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Levy Rivers

Joseph A. Palermo: Defeating the Bailout Looks Like Another Republican Ploy - 0 views

  • House Republican leaders did not put much pressure on their rank-and-file members to back the rescue package." John Boehner, Roy Blunt and other "leaders" of the House Republicans thought they could strike a public pose as if they really cared about the credit seizure that looms over the country while secretly hoping to pin the bill's passage on Nancy Pelosi, Steny Hoyer, (and by association, Barack Obama).
  • They wanted Speaker Pelosi to pass the bill without much Republican cover so they could tell their constituents that the Democrats were just "picking the taxpayers' pockets again."
  • I agree with the critical flaws in the bill that Dennis Kucinich articulated this morning on Amy Goodman's show, Democracy Now! I don't believe in a government welfare program for Wall Street swindlers who had the audacity to pump up the paper value of one of their hidden, unregulated derivatives, "credit default swaps," from $631 billion in 2001 to $62 trillion in 2008! I think some people should be indicted; some people should go to jail.
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  • Whenever you hear the word "bi-partisan," even during the waning hours of the Bush years, it usually means something very bad is about to happen.
  • All of a sudden I hear Bush Administration mouthpieces such as the billionaire Henry Paulson, who in the past have told us that we are all on our own and we shouldn't rely on government for anything, speak about "our" financial markets as if working people have been the ones swapping "collateralized debt obligations" and "hybrid debt instruments."
  • It is my hope we can seize the opportunity this crisis presents, hold President Obama's feet to the fire, and construct a new social compact in this country, a New New Deal.
Skeptical Debunker

Lawrence Lessig: Systemic Denial - 0 views

  • So in coming to this meeting of some of the very best in the field -- from Elizabeth Warren to George Soros -- I was keen to hear just what the strategy was to restore us to some sort of financial sanity. How could we avoid it again? Yet through the course of the morning, I was struck by two very different and very depressing points. The first is that things are actually much worse than anyone ever talks about. The pivot points of our financial system -- the infrastructure that lets free markets produce real wealth -- have become profoundly corrupted. Balance sheets are "fictions," as Professor Frank Partnoy put it. Trillions of dollars in liability hide behind these fictions. And as expert after expert demonstrated, practically every one of the design flaws that led to the collapse of the past few years remains essentially unchanged within our financial system still. That bubble burst, but we can already see the soaring profits of the same firms that sucked billions in taxpayer funds. The cycle has started again. But the second point was even worse. Expert after expert spoke as if the problems we faced were simple math errors. As if regulators had just miscalculated, like a pilot who accidentally overshoots the run way, or an engineer who mis-estimates the weight of cargo on a plane. And so, because these were mere errors, people spoke as if these errors could be corrected by a bunch of good ideas. The morning was filled with good ideas. An angry earnestness was the tone of the day.
  • There were exceptions. The increasingly prominent folk-hero for the middle class, Elizabeth Warren, tied the endless list of problems to the endless power of "the banking lobby." But that framing was rare. Again and again, we were led back to a frame of bad policies that smart souls could correct. At least if "the people" could be educated enough to demand that politicians do something sensible. This is a profound denial. The gambling on Wall Street was not caused by the equivalent of errors in arithmetic. It was caused by a corruption of the system by which we regulate those markets. No true theorist of free markets -- and certainly none of the heroes of even the libertarian right -- believe that infrastructure markets like financial systems can be left free of any regulation, including the regulation of rules against fraud. Yet that ignorant anarchy was the precise rule that governed a large part of our financial system. And not by accident: An enormous amount of political influence was brought to bear on the regulators of these core institutions of a free market to get them to turn a blind eye to Wall Street's "innovations." People who should have known better yielded to this political pressure. Smart people did stupid things because "the politics" of doing right was impossible. Why? Why was their no political return from sensible policy? The answer is so obvious that one feels stupid to even remark it. Politicians are addicts. Their dependency is campaign cash. And in their obsessive search for campaign funds, they let these funders convince them that for the first time in capitalism's history, markets didn't need the basic array of trust-producing regulation. They believed this insanity because it made it easier for them -- in good faith -- to accept the money and steer financial policy over the cliff. Not a single presentation the whole morning focused this part of the problem. There wasn't even speculation about how we could build an alternative to this campaign funding system of pathological dependency, so that policy makers could afford to hear sense rather than obsessively seek campaign dollars. The assembled experts were even willing to brainstorm about how to educate ordinary Americans about the intricacies of financial regulation. But the idea of changing the pathological economy of influence that governs how Washington governs wasn't even a hint. We need to admit our (democracy's) problem. We need to get beyond this stage of denial. We need to recognize that until we release our leaders from a system that forces them to ignore good sense when there is an opportunity for large campaign cash, we won't have policy that makes sense. Wall Street continues unchanged because the Congress that would change it is already shuttling to Wall Street fundraisers. Both parties are already pandering to this power, so they can find the fix to fund the next cycle of campaigns. Throughout the morning, expert after expert celebrated the brilliance in Franklin Roosevelt's response to the Nation's last truly great financial collapse. They yearned for a modern version of his system of regulation. But we won't get to Franklin Roosevelt's brilliance till we accept Teddy Roosevelt's insight -- that privately funded public elections tend inevitably towards this kind of corruption. And until we solve that (eminently solvable) problem, we won't make any progress in making America's finances safe again.
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    Everyone recognizes that our nation is in a financial mess. Too few see that this mess is not simply the ordinary downs of a regular business cycle. The American financial system walked the American economy off a cliff. Large players took catastrophic risk. They were allowed to take this risk because of a series of fundamental regulatory mistakes; they were encouraged to take it by the implicit, sometimes explicit promise, that failure would be bailed out. The gamble was obvious and it worked. The suckers were us. They got the upside. We got the bill.
Skeptical Debunker

