For Americans Who Never Want to Act Like Reasonable Adults Ron Paul (R-TX) is Your Candidate

For Americans Who Never Want to Act Like Reasonable Adults Ron Paul (R-TX) is Your Candidate

Like many other little American kids, all I wanted to do was eat junk food, play video games and goof around with my friends. I didn’t like being made to go to school, going to bed at 9 PM, eating vegetables, doing homework after school, or taking out the garbage. And like most other little kids who don’t like abiding by the rules of their parents, I sometimes fantasized about what it would be like to run away from home. But when I packed my backpack full of clothes and individually-wrapped packs of peanut butter crackers from the pantry, I could never go through with my plan. I knew if I ran away, I’d be hungry, cold, lost, and eventually found by the police and returned home.

Libertarian views of government regulation are very similar to how the 6 year-old views the authority exerted by their parents. Ron Paul’s every-individual-for- themselves rhetoric appeals to young, radical libertarians with simplistic viewpoints of authority, and an ignorance of why government exists in the first place.

In Ron Paul’s ideal America, safety regulations imposed on employers by the Occupational Safety and Health Administration would be a thing of the past. Clean air and water regulations imposed by the Environmental Protection Agency would be no more. Taxpayers would save money since Ron Paul would abolish the Department of Education and cut the Food & Drug Administration budget by 40%. Employers would save money by paying workers as little as they wish, since Ron Paul would abolish the Davis-Bacon Act. Corporate giants would be free to monopolize markets, since Ron Paul opposes federal antitrust legislation. And employees would no longer be required to pay into Social Security.

So what would this libertarian utopia look like, if Ron Paul were elected and followed through on his campaign promises?

-Families grieving for loved ones lost due to Massey Energy’s negligence in the Upper Big Branch coal mine explosion would have to accept that their relatives were casualties of the invisible hand of the unfettered free market. And Massey would've gotten off scot-free for polluting Martin County, Kentucky's drinking water supply with 300 million gallons of coal slurry.

-Millions of college students dependent on Pell grants would be forced to move back home and work minimum-wage jobs, no longer financially able to further their education. Oh wait-- what minimum wage?

-Food recalls would be a regular occurrence when tainted meat and vegetables hit supermarket shelves and cause record outbreaks of e-coli. And risky new drugs will avoid FDA tests and hit the express lane to the pharmacy, endangering the health of millions.

-Too-big-to-fail banks like Wells Fargo, Citi, Chase and Bank of America would be allowed to merge and/or buy out their competitors, as would oil giants like ExxonMobil, and Chevron, as would cell service providers like AT&T and Verizon.

-The Social Security trust fund would become insolvent, making retirement that much harder for those who paid into it all their lives.

Ron Paul and his right-libertarian ideology does espouse a new kind of freedom, just as rebellious children who fantasize about running away from home dream of a new kind of freedom. But as much as we may have rebelled against our parents as little kids, we eventually matured and realized that the rules and regulations our parents imposed on us were meant so we’d grow up to be responsible, functioning adults in society.

An unregulated little kid free to eat junk food and play video games all day won’t ever learn the responsibilities of adulthood. And an unregulated society where every individual is out for themselves will quickly collapse.


Carl Gibson is a spokesman and organizer for US Uncut, a nonviolent, creative direct-action movement to stop budget cuts by getting corporations to pay their fair share of taxes.

Libertarians give a lot of lip service to freedom, but they're selling tyranny. Many Americans have been stricken with cancer because of the dumping of toxic chemicals boy corporations. Paul and his moronic followers would take up for the freedom of corporations to do that. Those with cancer or kidney failure or other ailments can just suck it up and die.Think the average American is powerless now - you have a point, but just wait till conservative libertarians like Paul run the country and corporations grow into monopolistic powers with unlimited money to spend to influence politicians. Who do you think Washington will listen to, you or the powers that be with billions to spend on campaign contributions and lobbyists.

Six Myths Explained About Taxing The Wealthy

Six Myths Explained About Taxing The Wealthy

On Saturday, the Obama administration unveiled the "Buffett Rule [1]," a proposed tax on millionaires and billionaires named after celebrity investor Warren Buffett, who has long argued that the federal government should demand more of the wealthy. The millionaires tax is certain to become a major point of contention in the 2012 presidential campaign, and Republicans have wasted no time in heaping it with calumnies. Here are the six most popular conservative arguments against a progressive tax code, and why they're wrong:

It's class warfare! [2]
Yeah right. Three decades of laissez-faire economic polices have allowed the rich to double their share of the national income while paying tax rates a fifth lower than before. The result, notes Kevin Drum [3], was "wage stagnation for everyone else, a massive financial collapse that ravaged the middle class, an enormous deficits that they'll be asked to pay off eventually." If the millionaires tax is the only blowback, the wealthy should count their blessings.

It's a tax on small business [4]
"Don't forget that most small businesses file taxes as individuals," House Budget Committee Chairman Paul Ryan (R-Wis.) said on Fox News Sunday. "So when you are raising top tax rates, you are raising taxes on these job creators." Except when you aren't. ThinkProgress's Pat Garofalo points out [5] that fewer than 2 percent of the nation's small businesses fall into either of the top two tax brackets. Plus, many of the small business filers in the upper brackets are merely investors who have nothing to do with running the business. And if small businesses don't want to pay taxes as individuals, they can file as corporations.

It reduces incentives to work and invest [6]
Experience shows otherwise. As Nancy Folbre points out [7] over at Economix, "average annual rates of growth in gross domestic product in the high tax era between 1950 and 1980 exceeded those of the last 30 years. Increases in the top tax rate under President Bill Clinton were followed by robust economic expansion."

It's an unstable source of revenue [8]
A recent essay [8] in the Wall Street Journal argued that the high volatility of upper-level income makes it impractical to rely on taxing it. But this concern is vastly overblown [9] and can be easily dealt with by establishing rainy day funds.

It's unfair [10]
In the libertarian view, the rich are entitled to their gains because they worked for them. But this ignores how structural changes in the economy such as globalization, financial deregulation, and the rise of the knowledge-based economy have disproportionately rewarded the wealthy [11]. At the same time, we've failed to reinvest in government programs that once leveled the playing field, such as financing for community colleges and public universities [12].

