Skip to main content

Home/ Socialism and the End of the American Dream/ Group items tagged government-shutdown

Rss Feed Group items tagged

Gary Edwards

The List: Unnecessarily Shut Down by Obama to Inflict Public Pain - 0 views

  •  
    "The media may or may not report on these individual occurrences, but what they will never do is provide the American people with the full context and scope of Obama's shrill pettiness. Below is a list of illogical, unnecessary, and shockingly spiteful moves our government is making in the name of essential and non-essential. This list will be regularly updated, and if you have something you feel should be added, please email me at jnolte@breitbart.com or tweet me @NolteNC.Please include a link to the news source. -- 1. Treatments for Children Suffering From Cancer - The GOP have agreed to a compromise by funding part of the government, including the National Institutes of Health, which offers children with cancer last-chance experimental treatment. Obama has threatened to veto this funding. 2. The World War II Memorial - The WWII memorial on the DC Mall is a 24/7 open-air memorial that is not regularly staffed. Although the White House must have known that WWII veterans in their eighties and nineties had already booked flights to visit this memorial, the White House still found the resources to spitefully barricade the attraction.  The Republican National Committee has offered to cover any costs required to keep the memorial open. The White House refused. Moreover, like the NIH, the GOP will pass a compromise bill that would fund America's national parks. Obama has threatened to veto that bill. 3. Furloughed Military Chaplains Not Allowed to Work for Free - Furloughed military chaplains willing to celebrate Mass and baptisms for free have been told they will be punished for doing so. 4. Business Stops In Florida Keys - Although the GOP have agreed to compromise in the ongoing budget stalemate and fund the parks, Obama has threatened to veto that funding. As a result, small businesses, hunters, and commercial fisherman can't practice their trade. While the feds have deemed the personnel necessary to keep this area open "non-essential," the "enforcement office
Paul Merrell

