Tag: TMC Politics

Mortgage Fraud Settlement: “Buyer’s Regret”

Cross posted from The Stars Hollow Gazette

New York State Attorney General Eric Schneiderman announced that he plans to sue Wells Fargo and Bank of America over claims that they breached the terms of a multibillion-dollar settlement intended to end foreclosure abuses.

Under the terms of the settlement, banks have to abide by 304 servicing standards, like notifying homeowners of missing documents within five days of receiving a loan modification and providing borrowers with a single point of contact.

“Wells Fargo and Bank of America have flagrantly violated those obligations, putting hundreds of homeowners across New York at greater risk of foreclosure,” Mr. Schneiderman said. Since October 2012, Mr. Schneiderman’s office has documented 210 separate violations involving Wells Fargo and 129 involving Bank of America.

Shahien Nasiripour reports at Huffington Post that it’s unclear if Mr. Schneiderman can do this:

The agreement does not specify whether he can independently pursue legal action against the banks without first allowing the Office of Mortgage Settlement Oversight, run by (Joseph) Smith, to determine whether they are complying, a process that could take months.

Smith’s office will make public by June 30 its first required report on the banks’ compliance with the mortgage servicing standards. The deal dictates that the companies shall have an opportunity to correct potential violations once they are identified. If the same violations continue, the monitoring committee could launch lawsuits and levy penalties totaling as much as $5 million for each violation.

But as attorney and writer Abigail Field notes at naked capitalism, it would seem that AG Schneiderman has a case of buyer’s remorse and examines why this lawsuit is a lashing with a wet noodle:

Now that that A.G. Schneiderman’s learned that Bank of America and Wells Fargo have failed to service 339 New Yorkers according to the standards dictated by the Settlement, he’s served notice he intends to sue. Not for money; for “equitable relief.” Though I’ve not seen a filing, I imagine if he actually will seek an injunction to get Wells and BofA to start complying with (specific performance of) the four servicing standards Schneiderman is targeting in his press release: [..]

The Bottom Line

It’s really hard to see how this effort-even if A.G. Schneiderman triumphs-leads to the kind of systemic change that was possible when all of the liability for the banks’ bad acts was still on the table. You know, pre-settlement, when A.G. Schneiderman and a few other Democratic A.G.s looked like they were going to stand up for America and insist on a meaningful deal.

Consider, the most that can come of this is two of the five banks complying completely with four of the 304 Servicing Standards.

AG Schneiderman joined MSNBC”S All In host Chris Hayes for an exclusive interview about why, after a multibillion dollar settlement, banks are still not living up to rules about mortgages and refinancing.

Around the Blogosphere

Cross posted from The Stars Hollow Gazette

The main purpose our blogging is to communicate our ideas, opinions, and stories both fact and fiction. The best part about the the blogs is information that we might not find in our local news, even if we read it online. Sharing that information is important, especially if it educates, sparks conversation and new ideas. We have all found places that are our favorites that we read everyday, not everyone’s are the same. The Internet is a vast place. Unlike Punting the Pundits which focuses on opinion pieces mostly from the mainstream media and the larger news web sites, “Around the Blogosphere” will focus more on the medium to smaller blogs and articles written by some of the anonymous and not so anonymous writers and links to some of the smaller pieces that don’t make it to “Pundits” by Krugman, Baker, etc.

We encourage you to share your finds with us. It is important that we all stay as well informed as we can.

Follow us on Twitter @StarsHollowGzt

This is an Open Thread.

At Beat the Press, Dean Baker gives a lesson in logic:

At Conscience of a Liberal, Paul Krugman, defends his role in the ’08/’09 stimulus debate:

and dissects John Maynard Keynes’ views on the liquidity trap:

From Marcy Wheeler at emptywheel continues to document the war crimes:

Two articles by Jon Walker at FDL Action on Medicare:

From Yves Smith at naked capitalism, an article by Robert H. Wade, a Professor of Political Economy, London School of Economics and a winner of the Leontief Prize in Economics for 2008:

While the news media has been gushing over guns, Benghazi (again) and the three women rescued in Cleveland, OH, the House of Representatives has been really busy aiding and abetting grand theft by the banks and Wall St., as noted by DSWright at FDL News Desk:

