April 2014 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.

April 12 is the 102nd day of the year (103rd in leap years) in the Gregorian calendar. There are 263 days remaining until the end of the year.

On this day in 1961, aboard the spacecraft Vostok 1, Soviet cosmonaut Yuri Alekseyevich Gagarin becomes the first human being to travel into space. During the flight, the 27-year-old test pilot and industrial technician also became the first man to orbit the planet, a feat accomplished by his space capsule in 89 minutes. Vostok 1 orbited Earth at a maximum altitude of 187 miles and was guided entirely by an automatic control system. The only statement attributed to Gagarin during his one hour and 48 minutes in space was, “Flight is proceeding normally; I am well.”

After his historic feat was announced, the attractive and unassuming Gagarin became an instant worldwide celebrity. He was awarded the Order of Lenin and given the title of Hero of the Soviet Union. Monuments were raised to him across the Soviet Union and streets renamed in his honor.

The triumph of the Soviet space program in putting the first man into space was a great blow to the United States, which had scheduled its first space flight for May 1961. Moreover, Gagarin had orbited Earth, a feat that eluded the U.S. space program until February 1962, when astronaut John Glenn made three orbits in Friendship 7. By that time, the Soviet Union had already made another leap ahead in the “space race” with the August 1961 flight of cosmonaut Gherman Titov in Vostok 2. Titov made 17 orbits and spent more than 25 hours in space.

Relive the world’s first space odyssey

‘Moon Shot’ recounts cosmonaut Yuri Gagarin’s history-making orbital trip in 1961.

MSNBC Science Editor Alan Boyle recaps Yuri Gagarin’s historic space mission, as shown in a Soviet documentary video.

Cross posted from The Stars Hollow Gazette

We have gone down the rabbit hole and through the looking glass.

Joining us now is Michael Ratner. Michael is the president emeritus of the Center for Constitutional Rights in New York, the attorney for Julian Assange, and president of the European Center for Constitutional and Human Rights. He’s also a board member for The Real News. [..]

Michael Ratner: [..] In a chilling ruling this federal judge in this federal district court dismissed the case. And the key language from that opinion is: the government must be trusted. I want to repeat that: the judge said the government must be trusted. And here’s the exact quote: “Defendants must be trusted and expected to act in accordance with the U.S. Constitution when they intentionally target a U.S. citizen abroad at the direction of the president and with the concurrence of Congress. It’s a really outrageous ruling. The president kills whom he pleases, just so Congress is given broad authority for the president to determine who the enemy is.

It’s an utter abdication by the court. It gives up on the so-called checks and balances we all learned as schoolchildren. It ends, actually, a key principle of the Magna Carta, which is the American and British charter of liberties, which was actually ratified or signed by King John in the year 1215. We’re coming up to the 800th anniversary. So what this court ruling does, what the president’s action does do is overturn 800 years of constitutional history.

Courts are supposed to be a buffer between what was the absolute power of kings and the people. We no longer have the rule of law; we have the rule of the king. In other words, we have the syndrome of “off with his head”.

Drone killings case thrown out in US

Judge dismisses lawsuit over death of Anwar al-Awlaki and two others in Yemen, saying it is a matter for Congress

The families of the three – including Anwar al-Awlaki, a New Mexico-born militant Muslim cleric who had joined al-Qaida’s Yemen affiliate, as well as his teenage son – sued over their 2011 deaths in US drone strikes, arguing that the killings were illegal.

Judge Rosemary Collyer of the US district court in Washington threw out the case, which had named as defendants the former defence secretary and CIA chief Leon Panetta, the former senior military commander and CIA chief David Petraeus and two other top military commanders.

“The question presented is whether federal officials can be held personally liable for their roles in drone strikes abroad that target and kill U.S. citizens,” Collyer said in her opinion. “The question raises fundamental issues regarding constitutional principles and it is not easy to answer.”

But the judge said she would grant the government’s motion to dismiss the case.

Welcome to the Health and Fitness News, a weekly diary which is cross-posted from The Stars Hollow Gazette. It is open for discussion about health related issues including diet, exercise, health and health care issues, as well as, tips on what you can do when there is a medical emergency. Also an opportunity to share and exchange your favorite healthy recipes.

Questions are encouraged and I will answer to the best of my ability. If I can’t, I will try to steer you in the right direction. Naturally, I cannot give individual medical advice for personal health issues. I can give you information about medical conditions and the current treatments available.

You can now find past Health and Fitness News diaries here and on the right hand side of the Front Page.

Fruit compotes make great compromise desserts; they’re sweet, but not as sweet as sorbets, and like sorbets they don’t require flour, butter or pastry skills. [..]

Early spring is an in-between time for fruit. Stone fruits aren’t ready yet and it’s not really apple, pear or citrus season either, though all of those fall-winter fruits are still available.

