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March 14, 2008

Barbara Ehrenreich: The Fall of the American Consumer

Filed under: Commentary — Volt @ 7:07 am

Barbara Ehrenreich, The Nation, March 11, 2008

How much lower can consumer spending go? The malls are like mausoleums, retail clerks are getting laid off and AOL recently featured on its welcome page the story of a man so cheap that he recycles his dental floss–hanging it from a nail in his garage until it dries out.

It could go a lot lower of course. This guy could start saving the little morsels he flosses out and boil them up to augment the children’s breakfast gruel. Already, as the recession or whatever it is closes in, people have stopped buying homes and cars and cut way back on restaurant meals. They don’t have the money; they don’t have the credit; and increasingly they’re finding that no one wants their money anyway. NPR reported on February 28 that more and more Manhattan stores are accepting Euros and at least one has gone Euros-only.

The Sharper Image has declared bankruptcy and is closing ninety-six US stores. (To think I missed my chance to buy those headphones that treat you to forest sounds while massaging your temples!) Victoria’s Secret is so desperate that it’s adding fabric to its undergarments. Starbucks had no sooner taken time off to teach its baristas how to make coffee than it started laying them off.

While Americans search for interview outfits in consignment stores and switch from Whole Foods to Wal-Mart for sustenance, the world watches tremulously. The Australian Courier-Mail, for example, warns of an economic “pandemic” if Americans cut back any further, since we are responsible for $9 trillion a year in spending, compared to a puny $1 trillion for the one billion-strong Chinese. Yes, we have been the world’s designated shoppers, and, if we fall down on the job, we take the global economy with us.

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Paul Krugman: Betting the Bank

Filed under: Commentary — Tags: , , , , , , — Volt @ 1:09 am

Paul Krugman, The New York Times, March 14, 2008

Four years ago, an academic economist named Ben Bernanke co-authored a technical paper that could have been titled “Things the Federal Reserve Might Try if It’s Desperate” — although that may not have been obvious from its actual title, “Monetary Policy Alternatives at the Zero Bound: An Empirical Investigation.”

Today, the Fed is indeed desperate, and Mr. Bernanke, as its chairman, is putting some of the paper’s suggestions into effect. Unfortunately, however, the Bernanke Fed’s actions — even though they’re unprecedented in their scope — probably won’t be enough to halt the economy’s downward spiral.

And if I’m right about that, there’s another implication: the ugly economics of the financial crisis will soon create some ugly politics, too.

To understand what’s going on, you have to know a bit about how monetary policy usually operates.

The Fed’s economic power rests on the fact that it’s the only institution with the right to add to the “monetary base”: pieces of green paper bearing portraits of dead presidents, plus deposits that private banks hold at the Fed and can convert into green paper at will.

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March 13, 2008

Maureen Dowd: Ways of the Wayward

Filed under: Commentary — Tags: , , , , — Volt @ 5:09 pm

Maureen Dowd, The New York Times, March 12, 2008

FAIRLESS HILLS, Pa.– Just when I thought my head would explode from trying to figure out delegate math, I’m hit with call-girl math.

The arithmetic of procuring a prostitute who is both experienced and inspirational is even more complicated than the arithmetic of procuring a president who is both experienced and inspirational.

If you’re a frugal governor who doesn’t even like paying his political consultant bills, as opposed to an Arab sheik or a Vegas high roller, do you really need to shell out $4,300, plus minibar expenses, to a shell company for two hours with a shady lady? Aren’t there cheaper hooker hook-ups on Craigslist? It makes you wonder how sharp Eliot Spitzer’s pencil was on the state’s fiscal discipline.

And how does it add up that Steamroller No. 1 suddenly morphs into Client No. 9, a nom d’amour with the ring of an overpriced Gucci cologne for men, giving untold thousands for untold years to a prostitution ring that has hourly rates based on rating its girls on a diamond scale of 1 to 7, with 7 being $3,100, and above 7 in a special club for $5,500 and up?