Finally Charles P. Pierce at the Esquire’s Daily Politics Blog:

Around the Blogosphere

Cross posted from The Stars Hollow Gazette

The main purpose our blogging is to communicate our ideas, opinions, and stories both fact and fiction. The best part about the the blogs is information that we might not find in our local news, even if we read it online. Sharing that information is important, especially if it educates, sparks conversation and new ideas. We have all found places that are our favorites that we read everyday, not everyone’s are the same. The Internet is a vast place. Unlike Punting the Pundits which focuses on opinion pieces mostly from the mainstream media and the larger news web sites, “Around the Blogosphere” will focus more on the medium to smaller blogs and articles written by some of the anonymous and not so anonymous writers and links to some of the smaller pieces that don’t make it to “Pundits” by Krugman, Baker, etc.

We encourage you to share your finds with us. It is important that we all stay as well informed as we can.

Follow us on Twitter @StarsHollowGzt

This is an Open Thread.

From CounterPunch a really good article by Jeffery St. Clair, on Obama’s The Game of Drones.

From Dean Baker at his blog Beat the Press: Tyler Cowen Recognizes Public Goods Problem of Pandemics: More Money for Drug Companies

At Corrente, letgetitdone posts Make ’em Prove the Causality before They Cause Any More Suffering: Part Two, the Fall and After

George Gideon Oliver Osborne, the Chancellor of the Exchequer and Second Lord of the Treasury of the United Kingdom, is about to get “spanked” by the IMF for not “living it up and spending more.”, from Paul Krugman at Conscious of a Liberal: George Osborne’s Fear of Ghosts

Apparently austerity loving economist said something really, really offensive about John Maynard Keynes, get taken to the wood shed by Corey Robin at Crooked Timber: Edmund Burke to Niall Ferguson: You know nothing of my work. You mean my whole theory is wrong. How you ever got to teach a course in anything is totally amazing.

Over at FDL Book Salon, Mike Konczal of the Roosevelt Institute: Welcomes Robert Kuttner, Debtors’ Prison: The Politics of Austerity Versus Possibility

And a h/t to ql at Eschaton this morning noted this link from Avedon’s Sideshow to an article by David Roberts at Grist: Solar panels could destroy U.S. utilities, according to U.S. utilities

Medical Bankruptcy in the US Even With Insurance

Cross posted at The Stars Hollow Gazette

In the United States, 62% of all bankruptcies in the United States are due to medical bills. It is not among who you would think but most often effects middle aged, middle class, college educated homeowners. 80% of those people had health insurance, so why are they filing for bankruptcy? No other industrial country has this problem.

Our fellow blogger, lambert, writing for naked capitalism, featured this video from Real News Network:

Paul Jay of the Real News Network interviews Dr. Margaret Flowers, a pediatrician from Baltimore who advocates for a national single payer health system, Medicare for all, and Kevin Zeese, co-director of It’s Our Economy, an organization that advocates for democratizing the economy.

At his blog, Corrente, lambert continues to document the atrocities of the Obamacare ClusterFuck.

What We Now Know

In this Saturday’s segment of “What We Now Know,” Up host, Steve Kornacki up dates last week’s show and notes that the fight for real filibuster reform is not over. He discusses what they have learned this week with panel guests Mary C Curtis, The Washington Post; State Sen. Kelvin Atkinson (D-NV); John Amaechi, former NBA player; and Mike Pesca, NPR.

Progressives Urge Filibuster Reform Revival In Senate

by  Sabrina Siddiqui, Huffington Post

Progressive and labor groups on Thursday renewed calls for Senate leaders to reform filibuster rules that have allowed Republicans to repeatedly stonewall presidential nominees and legislation, including gun control.

Fix the Senate Now, a coalition of more than 70 progressive and labor organizations sent a letter to Senate leaders focusing on judicial vacancies. Republicans have repeatedly used filibusters to block President Barack Obama’s judicial nominees. The coalition’s letter urges Senate leaders to change rules requiring 60 votes to break a filibuster.

Jeff Merkley Escalates Push For Filibuster Reform

by Sahil Kapur, TPMDC

Sen. Jeff Merkley (D-OR) is teaming up with the liberal advocacy group Democracy For America to build public awareness of filibuster abuse and court supporters for reform.