Rough Water - 0 views

  • For most of the last 1,500 years, the river supported a sustainable salmon economy. Salmon were at the heart of all the Klamath’s tribal cultures, and Indians were careful not to over-harvest them. Each summer, the lower Klamath’s Yurok and Hoopa tribes blocked the upstream paths of spawning salmon with barriers; then, after ten days of fishing, they removed the barriers, allowing upstream tribes to take their share. As the salmon completed their lifecycle, dying in the waters where they’d been spawned, they enriched the watershed with nutrients ingested during years in the ocean. Among the beneficiaries were at least 22 species of mammals and birds that eat salmon. Even the salmon carcasses that bears left behind on the riverbanks fertilized trees that provided shade along the river’s banks, cooling its waters so that the next generation of vulnerable juvenile salmon could survive. “We tried to go to court, to go through the political process, but it didn’t work. …The big issues were still out there, and we still had to resolve them.” Salmon’s biological family may have started in the age of dinosaurs a hundred million years ago. They’ve survived through heat waves and droughts, in rivers of varying flow, temperature, and nutrient load – but they were as ill-prepared for Europeans’ arrival as the Indians themselves. Gold miners who showed up in the mid-nineteenth century washed entire hillsides into the river with high-pressure hoses and scoured the river’s bed with dredges. Loggers dragged trees down streambeds, causing massive erosion, and dumped sawdust into the river, smothering incubating salmon eggs. Cattle grazed at the river’s edge, causing soil erosion and destroying shade-giving vegetation. Farmers diverted water to feed their crops. The dams were the crowning blows. Between 1908 and 1962, six dams were built on the Klamath. The tallest, the 173-foot-high Iron Gate, is the farthest downstream, and definitively blocked salmon from the river’s upper quarter – after it was built, the river’s salmon population plummeted. In addition, the dams devastated water quality by promoting thick growths of toxic algae in the reservoirs. For Klamath basin farmers, however, the dams were deemed indispensable, as they generated hydropower that made pumping of their irrigation water possible.To the farmers, the potential loss of the dams’ hydropower was considered no less crippling than an end to Klamath-supplied irrigation.
  • For most of the last century, the farmers were oblivious to the damage that dams and water diversions caused downstream, while the tribes and commercial fishermen quietly seethed. The annual salmon run, once so abundant that people caught fish with their hands, was roughly pegged at more than a million fish at its peak; in recent years it has dropped to perhaps 200,000 in good years, and as low as 12,000 – below the minimum believed necessary to sustain the runs – in bad years. Spring Chinook, which once comprised the river’s dominant salmon run, entirely disappeared. Two fish species – the Lost River sucker and the shortnose sucker – that once supported a commercial fishery, were listed as endangered in 1988. Coho salmon were listed as threatened nine years later. All this has had a devastating impact on the tribes. Traditionally able to sustain themselves throughout the year on seasonal migrations of the river’s salmon, trout, and candlefish, tribal members suffered greatly as the runs declined or went extinct. For four decades beginning in 1933, the tribes were barred from fishing the river even as commercial fishermen went unrestricted. Members of the Karuk tribe once consumed an estimated average of 450 pounds of salmon a year; a 2004 survey found that the average had dropped to five pounds a year. The survey linked salmon’s absence to epidemics of diabetes and heart disease that now plague the Karuk. The 2001 cutoff left farmers without irrigated water for the first time in the Klamath Project’s history. Over the next four months, many farmers performed repeated acts of civil disobedience, most notably when a bucket brigade passed pails of banned water from its lake storage to an irrigation canal while thousands of onlookers cheered. The protests attracted Christian-fundamentalist, anti-government, and property rights advocates from throughout the West; former Idaho Congresswoman Helen Chenoweth-Hage likened the farmers’ struggle to the American Revolution.
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  • A year later, it was the tribes’ and fishermen’s turn to experience calamity. According to a Washington Post report, Vice President Dick Cheney ordered Interior Department officials to deliver Klamath water to Project farmers in 2002, even though federal law seemed to favor the fish. Interior Secretary Gale Norton herself opened the head gates launching the 2002 release of water to the Project, while approving farmers chanted, “Let the water flow!” Six months later, the carcasses of tens of thousands of Chinook and Coho salmon washed up on the riverbanks near the Klamath’s mouth, in what is considered the largest adult salmon die-off in the history of the American West. The immediate cause was a parasitic disease called ich, or “white spot disease,” commonly triggered when fish are overcrowded. Given the presence of an unusually large fall Chinook run in 2002 and a paucity of Klamath flow, the 2002 water diversion probably caused the die-off. Yurok representatives said that months earlier they begged government officials to release more water into the lower river to support the salmon, but were ignored. photo courtesy Earthjustice In 2002, low water levels on the Klamath led to the largest adult salmon die-off in the history of the American West. The die-off deprived many tribes-people of salmon and abruptly ended the river’s sport-fishing season, but its impact didn’t fully register