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Froma Harrop: Give Spitzer Credit for Targeting Bad Guys

Filed under: Commentary — Tags: , , , — Volt @ 4:42 pm

Froma Harrop, The Houston Chronicle, March 12, 2008

A few good words for Eliot Spitzer. The resigned New York governor could be brutish, vindictive and, when it comes to sexual rectitude, a grand hypocrite. But in going after the depredations of Wall Street, subprime lenders and corporate looters, he was a rare crusader.

In its duty to regulate financial activity, the Bush administration has committed gross negligence. The result — a plunging dollar, terrified credit markets, mass home foreclosures — is a national humiliation on par with Mrs. Spitzer’s personal one.

Spitzer railed against the excesses as well as outright fraud. It’s true that many liberal politicians have stepped forward to condemn abusive loans peddled to the unsophisticated and the ludicrous pay bundles of CEOs. But Spitzer, rich himself, was a Democrat representing the Empire State, whose economy benefits from a lively Wall Street casino. He was thus going after members of his better-heeled constituency.

It was Spitzer who blasted the Bush administration for actually stopping states from passing their own laws against predatory lending. Mortgage companies, he recently wrote in The Wall Street Journal, were “making loans without regard to consumers’ ability to repay, making loans with deceptive ‘teaser’ rates that later ballooned astronomically, packing loans with undisclosed charges and fees or even paying illegal kickbacks.”

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The Tattlesnake – The Media Monsters in a Box for John McCain Edition

Filed under: Commentary,Opinion — Tags: , , , — RS Janes @ 4:37 pm

“A propaganda model focuses on this inequality of wealth and power and its multilevel effects on mass-media interests and choices. It traces the routes by which money and power are able to filter out the news fit to print, marginalize dissent, and allow the government and dominant private interests to get their messages across to the public. The essential ingredients of our propaganda model, or set of news ‘filters,’ fall under the following headings: (1) the size, concentrated ownership, owner wealth, and profit orientation of the dominant mass-media firms; (2) advertising as the primary income source of the mass media; (3) the reliance of the media on information provided by government, business, and ‘experts’ funded and approved by these primary sources and agents of power; (4) ‘flak’ as a means of disciplining the media; and (5) ‘anticommunism’ [or 'anti-terrorism'] as a national religion and control mechanism. These elements interact with and reinforce one another. The raw material of news must pass through successive filters, leaving only the cleansed residue fit to print. They fix the premises of discourse and interpretation, and the definition of what is newsworthy in the first place, and they explain the basis and operations of what amount to propaganda campaigns.”
– Noam Chomsky and Edward S. Herman, “Manufacturing Consent,” Pantheon Books, 1988.

A barely awake Tattlesnake caught Time’s Ana Marie Cox on Col. Howie Kurtz’s “Reliable Sources” (CNN) on March 9, gassing about the importance of access to politicians and maintaining a career rather than informing the public as the US journalists’ main job. Then there was the now-fired Tucker Carlson grilling Scottish journalist Gerry Peev who printed Obama aide Samantha Powers’ remark that Hillary was ‘monster’ even though Powers asked, right after she said it, that it be off the record. Carlson, as noted in this excellent article by Glenn Greenwald at Salon.com,”Tucker Carlson Unintentionally Reveals The Role of The American Press,” seemed to also believe that the role of an American journalist is to protect their lines of access to the movers and shakers at the expense of letting the public know what they are really like, not that Tucker would qualify as a real journalist in anyone’s mind but his own.

This all smacks of so much EST-driven, psychobabble-laden, Outward Boundish, Bonfire-of-the-Vanities-Masters-of-the-Universe “I’m an asshole and proud of it!” yuppie doodah that it makes your Tattler slightly ill. Who but a yuppie idiot would think their ‘career in journalism’ was more important than the public’s right to know – I mean aside from their yuppie publishers, program directors, editors, and other executive suite backwash?

