April 6, 2009

What I See in my Crystal Ball



Sources:

Mother Jones Magazine, "The People vs Dick Cheney," Jan/Feb 2009 Issue. Artist: Roberto Parada

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The Blossoms are Here


Sources:

Alegas

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April 4, 2009

Poplawski a Right Wing Talk Radio Listener?

How much you want to bet that Pittsburgh cop killer Richard Poplawski listens to the likes of Rush Limbaugh, Mike (Weiner) Savage, Michele Bachmann, Glenn Beck and Sean Hannity?

Limbaugh, Weiner, Bachmann, Beck and Hannity, among others, are whipping up unwarranted fear and creating a scapegoat mentality across the country. They are a threat to social stability. They're yelling "fire" in theater while making millions. Their irresponsible behavior makes them responsible.

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April 1, 2009

Off with their Heads

You can say it on French TV:



Karma Bank Link


and you can call for a popular revolution. Max Keiser really lets loose half way through in Part 2:





Sources:

Thanks for the tip from Walled in Pond blog

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Did I Say Matt Taibbi Rocks?

I know this is the 4th or 5th time I've written about Matt Taibbi recently, but he deserves the plaudits. This is just a quick post linking to Dusty's piece on Matt at The Sirens Chronicles.

The relevant links in her piece are captured in the opening paragraph of her post:

Matt’s latest [blog] piece is a wonderful bitchslap of the AIG carpetbaggers. He is responding to the recent NYT OpEd by one of their employees…actually former employee. Executive VP Jake DeSantis.
Matt catches Jake in a contradiction:

let's just say, Jake, that you're telling the truth, that you don't know anything about this toxic portfolio. If that's the case, then why the fuck does anyone need to retain you at an exorbitant salary to help unwind that very portfolio? If these transactions aren't and never were your expertise, then where the hell is your value here?

When I spoke to Christine Pretto, the AIG spokeswoman, and asked about those bonuses, she said that AIG needed to retain people like you in order to take advantage of your "knowledge of these transactions." So if you don't have knowledge of these transactions, what are you being paid for? Your winning attitude?

Matt doesn't usually swear that much in his columns for Rolling Stone Magazine... I guess he's a little pissed off... like the rest of us would be if we understood how seriously we've been bamboozled by the inside-crowd.


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March 30, 2009

Hazel McCallion Gives us Hope

Hope I can be as sharp when I'm 88. Worth the six minutes to renew your faith in the possible. Heart warming.



Out and about in the City of Mississauga with 88 year-old Mayor Hazel McCallion.

Sources:
via CBC's Rick Mercer Report.
Pulp Friction Blog


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March 29, 2009

Too Big to Fail....



... Too Big to Exist*.


There's a simple solution to the "too-big-to-fail" problem: Break up those huge financial institutions.

Now is the time to act, when the failing financial corporations should be dissected into parts that support main street, and the speculative parts should be allowed to fail.

START, by Signing the petition to Congress:
http://www.democrats.com/break-up-the-banks


Then, take to the streets:

On Saturday April 11, A New Way Forward will lead protests all across the country to demand these changes. Find one near you:
http://www.anewwayforward.org/rally-list.php

And if you're in New York City on Friday April 3, join the National March on Wall Street:
http://www.bailoutpeople.org/april3-4.shtml


* If an entity needs to be too big to fail, then it should be tightly chartered and regulated like a utility.

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SOS: Campaign to Hammer Bill O'Reilly

Woody, of Walled-in Pond Blog, has a special way with words presented in their full glory below. BUT, searing words aside, the bottom line is a campaign to get Bill O'Reilly to stop stalking and harassing his critics. The campaign is contacting O'Reilly's advertisers, and apparently, UPS has had enough of Toxic Bill.

You can TAKE ACTION HERE at the "Stop Supporting the O'Reilley Harrasment Machine" campaign, which Woody urges us to call "SOS" Stop O'Reilly's Shit (or Stalking depending on the company).

Read about it all only as Woody can say it:

Rightwing Arch-fucktard, serial sexual harrasser, and vicious, villainous, lying sack of shit Bill O'Reilly has a trick. (Well, according to Andrea Mackris, he has a couple of them, but only one is relevant here.)

