Tag: ek Politics

Crossposted from The Stars Hollow Gazette

Our idiot Washington political “elite”-

Democrats’ New Tactic: Praising 2012 Republicans

By MICHAEL D. SHEAR, The New York Times

May 20, 2011, 7:27 am

Here’s how the strategy could work, according to several Democratic advisers involved in implementing it:

1. Convincing conservative voters that Republican candidates like Mr. Romney or Mr. Huntsman hold similar views to Mr. Obama might make them unacceptable in a Republican primary dominated by Tea Party activists.

…

2. If Republican candidates like Mr. Romney or Mr. Huntsman push back against the Democratic praise, they run the risk of looking like they are flip-flopping on positions they once proudly held.

…

3. Finally, if one of the Republicans emerges as the party’s nominee despite the Democratic plaudits, it may be tougher for that candidate to draw distinctions with Mr. Obama on those issues where they have seemed to agree.

Will this work?  C’mon, we’re talking D.C. strategists here.  Even they don’t expect it to work-

“None of us think that the Democratic party can dictate the outcome of the Republican nomination fight,” said one strategist. “But we can have some fun.”

Or it could just be that Obama is actually a Republican, implementing Republican policies.

Crossposted from The Stars Hollow Gazette

Are we through yet? Tue May 03, 2011 at 09:15:47 AM EDT

Evidently the answer is no, we’re not through yet.

35 killed in Taliban attack on road workers

By Ben Farmer, Kabul, The Telegraph

4:40PM BST 19 May 2011

Up to 100 attackers then opened fire with AK-47s, heavy machine guns and rocket propelled grenades from surrounding hills, prompting a battle with guards lasting more than two hours.

By dawn on Thursday, when the attackers left the camp after burning or stealing several vehicles, 25 staff were also missing and 12 were injured, according to a senior manager at the company.

…

Noorullah Bidar, director of the company, said: “They [the Taliban] destroyed a lot of our equipment including vehicles and equipment used for road construction … we don’t know why they attacked us … they are doing this to prevent reconstruction in Afghanistan.”

36 killed in attack on work crew in Afghanistan

By Laura King, Los Angeles Times

May 19, 2011, 8:48 a.m.

The Taliban and other insurgents sometimes target work crews on infrastructure projects, regarding the building companies as collaborators with the central government and foreign forces. But most such projects have substantial security contingents, and it is unusual for militants to be able to kill so many in a single strike.

…

The construction company’s owner, Noorullah Bidar, one of 20 people injured in the attack, said from his hospital bed that all those slain in the predawn attack in Paktia province were Afghan nationals.

Rohullah Samon, a spokesman for the provincial governor, said the dead included laborers, technical personnel and security guards. Eight assailants died in the attack as well, he said.

Update:

At Least 35 Killed in Attack on Afghan Road Crew

By RAY RIVERA and SANGAR RAHIMI, The New York Times

Published: May 19, 2011

The crew attacked Thursday was working on a road not far from the Gardez-Khost Highway, a 64-mile project that has been one of the most troubled and costly transportation projects in Afghanistan.

Since work on the highway began in 2007, there have been at least 364 attacks on the highway, resulting in the deaths of 19 people, almost all of them local Afghan workers. The highway project, which has been financed by the United States Agency for International Development, has come to symbolize the pitfalls of corruption and danger of trying to push development in areas strongly lacking in security. It has cost about $121 million so far, with the final price tag expected to reach $176 million, or about $2.8 million a mile.

Construction contractors trying to build in many of these volatile areas have been accused of paying off local insurgent groups, including the Haqqani network, to allow work to continue, in turn helping to finance the insurgency. Some security outfits have also been accused of themselves facilitating attacks in order to extort more money for security.

Crossposted from The Stars Hollow Gazette

I don’t know whether any of you have had the pleasure (and I mean it sincerely, I enjoyed it very much) of visiting Mud Island in Memphis which I suspect is very much covered in mud at the moment.  The chief attraction is a scale model of the Mississippi and while the ‘Gulf of Mexico’ may once have been a water park it was pretty green and uninviting when I was there (and I’ve swum in some scummy water, let me tell you).

I suspect that soon they’ll have to make some modifications.

You see, the thing about it is the Mississippi as Mark Twain knew it and we know it today is an obsolete river.  