And now we have the media boys (and girls) on the bus unabashedly playing footsie with John McCain because – gasp! – he talks to them like normal human beings! In return, the media darlings have been covering up, diminishing, or glossing over McCain’s temper tantrums, flip-flops, and blatant lies. Notice that no one called him to task for wholeheartedly accepting the recent endorsement of a Rapture-Ready neocon Christian goofball like John Hagee, while Barack Obama receiving the unwanted nod from religious nutcase Louis Farrakhan was chewed over endlessly.

So, it’s no secret that the US Big Media has a kissy-face love affair with the current Republican candidate for president — they all seem to be fighting to see how far to the bottom of the tank they can sink for their straight-talking war hero, as this wincing exchange between NBC’s Chris Matthews and Brian Williams when President Junior endorsed McCain last week elucidates (h/t to Media Matters). Warning: Swallow your coffee before you read this next part:

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March 12, 2008

Robert Scheer: Spitzer’s Shame Is Wall Street’s Gain

Filed under: Commentary — Tags: , , , , — Volt @ 2:13 pm

Robert Scheer, TruthDig, March 12, 2008

Tell me again: Why should we get all worked up over the revelation that the New York governor paid for sex? Will it bring back to life the eight U.S. soldiers killed in Iraq that same day in a war that makes no sense and has cost this nation trillions in future debt? Will it save those millions of homes that hardworking folks all over the country are losing because of financial industry shenanigans that Eliot Spitzer, as much as anyone, attempted to halt? Perhaps it provides some insight into why oil has risen to $108 a barrel, benefiting most of all the oil sheiks whom our taxpayer-supported military has kept in power?

Sure, the guy, by his own admission, is quite pathetic in all those small, squirrelly ways that have messed up the lives of other grand public figures before him, but why is an all-too-human sin, amply predicted in early Scripture, getting all this incredible media play as some sort of shocking event? The answer is that, while having precious little to do with serious corruption in public life, it does have a great deal to do with stoking flagging newspaper sales and television ratings.

The sad truth is that reporting on major corruption, say, the rationalizations of a president who has authorized torture, doesn’t cut it as a marketing bonanza. Just days before this grand exposé, the president vetoed a bill banning torture, and instead of being greeted with horrified disgust, the president’s deep denigration of this nation’s presumed ideals was met with a vast public yawn. Torture, unlike paid sex, doesn’t have legs as a news story.

Sex sells, and frankly it would seem far more exploitative for the news media to pimp this tale to the public than anything that VIP escort service did with the pitiable governor. His behavior was not really any more wretched than messing around with a young and vulnerable White House intern who didn’t even get paid for her efforts, yet Bill Clinton survived that one, whereas Spitzer was presumed dead on the arrival of this “news.” The New York Times, which editorially has supported the candidacy of Hillary Clinton, whose vast White House experience clearly did not include corralling her husband, now editorializes contemptuously about Spitzer’s betrayal of the public trust as well as about his exploitation of his “ashen-faced” wife, who, like Hillary, stood by her man.

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David Sirota: The False Assumptions In the “Electability” Arguments

Filed under: Commentary — Tags: , , , , , — Volt @ 7:11 am

David Sirota, Credo Action, March 11, 2008

It seems the longer the presidential nominating contest goes on between Hillary Clinton and Barack Obama, the more idiotic the pontificating and candidate spinning – especially when it comes to the so-called “electability” argument.

The Clinton campaign, as exemplified by surrogate Gov. Ed Rendell (D-PA) this morning on Meet the Press when he said:

“She’s clearly the strongest candidate in the states that Democrats must win to have a chance. Look, it’s great that Barack Obama is doing wonderfully well in Wyoming and Utah and, and places like that, but there’s no chance we’re going to carry those states. Whether he gets 44 percent as opposed to 39 percent doesn’t matter, but we’re not going to carry those states. We do have a chance to carry the big four. We’ve got to in three of the big four. Hillary Clinton’s the strongest candidate to do that. That’s been proven by the voters in the–those states and hopefully by Pennsylvania as well.”

