth doing. But I must take issue with this part of the letter:

Additionally, we do not share the opinion which Romney expressed in his 2010 book, No Apologies, that “England [sic] is just a small island,” and that “with few exceptions, it doesn’t make things that people in the rest of the world want to buy.” Please continue sending us your many wonderful products, especially the upcoming third season of Downton Abbey.

Now, I like Downton Abbey as much as the next guy, but what were they thinking? We can live without Downton Abbey if need be, but Doctor Who is another matter.

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Friday Night Music

Friday, July 27, 2012

I sort of wracked my brain trying to think of a song about someone (think Romney) who keeps putting his foot in his mouth, but couldn’t come up with anything, but I finally found this, which is somewhat apropos. The fact that the first comment on youtube was to the effect that it would be a perfect song for the Romney campaign clinched the deal.

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Hey Paul, over here!

Wednesday, July 25, 2012

Paul Krugman, perceptive as always:

Just a quick note: one thing I don’t think has been sufficiently emphasized as we stare a euro disaster in the face is the amount of damage this will do to the overall European political landscape. Across most of the periphery, both sides of the usual political divide have been roped into the policies of austerity and internal devaluation — sometimes in governments of national unity, sometimes with normal party rule but with both parties following much the same line.

So if the policies fail disastrously, which is getting close to a certainty, the effect is to discredit the entire political center, leaving radicals right and left as the only people who aren’t tainted.

It’s hard to know how this ends. But Europe a few years now may be a very different place from the nice alliance of democratic nations we all know and love.

(via New York Times Blogs)

Well, it hasn’t been sufficiently emphasized, but it was emphasized here.

Update: link fixed, thanks Fred.

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One small part of the Romney Plan

Monday, July 23, 2012

They truly have no shame:

Over a four years period from 2008 to 2011, Corning Inc. was one of 26 companies that managed to avoid paying any American income taxes, even though it earned nearly $3 billion during that time. In fact, according to Citizens For Tax Justice, the company received a $4 million refund from 2008 to 2010. That didn’t stop Susan Ford, a senior executive at the company, from telling the House Ways and Means Committee this week that America’s high corporate tax rate was putting her company at a disadvantage:

American manufacturers are at a distinct disadvantage to competitors headquartered in other countries. Specifically, foreign manufacturers uniformly face a lower corporate tax rate than U.S. manufacturers, and virtually all operate under territorial systems which encourage investment both abroad and at home.

Ford told the committee that Corning paid an effective tax rate of 36 percent in 2011, but as CTJ notes, she is counting taxes on profits earned overseas that haven’t yet been paid and won’t be unless the company decides to bring the money back to the United States. Corning’s actual tax rate in 2011, according to CTJ’s analysis, was actually negative 0.2 percent.

(via Thinkprogress)

I wrote about this newest tax meme being spread by the right a few days ago. Once again, they’ll not stop until they get what they want and once again, it’s a tax plan designed to move money upward . It would bring us into line with a number of other countries, which only tax corporate profits earned within their borders. Except it wouldn't really, because it lacks the safeguards other countries have implemented to prevent tax avoidance. Naturally, it's a centerpiece of Romney’s tax plan. The US does, in fact, have a high nominal corporate tax rate. But, in typical American fashion, it has a low effective corporate tax rate (as the Corning example proves) by dint of the generous loopholes that corporations are able to buy so cheaply from Congress. It’s actually quite convenient for them, as it gives them something about which they can endlessly complain, secure in the knowledge that the corporate media will never bother to call them out about it, giving them cover from within which they can lobby for ever more ways to shift their low remaining real tax burden to the American people.

 

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Friday Night Music-Romney’s Song

Friday, July 20, 2012

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The Future of Education?

Thursday, July 19, 2012

Kevin Carey of the Washington Monthly suggests that it's time to rehabilitate an age old educational scam:

Deep in the recesses of my spam filter, among phishing lures and ads for unregulated “enhancing” pharmaceuticals, vaguely named online universities occasionally promise to transform my valuable personal and professional accomplishments into a convenient and inexpensive college degree. The pitch has been around for decades, quickly migrating from one form of cheap, marginal media—matchbook covers, the back pages of men’s magazines—to another. “Credit for life experience” is well-understood shorthand for “sketchy diploma mill that could get you fired from a real job in twenty years if you’re not careful.”