Fukushima - A Global Threat That Requires a Global Response - 0 views

  • The story of Fukushima should be on the front pages of every newspaper. Instead, it is rarely mentioned. The problems at Fukushima are unprecedented in human experience and involve a high risk of radiation events larger than any that the global community has ever experienced. It is going to take the best engineering minds in the world to solve these problems and to diminish their global impact. When we researched the realities of Fukushima in preparation for this article, words like apocalyptic, cataclysmic and Earth-threatening came to mind. But, when we say such things, people react as if we were the little red hen screaming "the sky is falling" and the reports are ignored. So, we’re going to present what is known in this article and you can decide whether we are facing a potentially cataclysmic event.
  • There are three major problems at Fukushima: (1) Three reactor cores are missing; (2) Radiated water has been leaking from the plant in mass quantities for 2.5 years; and (3) Eleven thousand spent nuclear fuel rods, perhaps the most dangerous things ever created by humans, are stored at the plant and need to be removed, 1,533 of those are in a very precarious and dangerous position. Each of these three could result in dramatic radiation events, unlike any radiation exposure humans have ever experienced.  We’ll discuss them in order, saving the most dangerous for last.
  • Missing reactor cores:  Since the accident at Fukushima on March 11, 2011, three reactor cores have gone missing.  There was an unprecedented three reactor ‘melt-down.’ These melted cores, called corium lavas, are thought to have passed through the basements of reactor buildings 1, 2 and 3, and to be somewhere in the ground underneath.  Harvey Wasserman, who has been working on nuclear energy issues for over 40 years, tells us that during those four decades no one ever talked about the possibility of a multiple meltdown, but that is what occurred at Fukushima.  It is an unprecedented situation to not know where these cores are. TEPCO is pouring water where they think the cores are, but they are not sure. There are occasional steam eruptions coming from the grounds of the reactors, so the cores are thought to still be hot. The concern is that the corium lavas will enter or may have already entered the aquifer below the plant. That would contaminate a much larger area with radioactive elements. Some suggest that it would require the area surrounding Tokyo, 40 million people, to be evacuated. Another concern is that if the corium lavas enter the aquifer, they could create a "super-heated pressurized steam reaction beneath a layer of caprock causing a major 'hydrovolcanic' explosion." A further concern is that a large reserve of groundwater which is coming in contact with the corium lavas is migrating towards the ocean at the rate of four meters per month. This could release greater amounts of radiation than were released in the early days of the disaster.
  • ...15 more annotations...
  • Radioactive water leaking into the Pacific Ocean:  TEPCO did not admit that leaks of radioactive water were occurring until July of this year. Shunichi Tanaka the head of Japan’s Nuclear Regulation Authority finally told reporters this July that radioactive water has been leaking into the Pacific Ocean since the disaster hit over two years ago. This is the largest single contribution of radionuclides to the marine environment ever observed according to a report by the French Institute for Radiological Protection and Nuclear Safety.  The Japanese government finally admitted that the situation was urgent this September – an emergency they did not acknowledge until 2.5 years after the water problem began. How much radioactive water is leaking into the ocean? An estimated 300 tons (71,895 gallons/272,152 liters) of contaminated water is flowing into the ocean every day.  The first radioactive ocean plume released by the Fukushima nuclear power plant disaster will take three years to reach the shores of the United States.  This means, according to a new study from the University of New South Wales, the United States will experience the first radioactive water coming to its shores sometime in early 2014.
  • One month after Fukushima, the FDA announced it was going to stop testing fish in the Pacific Ocean for radiation.  But, independent research is showing that every bluefin tuna tested in the waters off California has been contaminated with radiation that originated in Fukushima. Daniel Madigan, the marine ecologist who led the Stanford University study from May of 2012 was quoted in the Wall Street Journal saying, "The tuna packaged it up (the radiation) and brought it across the world’s largest ocean. We were definitely surprised to see it at all and even more surprised to see it in every one we measured." Marine biologist Nicholas Fisher of Stony Brook University in New York State, another member of the study group, said: "We found that absolutely every one of them had comparable concentrations of cesium 134 and cesium 137." In addition, Science reports that fish near Fukushima are being found to have high levels of the radioactive isotope, cesium-134. The levels found in these fish are not decreasing,  which indicates that radiation-polluted water continues to leak into the ocean. At least 42 fish species from the area around the plant are considered unsafe.  South Korea has banned Japanese fish as a result of the ongoing leaks.
  • Wasserman builds on the analogy, telling us it is "worse than pulling cigarettes out of a crumbled cigarette pack." It is likely they used salt water as a coolant out of desperation, which would cause corrosion because the rods were never meant to be in salt water.  The condition of the rods is unknown. There is debris in the coolant, so there has been some crumbling from somewhere. Gundersen  adds, "The roof has fallen in, which further distorted the racks," noting that if a fuel rod snaps, it will release radioactive gas which will require at a minimum evacuation of the plant. They will release those gases into the atmosphere and try again. The Japan Times writes: "The consequences could be far more severe than any nuclear accident the world has ever seen. If a fuel rod is dropped, breaks or becomes entangled while being removed, possible worst case scenarios include a big explosion, a meltdown in the pool, or a large fire. Any of these situations could lead to massive releases of deadly radionuclides into the atmosphere, putting much of Japan — including Tokyo and Yokohama — and even neighboring countries at serious risk."  
  • The most recent news on the water problem at Fukushima adds to the concerns. On October 11, 2013, TEPCO disclosed that the radioactivity level spiked 6,500 times at a Fukushima well.  "TEPCO said the findings show that radioactive substances like strontium have reached the groundwater. High levels of tritium, which transfers much easier in water than strontium, had already been detected." Spent Fuel Rods:  As bad as the problems of radioactive water and missing cores are, the biggest problem at Fukushima comes from the spent fuel rods.  The plant has been in operation for 40 years. As a result, they are storing 11 thousand spent fuel rods on the grounds of the Fukushima plant. These fuel rods are composed of highly radioactive materials such as plutonium and uranium. They are about the width of a thumb and about 15 feet long. The biggest and most immediate challenge is the 1,533 spent fuel rods packed tightly in a pool four floors above Reactor 4.  Before the storm hit, those rods had been removed for routine maintenance of the reactor.  But, now they are stored 100 feet in the air in damaged racks.  They weigh a total of 400 tons and contain radiation equivalent to 14,000 times the amount released by the Hiroshima atomic bomb.
  • The building in which these rods are stored has been damaged. TEPCO reinforced it with a steel frame, but the building itself is buckling and sagging, vulnerable to collapse if another earthquake or storm hits the area. Additionally, the ground under and around the building is becoming saturated with water, which further undermines the integrity of the structure and could cause it to tilt. How dangerous are these fuel rods?  Harvey Wasserman explains that the fuel rods are clad in zirconium which can ignite if they lose coolant. They could also ignite or explode if rods break or hit each other. Wasserman reports that some say this could result in a fission explosion like an atomic bomb, others say that is not what would happen, but agree it would be "a reaction like we have never seen before, a nuclear fire releasing incredible amounts of radiation," says Wasserman. These are not the only spent fuel rods at the plant, they are just the most precarious.  There are 11,000 fuel rods scattered around the plant, 6,000 in a cooling pool less than 50 meters from the sagging Reactor 4.  If a fire erupts in the spent fuel pool at Reactor 4, it could ignite the rods in the cooling pool and lead to an even greater release of radiation. It could set off a chain reaction that could not be stopped.
  • What would happen? Wasserman reports that the plant would have to be evacuated.  The workers who are essential to preventing damage at the plant would leave, and we will have lost a critical safeguard.  In addition, the computers will not work because of the intense radiation. As a result we would be blind - the world would have to sit and wait to see what happened. You might have to not only evacuate Fukushima but all of the population in and around Tokyo, reports Wasserman.  There is no question that the 1,533 spent fuel rods need to be removed.  But Arnie Gundersen, a veteran nuclear engineer and director of Fairewinds Energy Education, who used to build fuel assemblies, told Reuters "They are going to have difficulty in removing a significant number of the rods." He described the problem in a radio interview: "If you think of a nuclear fuel rack as a pack of cigarettes, if you pull a cigarette straight up it will come out — but these racks have been distorted. Now when they go to pull the cigarette straight out, it’s going to likely break and release radioactive cesium and other gases, xenon and krypton, into the air. I suspect come November, December, January we’re going to hear that the building’s been evacuated, they’ve broke a fuel rod, the fuel rod is off-gassing."
  • As bad as the ongoing leakage of radioactive water is into the Pacific, that is not the largest part of the water problem.  The Asia-Pacific Journal reported last month that TEPCO has 330,000 tons of water stored in 1,000 above-ground tanks and an undetermined amount in underground storage tanks.  Every day, 400 tons of water comes to the site from the mountains, 300 tons of that is the source for the contaminated water leaking into the Pacific daily. It is not clear where the rest of this water goes.   Each day TEPCO injects 400 tons of water into the destroyed facilities to keep them cool; about half is recycled, and the rest goes into the above-ground tanks. They are constantly building new storage tanks for this radioactive water. The tanks being used for storage were put together rapidly and are already leaking. They expect to have 800,000 tons of radioactive water stored on the site by 2016.  Harvey Wasserman warns that these unstable tanks are at risk of rupture if there is another earthquake or storm that hits Fukushima. The Asia-Pacific Journal concludes: "So at present there is no real solution to the water problem."
  • This is not the usual moving of fuel rods.  TEPCO has been saying this is routine, but in fact it is unique – a feat of engineering never done before.  As Gundersen says: "Tokyo Electric is portraying this as easy. In a normal nuclear reactor, all of this is done with computers. Everything gets pulled perfectly vertically. Well nothing is vertical anymore, the fuel racks are distorted, it’s all going to have to be done manually. The net effect is it’s a really difficult job. It wouldn’t surprise me if they snapped some of the fuel and they can’t remove it." Gregory Jaczko, Former Chairman of the U.S. Nuclear Regulatory Commission concurs with Gundersen describing the removal of the spent fuel rods as "a very significant activity, and . . . very, very unprecedented." Wasserman sums the challenge up: "We are doing something never done before – bent, crumbling, brittle fuel rods being removed from a pool that is compromised, in a building that is sinking, sagging and buckling, and it all must done under manual control, not with computers."  And the potential damage from failure would affect hundreds of millions of people.
  • The first thing that is needed is to end the media blackout.  The global public needs to be informed about the issues the world faces from Fukushima.  The impacts of Fukushima could affect almost everyone on the planet, so we all have a stake in the outcome.  If the public is informed about this problem, the political will to resolve it will rapidly develop. The nuclear industry, which wants to continue to expand, fears Fukushima being widely discussed because it undermines their already weak economic potential.  But, the profits of the nuclear industry are of minor concern compared to the risks of the triple Fukushima challenges. 
  • The second thing that must be faced is the incompetence of TEPCO.  They are not capable of handling this triple complex crisis. TEPCO "is already Japan’s most distrusted firm" and has been exposed as "dangerously incompetent."  A poll found that 91 percent of the Japanese public wants the government to intervene at Fukushima. Tepco’s management of the stricken power plant has been described as a comedy of errors. The constant stream of mistakes has been made worse by constant false denials and efforts to minimize major problems. Indeed the entire Fukushima catastrophe could have been avoided: "Tepco at first blamed the accident on ‘an unforeseen massive tsunami’ triggered by the Great East Japan Earthquake on March 11, 2011. Then it admitted it had in fact foreseen just such a scenario but hadn’t done anything about it."
  • The reality is Fukushima was plagued by human error from the outset.  An official Japanese government investigation concluded that the Fukushima accident was a "man-made" disaster, caused by "collusion" between government and Tepco and bad reactor design. On this point, TEPCO is not alone, this is an industry-wide problem. Many US nuclear plants have serious problems, are being operated beyond their life span, have the same design problems and are near earthquake faults. Regulatory officials in both the US and Japan are too corruptly tied to the industry. Then, the meltdown itself was denied for months, with TEPCO claiming it had not been confirmed.  Japan Times reports that "in December 2011, the government announced that the plant had reached ‘a state of cold shutdown.’ Normally, that means radiation releases are under control and the temperature of its nuclear fuel is consistently below boiling point."  Unfortunately, the statement was false – the reactors continue to need water to keep them cool, the fuel rods need to be kept cool – there has been no cold shutdown.
  • TEPCO has done a terrible job of cleaning up the plant.  Japan Times describes some of the problems: "The plant is being run on makeshift equipment and breakdowns are endemic. Among nearly a dozen serious problems since April this year there have been successive power outages, leaks of highly radioactive water from underground water pools — and a rat that chewed enough wires to short-circuit a switchboard, causing a power outage that interrupted cooling for nearly 30 hours. Later, the cooling system for a fuel-storage pool had to be switched off for safety checks when two dead rats were found in a transformer box."  TEPCO has been constantly cutting financial corners and not spending enough to solve the challenges of the Fukushima disaster resulting in shoddy practices that cause environmental damage. Washington’s Blog reports that the Japanese government is spreading radioactivity throughout Japan – and other countries – by burning radioactive waste in incinerators not built to handle such toxic substances. Workers have expressed concerns and even apologized for following order regarding the ‘clean-up.’
  • Indeed, the workers are another serious concern. The Guardian reported in October 2013 the plummeting morale of workers, problems of alcohol abuse, anxiety, loneliness, Post-Traumatic Stress Disorder and depression. TEPCO cut the pay of its workers by 20 percent in 2011 to save money even though these workers are doing very difficult work and face constant problems. Outside of work, many were traumatized by being forced to evacuate their homes after the Tsunami; and they have no idea how exposed to radiation they have been and what health consequences they will suffer. Contractors are hired based on the lowest bid, resulting in low wages for workers. According to the Guardian, Japan's top nuclear regulator, Shunichi Tanaka, told reporters: "Mistakes are often linked to morale. People usually don't make silly, careless mistakes when they're motivated and working in a positive environment. The lack of it, I think, may be related to the recent problems." The history of TEPCO shows we cannot trust this company and its mistreated workforce to handle the complex challenges faced at Fukushima. The crisis at Fukushima is a global one, requiring a global solution.
  • In an open letter to the United Nations, 16 top nuclear experts urged the government of Japan to transfer responsibility for the Fukushima reactor site to a worldwide engineering group overseen by a civil society panel and an international group of nuclear experts independent from TEPCO and the International Atomic Energy Administration , IAEA. They urge that the stabilization, clean-up and de-commissioning of the plant be well-funded. They make this request with "urgency" because the situation at the Fukushima plant is "progressively deteriorating, not stabilizing." 
  • The problems at Fukushima are in large part about facing reality – seeing the challenges, risks and potential harms from the incident. It is about TEPCO and Japan facing the reality that they are not equipped to handle the challenges of Fukushima and need the world to join the effort. 
  •  
    Excellent roundup of evidence that the Fukushima disaster recovery process has gone badly awry and is devolving quickly to looming further disasters. Political momentum is gathering to wrest the recovery efforts away from the Japanese government and to place its leadership in the hands of an international group of experts. The disaster was far worse than its portrayal in mainstream media, is continuing, and even worse secondary disasters now loom. 
Paul Merrell