Let’s put aside the fact that the Clinton campaign is insulting the importance of a huge swath of the American heartland – a talking point that has been repeated throughout this campaign by Clinton surrogates. Let’s just take a look at the two questionable assumptions inherent in this “electability” claim.

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March 11, 2008

McCain’s Next Big Test: Economics 101

Filed under: Commentary — Tags: , , , , — Volt @ 4:17 pm

Jonathan Martin, Politico, March 11, 2008

When the February jobs report came out on Friday, economists grimaced and Wall Street blanched.

John McCain, however, said the news was “not terrible” – and Democrats pounced.

“Once again, John McCain demonstrated just how little he understands about the economy,” the Democratic National Committee declared in an e-mail to reporters.

McCain suffered in the Democratic translation of his remarks at a campaign stop in Georgia, as he had acknowledged the jobs news was “not good” and was not terrible only because the overall unemployment rate didn’t rise.

But the broadside was yet another example of what is already among the most popular lines of Democratic attack against McCain: that the Arizona senator lacks expertise on the economy and will be uniquely vulnerable on what is shaping up to be the overarching domestic issue of the campaign.

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The Tattlesnake – Fired Tuck Edition

Filed under: Commentary,Opinion — Tags: , , , , , , — RS Janes @ 6:11 am

Tucker Swanson McNear Carlson is not even a misbegotten American journalist’s idea of a journalist — it’s a laughable enigma how this spoiled son-of-privilege ever ended up on television pretending to be one. He’s as much a slab of tasteless turkey as any his relatives have ever slapped on an aluminum tray with lumpy gravy and called a meal, and his on-air snippy condescension, mixed with his sniggering crested-blazer boarding school style, added up to such a wince-inducing media presence that you have to wonder if his well-heeled family owns stock in the company. “Give my little nephew a job on your TV thingy.” “Sure thing! Does he have a bow-tie?”

Finally, after months of rumors, MSNBC cut the cord March 10 on Tucker’s daily hour-long Dork-a-thon, although the cable station has lamentably promised Carlson will continue to annoy viewers with his occasional political analysis – a sly short-pants conservative bookend to Pat Buchanan’s raspy ‘Incredible Shrinking White Man’ dementia.

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March 10, 2008

The Tattlesnake – Picking a President Test Edition

Filed under: Commentary,Opinion — RS Janes @ 6:29 pm

Think you can pick a good president from just a few personal traits, biased media blather and water-cooler gossip? Take the test.

Here are brief bios of three world leaders from the past; which one do you think would make the best president and commander-in-chief of the US today?

– Candidate A had little military or political experience; considered rough and unsophisticated, he was a trial lawyer frowned upon as a naïve ‘hick’ and criticized for telling inappropriate stories in times of crisis; some of those who served in his government viewed him as slow-witted, indecisive, weak-willed and not up to the task; he was loathed and belittled by many of the most prominent people in his country, and even by some of his own military commanders, and came close to losing a war in which his side had a strong advantage.

– Candidate B had no military experience; he drank too much, smoked heavily and repeatedly cheated on his wife; was accused of being a traitor; was ridiculed by the press that his actions could never match his soaring oratory; was hated by many respectable members of society in his time; made deals with despots; and he was charged with lying to his people on important matters of state.

– Candidate C was a decorated war hero who did not smoke nor drink, and those around him said he was very charming, humorous and personable; he loved children and animals; he was adored and even idolized by his people for his strength and leadership, and he rebuilt his nation from the ashes of a collapsed economy into a world-class industrial power.

So, which candidate would you pick for president?

Made your selection? Good. To find out who these candidates were, read on.

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Paul Krugman, The Face-Slap Theory

Filed under: Commentary — Tags: , , , , , — Volt @ 4:14 pm

Paul Krugman, The New York Times, March 10, 2008

Friday’s employment report — which was so weak that it had many economists declaring that we’re already in a recession — was bad news. But it was actually less disturbing than what’s going on in the financial markets.

The scariest thing I’ve read recently is a speech given last week by Tim Geithner, the president of the Federal Reserve Bank of New York. Mr. Geithner came as close as a Fed official can to saying that we’re in the midst of a financial meltdown.

