Wall Street and the big banks owe $1.5 trillion for the bailout (at least). The Super Congress needs to cut $1.5 trillion over ten years. Get the money from Wall Street and cancel the Super Congress. Problem solved.
If we defaulted on our debt when we were perfectly capable of paying it, we would be be prosecuted for fraud. But when Congress does it, they call it politics.a
The crazies in the United States House of Representatives would have you believe it were so. They say fix that budget before we'll raise the debt ceiling. If we don't get our fix, they announce, there's no deal. We'll just default until things get straightened out. (Image: George Romero)
Let's see what would happen to you or me. We are unable to pay our bills, unless we tap a special line of credit that we've used in the past, one that has never failed us. We'll have to raise some money and cut some expenses too.
We're tired of paying bills and just want to stop for a while. We file for bankruptcy following all of the required procedures. The minute we file, we're granted an automatic stay on our debt. We are now protected, no bills to pay.
Originally posted 2011-07-04 23:17:58 -0400; bumped across the midnight meridian by GH.
The citizens of the United States have excellent judgment. They have shown it consistently over time. When that judgment shifts briefly allowing a failed policy, it is a result of the vilest forms of propaganda by a small clique of liars. (Image: PS-OV-ART)
The people were right about the invasion of Iraq
We know that the plan to invade Iraq began just days after Inauguration Day, 2001. The opportunity to launch the most disastrous and costly military effort in our history came on 9/11. The destruction of the World Trade Center towers and attack on the Pentagon became the pretext for war. The manipulators launched their fraudulent storyline in earnest with confidence that they would get their war.
But in December of 2002, the public wasn't buying it. The people didn't have access to all of the information. They knew one thing for sure -- the invasion was a very bad idea unless Iraq posed an imminent threat to the country with weapons of mass destruction. An in depth Los Angeles Times public opinion poll asked this question:
Robert Oak at Economic Populist has rebutted the notion that hiring is stalled due to a "skills shortage." The latest news from the masters of disaster is that there are 5 million jobs in the United States open because of a skills shortage. Not so! as Oak skill fully demonstrates as he demolishes that claim empirically.
See: Blame Employers for the Jobs Crisis - Economic Populist
There is no skills shortage, there never was a skill shortage. There is a shortage of good employers who do not discriminate, age discriminate, ship jobs to India, China, Brazil and treat their workers like cannon fodder. There also is a shortage of jobs, pure and simple. Put U.S. workers first. Demand these employers quit their inane, harsh, wage repressing, discriminatory labor practices. Put a few of of these traitorous employers in jail and sue 'em. Deal with trade and offshore outsourcing, invest in America and Americans. Then and only then will we might actually get somewhere to putting people back to work. Robert Oak
Posted by Michael Collins
Your proceedings are clouded by illegitimacy.
The conclusion to be drawn is that Social Security should in any event be off the agenda of your Commission, as it is a transfer program and not a program of public spending in the economic sense. In particular it does not use capital resources and will not drive up interest rates. This is true whether the "Social Security System" is in internal balance or not.
Not like many average people have not seen this coming. We have to honestly live this crap. This is the kind of thing that the typical beltway insiders and their elite welfare society friends are above noticing:
The Third Depression
By PAUL KRUGMAN
We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression. But the cost — to the world economy and, above all, to the millions of lives blighted by the absence of jobs — will nonetheless be immense.
At a time when the elites met at the G20 and decided that we aren't suffering enough so they are going to force more cuts on us... Instead of them paying their share. Over 4 trillion in elite welfare last year (just for the banksters and Wall St. alone - not including the Halliburtons of the world in that) and these scum sucking financial elitists want to tell us about watching our spending. They just want to cut our social safety nets so they can increase their corporate welfare.From bobswern's diary at dKos a couple of thoughts from others as point and counterpoint:
The public is angry. Why should the public pay for the bankers mistakes. Iceland blogger Halldor Sigurdsson
Who cleans up the mess when ignorant, greedy bankers rack up massive debt then go broke? The people of Iceland made a strong statement Saturday. The sins of big bankers and government regulators shouldn't fall on the citizens. By a 93% to 2% margin, they voted down a proposal requiring them to cover bad debt incurred by one of the nation’s oldest and largest banks. Covering the debt would have cost Iceland's 317,000 citizens around $17,000 each.
Iceland's national referendum was the first opportunity for the people of any nation to vote directly on who pays when the financial elite fail.
As citizens voted, Iceland's Prime Minister was dismissing the importance of the vote and promising to negotiate a payment scheme obligating citizen subsidies for bad debt created by Iceland's beyond-bad bankers.
Icelanders are struggling with a collapsed economy. Businesses are failing at a startling rate, unemployment is soaring, and the prospects for the future are simply not there. Yet the British and Dutch governments demand that their swindled citizens receive compensation from beleaguered Icelanders. Where were the British and Dutch central banks and politicians while their citizens were being fleeced? Aren't the rulers of these countries aware that the failed Icelandic bank was owned by wealth investors, not the citizens?
are two ideas of government. There are those who believe that if you
just legislate to make the well-to-do prosperous, that their prosperity
will leak through on those below. The Democratic idea has been that if
you legislate to make the masses prosperous their prosperity will find
its way up and through every class that rests upon it." William Jennings Bryan, 1896
Populism is broadly defined
as "political ideas and activities that are intended to represent
ordinary people's needs and wishes." The majority are deliberately
held down by the financial elite. Removal of the financial elite is
the vehicle to realize the "people's needs and wishes." (Graph)
statement from William Jennings Bryan is pure populism. It becomes less
pure as he proceeded with his speech. He used a metaphor of burning
down the nation's big cities since they were, he claimed, the
stronghold of the financial elite and support for the gold standard for
In practice, populism almost always entails anger and resentment.