The rich will leave the country [13]
Good riddance, writes [14] Don Peck in a recent Atlantic essay on how to save the middle class: "America remains a magnet for talent, for reasons that go beyond the tax code; and by international standards, none of the tax changes recommended here would create an excessive tax burden on high earners. If a few financiers choose to decamp for some small island-state in search of the smallest possible tax bill, we should wish them good luck."
Source URL: http://motherjones.com/mojo/2011/09/6-dumb-arguments-against-taxing-rich-explained

Links:
[1] http://www.nytimes.com/2011/09/18/us/politics/obama-tax-plan-would-ask-more-of-millionaires.html?pagewanted=2
[2] http://www.outsidethebeltway.com/obamas-millionaires-tax/
[3] http://motherjones.com/kevin-drum/2011/09/paul-ryan-insults-our-intelligence-yet-again
[4] http://www.foxnews.com/on-air/fox-news-sunday/2011/09/18/rep-paul-ryan-rips-obamas-jobs-plan-herman-cain-defends-his-999-tax-proposal
[5] http://thinkprogress.org/economy/2011/09/19/322193/small-business-taxes-lies/
[6] http://spectator.org/blog/2011/09/18/thoughts-on-obamas-buffett-rul
[7] http://economix.blogs.nytimes.com/2011/04/11/taxing-the-rich/
[8] http://online.wsj.com/article/SB10001424052748704604704576220491592684626.html
[9] http://www.remappingdebate.org/article/wsj-story-exaggerates-price-taxing-rich-cherry-picks-data
[10] http://reason.com/archives/2010/09/30/taxing-the-rich
[11] http://motherjones.com/politics/2011/02/income-inequality-labor-union-decline
[12] http://motherjones.com/mojo/2011/09/why-expanding-colleges-wont-fix-income-inequality
[13] http://www.ronpaulforums.com/showthread.php?193824-Maryland-Tax-Raise-Backfires-When-Millionaires-Flee
[14] http://www.theatlantic.com/magazine/archive/2011/09/can-the-middle-class-be-saved/8600/?single_page=true

Perhaps the biggest myth surrounding the wealthiest 10% of U.S. citizens is that they are the "producers". Most of us have little problem with a business owner taking large compensation if earnings are high. Yet those owners and everyone else needs to keep one fundamental fact in mind - all capital starts with and is perpetrated by some doing some labor - in modern times that means making a product or providing a service. Take away labor and those so-called producers are just people with day dreams. The wealthy and conservatives especially have gotten very arrogant about how valuable they are. They'll be shocked to find that if they packed and moved to some no tax island tomorrow not only will America survive, we'll be better off without them.

Internet Bill SOPA Was Introduced By Republicans. SOPA is a Clear Attack on the First Amendment.

Internet Bill SOPA Was Introduced By Republicans. SOPA is a Clear Attack on the First Amendment. Why Do Republicans Hate America?

Laurence Tribe, a constitutional law expert at Harvard Law School, argues the Stop Online Piracy Act (SOPA) violates the First Amendment in a memo sent to members of Congress on Thursday.

The bill would empower the Justice Department and copyright holders to demand that search engines, Internet providers and payment processors cut ties with websites "dedicated" to copyright infringement.

Tribe argues the bill amounts to illegal "prior restraint" because it would suppress speech without a judicial hearing.

Additionally, the law's definition of a rogue website is unconstitutionally vague, Tribe writes.

"Conceivably, an entire website containing tens of thousands of pages could be targeted if only a single page were accused of infringement," Tribe writes. "Such an approach would create severe practical problems for sites with substantial user-generated content, such as Facebook, Twitter, and YouTube, and for blogs that allow users to post videos, photos, and other materials."

He argues SOPA undermines the Digital Millennium Copyright Act of 1998, which protected websites from being held responsible for the actions of their users. 

The bill would "effectively require sites actively to police themselves to ensure that infringement does not occur," he writes.

Tribe concludes the result is that the law would chill protected and lawful speech.

"The threat of such a cutoff would deter Internet companies from adopting innovative approaches to hosting and linking to third party content and from exploring new kinds of communication," he writes.

In a footnote, Tribe acknowledges that he was hired by the Consumer Electronics Association, which is lobbying against SOPA, but he adds, "The views expressed in this paper represent my own views as a scholar and student of the Constitution."

A spokeswoman for the House Judiciary Committee Republicans pointed to a competing legal analysis by constitutional law expert Floyd Abrams.

 The Stop Online Piracy Act (SOPA), also known as H.R.3261, is a bill that was introduced in the United States House of Representatives on October 26, 2011, by Representative Lamar Smith (R-TX) and a bipartisan group of 12 initial co-sponsors. The bill expands the ability of U.S. law enforcement and copyright holders to fight online trafficking in copyrighted intellectual property and counterfeit goods.[2] Now before the House Judiciary Committee, it builds on the similar PRO-IP Act of 2008 and the corresponding Senate bill, the Protect IP Act.[3]

"In addition to domain-name filtering, SOPA would impose an open-ended obligation on Internet Service Providers (ISPs) to prevent access to infringing sites...Preventing access to specific sites would require ISPs to inspect all the Internet traffic of its entire user base—the kind of privacy-invasive monitoring that has come under fire in the context of 'deep packet inspection' for advertising purposes", said Center for Democracy and Technology lawyers David Sohn and Andrew McDiarmid in an article written for The Atlantic.[33]

"Is this really what we want to do to the internet? Shut it down every time it doesn't fit someone's business model?" asks Harvard Business Review blogger James Allworth, concluding that the bill would "give America its very own version of the Great Firewall of China."[44]

The legislation would lead to many cloud computing and Web hosting services moving out of the U.S. to avoid lawsuits, predicted Christian Dawson, COO of Virginia-based hosting company ServInt. "I see SOPA as a stimulus package for Asia and Europe and their Internet economies," he said.[45]

Today In Dishonest Fox News Charts - It looks like Fox is trying to mislead its viewers on the unemployment rate. Again. As more and more Americans are learning Fox News is an anti-American propaganda channel run by the Rupert Murdoch international media empire. Its goal is to spread authoritarian style government over as much of the world as possible. It is a secret conspiracy. Fox personnel frequently espouse the virtues of what historians call proto-fascism.

Conservatives and The 1 Percent Have Violated America's Most Basic Tenets

Conservatives and The Elite 1 Percent Have Violated America's Most Basic Tenets

For most of the last century, the basic bargain at the heart of the American economy was that employers paid their workers enough to buy what American employers were selling.

That basic bargain created a virtuous cycle of higher living standards, more jobs, and better wages.

Back in 1914, Henry Ford announced he was paying workers on his Model T assembly line $5 a day – three times what the typical factory employee earned at the time. The Wall Street Journal termed his action “an economic crime.”

But Ford knew it was a cunning business move. The higher wage turned Ford’s auto workers into customers who could afford to buy Model T’s. In two years Ford’s profits more than doubled.

That was then. Now, Ford Motor Company is paying its new hires half what it paid new employees a few years ago.

The basic bargain is over – not only at Ford but all over the American economy.

New data from the Commerce Department shows employee pay is now down to the smallest share of the economy since the government began collecting wage and salary data in 1929.

Meanwhile, corporate profits now constitute the largest share of the economy since 1929.

1929, by the way, was the year of the Great Crash that ushered in the Great Depression.

The full essay is at the link. Conservatives and their supply-side economics ( which some Democrats have also bought into over the last three decades) have not quite brought back the economics of the pre-Civil War plantation, but they have brought us closer. There is till a healthy middle-class, but half of America, about 52% are wage slaves. They can work hard year in year out and their chances of getting ahead are much slimmer then the chances of their grandparents. We have this America because conservatives want all the money that was produced ultimately by labor in the hands of the very wealthy. In America wealth is power. Why does the incredibly wealthy Rupert Murdoch use the Wall Street Journal and Fox News to spread absurd propaganda about health care reform, the minimum wage and the social safety net ( Medicare). Because they want the fruits of America's labor going to the top, not to workers. Power follows the money and conservatives want the American people to be as powerless as possible.

