"I call it the destruction of shared prosperity hypothesis. ... [A]round 1980 the U.S. adopted a fundamentally flawed economic paradigm ... that abandoned full employment and severed the link between wages and productivity growth. ... Financial deregulation, regulatory forbearance, financial innovation, financial mania, and plain vanilla financial fraud kept the economy going by making ever more credit available, However, as the economy cannibalized itself by undercutting income distribution and accumulating debt, it needed ever larger speculative bubbles to grow. The house price bubble was simply the last and biggest bubble and was effectively the only way around the stagnation that would otherwise have developed in 2001." - an interview
with Thomas Palley
on the origins and prognosis for the crisis
posted by crayz
on Apr 18, 2012 -
The JOBS Act
or "Jumpstart Our Business Startups Act" is not really about creating jobs but about loosening regulations on companies planning to IPO. SOX compliance and other financial regulations have made going public an expensive and time consuming process for young companies, and many are now staying private or getting acquired rather than going public. Fewer regulations encourages more IPOs, but what are the unintended consequences
of "exempting [companies] from independent accounting requirements for up to five years after they first begin selling shares in the stock market"?
posted by lubujackson
on Apr 12, 2012 -
If you’re elected president,” asked one guest at a 2007 hedge fund managers event for Obama, “what will you do to the taxes on the people in this room?” “I’ll raise them,” Obama fired back. The managers, who share social circles and an educational background with Obama, approved of his style. These days, however, the bloom is off the rose. In The Big Split
, Alec MacGillis investigates the souring of a 20 year relationship between Democrats and high finance, and surmises that it's the administration's rhetoric more than its policy that has upset the masters of the financial universe.
posted by the mad poster!
on Mar 23, 2012 -
Blogger-writer Andrew Sullivan proudly attended Obama's latest state dinner for Cameron with his husband
, in an open display of growing acceptance of same-sex marriage possibly by the powers-to-be. Michael Shaw's always-insightful BagNews (but not MS himself in this post) notes that there were 3 bearded men in the photograph
posted by growabrain
on Mar 18, 2012 -
Andrew Bacevich on the war
: "So what tentative judgments can we offer regarding the ongoing [war formerly known as the global war on terrorism]? Operationally, a war launched by the conventionally minded has progressively fallen under the purview of those who inhabit what Dick Cheney once called “the dark side,” with implications that few seem willing to explore. Strategically, a war informed at the outset by utopian expectations continues today with no concretely stated expectations whatsoever, the forward momentum of events displacing serious consideration of purpose. Politically, a war that once occupied center stage in national politics has now slipped to the periphery, the American people moving on to other concerns and entertainments, with legal and moral questions raised by the war left dangling in midair."
posted by crayz
on Feb 20, 2012 -
In the summer of 2007 on the campaign trail Barack Obama took a clear stance
on the controversial subject of medical marijuana. “I would not have the Justice Department prosecuting and raiding medical marijuana users. It’s not a good use of our resources.”
As President in 2009 he took action to follow through on this promise by instructing federal prosecutors to “not focus federal resources in [their] States on individuals whose actions are in clear and unambiguous compliance with existing state laws providing for the medical use of marijuana.” The memo cited the “efficient and rational use” of the U.S. Department of Justice’s “limited investigative and prosecutorial resources,” as a motivating factor in the decision."
In the winter of 2012 Rolling Stone magazine takes a look back
on this subject and the record is surprising. "With more than 100 raids on pot dispensaries during his first three years, Obama is now on pace to exceed Bush's record for medical-marijuana busts. "There's no question that Obama's the worst president on medical marijuana," says Rob Kampia, executive director of the Marijuana Policy Project. "He's gone from first to worst." [more inside]
posted by furiousxgeorge
on Feb 19, 2012 -
Who Will Run the
World Bank? Robert Zoellick has announced
that he will step down from his role as World Bank President on June 30, at the end of his five-year term. Though the president has traditionally
been selected by the President of the United States through an informal agreement with European powers, emerging powers including Brazil and India have argued for a change
in policy. [more inside]
posted by psoas
on Feb 15, 2012 -
“You need a thousand rubber gaskets? That’s the factory next door. You need a million screws? That factory is a block away. You need that screw made a little bit different? It will take three hours.
” Charles Duhigg and Keith Bradsher of the NY Times give an in-depth report on Apple's migration of electronics manufacturing to Asia and its impact on middle class Americans.
posted by Blazecock Pileon
on Jan 21, 2012 -
Interview Transcripts from Wired.com
Michael Hastings has come out with a new book titled "The Operators" in which he expands on his infamous Rolling Stone article that led to the firing of Gen. Stanley McChrystal by President Obama. In this Wired interview, Hastings explains why he views our current situation in Afghanistan as hopeless and the real story behind the quotes he obtained from the general and his staff.
posted by RedShrek
on Jan 6, 2012 -
Presidential appointments that require Senate confirmation can be made without
confirmation by the President when the chamber is in recess: a so-called recess appointment
, wherein the appointee is allowed to serve until the end of the next congressional session. During the Bush II administration, Senate Majority Leader Harry Reid began holding pro forma sessions every three days—a local Senator gavels the session in and immediately back out—to ensure that the Senate never went into recess and as a result, Bush stopped confirming recess appointments. When the Obama administration took over, the Republicans began holding the same pro forma sessions to prevent Obama from appointing any positions in recess. This week, Obama made four appointments, including Richard Cordray to the newly created role of director of the Consumer Finance Protection Bureau, despite the fact that the Senate is not in technical recess
. [more inside]
posted by disillusioned
on Jan 5, 2012 -
"...Obama isn’t just lying about his identity. He’s lying about his military service record, too. While his political opponents in 2008 attacked him for never serving, in truth, he was concealing his participation in a hidden CIA intergalactic program
hosted at a California community college in 1980."
posted by Brandon Blatcher
on Jan 4, 2012 -
Progressives and the Ron Paul fallacies
: Ron Paul’s candidacy is a mirror held up in front of the face of America’s Democratic Party and its progressive wing, and the image that is reflected is an ugly one; more to the point, it’s one they do not want to see because it so violently conflicts with their desired self-perception. [more inside]
posted by troll
on Dec 31, 2011 -
Tomorrow marks the official end
of the Iraq war. The Obama administration describes it as a 'promise kept'
. The war resulted in a great many casualties
. Although the final troop movement out of the country is not scheduled to begin for a few days, history will record
December 15 as the end of the war, as the flag of the American military mission in Bagdhad is lowered and returned to the US. Scholars at Brown University estimate
the total cost of the war at 265,000 dead and $3-4 trillion dollars. The main contenders for the Republican party's 2012 nomination both expressed approval
, 339 times.
posted by anigbrowl
on Dec 14, 2011 -
"This is the true ‘bomb’ contained in Obamacare
and the one item that will have more impact on the future of how medical care is paid for in this country than anything we’ve seen in quite some time. Indeed, it is this aspect of the law that represents the true ‘death panel’ found in Obamacare—but not one that is going to lead to the death of American consumers. Rather, the medical loss ratio will, ultimately, lead to the death of large parts of the private, for-profit health insurance industry."
posted by the young rope-rider
on Dec 3, 2011 -