It may also be a great idea whose time has finally come.

The U.S. economy desperately needs more Americans with college credentials: by 2018, more than 60 percent of U.S. job openings will require some form of post-secondary education, according to the Georgetown University Center on Education and the Workforce. Unfortunately, our existing system of colleges and universities doesn’t appear up to the challenge. …

…

Which is why more people are starting to ask: Is there a way to get students legitimate college credit without the college itself?

Enter “credit for life experience,” or, to use the currently popular phrase, “prior learning assessment.” Legitimate organizations are increasingly offering innovative ways of assessing the skills and knowledge that prospective students, especially working adults, already have between their ears—the human capital they’ve accumulated though past schooling, work experience, or independent study—and building on this preexisting knowledge base with carefully tailored coursework.

(via The Washington Monthly)

What this represents is an abdication of our responsibility to provide an education for our young people. This sort of thinking represents a lot of what is wrong with so-called progressives. The right-wing demands, and when it doesn't get its way, it continues to demand until gradually, and lately inevitably, it gets its way. One of those demands is the destruction of public education, and slowly but surely that is happening. Too many of us, on the other hand, see such changes taking place, and rather than demand, as we should, that the cost of education be borne by all, we seek to accommodate by buying into proposals like this that, no matter how well intentioned, will inevitably further widen the distance between the elite and the masses. One system of education for our masters, one for the rest of us. (The article actually speaks approvingly of degrees conferred by Wal-Mart on its employees: “The process will include granting credit for work experience and on-the-job training earned in various Wal-Mart job categories”.)

Another point: There is a distinction between education and training. That is not to denigrate training, but it does not confer the tools one needs to think critically, and that is the area in which Americans are woefully deficient. Education should be about more than job skills, the process should create thinking citizens. If we thought critically, we’d be voting right, and we wouldn’t need degrees for life experience, because we would not have allowed the conditions to develop that seem to justify them. We would have, as we once did, free or cheap public universities, with a middle class that can afford to pay what should be reasonable education costs. We don’t have that anymore, and this proposal assumes we never will. It’s an abject surrender to the right wing. I’d rather go down fighting.

 

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An alternate theory

Wednesday, July 18, 2012

New London’s own Joshua Green speculates that Romney may have paid no taxes in 2009, thus the argument that he need only disclose back to 2010:

The “zero tax in 2009” theory—again, this is sheer speculation—gains further sustenance when you consider it’s the only year for which nobody knows anything about Romney’s taxes. He’s revealed what’s in his 2010 and 2011 returns, and he reportedly submitted 20-some years’ worth of returns to the McCain campaign when he was being vetted for vice president in 2008. Steve Schmidt, McCain’s chief strategist in that campaign, said on MSNBC last night that while he didn’t examine Romney’s returns himself, nothing that McCain’s vetters found in them disqualified Romney from consideration.

That would indicate that 2009 is singularly important and, if there’s anything to this theory, incredibly vexing for Romney because there’s no way he could release additional returns without including that year. And the chaos that would ensue would be bad enough that it’s probably worth enduring significant damage to avoid.

(via Businessweek)

The theory may be true, but I wouldn’t take Schmidt’s statement to the bank. My guess would be that they never seriously thought about Romney and were just vetting him for appearances sake. After all, everyone who has ever run against him thinks he’s an asshole, and McCain is likely no exception. So, faced with the prospect of reviewing hundreds to thousands of pages of returns they couldn’t understand anyway, for a guy they had no intention of choosing, they probably just punted and went with the obvious choice: Sarah Palin. Which, by the way, proves just how penetrating their vetting process was.

 

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Mitt’s plans

Tuesday, July 17, 2012

I understand that focus groups have refused to believe that anyone running for president would actually take the positions that Romney has taken. That’s one of the reasons, of course, that Republicans (e.g., Linda McMahon) try so hard not to tell anyone what they will do if elected. Better to spout banal talking points. But I digress. I doubt that the group was even told about this, but I’m fairly certain they would not have believed it had they heard it:

The plan Romney has endorsed would change the US tax system to one of territorial taxation. That means that foreign income from US multinationals would be exempt from US taxation. While this seems intuitive, it would turn every country in the world into a foreign tax haven, and encourage US companies to book profits abroad and abandon the US. As Clausing says, this is justified with a bit of legerdemain:

Advocates of a territorial system argue that because many of our trading partners have moved to a territorial system, we need to follow if our multinational corporations are to remain competitive. Yet most countries with territorial systems have hybrid versions of territoriality that are far different from the version being suggested for the United States. Those hybrid systems include tough antiabuse provisions that discourage the shifting of income and employment to low-tax havens; the result is often a higher tax on foreign income than applies in the United States.

