Daily Archives: March 20, 2014

Craziest person in Illinois wins Republican primary

The Daily Kos has the article Craziest person in Illinois wins Republican primary.

I have been going back and forth as to whether or not to post this. The video is 7 minutes long, but I have never managed to get past the 56 second mark. When she starts talking about all the money in the vaults of the banks, it just becomes too much for me. Maybe, I just don’t need to hear any more to see the point of the headline. Maybe you either need more convincing or you have a stronger stomach than I do.

Enjoy, if that’s the proper word.

Bill Kristol confuses fiasco-fatigue with war-weariness

The Daily Kos has the article Bill Kristol confuses fiasco-fatigue with war-weariness.

The article juxtaposes this political cartoon

Tom Tomorrow Cartoon

With the following quote from Bill Kristol:

Are Americans today war-weary? Sure. The Iraq and Afghanistan wars have been frustrating and tiring. Are Americans today unusually war-weary? No. They were wearier after the much larger and even more frustrating conflicts in Korea and Vietnam. And even though the two world wars of the last century had more satisfactory outcomes, their magnitude was such that they couldn’t help but induce a significant sense of war-weariness. And history shows that they did.

So American war-weariness isn’t new. Using it as an excuse to avoid maintaining our defenses or shouldering our responsibilities isn’t new, either. But that doesn’t make it admirable.

Just as people still read yearly predictions from the astrologers in the newspapers, people keep listening to the talking heads that have a proven record of being wrong on almost everything.

Three Democrats seek audience with Eric Holder over FBI’s making mortgage fraud a low priority

The Daily Kos has the article Three Democrats seek audience with Eric Holder over FBI’s making mortgage fraud a low priority. Who do you suppose is one of those three Democrats?

Sen. Elizabeth Warren of Massachusetts, Rep. Elijah Cummings of Maryland and Rep. Maxine Waters of California, all Democrats, sent a letter to Attorney General Eric Holder Monday expressing their “deep concern” about an investigative report released last week that concluded the FBI placed mortgage fraud as its lowest priority for criminal investigations.
It’s not exactly the first time anyone has called into question the lack of criminal prosecutions of mortgage fraud, but this is the highest-placed source of such an accusation so far.

You can also Sign the petition to Eric Holder: Make prosecuting mortgage fraud a top priority.

The comment to Eric Holder that I added with my signature said that he should look at the record of prosecutions after the Savings and Loan crisis, and then try to explain his own record to me.

Don’t let Eric Holder get away with asking you to look at how much effort and money he is putting into this, nor his recent record compared to his earlier record.  Take a look at the prosecutions after the Savings and Loan Crisis and compare to current results.

As Yoda said, “Try not. Do. Or do not. There is no try.”


The education of Scott Brown

The Rachel Maddow Show web page has the article The education of Scott Brown.

Less than two years after losing his re-election bid in his home state, former Sen. Scott Brown (R-Mass.) is apparently trying again, this time running in New Hampshire – where’s he still learning quite a bit.

It’s not altogether clear why Brown is running in the Granite State, but his strategy has nevertheless taken shape: the Republican intends to hit the campaign trail complaining about the Affordable Care Act. It worked in one state in 2010, Brown figures, so maybe it’ll work in a different state in 2014.

With this in mind, Brown visited with state Rep. Herb Richardson (R-N.H.) and his wife over the weekend at the lawmaker’s home, where the Senate candidate called the ACA a “monstrosity.” Sam Stein flagged an account of the meeting from the local newspaper
The state lawmaker added that the health care law, which Brown claims to abhor, has been a “financial lifesaver” for his family.

If I didn’t actually know some people in New Hampshire, I might comment that Scott Brown is Massachusett’s gift to New Hampshire.

Snidely Whiplash When I said that, I would have a Snidely Whiplash sort of grin and be twirling my mustache.

Joe Firestone: Progressives Re-Arrange the Deck Chairs for Obama’s Austerity Budget

Naked Capitalism has the article Joe Firestone: Progressives Re-Arrange the Deck Chairs for Obama’s Austerity Budget.

The Congressional Progressive Caucus (CPC) recently issued its “Better Off Budget” document as an alternative to the White House/OMB document, and the coming House budget document, a Republican/conservative alternative. The “Better Off Budget” has received enthusiastic evaluations from writers affiliated with the DC progressive community. Richard Eskow’s recent treatment is typical and provides other reviews that are laudatory. These “progressives” clearly see the CPC budget as anything but an austerity budget. But is it, or is it not?
In short, the CPC budget isn’t an anti-austerity budget as claimed. It is another exercise by budgeteers in near macroeconomic austerity that is likely to result in microeconomic austerity for the many, and continued prosperity for the few. And the pity of it is that budget plans like this are so unnecessary.

None of the deficit and debt terrorism and miserly fiscal policy reflected in these budgets are necessary, because there is no shortage of Federal fiscal capacity in the United States, and no justification for the fiscal policies the US Government has followed since the Recovery Act was passed in 2009. To end austerity, the Federal Government needs to budget to create full employment and benefits for most Americans, including solutions for the major problems facing the US, while letting the trade and budget deficits float.

First create full employment through various programs, including a Federal Job Guarantee to get and keep the employment level there. And then, let the twin deficits float until we’re at that point. A policy like this one adjusts to the savings and trade balance desires of Americans, while creating full employment, with whatever government deficit spending is necessary to accommodate those needs.

That’s how you end austerity for most people without causing demand pull inflation, or cost-push inflation. The second of these may occur because of developments in commodity markets that have nothing to do with Government employment or safety net programs. But that is a story for another day, unrelated to austerity and its remedy.

This analysis is more severe than what I stated in my previous post Congressional Progressive Caucus Budget Strikes Back Against Austerity.  I must be getting an understanding of Modern Money Theory when i can produce a critique that is in the same direction this one by Joe Firestone.  I just didn’t have the courage of my convictions.  I still worry about the overhang of liquidity when the economy starts to pick up.  I don’t have the faith that the Congress will be able to raise taxes when it becomes necessary.