“It’s now clear the experiment has failed. The Senate remains broken,” Merkley wrote to supporters. “Senate Republicans continue to force delays – even on bills with overwhelming public support, and even on nominees widely considered well-qualified.” [..]

Senate Democrats have the option to weaken the filibuster at any time with 51 votes, and Majority Leader Harry Reid (D-NV) has repeatedly threatened to use that “nuclear option” if Republicans don’t stop blocking presidential nominees. Hardly any Democrats have publicly ruled out using that option to fix the Senate. But behind the scenes, despite anger at the GOP now, there is concern that weakening the filibuster could come back to haunt them when Republicans return to power and, for instance, seek to weaken abortion rights.

Merkley insists he’d be just as strong a supporter of his plan if he were in the minority, arguing that the point of the filibuster is to debate, not to obstruct in the dark.

Obama ‘comfortable’ with FDA’s lowered age limit for ‘Plan B’

By Michael O’Brien, Political Reporter, NBC News

President Barack Obama said that he was “comfortable” with new federal regulations making emergency contraception available to women and girls over the age of 15, but said more study was needed to see whether it was safe to allow access to the “morning after” pill for girls younger than that. [..]

On Wednesday, the FDA agreed to lower the age limit to 15 for sales of “Plan B One-Step,” and to make the emergency contraceptive available in the general aisles of stores instead of behind the pharmacy counter.

Justice Department to appeal judge’s Plan B order

By JoNel Aleccia, Senior Writer, NBC News

U.S. Department of Justice officials have filed notice that they will appeal a federal judge’s order requiring the Food and Drug Administration to make the so-called “morning after” pill available without a prescription to all women without age or certain sales restrictions.

The department also has asked the federal district court to stay its order, which was set to take effect on May 6, according to Allison Price, a spokeswoman.

The move comes a day after the FDA agreed to lower the age limit to 15 for sales of non-prescription Plan B One-Step emergency contraception and to make the drug available in the general aisles of stores with pharmacies, instead of behind the counter.

Iraq Violence Leads To Deadliest Month In 5 Years

by Eline Gordts, Huffington Post

With more than 700 people killed in just 30 days, April was the deadliest month in Iraq in five years. According to the United Nations Mission in the country, 712 Iraqis lost their lives in acts of terrorism and acts of violence in the month of April. Nearly 600 of the dead were civilians.

The string of attacks continued in the first days of May. On Friday, a bomb outside a Sunni mosque in Rashidiya killed at least seven, the Associated Press reported. In a separate incident, nine police officers and four militants were killed during clashes Thursday evening in the northern city of Mosul.

Around the Blogosphere

Cross posted from The Stars Hollow Gazette

The main purpose our blogging is to communicate our ideas, opinions, and stories both fact and fiction. The best part about the the blogs is information that we might not find in our local news, even if we read it online. Sharing that information is important, especially if it educates, sparks conversation and new ideas. We have all found places that are our favorites that we read everyday, not everyone’s are the same. The Internet is a vast place. Unlike Punting the Pundits which focuses on opinion pieces mostly from the mainstream media and the larger news web sites, “Around the Blogosphere” will focus more on the medium to smaller blogs and articles written by some of the anonymous and not so anonymous writers and links to some of the smaller pieces that don’t make it to “Pundits” by Krugman, Baker, etc.

We encourage you to share your finds with us. It is important that we all stay as well informed as we can.

Follow us on Twitter @StarsHollowGzt

This is an Open Thread.

From Gaius Publius at Americablog on climate change:

Climate crisis – where we’re headed, how much time is left

At his blog Conscience of a Liberal, Paul Krugman

Medicaid Nonsense

Jim White reports on the ricin case arrest at emptywheel

The FBI’s Evidence Against the Genius Who Framed Elvis

At Voice on the Square, JayeRaye’s

Hellraisers Journal: “Shall Americanism or Unionism Rule?”

digby at Hullabaloo points out A big silver lining for deficit hawks

At Corrente, letsgetitdone:

Make ’em Prove the Causality before They Cause Any More Suffering: Part One

and lambert continues to document the Obamacare atrocities:

ObamaCare Clusterfuck: New 3-page eligibility form may screw states that are farthest ahead on their exchange software

