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Latino leaders in Nevada and around the country are floating the idea of breaking traditional ties with the Democratic Party and creating a grass-roots independent movement tentatively called the Tequila Party. According to Delen Goldberg at the Las Vegas Sun, the leaders want to pressure the Democratic Party to deliver on Latinos' priorities much in the same way the tea party has done with the GOP over the past few years.

The Senate is trying to get rid of Bush-supported media consolidation rules... this is good! Break up the big media!

In a 261-148 vote that went almost exactly along party lines, the America COMPETES act was defeated. Over $40 billion dollars was designated in that bill to go toward science and technology innovation, and to provide a lot of jobs to meet our nation's needs for the future.

After eating a bowl of oatmeal and drafting ten talking points, Senator Bernie Sanders (Ind., Vt.) spoke for nine hours in opposition to the tax-cut deal struck between President Obama and congressional Republicans. "We should be embarrassed," he said, "that we are for one second talking about a proposal that gives tax breaks to billionaires while we are ignoring the needs of working families, low-income people and the middle class."1 2 3 Mark Madoff, son of Bernard L. Madoff, hanged himself in his Manhattan apartment while his toddler slept in a nearby bedroom; court documents filed last year suggest that Mark Madoff made almost $67 million through his father's Ponzi scheme.4 WikiLeaks founder Julian Assange was arrested in London on charges of sexual assault. "That sounds like good news to me," said U.S. Defense Secretary Robert Gates.5 State Department cables leaked this week revealed that Saudi media executives, over coffee in a Jeddah Starbucks, extolled the power of American television in the fight against Islamic extremism, while Saudi diplomats expressed their admiration for the movies Insomnia and Michael Clayton.6 Taymour Abdelwahab, a Swedish citizen, set off a car bomb and then blew himself up in Stockholm on Saturday, injuring two in what authorities believe was a botched attempt at a larger attack, and imprisoned Chinese dissident Liu Xiaobo was awarded the Nobel Peace Prize. Online discussion of the chair symbolizing his absence from the ceremony in Oslo prompted authorities in China to censor the phrases "empty chair," "empty seat," "empty stool" and "empty table" from the country's major social networking sites.7 8 9

The Big Money economy is booming. According to a new Commerce Department report, third-quarter profits of American businesses rose at an annual record-breaking $1.659 trillion - besting even the boom year of 2006 (in nominal dollars). Profits have soared for seven consecutive quarters now, matching or beating their fastest pace in history.

The war on Wisconsin employees isn't just about the budget or Wisconsin: Koch toady Gov. Walker is just one soldier in the billionaire's offensive to kill labor.

Tim Fernholz wrote an excellent article in the National Journal about the "bait and switch" of Governor Walker's Wisconsin plan. Fernholz points out that the short-term deficit problem can be covered by debt restructuring, and that the big pieces of the bill that relate to dismantling public sector unions, control over Medicaid and creating a no-bid energy asset sale process are not directly budget related. There's a three-prong approach in Governor Walker's plan that highlights a blueprint for conservative governorship after the 2010 election. The first is breaking public sector unions and public sector workers generally. The second is streamlining benefits away from legislative authority, especially for health care and in fighting the Health Care Reform Act. The third is the selling of public assets to private interests under firesale and crony capitalist situations. This wasn't clear to me at first. I thought this was about a narrow disagreement over teacher's unions. Depending on what you read, you may have only seen a few of these parts, and you may have not seen them put together as a coherent whole. This will be the framework that other conservative governors, and even a few Democratic ones, will use in their state, so it is good to get a working model in place. In order to frame where it stands now, I'm going to chart this and give a set of descriptions and must-read links:

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.

In the next week the action moves from Wisconsin to Washington, where the deadline looms for a possible government shutdown over the federal budget. President Obama has to take a more direct and personal role in that budget battle - both for the economy's sake and for the sake of his re-election. But will he? Don't count on it. Worried congressional Democrats say the President needs to use his bully pulpit to counter defections in Democatic ranks, such as the ten Democrats and one allied Independent who on Wednesday voted against a Senate leadership plan to cut $6.2 billion from the federal budget over the rest of fiscal year 2011. They want Obama to grab the initiative and push a plan to eliminate tax breaks for oil companies and for companies that move manufacturing facilities out of the country, and a proposal for a surtax on millionaires. Most importantly, they're worried the President's absence from the debate will result in Republicans winning large budget cuts for the remainder of the fiscal year - large enough to imperil the fragile recovery. But Obama won't actively fight the budget battle if the current White House view of how he wins in 2012 continues to prevail. Shortly after the Democrats' "shellacking" last November, I phoned a friend in the White House who had served in the Clinton administration. "It's 1994 all over again," he said. "Now we move to the center."

