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Republicans Stand by Their Man: Fat Cat The Banker

Posted by: LibbyShaw

Meet Fat Cat the Banker

Meet Fat Cat the Banker

Who would have thought? In its true and hypocritical form The Party of No and Obstruction opposes President Obama’s proposed fees on banks.

Dick Cheney must be hard at work at that printing press in his undisclosed basement.

Prominent Republicans are coming out in opposition to President Barack Obama’s proposal for a $90-billion fee on large banks that took bailout money, a move that political observers say could force the GOP to choose between their traditional anti-tax position and populist anger over the bailout.

On Thursday, GOP Chairman Michael Steele declared that the bank fee — which would be levied only on banks that took bailout money and have more than $50 billion in assets — is “another tax on the American public.”

The GOP is standing by fat cat the banker in yet another effort to oppose President Obama. Republicans demonstrate time and time again that they are willing to put politics ahead of working on solutions to solve the daunting challenges that we face on local, state and national levels.

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All of the Republican’s ranting and raving about the federal bailout is nothing but ginned up rhetoric. Apparently GOP lawmakers hate the bailout and yet they love the banks so much that they do not believe Wall St., aka gambling casinos that put Las Vegas to shame, should have to make reparations to the taxpayers for squandering and stealing our money. God forbid should the big banks have to pay fines for its appallingly irresponsible and over the top reckless behavior that annihilated the U.S. and global economy.

The financial services industry lobbied for the repeal of the Glass Steagall Act in 1999. That allowed banks to use their custodial power over your money to assume huge risks in investment markets.

They also lobbied for the Commodity Futures Modernization Act of 2000, which allowed banks to trade their crooked insurance in secret and exempted from all supervisory authority.

And to help grow the hurricane, then CEO of Goldman Sachs Hank Paulson made a personal plea to the SEC to allow banks to leverage more money against their capital. As much as $4,000 for every $100 in capital they held.

Wall Street may claim this was caused by a perfect storm, but the only thing perfect about it was their ability to line their pockets at the expense of our country.

Republicans apparently think it is a good idea for the banks to return to its wild, careless and out of control gambling practices that all but destroyed our financial security.

The proposed tax would apply to bank, thrift and insurance companies with more than $50 billion in assets and would start after June 30. It would not apply to certain holdings, like customers’ insured savings, but to assets in risk-taking operations. The levy would raise an estimated $90 billion over 10 years, according to the White House.

But it would remain in force longer if all losses to the bailout fund, the Troubled Asset Relief Program, were not recovered after a decade. The Treasury now projects that the losses from the $700 billion loan program, which was created in October 2008, could reach $117 billion, about a third of the loss that it projected last summer — an improved forecast that reflected the renewed strength on Wall Street.

After all, last week during the Texas Republican gubernatorial debate Senator Kay Bailey Hutchison said she and John Cornyn hated voting for the bank bail out. But, alas, they did so only because then President G.W. Bush instructed them to do so in order to save the U.S. and global economy from a complete melt down.

A glimpse at a Texas Republican clown show.

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In their twisted logic Republican politicians insist they hated saving the banks but now they hate imposing punitive fees on the banks’ biggest gamblers.

I suppose now that Sarah Palin has been hired as a professional analyst by FOX, the Propaganda Arm for the RNC, all of the GOP’s verbal inconsistencies and contradictions will soon be fully explained.

Republican lawmakers will howl like possessed banshees about terrorism and the profound urgency for our national security. They also routinely cry for border fences, racial profiling and full body scanners at all airports. And yet when it comes to safeguarding our financial and economic security, Republicans, it appears, are not in the least bit concerned. For them Fat Cat the Banker can do no wrong.

According to an article written by Mr. Frank Rich of the New York Times:

The Other Plot to Wreck America

Americans might be fluent in global terror and the horrors of terrorism but we are woefully uninformed about our domestic financial weapons of mass destruction.

Americans must be told the full story of how Wall Street gamed and inflated the housing bubble, made out like bandits, and then left millions of households in ruin. Without that reckoning, there will be no public clamor for serious reform of a financial system that was as cunningly breached as airline security at the Amsterdam airport. And without reform, another massive attack on our economic security is guaranteed. Now that it can count on government bailouts, Wall Street has more incentive than ever to pump up its risks — secure that it can keep the bonanzas while we get stuck with the losses.

The Director of the Financial Crisis Commission intends to shed some light on the big banks and its financial practices (greed, hubris, stupidity – gosh, why this sounds like a typical old home week of the W. Administration of arrogance and incompetence) over the last several years.

He wants to examine the financial sector’s “greed, stupidity, hubris and outright corruption” — from traders on the ground to the board room. “It’s important that we deliver new information,” he said. “We can’t just rehash what we’ve known to date.” He understands that if he fails to make news or to tell the story in a way that is comprehensible and compelling enough to arouse Americans to demand action, Wall Street and Washington will both keep moving on, unchallenged and unchastened.