ObamaCare Clusterfuck: IL expected 16 insurance companies on its exchange, only 6 apply

ObamaCare Clusterfuck: SCOOP! IT Whistleblower shares systems diagram for ObamaCare “eligibility engine”

ObamaCare Clusterfuck: Exchanges only expected to cover 7 million in first year

Dean Baker at his blog, Beat the Press:

The Housing Experts on the WAPO’s Rolodex Never Heard of Jumbo Mortgages

Stop TPP: Time to Take Action

Cross posted from The Stars Hollow Gazette

I’ve been writing about the Trans Pacific Partnership for over a year, it still flies under the radar in the news media for a number of reasons, the most obvious reason is that the corporate giants don’t want the public knowing how really bad this trade agreement is. It is so bad that Mitt Romney urged Pres. Obama to finish negotiations and ratify it. Those negotiations are slowly coming to a conclusion.

Political corruption and the ‘free trade’ racket by Dean Baker, Al Jazeera

In polite circles in the United States, support for free trade is a bit like proper bathing habits: It is taken for granted. Only the hopelessly crude and unwashed would not support free trade.

There is some ground for this attitude. Certainly, the US has benefited enormously by being able to buy a wide range of items at lower cost from other countries. However, this does not mean that most people in the country have always benefited from every opening to greater trade.

And it certainly does not mean that the country will benefit from everything that those in power label as “free trade”. That is the story we are seeing now as the Obama administration is pursuing two major “free trade” agreements that in fact have very little to do with free trade and are likely to hurt those without the money and power to be part of the game.

The deals in questions, the Trans-Pacific Partnership (TPP) and the US-European Union “Free Trade” Agreement are both being pushed as major openings to trade that will increase growth and create jobs. In fact, eliminating trade restrictions is a relatively small part of both agreements, since most tariffs and quotas have already been sharply reduced or eliminated.

Rather, these deals are about securing regulatory gains for major corporate interests. In some cases, such as increased patent and copyright protection, these deals are 180 degrees at odds with free trade. They are about increasing protectionist barriers.

AS part of these agreements, the worst parts of the zombie bill, Stop Online Piracy Act (SOPA), are being incorporated to “police” the internet.

Foreseeing opposition and difficulty getting the 2/3rd’s majority to pass this nightmare, Sen Orrin Hatch (R-UT) has proposed amendments to a Senate budget resolution that would speed its passage and implementation:

Hatch, who has been pressing the White House to move forward with fast-track authority, intends to offer an amendment that calls for implementation of the Trans-Pacific Partnership (TPP), which is expected to be completed this year, along with a U.S.-European Union trade deal, which is set to begin talks in June, and any other potential free-trade agreements to be done under trade promotion authority (TPA). [..]

Meanwhile, all of these negotiations have been held in secret. Yves Smith writes this at naked capitalism:

Congressional staffers have confirmed that the text of the TPP draft is classified. That means that only people with security clearances, which for practical matters means Congressmen and certain staffers on key committees (House Ways and Means and the Senate Finance Committee) in theory have access. That is already a monster impediment. Congressmen almost never have the time (even where they have the ability) to read long agreements in full and parse how key sections work (which often mean going back to definitions and in some cases, existing law). So keeping most staffers and third parties with expertise away assures that (until the last minute) the discussion and “clarifications” of the provisions under negotiation will come only from parties that are already in the tank.

But practice is even worse than theory. The full draft text is being withheld. And as anyone who has been involved in legal-related drafting knows, the actual language is critical. General terms and concepts that sound innocuous can serve as Trojan horses for all sorts of clever “gotcha” provisions.

Yves also brings attention to an article from Truthout

   Under federal law, members of the House Ways and Means and the Senate Finance Committees are designated official advisers to the USTR. In addition to every Representative and Senator, those panels’ staffers – being on “committees of jurisdiction” – are made privy to the American delegation’s proposals.

   Not a single person in Congress, however – or in any legislature of any country party to the deal – is allowed to even once-over the latest version of the actual draft agreement. In an email to Truthout, USTR spokesperson Carol Guthrie confirmed that senators and Congresspeople on committees of jurisdiction, along with their staffers, are only allowed to see the USTR proposals – not the working agreement. She added that “others at the discretion of the committees’ chair and ranking member” are given access to USTR proposals.