Is Thailand Heading for a Coup This Week? | VICE United Kingdom - 0 views

  • Mass protests, made up largely of middle-class urbanites, have been taking place in Bangkok since November of last year. The demonstrations are in reaction to Shinawatra's party, the Pheu Thai Party, trying to rush an amnesty bill through parliament, which, if passed, would see her brother – controversial former PM, Thaksin Shinawatra – being able to return from exile. Because the protesters widely view him as corrupt – owing predominately to the fact he was sentenced to two years' imprisonment for corruption while serving as prime minister – they don't want that to happen, and their plan is to oust the ruling party and replace them with an unelected people's council. Their newest plan to ramp up the pressure is to move their main rally site from Bangkok’s historic quarter to the heart of the capital, sparking concerns ranging from traffic gridlock to a fear of bloodshed and military intervention.
  • But as the protesters prepare to move, the Royal Thai Army – generally considered to be sympathetic to the anti-government movement – has been busy ferrying troops and tanks into the city. The generals say it is in preparation for the annual Armed Forces Day, which is to be held later this month (as it is every year). However, many are sceptical, and Bangkok’s rumour mill has worked itself into a frenzy over what the influx of troops really means. In addition – just in case tanks and imminent city shutdowns weren't enough – the protest movement’s own astrologer has apparently nominated the 14th of next week as an auspicious day for a military takeover, which has many convinced that a coup is inevitable. That said, much of the talk about coups and the potential for violence has come from the current government and its own supporters, happy to drum up a bit of fear into the rest of the country over what they say the protesters are planning. But a bit of fear is perhaps not entirely misplaced. There have been almost nightly attacks on the current protest camp, and fears that this will continue when they move to the city centre have left many demonstrators nervous. On Saturday, at least seven protest guards were injured when unknown gunmen on motorcycles reportedly opened fired with M16 assault rifles. The day before, battles had taken place in a town just north of Bangkok when anti-government and pro-government supports clashed, leaving a number of people injured.
  • In fact, in almost every situation where supporters from both sides have confronted each other, violence – often involving guns – has broken out almost immediately. These outbreaks of violence stoke fears that the move further into Bangkok is a provocation designed to escalate violence, thus opening the door to military intervention – an accusation that the protesters firmly deny. In an interview earlier this week, Army Chief General Prayuth Chan-ocha said that, "The military does not shut nor open the door to a coup. Anything can happen, depending on the situation." Other army spokespersons have since tried to allay fears of an imminent coup, but considering Thailand’s history (18 coups in the last 80 years), not many of those fears have been quelled. The reality is that a coup is entirely possible, if not likely. It could come in the aftermath of potential chaos next week, or following an indecisive outcome in the upcoming elections, which are scheduled to be held on the 2nd of February. The elections are being boycotted by the opposition, and (if they take place at all) are unlikely to produce the required number of parliamentarians to fill the house. In this scenario, the army may well feel justified in taking over the running of the country.
  • ...3 more annotations...
  • However, we might not need to wait that long. Last week, the National Anti Corruption Commission found evidence for 308 lawmakers to be charged for supporting a bill that looked to amend certain workings of the government. According to at least one interpretation of the constitution, all those members are now – or will be – suspended, leaving a vacuum that, again, the army may feel obligated to fill. And the rumours don’t stop at coups. There is talk of civil war, of a divided country: the north, run from Chiang Mai (where Yingluck lives when she's not in Bangkok), versus those in the south, in Bangkok – the power base of the opposition and current protest movement. It could happen. It could all spiral out of control and there could be widespread bloodshed. But it's unlikely. This isn’t a grassroots revolution where the masses are rising up against the ruling, power-hungry elite. These are heavily invested, largely middle-class members of society who would have nothing to gain from a crumbling nation.
  • Instead, according to long-term observers of Thailand's political landscape, this whole affair is about more than removing the present government. They suggest it's wrapped up in what will happen when the current – and deeply revered – king dies, but due to Thailand’s strict lèse-majesté law, not much more can be said on the matter. Internationally, Thailand is too deeply integrated into the global community for it to fall into bloody conflict unnoticed. It’s not a pariah state, nor a country shielding itself from globalisation or the winds of international opinion. Earlier today, for the first time, it was reported that United Nations Secretary General Ban Ki-moon has been holding talks between Yingluck and the leader of the opposition party in an effort to help them bridge their differences. Ultimately, though, nobody knows what is going to happen. The city has been busily preparing itself for the shutdown, with schools closing, public transport routes bolstered and measures underway to help maintain some semblance of normalcy. The US Embassy in Thailand recently updated their own travel advice, suggesting that their citizens living in Bangkok stock up on food and supplies for the next two weeks. However, most people are just waiting to see what happens, with few precautions being taken by local businesses and no reports of a rush on shops.
  • So the shutdown could be a major inconvenience and nothing more, or it could be the start of a whole new violent chapter for Thailand. At the very least, next week should provide a little more clarity on where Thailand is headed amid its current political turmoil.
Paul Merrell

