Blog Archive: May, 2012

The dire threat facing America, according to Mitt Romney and Republicans this week, is debt, not mass unemployment. more »

More »»

One by one, the excuses have fallen. Yet Edward DeMarco, acting head of FHFA, the agency that runs Fannie Mae and Freddie Mac, still fails to offer the most effective relief available to American homeowners struggling with mortgages held by those entities. more »

More »»

MORNING MESSAGE: Make Banking SAFE

more »

More »»

I mentioned the annual Pete Peterson Poor People Ritual Sacrifice confab earlier, but this piece about the man's material devotion to his cause by Ryan Grim is a must-read:

According to a review of tax documents from 2007 through 2011, Peterson has personally contributed at least $458 million to the Peter G. Peterson Foundation to cast Social Security, Medicare, Medicaid and government spending as in a state of crisis, in desperate need of dramatic cuts. Peterson's millions have done next to nothing to change public opinion: In survey after survey, Americans reject the idea of cutting Social Security and Medicare. A recent national tour organized by AmericaSpeaks and largely funded by the Peter G. Peterson Foundation was met by audiences who rebuffed his proposals.

But Peterson has been able to drive a major shift in elite consensus about government spending, with talk of "grand bargains" that would slash entitlements, cut corporate tax rates and end personal tax breaks, such as the mortgage deduction, that benefit the middle class.

To put Peterson's spending in context, all corporations and unions combined spent less than $4 billion on lobbying in 2011.

This shows, once again, just how dangerous it is to have this .001% that is richer than God deciding they'd like to buy themselves a government. They can, literally, afford it. Just as we are seeing obscenely wealthy people write checks for millions to Super PACs without blinking an eye, ideologues like Peterson are willing to put up even more over time to completely change the basic structure of government for their own gain.

More »»

JPMorgan Chase’s $2 billion bad bet has made it crystal clear: The Wall Street banksters are still recklessly gambling with government-guaranteed money. And the too-big-to-fail banks are still too big. more »

More »»

Suppose the "deficit hawk" plan unfolds just as it is being presented -- right after the election and before those we elect can take office, the Congress meets and hammers out a "grand bargain" to "reform" taxes and cut back on government and the things democracy does for We, the People. Will that be the end of it? more »

More »»

MORNING MESSAGE: Rich White Guys Hold "Fiscal Summit." Blame You.

more »

More »»

Today a bunch of rich white guys held a "Fiscal Summit" and agreed that:

1. Despite the fact that unemployment is causing untold suffering for millions of people, it's not very important.
2. Despite the fact that wage stagnation is destroying the middle class, that's not important either. more »

More »»

Multibillonaire Peter G. Peterson's Fiscal Summit may have started with conciliatory nods toward bipartisanship, but it did not climax that way. And that had to have been by design. more »

More »»

The five finalists for the Sixth Annual Maria Leavey Tribute Award have been announced, honoring the person in the progressive movement whose behind-the-scenes work and selfless service has made an invaluable contribution to social justice. more »

More »»