It’s not the shortest and steepest route to the Gulf of Mexico anymore, the Atchafalaya is, and the Army Corps of Engineers knew this back in 1963 when they constructed the Old River Control Structure to begin with.  The point was to save the commercial centers of Baton Rouge and New Orleans, not flood control at all.

But as Twain would tell you the mighty Mississippi is a big river and not one that will be denied.  Opening the floodgates will only make the Atchafalaya deeper and steeper than it is now and soon enough, in even human not geologic time, the pressure of all that water will not be denied.

The Control of Nature

ATCHAFALAYA

by John McPhee, The New Yorker

February 23, 1987

The Mississippi River, with its sand and silt, has created most of Louisiana, and it could not have done so by remaining in one channel. If it had, southern Louisiana would be a long narrow peninsula reaching into the Gulf of Mexico. Southern Louisiana exists in its present form because the Mississippi River has jumped here and there within an arc about two hundred miles wide, like a pianist playing with one hand-frequently and radically changing course, surging over the left or the right bank to go off in utterly new directions. Always it is the river’s purpose to get to the Gulf by the shortest and steepest gradient. As the mouth advances southward and the river lengthens, the gradient declines, the current slows, and sediment builds up the bed. Eventually, it builds up so much that the river spills to one side. Major shifts of that nature have tended to occur roughly once a millennium. The Mississippi’s main channel of three thousand years ago is now the quiet water of Bayou Teche, which mimics the shape of the Mississippi. Along Bayou Teche, on the high ground of ancient natural levees, are Jeanerette, Breaux Bridge, Broussard, Olivier-arcuate strings of Cajun towns. Eight hundred years before the birth of Christ, the channel was captured from the east. It shifted abruptly and flowed in that direction for about a thousand years. In the second century a.d., it was captured again, and taken south, by the now unprepossessing Bayou Lafourche, which, by the year 1000, was losing its hegemony to the river’s present course, through the region that would be known as Plaquemines. By the nineteen-fifties, the Mississippi River had advanced so far past New Orleans and out into the Gulf that it was about to shift again, and its offspring Atchafalaya was ready to receive it. By the route of the Atchafalaya, the distance across the delta plain was a hundred and forty-five miles-well under half the length of the route of the master stream.

Crossposted from The Stars Hollow Gazette

(h/t vastleft @ Corrente)

The L-Word

Liberals have been failing to live up to their ideals for centuries, but we mustn’t give up on liberalism.

By Peter Clarke, Slate

Posted Saturday, May 14, 2011, at 7:54 AM ET

George Washington himself, that unillusioned soldier and great patriot, extolled “the benefits of a wise and liberal Government” and advocated “a liberal system of policy”. There was not only political principle but political expediency in proclaiming oneself motivated by liberal ideas in that era. The fact that the American Revolution was made in terms of this political prospectus helps explain its ultimate success. There were simply too many Britons who felt that the colonists actually had the better of the argument-they were the better liberals. For British Whigs, too, looked back reverently on canons of government that extolled liberty in thought, speech, religion, government and trade alike. It was part of the heritage of the Glorious Revolution of 1688. Indeed, for some more incendiary spirits on both sides of the Atlantic, the Good Old Cause of republican virtue was at stake.

…

Coalition is, of course, a current problem for Liberals. It could be said that every successful political party is itself a coalition, the broader-based the better. This was what gave the Liberal party such traction in British politics in the Gladstonian era; and what sustained the New Liberals of the succeeding generation, with comparable electoral triumphs in the era of Herbert Henry Asquith and Lloyd George, was again the party’s ability to adapt itself to new social forces. The tacit electoral alliance with the early Labour party was not actually called a coalition, though in some ways it served as such. The point was that, in all but a few constituencies, Liberals and Labour did not oppose each other; and in the House of Commons a Liberal government was sustained by what contemporaries called a Progressive Alliance, including both Liberals and Labour. This is an instructive formula: almost the opposite of the current arrangements, which simultaneously implicate Nick Clegg’s Liberal Democrats in a basically Tory government while permitting their partners in Westminster to undermine them in the country. The current failure of this strategy could not have been clearer when, in a referendum held less than a week before the two parties marked a year in coalition on May 11, British voters overwhelmingly rejected the more [proportional voting system that Lib-Dems had hoped would be one of their chief rewards.

