From President Obama’s January 27 State of the Union speech
Hat tip to Media Matters
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Category Archives: Dylan Ratagan
In State of the Union, President Obama Criticizes “TV pundits” for “reducing serious debates to silly arguments”
From President Obama’s January 27 State of the Union speech
posted by: LibbyShaw
A recent article published in the Washington Post reveals that the American worker lost big time during the past decade.
This news should come as no surprise to any hard working middle class American. We have been living the pain for 10 long years.
The past decade was the worst for the U.S. economy in modern times, a sharp reversal from a long period of prosperity that is leading economists and policymakers to fundamentally rethink the underpinnings of the nation’s growth.
It was, according to a wide range of data, a lost decade for American workers. The decade began in a moment of triumphalism — there was a current of thought among economists in 1999 that recessions were a thing of the past. By the end, there were two, bookends to a debt-driven expansion that was neither robust nor sustainable.
The Washington Post also reveals that there has been zero net job creation since December 1999. Conditions have not been this grim for decades. Essentially, the American worker has not had a raise in a very long time.
As we well know, our home values have declined as have our retirement and savings accounts.
Middle-income households made less in 2008, when adjusted for inflation, than they did in 1999 — and the number is sure to have declined further during a difficult 2009. The Aughts were the first decade of falling median incomes since figures were first compiled in the 1960s.
Economists attribute the decline to economic stagnation, an out of control housing bubble, too much risk and too much debt. Money was invested in mini mansions instead of business investments that would have created jobs and economic growth.
The housing bubble both caused, and was enabled by, a boom in indebtedness. Total household debt rose 117 percent from 1999 to its peak in early 2008, according to Federal Reserve data, as Americans borrowed to buy ever more expensive homes and to support consumption more generally.
An experiment called an unbridled free market economy ended very badly for we the people.
The first decade of the new century was an experiment in what happens when an economy comes to rely heavily on borrowed money.
“A big part of what happened this decade was that people engaged in excessively risky behavior without realizing the risks associated,” said Karen Dynan, co-director of economic studies at the Brookings Institution. “It’s true not just among consumers but among regulators, financial institutions, lenders, everyone.”
The experiment has ended badly. While the stock market bubble that popped in 2000 caused only a mild recession, the housing and credit bubble has had a much greater punch — driving the unemployment rate to a high, so far, of 10.2 percent, compared with a peak of 6.3 percent following the last such downturn.
In short, the big banks, enabled by Republican free market ideology, gambled with our money and they lost it. And they lost it big time. As we know we the taxpayer had to step up and bail out the banks so there would not be a complete and thoroughly devastating global economic melt down.
The G.W. Bush era was one in which the GOP rewarded every one of its fat cat sugar daddies, including Halliburton with its no bid contracts for a ginned up war called Iraq.
We the people are dearly paying the price for the Bush era’s unforgivable mistakes.
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I am with Dylan Ratigan on this one. The banks should pay the taxpayers back with interest. Why on earth did Hank Paulson give away our money with no strings attached? What was he thinking?
So next time we hear about the virtues of an unbridled free market economy we need to say no way in hell. Any politician who embraces this voodoo notion of economic devastation should be run out of office on a rail for they are unfit to serve the people.
Speaking of unfitness to serve, why is that Republicans have to blame their short comings on others? Why can’t Republicans ever step up and take responsibility for their mistakes?
Republicans are obviously inept at running the economy and they are also incompetent at keeping our nation safe whether from terrorist attacks or national disasters like Hurricane Katrina. It seems that the only thing Republicans are good at is playing the blame game.
A coordinated, successful attack, with sufficient warning, carried out by 19 terrorists, killing 2,973 people, on the 234th day of an administration… that’s completely and totally and absolutely and so gosh-durn’t the fault of the previous President… who happened to be a Democrat.
HOWEVER, an unsuccessful attack, attempted by 1 terrorist, killing absolutely no one on the 339th day of an administration… that’s completely and totally and absolutely and so gosh-durn’t the fault of the current President… who happens to be a Democrat.