Maybe the W. Administration and all of its lackeys including Senators John Cornyn and Kay Bailey Hutchison were far too distracted by non-existent WMD’s in Iraq and no bid contracts to the military/industrial complex to worry much about Wall St.

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Discoveries: The First Women in Antarctica

Posted by: Audiegrl

Forty years ago, a pioneering research team from Ohio State made history as the first U.S. women in Antarctica

Terry Tickhill (light hat) and Eileen McSaveney (red headband) use a hand augur to drill Lake Vanda, Wright Valley, Antarctica, during the 1969-1970 field season. Water collected during this effort was used to date the lake. The green tent in the background was of the same type as the field crew used for housing during their work in Wright Valley. (Credit: Lois Jones)

Terry Tickhill (light hat) and Eileen McSaveney (red headband) use a hand augur to drill Lake Vanda, Wright Valley, Antarctica, during the 1969-1970 field season. Water collected during this effort was used to date the lake. The green tent in the background was of the same type as the field crew used for housing during their work in Wright Valley. (Credit: Lois Jones)

January 11, 2010~~In the spring of 1969, Terry Tickhill Terrell was 19 and an undergraduate chemistry major at Ohio State University, bored with her lab work and restless. She had never traveled more than 250 miles from the Barnesville, Ohio, farm where she grew up.

One day, after reading an article in the school newspaper about a graduate student who had just returned from Antarctica, Terrell decided that that was where she wanted to go.

I couldn’t understand why all this awful lab work was important,” Terrell said. “So I walked into the Polar Studies office and said: ‘I want a job in Antarctica.’ The room fell dead silent. The secretary took pity on me and said: ‘There’s a group of women going this year. Dr. Lois Jones is in her office right now, and I’ll call her.”‘

The secretary was referring to geochemist Lois Jones, the leader of the four-woman Ohio State team scheduled to leave in October for four months in Antarctica. Terrell wanted to be a part of it.

Dr. Jones said, ‘We have everyone we need, but tell me about yourself,”‘ Terrell recalled. “I said, ‘I’m a chemistry major. I grew up on a farm. I am a hard worker.’ She asked if I’d done any camping. I said, ‘I’m an outdoor person, and took outdoor cookery at 4H.’ The next day she called me up and said: ‘One of the ladies is unable to go. I need a cook and field assistant.”‘

In addition to Terrell and Jones–who passed away in 2000–the team also included Kay Lindsay and geologist Eileen McSaveney. McSaveney, the other surviving member of the group, had graduated from the University of Buffalo and came to Ohio State for graduate work in landscape changes and glacial geology.

One day, Lois asked me if I would be interested in going to Antarctica as one of her field assistants,” McSaveney said. “I said yes without any hesitation–many fellow geology grad students were involved in polar work. Also, my fiancé, Mauri, had already been to Antarctica that year. Going to the Antarctic didn’t seem an unusual thing to do.”

At the time, neither woman thought much about the fact that their forthcoming journey would mark the triumphant end to a decade-long struggle. Until then, no one could convince the U.S. Navy to rescind its long-standing policy against transporting women onto the Antarctic continent.

The Navy, which had established McMurdo Station, the main American base in Antarctica, as a military outpost in 1956, had been adamant in its refusal to allow women there. Moreover, the National Science Foundation (NSF), which funded the program, did not challenge the Navy’s position.

The U.S. Navy was in charge of field operations and they regarded Antarctica as a male-only bastion,” McSaveney said. “Eventually they agreed to allow women to go, but specified an all-female field team.”

Now, as we celebrate the 40th anniversary of that pioneering expedition, about a third of Antarctic scientists are women. Hundreds of women have worked in the program, some of them leading research stations and heading major expeditions. More than 50 are working at the South Pole during the 2009-2010 summer season.

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Thrown Under the Bus Again: The GOP Made a Pact with the Devil

Posted by LibbyShaw

The Republican Party threw the American people under a high speed train fast tracked straight to hell.

Again.

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.”

Repeat:

…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.

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Muslims Brace for Backlash while Troubling Portrait of Gunman Emerges

Posted by Audiegrl updates by GeoT

Update: ABC News: Alleged Fort Hood Shooter Now Paralyzed

FORT HOOD, TX — The military says a 13th victim died early Friday morning after a mass shooting at Fort Hood in Texas. The suspect, Maj. Nidal Malik Hasan, is alive on a ventilator, paralyzed and unconscious.

more here: News 10

FORT-HOOD-largephotoof HasanCanadian Press/Lee-Anne Goodman— His name had barely been released, his heritage and history not immediately known, but the reaction was fast and furious.

Jihad at Fort Hood? Shooter: Maj. Malik Nadal Hasan,” was the headline of a post on the Jihad Watch blog just moments after Hasan was identified as the perpetrator of a mass shooting at the Texas military base that killed 12 people, himself included, and wounded 31 others.

The name tells us a lot, does it not, senator?” Fox News’s Shep Smith said while interviewing Kay Bailey Hutchison, a Texas senator.

