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The bet was audacious from the beginning, and given the miserable, low-down tenor of contemporary politics, not unfathomable: Could you divide the country between greedy geezers and everyone else as a way to radically alter the social contract? But in order for the Republican plan to turn Medicare, one of most popular government programs in history, into a much-diminished voucher system, the greed card had to work. The plan's architect, Representative Paul Ryan of Wisconsin, drew a line in the actuarial sand: Anyone born before 1957 would not be affected. They could enjoy the single-payer, socialized medical care program that has allowed millions of people to live extended lives of dignity and decent health care. And their kids and grandkids? Sorry, they would have to take their little voucher and pay some private insurer nearly twice as much as a senior pays for basic government coverage today. In essence, Republicans would break up the population between an I've Got Mine segment and The Left Behinds. Again, not a bad political calculation. Altruism is a squishy notion, hard to sustain in an election. Ryan himself has made a naked play for greed in defending the plan. "Seniors, as soon as they realize this doesn't affect them, they are not so opposed," he has said. Well, the early verdict is in, and it looks as though the better angels have prevailed: seniors are opposed. Republicans: Meet the Fockers. Already, there is considerable anxiety - and some guilt - among older folks about leaving their children worse off financially than they are. To burden them with a much costlier, privatized elderly health insurance program is a lead weight for the golden years.

The point of all of this is, if you add up all of the MBS-related liability out there, the banks as it stands are facing an Armageddon of claims from all sides. It can't possibly be less than a trillion dollars, and it's probably much, much more. But the Obama administration's current plan is to let them all walk after paying a few shekels apiece into a $20 billion kitty.

[Barring unforeseen events, I'm going to leave this post at the top of the page for today and tomorrow, as I think the events it examines, rather in detail and at length, are vitally important and merit much more attention than they've received] The Obama DOJ's effort to force New York Times investigative journalist Jim Risen to testify in a whistleblower prosecution and reveal his source is really remarkable and revealing in several ways; it should be receiving much more attention than it is.  On its own, the whistleblower prosecution and accompanying targeting of Risen are pernicious, but more importantly, it underscores the menacing attempt by the Obama administration -- as Risen yesterday pointed out -- to threaten and intimidate whistleblowers, journalists and activists who meaningfully challenge what the government does in secret. The subpoena to Risen was originally issued but then abandoned by the Bush administration, and then revitalized by Obama lawyers.  It is part of the prosecution of Jeffrey Sterling, a former CIA agent whom the DOJ accuses of leaking to Risen the story of a severely botched agency plot -- from 11 years ago -- to infiltrate Iran's nuclear program, a story Risen wrote about six years after the fact in his 2006 best-selling book, State of War.  The DOJ wants to force Risen to testify under oath about whether Sterling was his source.

When Joe Homeowner bought too much house, essentially betting that home prices would go up, and losing his bet when they dropped, he was an irresponsible putz who shouldn't whine about being put on the street. But when banks bet billions on a firm like AIG that was heavily invested in mortgages, they were making the same bet that Joe Homeowner made, leaving themselves hugely exposed to a sudden drop in home prices. But instead of being asked to "suck it in and cope" when that bet failed, the banks instead went straight to Washington for a bailout -- and got it.

Why More Equality? Our thirty years research shows that: 1) In rich countries, a smaller gap between rich and poor means a happier, healthier, and more successful population. Just look at the US, the UK, Portugal, and New Zealand in the top right of this graph, doing much worse than Japan, Sweden or Norway in the bottom left.

The psychology of vengeance explains much about the state of the world and suggests the war on terror can never succeed, says Metin Basoglu

AS RULINGS go, Judge Vaughn Walker's verdict on August 4th in San Francisco was relentless. The state of California, he wrote, cannot ban, even by popular vote, gays and lesbians from marrying because this would violate America's constitution by denying some couples "a fundamental right without a legitimate (much less compelling) reason." His decision is certain to be appealed, and most watchers think it will end up before the Supreme Court. But whatever happens there, it represents a huge leap forward in America's long struggle over the civil rights of homosexuals.

Both Supreme Court justices Antonin Scalia and Clarence Thomas describe themselves as "originalists," meaning that they believe they possess the innate knowledge of exactly what the Founding Fathers intended when they penned the U.S. Constitution. Given such an almost reverent standard it is fair to ask a few questions regarding the Judiciary branch of government which, in my opinion, no longer represents the people of our country. It has become so deeply immersed in right-wing ideology that there is little resemblance to the this branch of government today and when the Founding Fathers established it. Did the Founding Fathers intend that Supreme Court judges sitting on the highest court of the land can decide who the president should be, especially if one of those judges was appointed by the father of one of the complainants? Surely, most of us would agree, that judge should be disqualified from involvement in such an extraordinary decision. Did the Founding Fathers intend that a judge sitting on the highest court of the land to be cozy with incendiary, hate-mongering partisan extremists who make seditious statements for the sole purpose of undermining and subverting democracy? Surely, you would ask, should a judge deciding cases on the Supreme court be colluding and conniving with a Screech Radio insurrectionist who spouts non-stop hatred and incites violence against our president and elected officials? Did the Founding Fathers also intend for the spouse of a sitting Supreme Court justice to be actively fomenting hatred, insurrection and subversion, the sole aim of which is to overthrow, even by armed insurrection, a democratically-elected president and political party? Surely, the Founding Fathers did not intend for that to be an admirable or patriotic role of the spouse of a Supreme Court justice? The solid phalanx of activist, partisan ideologues, Roberts,