until four years later, when the offspring of the prematurely deceased 2002 salmon would have made their spawning run. By then the Klamath stock was so depleted that the federal government placed 700 miles of Pacific Ocean coastline, from San Francisco to central Oregon, off limits to commercial salmon fishing for most of the 2006 fishing season. As a result, commercial ocean fishermen lost about $100 million in income, forcing many into bankruptcy. Even more devastating, a precipitous decline in Sacramento River salmon led to the cancellation of the entire Pacific salmon fishing season in both 2008 and 2009. The Klamath basin was in a permanent crisis. It turned out that desperation and frustration were perfect preconditions for negotiations. “Every one of us would have rolled the others if we could have,” Fletcher, the Yurok leader, says. “We all tried to go to court, to go through the political process, but it didn’t work – we might win one battle today and lose one tomorrow, so nothing was resolved. We spent millions of dollars on attorneys, plane tickets to Washington, political donations, but it didn’t make any of us sleep any better, because the big issues were still out there, and we still had to resolve them.”
  • In January 2008, the negotiators announced the first of two breakthrough Klamath pacts: the 255-page Klamath Basin Restoration Agreement. In it, most of the parties – farmers, three of the four tribes, a commercial fishermen’s group, seven federal and state agencies, and nine environmental groups – agreed to a basic plan. It includes measures to take down the four dams, divert some water from Project farmers to the river in return for guaranteeing the farmers’ right to a smaller amount, restore fisheries habitat, reintroduce salmon to the upper basin, develop renewable energy to make up for the loss of the dams, and support the Klamath Tribes of Oregon’s effort to regain some land lost when Congress “terminated” its reservation in 1962. This was a seminal moment, a genuine reconciliation among tribal and agricultural leaders who discovered that the hatred they’d nursed was unfounded. “Trust is the key,” says Kandra, the Project farmer who went from litigant to negotiator. “We took little baby steps, giving each other opportunities to build trust, and then we got to a place where we could have some really candid discussions, without screaming and yelling – it was like, ‘Here’s how I see the world.’ Pretty valuable stuff. The folks that developed those kinds of relationships got along pretty good.” Still, one crucial ingredient was missing: Unless PacifiCorp agreed to dismantle the dams, river restoration was impossible, and the pact was a well-intentioned, empty exercise. But PacifiCorp now had compelling reasons to consider dam removal. Not only was relicensing going to be expensive, but Klamath tribespeople were becoming an embarrassing irritant, in two consecutive years interrupting Berkshire Hathaway’s annual-meeting/Buffett-lovefests in Omaha with nonviolent protests that won media attention. Also, the Bush administration, customarily no friend of dam removal, signaled its support for a basin-wide agreement. Negotiations between PacifiCorp and mid-level government officials began in January 2008, but made little progress until a meeting in Shepherdstown, West Virginia four months later, when for the first time Senior Interior Department Counselor Michael Bogert presided. As Bogert recently explained, President Bush himself took an interest in the Klamath “because it was early on in his watch that the Klamath became almost a symbol” of river basin dysfunction. To Bush, the decision to support dam removal was a business decision, not an environmental one: The “game-changer,” Bogert said, was the realization that because of the high cost of relicensing, dam removal made good fiscal sense for PacifiCorp. That fact distinguished the Klamath from other dam removal controversies such as the battle over four dams on Idaho’s Snake River, whose removal the Bush administration continued to oppose.
  • In November 2008, when then-Interior Secretary Dirk Kempthorne announced a detailed agreement in principle with PacifiCorp to take down the dams, he acknowledged that he customarily opposed dam removal, but that the Klamath had taught him “to evaluate each situation on a case-by-case basis.” In September 2009, Kempthorne’s successor, Ken Salazar, announced that PacifiCorp and government officials had reached a final agreement. PacifiCorp and the many signers of the earlier Klamath Basin Restoration Agreement then ironed out inconsistencies between the two pacts in a final negotiation that ended with a final deal in January 2010.
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    Maybe the Klamath River basin would have turned itself around without Jeff Mitchell. Back in 2001, at the pinnacle of the conflict over the river's fate, when the Klamath earned its reputation as the most contentious river basin in the country, Mitchell planted a seed. Thanks to a drought and a resulting Interior Department decision to protect the river's endangered fish stocks, delivery of Klamath water to California and Oregon farmers was cut off mid-season, and they were livid. They blamed the Endangered Species Act, the federal government that enforced it, and the basin's salmon-centric Indians who considered irrigation a death sentence for their cultures. The basin divided up, farmers and ranchers on one side, Indians and commercial fishermen on the other. They sued one another, denounced one another in the press, and hired lobbyists to pass legislation undermining one another. Drunken goose-hunters discharged shotguns over the heads of Indians and shot up storefronts in the largely tribal town of Chiloquin, Oregon. An alcohol-fueled argument over water there prompted a white boy to kick in the head of a young Indian, killing him.
Skeptical Debunker

