MOVEON AD EXPOSES THE TRUE BETRAYERS
By George Lakoff, AlterNet
The hubbub over MoveOn’s “General Betray Us?” ad in the New York Times revealed that the Bush Administration and its active supporters have betrayed the trust of the troops and the American people.
At:
http://www.alternet.org/waroniraq/62820/
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Before MoveOn’s “General Betray Us,” there was Limbaugh’s “Senator Betrayus”
Rush Limbaugh has called the MoveOn.org “General Petraeus or General Betray Us?” advertisement “contemptible” and “indecent,” but months earlier, on his radio show, he told his audience that he had a new name for Senator Chuck Hagel: “Senator Betrayus.” Though Limbaugh has taken exception to accusations that he has attacked the patriotism of his political opponents, the “Senator Betrayus” remark is one of several instances in which Limbaugh has done so.
Read more
http://mediamatters.org/items/dailyemail/200709220003?src=other
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Iraq war budget jumps for 2008 –Bush plans to increase his request to nearly $200 billion.
Sep 22 2007
After smothering efforts by war critics in Congress to drastically cut U.S. troop levels in Iraq, President [sic] Bush plans to ask lawmakers next week to approve another massive spending measure — totaling nearly $200 billion — to fund the war through next year, Pentagon officials said. If Bush’s spending request is approved [and, we know the DemocRATs will roll over for Bush], 2008 will be the most expensive year of the Iraq war. [Arming the Left: Is the time now? --by Charles Southwell 21 Oct 2003 As long as we pose no REAL threat to the powers-that-be, to what is shaping up into [is] a dictatorship, we will continue to be ignored. Right now, we are ignored because we present no organized power to fight this onslaught of anti-democratic, totalitarian government that we are up against.]
At:
http://www.latimes.com/news/printedition/front/la-na-warcosts22sep22,1,921317.story
From: CLG News
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Collecting of Details on Travelers Documented –U.S. Effort More Extensive Than Previously Known
Sep 22 2007
The U.S. government is collecting electronic records on the travel habits of millions of Americans who fly, drive or take cruises abroad, retaining data on the persons with whom they travel or plan to stay, the personal items they carry during their journeys, and even the books that travelers have carried, according to documents obtained by a group of civil liberties advocates and statements by government officials. The personal travel records are meant to be stored for as long as 15 years, as part of the Department of Homeland Security’s effort to assess the ‘security threat’ posed by all travelers entering the country.
At:
http://www.washingtonpost.com/wp-dyn/content/article/2007/09/21/AR2007092102347.html
From: CLG News
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A Fed Panic and a Massive Bailout of American Banks Paid for by the Entire World
By Prof. Rodrigue Tremblay
Global Research, September 21, 2007
thenewamericanempire.com/blog
”Manias, panics, and crashes are the consequence of an economic environment that cultivates cupidity, chicanery, and rapaciousness rather than a devout belief in the Golden Rule.” –
Peter L. Bernstein, Foreword to Manias, Panics, and Crashes (4th ed.) by C. P. Kindleberger
“In a crisis, discount and discount heavily.” – Walter Bagehot (1826-1877), British economist
“The job of the Federal Reserve is to take away the punch bowl just when the party starts getting interesting.” – William McChesney Martin (1906-1998), Fed Chairman (1951-1970)
“The dysfunctional state of American politics does not give me great confidence in the short run.”
- Alan Greenspan, Fed Chairman (1987-2006)
The mismanagement of money and credit has led to financial explosions over the centuries. The causes, cures and consequences of such financial catastrophes are most often repetitive. Indeed, such financial collapses are usually the result of the unbridled greed and cupidity of financial operators and of the lack of necessary supervision by public institutions designed to protect the public and the common good. For example, after the October/November 1907 financial crisis in the United States, the idea initially advanced by banker Paul Warburg to establish a partially private and partially public Federal Reserve system of banking was finally adopted, in 1913. The Fed thus became the lender of last resort for banks that find themselves in an illiquid position. It is only after the stock market crash of 1929, however, that the Security and Exchange Commission (SEC) was established, in 1934.
But even with institutions and regulations in place, when they are inoperative, corrupt or ill-adapted, financial crises can still occur. And the current financial crisis is there to remind us of this fact.
On September 18 (2007), the Fed showed some panic and announced a larger than expected half percentage point cut in both the Federal funds rate and in the discount rate , and this after having slashed its discount rate by a half point, on August 17, in order to facilitate borrowing by America’s largest banks and to facilitate the bailout of their affiliates and other operators, such as hedge-funds, caught in the sub-prime loans crisis. In so doing, the Bernanke Fed is following Bagehot’s advice for aggressive discounting in a situation of financial crisis. The only problem is that Bagehot’s rule calls for the central bank to lend copiously in times of critical credit stringency … but at a high rate of interest. By lending to troubled lenders at reduced preferential rates, the Fed is acting as their “government”, i.e. subsidizing their risky loans operations and taxing anybody else who holds American dollars. It is not only attempting to make them more “liquid”, but also more “solvable” and less likely to fail.
This raises three interesting questions. First, who pays for the bailout of U.S. financial institutions; second, what are the longer-run consequences of the massive bailout undertaken by the Fed; and third, why did the Fed let the financial situation deteriorate to such an extent that an entire sector of the economy is being clobbered and its collapse is threatening the whole economy.
…
Complete article at:
www.globalresearch.ca/PrintArticle.php?articleId=6832
Rodrigue Tremblay is a Canadian economist who lives in Montreal; he can be reached at:
rodrigue.tremblay@yahoo.com
Visit his blog site at:
www.thenewamericanempire.com/blog .
Author’s Website:
www.thenewamericanempire.com/
Check Dr. Tremblay’s coming book “The Code for Global Ethics” at:
www.TheCodeForGlobalEthics.com/
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Hedge funds and private-equity firms today are like the dot-coms in 2000:
Ask for money and you’ll get it. They bid up the prices of everything. The amount of money flowing is almost out of control, and it’s making everything overvalued. A client of mine said it’s like there are 11,000 planes in the sky and only 100 good pilots — an accident is bound to happen.
—Ray Dalio of Bridgewater Associates, quoted in Barron’s, May 26th 2007 edition
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WHY CAN’T THE U.S. HAVE THE DEBATE ABOUT NAOMI KLEIN’S BOOK THAT EUROPE HAS?
By Jan Frel, AlterNet
In Europe and Canada debate is raging about Naomi Klein’s new book on disaster capitalism, The Shock Doctrine. This interview with Klein considers why U.S. public debate is unable to ask fundamental questions about our economic system.
At:
http://www.alternet.org/workplace/63178/
DOES NAOMI KLEIN OVERSIMPLIFY THE CONNECTIONS BETWEEN GLOBALIZATION AND WAR?
By Stephen Marshall, AlterNet
The left accepts as faith the idea that corporate globalization and war are connected. But there’s a danger in oversimplifying that connection.
At:
http://www.alternet.org/stories/63066/
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Taxpayers for Common Sense: Choking on Interest
The WasteBasket: A Bulletin on Wasteful Government Spending by Taxpayers for Common Sense
www.taxpayer.net
CHOKING ON INTEREST
Volume XII No. 26 – September 21, 2007
When lawmakers debate the role of government, they usually wax on about the biggest and most expensive pieces of the federal budget pie: Defense programs, Social Security and Medicare. But the most silent budget killer of them all if often left out of the conversation: interest payment on U.S. Government debt.
Anybody who has ever dealt with an interest payment on a credit card knows the perils of getting too far into debt. In fact, the financial management of the federal government would make any greedy credit card executive salivate.
In FY2006, the federal government spent a whopping $406 billion just paying interest on the then $8.5 trillion federal debt. Since then, we’ve added more than $400 billion in debt. According to Treasury Secretary Paulson, Congress needs to increase the debt limit from $8.923 trillion by the start of October or else the country is at risk of defaulting on our creditors. We don’t want foreign governments to show up our doorsteps with their repo men.
Congress is working on legislation to jack up the debt limit by $850 billion, breaking the $9 trillion threshold. Guess it’s good to be number one, but rather it be golf or basketball. Just our debt is larger than the combined Gross Domestic Products of Japan and Germany the countries with the second and third largest economies in the world. Our interest payments alone would be the 17th largest county GDP, bigger than the entire economies of Turkey, Sweden, or Saudi Arabia.
The Senate will have to vote on the debt limit increase in the next few weeks. Many years ago the House adopted the so-called Gephardt rule, named for former Rep. Dick Gephardt (D-MO) which enables the chamber to automatically increase the debt limit when they adopt the budget. The Senate isn’t so lucky. The Finance Committee quietly passed the increase in the debt limit last week, but Sen. Tom Coburn (R-OK) has promised to force a debate and vote on the debt limit increase on the floor. Clearly this debate is important for members of Congress to remember that there are serious repercussions to the recent federal spending binge.
Everybody knows the Government can’t default on the debt, but this is an opportunity for a public debate about how to restore fiscal sanity, put the budget in balance and stop wasting money. Despite Vice President Cheney’s reported statement that Reagan proved deficits don’t matter, when you are paying $400 billion a year to finance them, they really do.
The ironic thing is that in 1981, during President Reagan’s first year in office, the federal debt first crossed the $1 trillion threshold. Since then it has rocketed up. When President Bush took office in 2001, the debt stood at just over $5.6 trillion. The nation’s credit card has been used and abused.
The growth in interest payments should concern everyone – left and right, Republican and Democrat. After balancing the budget, every bit of debt reduction will mean less money thrown away to interest money that could be used for larger cuts in capital gains tax or more money for health and social programs depending on what Congress and the President prioritize. But first things first, the Senate needs to deal with the debt limit and then begin a robust debate on the federal budget. We cannot afford to forget about this problem and continue borrowing until the next debt limit check is due, when the debt will be approaching $10 trillion.
Going on at Taxpayer.net This Week
Check out TCS’s Complete Coverage of FY08 Spending Bills
http://capwiz.com/taxpayer/utr/1/ABBGHQFPFF/LTLNHQFPKA/1429215906
Alaska Governor Pulls Plug on Bridge to Nowhere
http://capwiz.com/taxpayer/utr/1/ABBGHQFPFF/EFAVHQFPKB/1429215906
TCS Supports Webb-McCaskill Wartime Contract Commission Amendment to FY08 Defense Authorization
http://capwiz.com/taxpayer/utr/1/ABBGHQFPFF/JHSYHQFPKC/1429215906
Inouye, Stevens Pack Senate Defense Bill with Earmarks
http://capwiz.com/taxpayer/utr/1/ABBGHQFPFF/BJYTHQFPKD/1429215906
TCS Tells Senate to Oppose Coal-to-Liquid Amendments to Defense Authorization Bill
http://capwiz.com/taxpayer/utr/1/ABBGHQFPFF/NEQLHQFPKE/1429215906
TCS in the News
A New Truman Commission: The Time is Now but Will the Senate Have the
Guts to Do It? (Huffington Post)
Senate Earmarks $5 Billion in Defense Bill (U.S. News & World Report)
Senate rules referee is put on the hot seat (The Hill)
Need Earmarks Delivered? Rep Murtha can deliver (Red State Blog)
Specter adds earmarks for abstinence education (Baltimore Sun)
Funding for bridges served with side of pork (Post-Bulletin, Minnesota)
Broadcom Billionaire’s Health Institute Taps Defense Dollars (Bloomberg)
In earmark scrutiny, fiscal hawks leave most House GOP leaders unscathed
(The Hill)
Stevens, Inouye top defense earmarks list at over $180M each; Byrd next
at $166M (The Hill)
Rep. Kingston has no apologies for pork (Atlanta Journal Constitution)
Taxpayers foot bill if disaster loans unpaid (Myrtle Beach Sun News)
Kingston Praises Earmarks (Cox News Service)
Notable Quote
“I am pleased that the Congress has begun to make progress in bringing greater transparency to the earmarking process. However, this bill falls far short of the reform that American taxpayers deserve.”
…
“I am concerned that there are potential loopholes in some of the earmark reforms included in this bill that would allow earmarks to escape sufficient scrutiny. This legislation also does not address other earmark reforms I have called on Congress to implement, such as ending the practice of putting earmarks in report language.”–President George W. Bush, upon signing S.1, the transparency bill
INFO ABOUT TCS: info@taxpayer.net or
http://capwiz.com/taxpayer/utr/1/ABBGHQFPFF/EBCMHQFPKG/1429215906
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Republican Corruption Didn’t End in 2006!
Sep 2, 2007
Republican Scandals in 2007
When Republicans were swept out of power in 2006, they blamed the Mark oley scandal for their losses and declared an end to Republican scandals.
So how’s that working out?
April 23, 2007: Federal auditors find repeat violations of federal election law from the 2004 Senate campaign of Republican Senator Mel Martinez
Complete article at:
http://www.democrats.com/republican-scandals-2007
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three thousand words
Tom Toles: I remember asking petraeus who exactly had been pacified by the surge …
http://d.yimg.com/us.yimg.com/p/uc/20070921/ltt070921.gif
Jack Ohman: I sense panic
http://images.ucomics.com/comics/tmjoh/2007/tmjoh070920.gif
David Horsey: I admire your enthusiasm for your work, really I do! …
http://seattlepi.nwsource.com/dayart/20070923/cartoon20070923.gif