Tag Archive for GOPocalypse

Full speed ahead for the 1%

The economy is burning down and the 1% don't care.

The economy is burning down and the 1% don’t care.

Detroit’s default and bankruptcy say a great deal about where we’re headed, and that has little to do with the outcome for municipal bond investors or with the national debt picture. Many, many Detroit retirees are watching their pensions blow up in front of their eyes. What will they do? I’d lay odds we’ll have a gray version of Cairo’s Tahrir Square within two years if some entity fails to come to the rescue.

But these folks were mostly if not entirely UNIONIZED. So let ’em eat Alpo, the GOP says. And while we’re at it, we’re going to chop food stamps and vouchers for subsidized housing for the poor. In short, we just don’t give a Tinker’s dam about anyone except the 1% and ourselves, sayeth the buffoons on the wrong side of the aisle and the wrong side of history.

Where might this lead in short order? Assume no other municipality files for Chapter 9. But watch Detroit. See if CURRENT (union) firefighters begin ignoring calls, because there’s no future in it for them. These people are galvanized solid gold human beings, but they do have to eat. Now and in thirty-five years, and later.

What’s the GOP solution? Cut the budget some more. Cut taxes on those who can afford them. Cut the arguing and let us “deliver.” Like John Boehner means “deliver?” Pray that the country finally sees the real cost of the anti, do NOTHING Congressional GOP.

Or else, by the time it does see, climate change will make Detroit pensions completely irrelevant anyway. Oh, Boehner’s clowns are not about to allow anything to get in the way of that little matter, either. Who cares about a few polar bears or coral reefs? These simpletons care only about SUVs, resource extraction, and a 25% return. that’s what made this country GREAT, you know.

S&P Puts Blame for Downgrade Squarely on GOP

From OpEdNews.com

S&P Blames Republicans, MSM Fails to Report It

By Thom Hartmann (about the author)

Image from Wikipedia

Have you seen, anywhere, in any media, or even heard reported or repeated on NPR, the following sentence?

“We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.”

It’s right there on Page 4 of the official Standard & Poor’s “Research Update” — the actual report on what they did and why — published on August 5th as the explanation for why they believe Congress — and even the Gang of Twelve — will be unable to actually deal with the US debt crisis.   Perhaps it’s just lazy — the bullet points at the beginning of the report don’t mention the Republicans or taxes, but instead just say, for example (part of one of six quick bullet-points):

“[T]he downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges”

In order to figure out that one of the reasons why is that “Republicans in the Congress continue to resist any measure that would raise revenues,” a hard-working reporter would have to read to page four of the eight-page report.

Read the rest at OpEdNews.com


So, once again the GOP has made things in government worse or, as the S&P report puts it:

“…will remain a contentious and fitful process.”

Couldn't fight off a bad case of diarrhea

MSM, our guard dog? You're kidding, right?

Hey that’s just great. Thanks again GOP for first lowering the discourse with endless dirty tricks, then activating all the angry wannabe-tycoons and their minions on the internet thereby throwing even more sand into the gears of our civilization. Barbarians.

When push comes to shove most of the people howling the loudest about the debt crisis (the 1%ers) will feel nothing – not that they ever do (except perhaps during a ‘spirited’ boar hunt or while abusing a subordinate). Nope, as usual the people that will end up under the bus the next time are America’s Greatest Generation. Hell of a way to treat the people that generated all the wealth the 2%ers now roll around on like Scrooge McDuck on crack.

One thing’s for sure – the existing news media is proving itself to be more of a frightened puppy than a trustworthy guard dog. Sure, it’s cute and cuddly and hardly ever piddles on the rug but it’s proven again and again when a threat comes to the door it tucks tail and hides. Call me old-fashioned, but I like journalists like Keith Olbermann who report the truth, even when it’s uncomfortable for my side. See, the problem is that the politicians of late have figured out that governance is really more about money and campaigns, not guarding the interests of the American people from the military-industrial complex.

Go ahead, try and hurt THAT kid.

Media has to be vigiliant and fierce, otherwise why even notice them?

Good news though, Americans are ingenious and we’ll find our own ways to make sure the truth is guarded. That’s what scares the far-right lunatic fringe the worst – an opponent that they can’t just kick into the corner and throw a moldy biscuit. Try that with a real guard dog and you’ll get the surprise of your life.