It is time for some cleansing sunshine.

We need to start to take action by calling our Senators and Representatives to tell them to stop this bill that will give international corporations more power that our own government, laws and courts,

MA Special Senate Election

Cross posted from The Stars Hollow GazetteMassachusetts voters went to the polls yesterday in a special primary to select the Democratic and Republican candidates who will vie for the seat vacate by John Kerry when he became Secretary of State. This should be a no brainer but never underestimate the stupidity if the electorate.

Representative Edward J. Markey, who has spent almost four decades in the House, has cleared the first hurdle in his drive to become a United States senator, easily defeating a fellow congressman, Stephen F. Lynch, in Massachusetts’s Democratic primary on Tuesday.

On the Republican side, Gabriel E. Gomez, a former member of the Navy SEALs and a newcomer to politics, won a three-way primary. [..]

Mr. Markey, 66, who has one of the most liberal voting records in Congress, has promised to continue his fight for gun control, a clean environment, abortion rights and Mr. Obama’s health care law.

Mr. Gomez, 47, ran more on an outsider platform of institutional reform. He promised he would “reboot” Congress by imposing a pay freeze, term limits and a lifetime ban on lobbying.

This is from Charles P. Pierce at Esquire’s Political Blog:

Gabriel Gomez, a former SEAL and a businessman who, according to Tiger Beat On The Potomac, is campaigning for political office on the grounds that he is largely apolitical.

   “I’m running against two fine men … but combined, they’ve got 40 years of political experience. On the Democratic side, there are two guys with 60 years of combined political experience…I’ll wear it with a badge of honor that I have zero political experience.

He also has taken a position on Dzhokar Tsarnaev’s legal status on the grounds that he, Gomez, is not a lawyer.

   “I didn’t need to be a lawyer or a career politician to come to the conclusion right away that we need to hold this person as an enemy combatant,” said Gomez.

If you don’t understand how inexpertise can become a political boon, especially on the Republican side, you haven’t been paying attention for three decades. Of course, Gomez isn’t quite the political naif that he’s selling to the Commonwealth. He was the spokesman for the group of SEALS who accused the president of using the raid in which Osama bin Laden was killed for crass political purposes. He even made an ad to that effect, and the organization that sponsored it is raising money for his current campaign. He also wrote a letter to Governor Deval Patrick in which he auditioned to be appointed to the seat in question when John Kerry left to become Secretary Of State. This is called playing both ends against the middle. Guess what, Gabriel? You’re a politician. Ask around.

Yeah, thank the dog, he’s not a lawyer and his business, private equity. This should be interesting. The special election is June 25. Stand by, there is more to come.

Guantanamo: Hunger Strike

Cross posted from The Stars Hollow Gazette

President Obama renewed his years-old vow to shutter the prison in Cuba after “medical reinforcements” arrived to help force-feed inmates protesting their detention without trial.

At a press conference, Pres. Obama answered questions about the closing of Guantanamo detention center and the hunger strike that started almost a month ago and now involves 100 of the 166 detainees. “I don’t want these individuals to die,” Obama said, “Obviously the Pentagon is trying to manage the situation as best as they can. But I think all of us should reflect on why exactly are we doing this? Why are we doing this?”

Force feeding isn’t the answer, it violates their human rights. In a letter to Defense Secretary Chuck Hagel, the American Medical Association stated that “force feeding of detainees violates core ethical values of the medical profession.”

In the letter (AMA President Dr. Jeremy) Lazarus advised Hagel that the AMA opposes force-feeding a detainee who is competent to decide for himself whether he wants to eat.

“Every competent patient has the right to refuse medical intervention, including life-sustaining interventions,” Lazarus said, adding that the AMA took the same position on force-feeding Guantánamo prisoners in 2009 and 2005.

“The AMA has long endorsed the World Medical Association Declaration of Tokyo, which is unequivocal on the point: ‘Where a prisoner refuses nourishment and is considered by the physician as capable of forming an unimpaired and rational judgment concerning the consequences of such a voluntary refusal of nourishment, he or she shall not be fed artificially.’

