The Commentariat -- October 3, 2014
Capitalism Is Awesome, Ctd.
President Obama delivered an address at Northwestern University about the economy. He does an excellent job of dancing around the real issues, which IMO, are income & wealth inequality, although he does at least give it a mention:
... CW: If I were a business major who didn't know much -- that is, if I were one of the people in the President's audience yesterday --I would still not have the slightest idea that our wonderful capitalist system is sucking the life out of ordinary workers. These business students, who will go on to become the next generation of meritocrats, will repeat the same mistakes of this generation of meritocrats. A gutsy president, who has nothing to lose since he's not running for re-election -- as he points out in his address -- would set the kids straight. Instead, this address was mostly an embarrassing exercise in hubris, a catalogue of how little the President actually understands about the dynamics of capitalism, which he calls "the greatest force for prosperity and opportunity the world has ever known." It made me sick. I'm sticking with this guy:
"Depression Denial Syndrome." Paul Krugman explains why "Bill Gross, the so-called bond king," made a spectacular error -- he failed to listen to Paul Krugman, the so-called economics king, about the "liquidity trap," a function of the depressed economy. Gross, instead, listened to the inflation alarmists, & his goose was cooked.
The Bank Dick. Neil Irwin of the New York Times: Ben Bernanke's bank turned him down for a loan to refinance his home mortgage. Ben & Neil seem to think the reason for this is that (a) credit is tight, (b) lenders now have to follow Fannie Mae & Freddie Mac's "strict standards" for loans, (c) Ben changed not just his job but his type of employment & the banking system is so inflexible that it ignores Ben's fabulous earnings & income potential. ...
... Wherein the Constant Weader Explains Banking & Capitalistic Principles to the Former Chair of the Federal Reserve & Renowned Economics Professor: I've got news for Ben & Neil. Any one or more of those "reasons" for the loan denial may be the bullshit excuse(s) the loan officer told Ben his loan was denied. But the real reason is that Ben & Mrs. Ben took out their mortgage in 2004, when interest rates were higher than they are now. This of course is the reason the Bernankes wanted to refinance: they wanted to pay a lower interest rate. The lower rate is precisely why the bank denied the deal. See, banks are all into this thing called "maximizing profit." And reducing the profit they would make off Ben & Mrs. Ben is antithetical to that business model. Ben, you gave the banks billions of "free money" while you were working your last gig, but that doesn't mean any of those bankers is motivated to be all thankful & cut you a break they won't cut anyone else. They're dicks, Ben, each & every one of them, & you're the asshole they're fucking over this time (to put it in the vernacular). Neil says you make up to $250K a pop for speaking engagements, Ben. So go make a couple-a-three more of those speeches like the one you were making when you revealed your bad luck at the bank, then pay off the damned mortgage altogether.
Jessica Silver-Greenberg, et al., of the New York Times: "A cyberattack this summer on JPMorgan Chase compromised the accounts of 76 million households and seven million small businesses, a tally that dwarfs previous estimates by the bank and puts the intrusion among the largest ever. The details of the breach -- disclosed in a securities filing on Thursday -- emerge at a time when consumer confidence in the digital operations of corporate America has already been shaken. Target, Home Depot and a number of other retailers have sustained major data breaches. Last year, the information of 40 million cardholders and 70 million others were compromised at Target, while an attack at Home Depot in September affected 56 million cards."
We need to be more like Disney World. We need to be more friendly, inviting. -- Former Disney World worker Julia Pierson, on the Secret Service, after she became director (CW: no, I didn't make this up) ...
... Carol Leonnig of the Washington Post: Former Secret Service Director Julia "Pierson was elevated to the top spot 18 months ago to put an end to business as usual, after a dozen agents were implicated in a night of carousing with prostitutes in Cartagena, Colombia, on the eve of an official visit by Obama. But while the administration dubbed Pierson a fresh start and a new direction for the agency, she was a deeply entrenched part of its culture. A 30-year veteran of the agency, Pierson had served as director Mark Sullivan's chief of staff and then assistant director before taking over." Read the whole article. ...