Arab-American InstituteThe Arab-American Institute said it received one threatening call from an unidentified male shortly after Hasan’s name was released. The group, which condemned the massacre, said it was expecting more.

Council on American-Islamic RelationsThe Council on American-Islamic Relations scheduled a Capitol Hill news conference on Thursday night to urge calm.

No political or religious ideology could ever justify or excuse such wanton and indiscriminate violence,” the group said in a statement.

The attack was particularly heinous in that it targeted the all-volunteer army that protects our nation. American Muslims stand with our fellow citizens in offering both prayers for the victims and sincere condolences to the families of those killed or injured.”

ABC News reported that Hasan, a psychiatrist who once practiced in the Maryland suburbs of Washington, D.C., was reportedly an Islam convert despondent about being deployed to Iraq and upset about the war.

Military officials told the Associated Press that Hasan was a psychiatrist at Walter Reed Army Medical Center in Washington for six years before being transferred to Fort Hood in July. The officials, who spoke on condition of anonymity because military records are confidential, said he received a poor performance evaluation at Walter Reed.

Suspected Gunman Maj. Malik Nadal Hasan

Suspected Gunman Maj. Malik Nadal Hasan

Hasan, born in Virginia and in his late 30s, was single with no children. The Austin American-Statesman reported his parents were originally from Jordan.

Robert Spencer, the director of the Jihad Watch blog and the author of nine books on Islam and jihad, chastised the media for failing to point to jihad as a possible explanation for Hasan’s crime.

No one, no one at all, in the mainstream media is discussing jihad as a motivation,” Spencer wrote. “It’s all about ‘snapping,’ ’not wanting to go to war’ …. If this turns out to be a jihad attack, watch for the president to caution against ‘backlash’ and ’Islamophobia.”’

Elsewhere in the blogosphere, commenters warned of exactly that kind of backlash.

How long before some idiotic elected official declares Muslims shouldn’t be allowed to serve in the military?” asked Salon’s Mike Madden.

The American Prospect’s Adam Serwer beseeched: “Please, America, remember what kind of country you are right now.”

Josh Marshall, who writes for the TalkingPointsMemo blog, predicted: “This is going to get very dark” upon the identification of the perpetrator’s name.

“The fact that the primary assailant has an Arabic name and is presumably, though we don’t know this yet, of Muslim extraction, if not a practising Muslim, is going to be the focus of attention,” Marshall wrote.

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From CNN: Convenience Store Surveillance Video Of Fort Hood Shooter Army Major Nidal Malik Hasan – 11/05/09

UPDATE

AP – The base commander at Fort Hood says soldiers who witnessed a shooting rampage that left 13 people dead reported that the gunman shouted “Allahu Akbar!” before opening fire at the Texas post.

more here:


Hero Cop Took Down Shooter in ‘Amazing Performance’

Kimberly Munley, the police officer who shot the Fort Hood gunman, with the country singer Dierks Bentley

Sgt. Kimberly Munley, a civilian police officer, has earned the highest praise for taking down the Fort Hood gunman. She and her partner responded to the scene within 3 minutes, base commander Lt. Gen. Robert Cone reports, and she pumped four bullets into Maj. Nidal Malik Hasan, from just a few feet away, while taking a bullet herself.

full story here:


What Nidal Hasan (allegedly) said about suicide bombers

Internet posting that purports to come from the Muslim Army doctor who killed 13 people at Texas base:

“There was a grenade thrown amongs a group of American soldiers. One of the soldiers, feeling that it was to late for everyone to flee jumped on the grave with the intention of saving his comrades. Indeed he saved them. He inentionally took his life (suicide) for a noble cause i.e. saving the lives of his soldier. To say that this soldier committed suicide is inappropriate. Its more appropriate to say he is a brave hero that sacrificed his life for a more noble cause. Scholars have paralled this to suicide bombers whose intention, by sacrificing their lives, is to help save Muslims by killing enemy soldiers. If one suicide bomber can kill 100 enemy soldiers because they were caught off guard that would be considered a strategic victory. Their intention is not to die because of some despair. The same can be said for the Kamikazees in Japan. They died (via crashing their planes into ships) to kill the enemies for the homeland. You can call them crazy i you want but their act was not one of suicide that is despised by Islam. So the scholars main point is that “IT SEEMS AS THOUGH YOUR INTENTION IS THE MAIN ISSUE” and Allah (SWT) knows best.”source:

Related Articles

Muslim, Arab Groups Condemn Fort Hood Shooting, Brace For Backlash

Troubling portrait emerges of Fort Hood suspect

His name appears on radical Internet postings. A fellow officer says he fought his deployment to Iraq and argued with soldiers who supported U.S. wars. He required counseling as a medical student because of problems with patients. There are many unknowns about Nidal Malik Hasan, the man authorities say is responsible for the worst mass killing on a U.S. military base. Most of all, his motive. But details of his life and mindset, emerging from official sources and personal acquaintances, are troubling.

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