February 15, 2008
Paul Krugman: A Crisis of Faith
Paul Krugman, The New York Times, February 15, 2008
A decade ago, during the last global financial crisis, the word on everyone’s lips was “contagion.” Troubles that began in a far-away country of which most people knew nothing (Thailand) eventually spread to much bigger countries with no obvious connection to Southeast Asia, like Russia and Brazil.
Today, we’re witnessing another kind of contagion, not so much across countries as across markets. Troubles that began a little over a year ago in an obscure corner of the financial system, BBB-minus subprime-mortgage-backed securities, have spread to corporate bonds, auto loans, credit cards and now — the latest casualty — student loans.
Indeed, this week the state of Michigan suspended a major student-loan program because of the sudden collapse of another $300 billion market you’ve never heard of, the market for auction-rate securities.
Why has a crisis that began with loans to a limited group of home buyers ended up disrupting so much of the financial system? Because, ultimately, it’s more than a subprime crisis; indeed, it’s more than a housing crisis. It’s a crisis of faith.
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The Tattlesnake – Voices from the Alternative Neocon Universe Edition
So you’re going along having a nice conversation with someone who appears to be rational and suddenly out of the blue they drop some weird, off-the-wall jingoistic or religious tripe on you. I try to ask the person, as reasonably as possible, after dusting off my flabbergasted jaw, why they think this way; here are a few examples of the answers I’ve gotten:
There was the Nice Guy Christian who once told me seriously that Jesus approved of the death penalty. Really? Where did you get that notion? “Look at the way he died.” (Yes, quite an endorsement.) Oh, and he also reminded me that Jesus never intended the ‘turn the other cheek, forgive your enemies’ thing to apply to nations, just individuals. (How convenient for the pious Bush Empire.) The NGC couldn’t recall exactly what part of the Bible contained that revelation, but he swore it was in there. (Perhaps the Book of King Junior, Chapter 1, Verse 1, of the Robertson Revised Version?)
I have also been assured that this country was founded as a Christian nation, regardless of the rejection of traditional Christianity by Enlightenment scholars such as Jefferson, Franklin, Washington and Paine, et al, and the Treaty of Tripoli of 1797, as passed by Congress and signed by President John Adams, that specifically stated we are not a Christian nation in Article XI of that document: “As the government of the United States of America is not in any sense founded on the Christian religion…” None of that historical fact, though, sways these believers from asserting such drivel as “the separation of church and state means that the government should stay out of religion, but not that religion should stay out of government.” Moreover, “religious teaching should guide the government in everything it does.” (I am still searching for that part of the Constitution.) Oh, and children should be “required to pray in public schools” (whose prayer?) for their own good, contrary to Jesus’ instruction in the Sermon on the Mount (Matthew 6:5,6 KJV) that Christians should pray in private.
Protocols For Economic Collapse in America
from breadwithcircus.com
I found this article on an obscure message board. It talks about what the government will do when it can no longer service its ever expanding debt. The article was written in 2004. I don’t know how credible the authour is, but what was written is thought provoking. Give it a read and consider the implications.
Protocols for Economic Collapse in America
unknown authour
And this is how the U.S. Treasury would handle an economic collapse. It’s called the
6900 series of protocols. It would start with declaring a force majeure, which would
immediately be interpreted by the marketplaces as a de facto repudiation of debt. Then
the SEC and the various regulatory exchanges would anticipate the market’s decline,
hour by hour — when Japan’s markets opened the next day, what would happen when the
European markets, and all the inter-linkages of the global markets. On the second day,
US Special Forces would be dropped in by parachute in the cities where the twelve
Federal Reserve district banks are located. (more…)
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Bart, consider YOUR OWN interests…
I’m a long time reader. I’m clear this is YOUR page. This is YOUR site. These are YOUR opinions and – Koresh bless America – you’re entitled to them. I like your site and I intend to continue spinning your hit counter. I’ll even contribute again should I ever again enjoy “disposable income”.
The point is, in demonstrating your fervent support for Hillary, you’ve taken to insulting Obama supporters. Now, I wouldn’t trust Zogby any further than I could throw him but if you look at the overall picture of support according to ALL the polls, I think you would agree that Obama – at the very LEAST – has a huge following. To me, that indicates that a huge percentage of your reader base supports Obama as well.