The procedure is carried out by corpsmen, enlisted sailors trained to carry out medical procedures, usually supervised by a doctor or a nurse. It is unknown who determines which prisoner is to be force fed. The prisoner is strapped to a chair and his head, arms and legs restrained. A feeding tube is forced through the nose into the stomach and liquid nutrient (Ensure) is poured through the tube. This can be quite painful since it is being done involuntarily.

In an article at FDL’s Dissenter, Kevin Gosztola enumerated the actions Pres. Obama could have taken and didn’t

At any moment in the past months, Obama could have, according to Human Rights First, appointed “a high-level White House official with responsibility to ensure timely and effective implementation of the president’s plan to close Guantanamo.” It has not been done. Obama could have directed the secretary of defense, in “concurrence with the secretary of state and in consultation with the director of national intelligence, to certify detainee transfers and issue national security waivers, to the fullest extent possible consistent with applicable law.” To the public’s knowledge, that has not been attempted.

Obama tied his hand behind his back when the executive branch issued a moratorium on releasing Yemeni prisoners. Ninety of the 166 prisoners in Guantanamo are Yemeni. Twenty-five of the Yemeni prisoners have been cleared for release by Obama’s own review task force he had setup by executive order in 2009.

The Yemen government is demanding Yemeni prisoners be returned to Yemen. Abed Rabbo Mansour Hadi, president of Yemen, has said, “We believe that keeping someone in prison for over 10 years without due process is clear-cut tyranny. The United States is fond of talking democracy and human rights. But when we were discussing the prisoner issue with the American attorney general, he had nothing to say.”

Obama could direct the secretary of defense to initiate Periodic Review Board (PRB) hearings that were supposed to take place to determine if prisoners no longer posed a threat. As HRF described, “The executive order mandated that each detainee shall have an initial review, consisting of a PRB hearing, no later than March 7, 2012. Yet, nearly nine months after the deadline, not even a single PRB hearing is known to have been completed.”

Amy Goodman at Democracy Now! spoke with Carlos Warner, an attorney with the Federal Public Defender of the Northern District of Ohio, who represents 11 Guantánamo prisoners.

Full transcript is here

“Unfortunately, they’re held because the president has no political will to end Guantánamo,” Warner says. “The president has the authority to transfer individuals if he believes that it’s in the interests of the United States. But he doesn’t have the political will to do so because 166 men in Guantánamo don’t have much pull in the United States. But the average American on the street does not understand that half of these men, 86 of the men, are cleared for release.”

More from Marcy Wheeler at emptywheel:

Now, Obama does need Congress’ help to close Gitmo. He needs Congress’ help (though didn’t, when Eric Holder initially decided to try the 9/11 plotters in NY) to try the actual terrorists in civilian courts, to get them in Florence SuperMax in cells down the hall from Faisal Shahzad and Umar Farouk Abdulmutallab, whom he cites.

But most of the detainees at Gitmo won’t ever be tried in civilian courts, either because they were tortured so badly they couldn’t be tried without also admitting we tortured them (and, presumably, try the torturers), or because we don’t have a case against them.

Trying detainees who don’t pose a threat in civilian courts won’t solve the problem as they’re not guilty of any crime.

Moreover, Obama dodges what his Administration has done himself to keep detainees in Gitmo, notably the moratorium on transferring detainees to Yemen and the appeals of Latif and Uthman’s habeas cases so as to have the legal right to keep people based solely on associations and obviously faulty intelligence documents.

Obama doesn’t mention that part of Gitmo’s legacy. Obama says 10 years have elapsed and we should be able to move beyond the fear keeping men at Gitmo.

3 years have elapsed since he issued the moratorium on Yemeni transfers; 19 months have elapsed since he killed Anwar al-Awlaki, purportedly (though not really) the big threat in Yemen. It’s time to move on in Yemen, as well as generally.

Congress may have blocked Pres. Obama from closing the prison, which he signed into law, it didn’t stop him from treating those who are there humanely with dignity, especially those who have been held with no trails because there is no evidence to charge them. But force feeding the hunger strikers because he doesn’t want them to die? Outrageous. How about stop treating those who can be released as prisoners, let them contact their families through the Red Cross. Better yet let those who can go home.

