Department of Bust Out Profit Models and Vampiric Capitalism
MSNBC's right wing representative on The Cycle, Abby Huntsman, got a lot of pushback from Social Security defenders after her rant last week. They made points similar to the following in countering Huntsman:
My Congressman, Jim Moran, is retiring this year and his seat is up for grabs in the VA – 8th Congressional District. This is a solidly blue district made even more solid by the Republican gerrymander following their win in the disastrous elections (for poor people, for women, for the middle class, and for minorities) of 2010 in Virginia. So, the question is, which of the eleven candidates who are running in the primary will win it, and become the heavy favorite to win the Congressional election in November.
The heavy primary favorite is Don Beyer, a noted auto dealer in Northern Virginia, who has served as Lieutenant Governor twice, and also as Ambassador to Switzerland. My impression of Ambassador Beyer has been favorable. I have a friend who bought cars from him over many years and who had his Volvos serviced at his dealership all the while, and he had nothing but good things to say about the integrity of the service he received.
That said, however, and personal characteristics aside, I'd like Beyer to clarify his positions on the issues. So, I'm addressing this open letter to him. Read more about An Open Letter to Don Beyer, VA – 8th Candidate for Congress
The Peterson Foundation reacted to the President's budget document with a report repeating its usual whining about the debt problem, and the need to cut entitlements. Here are quotations from the report and my explanations of why they are ridiculous deficit/debt terrorist nonsense. Read more about Peterson Thinks We Need Austerity While He Lives It Up!
If the President's budget were enacted by Congress, and OMB's projections over the next decade hold, it would almost certainly mean economic stagnation punctuated by recession over the next decade. Would it also mean austerity, however? Let's see.
The Sector Financial Balances (SFB) model is an accounting identity, and these are always true by definition alone. The SFB model says: Read more about No, Virginia, the Austerity Era Is Not Over
Paul Krugman's recent post makes some good points about the myth of the undeserving poor. But does he have a nervous tic?. When criticizing conservative economic views, doesn't he always seem to genuflect slightly to conservative opinion in order to appear "reasonable"? In this post he says:
"I’ve noted before that conservatives seem fixated on the notion that poverty is basically the result of character problems among the poor. This may once have had a grain of truth to it, but for the past three decades and more the main obstacle facing the poor has been the lack of jobs paying decent wages. But the myth of the undeserving poor persists, and so does a counterpart myth, that of the deserving rich."
What "grain of truth" ever existed in this story? Where is the empirical evidence that the poor were ever more "lazy" than the rich or had other "character defects" (Not K's words) that the rich don't have in abundance, as well? I don't think there is any. What the conservatives believe is pure BS. Some people are certainly "lazier" than others. But there's no evidence that this aspect of character is class-based. It's just prejudice, myth, and conservative fairy tales, which they embrace in place of authentic religion, run rampant. Read more about Professor Krugman's Nervous Tic?
A recent, very good post at Naked Capitalism by Clive, suggests:
. . . Dear readers, you may think that writing to your elected representative, commenting negatively on articles you read in the mainstream media about the TPP and generally kicking up a bit of a fuss, making some noise, is a waste of effort. That is not so. The world does watch what goes on in the US. If popular sentiment is against something, the US government has a much harder job of convincing foreigners that it’s just them being awkward and reactionary and not getting the big, progressive, reform-minded, modernising picture.
I agree that this is a good proposal for one way the American public could register its objections to the Trans-Pacific Partnership (TPP) with foreign leaders. But, I think that such letters ought also to point out that even if the TPP were railroaded successfully in the next few months, then it is unlikely to stick. After all, it is only a Treaty. Wouldn’t an electoral victory here by a movement dedicated to overturning corporate control of the political system, result in withdrawal from the TPP before any concrete legislation likely to conflict with it was passed by Congress? Read more about The TPP: A Dangerous Proposal Whose Time Has Gone
Immediately following the November 13 rejection, Boeing began soliciting “bids” from other states and localities for the 777X work. A couple of newspapers got to see what Boeing was demanding in its request for proposals. Pretty outrageous: free land, a building for free or low cost, worker training, lowered taxes… the list went on
Last quarter Goldman Sachs insiders dumped 57,000 shares of GS stock. The previous quarter they dumped 14,573,300.
Lloyd Blankfein has dumped 137,670 shares since October.
Basically Goldman Sachs is conducting a global bust out operation, and no one, not even their own firm, is exempt. Read more about Stock dumping, Goldman Sachs edition
Lately, I've had the feeling that “progressive” journalists and commentators too often pull their punches in calling attention to social problems, by underestimating the magnitude of problem-related statistics such as the unemployment rate and the number of fatalities due to lack of health insurance in the United States. My theory about this is that “progressives” are being defensive in their approach and bending over backwards to give the right wing the benefit of the doubt by understating numbers out of an abundance of caution. Read more about Are Deaths Due to Lack of Health Insurance Seriously Underestimated? Update
I recently finished Greg Smith's Why I Left Goldman Sachs: A Wall Street Story, and I highly recommend it. I did not expect to like him, a South African immigrant who worked at Goldman Sachs did not strike me as a sympathetic character; but I was utterly charmed. Read more about Why Greg Smith left Goldman Sachs
Kate Randall in “Obamacare exposed: The gutting of health care for workers” contends that affordable, quality health care will not be provided by the Affordable Care Act (Obamacare). Read more about That Popping Noise? The Obamacare Bubble!
I read an exciting article by David Sirota recently entitled “How the 1 Percent Always Gets Its Way”.
Sirota’s answer for that is simple. BOTH legacy parties are “up for sale.”
I figure MSNBC and others of Team Dem are doing a more than adequate job inventorying and calling out the lack of empathy and the greed of the rabid leadership of the Republican party. Read more about Sirota: ‘Liberal Washing’ -- the Enabling of Plutocratic Exploitation