Triumph of the Money Party
Health Care Reform DOA. Why the Surprise?
They Did what they Always Do
The Money Party is a small group of enterprises and individuals who have most of the money in this country. They use that money to make more money. Controlling who gets elected to public office is the key to more money for them and less for us September 30, 2007
Dr. Howard Dean, MD, just said pull the plug on the current health care reform effort. The cure is worse than the disease according to the good doctor.
Why the surprise?
Last week the president announced that he's sending 30,000 troops to
Afghanistan without a declaration of war by Congress and without
Afghanistan posing a direct threat to the United States violating both
the United States Constitution and international law at the same time.
The bailed out Wall Street failures are paying back just enough of
their loans to the Treasury Department to allow a new round of huge bonuses.
At the same time, they continue to get tons of cash through the Federal
Reserve. Pay back a few billion, get seven trillion dollars in credit.
Not a bad deal.
In the Business section of the New York Times on Nov. 10, Edward Hadas, Martin Hutchinson and Anthony Currie analysed the structure of US manufacturing wages and found them to be too low, American Wages Out of Balance, A more accurate title might have been Creative Ideas on How to Screw the American Middle Class
The piece speaks for itself, but first a hat tip to Massaccio on Firedog Lake for the find.
by Michael Moore - June 1, 2009
I write this on the morning of the end of the once-mighty General Motors. By high noon, the President of the United States will have made it official: General Motors, as we know it, has been totaled.
As I sit here in GM's birthplace, Flint, Michigan, I am surrounded by friends and family who are filled with anxiety about what will happen to them and to the town. Forty percent of the homes and businesses in the city have been abandoned. Imagine what it would be like if you lived in a city where almost every other house is empty. What would be your state of mind?
It is with sad irony that the company which invented "planned obsolescence" -- the decision to build cars that would fall apart after a few years so that the customer would then have to buy a new one -- has now made itself obsolete. It refused to build automobiles that the public wanted, cars that got great gas mileage, were as safe as they could be, and were exceedingly comfortable to drive. Oh -- and that wouldn't start falling apart after two years. GM stubbornly fought environmental and safety regulations. Its executives arrogantly ignored the "inferior" Japanese and German cars, cars which would become the gold standard for automobile buyers. And it was hell-bent on punishing its unionized workforce, lopping off thousands of workers for no good reason other than to "improve" the short-term bottom line of the corporation. Beginning in the 1980s, when GM was posting record profits, it moved countless jobs to Mexico and elsewhere, thus destroying the lives of tens of thousands of hard-working Americans. The glaring stupidity of this policy was that, when they eliminated the income of so many middle class families, who did they think was going to be able to afford to buy their cars? History will record this blunder in the same way it now writes about the French building the Maginot Line or how the Romans cluelessly poisoned their own water system with lethal lead in its pipes.
So here we are at the deathbed of General Motors. The company's body not yet cold, and I find myself filled with -- dare I say it -- joy. It is not the joy of revenge against a corporation that ruined my hometown and brought misery, divorce, alcoholism, homelessness, physical and mental debilitation, and drug addiction to the people I grew up with. Nor do I, obviously, claim any joy in knowing that 21,000 more GM workers will be told that they, too, are without a job.
Senate Millionaires Kill Mortgage Assistance for Citizens
The United States Senate took a swipe at the spirit of May Day in a spectacular show of callous indifference when it voted down a bill to provide limited assistance to citizens at risk for losing their homes. The final vote was 45 in favor, 51 opposed to Senator Richard Durbin's (D-IL) mortgage assistance bill. The original version of the bill covered some but not all of those requiring assistance. The final version was even more restricted. It applied to only homeowners currently in foreclosure as a result of actions prior to the start of 2009.
ENABLING ACTS FOR AN ERA OF GREED
The Money Party at Work
Huge majorities in both houses of Congress voted for legislation to allow the biggest bank heist of all time. But this time, it was the banks pulling the heist.
Our financial system looks ruined beyond repair. The credit default swaps crisis is 40 or so times bigger than the real estate meltdown over subprime derivatives. The top 25 banks in the United States are loaded down with $13 trillion in credit default swaps and the deal is coming unraveled. If we accept the highly dubious assumption that the debt from the financial meltdown needs to be repaid by us, were looking at $43,000 a citizen right now. And we're just starting.
It didn't get that way by accident. There was special legislation that enabled the current crisis.
<Update: Ramara just joined ePm. Originally published 2009-03-18 09:25:35 -0500This is now being posted under her name, but as I originally edited it I am leaving the intro as was. Welcome Ramar! carol>
Ramara will be posting with us directly in future, but this time she asked me to post this for her. Here are two posts which appeared first on Daily Kos (the most recent on Mar. 15, 2005, with a link to the earlier one. With her permission I am posting the first one which is linked in the most recent commentary so that our readers can be fully tuned in.
Health Series: Fetal Alcohol Syndrome
Saturday my son will turn 24. He lives in a group setting here in Tucson, receives SSI, and I don't know if I will hear from him so we can do something to celebrate. He receives case management through the mental health network, and that treatment is court ordered. The court order expires next month, and I worry that his treatment providers will not seek to have it renewed for another year. Last time he was not committed, he spent most of his time living on the streets. Occasionally he was in jail because he missed court dates or violated the restraining order I have. When he was in jail I breathed easier because he was off the streets. He needs the structure of the court commitment and the restraining order in order to function at all.