Citizen G'kar: Musings on Earth

December 17, 2010

Wall Street Whitewash

Official photo of Congressman Spencer Bachus (...Image via Wikipedia
When the truth doesn't fit ideology, change the "truth". The GOP is counting on the voters to forget what really happened with the housing bubble.
When the financial crisis struck, many people — myself included — considered it a teachable moment. Above all, we expected the crisis to remind everyone why banks need to be effectively regulated.

How naïve we were. We should have realized that the modern Republican Party is utterly dedicated to the Reaganite slogan that government is always the problem, never the solution. And, therefore, we should have realized that party loyalists, confronted with facts that don’t fit the slogan, would adjust the facts.
... It’s not as if the story of the crisis is particularly obscure. First, there was a widely spread housing bubble, not just in the United States, but in Ireland, Spain, and other countries as well. This bubble was inflated by irresponsible lending, made possible both by bank deregulation and the failure to extend regulation to “shadow banks,” which weren’t covered by traditional regulation but nonetheless engaged in banking activities and created bank-type risks.
Then the bubble burst, with hugely disruptive consequences. It turned out that Wall Street had created a web of interconnection nobody understood, so that the failure of Lehman Brothers, a medium-size investment bank, could threaten to take down the whole world financial system.
It’s a straightforward story, but a story that the Republican members of the commission don’t want told. Literally.
... In the world according to the G.O.P. commissioners, it’s all the fault of government do-gooders, who used various levers — especially Fannie Mae and Freddie Mac, the government-sponsored loan-guarantee agencies — to promote loans to low-income borrowers. Wall Street — I mean, the private sector — erred only to the extent that it got suckered into going along with this government-created bubble.
It’s hard to overstate how wrongheaded all of this is. For one thing, as I’ve already noted, the housing bubble was international — and Fannie and Freddie weren’t guaranteeing mortgages in Latvia. Nor were they guaranteeing loans in commercial real estate, which also experienced a huge bubble.
Beyond that, the timing shows that private players weren’t suckered into a government-created bubble. It was the other way around. During the peak years of housing inflation, Fannie and Freddie were pushed to the sidelines; they only got into dubious lending late in the game, as they tried to regain market share.
But the G.O.P. commissioners are just doing their job, which is to sustain the conservative narrative. And a narrative that absolves the banks of any wrongdoing, that places all the blame on meddling politicians, is especially important now that Republicans are about to take over the House.
Last week, Spencer Bachus, the incoming G.O.P. chairman of the House Financial Services Committee, told The Birmingham News that “in Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks.”...      
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December 12, 2010

Multi-national Companies Rely on US Decline To Create Profit



The free trade movement was another scam of the plutocracy designed to depress wages in the US and create profit in other low wage countries.
U.S. Trade Deficit Dollars and % GDPImage via WikipediaFree trade doesn't work, the global economy is a myth and the U.S. has been duped during trade negotiations for the past 40 years according to Ian Fletcher, an adjunct fellow with the U.S. Business and Industry Council and author of Free Trade Doesn't Work: What Should Replace It and Why, who relayed these concepts to me in an exclusive interview.
During our exchange I discovered that Mr. Fletcher certainly is not opposed to capitalism, underlined by his experience working for hedge funds and private equity firms as an economist, but what he is opposed to are bad economic policies that have led to an ever-burgeoning U.S. trade deficit well on its way to hitting $500 billion this year.

"Since the late 1990s, one can trace public opinion and congressional majorities inexorably turning against "free" trade, which has really been a distinctive, offshoring-focused approach to trade policy to benefit multinational corporate interests. Why has it taken so long? Corruption, both the obvious kind driven by campaign finance, and the subtler kind deriving from the laziness, complacency, and intellectual arrogance of economists.
The "American" multinationals, which are no longer American corporations but find this fiction convenient on Capitol Hill, and other free trade advocates have prevailed because a critical mass of American voters has not yet seen through the delusional economics of free trade, and because America can still borrow money abroad and sell off assets to cover its trade deficit. But this music is going to stop fairly soon.

"... the American elite is quite happy to let America gradually decline so long as they can make investments and money overseas."
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Something is Rotten: Interpol's Red Alert on Assange

Julian Assange at New Media Days 09 in Copenhagen.Image via WikipediaI'd say, something IS rotten in Sweden and Britain.
Far be it from me to minimize the issue of rape, but to borrow from the Bard, in the case of the “rape” case being alleged against WikiLeaks founder Julian Assange (technically, Swedish prosecutors say it's not rape, it's "sex by surprise"), currently being held in a British jail without bail pending an extradition request from Stockholm: “Something is rotten in Sweden.”

As I wrote earlier in this publication, the alleged sexual crimes that Assange is currently being sought for by a Swedish prosecutor are:

1. Allegedly failing to halt an act of consensual sexual intercourse when his sex partner and host, Anna Ardin, claims she somehow became aware that the condom he was using had “split” and,

2. Having consensual sex with a second woman a few days later without informing her that he had just been with Ardin, and then, a day later, allegedly refusing to return a phone call on his cell phone, when she tried to call him to ask him to take an STD test. (Assange says he had turned off and was not using his phone for fear he was being traced through it, not that refusing to take a call from a woman one recently slept with should be considered criminal. Cold or even cruel, maybe, but not justification for a rape charge!)