SIMILARLY, a complete and total meltdown of the financial system, including a stock market collapse and levels of bankruptcy/foreclosure not seen since the Great Depression on, or around, the 2415th day of an administration… that’s completely and totally and absolutely and so gosh-durn’t the fault of the previous President (and Congress)… who created Acorn, and just happened to be Democrats.
BUT, 10% unemployment and lackluster job growth on the 215th day of an administration… that’s completely and totally and absolutely and so gosh-durn’t the fault of the current President (and Congress)… who want to institute socialism (in the form of Acorn) and happen to be Democrats.
NOW, making a statement from your “brush farm” 144 hours after a dude with bad facial hair is prevented from blowing up an airplane… that’s fighting some serious war on the baddies.
AND YET, making a statement from the beach 72 hours after a dude with bad genital burns is prevented from blowing up an airplane… that’s “pretending the war on terror doesn’t exist“.
If folks really have a desire to destroy what is left of their financial security, go ahead and continue to vote for Republicans. Hopefully most of us won’t have this death wish in November.
Posted by LibbyShaw
The Republican Party threw the American people under a high speed train fast tracked straight to hell.
Predictably Republicans made a pact with yet another devil. This time the GOP sold its and our souls, too, to the hottest and most irresponsible devil in hell.
Let me introduce the banking devil for whom we emptied our U.S. Treasury in an extraordinary effort to save the American economy.
Tragically the Bush Administration and its rubber stamping Republicans in Congress failed to set up any rules, enforcement mechanisms, proposals for accountability, transparency or pay back benchmarks before it allowed the devil to empty our national piggy bank. Sure, guys, just back up your 18 wheeler big mother trucks to the U.S. Treasury and we will help y’all load the bags of taxpayer cash.
Clearly the GOP is totally on board with the banker devil run lawless casinos on Wall St. The devil is gambling with our money that includes our savings accounts, investment portfolios, retirement savings and bail out taxpayer dollars. The GOP also gave its blessing to a continuation of the banks extensive abusive consumer practices. Usury level interests rates and fees anyone? Worse, the GOP obviously does not have a problem with the obscene Wall St. bonuses, earned on the backs of our savings accounts, portfolio investments, not to mention again, the sucker U.S. taxpayer bucks, thank you.
I guess the sold-out Republicans are also supportive of the banks refusal to lend money to small businesses and consumers because it is more profitable for banks to gamble with our money instead.
Hell, at least we know for certain that the Republicans are completely on board with obstructing our nation’s economic recovery. If small businesses cannot get jump started with an influx of cash, it cannot do business. It cannot meet its inventory needs nor can it make payroll. If mortgages cannot be re-negotiated, bankrupted homeowners cannot hold on to their homes. Consumers cannot purchase new homes or cars if we cannot borrow money, either. Nor can we improve or make substantial repairs to our homes if the banks won’t lend home equity funding.
Republicans don’t care. They simply do not care about the people.
Yesterday Senator Dick Durbin (D-Ill.) informed the Huffington Post that the GOP signed a political pact with the banks to kill off regulatory reform measures.
The allegation of a quid pro quo was based on an email that Durbin received last spring after his amendment to allow judges to modify mortgages for homeowners who enter bankruptcy was defeated on the Senate floor. During a discussion to promote publicly-financed elections on Friday, the Illinois Democrat relayed that, shortly after the defeat of his “cram-down” amendment, a “banker friend” forwarded him the note from Tanya Wheeless, president & CEO of Arizona Bankers Association.
“I have contacted the market presidents for each of the three banks (Chase, Wells and Bank of America) and explained that in my humble opinion it’s a big mistake to cut a deal with Durbin and alienate our (in Arizona) Senator,” Wheeless’s email reads. “I also told them that I thought this would drive a wedge in our industry. [Senator Jon] Kyl has pointedly told them not to make a deal with Durbin and then come looking to Republicans when they need help on something like regulatory restructuring or systemic risk regulation.”
…Come looking to Republicans when they need help on something like regulatory restructuring or systemic risk regulation.
The smoking gun email is included in the link above.