Road to … a Banana Republic

Dead set on doing damage

Trampling the republic into a Banana Republic

I wouldn’t be breathing a sigh of relief over apparent agreement over the national debt and deficit. Getting a runner to first base isn’t much, and we haven’t yet got him there (the “fat lady” – the Tea Baggers – will have to commit to the mixed bill at least once more). If there are words in it having more than one syllable, well . . . It’s easy to see why I’m not very confident yet. We have been here before. Remember the Newt Gingrich “Contract With [On] America?” The government shut down in 1995. And what happened? That flareup cost the USA plenty. And U. S. companies slammed on the hiring brakes. Markets HATE uncertainty, and companies, while not fearing the shareholders, tend to take a wait-and-see approach. Why do you suppose we’ve had a “soft patch” in the economy so far this year? When did the Tea-Baggers go to Washington? With all the continuing instability we still look like a banana republic, and interest rates could still rise, perhaps a lot. That would really help the economy, like throwing a drowning man an anvil.

The wealthiest among us drew a pass – again. So, too, have the “job creators,” or corporate titans. McDonald’s created 60,000 jobs or so via a nationwide job fair of sorts over a month ago. Over one million people applied. Bravo for Ronald, but those jobs pay what? $10 an hour? Wow. Pardon me if I’m underwhelmed. Those workers won’t be buying much, beyond toilet paper, gasoline, and beans.

Workers have never claimed a lower share of national income growth than now, after inflation. Total employment remains lower than in late 2008, when corporate profits troughed. Not much sign of a trough now. But there’s no more tailwind from federal spending, and there won’t be any, now that the GOP has arm-wrestled the rest of Washington to no worse than a draw. And it’s all one way with the “Inc.” crowd, which still has more than $1 trillion stashed overseas. The firms intend to either hold their breaths until they turn blue, or secure yet another exemption or sweetheart deal allowing them to repatriate those funds with few or no worries about their disposition. Can you say, it’s third Lexus time? No, the very rich will peel that largesse out of the coffers and invest it. Wasn’t it overinvestment that got us into such a mess in 2007-09? Same verse, different tune in 2000 (Internet bubble).

Numerous banks are repaying TARP funds by – you guessed it – borrowing from the U. S. Treasury. The financial industry spent almost $half a billion last year lobbying in Washington. That’s a lot of champagne, sister. Private-equity fund operators have shown they are willing to repudiate debt at the drop of a hat. Meanwhile, they continue to pay themselves enormous management fees. Banks or bonds, it hasn’t mattered. But stop the (federal) borrowing, they say. I submit these nefarious practices need to stop long before federal “spending” does. And know this: there are no data suggesting that deficit spending in inflationary, either (Federal Reserve Bank of Chicago, 2010).

Those who advocate “austerity” should look around to see how well it’s working elsewhere. In the United Kingdom, austerity has become a dirty word. Retail sales languish, tax revenues are stuck in low gear, and home sales are lousy. A lot to like there. The tea haulers should tell us whether they are aware that in 2007 the average income tax rate for the 400 largest tax returns in the USA was 17%, down from 26% in 1992. Fair share, my butt.

Businesses may claim that regulation or uncertainty or banks’ reluctance to lend lie behind their slow sales, but it’s easy to find the villain here. People out of work don’t buy. Larger firms have made a conscious decision to avoid adding labor. These same firms are taking business away from smaller concerns. No wonder corporate profits are through the roof.

I find it interesting and amusing that the American people have suddenly had it up to here with debt. These are the same people who couldn’t borrow enough. Maxing out three, four, even eight credit cards was pretty common four years ago. So now they’re ticked off at their national government for apparently behaving in similar fashion? I have long advocated higher wages for the “rank and file;” had many of us had higher incomes in 2005 or so, would we have just borrowed more? There’s a bet.

What a fragile, perilous state we find ourselves in. It’s like sailing through an iceberg field while the captain and helmsman are drunk. But don’t be complaining about federal spending if you are benefiting from same. And items as remote as federal prisons, water quality standards, the operation of the federal judiciary, and border patrolling benefit us all. Yup; federal spending. You’d think Uncle Sam was throwing hundred-dollar bills out of helicopters. No, that was said to be Fed Chairman Bernanke’s strategy. No, the only thing we have to fear is (guess what?) Fear itself.

Thanks, Franklin.