Around the Blogosphere

Cross posted from The Stars Hollow Gazette

The main purpose our blogging is to communicate our ideas, opinions, and stories both fact and fiction. The best part about the the blogs is information that we might not find in our local news, even if we read it online. Sharing that information is important, especially if it educates, sparks conversation and new ideas. We have all found places that are our favorites that we read everyday, not everyone’s are the same. The Internet is a vast place. Unlike Punting the Pundits which focuses on opinion pieces mostly from the mainstream media and the larger news web sites, “Around the Blogosphere” will focus more on the medium to smaller blogs and articles written by some of the anonymous and not so anonymous writers and links to some of the smaller pieces that don’t make it to “Pundits” by Krugman, Baker, etc.

We encourage you to share your finds with us. It is important that we all stay as well informed as we can.

Follow us on Twitter @StarsHollowGzt

This is an Open Thread.

Corrente:

lambert has done several a posts on the Obamacare Clusterfuck that are well worth reading to truly understand what a corporate giveaway it is and how little it does for anyone. This is his latest entry

ObamaCare Clusterfuck: Here are the states where “the magic of the marketplace” will fail most spectacularly

VOTS:

Hellraisers Journal: Walmart Workers march to house of board member with Bangladesh fire survivor

by JayRaye

naked capitalism:

Reply to Reinhart and Rogoff’s NYT Response to Critics

by Warren Mosler

Medical Journal Editorial Blasts Obamacare for Increasing Underinsurance

by Yves Smith

MyFDL:

The Rise of the Corporate State

by masaccio

FDL Action:

Why the Sequester Strategy Is Doomed to Fail

by Jon Walker

FDL Dissenter:

SF Pride President Capitulates to Military Groups, Announces Bradley Manning Won’t Be Honored

by Kevin Gosztola

Matt Tailbbi at Rolling Stone:

While Wronged Homeowners Got $300 Apiece in Foreclosure Settlement, Consultants Who Helped Protect Banks Got $2 Billion

Everything Is Rigged: The Biggest Price-Fixing Scandal Ever

Paul Krugman at Conscience of a Liberal:

Knaves, Fools, and Me (Meta)

The Great Degrader

The American Prospect:

Banking Regulation: Closed for Business

by David Dayen

Dean Baker at Beat the Press:

Reinhart and Rogoff #61,346: Stevenson and Wolfers Edition

Robert Samuelson Tells the Middle Class and Poor that they Should Stop Expecting to Have Decent Lives Because His Rich Friends Want All the Money

Excel Errors, Debt, and Stimulus: Is Our Politicians Learning?

Washington Post Editorial Condemns Austerity in Europe!

The Rich Get Richer, The Poor Get Poorer

Cross posted from The Stars Hollow Gazette

Paul Krugman wrote about the human tragedy of the economic policy failures of the Obama administration which has prioritized deficit reduction over putting people back to work. The impact of those failures can be seen in New York City where, as reported in the New York Times, the racial wealth gap has widen since the recession:

The Urban Institute study found that the racial wealth gap yawned during the recession, even as the income gap between white Americans and nonwhite Americans remained stable. As of 2010, white families, on average, earned about $2 for every $1 that black and Hispanic families earned, a ratio that has remained roughly constant for the last 30 years. But when it comes to wealth – as measured by assets, like cash savings, homes and retirement accounts, minus debts, like mortgages and credit card balances – white families have far outpaced black and Hispanic ones. Before the recession, non-Hispanic white families, on average, were about four times as wealthy as nonwhite families, according to the Urban Institute’s analysis of Federal Reserve data. By 2010, whites were about six times as wealthy.

   The dollar value of that gap has grown, as well. By the most recent data, the average white family had about $632,000 in wealth, versus $98,000 for black families and $110,000 for Hispanic families.

The two factors that contributed to the gap were the housing downturn and loss of retirement savings that hit black families the hardest due a number of elements: predatory lending in minority neighborhoods; a higher proportion of their wealth invested in the home; higher unemployment rates and lower incomes among blacks; and the need to borrow out of retirement finds in a depressed market, “leaving them out in the cold as the market recovered.”