When somebody pisses him off--say, they contradict one of his many egregious lies, or otherwise hold him up for the ridicule he so richly deserves--he dispatches a team of flying-monkey trolls, led by particularly nasty, feculent bit of work, the baby-faced, fascist fuckwit Jesse Watters, to ambush his accusers, trying to embarrass them on tape, which O'Reilley will then use on his tv show to exact revenge for the other's having had the temertity to fuck with Big Bill-o. It has happened AS MANY AS 40 DIFFERENT times.

It occurred most recently when Falaffel Bill dispateched his team of feculent orcs to trail and ambush a blogger named Amy Terkel. She'd criticized O'Reilley for hypocrisy (the easiest charge in the world to level and prove against that bill-ious duckwhistle) in seeming to support some sort of post-rape intervention while simultaneously seeming to hold women responsible for rapes if they were seeming to "ask for it." THE DETAILS ARE HERE. In short:
On Saturday, March 21, Fox News’ Bill O’Reilly sent one of his producers to stalk, harass, and ambush ThinkProgress.org’s managing editor Amanda Terkel. Upset over a ThinkProgress report that noted O’Reilly’s insensitivity to rape, O’Reilly sent two men to track Amanda in a car for two hours, and then confronted her with hostile questions while she was on vacation.
The good folks at ThinkProgress decided upon a strategy to reply, by contacting Bill O'Loofa's advertizers.

They didn't complain about the toxic, rampant racism of BO's usual discourses. They didn't complain about his easily provable lying. They didn't mention his fascistic, simple-minded, ideological pur-blindness. No. They simply asked if the advertizers were comfortable supporting someone who used his public persona to stalk and attack his opponents. This is how Keith Olberman phrased it:
ThinkProgress.org contacted the sponsors of O’Reilly’s TV program, asking — not if they support his right-wing stances, his hypocrisy, his racism, his misogyny, his fact-optional approach — but if they could stomach him time after time stalking people who had dared to criticize him in print or online. And tonight, UPS has said enough.
All this is preface to what, in the scope of the whole enterprise, is really nothing so much as a quibble: the name that TP assigned to their campaign. They called it "Stop Supporting The O’Reilly Harassment Machine." But it strikes me as overly recondite and wordy, so I am suggesting an alternative title: the simple, widely used, S O S: Stop O'Reilley's Shit (or Stalking, if you're telling your mom).

Similar campaigns have been waged semi-successfully against such other Rightard bags or reeking shit as Michael ("Savage") Weiner in the past. Some tens of thousands of bloggers and other citizens have joined the campaign, and I encourage my reader, devoted as s/he is, to join the campaign, too, whatever they call it, and request sponsors of Bill-o's toxic dump to reconsider their support for this clearly psychopathic, probably dangerous, shitwhistling fucknozzle.

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Argentina's Shame in Paired Photos

File this under "pictures say a thousand words." A set of paired photos of friends and family "before" Argentinian's dirty war disappearances and "after"...

Disappeared thanks to the Ten Percent blog for sharing the artistic work of Gustavo Germano.

One of the photo pairs below (click to enlarge):


Argentine photographer Gustavo Germano’s exhibition, “Absences”, explores the universe of the victims of “disappearances” during Argentina’s “Dirty War” (1976-1983). Photos are juxtaposed in pairs, one old and one recent. On the new one, a person is missing. Disappeared for ever, without leaving a trace.

Coincidentally, I sat at a bar in Washington, DC just over a week ago and chatted with a young guy from Argentina. We discussed Argentina's dirty war among other topics.

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March 28, 2009

GDAE Podcast Episode 9

Episode 9 - March 28, 2009 
  • Seymour Hersh in his own words on Cheney Assassination Teams;
  • Prosecution of Bush is not a fringe issue, Obama and Stephanopoulos on the people's most popular question to Obama;
  • American Prospect founder Robert Kuttner predicts Geithner gone in 60-days. A solution? A Resolution and Finance Corporation (RFC);
  • Business reporter who exposed ENRON, Bethany McLean, on who will eat the losses?;
  • Former IMF chief economist Kenneth Rogoff on biting the bullet now or facing a "lost decade". Also, here comes inflation.
  • Nobel economist Paul Krugman's despair over Obama's rehash of the Bush bailout plan. 