To understand the gravity of the situation, you have to know what the Fed did last summer, and again last fall.

As late as August the favorite buzzword of financial officials was “contained”: problems in subprime mortgages, we were assured, wouldn’t spread to other financial markets or to the economy as a whole.

Soon afterward, however, a full-fledged financial panic began. Investors pulled hundreds of billions of dollars out of asset-backed commercial paper, a little-known but important market that has taken over a lot of the work banks used to do. This de facto bank run sent shock waves through the financial system.

The Fed responded by rushing money to banks, and markets partially calmed down, for a little while. But by December the panic was back.

Read More Here

March 9, 2008

House GOP Funk Worsens

Filed under: Commentary — Tags: , , , , , , — Volt @ 9:38 pm

 

John Bresnahan and Josh Kraushaar, Politico, March 9, 2008

For National Republican Congressional Committee Chairman Tom Cole (Okla.), every week seems to bring a new set of problems. On Saturday night, things got even worse.

With Democrat Bill Foster’s victory in the Illinois 14th District special election, Democrats now hold the seats occupied only 21 months ago by former Speaker Dennis Hastert (Ill.) and former House Majority Leader Tom DeLay (Texas) – the two GOP lawmakers who ran the House from 1998 to 2006.

Since September, Cole has faced a barrage of bad news:

* The NRCC lags behind the Democratic Congressional Campaign Committee by nearly $30 million in cash on hand.

* GOP House leadership endured an embarrassing scuffle when Minority Leader John Boehner (R-Ohio) tried to fire Cole’s top two staffers, during which Cole threatened to resign.

* There has been a wave of retirement announcements by veteran Republican lawmakers that will force the NRCC to defend what were once seen as safe GOP seats.

* Rep. Rick Renzi (R-Ariz.) was indicted on 35 federal corruption charges, which puts another Republican-controlled district in play.

* And the FBI continues its criminal investigation into a brewing accounting scandal that centers on the former NRCC treasurer’s activities.

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Maureen Dowd: The Monster Mash

Filed under: Commentary — Volt @ 9:49 am

Maureen Dowd, The New York Times, March 9, 2008

I was covered in barbecue sauce, somewhere over Texas, when Barack Obama loped down the aisle of the plane to chat with reporters.

I felt guilty, because I had been covering his speeches urging parents to make their kids give up chips and Popeyes. I hadn’t yet come to grips with the notion of giving up Popeyes when Obama — slender, chewing Nicorette and perfectly groomed in his crisp white shirt — came upon me. I was splattered with so much red sauce it could have been a scene from “Saw IV.” Not only on my face and hands but all over the candidate’s picture in the U.S. News & World Report I was reading.

“It’s on my ear,” he complained, looking down at the magazine.

Feeling cocky after 11 straight wins, he called me “MoDowd” and tweaked me for my many columns suggesting he would need to toughen up to beat the Clinton machine. “She’s trying to give me hair on my chest,” he said mockingly, plucking at his shirt.

After losing Texas, Ohio, Rhode Island and his mojo, and getting whipsawed around by Hillary and his own chuckleheaded coterie of advisers, he will now have to come to grips with something he has always skittered away from: You can’t be elected president unless you prove you’re tough.

Read More Here

March 7, 2008

E. J. Dionne Jr.: Rube Goldberg, Meet Rush Limbaugh

Filed under: Commentary — Tags: , , , — Volt @ 5:17 pm

E. J. Dionne, The Washington Post, March 7, 2008

There they go again. Democrats have contrived a nominating contest that even Rube Goldberg would have considered too convoluted, too dysfunctional and too improbable to name as his own.

The happiest people in the country right now are Hillary Clinton and Rush Limbaugh — Clinton because she has survived, and Limbaugh, because he’s eager for the contest to go on so Barack Obama can be “bloodied up.” Talk about a vast and unexpected conspiracy.