In other words, you can move to territorial taxation with these other controls and discouragements; but that’s not the plan on offer. Instead, the plan is to turn loopholes into freeways for Mack trucks. In fact, other countries’ territorial taxation regimes typically tax profits from tax havens which offer drastically lower tax rates.

(via FDL News Desk)

The idea, of course is to create a world where no corporation goes taxed. Now, the Romneybots justify this by arguing, as noted above, that we really must keep up with the rest of the world, except, it need hardly be said and therefore it is not, for those antiabuse provisions which smack of regulation. Among other things, it’s funny how we are often advised to follow foreign examples, except in those cases, such as health care, in which doing so would benefit the common person. Then, the USA is number one by definition, and following the example of the foreigner is unpatriotic.

 

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All Good Questions

Monday, July 16, 2012

TJ Walker, described as a subscriber to Forbes, has penned 35 questions that Mitt Romney should (and never will) answer about his years at Bain. As a sample, here’s five through seven (I especially like seven)

    5. You earned at least $100,000 as an executive from Bain in 2001 and 2002, separate from investment earnings according to filings with State of Massachusetts. Can you give an example of anyone else you personally know getting a six figure income, not dividend or investment return, but actual income, from a company they had nothing to do with?

    6. What did you do for this $100,000 salary you earned from Bain in both 2000 and 2001?

    7. If you did nothing to earn this salary, did the Bain managers violate their fiduciary duty by paying you a salary for no discernible reason?

(via Forbes) (via Buzzflash)

The rest are well worth reading. Good for Obama for keeping up the pounding and not letting the serious people stop him.

 

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Our psychopathic overlords

Monday, July 16, 2012

Barry Ritholz devotes a long post to proving something we all know intuitively, that many Wall Streeters and politicians, are psychopaths:

According to psychologists and sociologists – many on Wall Street and D.C. are not like you and me. They are literally psychopaths.

Reuters reported Tuesday:

In a survey of 500 senior executives in the United States and the UK, 26 percent of respondents said they had observed or had firsthand knowledge of wrongdoing in the workplace, while 24 percent said they believed financial services professionals may need to engage in unethical or illegal conduct to be successful.

Sixteen percent of respondents said they would commit insider trading if they could get away with it, according to Labaton Sucharow. And 30 percent said their compensation plans created pressure to compromise ethical standards or violate the law.

A number of commentators think the numbers are low, because of self-reporting. For example, Richard Eskow writes:

I discussed the survey with a few other people familiar with the banking industry, and they had the same reaction I did: If anything, those numbers sound low. That makes sense. Admitting your criminal inclinations to a total stranger isn’t as easy as telling a them your favorite color or what kind of music you like.

(via The Big Picture)

Apparently, some of our overlords actively recruit psychopaths, which makes a weird kind of sense. They are ideally suited to the pursuit of money no matter the cost to other humans.

As with the bankers, the political culture is now such that being a psychopath is practically a requirement of the job, though I would argue it’s for slightly different reasons. Who else would endure the slings and arrows of modern day politics, in which anyone who has a shred of decency is inevitably exposed to endless and baseless attacks? Only a small number of otherwise normal people can absorb that sort of punishment and remain decent. Psychopaths, on the other hand, can not only absorb it, they almost glory in it, so they can survive and thrive in today’s political climate. And, of course, they are willing to do anything it takes to win, having neither empathy, conscience, or principles. The Democrats have their share of these folks, but their natural homeland is the Republican party, which has long since expelled any politician with a particle of integrity. While this process has been going on, the American people have been trained to expect their politicians to be psychopaths. They expect nothing more, and rarely get it. The reaction of the nation to Watergate now seems almost quaint. Similar crimes were committed almost non-stop in the Bush years, and no doubt Obama has committed his share, but no one would dream of impeaching a president for those kinds of crimes. If Obama is ever impeached, and it may happen if the Republicans gain control of the Senate, it will be for crimes that can be perceived only in the fevered brows of the psychopaths who will be doing the impeaching.

 

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