Conservatism Down The Rabbit Hole - America deserves better from its business leaders: Making a profit shouldn't be the only bottom line

Conservatism Down The Rabbit Hole - America deserves better from its business leaders: Making a profit shouldn't be the only bottom line

Do corporations have a social responsibility to be decent, upstanding citizens? Is there a moral imperative that the likes of Bank of America, General Electric and Apple should boost employment, refrain from contributing to inequality, or restrain themselves from despoiling the environment, simply because those are the right things to do?

If you spend even a cursory amount of time investigating this question, you will speedily find yourself reckoning with the answer delivered four decades ago by the economist Milton Friedman: A most emphatic no.

In “The Social Responsibility of Business Is to Increase Its Profits,” originally published in the New York Times Sunday Magazine in 1970, Friedman, the arch-deacon of free market economics, declared that any businessman who thinks a corporation should take “seriously its responsibilities for providing em­ployment, eliminating discrimination, avoid­ing pollution and whatever else” was “preach­ing pure and unadulterated socialism.”

    Busi­nessmen who talk this way are unwitting pup­pets of the intellectual forces that have been undermining the basis of a free society these past decades … In a free-enterprise, private-property sys­tem, a corporate executive is an employee of the owners of the business. He has direct re­sponsibility to his employers. That responsi­bility is to conduct the business in accordance with their desires, which generally will be to make as much money as possible while con­forming to the basic rules of the society, both those embodied in law and those embodied in ethical custom.

The great irony of Friedman’s hard line is that in 1970, his words probably sounded much more extreme than they do today. Despite decades of lip service to the idea of “corporate social responsibility,” the notions that corporations do best when most untrammeled by regulatory constraint or that they should only be guided by a desire to generate the maximum return on investment for their shareholders are now bedrock ideological fixations of the contemporary Republican Party.

In fact, one could well argue that we are currently closer to Friedman’s utopia than during any other period in living memory. The Supreme Court has vastly loosened restrictions on corporate spending on the political process, trade policy has supported a decades-long trend toward foreign investment, offshoring and outsourcing, corporate taxes are at a historic low, and even the worst financial crisis in decades has hardly resulted in more than a slap on the regulatory wrist for the guilty parties.

America had at least five decades of that shrill, pompous and self-righteous messaging from conservatives about "values". Where are they? America keeps waiting and getting screwed over by the "values" party. Maybe they meant they had the values of despots, plutocrats or Medieval monarchs. When is middle-class America going to wake up and stop getting the shaft from people who think think values are the same thing as economic tyranny.

Police Brutality and Government Repression Is Now Typical of Iran, China and the United States

84 year old Dorli Rainey peppered sprayed by Seattle police

OWS, Police Brutality, and the War on Terror: An Empire State of Mind

Over the last week, among the multiple images that horrified and angered the American public, two stood out: One is an image of Dorli Rainey, an 84 year old protester at Occupy Seattle with milk dripping from her face after being pepper-sprayed by a uniformed Seattle officer. Another is the video clip of a uniformed Davis, California police officer pulling out two cans of pepper-spray and directing it at the faces of non-aggressive, stationary student protesters at UC Davis. Both images have gone viral. I suspect this is because there is something so grotesque and terrifying about watching a uniformed officer pull out a can of chemicals that are designed to seriously, if temporarily, cripple and paralyze the its victims. Watching the lurid spectacle happen in real-time has the effect of paralyzing the viewer.

Besides the outrage that these events provoked, several questions have been raised, even by those who have followed most global political news over the last decade: “What are they thinking? Why these heavy-handed tactics? Why is it ok to assault people instead of arrest them?” And others, perhaps without knowing why, are horrified but not at all surprised. Why not?

These heavy-handed tactics should come as no surprise to any of us. The ability to assault people prior to—no, instead of arresting and charging them with crimes—has become an explicit staple of United States foreign policy since the passage of the USA PATRIOT Act, on Oct. 22, 2001. That bill, some 350 pages long and written over much longer than a month’s time, authorized the state police and army forces to wiretap, investigate, search and detain individuals as part of a pre-emptive strategy to seek out “suspected terrorists,” that is, before they could do damage to “US” (pun intended). Augmented to this was G.W. Bush’s presidential endorsement of torture and rendition strategies, along with the invasion of Iraq and Afghanistan under the auspices of waging a “War on Terror” and the associated military bombings of thousands of people in Iraq, Afghanistan, and Pakistan (with President Obama’s continued support of rendition, the expansion of military drones targeted towards “suspected Al-Qaeda” buildings, and of course, civilians). Tack on Presidential Obama’s enthusiasm to assassinate suspected terrorists in lieu of a trial (Osama Bin Laden), even when they are American citizens (Anwar Al-Awlaki and Samir Khan).

What does any of this have to with police brutality in response to peaceful political dissent and protests in NYC, Berkeley, Seattle, Oakland, Davis, and elsewhere around the country? Everything. We are in an “Empire State of Mind,” with apologies to Jay Z and Alicia Keyes. We have become conditioned to accept and expect police brutality to be imposed on everyone but “US”: African-American men and women; Muslim men and women all over the world, including Western and Northern Europe; Latino migrants in the US. We have also become used to justifying police brutality as directed towards “people who deserve it.” This, at bottom, is an Empire State of Mind. An Empire State of Mind is one where those who order and those who carry out the brutalization and murder, can do so with the assurance of complete impunity because they have the approval of political and media elites, and through them, a widespread public.

Think about it: it is still laughable to consider the possibility of GW Bush and Barack Obama being put on trial for the torture, warrantless detention, or the innumerable murders that have been ordered on their watch. Was there ever a moment when someone thought that President Obama would order the punishment and reprimands of rogue bankers, or the arrest of CEOs who authorized their staff to push toxic mortgages or carry out irresponsible trades that eroded the pensions and life-savings of everyday working people? The evidence of widespread fraud and misconduct is widely available. But in an oligarchy, the prosecution of elites is left to the fantasies of action movies.

Why then are we surprised that the chickens have come home to roost? We have become accustomed to police and army brutality around the world. We have stopped protesting it to a large extent, in part because our sentiments have been mocked (witness the most recent endorsement of the president by the SEIU, with its promiscuous cooptation of OWS rhetoric). We have stopped, if we ever did, seeing the connections between the gluttonous disemboweling of the economic security and safety nets once available to the lower and middle-classes, and the war on immigrants. At a basic level, the latter is a distraction from the former: “Hey, look, a foreigner is taking your job,” says Congress, while they are being paid off by Wall Street bankers to prevent the passing of legislation that would protect pensions, salaries, and benefits of working folks from being plundered. Similarly, we have refused to make the links between the persecution and torture of Muslim men in the name of “fighting terrorism,” and the ever-greater harassment of US citizens: “We need to track devious elements for your safety.” We vote for these folks continually, and then are shocked when the same spurious logic is turned against American citizens.