... Michael Calderone of the Huffington Post: "With the Secret Service under fire for a series of security lapses in presidential protection, there is one journalist who seems to have all the information. The White House, Congress and even Julia Pierson, who just resigned as director of the Secret Service, all learned details of the controversy from Washington Post reporter Carol Leonnig. Why did members of the embattled agency turn to the press with concerns rather than pursuing the proper bureaucratic channels? 'I think they trusted The Washington Post more than they trusted their headquarters' leadership,' Leonnig said in an interview with The Huffington Post." ...
... Michael Bender & Margaret Talev of Bloomberg News: "The final straw wasn't something Pierson did. It was what she didn't do: Brief the president on how a man with a gun and criminal record wound up riding in an elevator beside him." CW: Yup, that one really stood out for me, too, especially since she told a House committee that she briefed the President on "100 percent" of presidential security breaches. ...
... Oh, and about those wingers being all upset at "liberal" Peter Baker of the NYT for writing a story suggesting Republicans' "concern for the President's safety" just might contain a political component? Here's this from Bender-Talev story: "[Wednesday] morning, Republicans were on the move, turning the security lapses into a political issue. In a news release, the National Republican Senatorial Committee connected them to the Obamacare rollout, underestimating the threat of the Islamic State in Iraq and Syria and the failures at the VA medical centers to say Democrats were 'asleep at the wheel.'" ...
... David Nakamura of the Washington Post: "Almost as soon as President Obama decided that Julia Pierson had to go as director of the Secret Service, he knew exactly whom he wanted to replace her. On Wednesday, the president and first lady Michelle Obama, aides said, personally recommended to White House Chief of Staff Denis McDonough that the administration reach out to former special agent Joseph Clancy, who retired in 2011 after serving as chief of Obama's protective detail for two years."
... NBC News: "The Iraq war veteran accused of jumping the White House fence, dashing into the building with a knife and reaching the East Room before he was tackled pleaded not guilty Wednesday to a three-count federal indictment."
Everything Is Obama's Fault. Leon Panetta Dumps on Obama Again. In a Time opinion piece, which is an excerpt from his new book Knife Fights: A Memoir of Backstabbing in War & Peace (or something like that), Panetta says "the President's team" couldn't be bothered to negotiate a deal to keep U.S. troops in Iraq, as much as he -- Leon Panetta, Superhero -- urged the callow White House youths to muscle the Iraqis. "... without the President's active advocacy, al-Maliki was allowed to slip away. The deal never materialized. To this day, I believe that a small U.S. troop presence in Iraq could have effectively advised the Iraqi military on how to deal with al-Qaeda's resurgence and the sectarian violence that has engulfed the country." So ISIS.
Katie Thomas & Rachel Abrams of the New York Times: "In just five months at the end of last year, doctors and other health care professionals made more than $212 million on speaking and consulting engagements for drug and device makers, according to data released on Tuesday by the federal government."
A "privileged white guy" who goes by the handle of eodell "whitesplains" racism to offended racist white guys. Also what offended racist white guys should do about it. Thanks to Akhilleus for the link. Send a copy to all your friends on the Supreme Court. This is a concept with which they are petulantly unfamiliar.
Beyond the Beltway
Manny Fernandez of the New York Times: "Thirteen abortion clinics in Texas were forced to close immediately after a federal appellate court on Thursday sided with Texas in its yearlong legal battle over its sweeping abortion law and allowed the state to enforce one of the law's toughest provisions while the case was being appealed. The decision by a three-judge panel of the United States Court of Appeals for the Fifth Circuit, in New Orleans, will have a far-reaching effect on abortion services in Texas, lawyers for abortion providers said. The ruling gave Texas permission to require all abortion clinics in the state to meet the same building, equipment and staffing standards as hospital-style surgical centers, standards that abortion providers said were unnecessary and costly, but that the state argued improved patient safety."