…

What has Losurdo got against liberalism? He resolutely exposes the internal contradictions of a doctrine that ostensibly upheld freedom, autonomy and self-government, yet failed in practice to universalise its own ethic. The presence of Calhoun in his canon alerts us early on to one important dimension. For Calhoun, steeped in the political culture of the antebellum American south, simultaneously coupled his liberal defence of individual and states rights with an explicit defence of slavery, which excluded blacks from the exercise of these great principles. Was this just the same old one-eyed hypocrisy that we expect of politicians?

There is, in fact, more to the book than this. It shows how slavery was legitimised within the liberal canon all the way back to Locke. And it gets worse. Once slavery could no longer be defended, the same liberals who now made a big deal out of its abolition promptly turned to excluding and repressing former slaves in slightly more subtle ways, such as indentured labour. And not just across the colour line, but also countenancing the oppression of workers closer to home when they, too, got uppity. It was the liberal economists, from Smith onwards, so Losurdo assures us, who shackled the working class by demonising early trade unions and who then turned their hard faces on some of the consequences of their inviolable free market, whether in the form of pauperism in Britain or famine across the Irish sea.

Did these great liberal thinkers really have no answers to the social problems of their day? Well, Locke thought compulsory churchgoing for the poor might be one remedy. So the best defence of the liberals against the charge of racism might be their willingness to inflict on their own kith and kin most of the indignities normally visited on slaves. But “master-race democracy”, excluding blacks or Arabs alike, remains a significant indictment. Chapter by chapter, one liberal after another is knocked off his plinth. “Compared with the liberal tradition,” Losurdo writes, “Nietzsche proved more lucid and consistent.”

…

Conservatives will enjoy reading this book as a demolition job. They will turn to it in hopes of finding an intellectual arsenal with which to bombard their opponents. They will take advantage of a moment when the historic political affiliation of many liberals in the Anglosphere has become a love that dare not speak its name. But liberals, too, should read this book as part of the task of reconstruction. This task, of course, cannot be accomplished simply in intellectual terms but the message that liberalism needs to be inclusive in its claims and its constituency alike is one with a current significance that is truly international.

Crossposted from The Stars Hollow Gazette

In Greece, austerity kindles deep discontent

By Anthony Faiola, The Washington Post

May 13

The protests are an emblem of social discontent spreading across Europe in response to a new age of austerity. At a time when the United States is just beginning to consider deep spending cuts, countries such as Greece are coping with a fallout that has extended well beyond ordinary civil disobedience.

…

The anarchist movement in Europe has a long, storied past, embracing an anti-establishment universe influenced by a broad range of thinkers from French politician and philosopher Pierre-Joseph Proudhon to Karl Marx to Oscar Wilde. Defined narrowly, the movement includes groups of urban guerillas, radical youths and militant unionists. More broadly, it encompasses everything from punk rock to WikiLeaks.

…

The rolling back of social safety nets in Europe began more than a year ago, as countries from Britain to France to Greece moved to cut social benefits and slash public payrolls, to address mounting public debt. At least in the short term, the cuts have held back economic growth and job creation, exacerbating the social pain.

…

In Britain, for instance, 10 activists formed the UK Uncut group in a North London pub late last year, spawning a national wave of civil disobedience against spending cuts, bankers’ bonuses and tax evasion by the rich. During a March protest, they used Twitter and text messages to organize a “flash mob” that saw hundreds occupy and vandalize London’s famous Fortnum & Mason’s food store. In recent months, other actions have forced at least 100 bank branches across Britain to temporarily close.

…

“There is a sense of general injustice, that the government bailed out capitalism and the citizens are footing the bill while the capitalist system is running like nothing ever happened,” said Bart Cammaerts, an expert in anarchist movements at the London School of Economics. “And yet, things have happened. There are more taxes, less services, and anger is emerging from that tension.”

…

“They are taking everything away from us,” Ganiaris said. “What will happen when I finish law school? Will I only find a job making copies in a shop? Will I then need to work until I’m 70 before I retire? Will I only get a few hundred euros as pension? What future have I got now?”

…

As in many countries in Europe, fascist and far-right parties are strengthening, engaging in an increasing number of attacks against immigrants.

Crossposted from The Stars Hollow Gazette

(h/t lambert)

Unfortunately, they’re also Democratic budget ideas.