We are shocked by the police brutality of Dorli Rainey and the Occupy Davis protestors because they are guilty of nothing but loud political dissent. Why then should we not revisit our suspicions of the unproven assertions of the criminal tendencies of millions of men and women around the world and here in the US? We need to see through the aspersions that have been unceasingly cast by the United States government, the 1%, and their minions in order to justify their assaults, brutality, and murderous actions? It’s an Empire State of Mind, not only abroad but increasingly here at home. And the way to dismantle an Empire State of Mind is to revisit our assumptions about the targets of violence and brutality. If brutality can be leveled at American students wrongly, then we need to accept that it’s been meted out unfairly in the Wars on Iraq, Afghanistan, Terror, and Latino migrants, among others.

We shouldn’t be shocked. We should, however, continue to be outraged: the War on OWS, the War on Terror, and the War on Immigrants, are all part and parcel of an Empire State of Mind. We need to consider that each of these wars is equally dubious, intended to distract US by casting a spurious guilt on political dissenters, the working-class, the unemployed, the foreclosed, and other innocent civilians. This is the most basic step needed to resist those state officials, the 1%, and their minions who plunder the government coffers, our taxes, our bank accounts, our equity, our homes, and our livelihood and security, while pretending that their theft and their brutality is conducted for our protection.


Falguni A. Sheth is Associate Professor of Philosophy and Political Theory at Hampshire College. She is the author of Toward a Political Philosophy of Race (SUNY, 2009), explores state-driven racial divisions and persecution.

Public opinion of OWS has gone down a bit in the polls. One of the reasons is the spot light put on a minority of kooks who have associated themselves with OWS - the vast majority of OWS protesters are from middle and working class families and most of them have some kind of job ( contrary to the impression anti-American outlets like Fox and The New York Post have tried to create). Even taking the kooks into the police have committed more violence and more property damage. Who is going to protect decent Americans some the militarized police establishment ( ironically most of whom belong to unions).

GOP Senate Candidate Josh Mandel Wants To Frack Ohio State Parks Now

Anti-American Senate candidate Josh Mandel (R) Wants To Destroy National Forest for His Special Interests Friends

Anti-American Senate candidate Josh Mandel (R) Wants To Destroy National Forest for His Special Interests Friends

Ohio’s transparency-allergic treasurer and U.S. senate candidate Josh Mandel (R) is finally stepping out on stage by offering a certain type of policy positions: wildly unpopular. Mandel endorsed Gov. John Kasich’s (R) anti-labor law early this summer, insisting that Senate Bill 5 — a bill that was resoundingly defeated by police and firefighters — “is about respecting police and firefighters.” Now, Mandel is demanding that Ohio officials open up a national forest in Ohio to fracking — a policy 70 percent of Ohioans oppose. And he wants it done immediately.

Ohio’s Wayne National Forest is host to oil and gas wells, but none as deep and dangerous as those created by fracking, a method of deep natural gas drilling. The plan to lease 3,302 acres during a Dec. 7 public auction “inspired new fears” in Athens, OH about the possible pollution of the area water supply. These concerned prompted Wayne National Forest supervisor Anne Carey to withdraw the auction and begin an evaluation process that could take up to six months. Mandel slammed Carey for her concern, insisting that places like Mahoning Valley (which is about 150 miles away from the park) “will greatly benefit from fracking“:

    “The Mahoning Valley is one of the areas that will greatly benefit from fracking,” said Mandel, who called The Vindicator on Thursday to discuss the issue as well as criticize a decision by a national forest supervisor in the Athens area for postponing a plan to lease more than 3,000 acres for oil and gas drilling.[...]

    Mandel said the gas-and-oil business is booming and “a delay in drilling is a delay in job creation for the state of Ohio.”

    The business can “rejuvenate parts of Ohio,” including the Valley, he said.

Once again, Mandel’s idea of “benefit” is questionable. Fracking has a long history of groundwater pollution, leaving entire towns with highly-contaminated water supplies. Indeed, some contaminated wells have been found to contain extremely high levels leukemia-causing benzene while others left people filling dizzy and caused horses and pets to lose their hair.

I'm not sure what the United States of America has done to senate candidate Josh Mandel (R) for him to hate it so much. Maybe he should take some of that corporate cash he is getting and buy a plane ticket to some right-wing banana republic. He'll feel right at home.

America's Internet Might Become As Bad As China - Stop SOPA

America's Internet Might Become As Bad As China

China operates the world’s most elaborate and opaque system of Internet censorship. But Congress, under pressure to take action against the theft of intellectual property, is considering misguided legislation that would strengthen China’s Great Firewall and even bring major features of it to America.

The legislation — the Protect IP Act, which has been introduced in the Senate, and a House version known as the Stop Online Piracy Act — have an impressive array of well-financed backers, including the United States Chamber of Commerce, the Motion Picture Association of America, the American Federation of Musicians, the Directors Guild of America, the International Brotherhood of Teamsters and the Screen Actors Guild. The bills aim not to censor political or religious speech as China does, but to protect American intellectual property. Alarm at the infringement of creative works through the Internet is justifiable. The solutions offered by the legislation, however, threaten to inflict collateral damage on democratic discourse and dissent both at home and around the world.

The bills would empower the attorney general to create a blacklist of sites to be blocked by Internet service providers, search engines, payment providers and advertising networks, all without a court hearing or a trial. The House version goes further, allowing private companies to sue service providers for even briefly and unknowingly hosting content that infringes on copyright — a sharp change from current law, which protects the service providers from civil liability if they remove the problematic content immediately upon notification. The intention is not the same as China’s Great Firewall, a nationwide system of Web censorship, but the practical effect could be similar.

Abuses under existing American law serve as troubling predictors for the kinds of abuse by private actors that the House bill would make possible. Take, for example, the cease-and-desist letters that Diebold, a maker of voting machines, sent in 2003, demanding that Internet service providers shut down Web sites that had published internal company e-mails about problems with the company’s voting machines. The letter cited copyright violations, and most of the service providers took down the content without question, despite the strong case to be made that the material was speech protected under the First Amendment.

The House bill would also emulate China’s system of corporate “self-discipline,” making companies liable for users’ actions. The burden would be on the Web site operator to prove that the site was not being used for copyright infringement. The effect on user-generated sites like YouTube would be chilling.

YouTube, Twitter and Facebook have played an important role in political movements from Tahrir Square to Zuccotti Park. At present, social networking services are protected by a “safe harbor” provision of the Digital Millennium Copyright Act, which grants Web sites immunity from prosecution as long as they act in good faith to take down infringing content as soon as rights-holders point it out to them. The House bill would destroy that immunity, putting the onus on YouTube to vet videos in advance or risk legal action. It would put Twitter in a similar position to that of its Chinese cousin, Weibo, which reportedly employs around 1,000 people to monitor and censor user content and keep the company in good standing with authorities.

