18
Jul 12

Wall Street is ‘Easy Street’ for a Chosen Few

Laws favoring the ultra-wealthy are nothing new in the United States. Lack of regulation and rampant speculation on Wall Street led to the market crash in 1929 and the subsequent “Great Depression.” The same could be said for the “Great Recession” in 2008. Unlike the Great Depression, where Congress put into place economic and regulatory protections to prevent such a calamity, our Congress has done almost nothing to prevent another Great Recession. And why has Congress done nothing? Ultra-wealthy special interests will not allow it, and Congress continues to pass laws favorable to the Wall Street crowd at the expense of 99% of Americans.

via Wall Street is ‘Easy Street’ for a Chosen Few.


18
Jul 12

Congressman Urinates in Cup on Plane

Airline officials are trying to figure out if there is anything to be done after a Georgia congressman urinated into a cup on a flight from Washington to Atlanta on Thursday night.

Democratic Rep. Sanford Bishop, flying from Ronald Reagan Washington National Airport to Hartsfield Airport on Delta Flight 1717, got up to go to the bathroom after the mandatory half-hour when passengers must stay seated, but found the lavatories on the airplane occupied, his office and aviation sources said.

via Congressman Urinates in Cup on Plane – ABC News.


18
Jul 12

Most Members of Congress keep their Tax Returns Secret

Rep. Nancy Pelosi was emphatic. Mitt Romney’s refusal to release more than two years of his personal tax returns, she said, makes him unfit to win confirmation as a member of the president’s Cabinet, let alone to hold the high office himself.

Sen. Harry Reid went further: Romney’s refusal to make public more of his tax records makes him unfit to be a dogcatcher.

They do not, however, think that standard of transparency should apply to them. The two Democratic leaders of the Senate and the House of Representatives are among hundreds of senators and representatives from both parties who refused to release their tax records. Just 17 out of the 535 members of Congress released their most recent tax forms or provided some similar documentation of their tax liabilities in response to requests from McClatchy Newspapers over the last three months. Another 19 replied that they wouldn’t release the information, and the remainder never responded to the query.

via Most members of Congress keep their tax returns secret – Wire Lifestyle – The Sacramento Bee.


18
Jul 12

Libor issue undermines system: Goldman’s Blankfein

Source:

The recent scandal involving the manipulation of the Libor interest rate is undermining the integrity of an already-damaged financial system, Goldman Sachs Group Inc. Chief Executive Lloyd Blankfein said Wednesday.


18
Jul 12

“For the U.S. Economy the News Is Bad and Worse”

Source: Mortimer Zuckerman, US News:

The bad news is the disappointing June unemployment numbers released by the Bureau of Labor Statistics. The worse news is that we are failing to train tomorrow’s labor force for employment in a world of accelerating competition.

Jobs, first. The headline unemployment number remains at 8.2 percent, although President Barack Obama cited the 84,000 new private sector jobs last month as “a step in the right direction.” He had the grace to add: “But we can’t be satisfied.” He can say that again. That 8.2 percent only measures people who have actively applied for a job in the last four weeks by going to an interview or filling out an application. It is not a relevant measure. People who have been unemployed for many months don’t go through the business of applying for a job every four weeks.

Given that the median period of unemployment is now in the range of five months, vast numbers who want to work are just not counted. If we include, as we should, people who have applied for a job in the last 12 months, and those employed part time who want full-time work, the real unemployment number is closer to 15 percent. And we’ve made virtually no progress in reducing this number. We need 150,000 jobs every month just to take into account the people entering the labor force. Today we are looking at monthly job creation estimates of only 75,000 over the last three months.


18
Jul 12

State Budget Crisis Threatens ‘Social Order’

State finances are teetering with $4 trillion in unfunded liabilities to cover pensions and health care for state workers, along with revenue shortfalls, antiquated financial practices and skyrocketing Medicaid costs, according to a report released Tuesday.

The State Budget Crisis Task Force — organized by former Federal Reserve Chairman Paul Volcker and former New York Lt. Gov. Richard Ravitch (D) — is the first complete study of the state finances conducted without the involvement of state government groups. Volcker and Ravitch concluded that the dire financial portrait may lead to major cuts for social services, causing a cascade of further problems for state and local governments nationwide.

“The thing that worries me is the threats to the social order,” Ravitch told The Huffington Post, noting that “cultural and social bankruptcy precede financial bankruptcy.” “You can’t cut human services and cut the ability of government to take care of the people.”

via Paul Volcker, Richard Ravitch Say State Budget Crisis Threatens ‘Social Order’.


18
Jul 12

“Kiss Cam Scandal”: A Stupid Media Story

This has to be one of the most mindless major media stories in a while. The country is headed for ruin and this is what the mainstream press is covering. Is it any wonder that we have such a terrible government. It also shows the bias. While Romney is getting blasted by the press for his Bain Capital problems the media is busy giving the President silly slaps on the wrist–like “kiss cam scandal.”

Examples: