I shoulda stood in bed...

The President Surrenders

Hangover

Where The Mistakes Were Made

Shares fall as US debt-deal relief rally fizzles out

Anyone Who Thinks The Debt Deal Is A Victory For America Understands Neither Economics Nor Politics

How Abortion Caused the Debt Crisis

Debt deal agreed but may not save US AAA credit rating

The Four Big Problems With — And Four Silver Linings Around — The Debt Limit Deal

What we wish Obama had said

So much joy

Gays finally able to get married.

So much sorrow. Norway.

So many lies.

So much stupidity.

So much fraud.

So much of everything.

If cats reported the news

Take it away, Stripes!

Dammit, who opened the catnip drawer?.... Snuffles, What do you have for us?

O'Reilly: "Many Women Who Get Pregnant Are Blasted Out Of Their Minds When They Have Sex. They're Not Going To Use Birth Control Anyway"

Rick Perry Asked Why More Kids Are Getting Pregnant in Texas

His answer? Abstinence and Jesus work, ignore the data!

And from Fox News: Free Birth Control Is Liberal Conspiracy To ‘Eradicate The Poor’

Let's condense this here: No sex education, no birth control, and of course no abortions because women are hussies anyway....

Rep. Allen West would agree with that. Bill O'Reilly agrees with West. Dammed hussies! Maybe that's all they understand. Don't you agree, Socks?

Cinnamon reporting in: There are people out there who think The Onion is a true news organization...

How's Washington, Cinnamon?

Trying to scrape the debt crisis off on Obama won't work.

And it's tough to negotiate with crazy.

Tiny Tim would recognize this place

And Charles Dickens would be horrified that we haven't come any farther after more than one hundred years....

The New Debtors’ Prisons

Californicated

Big time.

dday of Hullabaloo explains:

Here's the problem, in a nutshell. In 1978 California passed Prop. 13, and Democrats have run for cover ever since. They should have put up a fight immediately. They should have outlined the consequences of mandating a 2/3 majority for tax increases but not for program cuts, the consequences of aligning commercial property tax caps along with residential, the consequences of the supermajorities making the state ungovernable and the Constitutional mandates pushed by special interests and written in by the voters making the state unfixable. But instead, Democrats cowered in fear of losing power, despite the demographic shifts in the state since the mid-1990s, so they lay low and never advocate for the necessary reforms, and buy completely into the myth that the 70's-era tax revolt remains alive and well, and they take public opinion polls on this as static and unchangeable through anything resembling leadership. Obviously Republicans are insane in this state, but they can barely manage 1/3 of the legislature (and if we had a half-decent campaign apparatus among California Democrats they'd lose that too) and shouldn't be feared in any respect. Yet our Democratic leadership exists in a post-1978 fog, a kind of "Sacramento Syndrome," where they've come to love their captors on the right, and have bought into their claims.

These severe program cuts are nothing more than a shock doctrine being placed on the citizens of California, with the burden anything but equally shared. Sadly, there is absolutely no one with any authority willing to stand up and say no. There are organizations outside the Capitol trying to lead and engage in systemic reform. But the Democrats in Sacramento are scared to death of it - that unknowable circumstance they cannot control. So the short term will deliver nothing but pain.

And I have to allow that California did produce Ronald Reagan, for which I must again apologize.

Paul Krugman:

The change in America’s financial rules was Reagan’s biggest legacy. And it’s the gift that keeps on taking.

The immediate effect of Garn-St. Germain, as I said, was to turn the thrifts from a problem into a catastrophe. The S.& L. crisis has been written out of the Reagan hagiography, but the fact is that deregulation in effect gave the industry — whose deposits were federally insured — a license to gamble with taxpayers’ money, at best, or simply to loot it, at worst. By the time the government closed the books on the affair, taxpayers had lost $130 billion, back when that was a lot of money.

But there was also a longer-term effect. Reagan-era legislative changes essentially ended New Deal restrictions on mortgage lending — restrictions that, in particular, limited the ability of families to buy homes without putting a significant amount of money down.

These restrictions were put in place in the 1930s by political leaders who had just experienced a terrible financial crisis, and were trying to prevent another. But by 1980 the memory of the Depression had faded. Government, declared Reagan, is the problem, not the solution; the magic of the marketplace must be set free. And so the precautionary rules were scrapped.

Together with looser lending standards for other kinds of consumer credit, this led to a radical change in American behavior.

We weren’t always a nation of big debts and low savings: in the 1970s Americans saved almost 10 percent of their income, slightly more than in the 1960s. It was only after the Reagan deregulation that thrift gradually disappeared from the American way of life, culminating in the near-zero savings rate that prevailed on the eve of the great crisis.

Robert Scheer thought that just maybe the government that sank billions into banks might help save California, but no:

The cause of California’s, and almost every other state’s, predicament is an economy ruined by deregulation policies that were secured by the lobbying efforts of Wall Street, led most prominently by Citigroup. So, I expected a federal government that has spent trillions salvaging the banks that got us into this mess to find the relatively minor sums needed to bail out California and other states that have been the victims of Wall Street’s dangerous games.

But I didn’t count on the tough-love steeliness of President Obama’s senior adviser David Axelrod, who told Californians that “there’s a limit to what the government can do” when it comes to bailing out our state (as opposed to the banks). Or of White House press secretary Robert Gibbs: “Obviously, the state has to make some very tough fiscal decisions … [given] the budgetary constraints that they have.”

And where California goes (down the toilet) the nation soon follows.....

Sorry about that, guys.

Dig that bunker deeper!

Paul Krugman:

Then reality struck, and it turned out that the worriers had been right all along. The surge in asset values had been an illusion — but the surge in debt had been all too real.

So now we’re in trouble — deeper trouble, I think, than most people realize even now. And I’m not just talking about the dwindling band of forecasters who still insist that the economy will snap back any day now.

For this is a broad-based mess. Everyone talks about the problems of the banks, which are indeed in even worse shape than the rest of the system. But the banks aren’t the only players with too much debt and too few assets; the same description applies to the private sector as a whole.

To reassure us he finishes:

Since nothing like that is on the table, or seems likely to get on the table any time soon, it will take years for families and firms to work off the debt they ran up so blithely. The odds are that the legacy of our time of illusion — our decade at Bernie’s — will be a long, painful slump.

I'm digging faster!

I read the news today, oh boy....

Dubai circles the drain? Really? Dubai?:

With Dubai’s economy in free fall, newspapers have reported that more than 3,000 cars sit abandoned in the parking lot at the Dubai Airport, left by fleeing, debt-ridden foreigners (who could in fact be imprisoned if they failed to pay their bills). Some are said to have maxed-out credit cards inside and notes of apology taped to the windshield.

The government says the real number is much lower. But the stories contain at least a grain of truth: jobless people here lose their work visas and then must leave the country within a month. That in turn reduces spending, creates housing vacancies and lowers real estate prices, in a downward spiral that has left parts of Dubai — once hailed as the economic superpower of the Middle East — looking like a ghost town.

No one knows how bad things have become, though it is clear that tens of thousands have left, real estate prices have crashed and scores of Dubai’s major construction projects have been suspended or canceled. But with the government unwilling to provide data, rumors are bound to flourish, damaging confidence and further undermining the economy.

We've killed people in our concentration camps:

The American Civil Liberties Union has released previously classified excerpts of a government report on harsh interrogation techniques used in Iraq, Afghanistan and Guantanamo Bay. These previously unreported pages detail repeated use of "abusive" behavior, even to the point of prisoner deaths.

The documents, obtained by the ACLU under a Freedom of Information Act request, contain a report by Vice Admiral Albert T. Church, who was tapped to conduct a comprehensive review of Defense Department interrogation operations. Church specifically calls out interrogations at Bagram Air base in Afghanistan as "clearly abusive, and clearly not in keeping with any approved interrogation policy or guidance."

The two unredacted pages from the Church report may be found here.

The ACLU's release comes on the same day as a major FOIA document dump by three other leading human rights groups: Documents which reveal the Pentagon ran secret prisons in Bagram and Iraq, that it cooperated with the CIA's "ghost detention" program and that Defense personnel delayed a prisoner's release to avoid bad press.

And just what ELSE are the thieves walking out with?:

WASHINGTON (AP) - The Los Alamos nuclear weapons laboratory in New Mexico is missing 67 computers, including 13 that were lost or stolen in the past year. Officials say no classified information has been lost.

The watchdog group Project on Government Oversight on Wednesday released a memo dated Feb. 3 from the Energy Department's National Nuclear Security Administration outlining the loss of the computers.

Kevin Roark, a spokesman for Los Alamos, on Wednesday confirmed the computers were missing and said the lab was initiating a monthlong inventory to account for every computer. He said the computers were a cybersecurity issue because they may contain personal information like names and addresses, but they did not contain any classified information.

We're still unaware Tasers can kill?

A man in the northern California city of San Jose died after being jolted with a Taser, police said Thursday, apparently the sixth such death since the department began using the stun guns in 2004.

The man, who police said appeared to be in his 20s, got into a struggle with two officers when they tried to arrest him in the backyard of a home late Wednesday.

I think I'll go dig that bunker in my backyard....

Update: Canada is rewriting its rules about Tasers because the Canadians get it:

OTTAWA — Given the "high risk of death" in some cases, RCMP officers are now limited in their use of tasers to individuals who pose a clear threat to the public or police, RCMP Commissioner William Elliott„© said yesterday.

Mr. Elliott used two public appearances to provide new details on the RCMP's taser policy, which has come under fire after the death of Polish traveller Robert Dziekanski„© at Vancouver's airport in 2007.

The new restrictions have been in place since last June, but were laid out in full only yesterday, two months after the announcement that four Mounties who used a taser to subdue Mr. Dziekanski would not face criminal charges.

Speaking to reporters in Ottawa, Mr. Elliott said the weapons can no longer be used against people who are simply refusing to co-operate with Mounties.

Volcker and Stiglitz speak

And tells the financial systems where they went wrong with this new crisis (more video at the Calculated Risk link):



I think he may actually know what he's talking about....

And

Stiglitz: Worst Recession Since the Great Depression


He also can see what is coming.

This is going to be .... interesting...

That is the way empires end

Chalmers Johnson on American Hegemony:


Found at TomDispatch.


And here is a quote from an article Dr. Johnson has written for Asia Times about the United States going bankrupt because of military spending:

As a result, going into 2008, the United States finds itself in the anomalous position of being unable to pay for its own elevated living standards or its wasteful, overly large military establishment. Its government no longer even attempts to reduce the ruinous expenses of maintaining huge standing armies, replacing the equipment that seven years of wars have destroyed or worn out, or preparing for a war in outer space against unknown adversaries.

Instead, the Bush administration puts off these costs for future generations to pay - or repudiate. This utter fiscal irresponsibility has been disguised through many manipulative financial schemes (such as causing poorer countries to lend us unprecedented sums of money), but the time of reckoning is fast approaching.

There are three broad aspects to our debt crisis. First, in the current fiscal year (2008) we are spending insane amounts of money on "defense" projects that bear no relationship to the national security of the United States. Simultaneously, we are keeping the income tax burdens on the richest segments of the American population at strikingly low levels.

Second, we continue to believe that we can compensate for the accelerating erosion of our manufacturing base and our loss of jobs to foreign countries through massive military expenditures - so-called "military Keynesianism", which I discuss in detail in my book Nemesis: The Last Days of the American Republic. By military Keynesianism, I mean the mistaken belief that public policies focused on frequent wars, huge expenditures on weapons and munitions, and large standing armies can indefinitely sustain a wealthy capitalist economy. The opposite is actually true.

Third, in our devotion to militarism (despite our limited resources), we are failing to invest in our social infrastructure and other requirements for the long-term health of our country. These are what economists call "opportunity costs", things not done because we spent our money on something else. Our public education system has deteriorated alarmingly. We have failed to provide health care to all our citizens and neglected our responsibilities as the world's number one polluter. Most important, we have lost our competitiveness as a manufacturer for civilian needs - an infinitely more efficient use of scarce resources than arms manufacturing.

Why we should listen to the man:

Chalmers Johnson is the author of Nemesis: The Last Days of the American Republic, just published in paperback. It is the final volume of his Blowback Trilogy, which also includes Blowback (2000) and The Sorrows of Empire (2004).

And from Wikipedia:

Johnson believes the enforcement of American hegemony over the world constitutes a new form of global empire. Whereas traditional empires maintained control over subject peoples via colonies, since World War II the US has developed a vast system of hundreds of military bases around the world where it has strategic interests. A long-time Cold Warrior, Johnson experienced a political awakening after the collapse of the Soviet Union in 1989, noting that instead of demobilizing its massive armed forces, the US accelerated its reliance on military solutions to problems both economic and political. The result of this militarism (as distinct from actual domestic defense) is more terrorism against the US and its allies, the loss of core democratic values at home, and an eventual disaster for the American economy.