Americans enter 2014 with plunging faith in government - CBS News - 0 views

  • Two months after a Congress mired in partisan congestion gave way to the first government shutdown in 17 years, a mere one in 20 Americans believe the U.S. system of democracy works well and needs no changes, according to an AP-NORC Center for Public Affairs Research poll out Thursday. Heading into the new year with a grotesquely pessimistic outlook on their country’s government, half of Americans said it needs either “a lot of changes” or a complete overhaul. And 70 percent said they’re not confident lawmakers will manage to “make progress on the important problems and issues facing the country in 2014.” Those problems, respondents suggested, are topped by health care reform, jobs and the economy and the country’s debt, respectively. Eighty percent of Americans said they hope the government focuses substantial energy on those issues in the coming year, but only 76 percent said they expect to see real progress.
  • When it comes to the economy in particular, the last best hope, respondents suggested, is Americans themselves. Though a majority said they’re not optimistic about their chances of grasping the American Dream, most qualified that they have at least some faith in their abilities to handle their own problems in 2014. Still, more than half of those polled said they want a strong government hand helping them sort out “today’s complex economic problems.” In general, the population remains split on how active the government should be in the lives of citizens: half said “the less government the better,” and 48 percent said “there are more things that government should be doing.” Sloping faith in government is an aging trend: the percentage of Americans who think the United States governing system is heading in the right direction hasn’t topped 50 in almost 10 years. What’s more, few express hope that it can improve, with half saying they’re pessimistic about the United States’ ability to produce strong leaders, and 61 percent doubting the effectiveness of the way leaders are chosen.
Gary Edwards

Cruz Control: What We Gained From the Efforts of Ted Cruz and Mike Lee | The Rio Norte ... - 0 views

  •  
    Excellent thinking and a great presentation from "Utah". A must read if ever there was one. Conclussion: "This is where we are in government. Our Republican leadership is failing, even as the Democrats fail at almost everything, especially their big "achievements". Obama and his team are failing because they have refused to change after their ideas didn't work - the Obamacare rollout is a perfect example. Now they are telling America that the solution is more taxes, more borrowing and more intervention - in essence, they want us to paddle harder. Just trust them, they ask - they just aren't quite through fixing things yet. As many observers have pointed out, there are no rational people who think that the current levels of borrowing and taxation can cure our ills. There are only those, many exposed in these most recent government shutdowns, who simply want to delay Obamageddon until someone else's term. The fact is that we simply have enough fatal structural defects in our approach to our governance model that just working harder and spending more cannot fix it. You can't beat structural defects with performance. I've seen it all before in companies who were burning themselves out and wasting their resources by paddling harder against a current that was too powerful…and never recognizing that rescue was only a course change away. Simply paddling harder won't do it, especially when government has been taking paddles away from some through taxation and regulation and pulling some 47% of tax filers completely out of the canoe. This will not get fixed without pain. We need to get ready for it. No amount of avoidance will forestall the inevitable crash - we have to make sure that it is only a hard landing. Something will have to be sacrificed to save the whole; I have little doubt about that. Everything can't be given to everybody - there never was going to be a unicorn in every garage and Peggy Joseph never was going to get Obama to pay
Gary Edwards

Two Very Depressing Charts for President Obama, Two Very Encouraging Charts for America... - 0 views

  •  
    "What's really remarkable is that we've seen the biggest drop in the burden of government spending since the end of World War II. Heck, the fiscal restraint over the past five years has resulted in a bigger drop in the relative size of government in America than what Switzerland achieved over the past ten years thanks to the "debt brake." At this point, some readers may be wondering who or what deserves credit for this positive development. I'll offer a couple of explanations. The first two points are about why we shouldn't overstate what's actually happened. 1. The good news is somewhat exaggerated because we had a huge spike in federal spending in 2009. To use an analogy, it's easy to lose some weight if you first go on a big eating binge for a couple of years. 2. Some of the fiscal discipline is illusory because certain revenues that flow to the Treasury, such as TARP repayments from banks, actually count as negative spending. I explained this phenomenon when measuring which Presidents have been the biggest spenders. But there also are some real reasons why we've seen genuine spending restraint. 3. The "Tea Party" election of 2010 resulted in a GOP-controlled House that was somewhat sincere about controlling federal outlays. 4. The spending caps adopted as part of the debt limit fight in 2011 have curtailed spending increases as part of the appropriations process. 5. In the biggest fiscal loss President Obama has suffered, we got a sequester that reduced the growth of federal spending. 6. Many states have refused to expand Medicaid, notwithstanding the lure of temporary free money from Uncle Sam. 7. Government shutdown fights may be messy, but they tend to produce a greater amount of fiscal restraint. And there are surely other reasons to list, including the long-overdue end of seemingly permanent unemployment benefits and falling defense outlays as forces are withdrawn from Iraq and Afghanistan. The bottom line is that the past
Gary Edwards