According to Senator Durbin:
The email, he added, “is a total smoking gun as far as I’m concerned. It tells the whole story and it is in writing as to what is happening behind the scenes… So when people say I don’t know if we should have public financing because that is my tax dollars, I can tell them that their resources, whether tax dollars or personal wealth, are being impacted every day by decisions being made by the special interest groups.”
Special interest groups obviously own most if not all of the GOP and 12 lousy Democrats. Earth to Democrats, having a D behind your name means you are supposed to vote as a Democrat, not as a pimped out Republican, sell-out Republican lite or an anti-democracy, reactionary teabagger. Nor are you supposed to cave into to the greed infested fat cats.
Fortunately, Senate Democrats have not given up. New cram down legislation is likely making a come back.
An amendment allowing judges to modify mortgages on primary residences for homeowners in bankruptcy will finally find a home as part of the Wall Street Reform and Consumer Protection Act (H.R. 4173).
The amendment, which is being offered by Representatives Conyers (D, MI), Turner (R, OH), Lofgren (D, CA), Marshall (D, GA), Cohen (D, TN), Miller (D, NC), Nadler (D, NY), Delahunt (D, MA) and Waters (D, CA), is potentially the best news homeowners and our economy have had in quite some time.
The amendment is essentially the same as H.R. 1106, a bill passed by the House on March 5, 2009, by a vote of 234-191, but subsequently defeated in the Senate by a vote of 51-45. The measure needed 60 votes to pass over Republican objections, and 12 Democrats succumbed to pressure from the banking lobby and voted nay.
Check out Senator Durbin’s searing indictment of bankers on the Senate floor:
One other argument that I think takes the cake: “Senator, you understand the moral hazard here. People have to be held responsible for their wrongdoing. If you make a mistake, darn it, you’ve gotta pay the price. That’s what America is all about.” Really, Mr. Banker on Wall Street? That’s what America is all about? What price did Wall Street pay for their miserable decisions creating rotten portfolios, destroying the credit of America and its businesses? Oh, they paid a pretty heavy price. Hundreds of billions of dollars of taxpayer’s money sent to them to bail them out, to put them back in business, even to fund executive bonuses for those guilty of mismanaging. Moral hazard, huh? How can they argue that with a straight face? […]
We want America to be strong, but if it’s going to be strong, you should be respectful, Mr. Banker, of the people who live in the communities where your banks are located. You should be respectful of those families who are doing their best to make ends meet in the toughest recession that they’ve ever seen. You should be respectful of the people that you want to sign up for checking accounts and savings accounts, and make sure that they have decent neighborhoods to live in. Show a little loyalty to this great nation instead of just your bottom line when it comes to profitability. Take a little consideration of what it takes to make America strong…
I’ll offer this Durbin amendment as I did last year. When I offered it last year, they said, “Not a big problem, only two million foreclosures coming up.” They were wrong. It turned out to be eight million. And if the bankers prevail today, and we can’t get something through conference committee to deal with this issue, I’ll be back. I’m not going to quit on this […] At some point, the Senators in this chamber will decide, the bankers shouldn’t write the agenda in the United States Senate.
Bankers and their enabling Republican lawmakers are oblivious to the notion of moral hazard. Since the Reagan Administration, the Republican Party has been on a crusade to insulate the banks and the corporate sector from its own risk taking. Those big government loathing, tax paying hater Republicans stuck the entire fat cat enabling mess on the backs of the American people.
At least the folks in Illinois can count on their lawmakers like Dick Durbin to step up. Unfortunately for those of us in Texas, however, we have no such luck.
We are tragically saddled with cartoon like characters and carnival barkers. The three below are just a few examples.
Senator Cornyn claims in one sentence that Senate Democrats want to kill private health insurance companies. In the next he says Senate Democrats intend to hand over $450. billion to to private insurance companies. Talk about double speak and stupid talk.
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Senator Hutchison tells serial lies about health care reform and uses the usual GOP scare tactics. Ohmigod! Health care reform would be disastrous for the American people. Not. What we have now is horribly disastrous for 47 million uninsured Americans.
And then there is this.
Ladies and gentlemen, meet our distinguished governor.