Andrew Sullivan's defense of President Obama's claimed power to have American citizens assassinated nicely reveals much of the illogic behind, and many of the dangers inherent in, America's Forever War. Let's examine it point by point.

An Arab country with neither secret police nor censorship is unprecedented in recent decades. Tunisia is inspiring similar demands in Egypt and Jordan. When skeptics wonder if the Revolutions of 2011 would really change anything essential in the region, they would be wise to keep an eye on these two developments in Tunisia, which, if consolidated, would represent an epochal transformation of culture and politics. Arguably, Tunisians are now freer than Americans. The US government thinks our private emails are actually public. The FBI and NSA routinely read our email and they and other branches of the US government issue security letters in the place of warrants allowing them to tap phones and monitor whom we call, and even to call up our library records and conduct searches of our homes without telling us about it. Millions of telephone records were turned over to George W. Bush by our weaselly telecom companies. Courts allow government agents to sneak onto our property and put GPS tracking devices under our automobiles without so much as a warrant or even probable cause. Mr. Obama thinks this way of proceeding is a dandy idea.

The European Parliament has given its overwhelming support to a tax on financial transactions which, it said, could lead to banks paying as much as €200 billion a year in reparations for damage they have caused to the European economy.

The United States is the only major nation in the industrialised world that does not guarantee healthcare as a right to its people. Meanwhile, we spend about twice as much per capita on healthcare and, in a wide number of instances, our outcomes are not as good as others that spend far less.

Since Reagan, Republicans have been on a "starve the beast" campaign - by which they mean eviscerate the government by taking away as much revenue as they can.

When we study Marx in my graduate social theory course, it never fails that at least one student will say (approximately), "Class struggle didn't escalate in the way Marx expected. In modern capitalist societies class struggle has disappeared. So isn't it clear that Marx was wrong and his ideas are of little value today?" I respond by challenging the premise that class struggle has disappeared. On the contrary, I say that class struggle is going on all the time in every major institution of society. One just has to learn how to recognize it. One needn't embrace the labor theory of value to understand that employers try to increase profits by keeping wages down and getting as much work as possible out of their employees. As the saying goes, every successful capitalist knows what a Marxist knows; they just apply the knowledge differently. Workers' desire for better pay and benefits, safe working conditions, and control over their own time puts them at odds with employers. Class struggle in this sense hasn't gone away. In fact, it's inherent in the relationship between capitalist employer and employee. What varies is how aggressively and overtly each side fights for its interests.

"The main problem with the drug war is the concept that there are good drugs and bad drugs," when what's actually good or bad "is the relationship between the person and the drug, and the context in which the drug is taken."

The United States has quietly expanded the number of "enemy combatants" being held in judicial limbo at its Bagram military base in Afghanistan, a facility which has now grown to more than twice the size of the controversial and much more widely discussed military prison at Guantanamo Bay in Cuba. Bagram has received just a fraction of the world attention paid to Guantanamo, but the two facilities have prompted very similar complaints about prisoners held incommunicado for weeks or months, the lack of recourse to any system of legal redress, and persistent reports of prisoner mistreatment that many human rights campaigners have characterised as torture.

How did America come to accept having two classes of citizens?  When did America give up on the dream of fairness for all? Last night after the television show, I got the chance to sit down with Glenn Greenwald to discuss his new book, With Liberty and Justice for Some: How the Law is Used to Destroy Equality and Protect the Powerful. Unfairness in America is nothing new.  In fact, it is perfectly acceptable in this culture for us to admire those who we see as becoming successful and powerful by creating value.  At the same time, Americans accept unfairness with one explicit caveat: that each of us has the chance to be one of those people - that each of us has the opportunity to become successful. What Americans are rejecting now is not wealth disparity, but the corrupt and unethical way so much of the money in this country is now being made, with our government, more often than not, simply looking the other way. Well, Americans are saying "no more" to our government explicitly agreeing to legalize and codify that destructive behavior, protecting powerful political and financial elites while prosecuting ordinary Americans over trivial offenses. We are beginning to see a rejection of this unfairness at Occupy Wall Street and other national reform-based movements.