Not Actually a Shutdown | National Review Online - 0 views

  •  
    excerpt: "A 1981 memorandum by David Stockman during the Reagan administration that is still relied on by the OMB laid out the services that continue without interruption during any government "shutdown": .... National security, including the conduct of foreign relations essential to the national security or the safety of life and property; .... Benefit payments and the performance of contract obligations under no-year or multi-year appropriations or other funds remaining available for those purposes; .... Medical care of inpatients and emergency outpatient care and activities essential for the safe use of food, drugs, and hazardous materials; .... Air-traffic control and other transportation safety functions; Border and coastal protection and surveillance; .... Protection of federal lands, buildings, waterways, and other property of the U.S.; .... Care of prisoners and others in federal custody; .... Law enforcement and criminal investigations; .... Emergency and disaster assistance; .... Activities essential to the preservation of the money and banking system of the U.S., including borrowing and tax collection; .... Production of power and maintenance of the power-distribution system; and .... Protection of research property. So planes, trains, and automobiles will keep running and TSA will keep patting you down. The president can continue to go on overseas trips to conduct foreign relations. Social Security and Medicaid benefits will keep going out. The Border Patrol will keep patrolling our borders to prevent illegal crossings (at least as much as this administration will let it do that). The Federal Bureau of Prisons will keep convicted criminals in prison and the FBI will continue making arrests and investigating violations of the law. The FDA and the Department of Agriculture will continue their safety testing and inspection of food and drugs, and medical care of inpatients and emergency outpatient care will keep right on going. The Fed
Paul Merrell

Solution to the "Shutdown": The Fed Could Simply Cancel $2 Trillion of Government Debt ... - 0 views

  • Bipartisan Proposal Would Take Pressure Off the Budget Crisis Congressman Alan Grayson and former congressman Ron Paul are two of the fiercest warriors against an out-of-control Federal Reserve. Paul has campaigned to dissolve the Fed for 35 years, and wrote an entire book called “End the Fed“. Grayson has  repeatedly slammed the Fed, and absolutely demolished it … to its face.    Paul and Grayson also co-sponsored a bill to audit the Federal Reserve. (Their desire to rein in the Fed is supported by numerous top economists.) So when the two of them support a Fed-related solution to the “government shutdown” crisis,  I listen.
Paul Merrell

security theater, martial law, and a tale that trumps every cop-and-donut joke you've e... - 0 views

  • First, just in case it's not utterly obvious, I'm glad that the two murderous cowards who attacked civilians in Boston recently are off the streets. One dead and one in custody is a great outcome. That said, a large percent of the reaction in Boston has been security theater. "Four victims brutally killed" goes by other names in other cities. In Detroit, for example, they call it "Tuesday". …and Detroit does not shut down every time there are a few murders.
  • "Then why the hell do you care, Clark?" First, the unprecendented shutdown of a major American city may have increased safety some small bit, but it was not without a cost: keeping somewhere between 2 and 5 million people from work, shopping, and school destroyed a nearly unimaginable amount of value. If we call it just three million people, and we peg the cost at a mere $15 per person per hour, the destroyed value runs to a significant fraction of a billion dollars. "Yeah, maybe…but in this day and age where the federal government is borrowing an extra $3.85 billion per day, a couple of hundred million doesn't sound like much. After all, if we're borrowing money that our children and grandchildren will have to pay back to fund Cowboy Poetry Festival and military golf courses, then what's another $200 or $400 million to keep people safe?"
  • Second, the cost isn't just measured in dollars – it's measured in the degree to which it trains a population to freak out over minor risk and to trust blindly in authorities. Third, keeping citizens off the street meant that 99% of the eyes and brains that might solve a crime were being wasted. Eric S Raymond famously said that "given enough eyeballs, all bugs are shallow". It was thousands of citizen photographs that helped break this case, and it was a citizen who found the second bomber. Yes, that's right – it wasn't until the stupid lock-down was ended that a citizen found the second murderer
  • ...2 more annotations...
  • We had thousands of police going door-to-door, searching houses…and yet not one of them saw the evidence that a citizen did just minutes after the lock-down ended. "But Clark," you protest, "you may not trust the government to decide what's risky and what's not, but I do. If it saves even one life, then shutting down a major city is the right move. That's obvious!" But the Boston police didn't shut down an entire city. They shut down an entire city except for the donut shops. boston.com Law enforcement asked Dunkin' Donuts to keep restaurants open in locked-down communities to provide… food to police… including in Watertown, the focus of the search for the bombing suspect.
  • The government and police were willing to shut down parts of the economy like the universities, software, biotech, and manufacturing…but when asked to do an actual risk to reward calculation where a small part of the costs landed on their own shoulders, they had no problem weighing one versus the other and then telling the donut servers "yeah, come to work – no one's going to get shot." And they were right.
Paul Merrell

Trump's Proposed Budget Includes Whopping $54 Billion Increase In Defense Spending - 0 views

  • The White House says President Donald Trump’s upcoming budget will propose a whopping $54 billion increase in defense spending and impose corresponding cuts to domestic programs and foreign aid. The result is that Trump’s initial budget wouldn’t dent budget deficits projected to run about $500 billion. White House budget officials outlined the information during a telephone call with reporters Monday given on condition of anonymity. The budget officials on the call ignored requests to put the briefing on the record, though Trump on Friday decried the use of anonymous sources by the media. Trump’s defense budget and spending levels for domestic agency operating budgets will be revealed in a partial submission to Congress next month, with proposals on taxes and other programs coming later.
  • The increase of about 10 percent for the Pentagon would fulfill a Trump campaign promise to build up the military. The senior budget official said there will be a large reduction in foreign aid and that most domestic agencies will have to absorb cuts. He did not offer details, but the administration is likely to go after longtime Republican targets like the Environmental Protection Agency. The tentative proposals for the 2018 budget year that begins Oct. 1 are being sent to agencies, which will have a chance to propose changes. In Congress, Democrats and some Republicans are certain to resist the cuts to domestic agencies, and any legislation to implement them would have to overcome a filibuster threat by Senate Democrats. A government shutdown is a real possibility. “It is clear from this budget blueprint that President Trump fully intends to break his promises to working families by taking a meat ax to programs that benefit the middle class,” said Senate Democratic leader Charles Schumer of New York. “A cut this steep almost certainly means cuts to agencies that protect consumers from Wall Street excess and protect clean air and water.” The White House says Trump’s budget also won’t make significant changes to Social Security or Medicare.
  • rump’s first major fiscal marker is landing in the agencies one day before his first address to a joint meeting of Congress. For Trump, the prime-time speech is an opportunity to refocus his young presidency on the core economic issues that were a centerpiece of his White House run. The upcoming submission covers the budget year starting on Oct. 1. But first there’s an April 28 deadline to finish up spending bills for the ongoing 2017 budget year, which is almost half over. Any stumble or protracted battle there could risk a government shutdown as well. The March budget plan is also expected to include an immediate infusion of 2017 cash for the Pentagon that’s expected to register about $20 billion or so, and to contain the first wave of funding for Trump’s promised border wall and other initiatives like hiring immigration agents. The president previewed the boost in military spending during a speech Friday to conservative activists, pledging “one of the greatest buildups in American history.” “We will be substantially upgrading all of our military, all of our military, offensive, defensive, everything, bigger and better and stronger than ever before,” he said.
  •  
    If we're to have a policy of non-interference, why do we need increase defense spending?
Gary Edwards