    You can take ACTION:  AskDOJ@USDOJ.gov   Urge Attorney General Eric Holder to investigate Bush administration officials for wide ranging crimes.

Play GDAE Podcast Episode 9 from this page.

Previous Episodes & 60-Sec Promo:

GDAE Podcast Episode 8 March 15, 2009
GDAE Podcast Episode 7 March 1, 2009
GDAE Podcast Episode 6 February 17, 2009
GDAE Podcast Episode 5 February 6, 2009
GDAE Podcast Episode 4 January 24, 2009
GDAE Podcast 60-Second Promo

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US Dollar Glory Days are Waning

Well, we knew it was coming

Economics Nobel laureate Dr Joseph Stiglitz called for a fundamental change of the world economic order by creating a new global reserve system and new multilateral institutions to restore the global economy.

The system is broken, evidenced by an elephant in the room:

“It's clearly a very strange global economic phenomenon that the global economic system requires the richest country to consume beyond its means to keep the global economy growing.”

Stiglitz points out additional evidence of the failed corporate free market economic system:

“Growing economic inequality means that we are moving money and assets from those who can spend it at the bottom to those who cannot spend it at the top. We told the people in the bottom to consume and kept lending to them.”

He went on to emphasize that the growing inequality “is not just in the US but in most of the countries in the world.” The abundance of empty houses and homeless people in the US and the problem of poverty and massive unemployment in developing countries show “the system of bringing together supply and demand is not working”, which is “a fundamental problem [that] needs to be addressed.”

Stiglitz is not alone in his call. He led a United Nations Commission of Experts to study the world financial crisis, which issued it's draft recommendations on March 26, 2009. A final report is due in May, 2009, which will serve as an input for the United Nations conference on the financial crisis in June.

The Commission's central recommendation, according to Stiglitz is....

The central idea is that the current system of depending on a single currency and the political and economic management of that currency is volatile.... It’s a matter of moving to multiple currencies. Over time you would replace the dollar as a reserve currency. No one thinks it would happen overnight.

The international decision making body on economic policy would also change. It has been the Group of Seven (G7) nations, but recently that has shifted to the G20 nations, recognizing the reality of a shift in the wealth. But that may be short lived if the Stiglitz Commission's ideas prevail, as described in this interview exchange:

Q – You are also proposing replacing the G20 with a United Nations body. What’s this all about?

A – We are calling for a Global Economic Coordination Council. There is no rhyme or reason to the current system other than who President Bush invited to it. The new body would have more political legitimacy and a broader mandate. It could demand, for instance, that the World Bank and the IMF report to it and evaluate how they are performing.

Q – Why not fix the G20 rather than creating a new body? Is what you propose likely to happen?

A – Yes. [German Chancellor] Angela Merkel is strongly pushing the idea. People in the G20 are saying this is how we need to go.

There would also be a move to break-up and prevent "too-big-to-fail" corporations.

Further, a financial regulatory board and competition authority – which would both answer to the Coordination Council – could prevent the expansion of multi-national firms that threaten competition or become problematic when they become too big to fail, the experts said.

Get ready for the value of the dollar to drop. Inflation is on the way.

Psssst... Do Something

Sources:

Stiglitz Calls for a Change of the World Economic Order and China's Vital Role, Leanne Wang, March 17, 2009.

Business Week, The Oil and Glory interview: Joseph Stiglitz, March 25, 2009.

United Nations, Global finance structures must be revamped, says UN expert panel, March 26, 2009.

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UN Expert Commission on Global Financial Crisis Releases Draft Recommendations, March 26, 2009.

March 27, 2009

How Can We Stop the Gang-Rape?

One way to stop a gang rape is to say something rather than standing around dumbfounded. Simply raising one's voice can have a profound effect.

I just sent the following message to Obama at WhiteHouse.gov

Matt Taibbi Writes
:

So it's time to admit it: We're fools, protagonists in a kind of gruesome comedy about the marriage of greed and stupidity. And the worst part about it is that we're still in denial — we still think this is some kind of unfortunate accident, not something that was created by the group of psychopaths on Wall Street whom we allowed to gang-rape the American Dream.