Compliance with the Stop Online Piracy Act would require huge overhead spending by Internet companies for staff and technologies dedicated to monitoring users and censoring any infringing material from being posted or transmitted. This in turn would create daunting financial burdens and legal risks for start-up companies, making it much harder for brilliant young entrepreneurs with limited resources to create small and innovative Internet companies that empower citizens and change the world.

Adding to the threat to free speech, recent academic research on global Internet censorship has found that in countries where heavy legal liability is imposed on companies, employees tasked with day-to-day censorship jobs have a strong incentive to play it safe and over-censor — even in the case of content whose legality might stand a good chance of holding up in a court of law. Why invite legal hassle when you can just hit “delete”?

The potential for abuse of power through digital networks — upon which we as citizens now depend for nearly everything, including our politics — is one of the most insidious threats to democracy in the Internet age. We live in a time of tremendous political polarization. Public trust in both government and corporations is low, and deservedly so. This is no time for politicians and industry lobbyists in Washington to be devising new Internet censorship mechanisms, adding new opportunities for abuse of corporate and government power over online speech. While American intellectual property deserves protection, that protection must be won and defended in a manner that does not stifle innovation, erode due process under the law, and weaken the protection of political and civil rights on the Internet.

You can contact your senators and representatives directly - through e-mail and fox( check their websites) or there is a petition here.

What caused the financial crisis? The Big Lie goes viral.

Some stand to profit from the status quo: Banks present a systemic risk to the economy, and reducing that risk by lowering their leverage and increasing capital requirements also lowers profitability. Others are hired guns, doing the bidding of bosses on Wall Street.

They all suffer cognitive dissonance — the intellectual crisis that occurs when a failed belief system or philosophy is confronted with proof of its implausibility.

And what about those facts? To be clear, no single issue was the cause. Our economy is a complex and intricate system. What caused the crisis? Look:

Fed Chair Alan Greenspan dropped rates to 1 percent — levels not seen for half a century — and kept them there for an unprecedentedly long period. This caused a spiral in anything priced in dollars (i.e., oil, gold) or credit (i.e., housing) or liquidity driven (i.e., stocks).

Low rates meant asset managers could no longer get decent yields from municipal bonds or Treasurys. Instead, they turned to high-yield mortgage-backed securities. Nearly all of them failed to do adequate due diligence before buying them, did not understand these instruments or the risk involved. They violated one of the most important rules of investing: Know what you own.

Fund managers made this error because they relied on the credit ratings agencies — Moody’s, S&P and Fitch. They had placed an AAA rating on these junk securities, claiming they were as safe as U.S. Treasurys.

• Derivatives had become a uniquely unregulated financial instrument. They are exempt from all oversight, counter-party disclosure, exchange listing requirements, state insurance supervision and, most important, reserve requirements. This allowed AIG to write $3 trillion in derivatives while reserving precisely zero dollars against future claims.

• The Securities and Exchange Commission changed the leverage rules for just five Wall Street banks in 2004. The “Bear Stearns exemption” replaced the 1977 net capitalization rule’s 12-to-1 leverage limit. In its place, it allowed unlimited leverage for Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers and Bear Stearns. These banks ramped leverage to 20-, 30-, even 40-to-1. Extreme leverage leaves very little room for error.

•Wall Street’s compensation system was skewed toward short-term performance. It gives traders lots of upside and none of the downside. This creates incentives to take excessive risks.

• The demand for higher-yielding paper led Wall Street to begin bundling mortgages. The highest yielding were subprime mortgages. This market was dominated by non-bank originators exempt from most regulations. The Fed could have supervised them, but Greenspan did not.

• These mortgage originators’ lend-to-sell-to-securitizers model had them holding mortgages for a very short period. This allowed them to get creative with underwriting standards, abdicating traditional lending metrics such as income, credit rating, debt-service history and loan-to-value.

• “Innovative” mortgage products were developed to reach more subprime borrowers. These include 2/28 adjustable-rate mortgages, interest-only loans, piggy-bank mortgages (simultaneous underlying mortgage and home-equity lines) and the notorious negative amortization loans (borrower’s indebtedness goes up each month). These mortgages defaulted in vastly disproportionate numbers to traditional 30-year fixed mortgages.

To keep up with these newfangled originators, traditional banks developed automated underwriting systems. The software was gamed by employees paid on loan volume, not quality.

The people blaming government, Fannie May and whatever boogieman are just plain old gutless liars.

What Caused the Financial Crisis? Or What Some Call The Great Recession

What Caused the Financial Crisis? Or What Some Call The Great Recession

One group has been especially vocal about shaping a new narrative of the credit crisis and economic collapse: those whose bad judgment and failed philosophy helped cause the crisis.

Rather than admit the error of their ways — Repent! — these people are engaged in an active campaign to rewrite history. They are not, of course, exonerated in doing so. And beyond that, they damage the process of repairing what was broken. They muddy the waters when it comes to holding guilty parties responsible. They prevent measures from being put into place to prevent another crisis.

Here is the surprising takeaway: They are winning. Thanks to the endless repetition of the Big Lie.

A Big Lie is so colossal that no one would believe that someone could have the impudence to distort the truth so infamously. There are many examples: Claims that Earth is not warming, or that evolution is not the best thesis we have for how humans developed. Those opposed to stimulus spending have gone so far as to claim that the infrastructure of the United States is just fine, Grade A (not D, as the we discussed last month), and needs little repair.

Wall Street has its own version: Its Big Lie is that banks and investment houses are merely victims of the crash. You see, the entire boom and bust was caused by misguided government policies. It was not irresponsible lending or derivative or excess leverage or misguided compensation packages, but rather long-standing housing policies that were at fault.

Indeed, the arguments these folks make fail to withstand even casual scrutiny. But that has not stopped people who should know better from repeating them.

The Big Lie made a surprise appearance Tuesday when New York Mayor Michael Bloomberg, responding to a question about Occupy Wall Street, stunned observers by exonerating Wall Street: “It was not the banks that created the mortgage crisis. It was, plain and simple, Congress who forced everybody to go and give mortgages to people who were on the cusp.”

What made his comments so stunning is that he built Bloomberg Data Services on the notion that data are what matter most to investors. The terminals are found on nearly 400,000 trading desks around the world, at a cost of $1,500 a month. (Do the math — that’s over half a billion dollars a month.) Perhaps the fact that Wall Street was the source of his vast wealth biased him. But the key principle of the business that made the mayor a billionaire is that fund managers, economists, researchers and traders should ignore the squishy narrative and, instead, focus on facts. Yet he ignored his own principles to repeat statements he should have known were false.

Why are people trying to rewrite the history of the crisis? Some are simply trying to save face. Interest groups who advocate for deregulation of the finance sector would prefer that deregulation not receive any blame for the crisis.

Some stand to profit from the status quo: Banks present a systemic risk to the economy, and reducing that risk by lowering their leverage and increasing capital requirements also lowers profitability. Others are hired guns, doing the bidding of bosses on Wall Street.

They all suffer cognitive dissonance — the intellectual crisis that occurs when a failed belief system or philosophy is confronted with proof of its implausibility.