The progressive endgame, and how to prevent it | protein wisdom - 2 views

  • Social Security Administration employees are being instructed to tell people who ask that if the debt ceiling is not raised, their social security benefits could be in danger. In an email sent Friday, obtained by The Daily Caller, employees are instructed: “If a member of the public asks whether their Social Security payment will be affected if the federal debt ceiling is not raised, you may give the following response: ‘Unlike a federal shutdown which has no impact on the payment of Social Security benefits, failure to raise the debt ceiling puts Social Security benefits at risk.’ “Direct all program–related and technical questions to your supervisor.”
  • This was done before in 2011 also and the answer is the same as it was then. Social Security holds $2.6 trillion in special-issue Treasury securities. Those bonds are part of the $14.3 trillion debt amassed by the U.S. government, and benefits are paid out of those securities. So, the theory goes, if Treasury redeemed the needed Social Security bonds, and issued new marketable Treasury bonds to make good on the Social Security bonds, it would be a one for one swap and the debt ceiling would not be increased. There is a technical wrinkle involving the fact that payroll taxes that are collected are supposed to be immediately turned into Treasury securities, but there could be ways around that, such as putting the monies in a noninterest bearing account, as during the 1985 debt crisis. [...] “I’m now 99.9 percent positive that Treasury has legal authority to pay Social Security benefits in both cases of a government shutdown and hitting the debt limit, since the payment of benefits shouldn’t affect the debt limit because it reduces the trust funds to the exact extent that it increase publicly-held debt,” Fichtner said. “What I don’t know is whether Treasury has to pay benefits if it chooses not to.” Dean Baker, co-director of the Center for Economic and Policy Research who has derided “the phony crisis” of Social Security, also believes the checks could keep flowing. “I would think that they could legally pay Social Security by reducing the obligations of the fund,” he said. “It no doubt would be a huge political issue.”
  •  
    Incredible theory, which, if true, would indeed end our Constitutional Republic.
  •  
    Diigo is having problems, I see. Correct link to the article quoted is http://proteinwisdom.com/?p=51354
Paul Merrell

Derivatives and the Government Shutdown: Wall Street Bets One Thousand Trillion Dollars... - 1 views

  • The notional value of derivative financial instruments is now estimated at $1.2 quadrillion – that is, one thousand two hundred trillion dollars. This statistic is fantastic in every sense of the word, amounting to 16.7 times the Gross World Product, which is the value of all the goods and services produced per year by every man, woman and child on the planet: $71.83 trillion. Derivatives are valued at six times more than the total accumulated wealth of the world, including all global stock markets, insurance funds, and family wealth: $200 trillion. The great bulk of known derivative deals are held by banks that are considered too big to be allowed to fail, with the top four banks accounting for more than 90 percent of the exposure: J.P. Morgan Chase, Citibank, Bank of America, and Goldman Sachs. We are told that derivatives are simply bets between knowledgeable partners – hedges against loss – and that every time one of these financial institutions loses, another gains, so that there is no net loss or threat of global collapse. But that’s a lie. Never in the history of the world has finance capital so dominated the real economy, and only in the past two decades have derivatives been so central to finance capitalism. The players do not know what they are doing, nor do they care. The meltdown of 2008 was caused primarily by derivatives, requiring a bailout in the tens of trillions of dollars that is still ongoing, with the Federal Reserve buying up securities that no one would purchase – that is, bet on – otherwise. Yet, the universe of derivatives deals has grown much larger than in 2008, effectively untouched by President Obama’s so-called financial reforms.
  • The casino has swallowed the system. The sums the players are betting are not only far larger than the value of the rest of their portfolios, but six times larger than the combined assets of every human institution and family on Earth, and almost 17 times bigger than the worth of humankind’s yearly output. Even if the whole planet were offered as collateral, it could not cover Wall Street’s bets. The events of 2008 demonstrated that derivatives collapses, like other speculative financial events, behave as cascades of consequences, rather than orderly “resolutions.” Derivatives deals infest or overhang every nook and cranny of the U.S. and other “mature” economies, poisoning pension systems and municipal finance structures. Detroit has been rendered a failed city by the full range of derivatives and securitization. When the casino is the economy, everyone is forced to play, and the poor go broke first. Reformers of various stripes tell us that derivatives can either be regulated to a less lethal scale or abolished, altogether, while leaving Wall Street otherwise intact. That’s manifestly untrue. Finance capital creates nothing, reproducing itself through the manipulation of money. The derivatives explosion occurred because Wall Street needed a form of “fictitious” capital to continue posting ever higher profits, and ultimately, fictitious portfolios full of tradable bets. Derivatives deals are the ultimate expression of financial capitalism: they are primarily bets on transactions, rather than investments in production. The rise of derivatives signals that capitalism has run its course, and can only do further harm to humanity. The derivatives economy – all $1.2 quadrillion of it – is the last stage of capitalism.
Paul Merrell

Turkey Expands Purge, Shutting Down News Media Outlets - The New York Times - 0 views

  • The Turkish government ordered the closing of more than 100 media outlets on Wednesday, including newspapers, publishing companies and television channels, as part of a sweeping crackdown following a failed military coup this month.The Turkish authorities ordered the shutdown of 45 newspapers, three news agencies, 16 television channels, 15 magazines and 29 publishers in a decree that was published in the government’s official gazette on Wednesday.Among those ordered to close are the newspaper Zaman and the Cihan News Agency, which had previously been seized by the government over suspicions that it has links to the network of Fethullah Gulen, a Muslim cleric who lives in self-imposed exile in the United States and has been accused of orchestrating the July 15 coup attempt.
  • In response to the botched coup, the government has purged tens of thousands of soldiers, police officers, journalists, teachers and government employees accused of having ties to the Gulen organization. Advertisement Continue reading the main story More than 9,000 people have been arrested in connection with the coup attempt, and thousands more have been detained, the semiofficial Anadolu News Agency reported. Since Monday, detention warrants have been issued for at least 80 journalists suspected of having ties to Mr. Gulen.
  • More than 1,000 members of the Turkish military, including 127 generals and 32 admirals, were also dismissed as a result of the decree published under the state of emergency late Wednesday. They have been accused of having connections to Mr. Gulen.
Paul Merrell

US Senate Delays Vote On Budget Bill - 0 views

  • The U.S. Senate postponed a vote late Friday on a massive government spending package to fund most of the U.S. government through September 2015.  The lawmakers are expected to vote on the $1.1 trillion spending bill Monday.   The Senate is expected to pass a stop-gap bill Saturday to temporarily extend government funding through next Wednesday.
Paul Merrell

