June 22, 2013 archive

Cross posted from The Stars Hollow Gazette

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

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June 22 is the 173rd day of the year (174th in leap years) in the Gregorian calendar. There are 192 days remaining until the end of the year.

On this day in 1944, President Franklin D. Roosevelt signs into law the Servicemen’s Readjustment Act of 1944, commonly known as the G.I. Bill.

The G.I. Bill was an omnibus bill that provided college or vocational education for returning World War II veterans (commonly referred to as G.I.s) as well as one year of unemployment compensation. It also provided many different types of loans for returning veterans to buy homes and start businesses. Since the original act, the term has come to include other veteran benefit programs created to assist veterans of subsequent wars as well as peacetime service.

By the time the original G.I. Bill ended in July 1956, 7.8 million World War II veterans had participated in an education or training program and 2.4 million veterans had home loans backed by the Veterans’ Administration (VA). Today, the legacy of the original G.I. Bill lives on in the Montgomery G.I. Bill.

Harry W. Colmery, a World War I veteran and the former Republican National Committee chairman, wrote the first draft of the G.I. Bill. He reportedly jotted down his ideas on stationery and a napkin at the Mayflower Hotel in Washington, DC.[2] U.S. Senator Ernest McFarland was actively involved in the bill’s passage and is known, with Warren Atherton, as one of the “fathers of the G.I. Bill.” One might then term Edith Nourse Rogers, R-Mass., who helped write and who co-sponsored the legislation, as the “mother of the G.I. Bill”.[citation needed] Like Colmery, her contribution to writing and passing this legislation has been obscured by time.

The bill was introduced in the House on January 10, 1944, and in the Senate the following day. Both chambers approved their own versions of the bill.

The bill that President Roosevelt initially proposed was not as far reaching. The G.I. Bill was created to prevent a repetition of the Bonus March of 1932 and a relapse into the Great Depression after World War II ended.

An important provision of the G.I. Bill was low interest, zero down payment home loans for servicemen. This enabled millions of American families to move out of urban apartments and into suburban homes. Prior to the war the suburbs tended to be the homes of the wealthy and upper class.

Another provision was known as the 52-20 clause. This enabled all former servicemen to receive $20 once a week for 52 weeks a year while they were looking for work. Less than 20 percent of the money set aside for the 52-20 Club was distributed. Rather, most returning servicemen quickly found jobs or pursued higher education.

Cross posted from The Stars Hollow Gazette

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This is an Open Thread.

The AMA has decided obesity is a disease but fail to acknowledge that the biggest cause of obesity is poor diet. Calories are the biggest cause of obesity but doctors very rarely ever talk to their patients about nutrition.

I wonder if the AMA would consider making violence against women a disease now that the WHO has reported that it’s “global health problem of epidemic proportions”

h/t lambert at Corrente who continues to update on ObamaCare Clusterf**k.

Kevin Gosztola at FDL The Dissenter has the up dates for Day 7 and Day 8 of Bradley Manning’s trial and reports that Edward Snowden has become the 8th person to be indicted for espionage by the Obama Justice Department.

At FDL Action, Jon Walker tells us how Senate Minority Leader, Mitch McConnell tried to scare Democrats by threatening to actually making the Senate functional. Harry Reid will never stand for that.

Just for laughs, Sen. McConnell thinks that a constitutional amendment that would establish that corporations are inhuman not people with constitutional rights is absurd. I guess he’s worried that the next amendment would be to deny human hybrid turtles the right to hold elected office.

At the FDL News Desk, DSWright has an open letter to the Secret Service regarding the Aaron Swartz file and tells us that sources are not talking to the Associated Press.

At Hullabaloo, digby said something:

One of the most laughable comments the NSA program supporters have been making is the one insisting that the FISA court is “transparent.” It’s rulings are secret as are the government’s interpretations of the law and those rulings. If that’s what we call due process these days, we might as well just officially institute a Star Chamber and call it a day.

Atrios wants to know if there is any reason that the defeat of the farm bill is bad news?

Oh Cool! The Rude Pundit think that “David Brooks is the Paula Deen of the Times” op-ed page and tears him a new one as only he can.

At Esquire’s Politics Blog, Charlie Pierce rips into President Obama for his ludicrous argument defending the transparency of the FISA court.

And the last words go to watertiger at Dependable Renegade for her tribute to James Gandolfini on his death at 51 from a sudden heart attack while on vacation in Italy:

And yet, Dick Cheney is still alive.

Only the good die young. R.I.P. James and Michael.

Cross posted from The Stars Hollow Gazette

Earlier this year, the Justice Department brought a $5 billion fraud law suit against the ratings agency Standard and Poors for knowingly giving triple “A” ratings to financial products the agency’s analysts understood to be unworthy. The financial crisis that began in 2007 was mostly caused by those fraudulent ratings. Senators Al Franken (D-MN) and Roger Wicker (R-MI) worked together on an amendment that was included in  Dodd-Frank (pdf) to bring accountability and transparency to the ratings process. The amendment also required that the Securities and Exchange Commission conduct a study, that study has been completed (pdf). It found that there were “inherent” conflicts of interest in the system contributed to the 2008 crisis.

Contributing editor and investigative journalist for Rolling Stone Matt Taibbi published an in depth look at the ratings agencies and how ratings agencies like Moody’s and Standard & Poor’s helped trigger the meltdown with new documents. The documents surfaced from two lawsuits that files against S&P by  a diverse group of institutional plaintiffs with King County, Washington, and the Abu Dhabi Commercial Bank. The plaintiffs claimed that S&P, along with Morgan Stanley, fraudulently induced them to heavily invest in a pair of doomed-to-implode subprime-laden deals. Matt calls these new revelations the “Last Mystery of the Financial Crisis:

What about the ratings agencies?

That’s what “they” always say about the financial crisis and the teeming rat’s nest of corruption it left behind. Everybody else got plenty of blame: the greed-fattened banks, the sleeping regulators, the unscrupulous mortgage hucksters like spray-tanned Countrywide ex-CEO Angelo Mozilo.

But what about the ratings agencies? Isn’t it true that almost none of the fraud that’s swallowed Wall Street in the past decade could have taken place without companies like Moody’s and Standard & Poor’s rubber-stamping it? Aren’t they guilty, too?

Man, are they ever. And a lot more than even the least generous of us suspected.

Thanks to a mountain of evidence gathered for a pair of major lawsuits, documents that for the most part have never been seen by the general public, we now know that the nation’s two top ratings companies, Moody’s and S&P, have for many years been shameless tools for the banks, willing to give just about anything a high rating in exchange for cash.

In incriminating e-mail after incriminating e-mail, executives and analysts from these companies are caught admitting their entire business model is crooked.

Matt joined MSNBC’s All In host Chris Hayes to discuss how these newly-revealed documents are “the smoking gun of the financial crisis” revealing the corruption and dishonesty at the core the industry.