And what about those facts? To be clear, no single issue was the cause. Our economy is a complex and intricate system. What caused the crisis? Look:

*Fed Chair Alan Greenspan dropped rates to 1 percent — levels not seen for half a century — and kept them there for an unprecedentedly long period. This caused a spiral in anything priced in dollars (i.e., oil, gold) or credit (i.e., housing) or liquidity driven (i.e., stocks).

*Low rates meant asset managers could no longer get decent yields from municipal bonds or Treasurys. Instead, they turned to high-yield mortgage-backed securities. Nearly all of them failed to do adequate due diligence before buying them, did not understand these instruments or the risk involved. They violated one of the most important rules of investing: Know what you own.

*Fund managers made this error because they relied on the credit ratings agencies — Moody’s, S&P and Fitch. They had placed an AAA rating on these junk securities, claiming they were as safe as U.S. Treasurys.

• Derivatives had become a uniquely unregulated financial instrument. They are exempt from all oversight, counter-party disclosure, exchange listing requirements, state insurance supervision and, most important, reserve requirements. This allowed AIG to write $3 trillion in derivatives while reserving precisely zero dollars against future claims.

• The Securities and Exchange Commission changed the leverage rules for just five Wall Street banks in 2004. The “Bear Stearns exemption” replaced the 1977 net capitalization rule’s 12-to-1 leverage limit. In its place, it allowed unlimited leverage for Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers and Bear Stearns. These banks ramped leverage to 20-, 30-, even 40-to-1. Extreme leverage leaves very little room for error.

•Wall Street’s compensation system was skewed toward short-term performance. It gives traders lots of upside and none of the downside. This creates incentives to take excessive risks.

• The demand for higher-yielding paper led Wall Street to begin bundling mortgages. The highest yielding were subprime mortgages. This market was dominated by non-bank originators exempt from most regulations. The Fed could have supervised them, but Greenspan did not.

• These mortgage originators’ lend-to-sell-to-securitizers model had them holding mortgages for a very short period. This allowed them to get creative with underwriting standards, abdicating traditional lending metrics such as income, credit rating, debt-service history and loan-to-value.

• “Innovative” mortgage products were developed to reach more subprime borrowers. These include 2/28 adjustable-rate mortgages, interest-only loans, piggy-bank mortgages (simultaneous underlying mortgage and home-equity lines) and the notorious negative amortization loans (borrower’s indebtedness goes up each month). These mortgages defaulted in vastly disproportionate numbers to traditional 30-year fixed mortgages.

*To keep up with these newfangled originators, traditional banks developed automated underwriting systems. The software was gamed by employees paid on loan volume, not quality.

*Glass-Steagall legislation, which kept Wall Street and Main Street banks walled off from each other, was repealed in 1998. This allowed FDIC-insured banks, whose deposits were guaranteed by the government, to engage in highly risky business. It also allowed the banks to bulk up, becoming bigger, more complex and unwieldy.

*Many states had anti-predatory lending laws on their books (along with lower defaults and foreclosure rates). In 2004, the Office of the Comptroller of the Currency federally preempted state laws regulating mortgage credit and national banks. Following this change, national lenders sold increasingly risky loan products in those states. Shortly after, their default and foreclosure rates skyrocketed.

Bloomberg was partially correct: Congress did radically deregulate the financial sector, doing away with many of the protections that had worked for decades. Congress allowed Wall Street to self-regulate, and the Fed the turned a blind eye to bank abuses.

The previous Big Lie — the discredited belief that free markets require no adult supervision — is the reason people have created a new false narrative.

All the right-wing conservative Anti-American presidential candidates have done their part in telling the Big Lie. They seem to anyone - working class Americans, minorities, government, liberalism. The truth hurts. The free market is great when it workers. It only works when properly regulated. That's not communism or fascism or any other ism, its common sense and an honest history of the greed that always kicks in when regulations are too lax or not enforced.

The Conservative Redistribution of Income is Grand Theft for Plutocrats

Here(chart), from the CBO report, are the changes, in percentage points, of the shares of income going to three groups. The top quintile excluding the top 1 percent – which is basically the abode of the well-educated who aren’t among the very lucky few – has only kept pace with the overall growth in incomes. Just about all of the redistribution has taken place from the bottom 80 to the top 1 (and we know that most of that has actually gone to the top 0.1).

 Oligarchy, American Style

Inequality is back in the news, largely thanks to Occupy Wall Street, but with an assist from the Congressional Budget Office. And you know what that means: It’s time to roll out the obfuscators! [Here, from the CBO report, are the changes, in percentage points, of the shares of income going to three groups. The top quintile excluding the top 1 percent – which is basically the abode of the well-educated who aren’t among the very lucky few – has only kept pace with the overall growth in incomes. Just about all of the redistribution has taken place from the bottom 80 to the top 1 (and we know that most of that has actually gone to the top 0.1).]

Anyone who has tracked this issue over time knows what I mean. Whenever growing income disparities threaten to come into focus, a reliable set of defenders tries to bring back the blur. Think tanks put out reports claiming that inequality isn’t really rising, or that it doesn’t matter. Pundits try to put a more benign face on the phenomenon, claiming that it’s not really the wealthy few versus the rest, it’s the educated versus the less educated.

So what you need to know is that all of these claims are basically attempts to obscure the stark reality: We have a society in which money is increasingly concentrated in the hands of a few people, and in which that concentration of income and wealth threatens to make us a democracy in name only.

The budget office laid out some of that stark reality in a recent report, which documented a sharp decline in the share of total income going to lower- and middle-income Americans. We still like to think of ourselves as a middle-class country. But with the bottom 80 percent of households now receiving less than half of total income, that’s a vision increasingly at odds with reality.

In response, the usual suspects have rolled out some familiar arguments: the data are flawed (they aren’t); the rich are an ever-changing group (not so); and so on. The most popular argument right now seems, however, to be the claim that we may not be a middle-class society, but we’re still an upper-middle-class society, in which a broad class of highly educated workers, who have the skills to compete in the modern world, is doing very well.

It’s a nice story, and a lot less disturbing than the picture of a nation in which a much smaller group of rich people is becoming increasingly dominant. But it’s not true.

Workers with college degrees have indeed, on average, done better than workers without, and the gap has generally widened over time. But highly educated Americans have by no means been immune to income stagnation and growing economic insecurity. Wage gains for most college-educated workers have been unimpressive (and nonexistent since 2000), while even the well-educated can no longer count on getting jobs with good benefits. In particular, these days workers with a college degree but no further degrees are less likely to get workplace health coverage than workers with only a high school degree were in 1979.

So who is getting the big gains? A very small, wealthy minority.

The budget office report tells us that essentially all of the upward redistribution of income away from the bottom 80 percent has gone to the highest-income 1 percent of Americans. That is, the protesters who portray themselves as representing the interests of the 99 percent have it basically right, and the pundits solemnly assuring them that it’s really about education, not the gains of a small elite, have it completely wrong.