The Government's Secret Plan to Shut Off Cellphones and the Internet, Explained | Conne... - 0 views

  • This month, the United States District Court for the District of Columbia ruled that the Department of Homeland Security must make its plan to shut off the Internet and cellphone communications available to the American public. You, of course, may now be thinking: What plan?! Though President Barack Obama swiftly disapproved of ousted Egyptian President Hosni Mubarak turning off the Internet in his country (to quell widespread civil disobedience) in 2011, the US government has the authority to do the same sort of thing, under a plan that was devised during the George W. Bush administration. Many details of the government’s controversial “kill switch” authority have been classified, such as the conditions under which it can be implemented and how the switch can be used. But thanks to a Freedom of Information Act lawsuit filed by the Electronic Privacy Information Center (EPIC), DHS has to reveal those details by December 12 — or mount an appeal. (The smart betting is on an appeal, since DHS has fought to release this information so far.) Yet here’s what we do know about the government’s “kill switch” plan:
  • What are the constitutional problems? Civil liberties advocates argue that kill switches violate the First Amendment and pose a problem because they aren’t subject to rigorous judicial and congressional oversight. “There is no court in the loop at all, at any stage in the SOP 303 process,” according to the Center for Democracy and Technology. ”The executive branch, untethered by the checks and balances of court oversight, clear instruction from Congress, or transparency to the public, is free to act as it will and in secret.” David Jacobs of EPIC says, “Cutting off communications imposes a prior restraint on speech, so the First Amendment imposes the strictest of limitations…We don’t know how DHS thinks [the kill switch] is consistent with the First Amendment.” He adds, “Such a policy, unbounded by clear rules and oversight, just invites abuse.”
Paul Merrell

Commission finds 'systematic violation of human rights' at Guantanamo Bay | The Raw Story - 0 views

  • The Inter-American Commission on Human Rights Monday demanded the United States explain abuses allegedly committed at Guantanamo prison, especially its practice of force-feeding inmates on hunger strike. “The information we have indicates that there was a general and systematic violation of human rights” in Guantanamo, said Rodrigo Escobar Gil, one of the Washington-based body’s seven commissioners. The allegations of forced feeding of Guantanamo prisoners on hunger strike constituted “cruel and inhumane treatment,” he added. “We want to know … what research is being done about it” and “what steps have been taken to meet the demands of the prisoners,” the commissioner said. At its peak, some 106 out of 164 detainees were on hunger strike in protest against the legal limbo in which detainees are held at the prison, which is on a US naval base on the southeastern tip of Cuba. According to US authorities, who say that the strike ended in late September after more than six months, up to 46 of the detainees were force-fed through nasal tubes at some point in the protest. The government has argued in US court that the practice, called enteral feeding, “is used only when medically necessary to protect life and health.”
  • The IACHR said Monday it wanted unfettered access to the prison camp to investigate. “We have reports of torture and degrading treatment. But all our requests for visits without conditions have been denied. We want to know when they are going to allow visits without pre-conditions,” Escobar Gil added. The commissioner also requested the IACHR report on “the remaining obstacles to the transfer of prisoners to other countries,” noting US President Barack Obama has promised to shut the camp. But the US deputy representative to the commission, Lawrence Gumbiner, said his team could not answer issues raised at the hearing because the 17-day US government shutdown in October left them inadequate time to prepare. “We respectfully propose to the commission to answer in writing in 30 days,” Gumbiner said, generating a buzz of surprise.
Paul Merrell

NSA oversight dismissed as 'illusory' as anger intensifies in Europe and beyond | World... - 0 views

  • The Obama administration's international surveillance crisis deepened on Monday as representatives from a Latin American human rights panel told US diplomats that oversight of the programs was "illusory".Members of the Inter-American Commission on Human Rights, an arm of the Organization of American States, expressed frustration and dissatisfaction with the National Security Agency's mass surveillance of foreign nationals – something the agency argues is both central to its existence and necessary to prevent terrorism. "With a program of this scope, it's obvious that any form of control becomes illusory when there's hundreds of millions of communications that become monitored and surveilled," said Felipe Gonzales, a commissioner and Chilean national."This is of concern to us because maybe the Inter-American Committee on Human Rights may become a target as well of surveillance," said Rodrigo Escobar Gil, a commissioner and Colombian citizen.
  • Frank La Rue, the United Nations special rapporteur on the right to freedom of opinion and expression, told the commission that the right to privacy was "inextricably linked" to free expression. "What is not permissible from a human rights point of view is that those that hold political power or those that are in security agencies or, even less, those in intelligence agencies decide by themselves, for themselves, what the scope of these surveillance activities are, or who will be targeted, or who will be blank surveilled," La Rue said.While the US sent four representatives to the hearing, they offered no defence, rebuttal or elaboration about bulk surveillance, saying the October government shutdown prevented them from adequate preparation. "We are here to listen," said deputy permanent representative Lawrence Gumbiner, who pledged to submit written responses within 30 days.All 35 North, Central and South American nations are members of the commission. La Rue, originally from Guatemala and an independent expert appointed by the Human Rights Council, travels the world reporting on human rights concerns – often in countries with poor democratic standards.
  • The Obama administration has been fielding a week's worth of European outrage following media reports that the NSA had collected a similarly large volume of phone calls from France – which director of national intelligence James Clapper, who recently apologised for misleading the Senate about domestic spying, called "false" – and spying on German chancellor Angela Merkel's own cellphone, which US officials have effectively confessed to. Brazil and Mexico are also demanding answers from US intelligence officials, following reports about intrusive acts of espionage in their territory revealed by documents provided to journalists by former NSA contractor Edward Snowden. The White House has said it will provide some answers after the completion of an external review of its surveillance programs, scheduled to be completed before the end of the year. The Guardian reported on Thursday that the NSA has intercepted the communications of 35 world leaders.
  • ...3 more annotations...
  • Spying on foreigners is the core mission of the NSA, one that it vigorously defends as appropriate, legal and unexceptional given the nature of global threats and widespread spycraft. Monday's hearing suggested that there are diplomatic consequences to bulk surveillance even if there may not be legal redress for non-Americans. Brazil has already shown a willingness to challenge Washington over bulk surveillance. President Dilma Rousseff postponed a September meeting with President Obama in protest, and denounced the spying during the UN general assembly shortly thereafter. Brazil is also teaming up with Germany at the UN on a general assembly resolution demanding an end to the mass surveillance. The commission's examination of the NSA's bulk surveillance activities suggested a potential southern front could open in the spy crisis just as the administration is attempting to calm down Europe.
  • International discomfort with NSA bulk surveillance is not the only spy challenge the Obama administration now confronts. Congressman James Sensenbrenner, the Wisconsin Republican and key author of the 2001 Patriot Act, is poised to introduce a bill this week that would prevent the NSA from collecting phone records on American citizens in bulk and without an individual warrant. The National Journal reported that Sensenbrenner's bill, which has a companion in the Senate, has attracted eight co-sponsors who either voted against or abstained on a July amendment in the House that would have defunded the domestic phone records bulk collection, a legislative gambit that came within seven votes of passage.Sensenbrenner's bill, like its Senate counterpart sponsored by Vermont Democrat Patrick Leahy, would not substantially restrict the NSA's foreign-focused surveillance, which is a traditional NSA activity. There is practically no congressional appetite, and no viable legislation, to limit the NSA from intercepting the communications of foreigners. An early sign about the course of potential surveillance reforms in the House of Representatives may come as early as Tuesday. The House intelligence committee, a hotbed of support for the NSA, will hold its first public hearing of the fall legislative calendar on proposed surveillance legislation. Its chairman, Mike Rogers of Michigan, has proposed requiring greater transparency on the NSA and the surveillance court that oversees it, but would largely leave the actual surveillance activities of the NSA, inside and outside the United States, untouched.
  • Alex Abdo, a lawyer with the ACLU, which requested the hearing at the Inter-American Commission on Human Rights, warned the human rights panel that the NSA could "target the foreign members of this commission when they travel abroad", as well as foreign dissidents of US-aligned governments; foreign lawyers for Guantánamo detainees; and other foreigners."If every country were to engage in surveillance as pervasive as the NSA, we would soon live in a state … with no refuge for the world's dissidents, journalists and human rights defenders," Abdo said.
Paul Merrell