I feel like we're being gang-raped in the bailout process. Can you stop it?

Psssst... Do Something


Sources:

Rolling Stone, The Big Takeover: The global economic crisis isn't about money - it's about power. How Wall Street insiders are using the bailout to stage a revolution, Matt Taibbi, March 19, 2009.

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Is this Corporate Fascism?

According to Matt Taibbi's Must Read article, as a result of the financial stabilization process the federal government has been turned

into one gigantic, half-opaque holding company, one whose balance sheet includes the world's most appallingly large and risky hedge fund, a controlling stake in a dying insurance giant, huge investments in a group of teetering megabanks, and shares here and there in various auto-finance companies, student loans, and other failing businesses. Like AIG, this new federal holding company is a firm that has no mechanism for auditing itself and is run by leaders who have very little grasp of the daily operations of its disparate subsidiary operations.

But who owns who? Some people say that the government is nationalizing the banks. To me it looks like the banks have privatized the US government to meet their cash flow needs. Being too big to fail and too complex to untangle, US government, and it's tax-payer assets, is now effectively owned by the mega-financial institutions. The government allows the continued employment of the people who caused this mess, because these are some of the few people on the planet who understand how to untangle the web of shaky financial instruments they've created. The government seems powerless to reverse this relationship.

Tell me we the tax payer are not on the hook to stabilize these corporations, and I'll reverse my statement about the US government being privatized .... I'm afraid the die has been cast. So, that leads to an unnerving conclusion.

"The liberty of a democracy is not safe if the people tolerate the growth of private power to a point where it becomes stronger than their democratic state itself. That, in its essence, is fascism - ownership of government by an individual, by a group, or any controlling private power." -- Franklin D. Roosevelt

Lets not tolerate it.

Psssst... Do Something
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March 26, 2009

Feeling Shafted by Obama

So, we hear Nobel Prize winning economist Paul Krugman tell us Obama has gone with a "zombie idea" ... a bad idea that won't die. Yes. Obama has bought into the original Bush administration idea of having the government take the bad assets off the banks books, granted in slightly more confusing formula that nobody understands. This places most people in the position of hearing the government say "Trust us." Comforting, eh?

Not only is the Bush era idea a zombie, the approach is creating zombie financial institutions... institutions that should be allowed to die, but keep living. Now, I'm not saying the too-big-to fail institutions should simply be allowed to die. We need to harvest their functional organs in the process, the organs that support pensions, university endowments, and services to the real economy (not the phony financial house-of-cards economy).

I predict we will eventually get to this alternative solution, but not after a lot of the inside crowd are able to extract more wealth from the system at our expense. This sure-to-fail approach will also place us at risk of what the Japanese know as their "lost decade."

The sooner we push Obama to the solution of "harvest and let die" the better we all will be. That solution also has the benefit that, as the organs are harvested and spun off as smaller, independent firms, we will find ourselves in a future without the too-big-to-fail zombie financial monopolies stalking the earth.

Psssst... Do Something

Sources:

Democracy Now, “The Zombie Ideas Have Won”–Paul Krugman on $1 Trillion Geithner Plan to Buy Toxic Bank Assets," March 23, 2009.

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March 25, 2009

Who's to Blame? Naming Names

Here are just a few of the better known names and the write-ups on an impressive analysis of "Who's to Blame" for the economic meltdown:

Phil Gramm: As chairman of the Senate Banking Committee from 1995 through 2000, Gramm was Washington's most prominent and outspoken champion of financial deregulation. He played a leading role in writing and pushing through Congress the 1999 repeal of the Depression-era Glass-Steagall Act, which separated commercial banks from Wall Street. He also inserted a key provision into the 2000 Commodity Futures Modernization Act that exempted over-the-counter derivatives like credit-default swaps from regulation by the Commodity Futures Trading Commission. Credit-default swaps took down AIG, which has cost the U.S. $150 billion thus far.