If anything, the protesters are setting the cutoff too low. The recent budget office report doesn’t look inside the top 1 percent, but an earlier report, which only went up to 2005, found that almost two-thirds of the rising share of the top percentile in income actually went to the top 0.1 percent — the richest thousandth of Americans, who saw their real incomes rise more than 400 percent over the period from 1979 to 2005.

Who’s in that top 0.1 percent? Are they heroic entrepreneurs creating jobs? No, for the most part, they’re corporate executives.

 Republicans - who really should be called the Right-wing Elitist Party - tells us that to complain about this redistribution of income from the working class to millionaires is socialism. Don't fall for that old canard. America has become an economy that gives rich people money just for being rich not because they worked for it. They get that wealth from where all wealth starts, from average Americans producing goods and services. The 1% are the leeches and the 99% are the producers.

Why Do Republicans Hate American Families - Senate Republicans Kill the Democrats' Infrastructure Jobs Bill

Why Do Republicans Hate American Families - Senate Republicans Kill the Democrats' Infrastructure Jobs Bill

Senate Republicans, again, filibustered a component of President Obama's jobs bill, the Rebuild America Jobs Act. In any other world, it would have passed 51-47, but this is a Senate, so a majority vote means that the bill dies. Go USA!

This bill had $10 billion to establish an infrastructure bank, a proposal that has received plenty of Republican support in the past, as well as $50 billion in immediate funding for roads, bridges and airports, something else Republican Senators have supported in the past. When they were just blowing hot air. When it wasn't the nation's infrastructure and economy at stake.

The measure would have been funded by a 0.7 percent surtax on people making more than a million dollars a year, or about 1/500th of American citizens, who would have seen an increase of about 1/217th in their tax bill. Just in case you were left with any doubt over whether Republicans stood with the 1 percent or the 99 percent.

12:46 PM PT: Sens. Ben Nelson and Joe Lieberman voted with the Republicans (I know, you're shocked). The Republican version of the bill, which really didn't have anything m
Senate Republicans, again, filibustered a component of President Obama's jobs bill, the Rebuild America Jobs Act. In any other world, it would have passed 51-47, but this is a Senate, so a majority vote means that the bill dies. Go USA!


12:46 PM PT: Sens. Ben Nelson and Joe Lieberman voted with the Republicans (I know, you're shocked). The Republican version of the bill, which really didn't have anything much to do with jobs, failed 47-53.

Conservatives think it is more important the economy be dragged down to make Democrats look bad than it is to do what is best for the country. Modern conservative Republicans are not patriots as much as they are right-wing zealots who only care about their radical agenda. to make America look like half like a third world country and the other half gated communities where the bankers and elite live.

Republican Presidential Candidates Offer America More Voodoo Economics and No Solutions

Republican Presidential Candidates Offer America More Voodoo Economics and No Solutions

Key proposals from the Republican presidential candidates might make for good campaign fodder. But independent analyses raise serious questions about those plans and their ability to cure the nation's ills in two vital areas, the economy and housing.

Consider proposed cuts in taxes and regulation, which nearly every GOP candidate is pushing in the name of creating jobs. The initiatives seem to ignore surveys in which employers cite far bigger impediments to increased hiring, chiefly slack consumer demand.

"Republicans favor tax cuts for the wealthy and corporations, but these had no stimulative effect during the George W. Bush administration, and there is no reason to believe that more of them will have any today," writes Bruce Bartlett. He's an economist who worked for Republican congressmen and in the administrations of Presidents Ronald Reagan and George H.W. Bush.

As for the idea that cutting regulations will lead to significant job growth, Bartlett said in an interview, "It's just nonsense. It's just made up."

Government and industry studies support his view.

The Bureau of Labor Statistics, which tracks companies' reasons for large layoffs, found that 1,119 layoffs were attributed to government regulations in the first half of this year, while 144,746 were attributed to poor "business demand."
Mainstream economic theory says governments can spur demand, at least somewhat, through stimulus spending. The Republican candidates, however, have labeled President Barack Obama's 2009 stimulus efforts a failure. Instead, most are calling for tax cuts that would primarily benefit high-income people, who are seen as the likeliest job creators.

"I don't care about that," Texas Gov. Rick Perry told The New York Times and CNBC, referring to tax breaks for the rich. "What I care about is them having the dollars to invest in their companies."

Many existing businesses, however, have plenty of unspent cash. The 500 companies that comprise the S&P index have about $800 billion in cash and cash equivalents, the most ever, according to the research firm Birinyi Associates.

The rating firm Moody's says the roughly 1,600 companies it monitors had $1.2 trillion in cash at the end of 2010. That's 11 percent more than a year earlier.

Small businesses rate "poor sales" as their biggest problem, with government regulations ranking second, according to a survey by the National Federation of Independent Businesses. Of the small businesses saying this is not a good time to expand, half cited the poor economy as the chief reason. Thirteen percent named the "political climate."

More small businesses complained about regulation during the administrations of Bill Clinton and George H.W. Bush, according to an analysis of the federation's data by the liberal Economic Policy Institute.

Such findings notwithstanding, further cuts in taxes and regulations remain popular with GOP voters. A recent Associated Press-GfK poll found that most Democrats and about half of independents think "reducing environmental and other regulations on business" would do little or nothing to create jobs. But only one-third of Republicans felt that way.

The GOP's presidential hopefuls are shaping their economic agendas along those lines.

Former Massachusetts Gov. Mitt Romney says his 59-point plan "seeks to reduce taxes, spending, regulation and government programs."

Businessman Herman Cain would significantly cut taxes for the wealthy with his 9 percent flat tax plan. Rep. Michele Bachmann of Minnesota said in a recent debate, "It's the regulatory burden that costs us $1.8 trillion every year. ... It's jobs that are lost."

The candidates have said little about another national problem: depressed home prices, as well as the high numbers of foreclosures and borrowers who owe more than their houses are worth.

After the Oct. 18 GOP debate in Las Vegas, a center of foreclosure activity, editors of the AOL Real Estate site wrote, "We didn't hear any meaningful solutions to the housing crisis. That's no surprise, considering that housing has so far been a ghost issue in the campaign."

To the degree the candidates addressed housing, they mainly took a hands-off approach. "We need to get government out of the way," Cain said. "It starts with making sure that we can boost this economy and then reform Dodd-Frank," which is a law that regulates Wall Street transactions.

Bachmann, in an answer that mentioned "moms" six times, said foreclosures fall most heavily on women who are "losing their nest for their children and for their family." She said Obama "has failed you on this issue of housing and foreclosures. I will not fail you on this issue." Bachmann offered no specific remedies.

Romney told editors of the Las Vegas Review-Journal: "Don't try and stop the foreclosure process. Let it run its course and hit the bottom. Allow investors to buy homes, put renters in them, fix the homes up and let it turn around and come back up."

Perry spokesman Mark Miner said the Texas governor's "immediate remedy for housing is to get America working again. ... Creating jobs will address the housing concerns that are impacting communities throughout America."

Bartlett, whose books on tax policy include "The Benefit and the Burden," recently wrote in the New York Times: "People are increasingly concerned about unemployment, but Republicans have nothing to offer them."