Allowing this debate to devolve into personal attacks on the people who support one candidate over the other is short-sighted both to the Democratic party and – more importantly to THIS post – your site.
Suggesting Hillary is getting a raw deal in the press or repeating some anti-Obama slur that has been disproved or pretending you can never navigate Obama’s site or some such is one thing. But suggesting that your own readers – upon whom you count for support – are wishful thinkers, engaged in “idiocy”, or not thinking like “adults” could well end up hurting your own long-term interests.
The truth is, the vast majority of us WILL back the Demo candidate regardless of who it is or what we say today. (What, we’re going to vote McCain?!?) In slamming your own reader base, though, you’re insulting people I would guess you’d like to have around (and potentially contributing) AFTER the election no matter WHO wins.
As I’ve tried to indicate, I know it’s your page and I always take you with a grain of salt and STILL I feel, from time to time, some personal sting to your characterizations of Obama supporters. I can tell you, flatly, that you’re not going to say anything that’s going to alter my support for Obama but you run a tremendous risk that you might say something to alter my support for YOU. (I’m trying to make a point, not issue ‘never-coming-back-again’ threats…)
We on the left should be very, very careful not to destroy ourselves by attacking each other just because we have a difference of opinion on who should be the nominee. I’d like to see the debate limited to discussions of the issues and leave the “intangibles” and media-driven “conflicts” out of it.
BTW, your “who-wants-a-pony” chart is wrong. The race is about garnering delegates. From that perspective, NV wants a pony, too. But would it REALLY be so difficult to say, Iowa preferred Obama, NH preferred Clinton?
February 14, 2008
Clinton’s Fight May Be What Democrats Need To Beat McCain
As Senator Obama rolls along winning more and more States it appears that Democratic voters have drank the cool aid of “hope.” While everyone hopes things will get better, its what you do after hope that counts and candidate Obama offers very little in the way of solutions. Still the cool aid flows and more and more people vote for Obama over Senator Clinton. Hope and niceness trumps fight and desire right now and unfortunately its exactly the wrong choice for Democrats.
Again and again we have heard that this is a pivotal election in American history. The damage done by Bush, from the Iraq war to the appointment of two conservative Supreme Court Justices, could continue for at least another four years with potentially two more Justices to be appointed if a Republican is elected President. Is this really the year we want to fuck around with hope instead of fighting like hell to win? This is the chance to turn back the neo-conservative black tide that has taken over our country and substituted fear for reason.
Senator Clinton may not be everyone’s favorite candidate, she isn’t mine. However, I am certain that Clinton will fight back against the Republicans like hell in November and then fight alongside a Democratically controlled Congress to reverse Bush’s damage. I am not so sure that Obama will fight. Its nice to say bi-partisan this and bi-partisan that, but until you are in control you have nothing.Fight first make friends later. Republicans have done nothing but run over the Democrats for eight years. It is time to turn the tide, fix the mess, then we can talk about playing nice
Obama’s world is a place everyone would like to live but unfortunately that’s not the world we live in right now. We need to fight any way necessary to win. As John Kerry learned four years ago, if you sit back and wimp out, the Republicans will slam you every time. Let’s not allow history to repeat itself.
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Robert B. Reich: Totally Spent
Robert B. Reich, The New York Times, February 13, 2008
Berkeley, California – We’re sliding into recession, or worse, and Washington is turning to the normal remedies for economic downturns. But the normal remedies are not likely to work this time, because this isn’t a normal downturn.
The problem lies deeper. It is the culmination of three decades during which American consumers have spent beyond their means. That era is now coming to an end. Consumers have run out of ways to keep the spending binge going.
The only lasting remedy, other than for Americans to accept a lower standard of living and for businesses to adjust to a smaller economy, is to give middle-and lower-income Americans more buying power – and not just temporarily.
Much of the current debate is irrelevant. Even with more tax breaks for business like accelerated depreciation, companies won’t invest in more factories or equipment when demand is dropping for products and services across the board, as it is now. And temporary fixes like a stimulus package that would give households a one-time cash infusion won’t get consumers back to the malls, because consumers know the assistance is temporary. The problems most consumers face are permanent, so they are likely to pocket the extra money instead of spending it.
Read More Here