Joe Cassano: Before the financial-sector meltdown, few people had ever heard of credit-default swaps (CDS). They are insurance contracts — or, if you prefer, wagers — that a company will pay its debt. As a founding member of AIG's financial-products unit, Cassano, who ran the group until he stepped down in early 2008, knew them quite well. In good times, AIG's massive CDS-issuance business minted money for the insurer's other companies. But those same contracts turned out to be at the heart of AIG's downfall and subsequent taxpayer rescue. So far, the U.S. government has invested and lent $150 billion to keep AIG afloat.

Aside: You MUST read "The Big Takeover" Article by MATT TAIBBI to truly grasp the fact that Joe Cassano needs to hire serious security and legal counsel.

George Bush: From the start, Bush embraced a governing philosophy of deregulation. That trickled down to federal oversight agencies, which in turn eased off on banks and mortgage brokers. Bush did push early on for tighter controls over Fannie Mae and Freddie Mac, but he failed to move Congress. After the Enron scandal, Bush backed and signed the aggressively regulatory Sarbanes-Oxley Act. But SEC head William Donaldson tried to boost regulation of mutual and hedge funds, he was blocked by Bush's advisers at the White House as well as other powerful Republicans and quit. Plus, let's face it, the meltdown happened on Bush's watch.


Bill Clinton: President Clinton's tenure was characterized by economic prosperity and financial deregulation, which in many ways set the stage for the excesses of recent years. Among his biggest strokes of free-wheeling capitalism was the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act, a cornerstone of Depression-era regulation. He also signed the Commodity Futures Modernization Act, which exempted credit-default swaps from regulation. In 1995 Clinton loosened housing rules by rewriting the Community Reinvestment Act, which put added pressure on banks to lend in low-income neighborhoods. It is the subject of heated political and scholarly debate whether any of these moves are to blame for our troubles, but they certainly played a role in creating a permissive lending environment.

Robert Rubin, Lawrence Summers (On Team Obama) and Gary Gensler (Recently Nominated to Team Obama) all actively promoted the deregulatory schemes that have brought down the US Empire. Not sure we shouldn't congratulate them instead of heaping blame....
Robert Rubin

Psssst... Do Something

Sources:

Thanks to GingerAsia.com and By Edward Moulton, author of Global Recession: Who's to Blame?..... I guess TIME gets some credit too.

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March 24, 2009

Bonuses for Hand Jobs

According to a Must Read article by Matt Taibbi, referring to whiz kids in the AIG Financial Services unit at the center of the economic meltdown:

The bonuses are a nice comic touch highlighting one of the more outrageous tangents of the bailout age, namely the fact that, even with the planet in flames, some members of the Wall Street class can't even get used to the tragedy of having to fly coach. "These people need their trips to Baja, their spa treatments, their hand jobs," says an official involved in the AIG bailout, a serious look on his face, apparently not even half-kidding. "They don't function well without them."

Extortion money is what I call it. "Pay us, or we walk, and we know where all the skeletons are hidden."

Psssst... Do Something

Sources:

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March 23, 2009

Looking Back on the AIG Buzz

A few reflections on the last couple of week's frenzy over the American Insurance Group (AIG). I don't want to dwell on the AIG issue because it is getting so much attention elsewhere. Only a few brief points:
  • AIG's insurance of exotic Wall Street derivatives helped give the false sense of security that allowed the financial industry house of cards to grow so astoundingly large, ... where were the regulators?
  • The argument that bonus contracts are sacrosanct is bogus on two levels: First, the sanctity of contracts is applied hypocritically to the white collar financial industry, but not blue collar auto industry... an industry that actually produces something tangible. More important, AIG is effectively bankrupt and survives only because tax-payers are propping it up. AIG should be treated like a bankrupt corporation and the contracts should be voided.
  • Most of the money going to AIG is actually going to.... the huge financial institutions, Citigroup, Bank of America, Goldman Sachs, So A) the dollar figures of tax-payer bailout funds you hear begin quoted for these monopolistic banks should also count the pass-thru money going to them via AIG. And B) Why are our tax dollars going to pay the insurance on bad gambles? ... insurance payments on gambles that, under further investigation, might actually be founded on fraudulent financial actions?
  • If you're not angry enough already, DemocracyNow reports:
"As AIG faces the loss of its bonuses, it’s quietly filed a lawsuit to recoup more than $300 million in what it says are overpaid taxes. The company says it overpaid the government in charges for using offshore tax havens. The suit effectively means AIG is using US taxpayer money to sue its majority owner, the US taxpayer. The government owns an 80 percent stake in AIG following its $170 billion bailout."
  • I heard a disturbing idea from Brian of WakeUp Am Podcast.... he posits that all of these bonuses, not just to AIG, smell like hush money.... You get your million-plus and promise not to talk about what you know.
  • Finally, a disturbing AIG factoid: Again from Democracy Now:
"A top Obama administration official is coming under scrutiny for his ties to AIG. Richard Holbrooke, the US special envoy to Pakistan and Afghanistan, served on AIG’s board from 2001 until early last year. Holbrooke is believed to have collected up to $800,000 during his AIG stint."