Seniors, Guns and Money

By PAUL KRUGMAN, The New York Times

Published: May 12, 2011

(T)he truth is that older Americans really should fear Republican budget ideas – and not just because of that plan to dismantle Medicare. Given the realities of the federal budget, a party insisting that tax increases of any kind are off the table – as John Boehner, the speaker of the House, says they are – is, necessarily, a party demanding savage cuts in programs that serve older Americans.

…

The great bulk of federal spending that isn’t either defense-related or interest on the debt goes to Social Security, Medicare and Medicaid. The first two programs specifically serve seniors. And while Medicaid is often thought of as a poverty program, these days it’s largely about providing nursing care, with about two-thirds of its spending now going to the elderly and/or disabled. By my rough count, in 2007, seniors accounted, one way or another, for about half of federal spending.

…

Between an aging population and rising health costs, then, preserving anything like the programs for seniors we now have will require a significant increase in spending on these programs as a percentage of G.D.P. And unless we offset that rise with drastic cuts in defense spending – which Republicans, needless to say, oppose – this means a substantial rise in overall spending, which we can afford only if taxes rise.

…

Which brings me back to those Republican freshmen. Last year, older voters, who split their vote almost evenly between the parties in 2008, swung overwhelmingly to the G.O.P., as Republicans posed successfully as defenders of Medicare. Now Democrats are pointing out that the G.O.P., far from defending Medicare, is actually trying to dismantle the program. So you can see why those Republican freshmen are nervous.

Crossposted from The Stars Hollow Gazette

Frankly I think he’s funnier than Jon and more on point too.  Friday he took his case to the Federal Election Commission.  On Wednesday he talked about it on his show.

Stephen Colbert at the FEC? Really.

By KENNETH P. VOGEL, Politico

5/13/11 9:54 PM EDT

Technically, the request(s) asks the commission whether the airtime and other costs associated with any shows on which he promotes his hypothetical PAC would be considered a contribution from Comedy Central’s parent company, Viacom, or whether they would be exempted from campaign finance rules and disclosure requirements.

That so-called media exemption allows newspapers, blogs, radio show hosts and others considered media to urge votes for or against candidates.

…

So, as Colbert explained Wednesday “I did the right thing and I exploited a loophole,” adding “there is critical legal distinction between a PAC and a super PAC. One has the word ‘super’ in its name. So I took Colbert PAC and I made it Colbert super PAC.”

Yet, Viacom’s lawyers balked at that solution as well, Colbert said, declaring in overstated exasperation “I hate my parent company! They never let me do anything. Everyone else’s parents companies let them do it. Karl Rove is a paid employee of Fox News and he gets to talk about his Super PAC, American Crossroads all the time.”

Potter explained to Colbert that Viacom is likely skittish that if their airtime or administrative costs are “counted as a contribution, they would have to show it on the FEC reports. There might be a complaint or an investigation about whether they showed enough and they would have to turn over their internal bookkeeping and potentially reveal Viacom secrets.”

…

“Why wouldn’t they (the FEC, take me seriously)?” he responded. “I’m making an actual request. I want to find out whether I actually have to list Viacom and the fact that I have a show as a gift in-kind. And if I don’t, I can’t wait to use the resources of my show.”

…

If nothing else, it could help the cause of campaign finance advocates by highlighting the ability of corporations to spend unlimited amounts to support or oppose candidates, and – as Lisa Gilbert of Public Citizen describes it – expose “the clear conflict of interest that Fox media has as they allow political figures to promote their PACs on a supposedly neutral media outlet.”

Crossposted from The Stars Hollow Gazette

Investors Say Tax Hike Needed to Cut Deficit

By Mike Dorning and David J. Lynch, Bloomberg News

May 13, 2011 12:00 AM ET

Global investors, by an almost 2-to-1 majority, believe the U.S. government won’t be able to substantially cut its budget deficit without raising taxes, rejecting a core stand of congressional Republicans.

…

Some suggest that tax increases are necessary because policy makers are unwilling to touch Social Security and health- entitlement programs such as Medicare, which together make up more than 40 percent of the federal budget.

“With entitlements sacrosanct by virtue of the electoral base (seniors and the poor), the only real option is higher marginal and progressive taxation,” Alfredo Viegas, director of emerging markets fixed-income strategy for Knight Libertas in Greenwich, Connecticut, says in an e-mail.