The Big Money economy is booming. According to a new Commerce Department report, third-quarter profits of American businesses rose at an annual record-breaking $1.659 trillion - besting even the boom year of 2006 (in nominal dollars). Profits have soared for seven consecutive quarters now, matching or beating their fastest pace in history. Executive pay is linked to profits, so top pay is soaring as well. Higher profits are also translating into the nice gains in the stock market, which is a boon to everyone with lots of financial assets. And Wall Street is back. Bonuses on the Street are expected to rise about 5 percent this year, according to a survey by compensation consultants Johnson Associates Inc. But nothing is trickling down to the Average Worker economy. Job growth is still anemic. At October's rate of only 50,000 new private-sector jobs, unemployment won't get down to pre-recession levels for twenty years. And almost half of October's new jobs were in temporary help.

The Paris Commune (French: La Commune de Paris, IPA: [la kɔmyn də paʁi]) was a government that briefly ruled Paris from March 18 (more formally, from March 28) to May 28, 1871. It existed before the split between anarchists and Marxists had taken place, and it is hailed by both groups as the first assumption of power by the working class during the Industrial Revolution. Debates over the policies and outcome of the Commune contributed to the break between those two political groups.In a formal sense, the Paris Commune simply acted as the local authority, the city council (in French, the "commune"), which exercised power in Paris for two months in the spring of 1871. However, the conditions in which it formed, its controversial decrees, and its violent end make its tenure one of the more important political episodes of the time.

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.

Sen. Sanders calls out GOP and Dems on corporate tax rates, breaks for wealthiest.

Why doesn't money (usually) buy happiness? Alain de Botton breaks new ground for most of us, offering reasons for something our grandparents may well have told us, as children. It is rare, and pleasing, to see a substantial philosophical argument sustained as well as it is in this documentary. De Botton claims that we are more anxious about our own importance and achievements than our grandparents were. This is status anxiety.

We mega-rich should not continue to get extraordinary tax breaks while most Americans struggle to make ends meet.

Former Massachusetts Gov. Mitt Romney (R) just completed a damaging campaign stop in Iowa where audience members responded angrily to his plans, and Romney frequently responded belligerently to their anger. In one of the most contentious exchanges, Romney defended his belief that we "should consider a higher retirement age" for Social Security and Medicare to preserve tax breaks for corporations:

When Perry accuses Ben Bernanke of treachery and treason, his violent rhetoric ("we would treat him pretty ugly down in Texas") is scary in itself. But we shouldn't let that obscure Perry's substantive message - that neither Bernanke nor the Fed really deserve to exist, to control the US money supply, and to work towards a dual mandate of price stability and full employment. For the first time in living memory, someone with a non-negligible chance of winning the US presidency is arguing not over who should head the Fed, but whether the Fed should even exist in the first place. Looked at against this backdrop, the recent volatility in the stock market, not to mention the downgrade of the US from triple-A status, makes perfect sense. Global corporations are actually weirdly absent from the list of institutions in which the public has lost its trust, but the way in which they've quietly grown their earnings back above pre-crisis levels has definitely not been ratified by broad-based economic recovery, and therefore feels rather unsustainable. Meanwhile, the USA itself has undoubtedly been weakened by a shrinking tax base, a soaring national debt, a stretched military, and a legislature which has consistently demonstrated an inability to tackle the great tasks asked of it. It looks increasingly as though we're entering Phase 2 of the global crisis, with 2008-9 merely acting as the appetizer. In Phase 1, national and super-national treasuries and central banks managed to come to the rescue and stave off catastrophe. But in doing so, they weakened themselves to the point at which they're unable to rise to the occasion this time round. Our hearts want government to come through and save the economy. But our heads know that it's not going to happen. And that failure, in turn, is only going to further weaken institutional legitimacy across the US and the world. It's a vicious cycle, and I can't see how we're going to break out of it.

"It's really alarming," Castro said. "We are cutting assistance to low-income people at the same time we're providing hundreds of millions in tax breaks to large corporations. It's just unacceptable, and I think it would be unacceptable to the public if they understood that. And I don't think that they do."