Laura Vozzella of the Washington Post: "Virginia Gov. Terry McAuliffe's chief of staff left a voice-mail message for a Democrat who was on the verge of quitting the General Assembly in June, saying that the senator's daughter might get a top state job if he stayed to support the governor's push to expand Medicaid, according to descriptions from three people who heard the recording. Then-Sen. Phillip P. Puckett wound up resigning, flipping control of the chamber to Republicans and thwarting McAuliffe's signature goal of expanding health coverage under the Affordable Care Act. Puckett's abrupt exit came amid accusations that Republicans had enticed him to leave with job offers for himself and his daughter, triggering an ongoing federal investigation and inflaming partisan passions in Richmond." CW: Is the stupidest part leaving a bribe on a voicemail?
Elections Matter. Yamiche Alcindor of USA Today: "More than 3,000 people have registered to vote in Ferguson, Mo., since the death of Michael Brown -- a surge in interest that may mean the city of 21,000 people is ready for a change."
Jack Healy of the New York Times: "... after two weeks of demonstrations and a fierce backlash across Colorado and beyond, the Jefferson County[, Colorado,] school board scrapped a plan that sought to teach students the 'benefits of the free-enterprise system, respect for authority and respect for individual rights' while avoiding lessons that condoned 'civil disorder, social strife or disregard of the law.' Instead, the board voted 3 to 2 to adopt a compromise that would allow community members, students and teachers to join the experts who already conduct curriculum reviews for the school district." Thanks to Ken W. for the link.
Tara Culp-Ressler of Think Progress: "The American Civil Liberties Union (ACLU) filed suit against Alabama this week in an attempt to overturn what the group suggests may be the most radical parental consent law in the country. Under a new law that went into effect this summer, minors who are seeking to bypass their parents' consent to get an abortion are essentially put on trial. The state is allowed to appoint a lawyer for their fetus and call witnesses to testify about the teenager's character."
November Elections
Lauren Carroll of Politifact: Iowa GOP Senate nominee Joni "Ernst said [her opponent, Democrat Bruce] Braley, 'threatened to sue a neighbor over chickens that came onto (his) property.' Some might not like the way Braley and his wife handled a dispute with a neighbor -- by going to the neighborhood association and then consulting the association's lawyer. Even so, there is no material evidence that Braley threatened a lawsuit against the neighbor or was even considering one. Even the neighbor says that." CW: I have paid scant attention to the chickenshit debate (I linked one story at least a month ago), but it remains a big deal in the Senate race, with Republicans successfully characterizing the minor neighborhood squabble as a "character" issue. Now, what about the "character" issue of repeatedly lying about your opponent?
Steve Benen: "For a guy who’s been talking about 'personhood' for six years, it’s interesting to see how much Rep. Cory Gardner (R-Colo.) is struggling to explain himself." Benen demonstrates what a dishonest, creepy extremist Gardner is. ...
... CW: But never mind. In November, Coloradans may choose him over U.S. Senator Mark Udall. Pema Levy of Newsweek: "The two latest polls show Gardner stealing the lead from Udall, one by a whopping eight points."
Aviva Shen of Think Progress: "Arkansas Attorney General candidate Leslie Rutledge is crying foul over the cancellation of her voter registration form. Rutledge, the Republican nominee for Attorney General, was kicked off the voter rolls after it was discovered that she failed to cancel previous voter registrations in Washington, DC and Virginia, and re-register in Pulaski County when she moved. Pulaski County Clerk Larry Crane, a Democrat, said he was legally obligated to remove her after receiving a letter flagging this issue.... Rutledge and Republican groups are calling the removal a 'dirty trick' that was politically motivated. But what happened to Rutledge is in fact very common, and becoming even more common after the state implemented a number of strict voter restrictions. CW: Gotta go find my head. I laughed it off. ...
... digby: "That's right. It's protecting legitimate voters from vote fraud when it's done to the you-know-whos. [Link fixed.] It's a 'dirty trick' when it happens to a nice Republican lady." CW: Make that a nice white Republican lady.
News Ledes
New York Times: The Islamic State has released another video of a beheading -- this one of a middle-aged British aid worker, Alan Henning, who was abducted last year from the ambulance he had driven into Syria to offer lifesaving help."
Washington Post: "The U.S. job market rebounded in September as the economy added 248,000 jobs..., a reassuring sign of the nation's recovery. The unemployment rate crossed a key threshold for the first time in six years, falling to 5.9 percent."