I had read that the mayor of Athens had intended to "clear the Square" of so-called homeless troublemakers, the twitter feed here is showing a police invasion of the square. Read more about Breaking News:Riot Police Clearing Syntagma Square in Greece
(Thanks to DailyKos commenter 2laneIA for suggesting this post and the title)
It's only a few days now until August 2nd. Perhaps a compromise on lifting the debt ceiling will be reached before then. Perhaps none will be reached. Perhaps the President will veto a compromise if it doesn't extend the ceiling sufficiently to support deficit spending until after the 2012 elections. If a debt ceiling extension is voted down, or if the President vetos an unacceptably small extension, then what is to be done? I've now run into six primary options the President can select among to avoid default. The six are:
-- Challenging the debt ceiling based on the 14th Amendment Section 4
-- Selective default
-- Proof Platinum Coin Seigniorage (PPCS)
-- Running an overdraft at the Fed Read more about What If a Debt Limit Extension is Voted Down?
I cribbed the above title from an oped by William Rivers Pitt entitled “So This is Despair.”
“I see a president on his knees, hands outstretched, offering the best ideas and policies liberal governance has ever devised up to the voracious carnivore of GOP opportunism. I see the end of the New Deal, and a far crueler America emerging from the aftermath. I see a Democratic president voiding his bladder on all that he is supposed to uphold.
Dear Dems and Mr. President,
I've been a lifelong Democrat. But now, I don't know anymore. I'm still registered alright; but when I look at your behavior, I think I'm a freely floating voter resource now, and I'd probably respond to a poll as one in that amorphous blob of independents that stands for “the two parties suck; but we don't agree on much else.” I'm sorry about that. I really had high hopes after the 2008 election, that a new period of Democratic resurgence had come, and that the Reagan era had ended. Read more about What's Wrong With You? An Open Letter to Congressional Dems and the President
I'm running out of words to describe the low-lifes in Washington who continue to outdo themselves when it comes to devising ways to separate us from our money. The latest comes from the Social Security Administration, in conjunction with the Treasury Department.
My neighbor just got her social security check in the mail and asked me to help her figure out the flyer that came with it. The flyer reads, "Be prepared to stop receiving a paper check. All federal benefits will be paid electronically.... Sign up for electronic payments NOW!" Read more about Is There Something Worse than Despicable?
Congress provided the authority, in legislation passed in 1996, for the US Mint to create platinum bullion or proof platinum coins with arbitrary fiat face value having no relationship to the value of the platinum used in these coins. These coins are legal tender. So, when the Mint deposits them in its Public Enterprise Fund account at the Fed, the Fed must credit that account with the face value of these coins. Read more about Beyond the Debt Ceiling: The $30 Trillion Plan for Ending Borrowing and the National Debt
"The smoking ruin that is the the Obama White House, and the rotting corpse that is the Democratic Party, have, incredibly, together been boxed into a corner by, of all things, the certifiably insane Republican Party."
Well, the acknowledgement of the FAIL of our representatives appears to be permeating our society. Read more about "The smoking ruin that is the the Obama White House, and the rotting corpse that is the Democratic Party, have, incredibly, together been boxed into a corner by, of all things, the certifiably insane Republican Party."
U.S. Taxpayers Get 4-Cent “Screw” From Boeing for $71 (177,000% Mark-up) & Other Financial Obscene Shenanigans
Oligarchs, Congress and Obama are shamelessly insisting that good ol’ trickle down economics will bring us recovery. Different year. Same BS.
Two years and waiting waiting waiting out this round of the BS.
Nearly 1 out of 4 Americans are now unemployed but our Washington faux-reps -- really cronies to the fat cats (fat cats, who are, by the way, doing FABULOUSLY) -- want to stay the Reaganomics course. It hasn’t ever worked, won’t now and will never work. Have they never heard of the definition of insanity? Do they think WE have never heard that definition? Read more about U.S. Taxpayers Get 4-Cent “Screw” From Boeing for $71 (177,000% Mark-up) & Other Financial Obscene Shenanigans
[Cross-posted under a different title at Naked Capitalism -- lambert]
(Author's Note; Many thanks to lambert strether, beowulf, and Yves Smith for their reviews of this post) Read more about Coin Seigniorage: A Legal Alternative and Maybe the President's Duty
Adrian Fenty was the only city council member who voted against the deal for the baseball stadium. He ran as a reform candidate and carried every single precinct. Read more about The politics of race in the District of Columbia
Jonathan Schwarz drags the memory hole like no one else in the blogoverse. He consistently comes up with gems highlighting the absurdity of current day political events. Here's the latest one he's hooked (be sure to note the dateline before reading the article): Read more about Dragging the memory hole.
I don't have enough foul language for this letter to Obama at Bernie Sanders's website:
Everyone understands that over the long-term we have got to reduce the deficit - a deficit that was caused mainly by Wall Street greed, tax breaks for the rich, two wars, and a prescription drug program written by the drug and insurance companies. It is absolutely imperative, however, that as we go forward with deficit reduction we completely reject the Republican approach that demands savage cuts in desperately-needed programs for working families, the elderly, the sick, our children and the poor, while not asking the wealthiest among us to contribute one penny.