Americans Continue to Say a Third Political Party Is Needed - 0 views

  • A majority of U.S. adults, 58%, say a third U.S. political party is needed because the Republican and Democratic parties "do such a poor job" representing the American people. These views are little changed from last year's high. Since 2007, a majority has typically called for a third party.
  • The results are based on Gallup's Sept. 4-7 Governance poll. The first time the question was asked in 2003, a majority of Americans believed the two major parties were adequately representing the U.S. public, which is the only time this has been the case. Since 2007, a majority has said a third party is needed, with two exceptions occurring in the fall of the 2008 and 2012 presidential election years.
  • The historical 60% high favoring a third party came in a poll conducted during the partial federal government shutdown last October. At that time, 26% of Americans said the parties were doing an adequate job. That figure is up to 35% now, but with little change in the percentage calling for a third party. Americans' current desire for a third party is consistent with their generally negative views of both the Republican and Democratic parties, with only about four in 10 viewing each positively. Americans' views toward the two major parties have been tepid for much of the last decade. However, even when the party's images were more positive in the past, including majority favorability for the Democrats throughout 2007 and favorability for the GOP approaching 50% in 2011, Americans' still saw the need for a third party.
  • ...2 more annotations...
  • Political independents, as might be expected given a lack of allegiance to either major party, have shown a far greater preference for a third political party than those who identify as Republicans or Democrats. Currently, 71% of independents say a third party is needed, on the upper end of the trend line. That compares with 47% of Democrats and 46% of Republicans who say the same.
  • For most of the past 11 years, Republicans and Democrats were about equally as likely to favor a third party. From 2003 to 2006 -- when Republicans had control of the presidency and both houses of Congress -- Democrats were more likely than Republicans to see the need for a third party. And in 2011, after the rise of the Tea Party movement, Republicans were a bit more inclined than Democrats to see a third party as necessary.
Paul Merrell

Wall Street's Win on Swaps Rule Shows Washington Resurgence - Bloomberg - 0 views

  • Wall Street is re-emerging as a force in Washington as it closes in on one of its biggest wins against regulation since the financial crisis. With must-pass spending legislation making its way through Congress this week, banks seized on an opportunity to attach a measure that would halt a planned restriction on derivatives trading they had long opposed. The industry’s lobbying extended to the highest levels of finance with JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon pressing lawmakers to support the change.
  • Wall Street’s success, after four years of struggling to persuade Congress to ease the Dodd-Frank Act, is a precursor to more fights next year against some of the law’s hallmarks: the consumer protection bureau and stiff oversight of big financial companies whose failure could threaten the financial system. “The Wall Street interests -- the big banks -- they’re back,” said Richard Durbin of Illinois, the Senate’s second-ranking Democrat. The $1.1 trillion spending measure cleared its biggest hurdle when the House passed it last night and sent it to the Senate for consideration today. Banks had modest expectations even under the new Republican Congress that will convene in January, a group they presume will be more receptive to their agenda. Their surprising success this week may embolden lenders to seek deeper regulatory changes as Republicans take control of the Senate from Democrats.
  • The derivatives provision would let JPMorgan, Citigroup Inc. (C), Bank of America Corp. and other banks trade almost all swaps in divisions that have government backstops like deposit insurance. It would repeal a requirement that some of the trades be pushed out to separate units, which Wall Street argued would drive up costs for clients and increase risk in the financial system by moving the trades to firms less regulated than banks. Lawmakers put the requirement in Dodd-Frank, which was passed in 2010 after banks’ losses on souring derivative trades spurred a taxpayer bailout of Wall Street in 2008. The inclusion of the Dodd-Frank changes in the spending bill spurred a week-long opposition campaign by Senator Elizabeth Warren of Massachusetts, House Minority Leader Nancy Pelosi and other Democratic lawmakers. Their news conferences, TV interviews, emergency meetings on Capitol Hill and pressure from allies including the AFL-CIO labor federation prompted President Barack Obama to call lawmakers urging them to vote for the broader bill to avoid a government shutdown.
Paul Merrell

NSA bulk phone snooping program shuts down - POLITICO - 0 views

  • The National Security Agency will no longer be able to collect phone records in bulk starting Nov. 29, the Office of the Director of National Intelligence said in a statement Friday.The program's closure was required by the USA Freedom Act, signed by President Barack Obama in early June. The program was allowed to continue since then as part of a six-month wind-down period, in which intelligence officials could create and test a new phone records program where the government can only obtain records connected to a specific entity like a person or device that is associated with a foreign power or terrorist group.Some Senate Republicans, led by Sen. Tom Cotton of Arkansas and 2016 presidential candidate Sen. Marco Rubio of Florida, tried to delay the program’s official end this month in the wake of the Paris terrorist attacks. But despite support from Senate Majority Leader Mitch McConnell (R-Ky.), the effort got no traction in Congress.
  • The NSA has requested that some officials continue to have access to data already collected by the agency for “technical” purposes — but not intelligence analysis— for another three months, according to ODNI. The Foreign Intelligence Surveillance Court is currently reviewing that request, ODNI said.A federal court issued an order earlier this month holding the program unconstitutional and barring the collection of phone metadata pertaining to one California attorney and his law practice. However, after authorities argued that implementing the order would require the early shutdown of the whole program, a federal appeals court stayed the ruling.
1 - 20 of 20
Showing 20 items per page