Oh, yes, and John McCain is chuckling, too. His obligatory meeting with President Bush on Wednesday produced videotape far more likely to be used by Democrats than by Republicans, given Bush’s standing as this era’s Herbert Hoover.

But the McCain news was eclipsed by stories about Democratic hand-wringing, learned explanations of the Democrats’ exquisitely intricate “nominating process” and speculation about what nasty things Obama would need to say about Clinton to counteract the nasty things she’s saying about him.

The quotation of the week came from Clinton adviser Harold Ickes. “Too much is yet unknown about Senator Obama,” he said during a campaign conference call on Wednesday. Now that raises fascinating philosophical issues we have not pondered since the philosopher Donald Rumsfeld instructed us that while there are “known knowns,” there are also “unknown unknowns,” those we “do not know we don’t know.”

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The Great Texas Dildo Wars of 2008

Filed under: Commentary — Tags: , , , , , — Volt @ 11:31 am

Amanda Marcotte, Pandagon, March 7, 2008

Editor’s Note: Visit the URL below to see a classic video essay on the current legal aspects of dildo possession and sale in the state of Texas.

Well, I celebrated too soon the new-found legality of female masturbation in Texas. One should never underestimate the lengths to which wingnuts will go to control female sexuality. The Texas attorney general Greg Abbott, who apparently has nothing better to do than to separate women from their dildos, has asked the 5th Circuit Court to rehear the sex toy case.

I’m trying to imagine the mindset of a man who doesn’t realize that when you try to take dildos away from women, basically everyone with a brain and/or a sense of humor is going to assume it’s because you’re afraid you can’t handle the competition.

But I am routinely reminded that we face opposition to sexual liberation, the most prominent face of which is the anti-abortion movement that protests clinics and waves bloody fetus signs from street corners. That movement is made up of people who claim to be in it not because they are misogynists who fear female sexuality, nor because they are control freaks who can’t stand the idea of someone else having fun. They are in it, they say, because they want to save the unborn babies.

Take, for example, their opposition to making emergency contraception available over the counter. For most of us, this one was a no-brainer: Better contraception access means fewer unintended pregnancies, which translates into fewer abortions. Over-the-counter emergency contraception, then, means the abortion rate goes down — and since fewer abortions means more “babies saved” in anti-choice-speak, “pro-life” people should embrace it, right?

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David Sirota: Hope in the Time of NAFTA

Filed under: Commentary — Tags: , , , , — Volt @ 11:06 am

David Sirota, TruthDig, March 6, 2008

Reading articles about Hillary Clinton attacking NAFTA can lead you to believe The Onion has taken over America’s news bureaus.

Clinton spent the last 10 years repeatedly praising the trade deal in speeches, most recently calling the job-killing accord “good for New York and America.” Yet, journalists barely mention that record as they transcribe her assertions that “I have been a critic of NAFTA from the very beginning.”

This week, such media negligence went from pathetic to absurd, as a CNN headline blared, “Clinton hammers Obama on NAFTA.” Political scribes breathlessly recounted how the New York senator criticized her opponent-a longtime NAFTA critic-over a thinly sourced television report claiming his adviser, economist Austan Goolsbee, told Canadian officials to not take the campaign’s anti-NAFTA platform seriously. Clinton said the uncorroborated allegations, seeded by Canada’s right-wing government, showed “the difference between talk and action.” Most journalists regurgitated her charges without noting the difference between Clinton’s new fair-trade talk and her decade-long pro-NAFTA actions (nor did they note that the same report said Clinton advisers also did what Goolsbee was accused of).

Of course, Bill Clinton signed NAFTA after pledging to oppose expanded cross-border trade until Mexican wages rose. So Hillary Clinton’s dishonesty, which sealed her Ohio primary win, is nothing new in politics.

What is new is the fact-free coverage. Whereas diligent reporting marked the original NAFTA debate, today’s media reduce trade discussions to vapid cartoons-ones so inane that a leading NAFTA booster is rewarded with glowing headlines for pretending she never supported the accord.

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