David Levine

R.I.P.

1926 – 2009

Percy E. Sutton

R.I.P.

1920 - 2009

Good Riddance!

Rep. Jeb Hensarling’s resignation from the Congressional Oversight Panel was a welcome relief. I have been following the panel’s hearings and I found him to be a distraction from the reality of the situation. He is a firm believer that the Financial Industrial-Complex has been too regulated.

So, as might be expected he is a member of the “lower taxes and deregulation” solves all problems “crowd.” These are the very folks who brought us the “Great Recession” and the “need” for TARP. These folks should have no say in any critique of the performance of other members of their “crowd,” say Paulson, Geithner, Summers and Rubin and the oversight of their handling of TARP.

Here is Chairperson Warren’s rather gracious statement on the development.

This is of course JMHO.

PS If you have the time (approx. 2 hours) watch or listen to this panel on regulatory reform going forward. I consider the investment part of my Continuing Education. As Martha says, “Learn something new everyday.”

What They Say!

Spitzer, Partnoy, and Black are all very smart and experienced and this Administration should listen to them.

Now a lot of folks think that Eliot Spitzer has lost all credibility for the “scandal” surrounding his hooker visits. I am not coming from there. Frankly I could care less who he was bopping and how much it cost. My concern was that he left his money in HSBC after he had targeted them for “Fraud, etc.” And, as expected, HSBC flagged his accounts. So, Spitzer was brought down for transactions under the $10,000.00 threshold that were all transfers of his own money. That to me is his real “crime:” arrogance or stupidity or both.

That said, he really does have credibility on the subject of AIG and the possible collusion between them, the Fed, and Goldman Sachs.

This Op-Ed is a must read for anyone who cares about the future of our Financial Services Industrial-Complex and how it infects our Economy and Policies.

Bring back Glass-Steagall!

SCOTUS Limits on Court Access

The NYT’s calls attention to the Conservative Activist Court and its attack on “we the people’s” right to legal redress. It’s not just about “Terrorism” folks. It is about the legal foundation of our “Democracy.”

Robin Wood

R.I.P.

1931 – 2009

F. William McCalpin

R.I.P.

1921 – 2009

Paul A. Samuelson

R.I.P.

1915 - 2009

Krugman Post

Quoting My Son:

“War IS about Profiteering!” Hence there will be no investigations. Unless it is about ACORN, that is.

This is more proof that I have done something right. Who would have thunk that?

And here is proof that the History Channel has done something right:

Sunday, the 13^th, at 8:00 p.m.

Be there, be square.

Here is the link to the Very Rev. Moyers’ interview with Prof. Zinn this week.

It Is About Time!

The WAPO takes on Joementum Lieberman. And it appears they also did some fact checking.

A number of senators are privately furious, Senate sources said. But they added that it is unlikely the Democratic caucus would take punitive action, such as stripping his chairmanship of the Homeland Security and Governmental Affairs Committee -- at least not in this Congress.

Beyond the Hill, liberals have stepped up attacks, with one advocacy airing ads in Connecticut and on national cable that accuse Lieberman of acting in self-interest. John Mertens, who is challenging Sen. Christopher J. Dodd (D-Conn.) as a third-party candidate next year, narrates a 30-second spot: "Joe never forgets who he ran to represent: Himself. It's not about you. It's all about Joe." The League of Women Voters is also launching radio spots to pressure him.

Hundreds of protesters representing an interfaith organization showed up at Lieberman's home in Stamford and at his office in Hartford, to plead (and pray) for him to support the bill. Among them was Rabbi Ron Fish, of Congregation Beth El in Norwalk, Conn., who was so supportive of Lieberman's 2006 reelection bid that he rushed through John F. Kennedy International Airport in search of a mailbox in which to send his absentee ballot before boarding a flight to Israel.

"I was very upset when I heard him say it was a matter of conscience for him to vote against the bill," Fish said. "His conscience bothers him about the cost of a government insurance option? What about his conscience for the millions of people living in real fear, suffering without insurance?"

More than a few liberal blogs have accused Lieberman of being beholden to the insurance industry in his state. According to the Center for Responsive Politics, he has received more than $1 million from insurance interests since 1990. Last month, protesters were arrested in his Washington office, shouting, "Represent Connecticut, not Aetna!"

Some believe he is being driven by a potential reelection bid in 2012, when he will need strong GOP support. Lieberman switched his affiliation to independent in 2006 after being defeated in the Democratic primary by antiwar businessman Ned Lamont. Lieberman won the general election by knitting together a coalition that included 70 percent of the Republican vote and only 33 percent of the Democratic vote.

Lieberman scoffs at the theories of his motives. "I listen, but I tell them respectfully that they're as wrong about me as they are in reading my position," he said in an interview. "I was elected as an independent, and I'm going to do what I believe is the most sensible and the best. And as I see it, wherever that puts me, that's where it will be." Lieberman says the public option is a sop to supporters of full government-run health insurance. He argues that the proposal lacks public support, although polls show a majority favor the concept. He says the government has no place in providing health insurance, despite its role in overseeing Medicare and Medicaid.

Most of all, he insists that a public option would drive the country further into debt. But this argument muddles how the new system will function and is at odds with independent assessments.

Under the Senate and House bills, those without employer-provided coverage would get income-based government subsidies to help buy coverage in a new insurance marketplace. The case for the public option is to reduce the cost of those subsidies by forgoing profits and reimbursing providers at lower rates, and by driving private insurers' rates lower via competition. A strong public option would lower the bill's cost by tens of billions of dollars, the Congressional Budget Office found.

But Lieberman has maintained that the public option alone represents a cost to the government. "He keeps saying over and over that we can't afford the public option, but the question is whether we can afford the subsidies," said John Holahan of the Urban Institute.

Confronted with the cost-saving assessments of a strong public option, Lieberman concedes the point, but he says an aggressive government-run plan would put undue pressures on medical providers and force them to shift costs to private insurers. Put simply, he opposes the public option in any form, regardless of whether it reduces costs. "If they really wanted to do something to deal with my concerns, they would take it out altogether," he said.

Could it be that Fred Hiatt wasn’t around to check this article out? I don’t know how it got past him but I am truly glad it did.

I also was very pleased with Romano’s interview of Elizabeth Warren, the Chairperson of the Congressional Oversight Commission of TARP. Romano asked some very good questions.

And yes, I love all things Elizabeth Warren!

Vietnam v. Afghanistan?

The Very Reverend Bill Moyers did a program on the LBJ tapes about the lead up to the escalation in Vietnam.

If only our current President had watched this program.

Dana Perino and Faux News: Liars!

Okay, so she isn’t exactly the brightest bulb in anyone’s socket, but really. There were no terrorist attacks on W’s watch?



And of course no one on Faux News bats an eyelash when she says it. I guess they all missed September 11, 2001 and all those pesky anthrax attacks.

It is just like Cheney saying that “Obama is dithering on Afghanistan.” What would you call eight years and taking military resources away to start an unnecessary “War of Choice?” “Dithering by Prevarication” perhaps? These people will just say anything and Faux News will back them up.