Yearly Archives: 2013


Congress Working At Cross Purposes To The Fed

I have isolated this clip from the Hearings on Janet Yellen’s nomination to head the Federal Reserve bank.

Many times our fiscal policy and monetary policy has been working in cross purposes.



I have finally found someone from the Federal Reserve to plainly state what I have been claiming on this blog for a long time.

If this were not a job interview for Janet Yellin she could say it less diplomatically. The Fed would not had had to do some of the extraordinary things it has done, and you are so worried about, if the Fed had not needed to undo the damage that Congress has done with Congress’s economic policies.


Yellen says Fed has ‘more work to do’ to aid recovery

Reuters has the article Yellen says Fed has ‘more work to do’ to aid recovery.

(Reuters) – Janet Yellen, President Barack Obama’s nominee to lead the Federal Reserve, thinks the U.S. central bank has “more work to do” to help an economy and a labor market that are still underperforming.

“I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy,” Yellen, the Fed’s vice chair, said in remarks prepared for delivery to the Senate Banking Committee on Thursday.

Yay, Janet Yellen!  She appears to “get it” much more than President Obama does.  Although, I am not sure how much more the Fed can do to help the economy.  The powerful tools are in the hands of Congress and the Executive branch.  Rather than deploying these tools, they are both bragging about how they are retiring these tools – fiscal stimulus to be exact.


Pivotal Trans-Pacific Partnership Section Revealed

Truthout has the article Pivotal Trans-Pacific Partnership Section Revealed.

The TPP has been shrouded in secrecy from the beginning because the Obama administration knows that the more people know about it, the more they will oppose the agreement. The release of the full Intellectual Property chapter today by Wikileaks confirms what had been suspected, the Obama administration has been an advocate for transnational corporate interests in the negotiations even though they run counter to the needs and desires of the public.

The article gets its information from a WikiLeaks announcement and publishing of leaked documents in the article Secret Trans-Pacific Partnership Agreement (TPP).

I am surprised that some fairly active political people have not even heard of the TPP yet.  It is something that will do very little to enhance free trade, but it will do a good job of locking in power and wealth disparities that are the cause of so many of our economic problems.

I have been doing my best to correct this lack of knowledge problem with previous posts Bill Moyers: The Corporate Plot That Obama and Corporate Lobbyists Don’t Want You to Know About and Video: The Anti-TPP Take Over Of The US Trade Representative Building.


Could Elizabeth Warren Thwart a Clinton Presidency?

Alternet has the article Could Elizabeth Warren Thwart a Clinton Presidency?

The press seems to have anointed Hillary Clinton as the next Democratic presidential nominee. But Clinton’s ties to the Wall Street wing of the party could prove trouble for her future. Could Elizabeth Warren, the progressive Senator from Massachusetts, thwart what seems to be the inevitable?

The Alternet article is really a discussion of The New Republic article Hillary’s Nightmare? A Democratic Party That Realizes Its Soul Lies With Elizabeth Warren. The New Republic article is very worthwhile reading, itself.  However, it is a fairly long article.  If you want to get just a flavor of the argument plus some original material, then the Alternet article is the one to read.  If you have time to read both, then reading both is a good approach, too.

Being the Elizabeth Warren fan that I am and being luke warm to Hillary Clinton, I really would like to see Warren run.  I would be open to someone who fights for the Warren issues better than she does, but I cannot imagine who that would be at the moment.


Elizabeth Warren 2013: What a year!!!

The Progressive Change Campaign Committee has posted this video on a page Thank you, Elizabeth Warren! that says the following:

Check out this video of Elizabeth Warren standing up for the people against big banks! Then sign the card on the right to thank her.


There have not been that many likes on YouTube for this video. You might want to click on the video’s link to YouTube and register your vote.


Expert panel at Senate says, “Expand Social Security!”

The Progressive Change Campaign Committee sent me an email with the following message and a link to the video below.

Want to see a real progressive stance on Social Security? Check out Rep. Alan Grayson, PCCC’s Adam Green, and other Social Security heroes talk about staying on offense on Social Security.

 


Since polling shows that this initiative is supported by overwhelming majorities in all states, why wouldn’t the people in Washington D.C. who represent us also support this overwhelmingly? Maybe you should ask your representatives that very question.


Lindsey Graham Silent About Discredited ’60 Minutes’ Benghazi Report That He Hyped

Talking Points Memo has the article Lindsey Graham Silent About Discredited ’60 Minutes’ Benghazi Report That He Hyped.

He told CNN’s Wolf Blitzer last week that the report filed by CBS News correspondent Lara Logan proved that “the story told by the administration about what happened in Benghazi doesn’t have an ounce of truth in it.”


If you follow the above link to the CNN transcript, Interview With Sen. Lindsey Graham, you will see the following exchange between Graham and Wolf Blitzer:

BLITZER: So even someone like Janet Yellen who’s been nominated to be the next chair of the Federal Reserve, you would hold up her nomination, the important work she needs to do in order to try to put pressure on the administration to make these people available?

GRAHAM: Yes.

BLITZER: Is that right?

GRAHAM: Yes. Why? Why? Because I just think we can’t live in a country when something bad happens, when there’s a national security failure, and the “60 Minutes'” piece and Erin Burnett, the media has done — a pretty good job basically of explaining to the fact — to the American people that the story told by the administration about what happened in Benghazi doesn’t have an ounce of truth in it.

This is the strongest piece of evidence I have seen on how much Lindsey Graham depended on the false CBS report.

See my previous post “60 Minutes” issues apology about Benghazi report, to see CBS’s retraction.  This is not the last we will hear about the CBS retraction.  I smell a rat even in the retraction.  If the CBS source explained away the discrepancy between what he was telling them and what he told his bosses at the time, you would think that CBS would seek comment from his bosses.  Furthermore, you would expect for them to have sought corroboration of their source’s story from his coworkers in Lebanon at the time.

When your source is telling you that when you fact check his story you will find discrepancies, that ought not make you feel comfortable with his upfront honesty.  That ought to make you wary, and cause you to dig much deeper.

When the CBS source told them that his bosses prohibited him from going to the embassy to try to help, you would certainly wonder why CBS would not make a big deal out of this prohibition.  There is a lot of information we are not getting, and Lindsey Graham is not helping.  He just does not have the talent (and skepticism) to do the investigative journalism that CBS missed.


Iran nears deal with U.S. over nuclear program

The Real News Network has the video Iran nears deal with U.S. over nuclear program. This video is from PBS.

The U.S. and other world powers plan to consider reversing economic sanctions on Iran, if the nation will suspend its controversial nuclear program. The announcement comes as Iranian officials and world leaders meet in Geneva for a second round of talks. Gwen Ifill talks to The New York Times’ Michael Gordon and Margaret Warner.

 


This is a complement to my previous post Netanyahu Attack on Iran Deal Threatens Rift With U.S.   I hope these two stories will impress upon you the sense of urgency for telling your Senators how important it is to keep this diplomatic effort alive.  Prime Minister Netanyahu has a dream of colonizing and dispossessing people of land that is rightfully theirs.  Do not let his dreams come between us and our dreams of peace in the Middle East.  Just as South Africa’s dreams of an apartheid state proved to be untenable, so will Netanyahu’s dreams prove to be untenable.  We do not need to go through years of unrest and bloodshed in the Middle East before we realize what we can plainly foresee today.