In most countries, including the US and UK, these would not pass the test to be considered a crime, much less qualify as a category of “rape," but Swedish authorities, who in all of this year have only submitted one other request to Interpol for assistance in capturing a sex crimes suspect, asked the international police agency to issue a so-called Red Alert for Assange, who was subsquently asked by police in the UK, where he was staying, to turn himself in or face arrest. (The other Interpol Red Alert sought by Swedish prosecutors this year was for Jan Christer Wallenkurtz, a 58-year-old Swedish national wanted on multiple charges of alleged sex crimes and sex crimes against children.)

You have to ask, given that Sweden has the highest per-capital number of reported rape cases in Europe, how it can be that only these two suspects--Wallenkurtz and Assange--are brought to Interpol.

You also have to wonder how it is that Assange--charged only with consensual sex “offenses”--is denied bail by a British court magistrate, despite having several people at his arraignment hearing, including a well-known British filmmaker, ready to post whatever bail might be required to assure his return to court for an extradition hearing, while even people charged with aggressive rape are apparently routinely released on bail in both the UK and Sweden.

Here’s an interesting letter that ran yesterday in the Guardian in England, authored by Katrin Axelsson, of the British organization Women Against Rape:

“Many women in both Sweden and Britain will wonder at the unusual zeal with which Julian Assange is being pursued for rape allegations. Women in Sweden don't fare better than we do in Britain when it comes to rape. Though Sweden has the highest per capita number of reported rapes in Europe and these have quadrupled in the last 20 years, conviction rates have decreased. On 23 April 2010 Carina Hägg and Nalin Pekgul (respectively MP and chairwoman of Social Democratic Women in Sweden) wrote in the Göteborgs-Posten that "up to 90% of all reported rapes never get to court. In 2006 six people were convicted of rape though almost 4,000 people were reported". They endorsed Amnesty International's call for an independent inquiry to examine the rape cases that had been closed and the quality of the original investigations.

..."
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December 03, 2010

This Economy's Winners and Losers

"There is a war going on in this country...a war being waged by some of the wealthiest & most powerful people in this country against the working families of the United Sates of America, against the disappearing middle class." - Sen. Bernie Sanders of Vermont


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December 02, 2010

The New American Oligarchy

Citizens registered as an Independent, Democra...Image via Wikipedia
There is a war underway. I'm not talking about Washington’s bloody misadventures in Afghanistan and Iraq, but a war within our own borders. It’s a war fought on the airwaves, on television and radio and over the Internet, a war of words and images, of half-truth, innuendo, and raging lies. I'm talking about a political war, pitting liberals against conservatives, Democrats against Republicans. I'm talking about a spending war, fueled by stealthy front groups and deep-pocketed anonymous donors. It’s a war that's poised to topple what's left of American democracy.

...It used to be that citizens in large numbers, mobilized by labor unions or political parties or a single uniting cause, determined the course of American politics. After World War II, a swelling middle class was the most powerful voting bloc, while, in those same decades, the working and middle classes enjoyed comparatively greater economic prosperity than their wealthy counterparts. Kiss all that goodbye. We're now a country run by rich people.

Not surprisingly, political power has a way of following wealth. What that means is: you can't understand how the rich seized control of American politics, and arguably American society, without understanding how a small group of Americans got so much money in the first place.

That story begins in the late 1970s and continues through the Obama years, a period in which American policy has been so skewed toward the rich that we're now living through the worst period of income inequality in modern history. Consider the statistics: 50 years ago, the wealthiest 1% of Americans accounted for one of every 10 dollars of the nation's income; today, it's nearly one in every four. Between 1979 and 2006, the average post-tax household income (including benefits) of the wealthiest 1% increased by 256%; the poorest households saw an increase of 11%; middle class homes, 21%, much of which was due to the arrival of two-job families.
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Gitmo Inmates Subjected to Medical Experimentation/Torture

WASHINGTON - JANUARY 11:  Members of Witness A...Image by Getty Images via @daylife
It's getting so that you can't tell the good guys from the bad guys. Sounds like Dr. Josef Mengele would consider these US Army physicians as colleagues.
The Defense Department forced all "war on terror" detainees at the Guantanamo Bay prison to take a high dosage of a controversial antimalarial drug, mefloquine, an act that an Army public health physician called "pharmacologic waterboarding."
The US military administered the drug despite Pentagon knowledge that mefloquine caused severe neuropsychiatric side effects, including suicidal thoughts, hallucinations and anxiety. The drug was used on the prisoners whether they had malaria or not. 
The revelation, which has not been previously reported, was buried in  documents publicly released by the Defense Department (DoD) two years ago as part of the government's investigation into the June 2006 deaths of three Guantanamo detainees.
... All detainees arriving at Guantanamo in January 2002 were first given a treatment dosage of 1,250 mg of mefloquine, before laboratory tests were conducted to determine if they actually had the disease, according to a section of the DoD documents entitled "Standard Inprocessing Orders For Detainees." The 1,250 mg dosage is what would be given if the detainees actually had malaria. That dosage is five times higher than the prophylactic dose given to individauls to prevent the disease.
Maj. Remington Nevin, an Army public health physician, who formerly worked at the Armed Forces Health Surveillance Center and has written extensively about mefloquine, said in an interview the use of mefloquine "in this manner ... is, at best, an egregious malpractice."
The government has exposed detainees "to unacceptably high risks of potentially severe neuropsychiatric side effects, including seizures, intense vertigo, hallucinations, paranoid delusions, aggression, panic, anxiety, severe insomnia, and thoughts of suicide," said Nevin, who was not speaking in an official capacity, but offering opinions as a board-certified, preventive medicine physician. "These side effects could be as severe as those intended through the application of 'enhanced interrogation techniques.'"

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