…

For all the concern about the deficit in Washington, bond market yields in the U.S. are lower now than when the government was running a budget surplus a decade ago. The yield on the benchmark 10-year U.S. Treasury note was 3.22 percent at 5 p.m., New York time, yesterday, below the average of 7 percent since 1980 and the average of 5.48 percent in the 1998 through 2001 period, according to Bloomberg Bond Trader.

Twenty-two percent of poll respondents say there is a “big risk” that the deficit in the next two years will trigger a market crisis resulting in dramatically higher interest rates. That figure is up from January’s 18 percent, yet lower than November’s 24 percent.

…

The “U.S. is spending too much on energy and defense,” says Ivaylo Penev, a portfolio manager with Elana Fund Management in Sofia, Bulgaria, and a poll participant.

Crossposted from The Stars Hollow Gazette

Some of you might get the impression that I’m a big fan of Formula One racing.  Nothing could be further from the truth.  My dad, Richard, is hugely into all motor sports, even the Turn Left red neck bumper car travesty of twisted chunks of flaming metal.  By comparison Formula One has dignity.

But not much.

Ecclestone is a corporate whore who hired the son of a Nazi that likes his sex with 5 or 6 workers dressed in jackboots.  He’s probably just as responsible for the repression of the Bahrain Democracy movement as the Emir so he wouldn’t have nasty icky protesters spoiling his circus.  Under his direction driving is pay to play, a seat goes for over a million in sponsorships and without it you watch from the stands no matter how good you are.

In short an example of Galtian Greed that makes selfish George Steinbrenner seem all warm and fuzzy by comparison.  At least George wanted to win.

Which is why it’s no surprise to read stories like this-

Texas Taxpayers Finance Formula One Auto Races as Schools Dismiss Teachers

By Darrell Preston and Aaron Kuriloff, Bloomberg News

May 11, 2011 12:43 PM ET

As many as 100,000 teachers in Texas may be fired because of spending cuts to cope with the state’s budget crisis, according to Moak Casey & Associates, an Austin-based education consultant. For $25 million a year, the state could pay more than 500 teachers an average salary of $48,000.

…

If the financing works as projected, the decision will use $250 million in state tax revenue for the races over 10 years.

“With places struggling, spending that much money on an essentially one-off event is tough to do,” said Michael Cramer, a former president of baseball’s Texas Rangers and hockey’s Dallas Stars who runs the sports and media program at the University of Texas at Austin. “It’s a very high cost of entry.”

Texas, like other states cutting budgets for schools, nursing homes and basic services, uses economic-development spending to bring in jobs and seed growth. That often involves giving up tax revenue generated by a project to pay part of the cost. New Jersey is providing $200 million of tax-increment financing to help develop the American Dream in the Meadowlands, which will be the biggest mall in the U.S. when it opens.

“I’m not sure of the wisdom of using tax dollars to fund a racetrack,” said Siwak, the Austin teacher. “They’re giving so much tax dollars away I don’t think they could make it up with the racetrack.”

…

The state’s $25 million is being paid to London-based Formula One Management Ltd. to hold the race in Austin, Sexton said. Formula One, owned by London-based CVC Capital Partners Ltd., a private-equity firm, is run by Bernie Ecclestone, the chief executive officer of the series.

“It’s going to Mr. Ecclestone and Formula One to get them to bring the event here,” Sexton said.

Paying such a fee goes beyond the intended use of the state fund, which was set up to support bringing annual events to Texas by rebating increased taxes they generate to cover costs including security and traffic control, said Richard Viktorin, an accountant with Audits in the Public Interest. The Austin- based group opposes government support for the races.

…

“It’s off-balance-sheet financing for a rich man’s sport,” Viktorin said. Combs is “supposed to be a fiscal officer for the state. She’s not controlling that fund.”

…

Austin and the state are unlikely to recover their investment directly, Cipolloni said. However, the race will expose the city to a wide audience of tourists and executives that could help recruit companies and create jobs, he said.

“They won’t collect tax money equal to the $25 million” from the state, Cipolloni said. “It’s just a way to get exposure for the city.”