~Martha Rose Shulman~

Laura Gottesdiener is a a journalist and the author of A Dream Foreclosed: Black America and the Fight for a Place to Call Home, who lived and worked in the People’s Kitchen during the occupation of Zuccotti Park. Last Novemeber she wrote about how hedge funds and private equity firms were building a “rental empire” by  buying up foreclosed properties by the thousands, renting them back to working people, and bundling up those properties to sell to Wall Street. If this sounds familiar, it should. It the same scheme that brought down the housing market with subprime mortgages and has the potential to do it again.

   You can hardly turn on the television or open a newspaper without hearing about the nation’s impressive, much celebrated housing recovery. Home prices are rising! New construction has started! The crisis is over! Yet beneath the fanfare, a whole new get-rich-quick scheme is brewing.

   Over the last year and a half, Wall Street hedge funds and private equity firms have quietly amassed an unprecedented rental empire, snapping up Queen Anne Victorians in Atlanta, brick-faced bungalows in Chicago, Spanish revivals in Phoenix. In total, these deep-pocketed investors have bought more than 200,000 cheap, mostly foreclosed houses in cities hardest hit by the economic meltdown.

   Wall Street’s foreclosure crisis, which began in late 2007 and forced more than 10 million people from their homes, has created a paradoxical problem. Millions of evicted Americans need a safe place to live, even as millions of vacant, bank-owned houses are blighting neighborhoods and spurring a rise in crime. Lucky for us, Wall Street has devised a solution: It’s going to rent these foreclosed houses back to us. In the process, it’s devised a new form of securitization that could cause this whole plan to blow up — again. [..]

This inundation has some concerned that the private equity giant, perhaps in conjunction with other institutional investors, will exercise undue influence over regional markets, pushing up rental prices because of a lack of competition. The biggest concern among many ordinary Americans, however, should be that, not too many years from now, this whole rental empire and its hot new class of securities might fail, sending the economy into an all-too-familiar tailspin.

“You’re allowing Wall Street to control a significant sector of single-family housing,” said Michael Donley, a resident of Chicago who has been investigating Blackstone’s rapidly expanding presence in his neighborhood. “But is it sustainable?” he wondered. “It could all collapse in 2016, and you’ll be worse off than in 2008.”

In her current article she focuses on how this is now happening in New York City.

When Predatory Equity Hit the Big Apple

How Private Equity Came to New York’s Rental Market — and What That Tells Us About the Future

   Things are heating up inside Wall Street’s new rental empire.

   Over the last few years, giant private equity firms have bet big on the housing market, buying up more than 200,000 cheap homes across the country. Their plan is to rent the houses back to families — sometimes the very same people who were displaced during the foreclosure crisis — while waiting for the home values to rise. But it wouldn’t be Wall Street not to have a short-term trick up its sleeve, so the private equity firms are partnering with big banks to bundle the mortgages on these rental homes into a new financial product known as “rental-backed securities.” (Remember that toxic “mortgage-backed securities” are widely blamed for crashing the global economy in 2007-2008.)

   All this got me thinking: Have private equity firms gambled with rental housing somewhere else before? If so, what happened?

   It turns out that the real estate market in my New York City backyard has been a private equity playground for the last decade, and the result, unsurprisingly, has been a disaster for tenants and the market alike.

In the Bronx, Benjamin Warren fears that he and other residents could burn to death in a fire because management has blocked both sides of the passageways between buildings designed to offer ways out of the massive apartment complex. (Warren has called the city and management multiple times to complain, but the routes remain shut.) Nearby, Liza Ash found herself intimidated by nearly a dozen hired men when she and other residents of her building, which had heat or hot water only sporadically this past winter, attempted to organize a tenants’ meeting in the lobby. A little farther south, Khamoni Cooper and her neighbors receive a constant stream of fake eviction notices ordering them to vacate their apartments within five days, even though all of them have paid their rent.

These three tenants — and nearly 1,600 more families in 42 buildings — are living through one of the largest single foreclosures to hit New York City since the financial crisis began seven years ago. But here’s the twist. The owner of these buildings is far from a traditional landlord. It’s actually a conglomerate of private equity firms that bet it would be able to squeeze more money out of these buildings than it ultimately could — and ended up unable to pay back the $133 million mortgage.

The problem is that, when things go bust, the tenants, far more than these private equity owners, end up shouldering the costs.

The Blackstone Group, a private equity firm, is now the largest owner of single-family rental homes in the country. In one day alone, Blackstone bought up 1,400 houses in Atlanta. And as private equity firms gobble up huge swaths of the housing market, they are partnering with big banks to bundle the mortgages on these rental homes into a new financial product known as “rental-backed securities,” reminiscent of the “mortgage-backed securities” that helped cause the last financial crisis. Could this new private equity rental empire help spark the next housing crisis? We are joined by Laura Gottesdiener, author of “A Dream Foreclosed: Black America and the Fight for a Place to Call Home,” who calls this wave of purchases “a land grab.” Gottesdiener’s latest article focuses on New York City’s rental market, a case study in what critics call “predatory equity.” Large firms have used abusive tactics to oust tenants in a bid to hike up rents – and tenants have been resisting. We are also joined by Benjamin Warren, who, along with nearly 1,600 families in 42 buildings, is a victim of one of the largest single foreclosures in the city’s recent history.