Psssst... Do Something
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March 21, 2009

How to Subscribe to a Podcast

Many people are still just learning How to Subscribe to a Podcast. The previous "how to" link includes links to "iTunes" & "Juice" podcatching software, both available for free, both work on macs and PCs.

There are different ways to subscribe to podcasts:

1) If you have iTunes or similar software, an easy way for you to subscribe right now is to click on the "Subscribe to GDAE Podcast" button in the right column of this blog page. (You don't have to use iTunes... you're given the option to select other MP3 playing software).

2) Another approach mentioned in the "how to" refers to copying and pasting podcast RSS feeds. Here's mine:
http://podcast.gdaeman.com/podcasts-only/rss2.aspx

RSS stands for "really simple syndication." So, you shouldn't be too intimidated by the notion of subscribing.

3) If you use "My Yahoo," or similar pages tailored to feed you particular news, sports, entertainment, etc, you're already "subscribing" to RSS feeds. To add GDAE podcast, Click on "Add RSS Feed" in your "My Yahoo" page and paste in the RSS feed URL I've provided above. Links to new episodes will appear in "My Yahoo" and you can then listen to them right from your "My Yahoo" page. Similar social networking pages that allow you to taylor your content most likely also allow you to subscribe to podcasts.

To give you some comfort, you can maintain total control of what is downloaded to your computer. That is, the "how to" instructions that say the podcasts are "automatically downloaded to your computer;" however, you have the option of NOT having the podcatcher automatically download podcasts... I've got mine set so I'm in control... I click "refresh" to download the newest episodes of my favorite podcasts .... It's not a big deal... you can always delete podcasts you no longer want on your computer and you and unsubscribe too.*

If you're curious, experiment. You can always delet your subscriptions.

* Note: If you use dial-up modem, downloading podcasts might take a while... perhaps too long, unless you're comfortable letting it chug away for an hour or two.

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March 19, 2009

Republicrats Expose Themselves

Here's some must know information, thanks again to the Godless Liberal Homo blog. Seems that a group of conservative Democrats is coalescing around Senator Evan Bayh to challenge Obama's legislative goals.

In addition to Senators Bayh and Lieberman, others joining the group are Tom Carper of Delaware, Blanche Lincoln of Arkansas, Mark Udall and Michael Bennet of Colorado, Mark Begich of Alaska, Kay Hagan of North Carolina, Herb Kohl of Wisconsin, Mary Landrieu of Louisiana, Joe Lieberman of Connecticut, Claire McCaskill of Missouri, Ben Nelson of Nebraska, Bill Nelson of Florida, Jeanne Shaheen of New Hampshire, and Mark Warner of Virginia.

File under: phonycrats, dismalcrats, rebpulicrats.

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March 15, 2009

Bush Prosecution Ground is Swelling

Charges being brought against Bush, Cheney in DC on March 20:

3:15-4:15 p.m. on March 20, 2009, at the Inter-American Commission on Human Rights, 1889 F Street, N.W., Washington, D.C., 20006

AfterDowningStreet.org reports, "Colleen Costello of Human Rights USA will present evidence of human rights abuses by the U.S. government and will ask the Commission to issue recommendations to the United States that it investigate and prosecute former high-level officials responsible for authorizing or directing torture and other major human rights abuses."

More Info.

This event precedes the March on the Pentagon (March 21)

Psssst... Do Something

Sources:

After Downing Street . ORG


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Graphic Credit: GDAEman. Pentagon storm troopers, enhanced, March 17, 2007.