The Party of No says no to everything that would help the people whether it is with extending unemployment benefits, banking regulation and fairness practices, jobs, health care reform and the economy. Today,in his speech at the Brookings Institute, President Obama told us precisely where Republicans stand on everything.
Hat tips to Jed Lewison over at Daily Kos for providing the video clip of President Obama’s talk below.
It is about time, Mr. President. Your words are long overdue.
In a sober tone, President Obama portrayed the Republican Party as opportunistic, obstructionist, and deeply hypocritical, accusing them of both having created the economic crisis we face today and having done nothing to help solve it. He also slammed their hypocritical attacks on government spending, reminding them that they are the ones who created the deficit, and that the recovery act represents just a small portion of it.
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Texas, more than a few really rather drop dead and serious kick ass changes are long overdue.
Opt-Ed by Joe Klein
Time—Over the past few weeks, Barack Obama has been criticized for the following: He didn’t go to Berlin for the 20th anniversary of the Wall’s coming down. He didn’t make a forceful enough statement on the 30th anniversary of the U.S. diplomats’ being taken hostage in Iran. He didn’t show sufficient mournfulness, at first, when the Fort Hood shootings took place, and he was namby-pamby about the possibility that the shootings were an act of jihad. He has spent too little time focusing on unemployment. He bowed too deeply before the Japanese Emperor. He allowed the Chinese to block the broadcast of his Shanghai town-hall meeting. He allowed the Chinese President to bar questions at their joint press conference (a moment memorably satirized by Saturday Night Live). He didn’t come back with any diplomatic victories from Asia. He allowed Khalid Sheikh Mohammed and the other 9/11 plotters to be tried in the U.S. criminal-justice system rather than by the military. He has dithered too long on Afghanistan. He has devoted too much attention to — and given congressional Democrats too much control over — health care reform, an issue that is peripheral to a majority of Americans.
And all this has led to a dangerous slippage in the polls, it is said, a sense that his presidential authority is ebbing.
As a fully licensed pundit, I have the authority to weigh in here … but I demur. Oh, I could sling opinions about every one of the events cited above — some were unfortunate — but it would matter only if I could discern a pattern that illuminates Obama’s presidency. The most obvious pattern, however, is the media’s tendency to get overwrought about almost anything. Why, for example, is the 20th anniversary of the Berlin Wall demolition so crucial that it requires a President’s presence? Which recent U.S. President has gotten the Chinese to agree to anything big? (In fact, Obama has secured significant diplomatic cooperation from the Chinese on North Korea, Afghanistan and Pakistan.) Was his deep bow indicative of anything other than his physical fitness? (My midsection, sadly, prevents the appearance of obsequiousness in such circumstances.)
Stepping back a bit, I do see a metapattern that extends over the 40 years since Richard Nixon’s Southern strategy began the drift toward more ideological political parties: Democrats have tough first years in the presidency. Of the past seven Presidents, the two Bushes rank at the top in popularity after one year, while Obama and Bill Clinton rank at the bottom, with Jimmy Carter close by. There is a reason for that. Democrats come to office eager to govern the heck out of the country. They take on impossible issues, like budget-balancing and health care reform. They run into roadblocks — from their own unruly ranks as well as from Republicans. They get lost in the details. A tax cut is much easier to explain than a tax increase. A foreign policy based in bluster — railing against an “axis of evil” — is easier to sell than a foreign policy based in nuance. Of course, external events count a lot: the ratings of Bushes I and II were bolstered, respectively, by the disintegration of the Soviet Union and the flattening of the World Trade Center. Reagan’s rating — 53% and headed south — was dampened by a deepening recession.
“…nor is it actually beneficial to the country”
Posted by Audiegrl
On yesterday’s Morning Meeting, host Dylan Ratigan’s guest were President of NARAL Pro-Choice America’s Nancy Keenan and Family Research Council’s Cathy Ruse. They had a discussion on how the controversial abortion amendment may stop the health reform bill in its tracks.
When Ms. Ruse starting using her false talking points, Ratigan stopped her in her tracks. Wow. I could certainly get used to this. A pundit stopping a guest from telling blatant lies on television. Hopefully he will start a trend.
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