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James Goodman

Economy and Politics - 1 views

Economic and Political news and commentary

economy politics government United States liberal progressive conservative Republican Democrat reactionary

started by James Goodman on 07 Apr 11 no follow-up yet
James Goodman

The Supreme Court's continuing defense of the powerful - The Washington Post - 0 views

  • The United States Supreme Court now sees its central task as comforting the already comfortable and afflicting those already afflicted. If you are a large corporation or a political candidate backed by lots of private money, be assured that the court’s conservative majority will be there for you, solicitous of your needs and ready to swat away those pesky little people who dare to contest your power.
  • This court has created rules that will have the effect of declaring some corporations too big to be challenged through class actions, as AT&T customers and female employees at Wal-Mart discovered.
  • In 1912, Theodore Roosevelt warned that the courts had “grown to occupy a position unknown in any other country, a position of superiority over both the legislature and the executive.” Worse, “privilege has entrenched itself in many courts just as it formerly entrenched itself in many legislative bodies and in many executive offices.”What happens to a democracy when its highest court dedicates itself to defending privilege? That’s the unfortunate experiment on which we are now embarked. ejdionne@washpost.com
James Goodman

Sex, Violence and the Supreme Court - NYTimes.com - 0 views

  • Quite a bit of rough stuff was bandied about in one of the final Supreme Court decisions of the term released last month — dismembering, bondage, decapitation, a bounty of bloodletting in video games that bring the thrill of the kill to new levels. No problem there, in the view of the court: for children who want to simulate brutal homicide, it’s protected free speech.Sex, not so good. Naked women. Naked men. Fornication. Ewww! The black-robed majority made it clear that the United States of America will always make an exception for sex: “historically unprotected speech,” in the words of Justice Antonin Scalia, who wrote the 7-2 video game opinion.
  • The take-away point from Brown v. Entertainment Merchants Association was that the court continued to expand freedoms granted by the First Amendment. But in overturning a California attempt to ban underage video game sales, the case revealed a fascinating intra-justice discussion about modern depictions of sex and violence — why one can be censored, and the other cannot.Ultimately, the back-and-forth by the high court reinforced the notion of a nation that will always be a little skittish about sex, while viewing violence as American as apple pie. If this ruling is indeed a triumph for the First Amendment, it continues a strange double standard.
  • In dissent, Justice Stephen Breyer pressed the issue of why it was O.K. to protect children from sexual images but not from the worst kind of human carnage. His zinger points merit a second look before court-watchers settle into their Adirondack chairs for the summer:But what sense does it make to forbid selling to a 13-year-old boy a magazine with an image of a nude woman, while protecting a sale to that 13-year-old of an interactive video game in which he actively but virtually binds and gags the woman, then tortures and kills her?Breyer expanded further, pointing to the absurd implications of the court’s drift. “What kind of First Amendment would permit the government to protect children by restricting sales of that extremely violent video game only if the woman — bound, gagged, tortured and killed — is also topless?”
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  • Since he asked, the answer seems to be that a First Amendment that bans an exposed breast to a certain age group is a good thing, while a First Amendment that gives that same age group unfettered access to avatars lopping off a breast is benign. It’s a theme that runs through the culture, enough so that Scalia could breezily dismiss parental concerns about the violent digital playpen he’s so afraid of regulating. “Mortal Kombat” and other games of graphic mayhem are part of a long, cherished tradition, this most conservative of justices argued.
James Goodman

The real causes of the economic crisis? They're history. - The Washington Post - 0 views

  • They say that winners get to write history. Three years after the meltdown of our financial markets, it’s clear who is winning and who is losing. Wall Street — arms outstretched in triumph — is racing toward the finish-line tape while millions of American families are struggling to stay on their feet. With victory seemingly in hand, the historical rewrite is in full swing. The contrast in fortunes between those on top of the economic heap and those buried in the rubble couldn’t be starker. The 10 biggest banks now control more than three-quarters of the country’s banking assets. Profits have bounced back, while compensation at publicly traded Wall Street firms hit a record $135 billion in 2010.
  • Meanwhile, more than 24 million Americans are out of work or can’t find full-time work, and nearly $9 trillion in household wealth has vanished. There seems to be no correlation between who drove the crisis and who is paying the price.The report of the Financial Crisis Inquiry Commission detailed the recklessness of the financial industry and the abject failures of policymakers and regulators that brought our economy to its knees in late 2008. The accuracy and facts of the commission’s investigative report have gone unchallenged since its release in January.So, how do you revise the historical narrative when the evidence of what led to economic catastrophe is so overwhelming and the events at issue so recent? You and your political allies just do it. And you bet on the old axiom that a lie is halfway around the world before the truth can tie its shoes.
  • If  you are Rep. Paul Ryan, you ignore the fact that our federal budget deficit has ballooned more than $1 trillion annually since the financial collapse. You disregard the reality that two-thirds of the deficit increase is directly attributable to the economic downturn and bipartisan fiscal measures adopted to bolster the economy. Instead of focusing on the real cause of the deficit, you conflate today’s budgetary disaster with the long-term challenges of Medicare so you can shred the social safety net.
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  • If you are Alan Greenspan, you retreat from your 2008 epiphany in which you acknowledged your “state of shocked disbelief” that “the whole intellectual edifice” of your deregulatory ideology had collapsed. Now, you condemn reform efforts as “the current ‘anything goes’ regulatory ethos” — a phrase that paradoxically recalls your own failed policies at the Federal Reserve. In short, after driving the economy over the cliff, you offer to give driving lessons.If you are JP Morgan’s chief investment officer, you refute the statement that your chairman and chief executive, Jamie Dimon, made to the FCIC in 2010 blaming the failures of major financial institutions on “the management teams 100 percent and . . . no one else.” You revise your opinion on the causes of the crisis to instead focus blame on government housing policies. The source for this newfound wisdom: shopworn data, produced by a consultant to the corporate-funded American Enterprise Institute, which was analyzed and debunked by the FCIC report.
  • If you are most congressional Republicans, you turn a blind eye to the sad history of widespread lending abuses that savaged communities across the country and pledge to block the appointment of anyone to head the new Consumer Financial Protection Bureau unless its authority is weakened. You ignore the evidence of pervasive excess that wrecked our financial markets and attempt to cut funding for the regulators charged with curbing it. Across the board, you refuse to acknowledge what went wrong and then try to stop efforts to make it right.Does historical accuracy matter? You bet it does.   Traveling down a road unfettered by facts will take us far from where we need to be: prosecuting financial wrongdoing to deter future malfeasance; vigorously enforcing financial reforms to rein in excessive risk; and rooting out Wall Street’s conflicts of interests, abysmal governance and badly flawed compensation incentives.Worst of all, it will divert us from the urgent task of putting people back to work and creating real wealth for America’s future. Over the past decade, we squandered trillions of dollars on rampant speculation rather than on making investments — in technology, infrastructure, clean energy and education — that increase our productivity and economic strength. The financial sector’s share of corporate profits climbed from 15 percent in 1980 to 33 percent by the early 2000s, while financial-sector debt soared from $3 trillion in 1978 to $36 trillion by 2007. With tens of millions still unemployed, isn’t it time to shift from an economy based on money making money to an economy based on money creating jobs and genuine prosperity?
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