The candidates and their supporters dispute this, of course. A series of scheduled debates may give them chances to explain why their proposals would hit the right targets.


A recent study published by Bloomberg shows that the elitist conservative presidential candidates are either out of touch with reality or are lying to the American people about business regulation. Obama Wrote 5% Fewer Rules Than Bush

President Barack Obama’s “tsunami” of new government regulations looks more like a summer swell.

Obama’s White House has approved fewer regulations than his predecessor George W. Bush at this same point in their tenures, and the estimated costs of those rules haven’t reached the annual peak set in fiscal 1992 under Bush’s father, according to government data reviewed by Bloomberg News.

The average annual cost to businesses under Obama is higher than under his predecessors, the Bloomberg review shows. The increase is estimated to total as little as $100 million or as much as $4.1 billion, or at most three one-hundredths of a percent of the total economy.

The scope of government regulation has emerged as a major issue in the 2012 presidential race and on Capitol Hill. Republican presidential candidates have accused Obama of stifling job creation by imposing rules on businesses, and House Republicans have vowed to rein in proposed regulations on everything from the environment to health care to banking.

“This is getting picked up and talked about, but not for any good reason,” Michael Livermore, executive director of the Institute for Policy Integrity at the New York University School of Law, said in an interview. “There’s nothing new about this attack: It comes and goes in good times and in bad.”

How Obama Compares

Obama’s White House approved 613 federal rules during the first 33 months of his term, 4.7 percent fewer than the 643 cleared by President George W. Bush’s administration in the same time frame, according to an Office of Management and Budget statistical database reviewed by Bloomberg.

The number of significant federal rules, defined as those costing more than $100 million, has gone up under Obama, with 129 approved so far, compared with 90 for Bush, 115 for President Bill Clinton and 127 for the first President Bush over the same period in their first terms. In part that’s because $100 million in past years was worth more than it is now due to inflation, Livermore said.

Mitt Romney Used To Have a Heart Now He is Running as a Far Right Conservative - Romney Supported President Bush’s Government Program To Refinance Mortgages

Mitt Romney Used To Have a Heart Now He is Running Far Right Conservative - Romney Supported President Bush’s Government Program To Refinance Mortgages

This week, in an attempt to boost the economy without having to deal with Congress, the Obama administration announced an overhaul of its mortgage refinancing program known as HARP. The changes will allow more people to take advantage of low interest rates, freeing up more money for them to spend elsewhere.

As we noted yesterday, this idea is supported by 2012 GOP presidential hopeful Mitt Romney’s top economic adviser, Columbia University’s Glenn Hubbard. Hubbard called Obama’s refinancing plan “a big deal.” “It looks like a good plan; I’m glad they’re doing it,” he said. And as it turns out, Romney himself supported a refinancing plan when President Bush announced one in 2007.
In late August 2007, as the subprime mortgage crisis built up, Bush introduced an initiative overseen by the Federal Housing Authority to “help struggling homeowners find a way to refinance” and stem foreclosures. According to Bush, while it was “not the government’s job to bail out speculators,” there were a lot of homeowners “who could get through this difficult time with a little flexibility from their lenders or a little help from their government.”

A week later, during an interview with Hugh Hewitt, Romney professed no concerns about the program:

    Well, the President has taken action that should calm a good portion of the market, which is he said look, these people who borrowed money from the sub-prime world with these reset provisions, where the payments go up in later months, and they were told by their mortgage banker in many cases don’t worry about that, we’ll refinance it when that time comes, well, now the mortgage banker’s gone, they can’t refinance it. And so he’s saying, the President’s saying let’s have the FHA refinance these mortgages. It’s not a bailout, but it is a setting which gives people stability, and will calm the markets to a certain degree.

In an interview last week with the Las Vegas Review Journal, Mitt Romney opined that the Obama administration has no right to provide assistance to homeowners facing foreclosure, saying that the foreclosure process ought to “run its course and hit the bottom.

However, he did add, “I think the idea of helping people refinance homes to stay in them is one that’s worth further consideration.” So given his prior support for the idea, is Romney on board with the administration’s effort?

Romney keeps drifting back towards being moderate when far right-wing conservatives who control the Republican Party like a brain dead cult want absolute purity. They don't want to help people stay in their homes, but have no problem with too big to fail banks reaping near pre-recession profits. How is it that Wall Street gets government backing and homeowners - who are not responsible for losing $17 trillion of America's wealth get all the protection conservatives can provide.

Because The American Middle-class Deserves a Future, We Are All Occupiers Now - The Mainstreaming of OWS

Because The American Middle-class Deserves a Future, We Are All Occupiers Now - The Mainstreaming of OWS

Perhaps the most significant mainstream supporters, though, are the only two most Americans have heard of. “Despite the Times’s finger-wagging that the movement is often muddled and misinformed, none of that is the point. The point is justice,” writes self-help guru Deepak Chopra, who visited Zuccotti Park and led meditations to help protesters turn “anger into awareness.” Suze Orman, who has made millions telling feckless consumers how to pay down debt and live on a budget, sounds like she’s channeling Naomi Klein: “To deride the movement because it has yet to formulate a well-delineated platform says plenty more about the critics than the protestors,” she wrote in the Huffington Post. “Revolutions tend to be messy, especially in the early going. The unholy alliance of much of Congress, K Street and Wall Street that has set the agenda from day one of the financial crisis is simply trying to protect its turf by casting aspersions on the ad hoc nature of the movement to date. I suppose I shouldn’t expect anything less. After all, there’s no way they could stage a substantive rebuttal based on facts.”

 After the New Deal, essentially starting Reagan America embarked on that great experiment known as trickle down or voodoo economics. That didn't work out so well for a middle-class that had enjoyed annual growth under New Deal policies. Time to correct course, start rewarding work instead of wealth.

Alleged ‘Skills Gap’ Takes Spotlight Off Who’s to Blame for Massive Jobs Shortageby Roger Bybee

Perhaps far too much attention has been devoted to the government role in job creation and retention, when American CEOs need to demand more from their employees and from the U.S. educational system to solve the jobless problem over the long term, this narrative suggests.

But in reality, this whole “Education, Training, and Skills” narrative serves to divert attention from the massive shortage of jobs and Corporate America's misdeeds to “failing” teachers and supposedly under-educated workers. Corporate America has failed to produce virtually any net gain in U.S. jobs since 1999; the period was the only decade when U.S. employment grew by less than 20 percent.

In short, the Education, Training and Skills "frame” on our economic problems plays several useful functions for the CEOs and the rest of the richest 1 percent. It takes the spotlight off CEOs' decisions to wipe out decent-paying job opportunities. As Gordon Lafer writes in The Training Charade,

    Workers are encouraged not to blame corporate profits, the export of jobs aboard, or eroding wage standards—that is, anything that they can fight—but rather to look inward for the source of their misfortune and the seeds of their resurrection.

Everyone, especially conservative loons like Herman Cain, Rick Perry and the conservative bloggers want America to blame anyone except corporate America for unemployment.