Leaked documents: UK record industry wrote web-censorship amendment - Boing Boing - 0 views

  • Parliamentarians need to recognize that copyright touches everyone and every technology in the digital age. It is no longer a question of inter-business regulation and deals. Getting copyright wrong has the potential to mess up our freedom of speech, prevent us from getting the benefits of new technologies, and damage society in other very profound ways. It is therefore deeply inappropriate for such fundamental proposals to have been introduced by both the government or the opposition parties at the behest of one side of the debate. That applies just as much to disconnection, which Mandelson introduced in the summer at the last minute under pressure again from the BPI and other rights holders.
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    Last week, the UK LibDem party was thrown into scandal when two of its Lords proposed an amendment to the Digital Economy Bill that would allow for national web-censorship, particularly aimed at "web-lockers" like Google Docs and YouSendIt. Now a leaked document from the British Phonographic Institute suggests that the amendment was basically written by the record industry lobby and entered into law on their behalf by representatives of the "party of liberty." This weekend, LibDem members who attend the national convention in Birmingham will have the chance to vote on an emergency measure affirming the party's commitment to an open and just Internet, repudiating this disastrous measure. If you (or someone you know) is attending the convention, please support the "Save the Net" emergency measure and help rehabilitate the party's reputation on fundamental freedoms in the information society.
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    Proving once again that special interests can "buy" the "support" of politicians of any stripe! And they can do so regardless of the "best interests" of the "majority of the people", who those politicians are supposedly morally (by honor) and legally (by oath) bound to represent!
Bakari Chavanu

The root cause of war is oligarchic capitalism | Middle East Eye - 0 views

  • After World War Two, Britain and the USA pressured the United Nations into confiscating Arab land to form the state of Israel, making the Arabs pay for the crimes of the Germans. In addition to providing a nation for the Jews, Israel would be a forward base for Western economic and military power in the Middle East. To the Arabs it was another European invasion of their territory.
  • In the early 1950s, the USA and Britain overthrew the government of Iran because it tried to nationalise its oil industry, which was under Western control.
  • In the mid-1950s, Egypt decided to nationalise the Suez Canal and use the income from it to help their people out of poverty. They were willing to pay its British and French owners the full market value for their shares, but Western governments and Israel responded violently, invading and bombing Egypt into submission.
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  • The USA and Britain committed similar atrocities in Iraq, Syria, Lebanon, Libya, Indonesia and Afghanistan. We overthrew their governments, installed dictators, undermined their economies - all to strengthen our business interests. In every nation where we now have terrorism, we had first assaulted them.
  • Capitalism is always at war. The violence, though, is often abstract: forcing us either to accept low-paying, exhausting jobs or starve; denying us adequate healthcare, education and economic security; convincing us that human beings are basically isolated, autonomous units seeking self gratification. But when this doesn't suffice to keep their profits growing, the violence becomes physical, the cannons roar, and the elite rallies us to war to defend "our" country and destroy the fiendish enemy.
  • Since 9/11 the USA has killed over 300,000 - a hundred times more than died in the World Trade Center. The overwhelming majority have been civilians.
  • As Martin Luther King stated with simple eloquence: "The greatest purveyor of violence in the world today is my own government."
  • Since they don't have our military power, they resort to guerrilla warfare. As Mike Davis wrote, "The car bomb is the poor man's air force."
  • www.amazon.com/dp/1897455844
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