As State Faces Deep Cuts, Texas Commits $250 Million Of Taxpayer Money To Auto Racing

By Marie Diamond, Think Progress

May 12th, 2011 at 3:45 pm

The motorsport franchise left the U.S. four years ago because of low attendance, but the effort to bring it back – and base it in Texas – has been spearheaded by B.J. “Red” McCombs, the co-founder of conservative media conglomerate Clear Channel Communications. Despite being consistently ranked as one of Forbes 400 richest Americans – with a net worth last estimated at $1.4 billion – McCombs has gotten state Comptroller Susan Combs to agree to build a racing track in Austin at taxpayer expense. Austin’s city government may also invest an additional $4 million a year in tax revenue to facilitate the plan.

…

Corporate backers of the plan and their GOP allies insist that F-1 racing will pump money and jobs into the Texas economy. But sporting experts say the state is betting taxpayer money on an uncertain investment. Michael Cramer, a former president of the Texas Rangers and Dallas Stars, told Bloomberg, “With places struggling, spending that much money on an essentially one-off event is tough to do.”

F-1 races have tried and failed to gain traction in the U.S. in different cities since since the 1970s. Even Bernie Ecclestone, the CEO of the F-1 series admitted that, “No one wanted to hold it,” until the Austin promoters stepped in.

Crossposted from The Stars Hollow Gazette

One of the few things I miss about working in a convenience store is that I used to be able to read 5 or 6 newspapers a day and even take them home after I cut out the masthead.  It’s like those paperback books with the cover ripped off, the publisher doesn’t charge you for the unsold stock and since it’s too damn expensive to handle the whole thing the cover will do for the refund.  Who wants to read a coverless book anyway?

Heh.

Now the Daily News is great for sports and has 3 pages of comics, but the one I really hoped wouldn’t sell out when I was addicted to dead trees was The New York Times.  Their paywall was anticipated with much trepidation and loathing but I’ve personally found it a great convenience.  I used to get nagged all the time to register, but now hardly ever because they don’t count views from blogs like this one or even aggregators like Google.

If you are having a problem I suggest you get a selective cookie deleter and search and destroy the ones containing “nyt”.  There’s also a tool called NYTClean that I’m told works except I’ve never had to use it.

All of which is an introduction to this roundup of the not so Gray Lady’s coverage of the Rajaratnam verdict that I actually did pick up from the front page of their International Herald Tribune subsidiary.

So if I start getting nasty messages I’m going to blame you, dear reader.  It’s one of the sacrifices I make for blogging.

Wall Street, Held Accountable

The New York Times

Published: May 11, 2011

It is sometimes said insider trading is a victimless crime. It is not. Was it good for Goldman Sachs’s reputation to have wiretaps played in court of a director leaking confidential information to Mr. Rajaratnam? Or for Intel, I.B.M., McKinsey or other companies to have illegal inside tips about them passed to him and his cronies?

More fundamentally, everyone affected by markets distorted by such illicit trading is a victim. The prosecution of Mr. Rajaratnam was a test of whether this kind of fraud is still offensive to an American jury.

…

The crimes he was tried for began in 2003 and ended in 2009, a period when markets were out of control. Had he been acquitted, Americans might have concluded that it was O.K. for an insider to play the markets as dishonestly as he did because they are basically rigged.

Galleon Chief’s Web of Friends Proved Crucial to Scheme

By PETER LATTMAN and AZAM AHMED, The New York Times

May 11, 2011, 7:28 pm

In many respects, Mr. Rajaratnam was no different from the thousands of Wall Street stock pickers who diligently network with corporate executives and industry experts to gain an investment edge. But Mr. Rajaratnam, a 53-year-old Sri Lankan native, sought out information that was confidential, beyond the reach of research, and illegally traded on it, a jury in Federal District Court in Manhattan found on Wednesday, convicting him on all 14 counts of securities fraud and conspiracy.

Next Up, a Crackdown on Outside-Expert Firms

By EVELYN M. RUSLI, The New York Times

May 11, 2011, 9:11 pm

Federal authorities have tried to quell the anxiety by drawing a distinction between the legitimate players and the bad actors. In March, Preet S. Bharara, the United States attorney in Manhattan, said that there was “nothing inherently wrong or bad about hedge funds or expert networking firms or aggressive market research, for that matter.”

Such statements have provided little reassurance. Many financial firms that are still using expert networks have moved their business to the largest outfits with the most established compliance practices

“If this little industry is to survive, it’s going to have to glow with virtue, which means a lot of self-regulation,” said Robert Weisberg, a professor of criminal law at Stanford.