An article written by the editors of The Nation pointed out this chilling fact:

Here is New York in 2013: a city of dazzling resurrection and official neglect, remarkable wealth and even more remarkable inequality. Despite the popular narrative of a city reborn-after the fiscal crisis of the ’70s, the crack epidemic of the ’80s, the terrorist attack of 2001, the superstorm of 2012-the extraordinary triumph of New York’s existence is tempered by the outrage of that inequality. Here, one of the country’s poorest congressional districts, primarily in the South Bronx, sits less than a mile from one of its wealthiest, which includes Manhattan’s Upper East Side. And here, a billionaire mayor presides over a homelessness crisis so massive that 50,000 men, women and children sleep in shelters each night. More New Yorkers are homeless these days than at any time since the Great Depression.

The numbers tell the story. Between 2000 and 2010, the median income of the city’s eight wealthiest neighborhoods jumped 55 percent, according to the Fiscal Policy Institute. Meanwhile, as the cushy precincts got even cushier, median income dipped 3 percent in middle-income areas and 0.2 percent in the poorest neighborhoods. [..]

The money pouring in at the top of the income brackets has simply pooled there, without trickling down to the bottom or even the middle. This great pooling has occurred as median wages have fallen, the cost of living has increased, and the poverty rate has risen to 21 percent-as high as it was in 1980. As a result, America’s most iconic city now has the same inequality index as Swaziland.

The article goes on to say that this isn’t entirely NYC’s fault with the economic shift over the last thirty years to finance but it also pointed out that Mayor Michael Bloomberg’s policies were a largely contributed to the problem.

[..]  the stewards of New York City-its mayor, legislators and other influencers-could have made choices to counter this trend: “New York City’s government is significant enough in its breadth…that the policy tools exist and the wherewithal exists to do something at the margins to lessen inequality.” The choices, however, that might have corrected some of the skew-within education, economic development, labor rights, poverty policy, budgeting-have largely been ignored in favor of creating a very different model of metropolis. [..]

Bloomberg himself expressed this vision in a March 2012 piece in the Financial Times bearing the title “Cities Must Be Cool, Creative and In Control,” in which he wrote:

For cities to have sustained success, they must compete for the grand prize: intellectual capital and talent.

I have long believed that talent attracts capital far more effectively and consistently than capital attracts talent. The most creative individuals want to live in places that protect personal freedoms, prize diversity and offer an abundance of cultural opportunities.

Then he added, “Economists may not say it this way but the truth of the matter is: being cool counts.” [..]

In essence, Bloomberg’s is a vision of the city forged primarily around the care and feeding of thought leaders, professionals and strivers-with little concern, and sometimes active contempt, for the ones who do the care and feeding. (In 2011, 400,000 New York workers, many of whom toil in service sector jobs, were not paid enough to hoist themselves out of poverty.) This is a fundamentally two-tier style of urbanism, one in which a cool, creative and well-managed metropolis glitters like something lovely, its radiance drawing attention away from the dimmed surroundings.

Yves Smith at naked capitalism observes:

But you can see more signs of stress even in the more insulated parts of New York City. Retail vacancies are up, even on the well-trafficked shopping streets, the worst since the post-2009 period. More restaurants seem to be taking a hit too, which suggests that non-expense-account diners are cutting back. And if ZIRP-supported NYC is looking a bit less robust, how well can the rest of the country be faring?

h/t to Yves for the video

The rich get richer and the poor get poorer, but ain’t we got fun?

They Hate Us For What We Are Doing

Cross posted from The Stars Hollow Gazette

The High Cost of Government Secrecy

Columnist Glenn Greenwald explains what the Boston bombings and U.S. drone attacks have in common, and how secrecy leads to abuse of government power.

“Should we change or radically alter or dismantle our standard protocols of justice in the name of terrorism? That’s been the debate we’ve been having since the September 11th attack,” Greenwald tells Bill. “We can do what we’ve been doing, which is become a more closed society, authorize the government to read our emails, listen in our telephone calls, put people in prison without charges, enact laws that make it easier for the government to do those sorts of things. Or we can try and understand why it is that people want to come here and do that.” [..]

“There certainly are cases where the United States has very recklessly killed civilians,” he tells Bill. “So at some point, when a government engages in behavior year after year after year after year, that continues to kill innocent people in a very foreseeable way, and continues to do that, in my mind that reaches a level of recklessness that is very similar to intentional killing.”



Transcript can be read here

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