Also there are these two handy charts-

• The Galleon Network
• The Verdict on Raj Rajaratnam

Happy nag free reading!

Crossposted from The Stars Hollow Gazette

Bank of England cuts UK economic growth forecasts

• UK economic growth likely to be just 1.7% in 2011
• Inflation likely to hit 5% in the coming months
• Mervyn King admits outlook has darkened since last report

Graeme Wearden, guardian.co.uk

Wednesday 11 May 2011 13.43 BST

The Bank estimated that Britain will grow by around 1.7% during 2011, down from February’s forecast of 2% growth and in line with the latest forecasts from the independent Office for Budget Responsibility.

In 2012, GDP is expected to be around 2.2%, down from an earlier estimate of close to 3%. This is weaker than the OBR forecast of 2.5% growth.

On inflation, King said that higher commodity and import prices, and the increase in the standard rate of VAT, was pushing up the cost of living more rapidly than expected in February. He said that higher utility bills were likely to drive the consumer prices index (CPI) up to 5% this year. CPI, which fell back to 4% last month, was likely to remain above the 2% target until the end of 2012, the Bank predicted. Three months ago it had forecast that CPI would drop back to 2% next year.

Crossposted from The Stars Hollow Gazette

You may think this is about Economics, but it’s really about censorship.

Yesterday I published some notes about how transparently insolvent the mega-banks are.  Today there are follow up developments.

First of all I’d like to quash any thought I’m being unnecessarily hard on Italy by including them in the PIIGS–

Another recession in Europe as a whole is also a very likely prospect, Zulauf said.

“The EU is trying to dictate a very severe austerity program…and that will lead to a lengthy recession, I would call it a depression, and we will see later this year that Italy, Spain and virtually all the peripheral countries will be in negative growth again,” he said.

“I think there is a 90 percent likelihood of another recession in Europe (beginning) later this year,” Zulauf said.

(h/t Chris in Paris @ Americablog which you should be sure to click on)

Extend and Pretend

The big news today (h/t emptywheel @ Firedog Lake), the Wall Street Journal caught BLATANTLY scrubbing the words of Timo Soini after the fact and after they printed it unedited online yesterday.

Why did the Brussels-Frankfurt extortion racket force these countries to accept the money along with “recovery” plans that would inevitably fail? Because they needed to please the tax-guzzling banks, which might otherwise refuse to turn up at the next Spanish, Belgian, Italian, or even French bond-auction.

Unfortunately for this financial and political cartel, their plan isn’t working. Already under this scheme, Greece, Ireland and Portugal are ruined. They will never be able to save and grow fast enough to pay back the debts with which Brussels has saddled them in the name of saving them.

And so, unpurged, the gangrene spreads. The Spanish property sector is much bigger and more uncharted than that of Ireland. It is not just the cajas that are in trouble. There are major Spanish banks where what lies beneath the surface of the balance sheet may be a zombie, just as happened in Ireland for a while. The clock is ticking, and the problem is not going away.

…

If some banks are recapitalized with taxpayer money, taxpayers should get ownership stakes in return, and the entire board should be kicked out. But before any such taxpayer participation can be contemplated, it is essential to first apply big haircuts to bondholders.

For sovereign debt, the freedom to fail is again key. Significant restructuring is needed for genuine recovery. Yes, markets will punish defaulting states, but they are also quick to forgive. Current plans are destroying the real economies of Europe through elevated taxes and transfers of wealth from ordinary families to the coffers of insolvent states and banks. A restructuring that left a country’s debt burden at a manageable level and encouraged a return to growth-oriented policies could lead to a swift return to international debt markets.

This is not just about economics. People feel betrayed. In Ireland, the incoming parties to the new government promised to hold senior bondholders responsible, but under pressure, they succumbed, leaving their voters with a sense of democratic disenfranchisement. The elites in Brussels have said that Finland must honor its commitments to its European partners, but Brussels is silent on whether national politicians should honor their commitments to their own voters. In a democracy, where we govern under the consent of the people, power is on loan. We do what we promise, even if it costs a dinner in Brussels, a “negative” media profile, or a seat in the cabinet.

The bolded parts are the censored ones.  Timo Soini is the head of the populist True Finn party and the top vote getter in Finland’s recent elections.